129764786787812500_21Larger operating situation of the company capital operation efficiency and profitability for companies to national comprehensive securities company, was one of the first three innovative pilot. Since 2005, the company brokering business conducted a series of mergers and acquisitions activity, up to now, with 117 Sales Department of the company, had formed in Beijing, Shanghai and Guangdong as the Center and radiation pattern of dots. To 2End of 011, corporate 1.566 billion yuan in net profit, total assets amounted to 43.489 billion yuan, in the second echelon of the securities industry. 2011 attributable to the parent company's net capital amounted to $ 14.33 billion, ranking second only to the CITIC Securities and Hai Tong securities. However, the company ranks listed securities and net assets turnover total assets turnover behind company ROEAnd operating income per capita is less than the listed brokerages are also values. Control fully benefit from cross-operating and strategic cooperation in the context of China Everbright group involving both domestic and foreign financial and industrial areas, its strength in the financial sector-leading, with China Everbright Bank, Everbright securities, Everbright PRU us funds, bright futures, bright, bright yongmingrenshou and other financial enterprise asset management, form a complete set of goldMelting holding frames, companies, and other Department of Everbright financial enterprises there is extensive cross-operating and strategic cooperation. Stable ownership structure has set this year in August, the company will have 2.325 billion shares lifted, 68.02% per cent of share capital, due to the large set of shareholders, ownership structure and stability, research communication, we believe that the smaller shareholders to reduce risk, we can see that compared to otherOwnership structure, Everbright securities ownership structure has a set of stable features. Drive innovation and traditional align strategic adjustment, brokerage business transformation in recent years, the company Commission rates have been lower than industry averages, first half of 2011, is down to 0.07%. We believe that cause company a Commission rate continues to decline reason: companies on the one hand the developed areas of competitionMore intense, on the assessment of company business strategy to market share in recent years. 2011 will be net Commission income as the main index of the brokerage business. Now there are practising consulting qualifications analyst 42, 402 investment advisers, from the traditional broker-dealer for the company to integrate characterized by wealth management services provides high quality of business transformationPersonnel protection. Since the beginning of 2009, the company's brokerage income ratio continued to decline, to the first half of 2011, than just 39.13%. Benefiting from the company's brokerage business to the pursuit of profitability improving in terms of market share expansion strategy, net Commission rates 2011 trend stabilised since, remain 0.07%. To January 2012Company financing and balance the market share accounted for by the end of 7.06%, brought a new profit growth point.
Promotion of capital market trading volume, company broker business turning point appeared. Signing relaxing, stabilizing the number (1) 1H2011 investment-banking revenues grew 220.15%. Since the beginning of 2010, company studied development investment banking business. 2007 year-in 2010, the investment-banking revenue growth, compound growth rates up to 30.54%. 2010 exceeded 400 million mark in one fell swoop. Up to the first half of 2011, investment banking bucked the growth in revenues of $ 427 million, an increase of 220.15%; $ 308 million in profits, is 4 times in the same period last year. Total operating incomeQuickly upgrade to percentage of 16.14%.
In 2011, the company primary underwriting number totals 23, raised a total amount of $ 23.26 billion, stock underwriting amount of 12 billion yuan, ranked 13. (2) has a generation number 57 and stabilised. Recently
diablo 3 gold, the Commission has taken into account the sponsor representative signature of rights release, from two sponsor representatives of oneSponsor a project to expand at the same time in the issue, and gem all to declare two items.
