Securities: in the last week of 2021, the average daily turnover of the market decreased by another 80 billion to 1.01 trillion month on month, with prominent effect at the end of the year, with an annual average daily turnover of 1058.7 billion yuan, a year-on-year increase of 24.8%; The two financing balances (December 30) remained stable at 1.84 trillion, which has remained stable since October, an increase of 221.8 billion over the end of 2020, including 1.72 trillion financing balance, an increase of 239.3 billion over the end of 2020, and 119.4 billion securities lending balance, a decrease of 17.5 billion over the end of 2020. Over the weekend, chairman Yi of the CSRC said that he would put “stabilizing growth, preventing risks and promoting reform” in a more prominent position in economic work in 2022, and continue to promote core reform measures such as comprehensive registration system, interconnection of domestic and foreign capital markets and high-quality service to the real economy on the basis of maintaining the stable operation of the market. At the same time, we will continue to strengthen market supervision and intermediary supervision, strictly control the entrance of the capital market and further improve the market operating environment. On January 1, 2022, China Securities Regulatory Commission issued the provisions on the implementation of the commitment system of parties involved in Securities and futures administrative law enforcement, which is a measure to protect the rights and interests of investors and improve the afterwards compensation mechanism. We believe that in 2022, under the expectation of the comprehensive registration system, many favorable policies can be expected. With the superposition of the continuous improvement of the attraction of China’s capital market and the expansion of the market cake, it is expected that the prosperity of the securities industry will remain high, and the business cycle is expected to be significantly prolonged and reflect a certain growth. Among them, the head securities companies take the lead in benefiting from their investment banking and overseas layout advantages, the incremental space of the whole business chain can be expected, and the business structure will be further aligned with overseas investment banks.
Insurance: in terms of main business, the premiums of life insurance companies show great differences due to different starting strategies and starting time points, and the occurrence time of industry inflection point remains to be observed. In the medium term, the potential epidemic has repeatedly brought great uncertainty to the life insurance industry, the change of residents’ consumption concept and consumption structure may last longer, and the lengthening of the investment cycle of the insurance subject matter is a high probability event. At present, it is still difficult for insurance companies to recruit agents, and the loss rate of non core agents remains high. The sales of long-term guaranteed products encountered a bottleneck, and insurance companies generally reduced their overall expectation of a good start in 22 years. At the good start stage, long-term savings products are still the mainstream, the sales difficulty is relatively small, and the sales period may be moderately prolonged. Due to the diversified product design portfolio and the increase of margin of some main products, it is not appropriate to be overly pessimistic about the value growth of new business in the good start stage.
Sector performance: during the five trading days from December 27 to December 31, the non bank sector rose by 1.28% as a whole. According to the industry classification standard of Shenwan, the non bank ranked 19 / 31 of all industries; Among them, the securities sector rose 1.54% and the insurance sector rose 0.88%, both outperforming the Shanghai and Shenzhen 300 index (0.39%). In terms of individual stocks, the top five gainers of securities companies were Hongta Securities Co.Ltd(601236) (6.05%), Gf Securities Co.Ltd(000776) (3.97%), Southwest Securities Co.Ltd(600369) (3.52%), Huatai Securities Co.Ltd(601688) (3.50%), Huaxin securities (3.36%), and the gainers and losers of insurance companies were Hubei Biocause Pharmaceutical Co.Ltd(000627) (1.85%), Ping An Insurance (Group) Company Of China Ltd(601318) (1.18%), New China Life Insurance Company Ltd(601336) (1.12%), The People’S Insurance Company (Group) Of China Limited(601319) (0.00%), China Life Insurance Company Limited(601628) (- 0.17%), China Pacific Insurance (Group) Co.Ltd(601601) (- 0.22%) and Xishui Strong Year Co.Ltd Inner Mongolia(600291) (- 12.64%).
Risk tips: macroeconomic downside risk, policy risk, market risk and liquidity risk.
