證 券行業(yè)三季報(bào)綜述：券商收入來源分化龍頭表現(xiàn)較優(yōu)

1、目錄1、證券行業(yè)整體營(yíng)情：業(yè)績(jī)維持高增長(zhǎng)增速有回落，收入結(jié)構(gòu)持定4 HYPERLINK l _TOC_250024 績(jī)現(xiàn)營(yíng)收凈利維高長(zhǎng)增較上年有窄4 HYPERLINK l _TOC_250023 本況資規(guī)上半保穩(wěn)，資收益略降4 HYPERLINK l _TOC_250022 業(yè)情：營(yíng)增速上年落多收入構(gòu)持定42、上市券商整體營(yíng)情：業(yè)績(jī)?cè)鏊贁U(kuò)大資本實(shí)增強(qiáng)，頭部券商表更優(yōu)5 HYPERLINK l _TOC_250021 績(jī)現(xiàn)業(yè)增上半略擴(kuò)，部商業(yè)增提更多5 HYPERLINK l _TOC_250020 本況資實(shí)續(xù)增，部商本張速更快7 HYPERLINK l _TOC_250019 業(yè)情：息入增最

2、，營(yíng)益速有收窄8 HYPERLINK l _TOC_250018 入構(gòu)整保定，券存差異9 HYPERLINK l _TOC_250017 成情：務(wù)費(fèi)和值失長(zhǎng)兩，其業(yè)成翻倍 HYPERLINK l _TOC_250016 本構(gòu)成結(jié)持穩(wěn)，值失比升12 HYPERLINK l _TOC_250015 3、經(jīng)紀(jì)業(yè)務(wù)：交量同增幅提升，上市券商表優(yōu)于行業(yè)13 HYPERLINK l _TOC_250014 場(chǎng)況三度成交環(huán)回，基下累同增擴(kuò)大13 HYPERLINK l _TOC_250013 市商較半善程優(yōu)行，業(yè)金率破分三13 HYPERLINK l _TOC_250012 4、投行業(yè)務(wù)：科板貢增量，行業(yè)集

3、中度提升仍有突圍機(jī)會(huì)14 HYPERLINK l _TOC_250011 場(chǎng)況科板股權(quán)資場(chǎng)要量債券資面好14 HYPERLINK l _TOC_250010 市商龍券占率升中券通新業(yè)突圍15 HYPERLINK l _TOC_250009 5、自營(yíng)業(yè)務(wù)：股市場(chǎng)體平穩(wěn)，各券商收益率化較大15 HYPERLINK l _TOC_250008 場(chǎng)況二股場(chǎng)整平，強(qiáng)弱15 HYPERLINK l _TOC_250007 市商較半營(yíng)收增回，商收益分較大16 HYPERLINK l _TOC_250006 6、資管業(yè)務(wù)：整規(guī)模續(xù)收縮，上市券商現(xiàn)入正增長(zhǎng)17 HYPERLINK l _TOC_250005 場(chǎng)

4、況資規(guī)續(xù)收，財(cái)公入機(jī)會(huì)挑并存17 HYPERLINK l _TOC_250004 市商前季體實(shí)正長(zhǎng)主業(yè)占比的商具爭(zhēng)力18 HYPERLINK l _TOC_250003 7、融資業(yè)務(wù)：兩規(guī)模升，股票質(zhì)押規(guī)模收縮18 HYPERLINK l _TOC_250002 融務(wù)利政振兩市，資本降利擴(kuò)大18 HYPERLINK l _TOC_250001 票押務(wù)規(guī)續(xù)收，商存差異19 HYPERLINK l _TOC_250000 8、投資建議及風(fēng)提示20圖表1：券業(yè)業(yè)入和利累同變化4圖表2：券業(yè)資和凈產(chǎn)計(jì)比化4圖表3：券業(yè)業(yè)入和利單環(huán)變化4圖表4：券業(yè)桿數(shù)ROE和利變況4圖表5：券業(yè)業(yè)收入計(jì)比化5圖表6：

5、券業(yè)業(yè)收入季比化5圖表7：券業(yè)入構(gòu)變情況5圖表8：市商2019三季營(yíng)收、母利潤(rùn)凈率況6圖表9：市商2019三季總產(chǎn)歸凈產(chǎn)和ROE情況7圖表10：上券商2019前三度業(yè)變情況8圖表上券商2019前三度入構(gòu)10圖表12：上券商2019前三度成變情況圖表13：上券商2019前三度本構(gòu)12圖表14：滬股和成交單度化況13圖表15：滬股和成交全累變情況13圖表16：證行傭和環(huán)變情況14圖表17：前季經(jīng)收入速過30%上券商14圖表18：市單度融資模14圖表19：市年累權(quán)融規(guī)模14圖表20：市單度融資模15圖表21：市年累券融規(guī)模15圖表22：股和券規(guī)模中不提升15圖表23：前季投收入速過值上券商15圖表2

