Last week’s market review of the securities sector: last week (2022.2.14-2022.2.20), the securities index weakened again, broke through the low before the Spring Festival and hit a new low in this round of adjustment. CITIC’s secondary industry index securities II fell 3.04% throughout the week, 4.12 percentage points lower than the CSI 300 index; Compared with 30 CITIC primary industry indexes, it ranked 30th, down 12 places month on month. Last week, there was another general decline in the securities sector, but the decline of most stocks was more convergent and did not break through the pre holiday low; The decline of head securities companies is relatively large, and the decline of individual weight varieties is relatively significant, which has dragged down the overall performance of securities companies’ index. Last week, the average p / b of the securities sector was 1.493 times the highest and 1.473 times the lowest. The lowest and highest were higher month on month. As of the closing on February 18, 2022, the average p / b of securities companies is 1.473 times.
Industry highlights: 1. On February 18, 2022, the CSRC formulated and issued the measures for the supervision and administration of directors, supervisors, senior managers and employees of securities fund operating institutions. 2. On February 18, 2022, the CSRC held a 2022 bond supervision meeting.
Key announcements of listed securities companies: 1 Citic Securities Company Limited(600030) , Tianfeng Securities Co.Ltd(601162) issue suggestive announcements on changes in shareholders’ equity.
\u3000\u30002. China Industrial Securities Co.Ltd(601377) , Guoyuan Securities Company Limited(000728) issued suggestive announcements about the expiration of the duration of the employee stock ownership plan.
\u3000\u30003. Hongta Securities Co.Ltd(601236) , Tianfeng Securities Co.Ltd(601162) issue the announcement of share pledge release.
\u3000\u30004. China Greatwall Securities Co.Ltd(002939) issue the announcement of adjusting the fixed increase scheme.
\u3000\u30005. Chinalin Securities Co.Ltd(002945) publish the announcement of pledge of some shares of controlling shareholders.
\u3000\u30006. Central China Securities Co.Ltd(601375) release the announcement of 2021 performance express, provision for asset impairment and the end of shareholders’ share reduction plan.
\u3000\u30007. Gf Securities Co.Ltd(000776) , Shenwan Hongyuan Group Co.Ltd(000166) , Northeast Securities Co.Ltd(000686) publish the announcement of completing the issuance of short-term financing bonds.
Investment suggestion: in a short period of time, the brokerage sector is expected to have a repair market, but the overall trend of weak shock consolidation will still be maintained. It is expected that the brokerage sector will still focus on the structural market, and the scope and strength depend on the overall performance of the sector.
Risk tips: 1 The short-term growth rate is too fast and the growth rate is too large, resulting in the rapid adjustment of securities companies; 2. The weakening of the secondary market of equity and fixed income leads to the failure of continuous improvement of various businesses in the securities industry; 3. The progress and strength of comprehensively deepening the reform of the capital market are less than expected.
