Core view
The CSRC will improve the supervision system for overseas listing, and the direction of expanding the opening of the capital market will remain unchanged. The CSRC solicits public opinions on the administrative provisions and filing measures for overseas listing of domestic enterprises. The key contents include: 1) improving the supervision mechanism and uniformly implementing the filing management for overseas listing activities of domestic enterprises. 2) Strengthen regulatory coordination and establish a regulatory coordination mechanism for overseas listing of domestic enterprises. 3) Clarify legal responsibilities and increase the cost of violation of laws and regulations. 4) Enhance institutional inclusiveness. The new regulations have released the signal that China’s capital market adheres to opening to the outside world, and built a clearer, transparent and predictable institutional environment for overseas listing of enterprises.
Solicit opinions on the new rules and supporting rules for CDR listing and trading of Shanghai and Shenzhen stock exchanges, and continue to optimize the interconnection mechanism. Supporting business rules include the Interim Measures for the interconnection of domestic and foreign exchanges for CDR listing and trading, the guidelines for pre listing and verification business, cross-border conversion business and market making business. The supporting rules are clear. The suitability criteria for individual investors participating in China depositary business (CDR) are that the average daily assets in securities accounts and capital accounts reach 500000 yuan 20 trading days before the opening, allowing overseas issuers to prepare periodic reports in foreign currencies, etc. the optimization of interconnection and interworking depositary receipt mechanism will serve the institutional two-way opening of capital market more efficiently.
The Shanghai Shenzhen Hong Kong stock connect has rich target varieties, and the interconnection mechanism between the mainland and Hong Kong has been upgraded. Shanghai Shenzhen Hong Kong Stock Exchange and China Clearing reached a consensus on the overall scheme of integrating ETF into the interconnection subject and solicited public opinions. The inclusion of ETF into the interconnection target will make the spot ecological chain more complete, promote the mainland and Hong Kong markets to create a win-win situation, improve the investor structure and promote the healthy development of ETF market. The plan focuses on the rapid development of Shanghai Shenzhen Hong Kong stock connect, and the two-way opening level is expected to continue to improve in the future, and the pace of opening up the capital market to the outside world will continue to expand.
Standardize and promote the development of pension insurance institutions, reduce the businesses with unclear pension characteristics, and focus on the innovative development of the main pension industry. This week, the China Banking and Insurance Regulatory Commission issued a document to encourage pension insurance companies to develop commercial pension annuity insurance with high safety, strong security and meeting long-term or lifelong demand, and support qualified pension insurance institutions to carry out long-term personal pension security management business transformation and product innovation; At the same time, it is not obvious to clean up the business with pension characteristics. We believe that this policy will help to promote pension insurance institutions to further clarify their development orientation, deepen product and service innovation, and become an important force to promote the high-quality development of pension financial market. Large insurance enterprises are expected to play a further role in the construction of the third pillar.
Investment proposal and investment object
In terms of securities companies, double click on market liquidity and policy, continue to be optimistic about the cross year spring market of the sector, select high-quality targets with fundamentals, and maintain the optimistic rating of the industry. For the main line of public offering, Gf Securities Co.Ltd(000776) (000776, buy), China Industrial Securities Co.Ltd(601377) (601377, overweight), it is recommended to pay attention to China Greatwall Securities Co.Ltd(002939) (002939, not rated); Derivatives mainline recommends Citic Securities Company Limited(600030) (600030, overweight), and it is recommended to pay attention to China International Capital Corporation Limited(601995) (03908, not rated).
In terms of diversified finance, Hong Kong stocks recommend Far East Hongxin (03360, buy), a leader in financial leasing, and Hong Kong Stock Exchange (00388, overweight), a leader in global exchanges; U.S. stocks recommend BlackRock (BLK. N, overweight), a global asset management leader, and Noah wealth (Noah. N, buy), a third-party high net worth asset management leader. At the same time, it is recommended to pay attention to futu Holdings (futu. O, buy) and tiger securities (TIGR. O, buy), a high-growth Hong Kong and U.S. stock broker with increasingly prominent bottom layout opportunities.
In terms of insurance, the scale of the team has gradually bottomed out, the production capacity of the remaining team has been improved, and it is expected to start a good start gradually; The inflection point of property insurance has arrived, and we look forward to the synchronous improvement of premium and cor; The outlook of the equity market is optimistic, and the liberalization of the investment ceiling adds upward flexibility. We are optimistic about large insurance companies that actively promote reform and enhance production capacity with science and technology empowerment and cross sales, and maintain the optimistic rating of the industry. Follow up suggestions focus on Ping An Insurance (Group) Company Of China Ltd(601318) (601318, buy), China Pacific Insurance (Group) Co.Ltd(601601) (601601, not rated), AIA (01299, not rated).
Risk statement
The suppression of systemic risk on the performance and valuation of securities business; Stricter supervision than expected; The long-term interest rate is lower than expected; Related policy risks in diversified financial field.
