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每(mei)經記者(zhe) 王硯丹 每(mei)經編輯(ji) 謝欣

1月18日，中國銀行間(jian)市場(chang)交易商(shang)協(xie)會(hui)發布《關(guan)于承(cheng)(cheng)銷(xiao)類(lei)會(hui)員（證(zheng)券公司類(lei)）參與非金融(rong)(rong)企(qi)業債務融(rong)(rong)資工(gong)具(ju)(ju)主承(cheng)(cheng)銷(xiao)業務市場(chang)評價(jia)結(jie)果的公告(gao)》，申萬宏源、平安(an)證(zheng)券、興業證(zheng)券、東興證(zheng)券、長江證(zheng)券、中泰證(zheng)券6家證(zheng)券公司類(lei)會(hui)員可開展非金融(rong)(rong)企(qi)業債務融(rong)(rong)資工(gong)具(ju)(ju)主承(cheng)(cheng)銷(xiao)業務。

15家券商申請參評6家獲批

根據(ju)《每日經濟新聞》記(ji)者得(de)到的文件，據(ju)《銀(yin)行(xing)(xing)(xing)間(jian)債(zhai)(zhai)(zhai)(zhai)券(quan)(quan)市(shi)場(chang)非(fei)金融(rong)(rong)企業(ye)(ye)(ye)債(zhai)(zhai)(zhai)(zhai)務融(rong)(rong)資(zi)(zi)工(gong)(gong)具管理辦法》（中(zhong)(zhong)國人民(min)銀(yin)行(xing)(xing)(xing)令〔2008〕第(di)(di)1號）以及(ji)《中(zhong)(zhong)國銀(yin)行(xing)(xing)(xing)間(jian)市(shi)場(chang)交易商協會(hui)(hui)(hui)(hui)(hui)非(fei)金融(rong)(rong)企業(ye)(ye)(ye)債(zhai)(zhai)(zhai)(zhai)務融(rong)(rong)資(zi)(zi)工(gong)(gong)具承(cheng)銷業(ye)(ye)(ye)務相關會(hui)(hui)(hui)(hui)(hui)員(yuan)(yuan)(yuan)市(shi)場(chang)評(ping)價(jia)規則》（協會(hui)(hui)(hui)(hui)(hui)公(gong)告〔2014〕1號）等規定，銀(yin)行(xing)(xing)(xing)間(jian)市(shi)場(chang)交易商協會(hui)(hui)(hui)(hui)(hui)于(yu)2020年(nian)11月(yue)27日公(gong)告啟動承(cheng)銷類會(hui)(hui)(hui)(hui)(hui)員(yuan)(yuan)(yuan)（證(zheng)券(quan)(quan)公(gong)司(si)(si)類）參(can)與非(fei)金融(rong)(rong)企業(ye)(ye)(ye)債(zhai)(zhai)(zhai)(zhai)務融(rong)(rong)資(zi)(zi)工(gong)(gong)具主承(cheng)銷業(ye)(ye)(ye)務市(shi)場(chang)評(ping)價(jia)工(gong)(gong)作(zuo)。截(jie)至申(shen)請截(jie)止日2020年(nian)12月(yue)4日，共(gong)(gong)有15家(jia)證(zheng)券(quan)(quan)公(gong)司(si)(si)類會(hui)(hui)(hui)(hui)(hui)員(yuan)(yuan)(yuan)提交了參(can)評(ping)材料。協會(hui)(hui)(hui)(hui)(hui)秘書處組織全國銀(yin)行(xing)(xing)(xing)間(jian)同業(ye)(ye)(ye)拆借中(zhong)(zhong)心、中(zhong)(zhong)央國債(zhai)(zhai)(zhai)(zhai)登記(ji)結(jie)算有限(xian)責(ze)任公(gong)司(si)(si)、銀(yin)行(xing)(xing)(xing)間(jian)市(shi)場(chang)清算所股份有限(xian)公(gong)司(si)(si)、北京金融(rong)(rong)資(zi)(zi)產(chan)交易所有限(xian)公(gong)司(si)(si)及(ji)主承(cheng)銷商、投資(zi)(zi)人、發行(xing)(xing)(xing)人等市(shi)場(chang)成員(yuan)(yuan)(yuan)代表進行(xing)(xing)(xing)了市(shi)場(chang)評(ping)價(jia)，形成評(ping)價(jia)結(jie)果，經協會(hui)(hui)(hui)(hui)(hui)第(di)(di)三屆理事會(hui)(hui)(hui)(hui)(hui)第(di)(di)十二次會(hui)(hui)(hui)(hui)(hui)議(yi)(yi)審議(yi)(yi)通(tong)過，并報中(zhong)(zhong)國人民(min)銀(yin)行(xing)(xing)(xing)備案同意(yi)，最終本次共(gong)(gong)有申(shen)萬宏(hong)源(yuan)、平(ping)安證(zheng)券(quan)(quan)、興業(ye)(ye)(ye)證(zheng)券(quan)(quan)、東興證(zheng)券(quan)(quan)、長江證(zheng)券(quan)(quan)、中(zhong)(zhong)泰證(zheng)券(quan)(quan)等6家(jia)券(quan)(quan)商獲得(de)資(zi)(zi)格。

