證券行業(yè)2022年一季報分析

1、一、上市券商 2022Q1 業(yè)績總覽1.1 業(yè)績總覽：Q1 市場下行，自營投資拖累業(yè)績同比-46%n 上市券商 2022Q1 營收增速-30%，歸母凈利潤增速-46%。選取所有 41家上市券商所謂季報分析樣本，2022Q1 合計營業(yè)收入 962.68 億元，同比-30%，歸母凈利潤 229.21 億元，同比-46%。圖表 1： 上市券商 2022Q1 營收和凈利潤情況營業(yè)收入（億元）歸母凈利潤（億元） 2021Q12022Q1同比2021Q12022Q1同比中信證券163.97152.16-7.251.6552.291.2海通證券111.9241.31-63.136.1815.00-58.5華

2、泰證券87.8872.44-17.633.0922.14-33.1國泰君安109.4381.50-25.544.1125.19-42.9廣發(fā)證券83.2147.74-42.625.4113.03-48.759.6236.96-38.026.1314.90-43.0中金公司59.3350.71-14.518.7616.60-11.5 86.51 48.0448.30-44.2863.3231.24.3117.2210.71-55.915.42-10.5中國銀河 75.80國信證券 42.52東方證券 51.9373.37-3.219.8529.76-30.016.8531.26-39.811.7

3、615.55-21.77.67-54.52.28-80.6財通證券 13.31興業(yè)證券 55.056.51-51.116.88-69.34.4711.951.57-64.81.56-86.9長江證券 19.66 9.56國金證券 15.13東興證券 8.86華安證券 6.16 7.50東吳證券 17.36方正證券 20.498.43-57.17.014.39-54.03.219.12-39.74.777.08-20.12.505.23-15.11.780.39-94.82.4613.38-22.94.2416.68-18.68.890.47-93.3-1.70-153.01.24-73.90.

4、30-88.01.06-40.1-1.28-152.11.14-73.24.77-46.3 12.97 14.177.99-38.46.24-56.03.383.04-2.59-176.6-0.78-125.7浙商證券 32.6131.33-3.94.213.23-23.2國元證券 9.22紅塔證券 16.585.83-6.73-36.7-140.63.342.34-1.20-7.18-136.0-407.1 7.26南京證券 4.93西部證券 12.557.00-3.62.613.93-20.11.779.98-20.42.612.40-8.21.25-29.1-0.17-106.4光大證券

5、 33.27第一創(chuàng)業(yè) 3.6421.81-34.425.3246.6.970.146.66-4.40.72421.8山西證券 5.214.74-9.11.350.65-51.8國海證券 10.69太平洋 1.276.63-38.002.4794.1.740.050.52-70.00.0997.7華林證券 3.623.29-9.11.841.48-19.4天風證券 6.773.65-46.00.89-0.84-194.8 10.763.88-63.91.210.18-84.8中泰證券 24.4918.52-24.46.662.20-67.0國聯(lián)證券 4.71財達證券 4.996.3635.23.

6、50-29.91.572.101.8920.10.77-63.3wind，合計1,372.92962.68-29.9424.42229.21-46.0n 盈利能力及經(jīng)營杠桿。加權 ROE（年化）為 4.30%，較去年下降 4.65pct；加權 ROA（年化）0.86%，較去年下降 1.00pct；經(jīng)營杠桿（剔除客戶資金）為 3.95，較去年提升 0.11。因此，ROE 的大幅下降主要是利潤同比下降導致的ROA 下降，經(jīng)營杠桿總體略有提升。圖表 2： 上市券商 2022Q1 盈利能力和經(jīng)營杠桿情況ROE（ ）ROA（ ）經(jīng)營杠桿2021Q12022Q1同比變動2021Q12022Q1同比變動20

7、21Q12022Q1同比變動中信證券11.249.04-2.201.941.64-0.305.004.48-0.52海通證券9.363.68-5.682.250.81-1.443.523.56 0.04華泰證券10.165.64-4.521.841.12-0.724.564.48-0.09國泰君安13.327.00-6.322.671.26-1.413.684.28 0.59廣發(fā)證券10.244.88-5.362.331.15-1.183.713.87 0.17 10.52中金公司 10.68 10.88 11.08中國銀河 10.28國信證券 8.80東方證券 8.12財通證券 7.40興業(yè)

8、證券 12.48長江證券 9.885.448.044.488.406.562.801.162.481.520.64-5.082.031.00-1.03-2.641.371.01-0.36-6.401.980.74-1.24-2.681.771.36-0.41-3.721.771.09-0.68-6.002.170.81-1.36-6.961.570.28-1.28-4.921.860.58-1.28-10.963.340.77-2.57-9.242.000.12-1.884.106.754.484.534.073.013.763.243.453.664.586.424.874.134.503.

