The undervalued value of the sector has the defensive attribute. It is preferred to have reversal elasticity or high view. The leader of individual stock institutions is expected to continue the high boom. The current valuation is still in the bottom area, and it is recommended to configure on the left. 1) The main policy line of deepening the reform of the capital market is still the core driving force driving the medium and long-term profit center of securities companies upward. With the superposition of the gradual recovery of the credit environment and market heat, the sector valuation returns to a lower range. It is suggested to pay attention to high-quality head securities companies whose profitability and valuation deviate from each other; 2) Individual stocks recommend Citic Securities Company Limited(600030) , Huatai Securities Co.Ltd(601688) and China stock market news.
The opening of the national endowment insurance company has been approved, and attention has been paid to the repair opportunities of the insurance asset side in the near future. 1) The national endowment insurance company has obtained the approval for opening. It is expected that the construction of the third pillar will continue to be promoted during the year, mainly focusing on the strength of tax preferential policies; 2) Asset side: from the perspective of recovery, the asset side is the main driver of valuation repair. We are optimistic about the valuation repair opportunities brought by the improvement of peripheral sentiment and further easing of policies; 3) Liability side: the growth of life insurance is still under pressure. Considering the increasing uncertainty of the epidemic, it is expected that it will be difficult to have an inflection point in the first half of the year, and continue to pay attention to supply side innovation in the medium and long term; 4) At present, the PEV of the industry is only 0.39-0.77 times, which is at the bottom of history. From the perspective of one-year dimension, it is likely to obtain absolute and relative returns. China Life Insurance Company Limited(601628) and Ping An Insurance (Group) Company Of China Ltd(601318) .
The short-term expansion of the leasing industry has slowed down, and high-quality leasing companies continue to be optimistic in the medium and long term. The market share of head leasing enterprises expanded steadily in the strong supervision cycle, and the growth slowed down due to the influence of supervision in the short term. They are optimistic about the growth of characteristic leasing enterprises in the transformation cycle, and recommend Jiangsu Financial Leasing Co.Ltd(600901) .
Core data tracking
Securities companies: the overall equity market fluctuated this week, with the Shanghai Shenzhen 300 chain link ratio of – 2.1%, the average daily transaction chain link ratio of – 13.0%, and the two financial balances chain link ratio of – 0.1%. The net outflow of Shanghai Hong Kong stock connect was 6.372 billion and that of Shenzhen Hong Kong stock connect was 6.407 billion.
Insurance: the monthly premium growth rate of some listed insurance companies improved month on month in February; The yield of the five-year Treasury note was + 0.04bp to 2.58%.
Industry News & Announcements of key companies
News: the CBRC said that the national endowment insurance company will participate in the construction of the third pillar endowment insurance.
Announcement: Shanghai Aj Group Co.Ltd(600643) intends to acquire 10% equity of Huagui life.
Risk tips
1. The process of market institutionalization has slowed down;
2. The process of capital market reform has slowed down.
