Last week’s market review of the securities sector: last week (2022.3.7-2022.3.13), the securities index continued to decline weakly, the decline expanded rapidly in the middle of the week, and there was a significant correction on Wednesday and Friday afternoon. However, the closing of the whole week was still the largest weekly decline since the current round of adjustment, and a long downward lead line was set aside on the weekly line. CITIC’s secondary industry index securities II fell 5.40% throughout the week, losing 1.18 percentage points to the Shanghai and Shenzhen 300 index; Compared with 30 CITIC primary industry indexes, it ranked 24th, down 6 places month on month. Last week, the brokerage sector continued to fall in an all-round way, most stocks fell significantly, and the synchronous index showed a long downward lead, and the overall performance continued to be weak; However, the gap between rise and fall has widened significantly, and the structural market has strengthened. Last week, the average p / b of securities companies was 1.41 times the highest and 1.33 times the lowest. The highest and lowest were lower month on month. As of the closing on March 11, 2022, the average p / b of securities companies is 1.35 times.
Industry highlights: 1 The CSRC solicited opinions from the public on the provisions on the priority of the property of securities violators to bear civil liability for compensation (Draft). 2. The CSRC answered a reporter’s question on the five listed companies in the United States identified by the securities and Exchange Commission (SEC) as “relevant issuers” with delisting risk in accordance with the foreign company Accountability Act.
Key announcements of listed securities companies: 1 China International Capital Corporation Limited(601995) issue the announcement of lifting the ban on restricted shares and the voluntary announcement of recent operation Orient Securities Company Limited(600958) issue a voluntary announcement on the recent operation.
\u3000\u30002. Gf Securities Co.Ltd(000776) release the announcement of wholly-owned subsidiaries participating in the new energy industry fund.
\u3000\u30003. China Galaxy Securities Co.Ltd(601881) issued convertible bonds and Orient Securities Company Limited(600958) issued A-share allotment, which was approved by the CSRC.
\u3000\u30004. Everbright Securities Company Limited(601788) , Zhongtai Securities Co.Ltd(600918) , Changjiang Securities Company Limited(000783) issued the performance express of 2021.
\u3000\u30005. Guosen Securities Co.Ltd(002736) issue an announcement on the expiration and implementation of the shareholder reduction plan.
\u3000\u30006. Soochow Securities Co.Ltd(601555) issued an announcement on the initial sale of 2019 repurchased shares and related progress.
\u3000\u30007. Tianfeng Securities Co.Ltd(601162) issue the announcement on the progress of repurchase of A-Shares of the company through centralized bidding transaction.
\u3000\u30008. China Greatwall Securities Co.Ltd(002939) release the record form of investor relations activities.
\u3000\u30009. Issuance of short-term financing bonds Shenwan Hongyuan Group Co.Ltd(000166) announce the completion of issuing corporate bonds to professional investors.
Investment suggestion: in a short cycle, the brokerage index has been in an oversold state. First observe whether it can effectively stop the decline. If the decline can be effectively stopped, the securities sector is expected to have a restorative market, but the overall trend of weak shock consolidation will remain. It is expected that the brokerage sector will still focus on the structural market, and the scope and strength depend on the overall performance of the sector.
Risk tips: 1 The short-term growth rate is too fast and the growth rate is too large, resulting in the rapid adjustment of securities companies; 2. The weakening of the secondary market of equity and fixed income leads to the failure of continuous improvement of various businesses in the securities industry; 3. The progress and strength of comprehensively deepening the reform of the capital market are less than expected.
