From February 28 to March 4, securities companies continued to adjust, but the continuous and orderly promotion of capital market reform policies and the continuous growth trend of residents' wealth management demand remained unchanged. Therefore, they continued to be optimistic about the growth of the securities industry, and the decline of this valuation is expected to bring layout opportunities. Continue to recommend stocks with excellent fundamentals among leading and financial management characteristic securities companies, with emphasis on Citic Securities Company Limited(600030) , Huatai Securities Co.Ltd(601688) , China Industrial Securities Co.Ltd(601377) , Orient Securities Company Limited(600958) , China stock market news.
Industry perspective
The deepening reform of the capital market continued to advance, the undervalued value was more firm, and more securities companies were preferred. The 2022 government work report takes steady growth as the keynote of 2022, proposes to strengthen the implementation of prudent monetary policy, adhere to the supply side structural reform as the main line, strengthen financial support for the real economy, and establish a stable macro liquidity environment. The registration system reform is also expected to speed up the implementation this year, which is good for the securities business in many aspects. The report first mentioned the establishment of a financial stability guarantee fund to improve the risk prevention ability of the financial market and help reduce the volatility of market prices. In addition, listed companies on the Beijing stock exchange have introduced the board transfer system to the Shanghai and Shenzhen stock exchanges, and continue to expand and improve the direct financing channels of enterprises. With the continuous pace of favorable policies, securities companies still face broad development space. Under the undervalued value caused by changes in the external environment, they are more determined to look at the future trend of securities companies. If the overseas situation eases and the market valuation repair drives the trading activity again, it is expected to help the valuation repair of the sector.
In combination with favorable policies, performance differentiation and long-term growth drivers, continue to recommend the trademarks of leading and financial management characteristic bonds:
1) the reform of the registration system is imminent, the supporting board transfer system is being supplemented, and the delisting system is expected to be gradually improved, so as to improve the marketization level of the capital market and bring more opportunities to the head investment banks with strong comprehensive ability and their direct investment and follow-up business. Market fluctuations will lead to significant differentiation of investment business, and the trading mode of head securities companies is expected to bring more stable performance.
2) although market fluctuations may lead to a temporary decline in the scale of public fund management business and consignment business in the wealth management industry chain, residents' wealth continues to accumulate, the policy of "housing without speculation" is unswerving, and the growth trend of wealth management demand for maintaining and increasing residents' wealth remains unchanged, which can still bring long-term growth contributions to securities companies.
Key recommendation
\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 030 Huatai Securities Co.Ltd(601688) China Industrial Securities Co.Ltd(601377) Orient Securities Company Limited(600958) 、 China Stock Market News
One week data
Market: from February 28 to March 4, CSI 300 fell 1.68%, gem index fell 3.75%, securities industry fell 1.23%, insurance industry fell 2.05%, and Internet Finance fell 1.99%.
Brokerage: from 2 / 28 to 3 / 4, the average daily turnover of market stock base was 5205.1 billion yuan, down 8.82% month on month; The average daily turnover rate was 2.95%.
Credit: the balance of two financial institutions was 1.73 trillion yuan (as of March 3, 2022), an increase of 0.29% over last week.
Underwriting: 2 / 28-3 / 4, the amount of stock underwriting was 18.2 billion yuan, the amount of bond underwriting was 64.7 billion yuan, and 8 IPOs were approved by the CSRC.
Risk tips
The impact of policy introduction, international environment, epidemic development and market fluctuations on the industry exceeded expectations.
