證券行業(yè)2023年二季度市場(chǎng)表現(xiàn)分析V型走勢(shì)；二級(jí)市場(chǎng)波動(dòng)加大，交投活躍；債券發(fā)行規(guī)模較去年同期小幅增長(zhǎng)。于AAA產(chǎn)品，私募產(chǎn)品發(fā)行利差相對(duì)較大。級(jí)別調(diào)整方面，2023年二季度，共1家證券公司主體信用等級(jí)發(fā)生變動(dòng)，為中航證券，主體級(jí)別由AA+上調(diào)至AAA。一、行業(yè)季度運(yùn)行數(shù)據(jù)與點(diǎn)評(píng)202320232.16%5.97%3005.15%16,030.40570.40股票質(zhì)押市值規(guī)模為3,223.52億元，其中，證券公司業(yè)務(wù)開(kāi)展規(guī)模為1,059.6832.87%發(fā)以及可轉(zhuǎn)債和可交債承銷金額分別為1,445.98億元、1,026.91億元和549.333,072.223.37%。從股票1049086.54%37家，通過(guò)率較去年同期上1.43個(gè)百分點(diǎn)。20236整最為明顯。圖表1.A股市場(chǎng)主要板塊市盈率及上市公司情況板塊名稱平均市盈率股票家數(shù)虧損家數(shù)2023年2022年2023年2022年6月末6月末6月末6月末上海A股11.6212.721,6791,657464深圳A股24.0926.222,7982,631684深市主板20.0721.721,5231,486377創(chuàng)業(yè)板36.7642.551,2821,152307科創(chuàng)板39.9545.38542431184北交所16.1826.9720410030資料來(lái)源：中證指數(shù)注：虧損家數(shù)統(tǒng)計(jì)數(shù)據(jù)基期為2023年3月末。2023年二季度，利率債收益率震蕩下行，信用債收益率亦呈現(xiàn)小長(zhǎng)。2023年二季度，利率債收益率震蕩下行，信用債收益率仍呈現(xiàn)小V2023615年101.94%2.47%20233月末收益率分別變動(dòng)-29.08BP、-21.77BP、-18.77BP1年、510年2.15%、2.57%2.81%20233月末收益率分別變動(dòng)-23.49BP-25.02BPAAA/AA+/AA/AA-1年期、3年期、52.52%/2.63%/2.73%/5.04%、2.81%/3.04%/3.38%/5.81%、3.07%/3.36%/3.75%/6.13%20233月末分別變動(dòng)-28.13BP/-30.03BP/-25.41BP/-27.81BP、-27.44BP/-17.41BP/-27.37BP/-27.56BP、-24.26BP/-23.38BP/-27.63BP/-30.50BP。87.4524.01%202335.3916.6416.603.56萬(wàn)億元和3.47萬(wàn)億元。從債券發(fā)行規(guī)模來(lái)看，202318.048.94%6.772.742.342.261.28萬(wàn)億元、公司債券發(fā)行1.07萬(wàn)億元。二、債券發(fā)行、行業(yè)信用等級(jí)分布及級(jí)別遷移及分析1（、同業(yè)拆借、收益互換。證券公司主要通過(guò)從不同主體信用等級(jí)的證券公司發(fā)行債券規(guī)模和利差來(lái)看，主體信用等級(jí)更高的證券公司，公開(kāi)市場(chǎng)發(fā)行債券的渠道更加通暢，利差亦更窄。2023年二季度，AAA等級(jí)的證券公司發(fā)債規(guī)模為3,403.70億元，占比為95.47%84.38BP2023二季度，AAAAA+等級(jí)證券公司發(fā)行規(guī)模均有所上升。圖表2.證券公司債券發(fā)行情況-分主體信用等級(jí)（單位：億元，只）數(shù)據(jù)來(lái)源：WIND資訊，新世紀(jì)評(píng)級(jí)整理本部分主體信用等級(jí)均僅考慮發(fā)行人付費(fèi)模式的評(píng)級(jí)機(jī)構(gòu)的評(píng)級(jí)結(jié)果，即不考慮中債資信的評(píng)級(jí)該主體最新信用等級(jí)統(tǒng)計(jì)一次。929.701984.00903年居多。同比來(lái)看，20237.11%105.83%59.49%。圖表3.證券公司債券發(fā)行情況-分券種（單位：億元，只）數(shù)據(jù)來(lái)源：WIND資訊，新世紀(jì)評(píng)級(jí)整理2023年二季度，證券行業(yè)發(fā)行債券主體共計(jì)59家，其中AAA級(jí)主451312023675AAA51195圖表4.證券行業(yè)主體信用等級(jí)分布2發(fā)行主體信用等級(jí)2023年二季度/2023年6月末發(fā)行主體數(shù)量（家）占比（%）存續(xù)主體數(shù)量（家）占比（%）AAA4576.275168.00AA+1322.031925.33AA11.6956.67合計(jì)59100.0075100.00數(shù)據(jù)來(lái)源：WIND資訊，新世紀(jì)評(píng)級(jí)整理20231AA+AAA。