Market performance:
In the current period (2022.2.212022.2.25), the non bank (Shenwan) index was - 4.02%, ranking 28 / 31 in the industry, the brokerage II index was - 3.56%, and the insurance II index was - 5.50%; Shanghai Composite Index - 1.13%, Shenzhen Component Index - 0.35%, gem index + 1.03%.
Top five stocks in terms of rise and fall: Anhui Xinli Finance Co.Ltd(600318) (+ 27.24%), Sunny Loan Top Co.Ltd(600830) (+ 19.30%), Minsheng Holdings Co.Ltd(000416) (+ 12.27%), Shanghai Greencourt Investment Group Co.Ltd(600695) (+ 9.60%), Bode Energy Equipment Co.Ltd(300023) (7.14%);
The top five stocks in terms of rise and fall: Kunwu Jiuding Investment Holdings Co.Ltd(600053) (- 13.77%), Shenzhen Asia Link Technology Development Co.Ltd(002316) (- 13.07%), Lakala Payment Co.Ltd(300773) (- 9.90%), Anxin Trust Co.Ltd(600816) (- 8.72%), Rendong Holdings Co.Ltd(002647) (- 6.65%).
Core view
Securities companies: on February 25, China Securities Association released the operating data of the securities industry in 2021. In 2021, 140 securities companies in the securities industry achieved a total operating revenue of 502.41 billion yuan, a year-on-year increase of 14.23%, and a net profit of 191119 billion yuan, a year-on-year increase of 11.91%. The total assets of the securities industry were 10.59 trillion yuan and the net assets were 2.57 trillion yuan, an increase of 19.07% and 11.34% respectively compared with the end of the previous year. The overall business performance of the industry was stable and improved, and the capital strength was steadily enhanced.
The direct financing scale of investment banking business has expanded steadily. In 2021, the securities industry realized a net income of 69.983 billion yuan from investment banking business, a year-on-year increase of 4.12%. The investment banking business benefited from the steady progress of the registration system, and the securities companies strengthened their financing support for the real economy. On the premise of a high base in 2020, the financing scale still achieved steady growth. In 2021, the total IPO Financing scale of securities companies reached 535146 billion yuan, a year-on-year increase of 13.87%. The growth enterprise market and the growth enterprise market accounted for 92.56% and 27.56% respectively. In addition, the scale of refinancing business reached 957593 billion yuan, a year-on-year increase of 8.10%, and the scale of bond financing was 15.23 trillion yuan, a year-on-year increase of 12.53%.
The transformation of wealth management in brokerage business is still dominated by the seller model. In terms of wealth management business, in 2021, the net income from the sales of financial products on behalf of the securities industry was 20.69 billion yuan, a year-on-year increase of 53.96%, and the net income from investment consulting business was 5.457 billion yuan, a year-on-year increase of 13.61%. The two accounted for 13.39% and 3.53% of brokerage business respectively. The business income from selling financial products on a commission basis has achieved high growth for two consecutive years, and its proportion in the brokerage business has increased by 3.02 PCT. On the other hand, the proportion of investment consulting business income grew slowly, and its proportion in brokerage business income decreased by 0.12pct.
The active management transformation of asset management business has achieved remarkable results. The net income from asset management business was 31.786 billion yuan, a year-on-year increase of 6.10%. The overall scale of asset management business reached 10.88 trillion yuan, a year-on-year increase of 3.53%, of which the scale of collective asset management was 3.28 trillion yuan, a year-on-year increase of 112.52%.
From the perspective of the overall performance of the industry, on the one hand, the transformation of wealth management will continue to promote and become an important growth point of the performance of securities companies. The proportion of active management business scale of asset management is expected to further increase. On the other hand, the contribution of the two boards to the investment banking business of securities companies has deepened. The establishment of the Beijing stock exchange will further help securities companies provide direct financing services to small and medium-sized enterprises. It is expected that the implementation of the comprehensive registration system will promote the steady growth of the performance of investment banking business.
Insurance: the insurance sector fell 5.50% this week, underperforming Shanghai and Shenzhen Suzhou Slac Precision Equipment Co.Ltd(300382) pct, underperforming Shanghai Composite Index by 4.37pct, Ping An Insurance (Group) Company Of China Ltd(601318) , The People'S Insurance Company (Group) Of China Limited(601319) , New China Life Insurance Company Ltd(601336) , China Pacific Insurance (Group) Co.Ltd(601601) 601 and China Life Insurance Company Limited(601628) share prices by - 5.69%, - 3.12%, - 3.89%, - 5.00% and - 5.30% respectively. The overall performance is not good, and it will take some time for investor confidence to recover.
On February 21, the China Banking and Insurance Regulatory Commission issued the notice on expanding the pilot scope of exclusive commercial old-age insurance, expanding the pilot area of exclusive commercial old-age insurance to the whole country, and allowing old-age insurance companies to participate in the pilot. The premium of commercial endowment insurance is expected to increase significantly this year, and the market vitality will be further improved. In recent years, the state has actively promoted the construction of the third pillar of endowment insurance, which will enhance the repair ability of the insurance liability end to a certain extent and benefit the head insurance enterprises with advantages in endowment products and services.
On the insurance investment side, real estate has been further relaxed. Last week, Heze, Shandong adjusted the down payment ratio of "no house, no loan" buyers to 20%. At present, more than 10 cities have followed up and reduced the down payment ratio of provident fund or commercial loan. Since this year, the policy level has loosened the previous strong regulation for many times, which means that the marginal future of the real estate market may be further improved, The investment side risk of the insurance sector will also be further mitigated.
From the premium data in January, the overall pressure state of life insurance remained unchanged due to the Early Spring Festival holiday, sporadic disturbance of the epidemic and the decline of the scale of agents. For property insurance, the base number in 2021 is low, the data is better, the market concentration is improved, and the products and services are standardized and optimized. The bottoming stage of the insurance sector is not over yet, and the inflection point needs to wait.
Risk tips: strengthened supervision, intensified external market risks, market fluctuations and repeated epidemics