9、243.423.483.644.1090.4-0.330.40-0.400.430.23-0.340.240.190.44 5.96國金證券 8.40東興證券 4.72華安證券 4.84 3.92東吳證券 6.04方正證券 8.88 8.04 6.68浙商證券 8.60-3.042.040.442.16-2.041.24-54.60.80-1.605.40-9.001.76-0.72-2.48-6.362.810.55-2.26-4.281.150.12-1.03-2.681.170.48-0.69-5.961.14-0.71-1.85-4.801.600.34-1.27-4.282.731.

10、07-1.67.932.95-13.841.86-1.09-8.281.63-0.30-1-3.201.711.05-0.662.682.243.492.962.712.932.503.233.314.053.043.103.462.952.813.223.103.453.633.710.360.86-0.02-0.010.110.290.600.210.32-0.34國元證券 4.32紅塔證券 6.40 6.92南京證券 4.44西部證券 4.00光大證券 5.32第一創(chuàng)業(yè) 0.40山西證券 3.20國海證券 3.76太平洋 0.20華林證券 12.04天風證券 2.04 3.60中泰證券

11、7.92國聯(lián)證券 5.88財達證券 9.32合計 8.95wind，-1.48-12.566.083.04-0.244.442.001.521.120.409.36-1.360.522.484.562.764.30-18.965.80-0.84-1.40-4.24-0.881.60-1.68-2.640.20-2.68-3.40-3.08-5.44-1.32-6.56-4.651.41-0.402.54-6.231.871.501.570.991.65-0.041.241.120.260.740.730.301.090.400.060.122.582.310.61-0.270.950.101.

12、530.501.271.092.130.681.860.86-1-8.78.81-0.37-0.57-1.69-0.120.48-0.44-0.690.06-0.26-0.87-0.86-1.03-0.18-1.44-1.002.502.292.262.171.963.382.323.563.491.894.063.133.024.054.023.213.853.101.992.282.302.652.892.513.683.301.293.423.452.974.323.742.963.950.60-0.300.020.130.69-0.500.190.12-0.19-0.60-0.640.

13、31-0.050.28-0.29-0.240.11n 分業(yè)務來看，投資業(yè)務收入下滑成為業(yè)績下降主因。分業(yè)務的收入增速看，經(jīng)紀、投行、資管、投資、利息的收入增速分別為-5.1%、15.0%、-2.3%、-106.4%、-7.7%，總體上僅投行業(yè)務收入保持增長，其他業(yè)務有不同程度下滑，其中自營投資虧損成為下滑主要原因，41 家券商合計自營業(yè)務收入-21 億元，而去年 Q1 為 332 億元。從增量貢獻來看， 2022Q1 營業(yè)收入 962.68 億元，較去年 Q1 下降 410.24 億元，其中投行業(yè)務貢獻 4.4%的增量，成為僅存的正貢獻業(yè)務；投資收入的下降貢獻了-85.1%，成為拖累 Q1 業(yè)

14、績的主因。圖表 3： 上市券商分業(yè)務收入及增量貢獻情況單位：億元，2021Q12022Q1同比增量貢獻營業(yè)收入合計1,372.92962.68-29.9-100.0經(jīng)紀業(yè)務收入315.35299.40-5.1-3.9投資收入328.19-21.03-106.4-85.1投行業(yè)務收入120.96139.0415.04.4資管業(yè)務收入114.62111.98-2.3-0.6利息凈收入143.93132.81-7.7-2.7其他業(yè)務收入349.88300.46-14.1-12.0wind，n 投資業(yè)務表現(xiàn)成為 Q1 各券商業(yè)績表現(xiàn)勝負手。營收增速最高的 10 家券商主要受投資業(yè)務表現(xiàn)優(yōu)于整體。202

