The policy environment is good. There is no need to be overly pessimistic about the profit expectation. The low valuation of the sector has a high cost performance. The policy environment is the core of the landscape of securities companies. It is suggested to seize the opportunity when the valuation returns to the low range. 1) At present, the main policy line of deepening the reform of the capital market is still the core driving force driving the medium and long-term profit center of securities companies upward. With the superposition of the gradual recovery of the credit environment and market heat, the sector valuation returns to a lower range. It is suggested to pay attention to high-quality head securities companies whose profitability and valuation deviate from each other; 2) Individual stocks recommend China stock market news, Citic Securities Company Limited(600030) and Huatai Securities Co.Ltd(601688) .
The insurance valuation returns to the bottom range and pays attention to the repair process of the asset liability side. 1) Asset side: the easing of credit environment and real estate policy is conducive to the continuous improvement of asset quality in the insurance industry, driving the rebound of sector valuation; 2) Debt side: considering the base effect and the reform process of products and channels, it is expected that it will still be under pressure in the short term, and continue to pay attention to supply side innovation in the medium and long term; 3) After last week’s adjustment, the PEV of the industry is only 0.43-0.79 times, and the valuation percentage is within 5%. In the near future, it is recommended to continue to pay attention to the valuation repair of the sector, and recommend China Pacific Insurance (Group) Co.Ltd(601601) 601 and Ping An Insurance (Group) Company Of China Ltd(601318) .
The short-term expansion of the leasing industry has slowed down, and high-quality leasing companies continue to be optimistic in the medium and long term. The market share of head leasing enterprises expanded steadily in the strong supervision cycle, and the growth slowed down due to the influence of supervision in the short term. They are optimistic about the growth of characteristic leasing enterprises in the transformation cycle, and recommend Jiangsu Financial Leasing Co.Ltd(600901) .
Core data tracking
Securities companies: the overall equity market fluctuated this week, with the Shanghai Shenzhen 300 chain link ratio of – 1.7%, the average daily transaction chain link ratio of + 25.8%, and the two financial balance chain link ratio of + 0.3%. The net outflow of Shanghai Hong Kong stock connect was 5.269 billion and Shenzhen Hong Kong stock connect was 1.144 billion.
Insurance: the monthly premium of listed insurance companies in January is under pressure; The Treasury bond yields 0.025% to 0.025%.
Industry News & Announcements of key companies
News: the CBRC issued a notice on expanding the pilot scope of exclusive commercial endowment insurance.
Announcement: Orient Securities Company Limited(600958) approved H-share allotment of no more than 308 million shares Tianfeng Securities Co.Ltd(601162) shareholder contemporary group plans to reduce 1.71% of the company’s shares.
Risk tips
1. The process of market institutionalization has slowed down;
2. The process of capital market reform has slowed down.
