證 券行業(yè)跟蹤報告政策與市場環(huán)境改善利好券商估值修復，看好板塊投資機會

1、行業(yè)行業(yè)月報月報證券證券行業(yè)行業(yè)請務必閱讀正文最后的中國銀河證券股份公司免責聲明。目錄一、證券行業(yè)月度關鍵指標一、證券行業(yè)月度關鍵指標...............................................................................................................................................1二、證券行業(yè)推薦組

2、合表現(xiàn)二、證券行業(yè)推薦組合表現(xiàn)...............................................................................................................................................2三、證券業(yè)務指標三、證券業(yè)務指標.............................................

3、..................................................................................................................2（一）收入結構..................................................................................................

4、..................................................................2（二）經(jīng)紀業(yè)務..................................................................................................................................................

5、..................5（三）投資銀行業(yè)務............................................................................................................................................................5（四）資管業(yè)務............................

6、........................................................................................................................................8（五）自營業(yè)務............................................................................

7、........................................................................................8（六）融資融券業(yè)務..........................................................................................................................

8、..................................9（七）上市券商月度財務數(shù)據(jù)..........................................................................................................................................10四、行業(yè)估值分析與投資建議四、行業(yè)估值分析與投資建議......

9、...................................................................................................................................12五、行業(yè)新聞五、行業(yè)新聞...........................................................................

10、..........................................................................................14（一）監(jiān)管與政策........................................................................................................................

11、......................................14（二）行業(yè)與公司..............................................................................................................................................................14插圖目錄插圖目錄....

12、.........................................................................................................................................................................18表格目錄表格目錄.........................................

13、....................................................................................................................................18行業(yè)行業(yè)月報月報證券證券行業(yè)行業(yè)請務必閱讀正文最后的中國銀河證券股份公司免責聲明。2二、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）、

14、國泰君安（601211.SH）、華泰證券（601688.SH）和海通證券（600837.SH）構建組合，分別給予每只股票25%權重，業(yè)績基準采用CSSW證券指數(shù)399707.SZ。組合構建：中信證券（600030.SH）、國泰君安（601211.SH）、華泰證券（601688.SH）和海通證券（600837.SH）。年初至1月末，組合總回報14.05%，CSSW證券指數(shù)總回報8.61%，跑贏業(yè)績基準5.44個百分點。圖3：年初年初以來表

15、現(xiàn)以來表現(xiàn)資料來源：Wind、中國銀河證券研究院三、證券證券業(yè)務指標業(yè)務指標（一）收入結構受市場行情和監(jiān)管環(huán)境變化的影響，券商收入結構不斷調整。2018年自營業(yè)務占比30.05%，較年初上漲2.40個百分點；投行業(yè)務占比13.89%，較年初下滑2.48個百分點；信用業(yè)務占比8.07%，較年初下降3.11個百分點；經(jīng)紀業(yè)務占比23.41%，較年初下降2.96個百分點；資管業(yè)務占比10.33%，較年初上升0.36個百分點。0%2%4%6%8