昨(zuo)日(ri)A股(gu)(gu)的下(xia)跌使券(quan)商(shang)(shang)(shang)板塊的總市值明顯下(xia)降(jiang),也讓多只(zhi)(zhi)本來就處在“破凈(jing)(jing)”邊緣的券(quan)商(shang)(shang)(shang)股(gu)(gu)股(gu)(gu)價直(zhi)接跌破其每(mei)股(gu)(gu)凈(jing)(jing)資產。據(ju)《證(zheng)(zheng)(zheng)券(quan)日(ri)報》記者(zhe)統(tong)計,截至昨(zuo)日(ri)收盤,已經有海通證(zheng)(zheng)(zheng)券(quan)、東北(bei)證(zheng)(zheng)(zheng)券(quan)、東吳證(zheng)(zheng)(zheng)券(quan)、國元證(zheng)(zheng)(zheng)券(quan)和光大(da)證(zheng)(zheng)(zheng)券(quan)5只(zhi)(zhi)券(quan)商(shang)(shang)(shang)股(gu)(gu)“破凈(jing)(jing)”,占(zhan)全(quan)部A股(gu)(gu)上市券(quan)商(shang)(shang)(shang)的16.13%。
不過,相對于(yu)多家券(quan)商(shang)“破凈(jing)”,上市(shi)券(quan)商(shang)的(de)(de)(de)經(jing)營業(ye)(ye)(ye)(ye)績(ji)似乎預示著投資券(quan)商(shang)機會的(de)(de)(de)更加臨近(jin)(jin)。多位(wei)非(fei)銀(yin)金融行業(ye)(ye)(ye)(ye)研究員都表示,從近(jin)(jin)日公布的(de)(de)(de)5月份業(ye)(ye)(ye)(ye)績(ji)數(shu)據(ju)來(lai)看(kan),上市(shi)券(quan)商(shang)5月份營收和凈(jing)利潤(run)均(jun)實現兩位(wei)數(shu)增長,業(ye)(ye)(ye)(ye)績(ji)得到明顯改善;而從市(shi)凈(jing)率角度看(kan),券(quan)商(shang)板塊平均(jun)市(shi)凈(jing)率已經(jing)低(di)于(yu)1.3倍,處(chu)在近(jin)(jin)十(shi)年來(lai)的(de)(de)(de)歷史(shi)低(di)位(wei)。在行業(ye)(ye)(ye)(ye)業(ye)(ye)(ye)(ye)績(ji)下行趨(qu)勢已有觸底跡象的(de)(de)(de)情況下,券(quan)商(shang)板塊估值趨(qu)勢性(xing)下行空間(jian)已經(jing)十(shi)分有限。
昨日4只券(quan)商(shang)股(gu)“破凈”
2018年以來,A股(gu)市(shi)場“破(po)凈(jing)”股(gu)數量不斷(duan)上升。昨(zuo)(zuo)日,A股(gu)市(shi)場大(da)幅調整,券(quan)商板塊跌幅居前(qian),這也讓本就(jiu)處于“破(po)凈(jing)”邊緣(yuan)的(de)多只券(quan)商股(gu)“雪上加霜”。除了在5月底股(gu)價跌破(po)其每股(gu)凈(jing)資(zi)產的(de)海通(tong)證(zheng)(zheng)券(quan)外,昨(zuo)(zuo)日“破(po)凈(jing)”券(quan)商股(gu)又增加4只,分(fen)別是東北證(zheng)(zheng)券(quan)、東吳證(zheng)(zheng)券(quan)、國元(yuan)證(zheng)(zheng)券(quan)和光大(da)證(zheng)(zheng)券(quan)。以此計算,31家A股(gu)上市(shi)券(quan)商中,已經有(you)16.13%的(de)公司“破(po)凈(jing)”。
海(hai)通(tong)證(zheng)券(quan)(quan)是(shi)31只券(quan)(quan)商(shang)(shang)股(gu)中最(zui)早“破凈(jing)(jing)”的,5月30日海(hai)通(tong)證(zheng)券(quan)(quan)跌(die)4.19%,收于10.28元(yuan)(yuan)/股(gu),股(gu)價(jia)首次(ci)低于其10.35元(yuan)(yuan)的每股(gu)凈(jing)(jing)資產。昨日,海(hai)通(tong)證(zheng)券(quan)(quan)跌(die)5.88%,收于9.28元(yuan)(yuan)/股(gu),市(shi)凈(jing)(jing)率(lv)僅為0.9倍,也是(shi)31家(jia)A股(gu)上(shang)市(shi)券(quan)(quan)商(shang)(shang)中,市(shi)凈(jing)(jing)率(lv)最(zui)低的公司。
除了(le)(le)海(hai)通證(zheng)券(quan)(quan)外,昨(zuo)日還有4只券(quan)(quan)商股“破凈”。截至昨(zuo)日收盤(pan),東(dong)北證(zheng)券(quan)(quan)、東(dong)吳證(zheng)券(quan)(quan)、國(guo)元證(zheng)券(quan)(quan)和(he)(he)光大證(zheng)券(quan)(quan)分別下跌8.68%、7.99%、8.93%和(he)(he)8.48%,其市凈率(lv)分別為0.93倍(bei)(bei)(bei)、0.95倍(bei)(bei)(bei)、0.96倍(bei)(bei)(bei)和(he)(he)0.99倍(bei)(bei)(bei),股價(jia)和(he)(he)市凈率(lv)均創出了(le)(le)2014年以來的新低。
