中资券商股集体回调 中信建投证券(06066)跌4.53% 券商暂停股票类跨境TRS新增业务规模

金吾财讯
Jun 24

金吾财讯 | 中资券商股集体回调,国泰海通(02611)跌2.58%,中国银河(06881)跌2.60%,申万宏源(06806)跌2.66%,中金公司(03908)跌3.20%,中州证券(01375)跌3.31%,国联民生(01456)跌3.40%,弘业期货(03678)跌4.30%,广发证券(01776)跌4.69%,中信建投证券(06066)跌4.53%。

消息面上,昨日券商起正按照监管要求,暂停股票类跨境TRS(Total Return Swap,即跨境收益互换业务)新增规模,存量头寸可正常到期、平仓、不强制砍仓。目前除了股票类跨境TRS,期货类、城投债类以及部分FICC、北向相关业务,暂不受影响。该业务自2024年初已处于限制净新增状态,目前各家券商仍在等待细则口径,明确新增暂停的具体执行标准。券商衍生品业务人士反馈,从目前窗口指导的理解看,更接近于股票类跨境TRS不再新增开仓,存量合约到期后逐步压降。据了解,当前股票类跨境TRS通道费普遍在1%-2%,是券商高创收项目之一。

中邮证券最新研报点评券商6月22日大涨称,本次券商板块独立大涨,本质是持续两年的估值错配后,一次确定性较强的均值回归行情:估值长期处于历史极端低位,基本面随资本市场活跃持续高增,陆家嘴论坛政策催化仅为触发因素,均值回归的核心逻辑早已成立。当前均值回归可能仅处于起步阶段,若后续成交维持高景气,券商板块仍有进一步修复空间。从当前估值到长期合理均值,PE仍有15%—46%修复空间,PB仍有5%—36%修复空间,叠加业绩中报预期高增,若市场情绪配合,板块整体仍有望继续上涨。

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