券商股再度走強，市場復甦帶來投資機會
今日，在外盤大漲刺激下A股集體高開，早盤整體高位震盪，題材概念全線活躍，數字貨幣板塊掀漲停潮，農業、養殖業、化肥、衞星導航、半導體等先後走強，券商股臨近午盤拉昇，華鑫股份觸板，紅塔證券、中銀證券、天風證券等快速跟漲。市場情緒較節前有明顯好轉，兩市僅百餘家個股下跌，漲停超百家，賺錢效應好。
3月份，受全球股市劇烈震盪拖累，券商股結束漲勢屢屢下探，期間累計跌幅達到5.92%。進入4月份，低估值的券商股價值凸顯，備受關注。
此前，在券商公佈的業績報中可以看到，23家上市券商實現歸母淨利潤883億元，同比+59%，平均ROE為6.4%，高於行業平均水平(6.09%)。中信、海通、國君、華泰、廣發、招商和中信建投的歸母淨利潤分別為122/95/86/90/75/73/55億元，較18年分別增長30%、83%、29%、79%、75%、65%和78%。
可以看出板塊短期表現仍有業績支撐，長期邏輯不變即資本市場全面深改的推進將推動券商股估值業績雙提升，機構普遍建議把握市場復甦帶來的板塊高彈性機會。
天風證券發佈報告稱，頭部券商的估值或已經充分反映市場調整的預期，2020年1季度市場活躍度大幅提升，成交量、兩融等數據均處於歷史高點，我們預計龍頭券商業績將在2020年1季度高基數的情況下，實現較快增長。
海通荀玉根認為，今年市場還是去年牛市的延續，雖然短期A股碰到了海外股市下跌比較大的影響。但是一旦這個疫情穩定了，市場重新回到自身的基本面格局裏面，最根本的還是看基本面的盈利趨勢，科技和券商可能仍然是今年全年下來中期的主線。
值得一提的是，3月27日，證監會宣佈將中信證券、國泰君安、中金公司、華泰證券、招商證券、中信建投6家券商納入首批並表監管試點，同時下調試點機構兩項風險計算指標：風險資本準備計算係數由0.7調降至0.5，表內外資產總額計算係數由1降至0.7。
對此，華西證券指出，並表監管背景下，子公司消耗淨資本過重的局面有望緩解，有利於券商通過設立、收購子公司開展流動性服務商、對衝套利投資等創新業務，有利於券商的集團化經營，提高行業資本使用效率。
此外，證監會明確自2020年4月1日起全面取消證券公司外資股比限制，外資券商獲批設立速度將加快。中航證券認為，外資券商在財富管理、衍生品、新興企業投行等業務上具備優勢，外資股比限制的放開一方面將重塑國內證券行業競爭格局，中小券商可能會面臨更大競爭壓力，另一方面將推動行業收入結構加快優化調整，引領行業走專業化發展道路。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