6、4：滬深300指跌幅16圖表25：中綜凈數(shù)漲幅16圖表26：上券商2019前三度營(yíng)益自規(guī)模年投收率16圖表27：證公設(shè)資管劃模萬元）17圖表28：證公設(shè)資管劃模構(gòu)17圖表29：證行資收入環(huán)變情況18圖表30：證行資率和比化況18圖表31：2Q2019排前20 券的均動(dòng)管模18圖表32：前季資收入比增的市商18圖表33：滬兩余潛力算19圖表34：R007 和DR007變化況19圖表35：前季上商融資規(guī)和上年變化19圖表36：前季上商買返金資規(guī)和較半變化20圖表37：前季上商“值失/買返融資”較半變化20圖表38：券指（886054.WI）PB歷走勢(shì)21圖表39：上券商PB和ROE情況211、證券

7、行業(yè)整體經(jīng)營(yíng)情況：業(yè)績(jī)維持高增長(zhǎng)增速略有回落，收入結(jié)構(gòu)保持穩(wěn)定業(yè)績(jī)表現(xiàn)：營(yíng)業(yè)收入和凈利潤(rùn)維持高增長(zhǎng)，增速較上半年略有收窄，同增37.96增較3.42pct（3Q2018。億，比長(zhǎng)87.50增速上年窄15.36pct（3201，上年下1.61pct。資本情況：資產(chǎn)規(guī)模較上半年保持穩(wěn)定，凈資產(chǎn)收益率略降7.02億元較初長(zhǎng)12.14， 1.15億，年初長(zhǎng)5.29，上末增杠倍為2.88倍，上年本持致。于利略下，證券較半減少0.56pct。圖表1：券業(yè)業(yè)和凈潤(rùn)計(jì)比化圖表2：券業(yè)資凈資累同比變化資料源：中協(xié)萬證券究所資料源中協(xié)萬證券究所圖表3：券業(yè)業(yè)和凈潤(rùn)季比化圖表4：券業(yè)桿、ROE和利變情況資料源：中協(xié)

8、萬證券究所資料源中協(xié)萬證券究所分業(yè)務(wù)情況：自營(yíng)收益增速較上半年回落較多，收入結(jié)構(gòu)保持穩(wěn)定2019年前三季度證券行業(yè)營(yíng)業(yè)收入增速較上半年有所下滑，主要是由于自營(yíng)收益增速回落較多（主要源于3Q2018年高基數(shù)影響，絕對(duì)值看3Q2019自營(yíng)收益環(huán)比回升，01年三度行業(yè)現(xiàn)營(yíng)88.7億元同增66.增幅較43.05pct，2019億，同大121.60，較上年升18.52pct。前季自仍是證行第大入源，比33.64其為利和行入10， 圖表5：券業(yè)業(yè)入累同比變化圖表6：券業(yè)業(yè)入單環(huán)變化萬聯(lián)資料源：中協(xié)萬證券究所資料源中協(xié)萬證券究所萬聯(lián)圖表7：證券行業(yè)收入結(jié)構(gòu)變化情況資料來源：中證協(xié)、萬聯(lián)證券研究所2、上市券商

9、整體經(jīng)營(yíng)情況：業(yè)績(jī)?cè)鏊贁U(kuò)大資本實(shí)力增強(qiáng)，頭部券商表現(xiàn)更優(yōu)2.1業(yè)績(jī)表現(xiàn)：業(yè)績(jī)?cè)鏊佥^上半年略有擴(kuò)大，頭部券商業(yè)績(jī)?cè)鏊偬嵘?019412790.19，證為公口徑上公財(cái)數(shù)為合口同增長(zhǎng).2，億元同增長(zhǎng)67.09增速較凈利率29.95較半年少1.48pct。前三季度頭部券商業(yè)績(jī)表現(xiàn)更優(yōu)，2019年前三季度營(yíng)業(yè)收入規(guī)模排名前五的券萬券聯(lián)萬券聯(lián)元同增35.18，速上年大億，比長(zhǎng)45.99增較半擴(kuò)大10.73pct，上年少0.72pct。圖表8：上市券商2019前三季度營(yíng)業(yè)收入、歸母凈利潤(rùn)和凈利率情況代碼證券簡(jiǎn)稱600030.SH中信證券600837.SH海通證券601211.SH國(guó)泰君安601688.S

10、H華泰證券000776.SZ廣發(fā)證券Top5600999.SH 000166.SZ 601881.SH中國(guó)銀河601066.SH中信建投002736.SZ國(guó)信證券600061.SH安信證券601788.SH光大證券601377.SH興業(yè)證券600958.SH東方證券000783.SZ長(zhǎng)江證券002926.SZ華西證券601198.SH東興證券601901.SH方正證券601108.SH財(cái)通證券601555.SH東吳證券600109.SH國(guó)金證券600909.SH華安證券000686.SZ 002939.SZ 601878.SH浙商證券000728.SZ國(guó)元證券600369.SH西南證券6019

