The central economic work conference proposed to fully implement the stock issuance registration system. The central economic work conference was held in Beijing from December 8 to 10. The conference required that we should pay close attention to the pilot of comprehensive reform of market-oriented allocation of factors and fully implement the stock issuance registration system. Fully implement the registration system, directly benefit the investment banking business of securities companies, reshape the operation mode of securities companies, and the head securities companies have more advantages.
Trading continued to be active, the securities sector outperformed the market, and most individual stocks closed up. Last week, the Shenwan non bank index closed up 3.71% and the securities sector closed up 3.66%, outperforming the Shanghai and Shenzhen 300 index by 0.52 percentage points. The average daily turnover of the two cities has exceeded trillion yuan for 36 consecutive trading days, and the balance of the two financing has remained high. Insurance funds are allowed to participate in the securities lending business, which is expected to further expand the securities source and activate the securities lending business of securities companies.
Investment suggestions:
The differentiation of individual securities stocks is obvious, and securities companies with advantages in wealth management are favored. Since the beginning of the year, 7 stocks have closed up, and 30 stocks are not as good as the securities III index (- 4.13%); in terms of valuation, the Pb of the securities III index is 1.75x, and the valuation of 25 stocks is lower than the industry average. Gf Securities Co.Ltd(000776) , Orient Securities Company Limited(600958) , China Industrial Securities Co.Ltd(601377) have closed up 56.28%, 38.15% and 17.12% respectively since the beginning of the year, and the valuation of Pb is 1.82x, 1.88x and 1.68x respectively, which is close to the industry valuation.
In the medium and long term, it is recommended to pay attention to the head securities companies and high-quality securities companies in the wealth management track. In the medium and long term, the securities industry helps the efficient operation of the capital market and the overall situation of common prosperity. At present, the capital market is in the third great reform period. Taking the registration system as the “bull nose”, it is committed to improving the operation mechanism of the capital market, improving the operation efficiency, and giving full play to the resource allocation function of the capital market. It is suggested to pay attention to the head securities companies with “no short board” and “characteristics”, as well as the characteristic investment banks with differentiated advantages. On the other hand, the wealth management track is wide and long. It is recommended to pay attention to high-quality securities companies in the wealth management track. The layout of various financial formats in wealth management has just begun and is only in the beach grabbing stage, which is far from forming a fixed competition pattern. It is recommended to pay attention to securities companies with advantages in the sales end, platform end or product end of wealth management business.
Risk tips:
The secondary market fell sharply; The impact of the epidemic exceeded expectations; Capital market reform was less than expected
