Securities: the market turnover rebounded significantly this week, with the average daily turnover increasing by 220 billion to 1.06 trillion month on month, of which the turnover in the last three trading days exceeded trillion; The balance of the two financial institutions remained stable at 1.72 trillion. Two important meetings in the week talked about financial supervision. The Politburo meeting held on February 25 proposed to “prevent and resolve financial risks and hold the bottom line without systemic risks”; On February 24, the supervision work meeting of the CSRC mentioned “strengthening industry risk prevention and control, improving risk management and promoting the high-quality development of the securities fund industry”. It is expected that the financial supervision may maintain the pattern of “stability and tightening” during the year. While strengthening supervision, investor protection remains one of the priorities of the CSRC during the year. On February 25, the CSRC held a 2022 investor protection work conference, which proposed that “in the process of deepening the reform and development of the capital market, we should pay more attention to law and regulation, be reasonable and fair, strive to build a benign interaction between investment and financing, enhance the sense of acquisition of investors, and do a good job in investor education”. On the same day, the CSRC publicly solicited opinions on the guiding opinions on improving the supervision of listed companies after delisting. At present, the delisting system in China’s capital market still needs to be improved, there is no closed-loop process, and there is a certain risk exposure. The introduction of the opinions can effectively understand the relevant risks and realize the smooth implementation of normalized delisting, And give investors with delisting targets more investment options.
Recently, the international situation is more complex, with the Federal Reserve’s interest rate hike approaching, and the market volatility has increased significantly. The annual report season is also about to open. It is suggested to pay attention to the value targets with high certainty of performance. From the perspective of industry, it is recommended to continue to focus on the main line of wealth management, and the “blowout” of investment banking driven by the comprehensive registration system is expected to become the most deterministic growth opportunity in the medium and long term of the securities sector. The project supply exceeds the carrying capacity of investment banks to a certain extent, which is expected to promote the pricing ability of securities companies. Therefore, we suggest to continue to pay attention to the “growth” opportunity of the resonance between big wealth management and “Pan investment bank” in the medium and long term.
Insurance: on February 25, the CBRC issued the notice on expanding the pilot scope of pension financial products, which expanded the pilot scope of pension financial products from “four places and four institutions” to “ten places and ten institutions”. The upper limit of the total raising scale of single institution pension financial products of the four financial companies that carried out the pilot in the early stage was raised to 50 billion, and the upper limit of the total raising scale of single institution pension financial products of six new financial companies was 10 billion. At present, as the “third pillar” of old-age insurance, commercial old-age insurance is a kind of life insurance supported by the state. It is also the key development direction of major insurance enterprises, or it will become the fastest growing insurance in the future. The pilot expansion of pension financial products will further strengthen the publicity of institutions on relevant products, so as to improve the social awareness and recognition of commercial pension insurance and promote the sales of relevant products. However, it will take time to achieve the breakthrough of “from quantitative change to qualitative change”.
Sector performance: during the five trading days from February 21 to February 25, the non bank sector fell by 4.02% as a whole. According to the industry classification standard of Shenwan, the non bank ranked 28 / 31 of all industries; Among them, the securities sector fell 3.56% and the insurance sector fell 5.50%, both underperforming the CSI 300 index (- 1.67%). In terms of stocks, the top five losers for brokers are Guangdong Golden Dragon Development Inc(000712) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ (- 3.89%), China Pacific Insurance (Group) Co.Ltd(601601) (- 5.00%), Hubei Biocause Pharmaceutical Co.Ltd(000627) (- 5.28%), China Life Insurance Company Limited(601628) (- 5.30%) Ping An Insurance (Group) Company Of China Ltd(601318) （-5.69%）、 Xishui Strong Year Co.Ltd Inner Mongolia(600291) （-6.42%）。
Risk tips: macroeconomic downside risk, policy risk, market risk and liquidity risk.