此外,在31家A股上市(shi)券(quan)商中(zhong),還有4家公司處(chu)于“破凈(jing)”的邊緣(yuan),分(fen)別(bie)是(shi)國(guo)海證(zheng)(zheng)(zheng)券(quan)、長江證(zheng)(zheng)(zheng)券(quan)、興業證(zheng)(zheng)(zheng)券(quan)和西南證(zheng)(zheng)(zheng)券(quan)。截至昨日收盤,這四家公司的市(shi)凈(jing)率分(fen)別(bie)為1.05倍(bei)(bei)(bei)(bei)、1.05倍(bei)(bei)(bei)(bei)、1.06倍(bei)(bei)(bei)(bei)和1.07倍(bei)(bei)(bei)(bei)。市(shi)凈(jing)率在1.3倍(bei)(bei)(bei)(bei)以下(xia)的還有國(guo)金證(zheng)(zheng)(zheng)券(quan)、國(guo)泰君安、廣(guang)發證(zheng)(zheng)(zheng)券(quan)、華泰證(zheng)(zheng)(zheng)券(quan)、中(zhong)國(guo)銀(yin)河、東方證(zheng)(zheng)(zheng)券(quan)和方正證(zheng)(zheng)(zheng)券(quan)。而(er)市(shi)凈(jing)率超過2倍(bei)(bei)(bei)(bei)的僅(jin)剩下(xia)3家公司,分(fen)別(bie)是(shi)第一創業(2.65倍(bei)(bei)(bei)(bei))、浙(zhe)商證(zheng)(zheng)(zheng)券(quan)(2.19倍(bei)(bei)(bei)(bei))和財通(tong)證(zheng)(zheng)(zheng)券(quan)(2.04倍(bei)(bei)(bei)(bei))。
據《證券(quan)(quan)日報》記(ji)者統計(ji),截(jie)至昨日,A股市(shi)(shi)場券(quan)(quan)商板(ban)塊(kuai)的(de)平均市(shi)(shi)凈率為1.28倍。中(zhong)航證券(quan)(quan)在最新一期研報中(zhong)表示(shi),券(quan)(quan)商板(ban)塊(kuai)市(shi)(shi)凈率自(zi)今年(nian)2月(yue)份(fen)突破(po)近10年(nian)來的(de)歷(li)史(shi)底部以來,雖(sui)然在3月(yue)份(fen)短暫回升,但此(ci)后就繼(ji)續下探,在歷(li)史(shi)新低區間徘徊(huai)。目前證券(quan)(quan)行業(ye)業(ye)績下行趨(qu)勢(shi)已有(you)觸(chu)底跡象,板(ban)塊(kuai)估值趨(qu)勢(shi)性(xing)下行空間已經(jing)十(shi)分有(you)限。
券商(shang)業績已有觸底跡(ji)象(xiang)
據記者統計(ji)(ji),目前已經“破凈”的(de)(de)(de)5只券(quan)(quan)(quan)(quan)商股中(zhong),海(hai)通(tong)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)今年(nian)以來的(de)(de)(de)累計(ji)(ji)跌(die)(die)(die)幅(fu)為27.89%,在31家上市(shi)券(quan)(quan)(quan)(quan)商中(zhong)處于中(zhong)游水平(ping)。東(dong)北證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、東(dong)吳(wu)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、國(guo)元證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)和(he)光(guang)大(da)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)今年(nian)以來分別累計(ji)(ji)下(xia)跌(die)(die)(die)28.37%、31.45%、34.18%和(he)21.3%。此外,今年(nian)以來累計(ji)(ji)跌(die)(die)(die)幅(fu)超過30%的(de)(de)(de)還有浙商證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、西部(bu)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、財(cai)通(tong)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、太平(ping)洋證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、長江證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)、東(dong)吳(wu)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)和(he)第一創(chuang)業。今年(nian)以來累計(ji)(ji)跌(die)(die)(die)幅(fu)最小的(de)(de)(de)是東(dong)興證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)和(he)中(zhong)信證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan),分別累計(ji)(ji)下(xia)跌(die)(die)(die)2.64%和(he)4.7%,而今年(nian)以來累計(ji)(ji)上漲(zhang)的(de)(de)(de)只有上周上市(shi)的(de)(de)(de)南京(jing)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)(quan)。