11、90.SH南京證券600864.SH江海證券600864.SH國(guó)盛證券000750.SZ國(guó)海證券002673.SZ西部證券002500.SZ山西證券601099.SH太平洋002797.SZ第一創(chuàng)業(yè)營(yíng)業(yè)收入2019年較上半前三季度同比增速增減（億元）（pct)歸母凈利潤(rùn)2019年較上半前三季度同比增速增減（億元）（pct)凈利率較上半年2019 年增減前三季度（pct)327.74251.47205.93177.50173.5820.4511.4555.45-6.6322.67-0.3241.786.6052.80-4.12105.2273.8665.4664.4156.1643.8528.0

12、3105.8623.5218.76-6.4643.7715.3436.51-8.3332.1129.3731.7936.2932.352.53-1.79-3.83-0.24-2.321,136.2235.183.49365.1045.9910.7332.13-0.72128.99164.22120.4496.9798.676.2084.53108.14136.0752.1827.9928.1149.6733.2438.9329.0421.8262.4726.4241.0822.4723.3116.607.967.9627.6729.8743.5114.0617.7765.56-12.8875.

13、332.7590.3119.2224.1411.9355.67-5.25-69.44-45.1944.522.06136.2523.51107.2518.3745.57-13.3738.74-8.5727.42-0.9733.95-21.4641.6115.6954.55-19.6216.241.9378.991.6851.00-37.6529.623.1857.205.5338.13-4.7027.526.7583.5126.192.152.502.152.5086.05-2.6883.662.030.01-5.21118.05-0.1841.48-13.8948.2447.5738.603

14、8.2037.3524.5622.6717.5317.4114.6311.1911.0710.759.959.268.778.738.687.447.097.006.726.525.945.945.825.225.084.013.4657.03-36.8543.64-11.35106.468.5374.7837.1793.37-31.05123.6820.6592.6626.57141.1946.9992.6723.63156.11-31.4939.57-19.3442.26-7.74136.48-134.4147.8922.60382.23-2,376.1023.52-1.82144.251

15、6.42220.3383.0955.22-3.9526.166.17113.2526.51126.2665.28188.4482.45-346.47195.88-346.47195.88354.6373.9851.88-32.36337.8249.51-326.28113.37176.30-13.1337.3928.9732.0539.3937.85396.3226.8216.2112.8028.0340.0039.4021.6429.9423.7830.2140.0313.8928.1617.2631.1528.8239.2874.6174.6121.0517.4911.6828.5019.

16、49-3.62-1.57-3.17-0.05-1.9150.47-0.63-2.73-2.18-1.12-2.55-6.370.37-2.12-4.27-2.251.17-1.31-0.43-0.733.850.140.992.532.530.19-4.78-1.98-4.931.84600155.SH 1.6564.7963.203.2430.74-146.87196.06-154.00002945.SZ華林證券6.74-7.461.283.0618.9020.2845.325.00600622.SH紅塔證券33.6511.566.863.03-30.22-4.129.00-1.136013

17、75.SH 19.8556.367.602.90113.8149.1814.63-4.01601162.SH天風(fēng)證券24.6223.87-10.681.94-26.600.907.87-1.40600621.SH華鑫證券1.1028.43-17.550.86119.4913.3578.07-23.66合計(jì)2,790.1945.271.84835.5369.075.9829.95-1.48資料來源：公司財(cái)報(bào)、萬聯(lián)證券研究所資本情況：資本實(shí)力持續(xù)增強(qiáng)，頭部券商資本擴(kuò)張速度更快前三季度上市券商的資本實(shí)力持續(xù)增強(qiáng)，增幅基本與行業(yè)保持一致。截止2019 年前三季度末，我們跟蹤的41家上市券商合計(jì)總資產(chǎn)為

18、66871.69億元，較年初增長(zhǎng)12.65較初長(zhǎng)6.61， 2.287.05，上年減0.51pct。，2019總產(chǎn)年增長(zhǎng)15.41，上年實(shí)現(xiàn)增；母資較年初2.737.72基與半持。代碼ROE（年化）2019年代碼ROE（年化）2019年2019年較上半證券簡(jiǎn)稱較年初增較上半年較年初增較上半年2019 年前三季度前三季度增長(zhǎng)末增長(zhǎng)長(zhǎng)末增長(zhǎng)前三季度（億元）（億元）（pct)歸母凈資產(chǎn)總資產(chǎn)600030.SH600837.SH601211.SH601688.SH000776.SZTOP5600999.SH000166.SZ601881.SH601066.SH002736.SZ600061.SH601

19、788.SH601377.SH600958.SH000783.SZ002926.SZ601198.SH601901.SH601108.SH601555.SH600109.SH7,294.106,354.445,370.365,104.503,832.2027,955.603,719.993,722.283,041.342,466.192,194.591,800.932,056.711,581.702,554.751,082.96639.96861.371,416.22615.15975.88502.2011.6810.5822.9738.46-1.5115.4121.997.0520.9926