2本部分等級(jí)分布不包含無(wú)評(píng)級(jí)的私募債券發(fā)行主體。三、行業(yè)主要債券品種利差分析32023年二季度，證券公司合計(jì)發(fā)行99支公司債券、29支次級(jí)債券和62支短期融資券，具體發(fā)行利差情況詳見(jiàn)附錄二。公司債券2023991年1235年期公司債券發(fā)行數(shù)量最A(yù)AA78.18BP154.69BP；171年及以內(nèi)。同比來(lái)看，2023年二季度新AAA113年期公司債券利差均值較去年同期有所上升，25AAA圖表5.2023年二季度證券行業(yè)公司債券發(fā)行利差情況（單位：BP）時(shí)間期限發(fā)行時(shí)樣本數(shù)發(fā)行利差主體信用等級(jí)區(qū)間均值2023二季度<1年AAA1761.31-110.985.131年AAA862.39-86.0769.032年AAA1651.05-10871.80AA+2130.7-311.7221.203年AAA3842.6-26478.18AA+693-363.17154.695年AAA1242.02-79.2457.632022二季度<1年AAA449.83-96.8369.281年AAA746.9-12464.642年AAA567.4-124.495.613年AAA2135.23-190.2365.17AA+4112.05-306228.795年AAA568.55-86.5575.0310年AAA2173.34-176174.67數(shù)據(jù)來(lái)源：WIND資訊，新世紀(jì)評(píng)級(jí)整理次級(jí)債券2023291235AAAAA+2023AAA353發(fā)行利差=發(fā)行利率-相同發(fā)行月份同期限中債國(guó)債的加權(quán)發(fā)行利率。年期次級(jí)債券利差均值較去年同期均有不同程度上升。圖表6.2023年二季度證券行業(yè)次級(jí)債券發(fā)行利差情況（單位：BP）時(shí)間期限發(fā)行時(shí)樣本數(shù)發(fā)行利差主體信用等級(jí)區(qū)間均值2023二季度1年AAA179.0779.072年AAA375.05-149.7101.823年AAA1276-171108.26AA+4153-299.6206.085年AAA882.02-138.79111.60AA1354.24354.242022二季度3年AAA759.23-156.0599.22AA+1120.23-120.23120.235年AAA883.55-123.35107.65數(shù)據(jù)來(lái)源：WIND資訊，新世紀(jì)評(píng)級(jí)整理短期融資券42023年二季度，證券公司發(fā)行了62支短期融資券，期限包括0.16年-1AAA86.72BPAA+102.94BP。同比來(lái)看，2023AAAAA+級(jí)的樣本利差均值較去年同期下降。圖表7.2023年二季度證券行業(yè)短期融資券發(fā)行利差情況（單位：BP）時(shí)間期限發(fā)行時(shí)樣本數(shù)發(fā)行利差主體信用等級(jí)區(qū)間均值2023年二季度0.16年-1.00年AAA5660.31-142.5786.72AA+695.57-115.31102.942022年二季度0.23年-1.00年AAA4523.64-103.8356.58AA+2111.83-155.64133.73數(shù)據(jù)來(lái)源：WIND資訊，新世紀(jì)評(píng)級(jí)整理4短期融資券發(fā)行人主體信用級(jí)別取自最近一期發(fā)行債券時(shí)的級(jí)別；短期融資券期限結(jié)構(gòu)較分散，若無(wú)同期限中債國(guó)債加權(quán)發(fā)行利率，則采用近似值。證券簡(jiǎn)稱總資產(chǎn)*總負(fù)債*營(yíng)業(yè)收入凈利潤(rùn)短期債務(wù)有息債務(wù)貨幣資金*/短期債務(wù)證券簡(jiǎn)稱總資產(chǎn)*總負(fù)債*營(yíng)業(yè)收入凈利潤(rùn)短期債務(wù)有息債務(wù)貨幣資金*/短期債務(wù)/有息債務(wù)中信證券11,465.238,833.24153.4856.304,654.616,001.3123.2377.56 