Zhou’s view: the growth of public offering holding scale in November exceeded expectations, and the main line of big wealth management continues to be recommended
The monetary policy committee of the central bank expressed a more positive attitude. The scale of public funds increased more than expected in November, and continued to recommend the main line of big wealth management of securities companies. The subsequent loose liquidity, personal pension system and AUM data are expected to become the main line.
Securities companies: the monetary policy committee of the central bank made a more positive statement, and the scale growth of public funds in November exceeded expectations
(1) The fourth quarter regular meeting of the monetary policy committee of the central bank was held on December 24. It was first mentioned that “give full play to the dual functions of the total amount and structure of monetary policy tools, and be more active and promising”. The expression was more positive, and the subsequent loose liquidity is expected to continue. On December 24, the CSRC announced the administrative provisions of the State Council on overseas issuance and listing of securities by domestic enterprises (Draft for comments) , domestic enterprises, whether they are directly or indirectly listed overseas, or the second listing, dual listing, etc., should file with the CSRC. At the same time, the industry competent department is required to issue supervision opinions. The supervision of overseas listing of domestic enterprises is obviously stricter. In the medium and short term, the overseas listing process may be affected. In the long term, under the background of the registration system, the beneficial assets of Chinese securities companies will be listed back home. (2) On December 23, the China Foundation Association disclosed that the balance of partial shares (shares + mixed shares) in the whole market at the end of November was 8.47 trillion, a month on month increase of + 3.3%, and the growth rate exceeded our expectation by 1 percentage point, a year-on-year increase of + 32%; At the end of November, non goods held 15.46 trillion yuan, a month on month increase of + 5% and + 31% over the beginning of the year. On the whole, the yield of consumer stocks increased significantly in the fourth quarter, and the public offering maintained a good growth under the force of fixed income products. As of December 23, the partial stock fund index of the whole year rose by 4.1%, which was significantly convergent from 51.5% in 2020, and the core of growth was incremental funds. (3) The securities business sector is in the double boom cycle of macro liquidity and industrial policies. It is optimistic about the cross year market of the sector, continues to be the leader in the main line of large wealth management, and is optimistic about the securities companies with undervalued value. It is recommended that Gf Securities Co.Ltd(000776) , Orient Securities Company Limited(600958) , East Money Information Co.Ltd(300059) and Huatai Securities Co.Ltd(601688) , and the beneficiary targets are Citic Securities Company Limited(600030) , China International Capital Corporation Limited(601995) (H shares), China Industrial Securities Co.Ltd(601377) and China Greatwall Securities Co.Ltd(002939) .
Insurance: promote pension insurance companies to focus on the development of pension insurance, enterprise annuity and other businesses
(1) On December 20, Hebei banking and Insurance Regulatory Bureau issued the notice on further promoting the traceability management of life insurance sales , Shuanglu is required to expand to life insurance products with a term of more than one year. Previously, the upgraded version of Shuanglu has been gradually promoted in Jiangsu, Shanghai, Ningbo, Xiamen, Henan, Jiangxi and Shandong. It is expected that the subsequent upgraded version of Shuanglu will be promoted nationwide, or cause short-term pressure on the new order. Pay attention to the follow-up promotion progress. On December 24, the CBRC issued the notice on standardizing and promoting the development of pension insurance institutions to promote pension insurance companies to focus on the development of pension insurance Pension security management, enterprise (occupational) annuity and other businesses, support qualified pension insurance companies to participate in the pilot of exclusive commercial pension insurance, clean up the businesses with unclear pension characteristics, and pay attention to the role of follow-up insurance companies in the construction of the third pillar pension system. (2) the sector valuation hit the bottom, and recommend {601601601} and Ping An Insurance (Group) Company Of China Ltd(601318) with leading transformation and outstanding comprehensive competitive advantage , the beneficiary AIA.
Combination of beneficial objects
Securities Firms: Gf Securities Co.Ltd(000776) , Orient Securities Company Limited(600958) , East Money Information Co.Ltd(300059) , Citic Securities Company Limited(600030) , China International Capital Corporation Limited(601995) (H shares), China Industrial Securities Co.Ltd(601377) , China Greatwall Securities Co.Ltd(002939) , Huatai Securities Co.Ltd(601688) ;
Insurance: China Pacific Insurance (Group) Co.Ltd(601601) , Ping An Insurance (Group) Company Of China Ltd(601318) , AIA;
Diversified Finance: Jiangsu Financial Leasing Co.Ltd(600901) .
Risk tip: stock market fluctuations have an uncertain impact on securities companies and insurance profits; The growth of insurance liabilities is less than expected; The profit growth of wealth management and asset management of securities companies was lower than expected.