20、.423.6115.85-0.051.9512.618.8536.8014.82-4.454.8015.897.611,600.821,240.391,352.191,199.46914.22834.17820.38694.94553.17549.03387.17492.21344.07532.68277.94193.66202.06386.57204.63207.20203.184.532.625.241.349.534.9716.012.677.531.688.212.733.341.4318.211.895.321.9916.2713.444.651.956.342.114.281.38

21、5.851.562.951.134.701.345.501.492.881.062.390.874.061.452.780.504.251.188.767.946.457.168.197.727.717.737.419.219.078.466.146.794.367.027.717.313.716.485.965.760.50-1.09-1.340.21-1.02-0.43-0.81-0.22-0.21-0.35-0.58-0.44-0.49-1.08-0.23-0.91-1.23-1.33-0.28-0.78-1.32-0.43600909.SH華安證券508.7914.563.86130.

22、264.012.458.940.16000686.SZ 645.85-0.67-11.06155.013.101.907.47-0.29002939.SZ 612.2526.455.47166.730.901.545.95-0.11601878.SH浙商證券712.3525.03-0.59146.787.421.586.44-0.22000728.SZ國(guó)元證券809.363.71-3.46249.031.081.403.750.22600369.SH西南證券672.635.60-6.53191.713.100.944.67-0.49601990.SH南京證券345.6339.516.34110

23、.073.902.767.900.73600864.SH江海證券409.465.24-1.13134.146.660.205.90-1.69600864.SH國(guó)盛證券409.465.24-1.13134.146.660.205.90-1.69000750.SZ國(guó)海證券693.589.80-1.58140.823.751.395.51-0.08002673.SZ西部證券495.93-5.13-3.50176.521.69-0.633.95-1.26002500.SZ山西證券579.511.23-3.82126.721.841.055.35-1.48601099.SH太平洋333.94-21.24

24、-4.42102.37-0.520.275.22-1.79002797.SZ第一創(chuàng)業(yè)348.783.91-0.9188.710.781.575.210.42600155.SH 425.165.38-0.29150.941.500.342.86-0.95002945.SZ華林證券146.3223.26-5.9952.0227.722.427.830.64600622.SH紅塔證券281.8212.2819.0162.392.241.106.47-1.17601375.SH 446.555.93-1.4999.950.44-1.963.87-0.83601162.SH天風(fēng)證券588.839.933

25、.81120.57-2.150.072.14-0.65600621.SH華鑫證券217.679.64-2.0162.320.540.101.83-0.51合計(jì)66,871.6912.65-0.3415,791.346.612.287.05-0.51萬券證證資料來源：公司財(cái)報(bào)、萬聯(lián)證券研究所注：ROE用歸母凈資產(chǎn)時(shí)點(diǎn)數(shù)簡(jiǎn)化計(jì)算萬券證證分業(yè)務(wù)情況：利息凈收入增速最快，自營(yíng)收益增速有所收窄2019的務(wù)同比長(zhǎng)82.27，上年提6.52pct;自收增速回至69.57，幅于證行整水;凈收，比長(zhǎng)23.29較半增12.38pct；資凈入他業(yè)。圖表10：上市券商2019前三季度分業(yè)務(wù)變化情況證券簡(jiǎn)稱經(jīng)紀(jì)2019

26、 前三季度同比(億元)投行2019 前三季度同比(億元)自營(yíng)2019 前三季度同比(億元)資管2019 前三季度同比(億元)融資2019 前三季度同比(億元)其他2019 前三季度同比(億元)中信證券57.03-2.4829.8122.68121.2773.1241.01-1.0017.8619.1860.77-3.33國(guó)泰君安44.9228.4216.9017.9256.4222.2112.215.4840.284.3135.2058.53海通證券26.8612.4125.6735.1983.93242.3416.2015.3933.64-3.0365.1742.79華泰證券32.1721.

27、8712.00-4.3881.0297.5421.8818.8116.55-17.1013.87102.66廣發(fā)證券32.9920.888.90-3.8654.4540.0928.473.0722.99832.0625.78218.61 31.2123.9911.6613.5747.91104.967.46-14.6114.75125.6216.01317.52 29.7316.106.999.2143.3918.028.10-25.2922.43102.9453.591682.75中國(guó)銀河35.9131.394.02-3.8633.67441.564.89-14.5525.4233.9816

28、.521830.82國(guó)信證券32.3424.949.4217.1936.54206.621.70-8.8012.05-5.426.61125.88東方證券11.5513.017.18-8.4029.8850.9113.35-32.297.81-160.9666.31217.39光大證券20.0110.9311.7496.6524.9842.139.5990.0411.86152.426.34-11.41方正證券21.7223.393.5180.298.37-14.113.1136.4910.21307.592.75-8.36興業(yè)證券11.9811.685.04-0.8731.18132.432