國(guó)泰君安8,010.586,339.4392.8831.952,990.024,389.4214.2168.12華泰證券7,085.905,376.1689.9333.112,523.704,016.6219.4562.83海通證券6,066.744,252.8785.2026.201,912.914,377.8535.8143.70中金公司5,711.734,695.9762.0922.601,738.393,219.4042.2254.00中國(guó)銀河5,328.554,272.6286.9722.492,776.753,754.056.0373.97廣發(fā)證券5,271.063,993.4164.7724.262,425.523,530.698.7168.70申萬(wàn)宏源5,025.703,852.4350.1921.711,949.243,223.1715.8760.48招商證券4,870.853,695.3747.5822.612,042.163,224.956.8763.32中信建投證券4,209.183,251.0967.0024.361,869.512,772.4717.2467.43國(guó)信證券3,427.532,332.8441.6317.681,509.301,992.265.7375.76東方證券2,548.751,756.6344.3714.281,029.681,653.6125.2562.27光大證券1,909.021,250.7127.509.70542.421,010.3133.7453.69興業(yè)證券1,772.351,193.5341.6910.55468.39942.8631.3349.68方正證券1,611.061,165.9517.735.84734.52872.738.1884.16東吳證券1,406.691,009.2922.545.84743.03954.784.8177.82中泰證券1,377.10959.4335.7011.95409.16874.6026.5346.78浙商證券1,295.611,017.9349.315.06320.39587.3034.1554.55長(zhǎng)江證券1,268.91925.8521.517.59458.18841.3121.8754.46財(cái)通證券1,064.82729.7817.864.94384.81640.159.3560.11國(guó)元證券1,051.44714.6815.505.20471.57674.487.4969.92國(guó)金證券881.40562.1119.526.02425.48510.9014.9783.28天風(fēng)證券857.00611.9914.005.97182.33578.2749.0331.53長(zhǎng)城證券853.69568.3811.204.56331.31544.837.5560.81東興證券824.95559.919.312.20314.10511.707.2261.38西部證券824.11548.7618.133.66359.12502.126.9871.52華西證券742.28513.4911.274.02333.22490.107.8867.99西南證券735.00482.887.382.26369.29457.9610.9480.64國(guó)聯(lián)證券717.51544.726.782.07250.76440.6915.5956.90山西證券682.73502.1111.412.41310.86469.1627.2166.26東北證券647.87457.3918.443.88254.22341.5224.8474.44國(guó)海證券639.43443.419.892.57304.11423.8440.9171.75華安證券629.02422.5410.353.97261.16404.414.9664.58信達(dá)證券533.76362.5710.902.36236.34337.428.0870.04中銀證券450.83284.206.842.5395.15162.0531.3358.71南京證券435.65263.776.432.16117.61252.9910.7646.49紅塔證券415.64181.534.902.25103.77153.0325.5367.81中原證券414.95272.374.640.66209.34262.219.2879.84第一創(chuàng)業(yè)367.00212.936.921.73141.72206.2016.6268.73證券簡(jiǎn)稱總資產(chǎn)*總負(fù)債*營(yíng)業(yè)收入凈利潤(rùn)短期債務(wù)有息債務(wù)貨幣資金*/短期債務(wù)/有息債務(wù)首創(chuàng)證券365.25242.154.341.76180.68232.562.5577.69財(cái)達(dá)證券355.19241.746.262.02148.29221.3811.4566.98華林證券215.19149.842.430.63136.89146.926.1893.17數(shù)據(jù)來(lái)源：WIND資訊，上海新世紀(jì)整理（截至2023年3月末）注：本表僅包含截至2023年8月1日，公布一季報(bào)的上市發(fā)債主體情況。