The CSRC solicits public opinions on the relevant systems and rules of overseas listing, including the administrative provisions of the State Council on the overseas issuance and listing of securities by domestic enterprises (Draft for comments) (hereinafter referred to as the administrative provisions) and the administrative measures for the filing of overseas issuance and listing of securities by domestic enterprises (Draft for comments) (hereinafter referred to as the filing measures). The main contents of the management regulations are as follows: first, improve the supervision system. Second, strengthen regulatory coordination. Third, clarify the legal responsibility. Fourth, enhance institutional inclusiveness. The main contents of the filing measures: first, clarify the scope of application of filing management and relevant recognition standards. Second, clarify the filing subject and filing procedures. Third, clarify the reporting requirements for major events and strengthen the supervision during and after the event. Fourth, clarify the filing requirements of overseas securities companies. The direction of the state’s expansion of capital market opening to the outside world will not change, and the attitude of supporting enterprises to list abroad in accordance with laws and regulations and make good use of the two resources will not change. The purpose of standardization is to promote development.
The scale of public funds exceeded 25 trillion for the first time, focusing on holding high-quality public offering securities companies. According to China Fund News, by the end of November 2021, the total amount of public funds was 25.8 trillion, an increase of 27.3% over the beginning of the year, a record high. According to the data of the American Association of investment companies (ICI), by the end of the third quarter, China’s public funds had risen to the fourth place in the world, second only to the United States, Ireland and Luxembourg, and ranked first in the Asia Pacific region. Asset management business is a blue ocean field. Leading financial institutions in public fund business are in an advantageous position in market competition. It is suggested to pay attention to securities companies holding excellent public offerings.
The average daily turnover was 1.09 trillion yuan, and the securities sector lost the market. Last week, the Shenwan non bank index closed down 1.73% and the securities sector closed down 1.98%, 1.31 percentage points lower than the Shanghai and Shenzhen 300 index. The average daily turnover of the two cities exceeded trillion yuan for 46 consecutive trading days, with an average turnover of 1.09 trillion yuan last Sunday, down – 7% month on month.
Investment suggestions:
The differentiation of individual securities stocks is obvious, and securities companies with advantages in wealth management are favored. Since the beginning of the year, 6 stocks have closed up, and 31 stocks are not as good as the securities III index (- 5.67%); in terms of valuation, the Pb of the securities III index is 1.73x, and the valuation of 25 stocks is lower than the industry average. Gf Securities Co.Ltd(000776) , Orient Securities Company Limited(600958) , China Industrial Securities Co.Ltd(601377) have closed up 49.82%, 28.36% and 12.91% respectively since the beginning of the year, and the valuation of Pb is 1.75x, 1.75x and 1.62x respectively, which is close to the industry valuation.
In the medium and long term, it is recommended to pay attention to the head securities companies and high-quality securities companies in the wealth management track. In the medium and long term, the securities industry helps the efficient operation of the capital market and the overall situation of common prosperity. At present, the capital market is in the third great reform period. Taking the registration system as the “bull nose”, it is committed to improving the operation mechanism of the capital market, improving the operation efficiency, and giving full play to the resource allocation function of the capital market. It is suggested to pay attention to the head securities companies with “no short board” and “characteristics”, as well as the characteristic investment banks with differentiated advantages. On the other hand, the wealth management track is wide and long. It is recommended to pay attention to high-quality securities companies in the wealth management track. The layout of various financial formats in wealth management has just begun and is only in the beach grabbing stage, which is far from forming a fixed competition pattern. It is recommended to pay attention to securities companies with advantages in the sales end, platform end or product end of wealth management business.
Risk tips:
The secondary market fell sharply; The impact of the epidemic exceeded expectations; Capital market reform was less than expected
