《大行報告》中金:內地創業板註冊制改革啟動 料中資券商股可迎來估值修復
就中央全面深化改革委員會會議審議通過了《創業板改革並試點註冊制總體實施方案》;中證監就創業板改革並試點註冊制主要制度規則向社會公開徵求意見,中金發表報告指,內地借鑒科創板改革經驗,在創業板試點註冊制,推進發行、上市、信披、交易、退市基礎性制度改革,增強對創新創業企業的服務能力和促進經濟高質量發展。藉著創業板註冊制改革啟動、券商股有望迎來估值修復。
該行指,上述措施有望為內地投資銀行業務帶來擴容影響。2019年A股IPO融資額2,532億人民幣,其中主板1,062億人民幣、中小板345億人民幣、創業板301億人民幣、科創板824億人民幣;科創板的實施為2019年IPO貢獻33%的增量。2020年來看,科創板推進、創業板註冊制試點、再融資鬆綁有望推進股權承銷業務實現明顯增長;第二是交易機制的放寬以及更多新經濟企業的上市有望提振交投活躍度,增厚經紀相關業務收入。
該行指,第三是內地創業板轉融券機制的優化有助於完善多空平衡機制,促進融券規模的提升(截至4月24日場內兩融餘額1.06萬億人民幣、其中融券餘額僅214億人民幣;而科創板兩融餘額106億人民幣、其中融券餘額26億人民幣)、從而增厚券商手續費及利息收入;第四是科創板的推出、及創業板註冊制的實施使得一級市場投資退出通道更通暢,券商直投業務以及創投企業有望受益。2019年,中信証券(06030.HK)、華泰(06886.HK)、海通(06837.HK)、廣發證券(01776.HK)旗下私募股權及另類投資子公司盈利貢獻分別達20%、20%、14%及7%。(wl/u)
~
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.