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    券商去年盈利暴增 高增长有望持续
    更多新闻请登陆中国证券网〉〉〉
     
     
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    券商去年盈利暴增 高增长有望持续
    2007年01月25日      来源:上海证券报      作者:
      □本报记者 周韬

      50家券商已于近期披露2006年财务报告,48家盈利,2家亏损,总计盈利180.5亿元。

      虽然券商去年业绩暴涨,打了个翻身仗,但是盈利模式并无根本改变。传统业务仍是支柱。整体来看,50家券商营业收入中,手续费收入占比过半,但细分来看,创新类、规范类、其他类券商这一比例分别为86.4%、57.3%、48.6%,创新类券商在业务上显示了更强的灵活性和多样化的能力。比照规范类券商,创新类、其他类券商在收入上更倚重自营,17家创新类券商自营证券差价收入在营业收入中所占比重为27.6%,西部证券、长江证券、东方证券等均有较高自营比例;其他类券商中,红塔证券的自营比例高达81.7%。50家券商整体证券承销收入占营业收入比例为10.2%。

      券商在2006年的优异业绩有望在2007年延续。首先,A股市场巨额成交量将是券商经纪业务继续高速增长的有力保障。去年沪深两市全年的股票、基金累计成交金额为92471.5亿元,分别是2004年和2005年全年的2.16倍、2.85倍。今年以来15个交易日中,有14个交易日的沪深A、B股每日成交总金额超过1000亿元,日均成交1257.0亿元,为去年12月份日均成交金额的1.73倍。随着指数触摸3000点的临近,A、B股开户数的暴增与银行储蓄资金分流,显示市场人气进一步地被激发,这些都将支持券商今年的经纪业务继续高增长。

      其次,按照金融工作会议的部署,金融改革发展进入新的阶段,将大力发展资本市场,扩大直接融资规模和比重。进入主板和中小板的公司数量都有望在今年迅速增加。最近中小板企业发行上市再度提速 ,从过会到上市挂牌由平均约72天缩减到37天,而不少大蓝筹也有回归主板的打算,加之去年的IPO只有半年时间,因此,今年券商的投行业务增长也是值得期待。

      最后,创新业务的开展,将有利于券商改善盈利模式,减少对高风险自营业务的依赖,提高盈利的水平和降低业务的风险。另外,融资融券、股指期货等创新业务的推出,也将对市场交易量有明显推动作用,从而推动经纪业务的更快增长。

      50家券商2006年度利润及收入结构一览

    公司名称             利润表(万元)                                                                                                     收入结构                                                                                                

                         净利润         营业收入        手续费收入     自营差价收入    证券承销收入    委托投资管理收益    投资收益     手续费收入/营业收入    自营差价收入/营业收入    证券承销收入/营业收入    委托投资管理收益/营业收入    投资收益/营业收入

    北京证券             2001.6367     -153656.9953    11843.0362     -14588.5505     -43.2028        -153552.4647        30027.5327     -7.71%                 9.49%                    0.03%                    99.93%                     -19.54%

    长城证券             27594.7572     70267.2751     31050.1977     31880.3470     1084.2370                         6991.1962     44.19%                 45.37%                 1.54%                                                 9.95%

    长江巴黎百富勤证券    1608.2737     5736.0505                     65.4979         3595.5989                         558.5302                             1.14%                    62.68%                                                9.74%

    长江证券             44780.5125     126776.7582     52351.1161     58773.0093     5666.8855     421.1276            15662.7880     41.29%                 46.36%                 4.47%                    0.33%                        12.35%

    大通证券             3513.5688     19349.2845     17051.9120                                                                        88.13%                                                                                                    

    德邦证券             10153.2038     26977.0887     8004.4630     11048.5906     2149.6428                         1082.1192     29.67%                 40.96%                 7.97%                                                 4.01%