29、.255.516.32由負(fù)轉(zhuǎn)正51.37210.14長(zhǎng)江證券15.1419.845.2049.5721.71116.532.69-11.175.5531.191.89-22.88國(guó)元證券5.2822.192.5540.354.55-5.700.467.819.30116.110.33-42.54東吳證券8.1128.203.755.9712.1042.761.28-0.402.79由負(fù)轉(zhuǎn)正10.895.10國(guó)金證券8.7311.994.9266.347.9335.820.71-33.575.6724.971.08-61.29東興證券5.5914.246.8849.738.53-42.922.4

30、4-21.714.54由負(fù)轉(zhuǎn)正0.12414.19西南證券4.6817.402.17-36.7713.5429.740.48-35.311.27由負(fù)轉(zhuǎn)正1.1616.64華西證券8.0933.602.47189.668.190.840.54-46.928.60127.070.10-71.11西部證券5.6232.042.4257.3113.6648.860.20-58.201.63由負(fù)轉(zhuǎn)正6.34592.78 6.1515.052.4572.9418.18110.100.85-22.43-1.30-909.6936.1346.32浙商證券7.1226.052.201.4310.6496.481

31、.641.292.07-17.6517.4098.72國(guó)海證券4.294.392.3163.209.097.641.9990.254.11由負(fù)轉(zhuǎn)正5.8848.47山西證券4.0838.862.8381.4110.9432.411.112.14-0.9614.1525.52-16.35華安證券5.5723.840.84166.5210.00137.420.72-0.493.92127.950.776.40 4.3037.951.26177.767.28139.870.60-22.700.73-68.965.6792.72太平洋2.538.130.56-41.3912.22363.171.01-

32、17.55-2.56232.470.30402.25第一創(chuàng)業(yè)2.2218.312.5363.747.2177.025.2827.50-0.64271.871.186.72中信建投21.9119.3425.3225.6029.7320.015.4713.6311.7964.862.75-3.70財(cái)通證券6.3423.521.8548.8815.9839.567.4287.731.34-0.390.31-11.47天風(fēng)證券4.363.794.6557.719.4149.084.73-10.97-2.49-9.153.963.09 5.1620.723.95-1.8211.2632.671.25-1

33、1.261.862779.222.9438.33南京證券4.6568.442.57185.782.9465.750.41-6.645.82101.750.20-28.14華林證券2.0339.130.52-70.962.060.180.68-1.731.4013.400.0515.88合計(jì)530.38 18.40237.08 23.29900.17 69.57212.171.57306.6082.27545.28 79.03較上半年增(pct)-3.88-12.38-11.63-4.16-7.52-7.32聯(lián)萬資料來源：公司財(cái)報(bào)、萬聯(lián)證券研究所聯(lián)萬收入結(jié)構(gòu)：整體保持穩(wěn)定，各券商存在差異2019

34、年前三保穩(wěn)，一大入源舊自收入占為39.35，二大收務(wù)占為23.18利凈入投行收和管收占比分，入構(gòu)上年比保穩(wěn)，本有化。，20193040 的有153040聯(lián)萬圖表11：上市券商2019前三季度收入結(jié)構(gòu)聯(lián)萬證券簡(jiǎn)稱占比經(jīng)紀(jì)(pct)占比投行(pct)占比自營(yíng)(pct)占比資管(pct)占比融資(pct)其他較上半年占比增減太平洋 東方證券43.7232.7730.1630.0629.8229.0128.9128.0225.5224.1923.6823.4922.6021.8121.6720.8420.0919.8919.5219.0819.0018.8318.1218.1018.0017.7217

35、.4017.3315.5012.4811.0810.689.859.388.491.40-2.06-1.56-1.58-3.311.280.27-3.15-1.53-1.220.160.10-2.79-0.54-1.690.110.33-1.08-0.90-0.71-0.38-1.04-2.07-2.211.630.41-0.03-1.34-0.76-0.63-0.45-0.01-1.150.45-1.147.079.557.7716.963.349.968.8215.493.879.0413.8911.3726.118.216.369.649.3324.4914.955.565.138.09

36、6.764.254.0018.899.105.368.3514.214.6610.213.936.495.280.742.06-0.683.82-0.12-0.66-0.203.002.121.400.25-1.79-1.340.66-0.640.771.360.59-0.560.010.760.121.33-0.870.592.110.820.751.160.550.480.92-0.691.19-1.2716.8537.0330.5127.3227.9641.6129.2617.7245.8137.1429.5520.2530.6627.4036.6631.0958.0830.3442.6

37、148.0931.3745.7345.6426.4286.9438.2137.0025.9132.8640.5928.8433.3829.1025.1521.96-3.82-1.482.30-2.30-0.76-1.40-3.561.560.39-3.40-4.77-1.775.21-5.34-4.17-6.770.180.97-0.07-4.82-3.990.103.22-1.93-3.71-3.312.702.742.04-1.23-5.27-0.44-2.62-4.61-2.396.271.7310.072.444.065.161.932.473.295.7811.352.055.645

