On February 14, the securities companies collectively fell and became the focus of the whole market. As of the close, the securities index fell by more than 4%, China stock market news fell by more than 13%, Gf Securities Co.Ltd(000776) fell by more than 9%, and China Greatwall Securities Co.Ltd(002939) , Huatai Securities Co.Ltd(601688) and Xiangcai securities led the decline.
In hindsight, many factors can explain the sharp decline on this day. First, the overall fluctuation of securities companies; Second, since the beginning of the year, the new development fund has been cold, causing the market to worry about the long-term growth space of wealth management of securities companies. In addition, China stock market news released the reminder announcement of the last redemption of convertible bonds on Friday night, which may face the selling pressure of convertible bonds, and there is a chip game in the short term.
The most concerned factor is undoubtedly the cold of fund issuance. According to the data, as of February 13, the number of new development funds has been 165 this year, with an issuance scale of 129.807 billion yuan, all down from the same period last year.
It can be seen that China stock market news and Gf Securities Co.Ltd(000776) which fell heavily this time are "top students" in the wealth management industry. China stock market news is one of the securities companies with the best growth at the fund sales end, Gf Securities Co.Ltd(000776) shares in e fund and holds GF fund, with outstanding advantages in big wealth business.
As the trend of securities companies is often related to the market, A-share liquidity, transaction activity and market sentiment will be magnified on the sector market. Recently, the continuous adjustment of the market has also exacerbated the market's concern, but it is precisely this sentiment that may lead to misjudgment of investment.
Taking China stock market news as an example, a non bank analyst pointed out that the company's Commission distribution depends on the stock scale, and there is still an obvious year-on-year effect. In the fourth quarter of last year, the company's active product commission scale reached 537.1 billion yuan, an increase of 10.95% month on month. Another institution pointed out that the conversion of debt to equity only constitutes a short-term liquidity impact on positive shares and does not change the long-term positive trend. For a long time, China stock market news has brought huge returns to investors. Even if it is adjusted this year, it has increased by nearly 300% since 2019.
In addition, the performance of securities companies still has a bright side. At present, more than 30 securities companies have disclosed the performance forecast of 2021, with a pre increase of more than 80%, and the net profit growth rate of half of the securities companies is more than 30%. In the long run, multiple factors such as "no speculation in housing and housing" and new asset management regulations drive the transfer of residents' wealth to equity assets, and the wealth management business of securities companies has better stability and growth.
Learning from overseas development experience, the era of wealth management is the general trend. According to the Soochow Securities Co.Ltd(601555) Research Report, overseas developed countries pay more attention to financial assets in asset allocation, and financial assets such as equity, bonds, insurance and pension occupy the main position. In 2019, equity assets accounted for 33.9% of the total assets of American residents.
In contrast, the overall allocation proportion of China's financial assets is only 20.4%. The financial assets are mainly deposits and bank financial management, and the proportion of stocks, funds and other financial assets is less than 10%.
After Monday's sharp decline, many institutions are still optimistic about the securities sector. Some sellers even commented after hours that some high-quality brokerage stocks have fallen out of high cost performance. In any case, it is still necessary for investors to study fundamentals.
