證 券行業(yè)跟蹤報告政策邊際放松，交投回暖推動業(yè)績改善

1、目錄一、一、證券行券行業(yè)月度關(guān)鍵關(guān)鍵指標........................................................................................................................................................................................................

2、..................................................................................................................................1二、二、證券行券行業(yè)推薦組合組合表現(xiàn).......................................................................

3、............................................................................................................................................................................................................................

4、.......................................2三、三、證券業(yè)券業(yè)務指標指標......................................................................................................................................................................

5、........................................................................................................................................................................................................3（一）收入結(jié)構(gòu)............

6、.................................................................................................................................................................................3（二）經(jīng)紀業(yè)務...................................

7、..........................................................................................................................................................5（三）投資銀行業(yè)務........................................................

8、............................................................................................................................5（四）資管業(yè)務........................................................................................

9、.....................................................................................................3（五）自營業(yè)務...............................................................................................................

10、..............................................................................5（六）融資融券業(yè)務....................................................................................................................................

11、................................................5（七）上市券商月度財務數(shù)據(jù)..............................................................................................................................................................

12、....7四、四、行業(yè)估業(yè)估值分析與投與投資建議建議..................................................................................................................................................................................................

13、..............................................................................................................................8五、五、行業(yè)新聞業(yè)新聞..................................................................................

14、............................................................................................................................................................................................................................

15、..............................................................................1111（一）監(jiān)管與政策..................................................................................................................................

16、....................................................16（二）行業(yè)與公司..............................................................................................................................................................

17、........................11插圖插圖目錄............................................................................................................................................................................................

18、..................................................................................................................................................................................................................2222表格表格目錄

19、............................................................................................................................................................................................................................

20、..................................................................................................................................................................................2222請務必閱讀正文最后的中國銀河證券股份公司免責聲明。其次是國投資本（60006

21、1.SH），上漲16.22%；浙商證券（601878.SH）上漲12.60%，位居板塊漲幅第三。圖3：上市券商月漲跌幅：上市券商月漲跌幅20020406080資料來源：Wind、中國銀河證券研究院本月漲幅(%)年初至今漲幅(%)備注：剔除2018年上市的中信建投、南京證券、天風證券和二、證券行業(yè)推薦組合表現(xiàn)二、證券行業(yè)推薦組合表現(xiàn)我們選取中信證券（600030.SH）、廣發(fā)證券（000776.SZ）以及華泰證券（601688.SH）構(gòu)建

22、組合，分別給予每只股票40%、30%和30%權(quán)重，業(yè)績基準采用CSSW證券指數(shù)399707.SZ。組合構(gòu)建：中信證券（600030.SH）、廣發(fā)證券（000776.SZ）以及華泰證券（601688.SH）自構(gòu)建以來組合總回報11.10%，申萬證券行業(yè)指數(shù)總回報30.59%，跑贏業(yè)績基準19.48個百分點。圖4：組合自構(gòu)建以來表現(xiàn)：組合自構(gòu)建以來表現(xiàn)20%10%0%10%20%30%40%50%資料來源：Wind、中國銀河證券研究院組合收

23、益率CSSW證券指數(shù)申東國國廣長山中國西海招太興東華光方西國東東國國第華中中浙財華萬北元海發(fā)江西信金南通商平業(yè)吳泰大正部信興方泰投一安原國商通西宏證證證證證證證證證證證洋證證證證證證證證證君安創(chuàng)證證銀證證證源券券券券券券券券券券券券券券券券券券券券安信業(yè)券券河券券券201811420181042018942018842018742018642018542018442018342018242018142017124201711420171