雖(sui)然今年以來(lai)上市券(quan)商的股價表現(xian)并不理想,但其(qi)業(ye)績(ji)已經明顯改善。據同花(hua)順(shun)數據統計,從一(yi)季報情(qing)況來(lai)看(kan),共有10家上市券(quan)商報告期內凈(jing)利潤(run)(run)實(shi)現(xian)同比增(zeng)長(chang),其(qi)中,西南證(zheng)(zheng)券(quan)(996.26%)一(yi)季度(du)業(ye)績(ji)增(zeng)長(chang)最(zui)為顯著(zhu),增(zeng)幅接近10倍,東方財富、太平(ping)洋(yang)兩家券(quan)商報告期內凈(jing)利潤(run)(run)也均實(shi)現(xian)同比翻(fan)番(fan)。此外,華(hua)泰證(zheng)(zheng)券(quan)、光大證(zheng)(zheng)券(quan)、中信證(zheng)(zheng)券(quan)、申萬(wan)宏源、中原證(zheng)(zheng)券(quan)、第一(yi)創業(ye)等6家券(quan)商今年第一(yi)季度(du)凈(jing)利潤(run)(run)也均實(shi)現(xian)不同幅度(du)增(zeng)長(chang)。
而從月(yue)度業績統計(ji)來看,據近日公布的券(quan)商5月(yue)份財務數據顯示,上市券(quan)商今年5月(yue)份總共實(shi)現營業收入125億元(yuan),同(tong)比(bi)增(zeng)(zeng)長(chang)(chang)16%,環(huan)(huan)比(bi)增(zeng)(zeng)長(chang)(chang)12%;實(shi)現凈利潤(run)(run)46億元(yuan),同(tong)比(bi)增(zeng)(zeng)長(chang)(chang)22%,環(huan)(huan)比(bi)增(zeng)(zeng)長(chang)(chang)10%,5月(yue)份實(shi)現營收和(he)凈利潤(run)(run)雙增(zeng)(zeng)長(chang)(chang),業績明顯改善。
包括(kuo)中信證券(quan)(quan)、中國銀(yin)河(he)、華泰證券(quan)(quan)、華創證券(quan)(quan)在內的多家券(quan)(quan)商(shang)非銀(yin)金融行業分析(xi)師都表(biao)示,在行業業績下行趨勢(shi)已有觸底跡象(xiang)的情(qing)況下,雖(sui)然市場(chang)整體情(qing)緒比較悲觀,券(quan)(quan)商(shang)股短期內可能會出(chu)現超跌(die)現象(xiang),但從(cong)中長(chang)期看,尤其是(shi)大(da)型(xing)綜(zong)合券(quan)(quan)商(shang)的估值已經進入長(chang)線投資價值區間。
中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)聲明(ming)(ming):凡本網(wang)(wang)注明(ming)(ming)“來源(yuan):中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)報·中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)”的(de)所有(you)作(zuo)品(pin),版權均(jun)屬于(yu)中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)報、中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)。中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)報·中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)與(yu)(yu)作(zuo)品(pin)作(zuo)者(zhe)聯合聲明(ming)(ming),任(ren)何組織未(wei)經中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)報、中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)以及作(zuo)者(zhe)書(shu)面授(shou)權不得轉載(zai)、摘編(bian)或(huo)利用(yong)其(qi)它方(fang)式(shi)使用(yong)上述作(zuo)品(pin)。凡本網(wang)(wang)注明(ming)(ming)來源(yuan)非中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)報·中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)的(de)作(zuo)品(pin),均(jun)轉載(zai)自(zi)其(qi)它媒體,轉載(zai)目的(de)在于(yu)更好服務讀者(zhe)、傳(chuan)遞信息(xi)之需,并不代表(biao)本網(wang)(wang)贊同其(qi)觀點,本網(wang)(wang)亦不對其(qi)真實性負責,持(chi)異議(yi)者(zhe)應與(yu)(yu)原出處單位主張權利。
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