Last week’s market review of the securities sector: last week (2022.3.142022.3.20), the securities index did not follow the heavyweight index at the beginning of the week to a new low since the current round of adjustment. After the third week, there was a more obvious correction rebound trend, and the overall performance of the whole week was relatively strong. CITIC secondary industry index securities II rose 1.17% throughout the week, outperforming the Shanghai and Shenzhen 300 index by 2.11 percentage points; Compared with 30 CITIC primary industry indexes, it ranked second, up 22 places month on month. Last week, the rise and fall ratio of securities companies was significantly improved, but the absolute value of the rise and fall of most individual stocks was relatively convergent; Individual elastic securities companies continue to be concerned about the rebound of active funds in the market, and the increase is more obvious; After the performance of the head securities companies remained in the doldrums, they stopped the decline and showed a restorative rebound. Last week, the average p / b of the securities sector was 1.37 times the highest and 1.31 times the lowest. The highest and lowest were lower month on month. As of the closing on March 18, 2022, the average p / b of securities companies is 1.37 times.
Industry highlights: 1 The financial stability and Development Commission of the State Council held a special meeting to study the current economic situation and capital market issues. 2. After the special meeting of the Finance Committee of the State Council was held, the Party committee of the CSRC quickly held an expanded meeting to convey and study the spirit of the meeting and make research and deployment on the implementation. 3. Yi Huiman, Secretary of the Party committee and chairman of the CSRC, presided over the Party committee meeting, deeply studied and understood the spirit of Xi Jinping general secretary’s important speech during the two sessions and the spirit of the two sessions, and made arrangements for the implementation of the CSRC system.
Key announcements of listed securities companies: 1 Guotai Junan Securities Co.Ltd(601211) issue the announcement of the CSRC approving the transfer of the 15% equity of Hua’an fund held by Shanghai investment management to the company.
\u3000\u30002. Haitong Securities Company Limited(600837) , Zheshang Securities Co.Ltd(601878) , Huaxi Securities Co.Ltd(002926) issued the performance express of 2021.
\u3000\u30003. China Galaxy Securities Co.Ltd(601881) issuance of convertible bonds, Orient Securities Company Limited(600958) A-share allotment, China Industrial Securities Co.Ltd(601377) issuance of subordinated bonds, Sinolink Securities Co.Ltd(600109) non-public offering has been approved or approved by the CSRC.
\u3000\u30004. China Galaxy Securities Co.Ltd(601881) issue the announcement of shareholders’ reduction plan.
\u3000\u30005. Sinolink Securities Co.Ltd(600109) issue an announcement on the investigation of reception institutions.
\u3000\u30006. Gf Securities Co.Ltd(000776) , Caitong Securities Co.Ltd(601108) , Western Securities Co.Ltd(002673) , Dongxing Securities Corporation Limited(601198) , Guoyuan Securities Company Limited(000728) , Sinolink Securities Co.Ltd(600109) , Huaxi Securities Co.Ltd(002926) .
\u3000\u30007. Western Securities Co.Ltd(002673) issue the announcement of completing the public issuance of corporate bonds to professional investors.
Investment suggestion: in a short cycle, the securities sector is expected to continue to correct the market, but the overall trend of weak shock at the bottom of the market will still be maintained. It is expected that the strength of the stock market and the performance of the equity sector will mainly depend on the strength of the stock market and the overall performance of the equity sector, which is expected to rebound in turn.
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.