債券類型債券類型債券簡(jiǎn)稱發(fā)行期限(年)主體評(píng)級(jí)發(fā)行人簡(jiǎn)稱利差（BP）公司債23招證S50.24AAA招商證券88.9023招證S30.25AAA招商證券76.9023招證S10.32AAA招商證券61.3123興業(yè)S10.33AAA興業(yè)證券95.9023招證S40.34AAA招商證券81.9023招證S20.48AAA招商證券70.3123廣發(fā)D30.50AAA廣發(fā)證券79.9023中證S50.50AAA中信證券82.5723中證S60.50AAA中信證券70.3123長(zhǎng)江D10.57AAA長(zhǎng)江證券82.5723長(zhǎng)城D20.61AAA長(zhǎng)城證券86.5723寧證S20.75AAA南京證券95.5723信達(dá)S20.88AAA信達(dá)證券110.9023寧證S30.90AAA南京證券98.5723中證S70.98AAA中信證券82.3123安信S20.99AAA安信證券97.5723光證S11.00AAA光大證券109.9023廣發(fā)D21.00AAA廣發(fā)證券65.0023國(guó)信D11.00AAA國(guó)信證券64.0023財(cái)達(dá)S11.00AAA財(cái)達(dá)證券74.0023中財(cái)S11.00AAA中金財(cái)富62.3923中證G81.01AAA中信證券63.3923中原021.01AAA中原證券86.0723安信011.06AAA安信證券73.0023安信021.08AAA安信證券64.3923國(guó)金022.00AAA國(guó)金證券76.0523寧證012.00AAA南京證券66.0523申證012.00AAA申萬(wàn)宏源51.0523招證G12.00AAA招商證券55.0523平證062.00AAA平安證券68.0523中證G62.00AAA中信證券53.0523海通072.00AAA海通證券55.0523國(guó)君G52.00AAA國(guó)泰君安60.7023東財(cái)022.00AAA東方財(cái)富證券106.7023平證082.00AAA平安證券71.7023紅塔042.00AAA紅塔證券81.7023江海012.00AA+江海證券311.7023粵開(kāi)012.00AA+粵開(kāi)證券130.70附錄二 2023年二季度證券行業(yè)發(fā)行債券利差情況 債券類型債券簡(jiǎn)稱債券類型債券簡(jiǎn)稱發(fā)行期限(年)主體評(píng)級(jí)發(fā)行人簡(jiǎn)稱利差（BP）23平證102.00AAA平安證券78.0023中證112.00AAA中信證券64.0023東財(cái)032.00AAA東方財(cái)富證券108.0023寧證022.00AAA南京證券90.0023華泰G82.17AAA華泰證券63.7023國(guó)聯(lián)022.90AAA國(guó)聯(lián)證券81.0523國(guó)君G62.97AAA國(guó)泰君安73.7023天風(fēng)023.00AAA天風(fēng)證券221.0023天風(fēng)013.00AAA天風(fēng)證券264.0023興業(yè)023.00AAA興業(yè)證券52.0023中航G23.00AAA中航證券93.0023長(zhǎng)城033.00AAA長(zhǎng)城證券51.0023信達(dá)013.00AAA信達(dá)證券69.0023中財(cái)G13.00AAA中金財(cái)富48.0023財(cái)券G43.00AAA財(cái)通證券51.0023申證023.00AAA申萬(wàn)宏源45.0023招證G23.00AAA招商證券49.0023天風(fēng)043.00AAA天風(fēng)證券163.0023天風(fēng)033.00AAA天風(fēng)證券254.0023平證073.00AAA平安證券61.0023國(guó)證F33.00AAA國(guó)開(kāi)證券75.0023海通083.00AAA海通證券51.0023廣發(fā)043.00AAA廣發(fā)證券52.0023國(guó)證043.00AAA國(guó)信證券45.0023中證G93.00AAA中信證券53.1723東莞013.00AA+東莞證券98.1723海通093.00AAA海通證券57.1723平證093.00AAA平安證券66.1723長(zhǎng)城053.00AAA長(zhǎng)城證券58.1723華股023.00AAA華西證券72.1723興業(yè)033.00AAA興業(yè)證券61.1723紅塔053.00AAA紅塔證券78.1723東證043.00AAA東方證券53.1723國(guó)金043.00AAA國(guó)金證券71.1723中證103.00AAA中信證券52.1723湘財(cái)013.00AA+湘財(cái)證券363.1723平證113.00AAA平安證券64.6023渤海013.00AAA渤海證券116.6023國(guó)金053.00AAA國(guó)金證券74.6023國(guó)證063.00AAA國(guó)信證券52.60 