Central Bank reported that the securities industry to see the side of the flame side of the sea.

Up to now, the financial sector a total of nine banks and securities firms announced results of a notice. .Semi-annual results of which banks are expected to grow significantly, while securities firms are substantially pre-cut. .Analysis of the industry in the first half-year financial performance of banks in a substantial increase in basic a foregone conclusion, while the performance of the company securities may decline. .<P Align=center> bank earnings growth was </ P> <P> (http://) bank listed company has deep development, China Merchants Bank, Shanghai Pudong Development Bank, CITIC Bank, ICBC, Bank of Ningbo, China Construction Bank, .Minsheng Bank issued a performance notice 8, interim results are expected to grow significantly, which is the highest rate of increase is expected to CITIC Bank, the advance by more than 150%, the lowest in ICBC and China Construction Bank, pre-growth at 50% or more. .</ P> <P> reasons for the growth of performance, the performance of almost all the banks mentioned notice three points, that is, faster growth in net interest income, substantial growth in the middle of the business tax burden down. .</ P> <P> see financial statements from previous years, net interest income performance of banks has been the "backbone." .From the 2007 Annual Report of view, both net interest income accounted for more than 80% of bank income, or even account for nearly Jiucheng. .Therefore, the growth in net interest income of the bank lay the basis for growth in interim results, while net interest income increased scale of operation and is usually due to spread widening caused. .Such as the Industrial and Commercial Bank net profit rose 66% in 2007, the net interest margin increased 40 basis points in 2006 to about half of the net interest income contributed. .</ P> <P> China Merchants Bank, a quarterly show, the growth in interest-earning assets and spread widening, net interest income increased 73.96%, according to estimates, first quarter, compared to net interest margin expanded 15 basis points in early. .Soochow Securities analysts, this should be the growth of bank performance during the first half of this year the most important factor. .</ P> <P> view from the middle of the business, its rapid growth has become the Bank's new profit growth point. .To China Merchants Bank, for example, according to its annual report, the bank 2005,2006,2007 annual net fee and commission income accounted for the proportion of net operating income was 8.17%, 10.15%, 15.72%, especially in 2007, achieved net income of more than .6.4 billion, accounting for 5.57 the previous year compared percentage points. .SDB is also true, non-interest net income in 2007 increased 47% year on year, reaching 1.202 billion yuan, of which fee and commission income increased by 51%. .</ P> <P> for the rapid development of intermediary business reasons, Soochow Securities analysts said the bank's own efforts to reform and fundamental factors, the rapid development of China's market economy, the bank the opportunity to participate in and profit more .such as securities, funds, insurance and others have greater development of intermediary business development for the bank provides a good opportunity. .</ P> <P> Since the introduction of the imputation tax year, the bank's effective tax rate has fallen, with pre-tax salary deduction of tax policies that directly increase the net profit growth. .If a substantial pre-performance by Shanghai Pudong Development Bank, which decreased the tax burden is an important reason. .CIC Securities analyst Chen Shui-cheung, said he expected the bank medium-term effective income tax rate should be about 24%, decrease in income tax rate to 41% contribution to the performance. .</ P> <P align=center> performance of securities companies fell </ P> <P> to the present, only released the results of a securities company notice, that is, Hong Yuan Securities in a quarterly period of performance will be expected to fall by about 66% .so. .</ P> <P> the first half of the stock market downturn this year, self-employed business income brokerage, investment banking, brokerage commission income or have been affected. .According to the report of Southwest Securities, 2008, 1 to 6 months, all the brokerage stocks, warrants the total amount of transactions was 40.6 trillion yuan, compared to first half of 2007, turnover declined by 25.6% year on year. .A total of 93 cities of more than Bacheng securities brokerage companies trading volume declined to different degrees, of which up to 61 stock brokerages in the first half, the total amount of the transaction warrants lost more than 25.6% year on year. .</ P> <P> million according to Sun Jian and Li Shen Yamin analysis, the securities industry chain will be the second-quarter results dropped sharply, broker performance will decline more than 30%; from the sub-business perspective, self-service performance of a broker .the biggest drag, while brokerage commission income fell 33% year on year will be about. .Broker before the first semi-annual report disclosure also shows that in the first half profit of 171 million Hua Securities, a mere 808 million profit last year, more than 20%. .Therefore, the overall look, securities companies interim results are likely to decline. .</ P> <P> interim results of the insurance company may also be declining trend. .According to China Life Insurance a quarterly, one quarter net profit fell 60.58%, due to influence by the continued downturn in capital markets, investment income dropped significantly. .Although the company did not release interim results notice, but led to one of the reasons for the decline quarter still exists in the second quarter, it expects interim results for the year may be significantly decreased. .</ P> <P> SW Securities analyst Yu Bin analysis, without considering the case of deceleration values, the performance of the second quarter of Ping An Insurance have more pressure. .The main reason is the overall stock market fell sharply, and the company reserves the first quarter of the float is not enough profit, estimated equity investments into the overall profit from the float Fukui situation. .</ P> <P> In addition, the China Pacific Insurance has not released results of notice, but the first quarter grew 33%. .As for other financial listed companies, such as trust, and the proportion is small, its performance on the financial sector as a whole does not have a big impact. .</ P>.