Key points:
Market review: in the past two weeks, the brokerage index fell by 2.1%, underperforming the Shanghai and Shenzhen 300 index 4pct. In the past two weeks (2.7-2.18), the Shanghai Composite Index rose by 3.8%, the Shenzhen Component Index rose by 1%, the Shanghai and Shenzhen 300 index rose by 1.9%, and the gem index fell by 2.8%. Non bank finance (Shenwan) rose 1.5%, ranking 22 / 28 in terms of rise and fall, underperforming the CSI 300 index by 0.5 percentage points; Among them, the brokerage index fell 2.1%, underperforming the CSI 300 index by 4 percentage points.
The top five securities companies were: Sealand Securities Co.Ltd(000750) (+ 4.9%), Guolian Securities Co.Ltd(601456) (+ 4.4%), Shanghai Chinafortune Co.Ltd(600621) (+ 4.3%), Polaris Bay Group Co.Ltd(600155) (+ 3.8%) and Soochow Securities Co.Ltd(601555) (+ 3.6%).
The top five securities companies were: China Industrial Securities Co.Ltd(601377) (- 1.9%), Zheshang Securities Co.Ltd(601878) (- 3.6%), Caida Securities Co.Ltd(600906) (- 4.7%), Gf Securities Co.Ltd(000776) (- 8.8%) and China stock market news (- 13.6%).
Industry weekly data: the daily average stock based turnover fell below trillion for two consecutive weeks
Brokerage business: last week (February 14-february 18), the daily average stock base turnover of Shanghai and Shenzhen stock markets was 914.7 billion yuan, down 7.8% month on month. Since February, the average daily turnover has been less than trillion for two consecutive weeks.
Investment banking: last week (February 14-february 18), the scale of equity financing was 41.8 billion yuan (mom + 160%); The IPO Financing scale was 6.4 billion yuan (Mom - 10%), and the refinancing scale was 35.4 billion yuan (mom + 294%). In terms of the number of companies, a total of 14 companies conducted equity financing last week, including 6 IPO and 8 refinancing. Capital intermediary business: as of last Friday (February 18), the balance of margin trading and securities lending in Shanghai and Shenzhen stock markets was 1716.8 billion yuan, a month on month increase of + 0.2%; The balance of two financial institutions accounted for 2.4% of the total circulating market value of a shares, and the proportion continued to decline. The number of pledged shares was 415.8 billion, accounting for 5.59% of the total share capital; The market value of stock pledge is 3.85 trillion yuan, and the scale of pledge is generally at a low level.
Industry highlights: deepening reform of capital market
(1) the official website of the CSRC has published 37 replies to the proposals proposed by the representatives and members of the national two sessions in 2021. The main policy highlights include: improving the effectiveness of the new share issuance system and promoting the whole market registration system; Support qualified securities companies to carry out cross-border business according to law; We will support qualified foreign-funded enterprises to raise funds through A-share listing and actively promote the pilot domestic issuance of qualified red chip enterprises.
(2) the CSRC issued the measures for the supervision and administration of directors, supervisors, senior managers and employees of securities fund operating institutions.
(3) the number of new investors decreased year-on-year in January. By January 2022, the number of investors had reached 198732800 (year-on-year + 10.5%); There were 1.3243 million new investors, a year-on-year decrease of about 770000, down from last year's high base, but the overall level remained high.
Investment advice
In terms of policies, the steady growth policy continues to work, the market liquidity remains abundant, and the annual turnover is expected to remain high. The deepening reform of the capital market continued to promote and support the long-term improvement of the securities industry. At present, the valuation of Pb in the securities industry is only 1.6x, which is in the 20% quantile of Pb in recent 10 years. The sector has allocation value. It is suggested to pay attention to the investment opportunities of head securities companies under the transformation of wealth management and maintain the "overweight" rating of the industry.
Risk tips
Macroeconomic downside risk; The risk of sharp decline in the secondary market; Industry competition intensifies risks, etc.