15、2Q1，太平洋、一創(chuàng)、國聯(lián)、建投、銀河、中銀、浙商、中信、華林、山西營收同比增速位居前 10；其營收增速高于整體水平的主要因素為投資業(yè)務表現(xiàn)大幅優(yōu)于整體。圖表 4： 上市券商分業(yè)務收入、增速及結構情況單位：億元，營業(yè)收入（億元）經(jīng)紀業(yè)務收入投資收入投行業(yè)務收入資管業(yè)務收入利息凈收入中信證券2021Q12022Q1同比2021Q1 2022Q1 同比 2021Q1 2022Q1同比2021Q1 2022Q1 同比 2021Q1 2022Q1 同比 2021Q1 2022Q1同比9.14163.97152.16 -7.2 35.2231.86-9.6 38.7533.51-13.5 15.9318

16、.2814.7 27.8827.76-0.4 10.6810.06-5.8海通證券 111.92華泰證券 87.8841.31 -63.1 13.4372.44 -17.6 17.8613.39-0.3 28.7617.79-0.4 35.5129 -191.4.37-26.18-48.312.899.4038.08.6017.79-2.8 7.015.409.79-37.2 16.6318.06.6339.79.4560.0-14.7國泰君安 109.43廣發(fā)證券 83.21 59.62中金公司 59.33 86.51 48.04中國銀河 75.80國信證券 42.52東方證券 51.93財

17、通證券 13.31興業(yè)證券 55.05長江證券 19.66 9.56國金證券 15.1381.50 -25.5 20.9847.74 -42.6 18.3336.96 -38.0 18.6550.71 -14.5 15.0848.30 -44.2 13.0363.32 31.8 13.7873.37 -3.2 18.7729.76 -30.0 16.8931.26 -39.8 7.966.51 -51.1 3.1316.88 -69.3 8.298.43 -57.1 9.254.39 -54.0 4.809.12 -39.7 4.5219.47-7.2 41.221.69-95.916.54-

18、9.8 16.99-11.37 -166.916.49 -11.6 19.481.76-91.013.40 -11.2 27.6114.88-46.113.463.3 22.927.72-66.315.6613.6 12.046.31-47.617.85-4.9 13.355.66-57.614.15 -16.2 8.611.23-85.78.486.63.64-6.42-276.33.212.40.81-4.51-657.07.60-8.3 9.93-12.29 -223.98.33-9.9 2.71-7.14-363.84.69-2.4 0.73-4.11-660.74.00-11.4 3

19、.66-2.63-171.76.791.184.139.553.548.121.024.523.181.962.412.451.403.479.991.504.493.951.222.033.760.763.240.440.403.4947.15.0727.023.708.72.6415.1758.83.4111.73.1615.8795.42.2119.01.27-55.0 0.6018.410.30-61.4 3.3634.40.50-81.9 0.67-71.4 0.180.30.313.0923.402.073.483.521.661.220.707.583.510.350.520.1

20、80.31-39.1 14.10-1.3 11.72-21.6 5.092.2-2.0511.26.00-25.0 2.97-4.1 12.5717.54.92-26.4 3.414.42.11-29.7 3.75-21.7 3.342.22.341.92.7319.902.491.88-1.76-0.773.364.2.991032.631.584.054.783.063.19-11.4-15.5-63.0 14.3-112.8 13.03.4-18.1-22.6-24.9 7.843.030.717.0東興證券 8.86華安證券 6.167.08 -20.1 2.235.23 -15.1

21、2.262.01-9.9 1.43-3.66-355.42.479.40.88-0.17-118.91.300.444.160.112-720.55.80.380.740.321.08-16.4 2.28-546.01.21303.1.2644.83.5 7.500.39 -94.8 1.751.866.32.88-3.83-233.10.530.555.60.100.054.50.690.8319.6東吳證券 17.3613.38 -22.9 4.284.98163.88-1.82-146.91.682.1528.0 0.450.28-37.9 2.141.60-25.2.3方正證券 20.

