Trading financial assets and other financial assets whose changes in fair value are recorded in gains and losses from changes in fair value are included in gains and losses from changes in fair value, while financial assets available for sale are included in capital. Reserve - Other capital reserves, the main purpose is to prevent companies from manipulating profits.

At present, although Chengdu Jiancheng Investment (600109.SH) has not changed its name to Guojin Securities, its financial statements reflect the appearance of this small Sichuan securities company located in a corner of the southwest. .

From January to September, Chengdu Construction Investment achieved a net profit of 330 million yuan, a year-on-year increase of 2867%. In the third quarter, it achieved a net profit of 118 million yuan and earnings per share of 0.416 yuan. The reason is that Chengdu Jiancheng Investment holds 51.76% of the equity of Guojin Securities, and the company currently has no other business. Therefore, this quarterly report fully reflects the operating conditions of Guojin Securities in the third quarter of this year.

Brokerage: Supporting Performance

The third quarterly report shows that Chengdu Construction Investment achieved operating income of 737 million yuan from January to September, a year-on-year increase of 744%, and earnings per share was 1.232 yuan, a year-on-year increase. 833.34%. However, "like Northeast Securities, the company completed a major asset restructuring early this year, so the financial data is not comparable." An industry insider said.

At the beginning of the year, Chengdu Jiantou held all assets and liabilities and new shares with Changsha Jiuzhitang (Group) Co., Ltd., Hunan Yongjin Investment (Holdings) Co., Ltd. and Shuka Holdings (000584.SZ) A total of 51.76% of the shares of China International Finance Securities were exchanged.

From January to September this year, Sinolink Securities’ brokerage business income (fee and commission income) was 623 million yuan, accounting for 84.53% of operating income.

"It can be seen that Guojin Securities is still mainly engaged in brokerage business." The above-mentioned industry insiders said that, however, the transaction commission rate still needs to be increased.

Chengdu Jiantou's semi-annual report stated that competition in the securities brokerage business market is still fierce. At the same time, products and services such as RMB financial management from funds, trusts and banks have also increased the competitive pressure on the brokerage business of securities companies. In 2007 The overall commission rate for new account opening customers of China International Finance Securities was low in 2018, causing the company's overall commission rate to decline slightly.

In the first half of the year, the transaction volume of Sinolink Securities was 233.2 billion yuan, and the fee income was 392 million yuan, which translates into a commission rate of 0.168%. According to relevant statistics, China International Finance Securities’ market share in September was 0.62%, which leads to its commission rate of 0.145%.

Although, Sinolink Securities achieved brokerage business income of 230 million yuan in the third quarter, compared with 623 million yuan from January to September this year, the growth was not obvious.

"Even so, it exceeded market expectations. The impact of the stamp duty increase on market trading sentiment was very short-lived. Transaction volume soon began to rise again, and transaction volume remained at a high level in the third quarter." A person said. analysts think.

What is completely different from the substantial growth in brokerage business is that Chengdu Jiancheng Investment’s third quarter report disclosed that the securities underwriting business income of Guojin Securities from January to September this year was 0.

Chengdu Construction Investment’s semi-annual report once admitted that due to the generally long cycle of investment banking business, it is not yet able to make a significant contribution to the company’s revenue and profits in a short period of time. At present, the investment banking business of Sinolink Securities is still in its infancy. It is mainly laying the foundation for the business in the next few years and striving to establish competitive advantages in certain market segments as soon as possible.

However, it is worth noting that the main underwriter of Jiangte Motor (002176.SZ), which was listed on the Small and Medium-sized Board of the Shenzhen Stock Exchange on October 12, is China International Finance Securities.

Public information shows that Jiangte Motor’s issuance fee is 13.5 million yuan. "If relevant expenses are deducted, Guojin Securities can get at least 10 million yuan." The above-mentioned analysts believe that the reason why it is not included in the third quarter report may be because as of the end of September, Guojin Securities has not received issuance fees.

Self-operated: accounting accounts adjust profits

The third quarterly report of Chengdu Jiancheng Investment disclosed the list of 10 stocks heavily held by China International Finance Securities. From this, it can be seen that China International Finance Securities’ self-operated The business idea is mainly to participate in private placements and new share subscriptions of listed companies.

At the end of March this year, Sinolink Securities spent 111 million yuan to subscribe for 10 million shares of Yueyang Paper (600963.SH) in a non-public offering at a price of 11.10 yuan per share. The subscription of the shares was restricted. The deadline is March 24, 2008. From September 18th to 21st, the stock hit four daily limits immediately after it was suspended in July, with an increase of 43% that month. This largest investment proves that China International Finance Securities’ proprietary investment vision is quite unique.

On January 25, Sinolink Securities participated in the private placement of China Railway No. 2 Bureau (600528. SH), subscribing for 15 million shares at a price of 5.05 yuan per share, with a sales restriction period until January 25, 2008.

At the same time, China International Finance Securities also actively participated in the placement of new shares. Its holdings of China Shenhua (601088. SH) and China Construction Bank (601939. SH) were obtained from offline subscriptions.

China Merchants Bank (600036.SH) is the one with the highest return rate among the investment stocks of Guojin Securities.

As of November 2, the share price of China Merchants Bank has reached 43.45 yuan, while its shareholding cost is only 3.52 yuan, a 12-fold increase. After China Merchants Bank announced its third quarter report, China Merchants Bank Securities still maintained its "buy" rating and raised its target price to 51.46 yuan.

The 13.65 million legal person shares of Shanghai Pudong Development Bank (600000.SH) held by China International Finance Securities Co., Ltd. will end the restricted sale period on May 14. Currently, China International Finance Corporation Securities still holds 11.15 million shares of Shanghai Pudong Development Bank. The income from this investment of China International Finance Securities increased 9 times.

However, the third quarter report of Chengdu Jiancheng Investment showed that among the top ten stocks invested by Guojin Securities, 6 were included in available-for-sale financial assets, and the other 4 were trading financial assets.

What is the difference between the two? In fact, if available-for-sale financial assets are calculated based on fair value, there is huge room for appreciation.

“This is a way for the company to smooth profits, because the stock price fluctuates greatly, and the portion of available-for-sale financial assets that exceeds the investment cost is only included in the capital reserve and not in profits, and profits need to be adjusted At that time, it is only necessary to turn available-for-sale financial assets into trading financial assets.” The above-mentioned analysts believe.

What is admirable is that in the impetuous bull market, the confidence of institutions in holding stocks is really different.

Compared with the semi-annual report of Chengdu Construction Investment, there was little change in the top ten stocks of China International Finance Securities, with only 10,000 shares sold in three stocks including China Merchants Bank, Yueyang Paper, China Railway Second Bureau and Shanghai Pudong Development Bank. "Not moving at all."

On October 22, Sichuan Tianyuan Futures, with an investment of 47.75 million yuan from China International Finance Securities, was approved by the China Securities Regulatory Commission to increase its registered capital to 50 million yuan, which laid the foundation for it to share the excess profits brought by stock index futures. .

As the major shareholders fulfill their commitments on share reform and continue to promote the overall listing of Sinolink Securities, Chengdu Construction Investment's future performance will also increase.