The central bank solicited opinions on the financial stability law in order to establish and improve the working mechanism of financial stability. On the evening of April 6, the central bank publicly solicited opinions on the financial stability law of the people’s Republic of China (Draft for comments). The “goal” of financial stability is to ensure that financial institutions, financial markets and financial infrastructure continue to play key functions, continuously improve the ability of the financial system to resist risks and serve the real economy, and prevent individual local risks from evolving into systemic and global risks, Hold the bottom line of no systemic financial risk.
Clarify the objectives, rights and responsibilities, and improve the financial stability system. The financial stability law issued by the central bank this time mainly includes improving the working mechanism of financial stability, compacting the responsibilities of all parties for financial risk prevention, resolution and disposal, establishing a disposal fund pool, establishing a financial stability guarantee fund, establishing a market-oriented and legalized risk disposal mechanism, and strengthening accountability for violations of laws and regulations. To sum up, the financial stability law summarizes the experience of dealing with financial risks at the 19th national congress, draws lessons from the mature legal system framework of dealing with financial risks abroad, and defines how to prevent, resolve and dispose of financial risks and how to investigate responsibilities, so as to ensure the sustainable and stable operation of the financial system and financial infrastructure.
As the core infrastructure, it facilities are in urgent need of self-control. As the forerunner and leader of informatization and digitization, the financial industry has long been ahead of the whole society and built a huge it system architecture. However, in the context of the current complex international situation, the autonomy and controllability of the underlying it system has become an urgent problem. In the “Russia Ukraine conflict”, Russia encountered a comprehensive blockade in the financial and it field, which is enough to warn: including kicking out the international financial settlement it facility swift, Oracle in SAP and other international IT giants to stop database business, apple to suspend business, etc. The IT system of China’s financial system was established earlier, mostly based on the basic software products and system solutions of overseas giants such as IBM and Oracle. Therefore, the realization of independent control of financial IT infrastructure is the premise of China’s financial stability.
Domestic digital base ushers in the golden age and pays attention to the financial IT industry chain under the trend of self-control. The financial stability law is expected to be issued, which defines two major trends. On the one hand, financial stability has been mentioned many times recently, with an unprecedented strategic height; On the other hand, it has risen to the legislative level, improved the system, clarified the rights and responsibilities, and effectively guaranteed the implementation. Back to fundamentals, under the guidance of policies, 22 years is expected to be the first year of financial innovation. Under the trend of self-control, the localization of financial it involves the whole computer industry chain, and all links are expected to benefit.
Investment suggestion: in the field of financial infrastructure, it is suggested to pay attention to the trend of localization of digital infrastructure led by Huawei. The core targets include Beijing Vastdata Technology Co.Ltd(603138) , Troy Information Technology Co.Ltd(300366) , Taiji Computer Corporation Limited(002368) , China National Software And Service Company Limited(600536) ; Digital China Group Co.Ltd(000034) and Talkweb Information System Co.Ltd(002261) ; It is suggested to pay attention to Beijing Tongtech Co.Ltd(300379) , Beijing Baolande Software Corporation(688058) , Primeton Information Technologies Inc(688118) ; In the field of financial encryption, it is suggested to pay attention to Beijing Infosec Technologies Co.Ltd(688201) , Jilin University Zhengyuan Information Technologies Co.Ltd(003029) , Westone Information Industry Inc(002268) , Beijing Certificate Authority Co.Ltd(300579) , Feitian Technologies Co.Ltd(300386) , etc; In the bank IT field, it is suggested to pay attention to Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , Global Infotech Co.Ltd(300465) , Tansun Technology Co.Ltd(300872) , Digital China Information Service Company Ltd(000555) , Northking Information Technology Co.Ltd(002987) , etc; .
Risk warning: the promotion rhythm of financial information innovation is lower than expected; The aggravation of the epidemic has hindered the implementation and delivery of enterprises; Increased cost due to intensified talent competition in IT industry
