China Merchants Securities on the hard flat, who will act as the disk access man? Hot column capital flows thousands thousand comment stocks the latest rating simulated trading client diagnosis sina finance App: Live on-line blogger to tutor Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future? Sina Hong Kong stocks launched "Hong Kong stocks are not attractive" big discussion, with a rational and constructive attitude, welcome to pay attention to Hong Kong stocks, people concerned about the capital market, together with Hong Kong stocks for advice and suggestions, and conspiracy of Hong Kong stock market tomorrow. Please to hkstock_biz@sina. This paper | Li Dafang may be asked for a donation of 1 million auspicious blessing Liang, China Merchants Securities (06099) reversed the Hong Kong stock market brokerage stocks this year login first break the embarrassing situation, but it is just flat. Everbright Securities (06178) and Orient Securities (03958) are listed in the beginning to break, Zhejiang Bank (02016) and Tianjin bank (01578) two mainland banks are on the first day of break – the precedent before, the China Merchants Securities, as early as Hong Kong analyst predicted: the outlook is not optimistic, even the cornerstone team again the market is brisk, the subscription will be the international placing to light". In October 7th, China Merchants Securities was listed on H shares and closed at HK $12 on the first day, which was equal to the issue price. Compared with the A share price, the price is about 40% discount. On the performance, after opening up 1%, followed by rapid decline, most of the time all day long swings back and forth in 12 to 12.02 between the Hong Kong dollar, but also is the first day of listing "bar code" a replica of the postal savings bank! How much is the cost of asking for a break? A Hongkong analyst for smart Finance said, is already better than expected to end a parity, Hongkong investment speculation funds on the market completely financial stocks are not interested; secondly, "in Hongkong, buy a dividend is to buy bank shares, buy brokerage stocks is speculation market". The performance of securities brokerage shares is related to the trend of Hong Kong stock market, while the current market is not fully warmed up, and Shenzhen Hong Kong will also have a substantial impact in November. The joint sponsors of China Merchants Securities H shares listed are China Merchants Securities, JP Morgan chase and Morgan stanley. With the help of the brokerage seats tracking can be found in October 7th to buy seats is impressively topped the investment securities, bought a total of 24 million 130 thousand shares, the