20230922_华创证券_非银行金融行业深度研究报告：券商自营业务发展研究培育发展新模式提升收入增长极_27页.pdf

2009 1210 2023 09 22-25%-30%2013-2022 30%25%2017 2023 14.2%32.3%35.0%2019-2022 27,852 45,609 24,514 41,575 19.3%88.0%91.2%2019-2022 5.2%/5.2%/4.3%/2.3%ROA 1.7%/1.9%/2.0%/0.9%4-5 2%-3%FOF 0755-82755952 S0360516110002 秾%()75 0.01()61,597.51 6.81()45,672.22 6.57%1M 6M 12M-5.4%7.8%10.9%-1.8%14.8%18.8%-11%2%15%28%22/09 22/11 23/02 23/04 23/07 23/092022-09-192023-09-15 300 2009 1210 FOF WUBYvMsPnOrQoQsRtOrOnMaQ8QaQsQrRsQmPiNnNzQfQtRrPbRpOmRMYoOtRNZoOtM 2009 1210 3.6.6.10.10.12.14.16.20.22 2009 1210 4 1.6 2.7 3.7 4/.8 5/.8 6.9 7.10 8.10 9.11 10.11 11.12 12.13 13.13 14.14 15.15 16.16 17.17 18 2019-2022.17 19 2022.18 20 2019-2022.18 21 2022.19 22/.19 23.20 24.20 25.20 26.21 27.21 28.21 29.22 30.22 31.22 32.23 33.23 2009 1210 5 34.24 35.24 2009 1210 6 2017 2023 14.2%32.3%35.0%1+-2013-2022 30%25%-200-200 400 600 800 1,000 1,200 1,400 2009 1210 7 2 1996 2008 2005 2006 2011 1 1 5000 3 100%500%30%0%5%10%15%20%25%30%35%40%-500 1,000 1,500 2,000 2,5002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2009 1210 8 5%2018-2022/2018-2022 4/2018 2019 2020 2021 2022 30.1%58.1%49.9%49.8%45.7%28.9%48.4%78.5%41.4%35.9%20.6%44.9%45.6%58.0%57.5%20.3%29.7%52.9%45.0%49.1%29.4%27.6%35.3%49.6%47.9%1.2%6.9%13.3%13.1%3.8%2.5%5.9%7.3%6.3%1.9%4.4%5.7%3.3%3.6%4.1%4.1%4.2%4.5%4.3%3.7%1.5%1.8%5.9%3.3%3.2%16.5%20.2%22.3%19.8%18.6%5/2018 2019 2020 2021 2022 246.5%330.0%319.7%318.6%361.2%347.5%290.1%278.5%306.4%339.5%254.4%291.4%327.1%348.3%312.3%230.8%289.6%293.2%319.3%269.2%172.1%277.4%312.3%271.0%334.5%114.1%159.0%122.0%88.4%122.0%199.8%146.1%110.2%76.0%58.6%85.5%86.0%108.0%142.9%155.7%106.8%91.4%54.0%105.6%77.5%73.3%75.5%109.1%83.8%169.6%189.9%178.2%205.2%230.7%100%2022 20%500%250%2009 1210 9 2020 78.5%5%300%2 2011 5,2012 11 35 6 2011 5 2011 6-2012 11 2012 11 2019 2022 2009 1210 10 5 2018 10.3 5.7 2022 53.5 44.6 1%-2%2022 16.6 25.4%10%7 8/50 47 2019-2022 27,852 45,609 17.9%3,338 4,034 6.5%12%8.8%24,514 41,575 19.3%88%91.2%-100.0 200.0 300.02018 2019 2020 2021 2022-10.0%0.0%10.0%20.0%30.0%2018 2019 2020 2021 2022 2009 1210 11 9 2019-2022 25,121 42,130 18.8%2022 4.5 10-5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,0002019 2020 2021 2022-5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,0002019 2020 2021 2022 2009 1210 12 22 11 22 65%20%2009 1210 13 12 FVTPL 2022 10 13 100.0%82.7%99.6%74.2%99.3%73.7%99.3%62.7%99.2%61.4%98.5%59.3%96.5%56.3%94.5%53.4%92.4%50.9%88.8%43.7%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%2019 2020 2021 2022 2009 1210 14=+-/14 2019 2020 2021 2022 8.5%10.2%9.7%1.5%7.5%3.5%7.2%3.7%9.9%6.2%6.7%2.2%7.5%4.3%3.1%11.4%6.6%3.2%10.0%5.7%4.9%4.4%6.2%2.2%6.8%8.7%6.6%1.6%6.0%2.6%7.2%7.7%6.7%1.1%5.7%2.7%6.7%7.4%5.8%2.0%5.5%2.1%6.7%7.0%5.2%2.1%5.2%1.9%6.4%5.2%3.7%2.8%4.5%1.4%2.2%6.0%4.8%5.1%4.5%1.4%5.1%5.7%5.6%1.6%4.5%1.7%4.3%6.5%4.6%2.3%4.4%1.5%7.0%3.3%5.2%2.0%4.4%1.9%6.3%6.6%4.2%0.3%4.3%2.5%6.7%2.6%4.5%3.2%4.2%1.6%5.2%4.7%4.8%2.1%4.2%1.2%5.1%6.4%4.8%0.0%4.1%2.4%4.0%5.6%5.2%1.3%4.0%1.7%3.1%5.5%3.7%3.8%4.0%0.9%4.7%3.9%4.3%3.2%4.0%0.6%5.6%6.2%3.7%0.4%4.0%2.3%5.8%3.9%4.7%1.1%3.9%1.8%2.9%6.5%5.1%0.9%3.9%2.1%5.5%5.0%4.4%0.3%3.8%2.1%4.4%3.8%4.1%2.8%3.8%0.6%4.9%4.2%3.4%2.4%3.7%0.9%8.7%3.4%1.7%1.0%3.7%3.0%2009 