Interpretation of important events this week:
This week, the market rebounded sharply, with the Shanghai stock index up 2.2%, the Shanghai and Shenzhen 300 index up 2.4% and the gem up 1.1%. Financial heavyweights performed better than the market as a whole, with the brokerage sector up 3.9% and the insurance sector up 3.0%. This week, due to repeated epidemics across the country, increased pressure to maintain steady growth, adjustment of purchase and sale restrictions in many cities, optimization of reasonable financing demand of real estate enterprises and other favorable policies, the overall market’s expectation of relaxing real estate policies continues to rise, which is expected to promote the gradual improvement of real estate credit risk. We believe that the marginal easing expectation of real estate policy will help alleviate the market’s concerns about the credit risk of trust and insurance, improve the quality of trust and insurance assets, and boost the valuation level of corresponding stocks, which should be paid special attention to. From the perspective of the regulatory environment, the trust company has received guidance from the regulatory window to control the concentration of real estate trust, which does not exceed 40% of the scale of active management trust. The supervision of trust financing channels of real estate enterprises has not been significantly relaxed. In addition, recently, the official website of China Banking and Insurance Regulatory Commission announced the list of 59 approved local AMCs and will usher in unified supervision. The disclosure of the list means that the licensed operation of local AMCs is increasingly standardized. In addition, the liquidation of some private real estate enterprises in China is expected to drive the volume growth and scale expansion of non-performing real estate stock business. Therefore, investors are recommended to focus on relevant diversified financial targets: Hainan Haide Capital Management Co.Ltd(000567) , Avic Industry-Finance Holdings Co.Ltd(600705) , Guangzhou Yuexiu Financial Holdings Group Co.Ltd(000987) , Jingwei Textile Machinery Company Limited(000666) .
Sub segment view:
(1) securities companies: the annual reports of securities companies have been disclosed one after another. The performance of leading securities companies has increased significantly, and big wealth management has become the main driver. Looking forward to the first quarterly report, the self operated performance may drag down the performance, and then suppress the market’s enthusiasm for continuous long. However, in view of the increased efforts to broaden credit and the marginal improvement of market liquidity, it is suggested that investors should pay attention to Citic Securities Company Limited(600030) , the leader of institutional business, the Citic Securities Company Limited(600030) , the Gf Securities Co.Ltd(000776) , the leader of wealth management.
(2) insurance sector: this week’s sector adjustment is fierce, and the valuation of large insurance companies is about 1 times Pb. Although the liability side is still under pressure, we believe that the central bank’s further credit easing efforts will be increased, and the credit side of real estate enterprises is expected to usher in marginal repair, which will promote the driving force of the rise of the share price of insurance companies. Therefore, we are optimistic about the current round of valuation level repair of leading insurance companies Ping An and CPIC in the short term.
(3) diversified financial sector: the real estate policy is expected to rise significantly, so the previous regulatory situation of real estate trust is expected to improve marginally, driving the improvement of the fundamentals of trust institutions. In addition, the liquidation of some private real estate enterprises in China is expected to drive the expansion of the scale of real estate non-performing stock business. Hainan Haide Capital Management Co.Ltd(000567) , Avic Industry-Finance Holdings Co.Ltd(600705) , Guangzhou Yuexiu Financial Holdings Group Co.Ltd(000987) , Jingwei Textile Machinery Company Limited(000666) .
