报告名称：China Galaxy Securities Alert(06881.HK)Access China conference highlights 2016
报告类型：港股研究
报告日期：2016-01-13
研究机构：德意志银行
股票名称：中国银河,银河证券
股票代码：06881,N12101
页数：1
简介：China Galaxy Securities (CGS) representatives attended our Access China conference today. The key takeaways are as follows:
On brokerage business: management expects average daily turnover of around Rmb800bn for 2016 after circuit breaker rules were suspended, which implies a 23% drop from 2015 ADT of Rmb1.04tr. For commission rate, management says CGS commission rate is in line with sector average (~5bps). But the pace of decline in commission rate may slow down in 2016, as the competition triggered by removing ˉone-person, one-accountˇ policy should fade away. CGS currently charges around 4-5bps for newly opened accounts and any account asking for 3bps commission rate needs to get a headquarter approval.
On margin financing: CGS now maintains around Rmb70bn margin balance, an 18% drop from 2015 average balance of Rmb85bn. The management does not see near-term needs to charge provision on margin loans due to minimal historical loss in this business (~Rmb200k during market selling off in 3Q15). Commission rate on margin trading is kept at above 7bps.
On stock pledge business: CGS plans to put more focus on stock pledge lending in 2016 given the current low stock market valuation and its relatively small market share with balance of only around Rmb3bn. Equity total return swap may also be a potential growing area despite CSRC releasing temporary restrictions on equity swap business since last November.
On CSF contribution and prop trading: the company booked its CSF contribution under AFS without any P/L impact. Upon the removal of net purchase rules in November, CGS has been actively adjusting its prop trading portfolio and obtained positive returns, particularly in December.
On branch network: CGS ranks first among peers in terms of branch number, and targets to expand number of branch from 356 to 600 in the long term, to cover 70% of cities and county areas. The company will continue to leverage its vast branch network to provide high-quality services and strengthen wealth management business.
On excessive liquidity: management guided the deleveraging process will not take long. The company will mainly use excessive liquidity to repay the debt and put in fixed income investments for stable returns.

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