1210 15 2.9%4.7%4.0%2.1%3.4%1.0%4.8%3.0%3.0%2.6%3.4%0.9%3.9%5.1%4.3%0.0%3.3%2.0%5.8%4.0%2.4%0.9%3.3%1.8%5.1%2.1%3.8%1.8%3.2%1.3%3.2%4.5%3.4%1.5%3.2%1.1%0.6%5.8%3.5%2.5%3.1%1.9%4.5%4.8%0.4%2.5%3.0%1.8%1.2%5.5%3.4%1.6%2.9%1.7%2.3%4.9%2.1%1.2%2.6%1.4%4.4%4.0%-1.3%2.4%2.4%2.3%50 38 38 38 2019-2022 5.2%/5.2%/4.3%/2.3%ROE 6.3%/7.7%/8.4%/4.3%ROE ROA ROA 1.7%/1.9%/2.0%/0.9%15 2019 2020 2021 2022 4.9%4.2%3.4%2.4%0.9%4.7%3.9%4.3%3.2%0.6%5.8%3.9%4.7%1.1%1.8%5.1%2.1%3.8%1.8%1.3%4.8%3.0%3.0%2.6%0.9%5.1%3.4%3.8%2.2%1.1%8.5%10.2%9.7%1.5%3.5%2.2%6.0%4.8%5.1%1.4%5.1%5.7%5.6%1.6%1.7%6.7%2.6%4.5%3.2%1.6%4.4%4.0%-1.3%2.4%2.3%2009 1210 16 5.4%5.7%4.6%2.7%2.1%16 ROE=-*4-5 2%-3%2022 4.2 5.6 75%1.4 5%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%2019 2020 2021 2022 ROE ROA 2009 1210 17 17 2022 2.02 36.3%2019-2022 29.0%40.5%2022 18 2019-2022 2022 30%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100.00%2019 2020 2021 2022 0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100.00%2019 2020 2021 2022 2009 1210 18 19 2022 2022 1125 2.0%2019-2022 2022 20 2019-2022 2022 2019-2022 76%/58%/61%/82%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100.00%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100.00%2019 2020 2021 2022 2009 1210 19 21 2022 80%50%10%25%85%22/2019 2020 2021 2022 44.9%45.6%58.0%57.5%58.1%49.9%49.8%45.7%41.8%40.3%41.8%35.5%34.4%30.1%24.0%16.6%48.4%78.5%41.4%35.9%45.5%48.9%43.0%38.2%5.7%3.3%3.6%4.1%4.2%4.5%4.3%3.7%11.0%3.8%6.8%4.1%7.4%15.4%23.8%4.7%9.1%12.9%4.5%7.6%7.5%8.0%8.6%4.8%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100.00%2009 1210 20 2014-2021 8775 48091 27.5%23 2015-2022 2019-2021 2017 2018 2019 24 2019 2020 2021 92 96 101 2020-2022 25 2019 2020 2021 46%41%39%18%18%19%32%40%40%4%2%3%2020-2022 0%10%20%30%40%50%60%70%80%90%100%2014 2015 2016 2017 2018 2019 2020 2021 2009 1210 21 26 2019 2020 2021 65%64%55%3%4%2%31%29%40%1%3%4%2020-2022 27 2019 2020 2021 44%38%43%47%46%41%3%12%15%5%4%2%1%1%2020-2022 A 28 2019 2020 2021 A 51%46%41 A 46%53%60 1%6 2%1%2020-2022 2021 2021 2009 1210 22 29 2019 2020 2021 11%16%14 40%50 6%41 43%28%19%41 18%20%34 2020-2022 30 2019 2020 2021 30%29%22%59%66%63%2%2%7%9%3%8%2020-2022 31 2019 2020 2021 50%47%61 18%7%16 4%8%11 38%38%30 2020-2022 2022 280 9 270 2009 1210 23 FOF 32 33 wind wind ROE+PE+PE 2019 2%-5%24 2020-2022 2023 8 470 160 52%-5,000 10,000 15,0002014-122015-052015-102016-032016-082017-012017-062017-112018-042018-092019-022019-072019-122020-052020-102021-032021-082022-012023-06-2,000 4,000 6,000 8,000 10,000 12,0002014-122015-052015-102016-032016-082017-012017-062017-112018-042018-092019-022019-072019-122020-052020-102021-032021-082022-012023-06 2009 1210 24+2023 9 11 558 163 30%1 79 15 83+34 wind 35 wind-10.0-10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 0102030405060708090 2009 1210 25 2016 2010 2015 2017 2019 2019 Wind 2020 8 2020 2021 2021 2022 Choice 2022 2022 2022 秾 2023 2009 1210 26 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-83024576 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 27 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522