38、.933.043.292.048.674.7422.3216.400.6612.334.937.1519.2212.514.007.2129.692.086.441.362.549.811.840.02-1.75-0.11-0.360.020.37-0.560.13-0.154.48-0.240.04-0.25-0.120.100.45-1.09-0.864.79-0.29-0.08-0.27-0.291.351.060.28-0.25-0.010.77-0.02-0.01-0.130.30-0.5120.5512.2220.7919.5121.1010.6430.7435.0517.9811

39、.4314.0341.3812.1619.563.707.175.4716.167.054.0313.245.459.3313.66-18.24-10.125.455.0414.85-3.605.8413.38-2.08-2.205.741.44-0.022.130.01-1.021.153.21-0.98-0.51-0.440.773.30-1.611.50-0.99-0.55-0.860.830.020.390.370.56-2.090.290.49-0.93-0.87-1.25-0.991.26-0.460.67-0.041.25-0.695.556.700.713.7213.723.6

40、20.351.233.5412.417.501.472.8417.0928.5727.984.990.4411.130.9214.8521.247.8232.632.1516.0818.5442.3521.246.6247.5025.9257.8458.6448.73-1.601.48-0.450.155.58-0.39-0.080.13-0.593.81-0.900.410.483.977.606.34-1.46-0.222.370.343.540.34-0.125.00-0.350.66-2.89-0.65-1.44-0.725.72-1.144.641.425.99合計(jì)19.42-0.8

41、68.680.4932.95-1.437.770.1411.22-0.0619.961.71扣除其他業(yè)務(wù)成本23.18-0.4710.360.8139.35-0.779.270.3813.400.234.43-0.18資料來源：公司財(cái)報(bào)、萬聯(lián)證券研究所聯(lián)聯(lián)分成本情況：業(yè)務(wù)管理費(fèi)和減值損失增長(zhǎng)超兩成，其他業(yè)務(wù)成本翻倍201936.87同增26.57較上半費(fèi)同增20.19但速較半略回；他業(yè)務(wù)上半提90.66pct，要是于宗品業(yè)增長(zhǎng)帶圖表12：上市券商2019前三季度分成本變化情況證券簡(jiǎn)稱營(yíng)業(yè)稅金及附加2019 前三同比季度(億元)業(yè)務(wù)及管理費(fèi)2019 前三同比季度(億元)減值損失2019 前三同比

42、季度(億元)其他2019 前三同比季度(億元)總成本2019 前三同比季度(億元)中信證券2.107.48121.197.297.25-41.2050.072.65183.284.14國(guó)泰君安0.97-16.8581.9710.327.8444.0226.0194.47116.8123.88海通證券1.26-4.5777.3722.4417.2536.9653.1252.05149.2533.22華泰證券1.145.7978.0929.225.94159.227.83145.6993.0138.84廣發(fā)證券1.0027.7068.6020.574.75220.6617.58134865.589

43、1.9355.36 0.69-0.6857.2147.830.69-28.2511.34-69.9373.27 0.99-2.9953.517.822.8894.5648.2967569.41105.67102.45中國(guó)銀河0.8927.8152.3448.370.55-82.7715.2211315.5369.0075.69國(guó)信證券0.756.1539.4621.545.53-5.643.664171.1149.4326.34東方證券0.48-14.7740.8612.189.33872.4365.61249.94116.28105.10光大證券0.460.4644.6318.584.913

44、6.190.2673.5450.2620.10方正證券0.3829.3530.4514.454.61124.502.2634.0637.7023.04興業(yè)證券0.43-2.6542.5848.48-0.23-118.6337.582944.7680.86155.29長(zhǎng)江證券0.338.1530.6919.751.5115.920.87-48.3433.4015.48國(guó)元證券0.29-30.4111.448.081.8586.990.2143.4913.8013.65東吳證券0.2615.0115.9026.020.66-27.229.578.3626.4016.85國(guó)金證券0.155.9417

45、.6715.93-0.281092.820.00-17.5411.33東興證券0.224.0015.2422.350.06-51.880.0318.7615.5521.30西南證券0.17-8.3114.1517.710.45-81.560.78917.6115.555.68華西證券0.2037.6913.0333.340.23-194.590.0012025.4213.4839.24西部證券0.1610.7712.2415.815.83345.784.65-22.8890.25 0.2210.5516.2515.811.204.2833.7848.1951.3234.40浙商證券0.1914

46、.2815.4029.040.10-116.3815.89119.7231.5868.81國(guó)海證券0.16-28.2513.0827.822.42519.453.7195.0319.3751.98山西證券0.1841.2211.0610.970.21-63.9625.03-20.4236.60-13.12華安證券0.1915.038.5826.811.38150.550.32-13.8610.4733.35 0.1214.099.4224.861.5043.124.60153.4415.7249.60太平洋0.10-14.478.597.37-0.4793.860.00-8.224.40第一創(chuàng)

