Yesterday, in the context of the collective correction of the three major stock indexes, the overall performance of the securities sector was excellent. Specifically, at the individual stock level, the context of the two major markets of securities companies yesterday was very clear: securities companies with wealth management characteristics continued to lead the rise, China Industrial Securities Co.Ltd(601377) , Gf Securities Co.Ltd(000776) and other gains were among the top; Old head securities companies also performed prominently, Citic Securities Company Limited(600030) rose 4.56%.
In the view of many industry insiders, the RRR reduction boosted the financial sector's capital sentiment from expectation to landing. For the brokerage industry, the two policy developments of the pilot optimization of account management function and the refinement of OTC derivatives supervision also deserve attention, which corresponds to the two main lines of wealth management and head brokerage.
optimization of wealth management function is conducive to the development of securities companies
On December 3, the CSRC agreed that Citic Securities Company Limited(600030) and other 10 securities companies should carry out the pilot of optimizing the internal account management function under the framework of the third-party depository of existing customer transaction settlement funds, and support securities companies to carry out relevant pilot work from the aspects of establishing comprehensive customer accounts, allowing transfer of the same name, classified account management, etc.
China Merchants Securities Co.Ltd(600999) Zheng Jisha, chief analyst of Non Bank of China, believes that the optimization of account management function makes the securities account upgrade and expand from a single functional independent account. Investors are expected to enjoy a full range of wealth management services based on this account. Securities companies will also build a more three-dimensional wealth management and asset management account system, which is conducive to the positive development of securities companies' wealth management business.
Combined with the hot subscription of new products issued by Ruiyuan fund last week, Zheng Jisha said that at the end of the year, the popularity of wealth management rose again, and the explosion fund once again stimulated the vitality of the public fund market. In the long run, wealth management will endow securities companies with growth attributes, thus leveraging the remodeling of sector valuation. It is recommended that investors pay attention to investment opportunities in securities companies, select stocks around the main line of wealth management, and pay attention to high "wealth ratio" securities companies.
innovative business has become a new growth point for head securities companies
Also on December 3, the China Securities Association issued the measures for the administration of income swap business of securities companies to further improve the OTC derivatives business rule system. It is clear that securities companies without dealer qualification can only carry out income swap transactions with dealers for proprietary purposes, and shall not carry out income swap transactions with customers.
Zhao ran, chief analyst of non bank and forward-looking research, believes that innovative capital intermediary businesses such as income swaps and equity derivatives have become a new growth point for China's leading securities companies. At present, the market share of derivatives business outside the listed securities market is highly concentrated. As of the end of the third quarter, the scale of derivative financial assets of Citic Securities Company Limited(600030) , China International Capital Corporation Limited(601995) and Huatai Securities Co.Ltd(601688) totaled 59.7 billion yuan, accounting for 77% of all listed securities companies. The further improvement of regulatory policies is expected to drive the further healthy development of derivatives trading business of listed securities companies.
may become the main line leading the rise
In addition to the continuous improvement of policies to promote the healthy development of related businesses of securities companies, from the perspective of strategic allocation, the attributes of high beta and undervalued value of securities companies are also expected to make them the leading main line in the future.
China Industrial Securities Co.Ltd(601377) Zhang Qiyao, chief strategic analyst, recently reminded the allocation value of securities companies in the cross year market through research reports for many times. In Zhang Qiyao's view, the current allocation position of institutions for securities companies is not high, and it still belongs to "a place with few people"; From the perspective of valuation, the current PE valuation of securities companies is at the absolute bottom since 2011.
Zhang Qiyao predicted that in the future, if the market enters the index level cross-year market, as a plate with strong linkage with the market, the beta attribute of brokerage stocks is expected to be fully released.
(Shanghai Securities News)