22、4916.68 -18.6 10.758.89-17.32.350.45-80.70.971.4549.70.690.8320.74.4518-6.04. 12.977.99 -38.4 2.922.941.03.08-4.35-241.10.880.152.70.381.2320.250.54113.8-825.8 14.176.24 -56.0 2.722.48-8.6 1.30-4.91-476.21.362.0651.40.180.2327.70.690.58-15.7浙商證券 32.6131.33 -3.94.305.2021.03.18-0.19-105.93.791.237.60

23、.711.1765.31.281.6227.1-6國元證券 9.225.83 -36.7 2.522.50-1.0 0.08-7.17-8987.21.301.332.70.150.2357.34.23537.14.紅塔證券 16.58-6.73-140.6 0.560.55-0.8 4.78-9.11-290.50.110.02-81.8 0.340.149.2-0.310.04112.3 7.26南京證券 4.937.00 -3.62.683.93 -20.1 1.702.52-5.8 0.160.3080.81.29-24.0 0.08-0.22-389.20.340.480.28-16

24、.8 1.770.45-5.4 0.061.950.0510.52.23-5-27.5 2.411.842.16-17.5-10.5西部證券 12.55光大證券 33.279.98 -20.4 2.6421.81 -34.4 10.702.53-4.3 3.310.31-90.78.79-17.9 -1.49-0.8542.90.495.830.44-10.7 0.030.1022.73.83.17-45.5 1.903.267 00.756.38-0.416.03-154.3-5.6第一創(chuàng)業(yè) 3.64山西證券 5.21國海證券 10.69太平洋 1.27華林證券 3.62天風證券 6.77

25、10.765.32 46.21.024.74 -9.11.556.63 -38.0 2.152.47 94.01.133.29 -9.11.213.65 -46.0 2.173.88 -63.9 1.880.96-5.2 -1.40-0.2681.61.592.72.601.73-33.52.192.03.10-1.57-150.71.05-6.8 -0.260.72378.51.3612.6 0.970.19-79.92.369.02.660.63-76.41.68-10.7 1.210.64-47.20.540.600.420.090.371.812.060.7742.3 2.030.93

26、55.9 0.400.445.80.550.08-15.7 0.150.5342.3 0.082.3831.5 1.361.06-48.3 0.092.470.430.460.140.070.940.0821.70.037.00.00-17.2 -0.01-2.6 0.22-11.1 0.93-30.9 -1.591.-3.0 0.550.45-0.081.330.521.08-2.746.80.101224.6-25644.6.115089134.715.8-71.5-82.20.中泰證券 24.4918.52 -24.4 9.279.775.43.10-6.92-322.82.381.58

27、-33.7 0.891.446 84.72545.0國聯(lián)證券 4.716.36 35.21.281.387.91.692.1325.70.851.6391.40.200.357 30.550.7232.1財達證券 4.993.50 -29.9 1.731.67-3.2 1.870.54-71.10.400.5743.20.110.10-3.4 0.090.32248.9合計1,372.92962.68 -29.9 315.35 299.40 -5.1 328.19 -21.03 -106.4 120.96 139.04 15.0 114.62 111.98 -2.3 143.93 132.81

28、-7.7wind，n 上市券商營業(yè)支出降幅小于營收降幅，利潤率較去年 Q1 下降 7.1pct。 41 家上市券商合計營業(yè)支出 681.45 億元，同比-17.4%，降幅小于營業(yè) 收入（-30%），因而歸母凈利潤降幅大于營收，2022Q1 凈利潤率為23.8%，較去年下降 7.1pct。營業(yè)支出中的主要項目包括兩個，一是業(yè)務及管理費為 468.35 億元，同比-14.9%，管理費率為 48.7%，較去年 Q1 提升 8.58pct；二是信用減值損失為-2.32 億元，即總體沖回，同比-118.3%，在前幾年大幅計提由股權質押等資本中介業(yè)務帶來的減值損失之后， 2021 年大幅降低的基礎上（以中

29、信證券為例，2020 年大幅計提信用減值損失 65.81 億元，而 2021 年僅計提 8.99 億元，同比減少 86.3%），今年 Q1 信用減值損失總體是沖回，對利潤有一定貢獻作用，但沒有地域市場下行導致自營業(yè)務下滑帶來的業(yè)績下降。圖表 5： 上市券商 2022Q1 營業(yè)支出及成本率情況中信證券海通證券華泰證券國泰君安廣發(fā)證券中金公司營業(yè)支出業(yè)務及管理費管理費率信用減值損失信用減值損失率2021Q12022Q1同比2021Q12022Q1同比2021Q12022Q1同比變化2021Q12022Q1同比2021Q12022Q1同比變化95.6081.25-15.062.8661.11-2.8

