According to Xinhua News Agency on December 30, Yi Huiman, chairman of the CSRC, said in an interview that since this year, we have systematically summarized and evaluated the experience of the pilot registration system of the science and innovation board and the gem, found and solved problems in time and responded to market concerns. The Beijing stock exchange was established and the pilot registration system was carried out simultaneously. Overall, the pilot has achieved the expected goal, and the conditions for the full implementation of the registration system have been gradually met. At present, we are stepping up the formulation of the reform plan of the whole market registration system, Solidly Promoting relevant preparations, and ensuring the smooth implementation of this major reform.
Galaxy Securities pointed out that the comprehensive registration system was accelerated, and the investment banking business significantly benefited from the release of institutional dividends. In November, the equity financing scale of the whole market was 259.298 billion yuan, a year-on-year increase of 54.57%; The IPO Financing scale was 39.568 billion yuan, a year-on-year increase of 35.47%. On December 8, 2021, the central economic work conference was held, requiring the full implementation of the stock issuance registration system. The full registration system has a high probability of landing in 2022, the allocation efficiency of capital market elements has been improved, and the IPO business space of securities companies has been further expanded.
Caixin Securities believes that the central economic work conference has set the tone to fully implement the registration system in 2022, and the reform of the whole market registration system can be implemented in 2022. In 2022, as a newly established stock exchange, Beijing stock exchange is expected to contribute incremental space to the investment banking business of securities companies. Under the registration system, investment banks play the role of value discoverer rather than the original channel role. Investment banking business will provide enterprises with full business chain and full life cycle business services, so as to create diversified income increment for investment banks, and there is a broad space for investment bank capitalization increment. Under the trend of institutionalization, the development prospect of Pb business and derivatives business of securities companies is optimistic.
In 2022, driven by loose liquidity, better market environment, stable operation of the Beijing stock exchange and the implementation of the reform of the whole market registration system, it is expected that the overall performance of the securities industry will be better in 2022. With the timely reduction of reserve requirements and the relaxation of monetary policy margin, the risk preference of investors will be improved and the valuation will be improved. However, the overall valuation of the securities industry is still at a historical low, in the last 11% since 2000, Caixin Securities believes that the securities market in 2022 can be expected. On the investment main line, it is suggested to pay attention to three main lines: high-quality head securities companies, prominent wealth management advantages and securities companies with top investment banking business. The key recommendations are Citic Securities Company Limited(600030) , East Money Information Co.Ltd(300059) , Huatai Securities Co.Ltd(601688) , Orient Securities Company Limited(600958) .
(Securities Times)
