国泰海通：衍生品业务将是券商业未来分化关键推荐华泰证券(601688.SH)等

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智通财经APP获悉，国泰海通发布研报称，券商衍生品业务曾经历高速发展期，但站在当下再次谈及，原因更多在于其对于券商自营业务经营分化的重要性愈发提升。券商自营模式迭代，衍生品业务提供的成长确定性将是未来分化关键。该行更看好规模效应下有优势的优质头部券商，推荐中金公司H(03908)、华泰证券(601688.SH)。国泰海通主要观点如下：券商衍生品业务曾经历高速发展期，客需变化和监管政策是业务发展的...

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Recommend Huatai Securities (601688. SH) and others","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601211":1.5,"601688":1.5,"03908":0.9,"02611":1.5},"content_text":"智通财经APP获悉，国泰海通发布研报称，券商衍生品业务曾经历高速发展期，但站在当下再次谈及，原因更多在于其对于券商自营业务经营分化的重要性愈发提升。券商自营模式迭代，衍生品业务提供的成长确定性将是未来分化关键。该行更看好规模效应下有优势的优质头部券商，推荐中金公司H(03908)、华泰证券(601688.SH)。国泰海通主要观点如下：券商衍生品业务曾经历高速发展期，客需变化和监管政策是业务发展的两大关键因素1)2018-2022年券商场外衍生品业务高速发展，全行业场外衍生品名义本金从3467亿元提升至20,868亿元，CAGR达57%。与规模变化相匹配，同期衍生品业务对券商的业绩贡献也快速提升。以中金公司为例，同期其股衍业务收入从8.9亿元提升至56.2亿元，CAGR达58%，占集团净营收比重则分别从7%提升至22%;2)复盘历史，国内场外衍生品业务自2012年起步迄今，先后经历了四个重要的发展阶段，其中监管政策逐步完善、以及资本市场环境带来的客户需求变化，是影响其发展的两大关键因素。2023年以来资本市场和证券行业进入高质量发展新时期，随着资本市场上层建筑深刻变化，衍生品业务的监管也迎来深度调整。再论衍生品业务的重要原因，在于随着券商自营模式迭代，衍生品业务提供的成长确定性将是不同券商之间分化关键1)过去以“固收自营简单扩张，权益自营发展停滞”的发展模式下，各家券商自营业务之间的差异并不突出，原因在于衍生品业务更多贡献收益率稳健性、而不是表的扩张程度或者收益率的高低(债牛之下，固收自营能贡献的扩表和创收体量更大);2)但今时不同往日，随着股债环境变化，券商自营业务局部缩表以及收益率不确定性已然产生，能够依托衍生品业务稳健扩表的券商，有更强的扩表确定性和更稳健的投资收益率，这将是未来券商自营业务盈利能力分化的关键。长期而言衍生品业务的稳步发展是大势所趋，更看好优质头部券商发展空间1)我国衍生品业务的监管逐步规范，近期“十五五规划”提出“稳步发展期货、衍生品和资产证券化”，长期而言衍生品业务的稳步发展是大势所趋;2)无论是从海外经验还是国内现状而言，衍生品业务均呈现受益市场活跃而扩容，以及模式较稳定、强规模效应特征。作为高集中度、有长期成长性的业务方向，该行更看好能够依托客户基础、先发优势、专业能力等优势，进而形成商业壁垒的头部券商，且国内交易商分级制度进一步强化了业务优势。风险提示：监管政策不确定性;资本市场大幅波动","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2601710570","isCrawlerRequest":true}

国泰海通：衍生品业务将是券商业未来分化关键 推荐华泰证券(601688.SH)等

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国泰海通：衍生品业务将是券商业未来分化关键推荐华泰证券(601688.SH)等