30、38.340.21.823.43-4.09-219.12.1-2.7-4.7859.7825.42-57.532.3820.61-36.328.949.920.974.151.20-71.13.72.9-0.8045.8244.79-2.238.9536.34-6.744.350.25.843.28-1.83-155.63.7-2.5-6.2654.3949.21-9.536.8026.76-27.333.632.8-0.790.26-2.37-1004.70.2-2.9-3.1547.8429.47-38.438.8325.64-34.046.753.77.051.17-1.25-206.6

31、1.4-2.6-4.0228.5320.96-26.624.5516.45-33.041.244.53.320.651.3099.51.13.52.4236.4230.42-16.535.9030.67-14.660.560.5-0.020.25-0.60-342.20.4-1.2-1.60135.457.0036.84-27.5543.28 57.22.0917.77-19.525.536.820.6725.2222.043.039.811.260.962.69178.91.15.6-3.20-1.101.07-197.5-2.31.74.453.97中國銀河50.4956.3211.522

32、.5221.02-6.629.728.7-1.060.511.39174.20.71.91.23國信證券21.5521.590.219.3916.15-16.845.654.38.64-2.860.91-131.7-6.73.09.77-66.236.424.9東方證券38.4528.89-19.2116.86-12.237.053.916.940.030.07159.00.10.20.18財通證券8.095.14-興業(yè)證券34.48 11.648.145.5820.669.50561.285.7-25.-54.-31.037.556.324.50-0.15-0.51235.5-1.2-7.9

33、18.760.870.30-65.21.61.8-6.740.21長江證券10.338.36-19.010.06 7.50451.289.037.80-0.410.17-142.2-2.12.04.125.286.8730.1國金證券8.747.67-12.3東興證券6.007.0818.1華安證券3.894.248.94.592.89-37.0東吳證券11.6912.123.6方正證券9.2911.3822.48.7210.6722.35.075.314.853.1121.08.607.52-12.556.882.54.074.6414.145.965.62.923.3815.847.464

34、.64.142.72-34.455.2697.76.776.65-1.839.049.79.2511.2621.845.167.55.705.58-2.244.069.867.890.111.461233.225.680.060.05-20.619.66-0.210.81-484.717.220.31-0.14-146.0642.540.090.05-49.310.660.78-0.12-114.922.38-0.09-0.01-89.425.84-0.070.14-294.31.133.30.40.6-2.411.55.1-2.71.212.14.5-0.9-0.4-0.1-0.61.832

35、.140.13-713.87.7910.89-5.340.372.3510.787.97-26.15.22 4.35浙商證券26.9827.100.48.75 5.81-16.7-33.636.869.726.818.532.87-0.160.03-120.0-1.10.51.65-8.280.030.06133.10.10.20.12國元證券5.20 7.76紅塔證券13.44 3.333.98 4.18南京證券2.64 2.52西部證券9.02 10.10光大證券23.93 12.67第一創(chuàng)業(yè)3.66 4.54山西證券3.69 4.02國海證券7.94 5.7149-75.2.15.22-

36、47.0-4.7 11.924.8.9-28.14.724.21-10.851.272.12.092.01-3.812.6-29.84.174.14-0.857.559.22.512.46-2.151.162.64.644.15-10.637.041.615.0313.46-10.445.261.73.424.3828.094.082.33.603.9911.069.084.34.684.58-2.043.769.120.96-0.12-0.47305.2-1.3-8.1-42.380.34-0.11-132.12.11.61.70-0.25-0.01-96.1-3.4-0.111.540.0

37、10.00-151.00.2-0.14.56-0.240.03-112.4-1.90.316.550.96-1.56-263.02.9-7.2-11.690.150.08-47.74.31.515.240.05-0.01-119.11.0-0.225.380.64-0.50-177.76.0-7.5-6.83-0.433.29-0.322.17-10.03-2.73-1.240.8-13.50太平洋2.132.3610.72.272.374.6178.095.9-82.05-0.15-0.02-85.6-11.7-0.91 2華林證券1.521.616.01.511.605.841.748.6

38、天風證券5.355.411.35.425.817.280.0158.99.213.76-59.24.563.71-18.842.495.4中泰證券16.1415.63-3.213.0711.04-15.553.459.6國聯(lián)證券2.653.8645.32.593.8649.455.060.7財達證券1.982.4423.02.372.19-7.647.462.5合計824.79681.45-17.4550.12468.35-14.940.148.76.86-0.020.00-96.6-0.40.00.4178.88-0.14-0.52279.1-2.0-14.3-12.2852.970.24-