    第一创业证券         11135.469     43839.3662     10635.8744     17002.5228     12080.8000     6.1861             2845.6869     24.26%                 38.78%                 27.56%                 0.01%                        6.49%

    东北证券             12098.5978     51360.5159     37035.3630     3413.1540     1207.3000                         -442.9130     72.11%                 6.65%                    2.35%                                                 -0.86%

    东方证券             93351.1994     186364.6373     62686.2908     83004.6646     668.2270        23493.6921         20644.8068     33.64%                 44.54%                 0.36%                    12.61%                     11.08%

    东海证券             20119.8557     55078.4668     23599.3492     23420.2359     2799.4789     65.1985             8789.8721     42.85%                 42.52%                 5.08%                    0.12%                        15.96%

    东吴证券             16392.8894     41139.3886     30683.5560     2219.7735     1284.2000                         -344.9121     74.58%                 5.40%                    3.12%                                                 -0.84%

    光大证券             89658.161     185724.9475     81303.0517     75859.5751     9843.2920     2810.5575         23377.2557     43.78%                 40.85%                 5.30%                    1.51%                        12.59%

    广发华福证券         13806.7763     30567.2683     25359.0993     -164.7606     8.4000                             4242.7381     82.96%                 -0.54%                 0.03%                                                 13.88%

    广发证券             121650.1163     286415.8511     144414.1708    82831.4978     11392.8497     1325.2115         35036.2824     50.42%                 28.92%                 3.98%                    0.46%                        12.23%

    广州证券             4558.1804     22622.4576     17027.8578     2197.1692     277.8464                            -106.3871     75.27%                 9.71%                    1.23%                                                 -0.47%

    国都证券             18003.004     46483.4345     18095.9979     20832.6592     389.8395                            2249.8611     38.93%                 44.82%                 0.84%                                                 4.84%

    国海证券             11896.4123     51757.4864     35257.3552     6031.1079     3669.1046                         -1035.4586     68.12%                 11.65%                 7.09%                                                 -2.00%

    国联证券             11347.4693     42351.7781     28290.5074     6220.2764     990.0000                            2287.5866     66.80%                 14.69%                 2.34%                                                 5.40%

    国盛证券             11633.8003     15993.3940     15176.4500     -1923.7915     131.8005                            -22.5053     94.89%                 -12.03%                 0.82%                                                 -0.14%

    国泰君安证券         150745.3175     372773.6526     208942.7808    74041.3069     49148.8893     2161.6457         43804.1156     56.05%                 19.86%                 13.18%                 0.58%                        11.75%

    国信证券             145246.9106     275057.4587     147326.3384    82013.3146     22890.9007     987.1496            18065.7552     53.56%                 29.82%                 8.32%                    0.36%                        6.57%

    国元证券             55786.6407     84251.5648     30558.5226     41690.1179     1894.4261     1071.0630         13294.9176     36.27%                 49.48%                 2.25%                    1.27%                        15.78%

    海通证券             65006.3703     253416.7559     134380.3296    63067.1534     16479.1794     1008.5750         24987.3071     53.03%                 24.89%                 6.50%                    0.40%                        9.86%

    河北证券             17216.6011     41364.4355     33971.0445     -0.2550                         -80.9987            -293.0823     82.13%                                                                 -0.20%                     -0.71%

    恒泰证券             7487.1288     32031.0024     20615.4421     4246.0729     1714.6528                         1.8400         64.36%                 13.26%                 5.35%                                                 0.01%

    红塔证券             64368.9781     78967.9724     10341.8731     64549.6226     31.1687         222.1594            32773.8986     13.10%                 81.74%                 0.04%                    0.28%                        41.50%

    华林证券             -25334.6961     13813.9394     11925.0351     316.1458                                            1788.0593     86.33%                 2.29%                                                                         12.94%

    华泰证券             80784.7502     197970.0726     110756.5518    53183.5111     3150.5000     4036.6413         26885.6078     55.95%                 26.86%                 1.59%                    2.04%                        13.58%