purchase amount of HK $289 million, the total turnover of transactions accounted for 39.4%, the second ranked far behind HSBC securities (HK $66 million 120 thousand). If you don’t have the 39.4% volume, can you draw a bar code? I’m afraid it’s not optimistic. Ranked ten, why not optimistic about the market? Institutions have concluded that China Merchants Securities’s weaknesses is dependent on the weather". Hongkong securities explained that most of its revenue from the mainland stock market, so the business is heavily dependent on A stock market. In other words, the big part of the group income – brokerage and wealth management business, depends on volume and stock market theory

招商证券首日艰难平收,谁来充当接盘侠? 热点栏目 资金流向 千股千评 个股诊断 最新评级 模拟交易 客户端 新浪财经App:直播上线 博主一对一指导 新浪港股APP:实时行情 独家内参   港股还值不值得投资?出现了什么问题?未来出路在哪里?新浪港股发起“港股还有没有吸引力”大讨论,以理性、建设性的态度,欢迎关注港股、关注资本市场的人士,一起为港股建言献策,共谋港股市场的明天。来稿请至hkstock_biz@sina 。   文 | 李大方   或许是托了捐款100万换个吉利靓号的福,招商证券(06099)扭转了今年券商股登录港股市场首日破发的尴尬局面,但也仅仅是平收。   光大证券(06178)和东方证券(03958)均在上市初即告破发,浙商银行(02016)和天津银行(01578)两家内地银行也首日破发――有这些先例在前,对于招商证券,早就有香港分析师预言:前景不容乐观,哪怕基石队伍再亮眼,市场认购也会较国际配售要“清淡”。   10月7日,招商证券于H股挂牌上市,首日报收12港元,与发行价持平。与A股价格相比,这一价格折让了约40%。   就其表现而言,开盘后上涨1%,随后快速回落,全天大多数时间内在12港元至12.02港元之间来回波动,活脱脱又是一个邮储银行上市首日“条形码”的翻版!   招证免于破发的代价有多大?   一位香港分析师对智通财经表示,能平价收场已经是好于预期了:一则,香港的投资炒作资金完全对大盘金融股不感兴趣;二来,“在香港,买银行股就是买股息,买券商股就是炒市场”。券商股表现与港股行情走势有关,而目前市场并未完全回暖,深港通还要在11月才能带来实质影响。   招商证券H股上市的联席保荐人是招商证券、摩根大通及摩根士丹利。   而通过查阅券商席位追踪可以发现,10月7日买入席位赫然居首的就是“招商证券”,共计买入2413万股,买入金额2.89亿港元,交易量占总成交的39.4%,把位居第二的汇丰证券远远甩在后面(6612万港元)。   如果没有这39.4%的交易量,能不能画出“条形码”?恐怕并不乐观。   位列十强,为何还不被市场看好?   有机构总结称,招商证券的软肋就在于“靠天吃饭”。   香港致富证券对此解释称,其大部份收入来自内地证券市场,因此业务极度依赖A股市况。换句话说,集团收入的“大头”――经纪及财富管理业务依赖于成交量和股票市场表现,投资者信心不足和交易活动萎缩,直接令经纪手续费及佣金收入减少。   此外,不少机构则把政策风险列为该股面临的最突出的问题,称经营业绩很受监管层决策和货币政策的影响。   一位不愿具名的分析师直言,招商证券在内地,无论是按总资产算还是净资产算,都是进前十的大行,无疑受监管层决策的影响更大。比如,倘若内地市场出现大幅波动,招商证券被要求“护盘”也是预料之中。   数据说话,被戳软肋也只能低头   公开资料显示,招商证券主要业务包括经纪及财富管理、投资银行、投资管理、投资及交易四大块。截至2016年6月30日,集团约有650万名经纪及财富管理客户,其中包括约196500名富裕客户和约9900名高净值客户�以及在中国拥有逾15000家机构客户以及逾1100家企业客户。   不过,招商证券2016年中期业绩表现不如人意――净利润同比下降69.4%至22 亿元人民币,收入同比下降67.2%至52 亿元人民币。经纪佣金、投资银行和资产管理业务分别贡献了收入净额的47.3%、18.8%和10.5%。与香港上市的同业相较,其半年度净资产收益率排第二(4.7%),净投资收益占收入净额排倒数第二(14%)。   公司管理层也曾发布指引,称今年盈利预计会从2015年牛市时的109.08亿元下滑至61.58亿元,同比下降43.55%。   补短板尚远,而近期同质化竞争严重   在招商证券港股IPO文件中,招商证券计划将募集资金重点投向经纪及财富管理业务、机构客户的服务、招商国际海外业务,这三项各占募资额的25%。   招商证券董事长宫少林在敲钟现场接受媒体采访时也表示,对股价表现满意,公司未来会积极通过香港平台拓展海外业务。   “谋求转型升级是必然的,这都是长远的布局和打算,”一位资深港股分析师对智通财经表示。   谈及其短期的股价表现,这名分析师反问道:“市场关注度低,护盘主力自娱自乐。A股市场本来就没啥大行情,现阶段这些券商港股上市,市场并不领情。招商证券的的股价对应1.18-1.29 倍市帐率,与同业相比也没有什么明显优势。更何况,后面还有很多同类在排队挂号呢……中信建投、中泰证券等等,你说看不看好呢?”   另外值得提一笔的是,招商证券A股股价与2015年4月9日创下的最高价40元相比,9月30日收盘价仅为17.19元,市值蒸发超过千亿元。 进入【新浪财经股吧】讨论相关的主题文章: