The full name of TF Securities is TF Securities Co., Ltd.; Major shareholder, Wuhan Commercial Group Co., Ltd.; Industry category, non-bank finance, securities, financial industry, capital market services.
TF Securities's office address, Building 2, Tianfeng Building, No.217 Zhongbei Road, Wuchang District, Wuhan City, Hubei Province; Registered address: 20th floor, TF Securities Building, No.446 Gaoxin Avenue, Donghu New Technology Development Zone, Wuhan, Hubei; The main board of Shanghai Stock Exchange is listed with stock code 60 1 162.
TF Securities, chairman, legal representative, Mr. Lei Yu; General Manager: Ms. Wang; Registered capital (RMB), 8.666 billion yuan; Number of employees, 3,468; Mr. Zhu Peining, secretary of the board of directors and representative of securities affairs.
TF Securities's main business is to provide intermediary services for futures companies. (The projects specified by the state in the above business scope shall be operated within the approved scope and time limit with approval or with license); Securities broker; Securities investment consulting; Financial advisers related to securities trading and securities investment activities; Securities investment funds sell on a commission basis; Securities underwriting and sponsorship; Securities self-management; Margin trading.
1) As of July, 15 and 10 listed brokers disclosed their performance forecasts, and the net profit attributable to the parent company in 2022Q2 was greatly improved. 10 The total net profit of listed brokers in the first quarter was10.2 billion, and the total net profit in the second quarter was 3.5-3.8 billion. On the whole, investment income is the core of the improvement of brokerage performance in the second quarter. The rebound of the stock market has greatly improved the investment income, and the brokers with higher self-operated stocks and primary equity investments have greater profit elasticity.
The year-on-year growth rate of listed brokers is expected to recover quarter by quarter, and the year-on-year growth rate in the fourth quarter is expected to turn positive. We predict that the net profit of listed brokers in Q2 2022 will be +75% month-on-month, the net profit of listed brokers in 22h1/2022 will be-36%/-kloc-0/8% year-on-year, and the annualized return on equity will be 5.9%/7.2% respectively. The mid-year report of core brokers predicts that the net profit of Oriental Fortune/CITIC Securities/Huatai Securities/Guangfa Securities/Guolian Securities in 2022 will be+19%/-6%/-36%/-30%/+28% respectively, and the net profit in the second quarter will be +5%/+ 19% respectively.
(2) At present, there is a margin of safety in the valuation of the brokerage sector. The main line of the industry itself will catalyze or support the market in the second half of the year. The improvement of fund net subscription and the full implementation of the registration system are expected to become an important catalyst for the brokerage sector in the third quarter, and we are optimistic about long-term growth brokers. Recommend Oriental Fortune, GF Securities and orient securities, the main leaders of big wealth management; Recommend Guolian Securities with good profitability and growth, CITIC Securities with outstanding comprehensive advantages and prosperity.
Investment income is expected to improve significantly, paying attention to the performance elasticity of brokers in the second quarter.
(1) Brokerage: In 2022H 1, the average daily share turnover in the market was +8.7% year-on-year, driving the growth of securities brokerage business. 2022H 1 new issuance of partial stock funds-83% year-on-year, and the income of wealth management products sold by brokers was under pressure year-on-year. (2) Investment bank: 2022H 1 IPO scale of the whole industry/odd number are +46%/-28% respectively, and the epidemic may have a certain impact on investment banking. (3) Asset management: AUM's collective asset management continues to grow.
(4) Two financings: The average daily balance of the two financings decreased slightly year-on-year, and the decrease in the cost of the debt end of the securities firm was conducive to the expansion of the spread. (5) Investment income: Q2 stock market rebounded obviously, and the investment income may be significantly improved. Brokers with higher proportion of self-operated stocks and first-class equity investment in financial assets have greater investment income elasticity in the second quarter. (6) Public Offering of Fund: It is estimated that the average daily holding scale of partial stock/non-commodity funds will be+13%/+24% respectively in 2022h. Public Offering of Fund's profit contribution is still a strong support for the performance of securities firms.
As for the New Third Board business, the company has made great investment and key support since it launched the New Third Board business at the beginning of 20 14, making the New Third Board business develop rapidly and rank among the top in the industry. Wind information data shows that as of the end of the reporting period, the company, as the sponsor broker, has recommended a total of 147 listed companies on the New Third Board, providing market-making trading services for 179 listed companies, ranking seventh in the industry in terms of market-making trading services.
Fixed income business, the company's fixed income business includes proprietary trading, research and other businesses, and has obtained the trading qualification of spot and derivatives such as spot, futures, options and interest rate swaps; At the same time, it obtained the qualification of trying to be a market maker in the interbank market and was one of the first 45 institutions. The company's fixed income business is expanding to the fields of bulk commodities and foreign exchange, and developing to the international large fixed income, namely FICC multi-category business model. The fixed income headquarters adheres to the business philosophy of "big fixed income" in multi-asset investment and operation, aiming at establishing an "all-weather" large-scale asset allocation trading model, constructing a three-dimensional trading strategy based on fixed income and covering multiple assets, and being an explorer and pursuer of absolute income.
The company has been awarded Class A rating by China Securities Regulatory Commission for four consecutive years. Based on the global vision, the company radiates the whole country, provides comprehensive financial services, and adheres to the "four unswerving" strategic play: the retail business is transformed into wealth management; Taking scientific research business as the core, improving the service ability of comprehensive universities; Increase investment in financial technology and build a characteristic financial technology supply chain; Take the internationalization strategy. And the first-class brokers who are becoming elite, market-oriented, professional and international.
To succeed in stock trading, you must have four hearts: patience, carefulness, determination and cruelty. Only by establishing a trading system that suits you and implementing it unconditionally in actual combat can you stand tall in the stock market.