47、業(yè)0.154.9910.543.332.44185.280.08-1.0013.2017.11華林證券0.710.130.200.160.120.0317.645.1522.05-0.693.83-36.4445.7220.9616.8414.857.753.7612.3329.6820.3425.6445.53-12.85-0.070.211.96-0.070.08-0.11-100.98-242.57-2174.25-107.28-85.21-149.850.040.013.102.330.000.0021.441.2852.73-0.0046.3921.3222.1017.287.953

48、.68-5.1931.9729.0419.7032.58-19.57合計(jì)15.983.711,121.4220.1992.4126.57443.83118.161,677.2036.87較上半年增速變化(pct)-2.40-0.94-3.02-90.66-2.05資料來源：公司財(cái)報(bào)、萬聯(lián)證券研究所成本結(jié)構(gòu)：成本結(jié)構(gòu)保持穩(wěn)定，減值損失占比微升2019占最，66.86，上年降2.62pct；減損占較年基未自營(yíng)資中業(yè)風(fēng)積累跡；他務(wù)比較上。從各上市券商情況看，成本結(jié)構(gòu)差異較大，業(yè)務(wù)及管理費(fèi)、減值損失和其他業(yè)務(wù)成本占比方差較大，主要與運(yùn)營(yíng)效率、收入結(jié)構(gòu)、業(yè)務(wù)風(fēng)險(xiǎn)情況、減值是否已經(jīng)計(jì)提成分等因素相關(guān)。圖表

49、13：上市券商2019前三季度成本結(jié)構(gòu)證券簡(jiǎn)稱營(yíng)業(yè)稅金及附加較上半年增占比減(pct)業(yè)務(wù)及管理費(fèi)較上半年增占比減(pct)減值損失較上半年增占比減(pct)其他較上半年增占比減(pct)中信證券1.140.0466.123.433.95-0.1027.32-3.03國(guó)泰君安0.83-0.0870.18-7.356.71-0.1522.267.57海通證券0.84-0.0851.841.4311.561.0535.59-2.67華泰證券1.23-0.1383.96-2.526.393.818.42-1.21廣發(fā)證券1.09-0.0274.62-3.755.17-2.7019.126.46 0.

50、99-0.1081.80-7.420.991.7316.225.80 0.94-0.1850.64-5.552.73-1.4945.706.71中國(guó)銀河1.29-0.1275.85-8.830.790.2422.069.00國(guó)信證券1.52-0.1479.83-2.8411.190.767.412.20東方證券0.41-0.0835.14-6.938.020.9656.426.06光大證券0.92-0.0388.790.909.77-0.880.530.01方正證券1.000.0280.772.0112.22-0.136.01-1.90興業(yè)證券0.53-0.0752.65-7.54-0.281

51、.3746.475.82長(zhǎng)江證券1.00-0.0291.87-4.104.524.732.61-0.60國(guó)元證券2.080.0182.9210.4813.44-11.121.550.63東吳證券0.98-0.0360.24-5.822.510.9136.276.79國(guó)金證券0.850.02100.731.07-1.57-1.080.000.00東興證券1.39-0.3198.02-9.750.3910.110.20-0.04西南證券1.100.1990.993.682.88-1.425.02-1.13華西證券1.51-0.1196.730.801.73-0.670.03-0.01西部證券0.7

52、1-0.0653.51-3.6925.476.1120.31-2.37 0.44-0.0331.66-3.652.35-0.9965.824.00浙商證券0.61-0.0648.761.160.32-0.0250.30-1.08國(guó)海證券0.81-0.0167.54-0.0612.512.8219.14-2.75山西證券0.490.0030.210.160.57-1.0468.400.24華安證券1.800.1482.014.9513.18-3.873.01-1.22 0.73-0.1059.92-7.909.530.9329.276.95太平洋1.170.00104.550.12-5.72-0

53、.120.000.00第一創(chuàng)業(yè)1.100.0279.844.4918.46-4.530.600.01中信建投1.520.0098.56-3.32-0.163.350.08-0.03財(cái)通證券0.610.0098.33-1.510.991.510.060.00天風(fēng)證券0.920.0676.211.108.85-0.2814.01-0.33 0.950.0485.95-3.18-0.39-0.6413.493.79南京證券1.540.0097.420.561.03-0.560.000.00華林證券0.750.06102.17-1.03-2.940.970.020.00合計(jì)0.95-0.0666.86

54、-2.625.510.3326.462.35資料來源：公司財(cái)報(bào)、萬聯(lián)證券研究所3、經(jīng)紀(jì)業(yè)務(wù)：交易量同比增幅提升，上市券商表現(xiàn)優(yōu)于行業(yè)市場(chǎng)情況：三季度股基成交額環(huán)比回落，低基數(shù)下累計(jì)同比增幅擴(kuò)大20192018至34.22，累達(dá)1,061,135.33億元。億，同增39.06增較上半億，比少12.27，降2.56pct。圖表14：深票基成交單度化況圖表15：深票基成交全累變情況資料源：wind、聯(lián)券研所資料源：wind、聯(lián)券研所上市券商：較上半年改善程度優(yōu)于行業(yè)，行業(yè)傭金率跌破萬分之三2019530.3818.40， 增速于場(chǎng)易增和證行經(jīng)凈速（2.1預(yù)主受到傭20197.62pct.12pc20

