Core view
The representatives of the two sessions submitted suggestions on the development of the capital market, and the A-share market system and trading system are expected to be continuously improved. Representatives of the NPC and CPPCC National Committees submitted many high-quality suggestions on capital market reform. 1) Reasonably define the responsibilities of securities issuance intermediaries, improve the quality of information disclosure in the capital market, so as to protect the legitimate rights and interests of investors and promote the steady development of the capital market; 2) Optimize the stock issuance pricing system, expand the inquiry objects, introduce more professional institutions and senior individual investors to participate in the pricing of new shares, and further highlight the information mining and value discovery functions of the inquiry system; 3) Lowering the investment threshold of the sci-tech innovation board and keeping up with the gem will not only facilitate the active trading of the sci-tech innovation board market, but also facilitate the balanced development of the main board, the gem and the sci-tech innovation board. Under the background of the comprehensive registration system reform, the A-share multi-level capital market system and trading system are expected to continue to develop and improve, and better meet the diversified investment needs of investors while improving the function and effectiveness of market value discovery.
Representatives of the two sessions actively made suggestions and suggestions on the reform of the North stock exchange, and the reform of the North stock exchange is expected to enter the fast lane. During the two sessions, representatives and members submitted many suggestions and proposals on the reform of the Beijing stock exchange. 1) It is suggested to establish the rules and regulations system for the issuance and trading of corporate credit bonds of the Beijing stock exchange and the new third board, and launch corporate bond products in time in the Beijing stock exchange and the new third board; 2) It is suggested to further improve the ability of Beijing stock exchange to serve innovative small and medium-sized enterprises from four aspects: optimizing the subscription mode, introducing incremental funds, innovating the transaction mechanism and clarifying the legal status of public companies; 3) It is suggested that the Beijing stock exchange speed up the introduction of market makers, implement the mixed trading system, enhance the market trading function, improve the market liquidity, open up the institutional linkage with the new third board market, and provide a characteristic trading system for the full cycle development of small and medium-sized enterprises; 4) It is suggested to try out the “t + 0” trading system in the Beijing stock exchange, which will help prevent the market risk of the Beijing stock exchange, stabilize the market operation and promote the market development of the Beijing stock exchange. The reform of the Beijing stock exchange is undoubtedly the key area of this year’s capital market reform. The suggestions put forward by the two sessions have pointed out the direction for the reform to a certain extent and help promote the Beijing stock exchange to truly become an important pole of the A-share market.
The margin of life insurance improved in February, and the certainty of auto insurance growth was further consolidated. 1) In terms of the cumulative growth rate of life insurance business in the first two months, PICC (26.4%) Xinhua (5.2%) CPIC (2.3%) Guoshou (- 3.1%), of which the growth rate in a single month in February showed marginal improvement, and CPIC (14.9%) Xinhua (11.1%) PICC (5.7%) Guoshou (- 3.1%). We believe that the pressure on the high base caused by the switch between old and new serious diseases in January last year is gradually alleviating, Some insurance companies have achieved considerable monthly growth performance, and further attention needs to be paid to the promotion rhythm of new single business in the future; 2) The property insurance business maintained a growth trend in the first two months. In terms of cumulative growth performance, CPIC (15.7%) PICC (13.6%), but from the marginal point of view in February, CPIC (22.5%) PICC (13.4%), showing a stronger growth momentum. From the perspective of PICC Property Insurance sub business, auto insurance maintained a growth rate of about 15%, and the growth certainty was further consolidated.
Investment proposal and investment object
In terms of diversified finance, A-Shares recommend the leading lessee of aerial working platform (AWP) Zhejiang Huatie Emergency Equipment Science & Technology Co.Ltd(603300) ( Zhejiang Huatie Emergency Equipment Science & Technology Co.Ltd(603300) , buy); Hong Kong stocks recommend financial leasing leader Far East Hongxin (03360, buy), Asia Pacific Aircraft Leasing leader BOC aviation leasing (02588, overweight), Asia Pacific exchange leader Hong Kong Exchange (00388, overweight).
In terms of securities companies, favorable capital market policies and institutional innovation are still the main melody affecting the sector, which provides important support for the sector to a large extent and maintains the optimistic rating of the industry. In the current difficult market period, we should stick to the leader of undervalued value with clear main line and clear logic, and still advocate the main line of derivatives. We recommend Citic Securities Company Limited(600030) ( Citic Securities Company Limited(600030) , overweight), Huatai Securities Co.Ltd(601688) ( Huatai Securities Co.Ltd(601688) , overweight), and we suggest paying attention to China International Capital Corporation Limited(601995) (03908, Unrated).
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 through 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) ( Ping An Insurance (Group) Company Of China Ltd(601318) , buy), China Pacific Insurance (Group) Co.Ltd(601601) ( China Pacific Insurance (Group) Co.Ltd(601601) , not rated), AIA (01299, not rated).
Risk tips
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.