39、0.02-108.02.2-0.5-2.736.230.37-0.01-103.41.5-0.1-1.605.770.04-0.03-187.40.8-0.5-1.2515.12-1.150.04-103.8-23.01.324.218.5812.66-2.32-118.30.9-0.2-1.16wind，1.2 行業(yè)格局：頭部券商業(yè)績韌性強，業(yè)績分化推動 Q1 集中度提升n 頭部券商業(yè)績韌性明顯強于中小券商。2022Q1 市場波動加劇致使上市券商經(jīng)營業(yè)績整體承壓，其中頭部券商受益于業(yè)務均衡全面，以及自營投資策略多元化、權益投資去方向化，整體業(yè)績降幅顯著優(yōu)于中小券商。 2022Q1 歸母凈利潤

40、規(guī)模前 5、前 10 頭部券商收入平均降幅分別為-13.3%、-24.6%（vs 行業(yè)-30.0%），歸母凈利潤平均降幅分別為-21.3%、-32.3%（vs 行業(yè)-46.0%），ROE 均值（年化）分別為 7.3%、6.3%（vs 行業(yè)4.3%）。其中，中信證券2022Q1 歸母凈利潤52.29 億元，同比+1.2%，是凈利潤前 20 券商中唯一正增長的公司，顯示經(jīng)營韌性強。另外，前 幾年較早推進自營投資去方向化、大力發(fā)展客需類產(chǎn)品的中金、華泰，Q1 投資業(yè)務收入降幅小于前 10 券商及行業(yè)平均，亦一定程度體現(xiàn)出熨平周期波動的經(jīng)營能力。另一方面，Q1 市場波動下，中小券商交易能力相對較弱，方

41、向性為主的自營投資業(yè)務整體出現(xiàn)較大虧損，而中小券商收入利潤結構中自營投資業(yè)務占比較高，因此整體收入利潤下滑幅度遠大于頭部券商，推動行業(yè)收入利潤集中度出現(xiàn)顯著上行。n 頭部券商經(jīng)營杠桿顯著高于中小券商，體現(xiàn)出良好的擴表能力，及資產(chǎn)擺布能力，從而平滑市場周期波動。2022Q1 末歸母凈利潤規(guī)模前 5、前 10 券商經(jīng)營杠桿（剔除客戶資金）平均達 4.83、4.52 倍，顯著高于 41 家上市券商均值 3.95 倍。頭部券商整體經(jīng)營穩(wěn)健的優(yōu)勢凸顯，一是業(yè)務布局全面，平滑市場周期帶來收入波動，二是較早推進自營投資策略多元化、以及權益投資去方向化，加大客需類產(chǎn)品創(chuàng)設，例如積極布局場外衍生品等非方向性業(yè)務

42、，體現(xiàn)出良好的擴表能力，及資產(chǎn)擺布能力，從而平滑市場周期波動。圖表 6： 上市券商業(yè)績及格局情況營業(yè)收入（億元）歸母凈利潤（億元）ROE（ ）ROA（ ）經(jīng)營杠桿2021Q12022Q1同比2021Q12022Q1同比2021Q1 2022Q1 同比變動 2021Q1 2022Q1 同比變動 2021Q1 2022Q1 同比變動中信證券 163.97國泰君安 109.43華泰證券 87.88中金公司 59.33中國銀河 75.80 48.04海通證券 111.92 59.62廣發(fā)證券 83.21 86.51國信證券 42.52光大證券 33.27方正證券 20.49浙商證券 32.61 7.2

43、6東方證券 51.93中泰證券 24.49國聯(lián)證券 4.71財通證券 13.31興業(yè)證券 55.05華林證券 3.62南京證券 4.93國金證券 15.13東吳證券 17.36華安證券 6.16財達證券 4.99第一創(chuàng)業(yè) 3.64山西證券 5.21國海證券 10.69長江證券 19.66東興證券 8.86152.1681.5072.4450.7173.3763.3241.3136.9647.7448.3029.7621.8116.6831.337.0031.2618.526.366.5116.883.293.939.1213.385.233.505.324.746.638.437.08-7.251.65-25.544.11-17.633.09-14.518.76-3.219.8531.817.22-63.136.18-38.026.13-42.625.41-44.224.31-30.016.85-34.46.97-18.68.89-3.94.21-3.62.61-39.811.76-24.4