55、19分0.06，幅2.02。在市商，京券、華前季經(jīng)凈收同增超30。圖表16：券業(yè)金和環(huán)變情況度紀(jì)收入速過30上商資料源：wind、證、萬證研所資料源公財(cái)、聯(lián)證研所4、投行業(yè)務(wù)：科創(chuàng)板貢獻(xiàn)增量，行業(yè)集中度提升但仍有突圍機(jī)會(huì)市場(chǎng)情況：科創(chuàng)板成為股權(quán)融資市場(chǎng)重要力量，債券融資全面向好，201974086.4731.73IPOIPO12.25。整個(gè)權(quán)資場(chǎng)包IPO、發(fā)配和創(chuàng)口徑） 億，下降18.72。2019（比增48.69達(dá)27724.69元其企債司別同增長(zhǎng)80.93，時(shí)監(jiān)主管了10.08增。圖表18：場(chǎng)季股融資模圖表19：場(chǎng)度計(jì)權(quán)融規(guī)模資料源：wind、聯(lián)券研所資料源：wind、聯(lián)券研所圖表20：場(chǎng)

56、季債融資模圖表21：場(chǎng)度計(jì)券融規(guī)模資料源：wind、聯(lián)券研所資料源：wind、聯(lián)券研所上市券商：龍頭券商市占率提升，中小券商通過新業(yè)務(wù)突圍20152019年5.45pct和73.85。，2019 圖表22：權(quán)債融規(guī)模中不提升圖表23：三度行收入速過值上券商資料來源：wind、中證協(xié)、萬聯(lián)證券研究所注：wind全口徑資料來源：公司財(cái)報(bào)、萬聯(lián)證券研究所5、自營(yíng)業(yè)務(wù)：股債市場(chǎng)整體平穩(wěn)，各券商收益率分化較大市場(chǎng)情況：二級(jí)股債市場(chǎng)整體平穩(wěn)，股強(qiáng)債弱2019年三季度股債二級(jí)市場(chǎng)整體表現(xiàn)平穩(wěn)，股市小幅震蕩，滬深300指數(shù)下跌0.29債有回，債綜凈指環(huán)上漲0.41。圖表24：深300數(shù)幅債合價(jià)數(shù)漲幅資料源：w

57、ind、聯(lián)券研所、聯(lián)券研所上市券商：較上半年自營(yíng)收益增速回落，券商間收益率分化較大，201911.63pct69.57大自倉位自規(guī)較半末增17.57。由于各券商投資能力、自營(yíng)倉位、股債比例、杠桿情況、投資風(fēng)格、對(duì)沖手段等多重方面存在差異，因此自營(yíng)投資收益率分化較大，從2019年前三季度上市券商的數(shù)據(jù)看，整體上中小券商收益率較高。圖表26：上市券商2019前三季度自營(yíng)收益、自營(yíng)規(guī)模和年化投資收益率證券簡(jiǎn)稱太平洋 華西證券自營(yíng)收益2019年前三較上半年同比季度增減（pct）18.18110.10-13.5212.22363.1763.6615.9839.5614.6621.71116.53-102

58、.907.9335.82-28.1513.6648.86-5.447.2177.02-33.1610.6496.48-5.9411.2632.67-2.0681.0297.5411.267.28139.87-60.9010.00137.42-70.0736.54206.62-536.5531.18132.43-6.5010.9432.41-19.07121.2773.1233.0183.93242.3415.0113.5429.746.449.4149.08-33.188.190.84-16.79自營(yíng)規(guī)模2019年前三較上半年同比季度變化252.44-15.20177.98-14.562.63

59、307.2512.3513.61424.408.281.56155.04-8.56276.66-11.865.12154.742.172.19256.7930.552.88283.846.898.132,231.5652.54210.2642.0916.58280.8918.6532.75909.7514.88863.4115.0826.57298.9940.139.113,516.8036.859.972,502.2837.199.29422.6920.9914.44238.26-4.96351.44124.7441.85自營(yíng)投資收益率（年化）2019年前三 較上半年末季度增減（pct） 8

60、.580.858.00-1.647.64-1.647.19-0.846.360.286.34-0.416.28-0.256.060.685.81-0.185.810.885.34-0.965.32-0.725.270.025.26-1.605.00-1.684.970.144.88-0.614.77-0.864.75-0.474.39-2.30中國(guó)銀河33.67441.56-273.491,131.8534.738.834.370.06光大證券24.9842.13-11.96812.29-2.138.954.16-1.09東吳證券12.1042.76-74.66505.4122.4411.29