This means that investment bank liquidity will be stabilised, investment banking revenues are expected to double. (3) underwriting, stability, scale, keep 1.6%. Because the new gem is lifted, and third Board expansion, declining number of large projects, investment banking business competition is increasingly fierce, underwriters to underwriteConcentration of size reduced year by year. In this environment, China Everbright securities underwriting focuses on small and medium sized projects, underwrite the scale steady rise in market share over at 1.6%. As of end of February 2012, the company has 11 IPO projects in the Tribunal. At the same time, with the development of the bond market, corporate debt and corporate debt issuance expansion of scope and scale, to underwrite the company's bonds of the fanWai will also be expanded, there is greater scope for development of investment banking. Established Chinese pipe subsidiaries, continue to promote the Chinese tube advantage (1) enormous room for financing the collection, with a scale of public fund 6.48%. Offering fund the scale of China's securities dealers finance the collection as a whole and still has a considerable gap. By the end of January 2012, brokers financing the collection a total of 155.1 billion, totalNet worth to $ 140 billion, compared with a total share of public Fund reached 2.65 trillion, total net worth of $ 2.16 trillion.
NET, the brokerages of offering fund the financial scale of the collection is 6.48%, development of spaces worth looking forward to. (2) in 2010, the company's second Chinese pipe net revenue. Company owned pipe business in the industry-leading position. As of 2012This month, its duration 14 collections financial products, net assets amounted to $ 8.28 billion, ranking fifth. In 2010, the company entrusted with the customer's asset management business net income by $ 188 million, ranking second. Since 2007, changes on the capital market in China, however, entrusted with the management of the company increased the amount of funds in 2010, compound annual growthRate of 33.33%, beat most brokerages. On November 30, 2011, Everbright securities allowed to set up asset management subsidiaries, elective in the first half of the year was set up temporarily the development of registered capital of 200 million Yuan, became the Oriental securities, guotai Junan securities, after the Chinese tube brokerage subsidiaries of third House. Through research to understand the market investment funds from banks and public foundationGold back into the trend broker owned.
Everbright finance companies will increase the motivation of the pipe system, relying on the scientific system of remuneration to attract more financial talents to join. Two inclusive business, operating income rose of new growth (1) 2012 both financing and business income exceeded 10 billion is expected. On March 31, 2010, China started pilot run margin business. ToOctober 26, 2011, SFC published the pilot on amending the financing business of securities companies management approach and on the amendment of the decision of the securities margin business pilot guidelines for the internal control of the company's decision means the margin business in China into a regular business. Since its running, margin business grow rapidly. At present, the two thawing total turnover on the a-shareTotal than the average reached 2%, compared with the developed markets around, there is a large space for development. Expected through 2012
diablo 3 gold, the whole trade financing business revenue is expected to exceed $ 7 billion. We assume that a stock market average daily turnover of 200 billion yuan, two thawing turnover less than 3.3%, as compared to the current margin business finance business is small, then leaveTwo business rates are 9.1%, and Commission rates get industry average of 0.1%. Calculation by 2012, trade margin business revenues of $ 10.15 billion. Now Japan, Taiwan securities in developed markets such as the two thawing turnover percentage reaches nearly 20%, compared to China's huge margin business development prospects, two of inclusive business,Bring huge revenues for the securities industry. (2) two inclusive business is expected to contribute 9% to the company's revenue this year. Until the end of January 2012, Everbright securities two thawing balances and turnover market share percentage per cent and 7.06%, respectively, is the market leader. 2011 contribution margin business for the company $ 200 million in revenue, we expect the 2011 yearShare of revenues of about 4%.
If 2012 both financing and business revenue reaches $ 500 million, it's contribution to the operating income is expected to reach about 9%. Profit forecasts and investment strategy for 2011 stocks lacklustre trading volumes continue to hit a new low of the two cities. Company's 2011 annual revenues of brokerage and proprietary business-hit, after 2010, continueGrowth. We predict 2012 capital market environment no worse than 2011, or warmer occurred quotes. Benefit from this, combined the company research, we believe that in 2012, the company's operating income and net income that will restore a significant positive growth. At present, the company PE,PB valuation at the plate in the lower level
diablo 3 power leveling, for the first time "overweight" rating. var selfURL="http://quotes.cnfol.com/block/7003"; Online statement Gold: gold online reprint of the above content, does not indicate that confirm the description, for investors ' reference only and does not constitute investment advice. Investor operations accordingly, at your own risk.
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