債券類型債券簡(jiǎn)稱債券類型債券簡(jiǎn)稱發(fā)行期限(年)主體評(píng)級(jí)發(fā)行人簡(jiǎn)稱利差（BP）23中證123.00AAA中信證券49.6023國(guó)都G13.00AA+國(guó)都證券144.6023東海023.00AA+東海證券129.6023長(zhǎng)城073.00AAA長(zhǎng)城證券57.6023海通113.00AAA海通證券42.6023長(zhǎng)江033.00AAA長(zhǎng)江證券59.6023萬(wàn)聯(lián)G13.00AA+萬(wàn)聯(lián)證券99.6023西部033.00AAA西部證券75.6023招證G33.05AAA招商證券49.0023長(zhǎng)城045.00AAA長(zhǎng)城證券73.7923中財(cái)G25.00AAA中金財(cái)富56.7923中證G75.00AAA中信證券45.7923廣發(fā)055.00AAA廣發(fā)證券49.7923招證G45.00AAA招商證券45.7923華泰G95.00AAA華泰證券50.0223海通105.00AAA海通證券53.0223長(zhǎng)城065.00AAA長(zhǎng)城證券73.0223興業(yè)045.00AAA興業(yè)證券61.0223上證015.00AAA上海證券42.0223長(zhǎng)城085.00AAA長(zhǎng)城證券79.2423海通125.00AAA海通證券61.24次級(jí)債23安信C11.08AAA安信證券79.0723銀河C32.00AAA中國(guó)銀河75.0523方正C32.00AAA方正證券149.7023信投C12.00AAA中信建投證券80.7023國(guó)都C13.00AA+國(guó)都證券153.0023方正C13.00AAA方正證券156.0023東北C13.00AAA東北證券171.0023國(guó)聯(lián)C13.00AAA國(guó)聯(lián)證券111.0023銀河C43.00AAA中國(guó)銀河80.0023招證C63.00AAA招商證券76.0023中泰C23.00AAA中泰證券90.0023東證C13.00AAA東方證券76.0023華福C13.00AAA華福證券114.0023首創(chuàng)C13.00AA+首創(chuàng)證券165.0023方正C43.00AAA方正證券143.1723招證C73.00AAA招商證券76.1723東海C23.00AA+東海證券243.1723信投C23.00AAA中信建投證券78.1723恒泰C23.00AA+恒泰證券169.6023恒泰C13.00AA+恒泰證券299.60 債券類型債券簡(jiǎn)稱債券類型債券簡(jiǎn)稱發(fā)行期限(年)主體評(píng)級(jí)發(fā)行人簡(jiǎn)稱利差（BP）23華安C13.00AAA華安證券127.6023廣發(fā)Y25.00AAA廣發(fā)證券138.7923廣發(fā)Y35.00AAA廣發(fā)證券121.0223銀河Y15.00AAA中國(guó)銀河106.0223招證C85.00AAA招商證券82.0223廣發(fā)Y45.00AAA廣發(fā)證券127.2423申證Y15.00AAA申萬(wàn)宏源98.2423銀河Y25.00AAA中國(guó)銀河112.2423國(guó)君Y15.00AAA國(guó)泰君安107.2423大同C15.00AA大同證券354.24短期融資券23平安證券CP0040.75AAA平安證券97.5723西部證券CP0030.25AAA西部證券82.5723銀河證券CP0010.25AAA中國(guó)銀河75.5723華鑫證券CP0020.46AA+華鑫證券100.5723東興證券CP0011.00AAA東興證券99.5723渤海證券CP0040.25AAA渤海證券117.5723國(guó)元證券CP0040.25AAA國(guó)元證券77.5723中信建投CP0100.58AAA中信建投證券85.5723東財(cái)證券CP0050.25AAA東方財(cái)富證券77.5723東北證券CP0060.71AAA東北證券96.5723國(guó)金證券CP0081.00AAA國(guó)金證券104.5723東吳證券CP0070.27AAA東吳證券77.5723國(guó)泰君安CP0030.57AAA國(guó)泰君安84.5723國(guó)信證券CP0080.49AAA國(guó)信證券83.5723財(cái)信證券CP0020.50AAA財(cái)信證券94.5723國(guó)信證券CP0090.25AAA國(guó)信證券75.5723國(guó)元證券CP0050.50AAA國(guó)元證券86.5723華寶證券CP0030.75AA+華寶證券105.5723東興證券CP0021.00AAA東興證券101.5723華西證券CP0030.73AAA華西證券104.5723東財(cái)證券CP0060.49AAA東方財(cái)富證券84.5723東莞證券CP0010.51AA+東莞證券95.5723渤海證券CP0050.16AAA渤海證券87.5723東吳證券CP0080.31AAA東吳證券77.5723華安證券CP0010.25AAA華安證券77.5723國(guó)元證券CP0060.49AAA國(guó)元證券84.5723天風(fēng)證券CP0010.98AAA天風(fēng)證券142.5723西部證券CP0040.24AAA西部證券77.5723華創(chuàng)證券CP0010.25AAA華創(chuàng)證券102.5723東吳證券CP0090.33AAA東吳證券7