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部分券商业绩受自营拖累 调整市考验券商风控能力

时间:2018-07-26 15:53来源:网络整理 作者:东方台卫视 点击:

(原标题:部分券商业绩受自营拖累 调整市考验券商风控能力

截至昨晚,32家A股上市券商的6月财务数据已披露完毕。今年1月至6月,有可比数据的27家上市券商合计实现营业收入809亿元,同比下滑10%;累计净利润303亿元,同比下滑20%。

安信证券非银分析师赵湘怀表示,业绩同比下滑的主因是市场交易量走低、两融余额下降,券商经纪信用业务承压,同时部分券商的自营业务面临浮亏压力。

数据显示,32家上市券商中有8家在6月出现了亏损。有券商表示,受证券市场波动影响,自营业务出现较大浮动亏损,信用业务计提大额减值准备,从而导致当月净利润下降幅度较大。

此前,部分券商已经披露其2018上半年的业绩预告,成绩并不理想。国盛金控7月5日公告称,下调半年报业绩预期,由预计盈利5000万至1亿元下调至亏损1.7亿至1.8亿。

对于下调原因,国盛金控称,子公司国盛证券持有的股票类自营投资金融资产出现较大浮亏,与前次预计偏差较大,以及证券市场交投清淡,沪深两市股票成交金额较第一季度下降14.56%,国盛证券经纪业务手续费收入未达预期。

尽管上半年股市大幅波动,使得券商自营业绩受挫,大券商的业绩仍凸显了稳健优势。以券商1至6月财务数据之和进行同口径比较,中信证券上半年以20%的净利润增速领跑上市券商。1至6月累计净利润同比增速靠前的还有申万宏源,同比增长12%。其他大券商如华泰证券、国泰君安、海通证券等上半年累计净利润同比下滑幅度也优于行业平均水平。

东方证券非银分析师唐子佩表示,今年上半年股票市场震荡走低,而债市延续上涨趋势,因此,股票自营风险敞口小、债券自营比例更高的券商,能够显著受益。近年来,大券商致力于降低自营投资的方向性,在当前的市场波动中,这一投资策略的优势凸显。

上海一家大型券商人士称,自营是与股票、债券市场高度相关的业务,但是近年来券商自营业务中的非方向性投资逐渐增多,逐步减少传统赌方向的股票、债券投资,向多元化、策略性投资转型,改变过去“看天吃饭”的局面,“特别是震荡市场中,各家券商在自营投资的配置和风控能力差异将对整体业绩产生较大影响。”

上述券商人士介绍,大券商追求严控风险、稳中求进,因而更愿意配置非方向性投资,通过套期保值等手段,降低风险波动。即使市场下跌,也能对冲一部分损失。

必达财经

(责任编辑:东方台)
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