銀行間(jian)市場(chang)交易商(shang)(shang)協(xie)會(hui)指出，非(fei)金(jin)融企(qi)業(ye)(ye)(ye)(ye)債務(wu)(wu)(wu)融資(zi)工(gong)具主(zhu)承(cheng)銷(xiao)(xiao)(xiao)(xiao)(xiao)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)資(zi)格(ge)限定在(zai)參與市場(chang)評價的(de)法人(ren)主(zhu)體。證券公司類(lei)主(zhu)承(cheng)銷(xiao)(xiao)(xiao)(xiao)(xiao)商(shang)(shang)應按照《銀行間(jian)債券市場(chang)非(fei)金(jin)融企(qi)業(ye)(ye)(ye)(ye)債務(wu)(wu)(wu)融資(zi)工(gong)具管理辦法》《銀行間(jian)債券市場(chang)非(fei)金(jin)融企(qi)業(ye)(ye)(ye)(ye)債務(wu)(wu)(wu)融資(zi)工(gong)具中介服務(wu)(wu)(wu)規(gui)則》及其他相關自律規(gui)則，設立(li)主(zhu)承(cheng)銷(xiao)(xiao)(xiao)(xiao)(xiao)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)相關部(bu)門(men)，配備專職主(zhu)承(cheng)銷(xiao)(xiao)(xiao)(xiao)(xiao)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)人(ren)員(yuan)，建(jian)立(li)健全主(zhu)承(cheng)銷(xiao)(xiao)(xiao)(xiao)(xiao)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)操(cao)作(zuo)規(gui)程(cheng)、風險管理制(zhi)度(du)和內(nei)部(bu)控制(zhi)制(zhi)度(du)，規(gui)范開展非(fei)金(jin)融企(qi)業(ye)(ye)(ye)(ye)債務(wu)(wu)(wu)融資(zi)工(gong)具主(zhu)承(cheng)銷(xiao)(xiao)(xiao)(xiao)(xiao)業(ye)(ye)(ye)(ye)務(wu)(wu)(wu)。

此外，為加強業(ye)務(wu)(wu)規范(fan)，證(zheng)券(quan)(quan)公司(si)類主(zhu)承(cheng)銷(xiao)商(shang)獲得(de)主(zhu)承(cheng)銷(xiao)業(ye)務(wu)(wu)資(zi)格(ge)后，須與具(ju)備(bei)獨(du)立主(zhu)承(cheng)能(neng)(neng)力(li)的(de)機構聯合開(kai)(kai)(kai)展(zhan)主(zhu)承(cheng)銷(xiao)業(ye)務(wu)(wu)，結(jie)構化和權益類債(zhai)務(wu)(wu)融資(zi)工具(ju)品(pin)種(zhong)除外。開(kai)(kai)(kai)展(zhan)主(zhu)承(cheng)銷(xiao)業(ye)務(wu)(wu)滿一年后，證(zheng)券(quan)(quan)公司(si)主(zhu)承(cheng)銷(xiao)商(shang)具(ju)備(bei)相應(ying)業(ye)務(wu)(wu)能(neng)(neng)力(li)的(de)，可獨(du)立開(kai)(kai)(kai)展(zhan)所有(you)債(zhai)務(wu)(wu)融資(zi)工具(ju)品(pin)種(zhong)的(de)主(zhu)承(cheng)銷(xiao)業(ye)務(wu)(wu)。也就是(shi)說，上述6家券(quan)(quan)商(shang)要一年后才(cai)能(neng)(neng)獨(du)立展(zhan)業(ye)。

