Market performance:
In the current period (2021.12.6-2021.12.10), the non bank (Shenwan) index was + 3.71%, the industry ranked 6 / 28, and the brokerage II index was + 3.66%;
Shanghai Composite Index + 1.63%, Shenzhen Component Index + 1.47%, gem index – 0.34%.
The top five stocks in terms of rise and fall: Chinalin Securities Co.Ltd(002945) (+ 29.77%), China Industrial Securities Co.Ltd(601377) (+ 10.00%), China Greatwall Securities Co.Ltd(002939) (+ 7.06%), Citic Securities Company Limited(600030) (+ 6.70%), China Securities Co.Ltd(601066) (+ 6.16%);
The top five stocks in terms of rise and fall: Zheshang Securities Co.Ltd(601878) (- 1.54%), Gf Securities Co.Ltd(000776) (- 1.32%), Soochow Securities Co.Ltd(601555) (- 1.22%), Northeast Securities Co.Ltd(000686) (- 0.22%) and Dongxing Securities Corporation Limited(601198) (- 0.16%).
Core view
At the policy level, the central economic work conference was held in Beijing from December 8 to 10. The meeting proposed to do a good job in the pilot of comprehensive reform of market-oriented allocation of factors and fully implement the stock issuance registration system. Subsequently, the Shanghai and Shenzhen stock exchanges issued the stock listing rules respectively. After more than two years of pilot of the registration system, the information disclosure and delisting system is relatively perfect, and the conditions for the implementation of the comprehensive registration system are ripe. The full implementation of the registration system has a significant positive effect on the securities sector. In the long run, the full implementation of the registration system, combined with the opening of the Beijing stock exchange, has relaxed the direct financing channels for specialized, special and new small enterprises; The game between Chinese and American regulators also has a certain impact on some Chinese stocks with the background of national flags and central enterprises. A-Shares are expected to undertake part of the capital return from U.S. stocks. In the long run, the number of investment banking projects is expected to usher in a period of rapid growth again. There is a large growth space for the performance of investment banking business. It is optimistic about the head securities companies with rich reserves of investment banking projects and strong price discovery ability, such as Citic Securities Company Limited(600030) , Huatai Securities Co.Ltd(601688) .
At the market level, the securities sector rose 3.66% this week, outperforming the market by 2.02pct. This week, under the influence of the central bank’s RRR reduction policy, liquidity was further abundant. While the transaction amount was further increased, foreign capital accelerated the influx into the A-share market, and the northward capital realized a net inflow of 48.8 billion yuan. At the same time, the securities sector has gradually attracted the attention of investors. Among the top 100 companies with inflow amount in this week’s range, 10 are listed securities companies, accounting for about 1 / 4 of the total number of listed securities companies. Among them, China Industrial Securities Co.Ltd(601377) , East Money Information Co.Ltd(300059) , Citic Securities Company Limited(600030) rank among the top 20 A shares. Recently, the valuation of the securities sector has been repaired under multiple favorable factors such as favorable policies and abundant liquidity. However, at present, the Pb valuation of the securities sector is 1.75 times, close to the 55th quantile since 2016, and there is still much room for repair. It is recommended to pay attention to the securities companies with advantages in the wealth management track, such as China Industrial Securities Co.Ltd(601377) , Gf Securities Co.Ltd(000776) , and the head securities companies with undervalued values, such as Citic Securities Company Limited(600030) , Huatai Securities Co.Ltd(601688) .
Risk tips: strengthened supervision, policy risk, market fluctuation and repeated epidemic situation