    华西证券             34286.3165     87652.4151     47000.4985     26285.8323     4716.1962                         1521.0726     53.62%                 29.99%                 5.38%                                                 1.74%

    金元证券             11037.1114     42135.2837     15692.5049     21103.4723     12.5000                             98.2416        37.24%                 50.09%                 0.03%                                                 0.23%

    民生证券             17467.3487     31648.8603     20496.3122     4304.3925     225.8619        2682.9152         12.5282        64.76%                 13.60%                 0.71%                    8.48%                        0.04%

    南京证券             9432.835        33219.2221     19255.8195     7911.2441     608.1425                            1707.5092     57.97%                 23.82%                 1.83%                                                 5.14%

    平安证券             55386.0336     123555.8600     34871.9860     19497.9820     11971.0467                         7728.8122     28.22%                 15.78%                 9.69%                                                 6.26%

    山西证券             13578.6034     29345.8829     20512.3374     2503.7656     42.1900         -304.2077         262.3962     69.90%                 8.53%                    0.14%                    -1.04%                     0.89%

    上海证券             26243.3399     49464.1458     23684.0885     18264.3306     92.5600                             4958.7434     47.88%                 36.92%                 0.19%                                                 10.02%

    申银万国证券         122406.4025     185766.1408     172887.4731    -53842.1476     27286.2857     15.1312             4793.6100     93.07%                 -28.98%                 14.69%                 0.01%                        2.58%

    世纪证券             -4304.4089     12592.8293     10466.9208     1.3742                         263.4532                         83.12%                 0.01%                                             2.09%                            

    首创证券             12905.83        29610.1985     9167.6716     13415.2871     2198.8550                         -593.1851     30.96%                 45.31%                 7.43%                                                 -2.00%

    泰阳证券             23845.5805     49048.7547                                                                         4436.1374                                                                                                            9.04%

    西部证券             56110.3307     112291.0267     21716.9227     73289.4062     69.3000         12381.0089         21871.3861     19.34%                 65.27%                 0.06%                    11.03%                     19.48%

    新时代证券            4284.9779     20845.4052     13827.7077     4312.9349     198.8547                            892.8131     66.33%                 20.69%                 0.95%                                                 4.28%

    信泰证券             10886.6597     25052.4165     16276.7642     4863.6370                                         786.8950     64.97%                 19.41%                                                                         3.14%

    兴业证券             30336.6934     90914.2547     53435.5888     19788.7268     3741.8548     51.4351             3976.1694     58.78%                 21.77%                 4.12%                    0.06%                        4.37%

    招商证券             104081.1931     224651.4311     97507.6695     65975.3574     7072.0441     26732.9289         21989.0341     43.40%                 29.37%                 3.15%                    11.90%                     9.79%

    浙商证券             12250.212     39747.9478     30863.9298     5290.6399     14.3000                             112.5985     77.65%                 13.31%                 0.04%                                                 0.28%

    中金公司             84192.6646     327723.9385     49936.6499     17657.3559     201417.2657     4502.3399         7117.9095     15.24%                 5.39%                    61.46%                 1.37%                        2.17%

    中山证券             4000.0209     16707.6443     15617.0249                     330.3008                            0.0230         93.47%                                         1.98%                                                 0.00%

    中信金通证券         36857.8102     50649.7024     47029.7623     -4370.1830     20.9250                             -46104.2972    92.85%                 -8.63%                 0.04%                                                 -91.03%

    中信万通证券         10519.6705     30371.7223     20133.7093     3273.4311     1680.0000                         1658.3760     66.29%                 10.78%                 5.53%                                                 5.46%

    中银国际证券         42777.3599     112864.6388     35040.4843     9462.1382     16959.9816                         1847.4605     31.05%                 8.38%                    15.03%                                                1.64%

      (数据来源:Wind资讯)