另外，銀行(xing)間市(shi)場交易商協會還指(zhi)出，證券公司類主承銷商因違(wei)法違(wei)規(gui)(gui)行(xing)為受到刑事處罰(fa)或重(zhong)大行(xing)政(zheng)處罰(fa)的(de)，協會將根據(ju)《非金融企業(ye)債務融資工具承銷業(ye)務相關(guan)會員市(shi)場評價規(gui)(gui)則》等(deng)自(zi)律規(gui)(gui)則暫停或取消其主承銷業(ye)務資格(ge)。

目前中信、中信建投的債券承銷家數躋身前三

近(jin)年來，我國銀(yin)(yin)行(xing)間(jian)市場(chang)債(zhai)務(wu)融(rong)(rong)資(zi)工具蓬勃發(fa)展，根據有關(guan)規定，債(zhai)務(wu)融(rong)(rong)資(zi)工具發(fa)行(xing)實(shi)行(xing)注(zhu)冊(ce)制，企業發(fa)行(xing)債(zhai)務(wu)融(rong)(rong)資(zi)工具應在中(zhong)國銀(yin)(yin)行(xing)間(jian)市場(chang)交易商協(xie)會進行(xing)注(zhu)冊(ce)，交易商協(xie)會依據中(zhong)國人(ren)民(min)銀(yin)(yin)行(xing)《銀(yin)(yin)行(xing)間(jian)債(zhai)券市場(chang)非金融(rong)(rong)企業債(zhai)務(wu)融(rong)(rong)資(zi)工具管理辦法(fa)》和(he)中(zhong)國銀(yin)(yin)行(xing)間(jian)市場(chang)交易商協(xie)會相(xiang)關(guan)自(zi)律規則對企業注(zhu)冊(ce)文件的完備性進行(xing)審核，而(er)不要求企業提供詳(xiang)細的資(zi)金用(yong)途，因而(er)其資(zi)金運用(yong)較企業債(zhai)券更為靈活。公開發(fa)行(xing)首次注(zhu)冊(ce)一般1個月(yue)，非公開定向發(fa)行(xing)首次注(zhu)冊(ce)一般1個星期。

從統(tong)計數(shu)據來看，銀(yin)行業(ye)歷來在債券(quan)(quan)承銷中(zhong)(zhong)占(zhan)據優勢。東方財富Choice金(jin)融終端數(shu)據顯示，2020年，中(zhong)(zhong)國銀(yin)行、建(jian)設銀(yin)行、工(gong)商銀(yin)行、農業(ye)銀(yin)行的債券(quan)(quan)承銷家數(shu)位列(lie)(lie)前(qian)四名，券(quan)(quan)商只(zhi)有(you)中(zhong)(zhong)信證(zheng)券(quan)(quan)位列(lie)(lie)第五。

進入2021年(nian)雖然不到(dao)一個月，但情況(kuang)似乎有(you)所變化。目前興業(ye)銀行暫居債券承銷(xiao)榜首(shou)位，承銷(xiao)家數94家，中信建投(tou)、中信證券位列第二和第三(san)位，券商行業(ye)在債券承銷(xiao)領域的市場份額似乎有(you)擴大優勢。

近期，隨著資(zi)(zi)本市場全面(mian)改革繼(ji)續(xu)(xu)深化(hua)，券(quan)(quan)(quan)商板塊也(ye)重獲市場人(ren)士關注(zhu)。如(ru)國信證(zheng)券(quan)(quan)(quan)在其(qi)最新研(yan)報中指(zhi)出，資(zi)(zi)本市場改革持(chi)續(xu)(xu)推進，證(zheng)券(quan)(quan)(quan)行業(ye)將加速形成差異化(hua)發(fa)展格局(ju)(ju)，預計未來(lai)證(zheng)券(quan)(quan)(quan)行業(ye)將實現“大而全”“小而精”券(quan)(quan)(quan)商共存的局(ju)(ju)面(mian)。目前(qian)券(quan)(quan)(quan)商板塊PB估值為(wei)2.13倍，具(ju)有較高(gao)安全邊際。建(jian)議(yi)關注(zhu)在資(zi)(zi)本實力(li)、風(feng)險定價能(neng)力(li)、業(ye)務布局(ju)(ju)方(fang)面(mian)均有優(you)(you)勢的龍(long)頭券(quan)(quan)(quan)商，如(ru)中信證(zheng)券(quan)(quan)(quan)、中金(jin)公司；此(ci)外，建(jian)議(yi)關注(zhu)優(you)(you)勢難以(yi)復(fu)制的特色券(quan)(quan)(quan)商，如(ru)東方(fang)證(zheng)券(quan)(quan)(quan)、東方(fang)財富。