Core view:
Determination of main ideas for the future development of Beijing stock exchange
Recently, Xu Ming, chairman of the national stock transfer company and chairman of the Beijing stock exchange, introduced the main ideas for the construction and development of the Beijing stock exchange and the new third board in the future at the “2022 new third board and Beijing stock exchange news media Symposium”. The main contents include:
1. China’s innovative small and medium-sized enterprises mainly have seven characteristics, namely, higher innovation power, higher dependence on talent knowledge, higher growth potential, diversified innovation models, diversified industry distribution, more prominent risk characteristics and relatively concentrated regional distribution.
2. In the process of identifying innovative small and medium-sized enterprises, we must clarify the “two groups of relations”: one is the relationship with “specialization and innovation”. The second is the relationship with “hard science and technology” and “three innovations and four innovations”. The market only sets a negative list, and there are no industry access requirements except for individual industries that are explicitly prohibited from listing and financing by national macro-control and industrial policies. In terms of accuracy, enterprises are required to have the attribute of innovation, be able to reasonably demonstrate and fully disclose
3. Explain the “main position” from four dimensions: first, the gathering place of innovative small and medium-sized enterprises. To build a main position, we should attract and gather a large number of innovative small and medium-sized enterprises, which account for a relatively high proportion in the whole capital market; At the same time, a number of benchmarking enterprises in Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , new business forms, new models and other fields are gathered. The second is the demonstration place of characteristic system function. The Beijing stock exchange and the new third board should become the key to enhance the proportion of direct financing of innovative small and medium-sized enterprises in the capital market.
4. In the process of building and developing the Beijing stock exchange and the new third board, we should do a good job in the “four insistences”:
First, adhere to dislocation development, adhere to market positioning, focus on “earlier, smaller and newer”, fully reflect the inclusiveness and accuracy of the market, dislocation division of labor and organic connection with other sectors of the capital market, and work together to serve high-quality economic development. Second, adhere to integrated development, so that innovative small and medium-sized enterprises at different stages of development and with different development needs can find the right position at all levels and develop smoothly and efficiently. Third, adhere to innovative development, based on the general laws of capital market development and based on their own development laws and needs, increase the innovation of systems, products and tools. Fourth, adhere to coordinated development, systematically plan the synergy between market development and major national strategies, and broaden the policy space for market development. We will continue to promote the creation of a good policy, government and public opinion environment for the listing of innovative small and medium-sized enterprises. Increase efforts to introduce various professional institutions. We will continue to improve the system of sponsoring securities companies, guide intermediaries to carry out more full chain and full life cycle businesses, and cultivate a number of high-quality intermediaries focusing on innovative small and medium-sized enterprises.
From a long-term point of view, the investment bank will directly determine the new business increment of the investment bank and the next step for the development of the securities industry.
Securities industry perspective
Recently, the average daily turnover of the two cities has continued to decline, and the performance of short-term brokerage business / wealth management business is under pressure. However, the reform and innovation of the securities industry in recent years, such as fund investment adviser / new regulations on asset management / the implementation of comprehensive registration system, will greatly stabilize the performance fluctuation of the securities industry, and the short-term basic fluctuation will not change the good momentum of the medium and long-term performance of the securities industry.
In the long run, we believe that the supporting logic of the performance growth of the securities industry lies in:
(1) the increase in performance brought about by the transformation of brokerage business to wealth management mode is mainly due to the constant trend of residents’ deposits from banks that bring lower returns and liquidity to the stock market that can bring higher returns and high liquidity, superimposed by the expansion of the pilot fund investment adviser of securities companies and the increase in residents’ demand for active management business, The holding scale of the fund is expected to be steadily improved to provide a steady stream of performance support for securities companies.
(2) the performance increment contributed by the new market places bred by innovative business, such as the expansion of securities lending scale, the strong demand for derivatives business inside and outside the market, the exploration of securities settlement fund model and the popularization of “investment bank + investment” two wheel driven business model, will raise the performance level of securities companies. From the perspective of the whole securities industry, the above growth support logic will provide a new revenue growth point for the whole industry; For large-scale securities companies, it will further develop in the strategic direction of building aircraft carrier level securities companies in the country; For small and medium-sized securities companies, their exhibition direction and ability will benefit from the new blue ocean market and earn differentiated income.
Recommended target: securities companies with strong wealth management ability: Gf Securities Co.Ltd(000776) *, Orient Securities Company Limited(600958) *, China Industrial Securities Co.Ltd(601377) (*: not deeply covered yet)
Risk tip: the effect of policy implementation is less than expected or even tightened, liquidity is tightened, stock based turnover has fallen sharply, and the overall market downside risk.
