129784668134741250_172The securities industry: focus on innovative business progress in patient waiting positions come
Investment: 2012 owned pipe business will maintain a stable development of investment banking business: stock financing is expected to close in 11 levels
tera gold, corporate bonds and corporate bonds is expected to a 11 increase; asset management: 2012 earnings contribution is still relatively limited. Broker: 2012 Commission rates are falling space we judge 2012 year-day moving average of around 5% unitBase turnover will be about 1600.25 trillion yuan. Considering business expansion effect, Commission of policy implementation and the brokerage business as an investment adviser, we maintain a Commission rate of decline will gradually slow down judgment, decline of around 12 5% space. Innovation: wait and see the long term performance of the business; direct investment business: activity and specificationWill further enhance; margin: 2012 market size is expected to exceed the; stock index futures: stock index futures brokerages estimated 2012 performance contribution of diversified profit structure trends evident in the 5%-10% industry. From the profit structure of the securities industry, largest brokerage in the recent 3 years income ratio dropped from per cent in 2009 to50.7%
tera gold, with an average annual decline of about 10%; revenues gradually increase the percentage of investment banking, from the cent in 2009 rose to 17.8%, an average annual increase of about 34% 2011 asset management operating income ratio of 1.6%, an average annual increase of about 26% 2011 other business revenue ratio of 26.4%, an average annual increase of about 32.6%;2011 market downturn affecting, self-employed business income ratio dropped from 10% in the first 2 years or so 3.7%, proprietary business dependence on stock market performance has a large. Investment strategies according to our perspectives of macro-group, or global economic growth in the second half will be showing a rising trend. The domestic economy, falling investment growth and weak consumption situation does notBe immediately reversed, during the end of economic growth should still be built, estimated GDP growth rate for the year is 8.6%, increase in the CPI for the year at around 3.3%. On monetary policy, the Central Bank followed "amidst" easing the tone has not changed, March new loans are expected to steadily increase, and the April drop the window could once again open. Current securitiesPB by about 2 per cent of the industry, are historical sites by the end of GE. Brokerage commissions rate downward pressure has been released. The medium and long term, risk capital, "diversion"
tera power leveling, to counter transactions based on harmonization of regulation of over-the-counter markets, new third Board, transfer Fund for financing, mergers and acquisitions, as well as high-yield bonds, agreed to repurchase transactions, stock quote-buy-cash management business innovation business tweetsDevelopment and perfection of capital market structure will gradually push the industry, improve brokers ' earnings structures. We maintain good ratings to the securities industry, recommended companies include CITIC, MP, macro source, merchants, GF, and Everbright, remind investors of the risks of short-term market shocks in the callback.
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