main points
Market review: both Shanghai and Shenzhen stock markets fell this week. The Shanghai Composite Index fell 0.4%, the Shenzhen Component Index fell 1.1%, the non bank financial index fell 1.7%, of which the insurance index fell 1.2%, the brokerage index fell 2%, the diversified financial index fell 1.4%, and the Hang Seng financial industry index fell 0.1%. Since the beginning of the year, the Shanghai Composite Index has risen by 4.2%, the Shenzhen composite index has risen by 1.7%, and the non bank financial index has fallen by 18.6%, 22.8pct behind the Shanghai Composite Index and 20.2pct behind the Shenzhen composite index. From the perspective of individual stocks, the top five stocks in the sector this week: Rendong Holdings Co.Ltd(002647) (10.73%), Jilin Aodong Pharmaceutical Group Co.Ltd(000623) (3.76%), Jiangsu Guoxin Corp.Ltd(002608) (3.39%), Cnpc Capital Company Limited(000617) (2.98%), China Galaxy Securities Co.Ltd(601881) (2.96%).
Industry key data tracking: the average stock based trading volume on Sunday was RMB 1187.7 billion, down 6.10% month on month. As of December 23, the balance of margin trading and securities lending was 1841.6 billion yuan, down 0.45% month on month, accounting for 2.47% of the circulating market value of a shares. The trading volume of Liangrong accounts for 7.37% of the trading volume of a shares. The number of pledged shares this week was 425.9 billion, accounting for 5.39% of the total share capital, down 0.02 percentage points from last week; The total amount of market pledge was 4203.6 billion yuan, accounting for 4.29% of the market value, which was basically the same as last week. This week, equity financing raised 42.5 billion yuan and corporate bond issuance 35.5 billion yuan. As of December 24, there were 7415 collective financial products in the market renewal period, with a net asset value of RMB 15726 billion. Public funds: on December 23, China Foundation society announced the market data of public funds by the end of November 2021. The scale of the whole industry reached 25.32 trillion yuan, including 8.13 trillion yuan of stock + hybrid funds, accounting for 32% of the scale of public funds.
Major industry news: ① the CSRC issued the administrative provisions of the State Council on overseas securities issuance and listing of domestic enterprises (Draft for comments) (hereinafter referred to as the "administrative provisions") and the administrative measures for the filing of overseas securities issuance and listing of domestic enterprises (Draft for comments) (hereinafter referred to as the "Filing measures") The main contents are as follows: 1) improve the supervision system. The direct and indirect overseas listing activities of domestic enterprises shall be subject to unified filing management. 2) Strengthen regulatory coordination. 3) Clarify legal responsibilities. The main contents of the filing measures include clarifying the scope of application of filing management and relevant recognition standards, filing subjects and filing procedures, reporting requirements for major events, etc. ② The China Banking and Insurance Regulatory Commission recently issued the notice on standardizing and promoting the development of old-age insurance institutions. It puts forward requirements from five aspects: development orientation, business direction, risk isolation, rectifying the source and strengthening supervision, mainly including: first, pension insurance institutions should be positioned as professional pension financial institutions to further highlight the characteristics of pension; Second, clarify the main business direction; Third, strengthen risk isolation and establish an effective risk firewall between different types of businesses to prevent cross transmission of various risks.
Investment perspective:
Securities: the capital market has steadily promoted the registration system in an all-round way, which is conducive to the development of the securities industry. We believe that securities companies with high growth and low value have higher configuration cost performance. From the company level, leading securities companies and some securities companies with differentiated competitiveness are expected to obtain excess returns. It is suggested to pay attention to two main lines: 1) for the leading securities companies with outstanding comprehensive strength and obvious moat advantages in the securities industry, it is recommended to recommend Gf Securities Co.Ltd(000776) , Huatai Securities Co.Ltd(601688) (a + H); 2) for the securities companies with differentiated competitiveness in the subdivided tracks such as wealth management and institutional business, it is recommended to recommend East Money Information Co.Ltd(300059) .
Insurance: by the end of November, the total premium income of listed companies was 2.5 trillion yuan (yoy-0.21%), and the accumulated premium continued to be under pressure. Listed companies recommended China Property Insurance with significantly narrowed risk exposure and AIA, which is at the forefront of channel transformation, and long-term recommended Ping An Insurance (Group) Company Of China Ltd(601318) (a + H) and China Pacific Insurance (Group) Co.Ltd(601601) (a + H) with multi-line layout of health and elderly care industry.
Investment suggestions: Insurance: recommend China property insurance, AIA, Ping An Insurance (Group) Company Of China Ltd(601318) (a + H), China Pacific Insurance (Group) Co.Ltd(601601) (a + H); securities companies: recommend Gf Securities Co.Ltd(000776) , Huatai Securities Co.Ltd(601688) (a + H), East Money Information Co.Ltd(300059) .
Risk tip: the economic recovery is less than expected; The long-term interest rate was lower than expected.
