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1、13Nov2017IndustryResearchAveragedailyturnoverindomesticmarketsdeclinedfromRmb545bninSeptember(+6.8%MoM;+33.0%YoY)toRmb455bninOctober(-16.6%MoM;-5.1%YoY),whilethebalanceofmarginfinancingandsecuritieslendingincreasedforthefifthconsecutivemonthtoRmb999.4bn(+3.1
2、%MoM;+9.6%YoY),representingthehighestlevelseenintheyeartodate,accountingfor2.2%ofA-sharemarketcapitalisation.TheCSI300(SHSZ300:IND)arrivedat4006.72inend-October(+2.3%MoM).EquityfinancingremainedstronginOctober,whileIPOsreachedRmb15.7bn(-15.8%MoM),andfollow-o
3、nroundsoffinancingamountedtoRmb86.4bn(+16.0%MoM).OctoberbondfinancingtotalledRmb141.9bn(-11.5%YoY).Bullmarket.Theproportionofbrokerageincomeatsecuritiesfirmssignificantlydecreasedfromc.50%in2015to27%in1H17,beforeedgingupto28%in3Q17,amidimprovingmarketsentime
4、nt.Moreover,investmentincomecontributed35.1%oftotalincomein3Q17(vs17%in2016and25%in1H17),onthebackofstrongmarketperformance.WebelievebrokerswillbenefitfromthedynamicA-sharemarket,andrecordgrowingproprietarytradingincomeandpotentialperformancefeesfromassetman
5、agementproducts,whiletheproportionofactivelymanagedassetsincreases.ExpandingIPObusiness.AlthoughinvestmentbankingincomeofHongKong-listedbrokersdecreased15.5%YoYtoRmb14.1bnin9M17,duetostrictrefinancingregulation,theIPOmarkethasexperiencedsignificantYoYgrowth.
6、IPOfinancingforthewholeindustryincreased128%YoYtoRmb192bnin9M17.WebelievethedevelopmentoftheIPObusinesswillenablebrokerstobenefitfromsynergieswithotherbusinesslines,suchasstockpledgeandbondissuance,thusimprovingoverallprofitability.WethinkcompanieswithmoreIP
7、Oresources,suchasChinaMerchantsSecurities(6099:HK–N-R),GFSecurities(1776:HK–N-R),andHaitongSecurities(6837:HK–Outperform),willbenefitfirst.Besides,regulationonfollow-onfinancinghasstimulatedcapitalintermediarybusinesses,suchasmarginfinancingandsecuritieslend
8、ing,aswellasstockpledgeandrepo.Accountingchange.AsrequiredbytheMinistryofFinance,A-andH-sharedual-listedbrokerswillstarttoimplementtheIFRS9standardon1January2018.Thereclassificationoffinancialas
