Zhou's view: the market making pilot of science and innovation board is conducive to the use of watches by securities companies, and the main line of big wealth management will continue to be recommended
The pilot market making transaction on the scientific innovation board is conducive to the securities companies to give full play to their meter using ability, with little short-term impact; Since the beginning of the year, the gem index has fallen by 6.8%. With regard to the impact of the cold of new fund issuance on the logic of the main line of big wealth management, we believe that the actual new fund issuance data in January remains to be observed. At the same time, the new fund issuance has little impact on the growth of non commodity ownership scale. At present, the valuation of the leading targets of the main line of big wealth management is in a safe position. Pay attention to the follow-up profit data and continue to recommend.
Securities companies: the pilot market making transaction on the science and innovation board is conducive to the securities companies to give play to their meter using ability. New fund issuance in January needs to be observed
(1) in terms of policy, on January 6, Yi Huiman, chairman of the CSRC, said that the conditions for the full implementation of the registration system have been gradually met, and the progress of the full registration system may exceed expectations; In January and July, the CSRC solicited opinions on the pilot market making transactions of the science and innovation board. The introduction of market making transactions is conducive to increasing market activity. The access threshold for securities companies is relatively loose. They can use their own stocks and stocks borrowed from China Securities Fund as the source of market making securities. The market making income mainly depends on the bid ask spread. In 2020, the market making business income of Goldman Sachs accounted for 35% of the company's net revenue, of which equity assets contributed 42% of the market making income. The liberalization of the market making business of the Kechuang board is expected to improve the table use ability of securities companies and the use efficiency of the original equity asset position. Through coordination with Liangrong, derivatives and other businesses, or obtain more stable spread income, the short-term profit contribution of this business is expected to be small (see the main text for details). (2) On the first three trading days of January, 11 equity + mixed funds were established, with an issuance share of 6.8 billion and an average scale of 620 million per product, which is at a historically low level. At present, the establishment data reflects the issuance in December, and the new issuance of the fund in January needs to be confirmed by the subsequent issuance data. (3) The securities business sector is in the double boom cycle of macro liquidity and industrial policies. It continues to be optimistic about the market of the sector, the first leader in the main line of large wealth management, and the head securities companies with undervalued value. Recommend China stock market news, Gf Securities Co.Ltd(000776) , Orient Securities Company Limited(600958) and Huatai Securities Co.Ltd(601688) , and benefit from Citic Securities Company Limited(600030) , China International Capital Corporation Limited(601995) (H shares), China Industrial Securities Co.Ltd(601377) and China Greatwall Securities Co.Ltd(002939) .
Insurance: it is expected to have a weak start, the sector has defensive attributes, and pay attention to the credit improvement trend
(1) Sina Finance and economics reported that on December 31, 2021, the cbcirc issued a notice on matters related to the rectification of bank agency insurance business, which mentioned that "if bank insurance concurrent agents sell life insurance products through Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integration, they can explore the implementation of remote synchronous audio and video recording", Follow up double entry requirements for online sales of Bancassurance channels still need attention. In January 4, 2022, Shanghai WeChat insurance official account disclosed half of its claims. As of December 31, 2021 (the product came into effect in July 1, 2021), the cumulative compensation was over 378 million yuan. According to the 7 million 390 thousand person insured calculation, the total premium was close to 850 million yuan, and the compensation rate of Shanghai Hui Bao reached 88.96% or the probability of subsequent premium or threshold increased. (2) We expect a good start in January and weak premium growth. Insurance stocks show some excess returns this week. Some institutions may improve their trading credit and raise interest rates. The yield of ten-year Treasury bonds has rebounded recently. The valuation and expectation of the insurance sector are at a historical low. At present, it has defensive attributes. It is recommended to China Pacific Insurance (Group) Co.Ltd(601601) and Ping An Insurance (Group) Company Of China Ltd(601318) with leading transformation and outstanding comprehensive competitive advantage, AIA, the beneficiary.
Combination of beneficial objects
Brokers: China stock market news, Gf Securities Co.Ltd(000776) , Orient Securities Company Limited(600958) , Citic Securities Company Limited(600030) , China International Capital Corporation Limited(601995) (H shares), China Industrial Securities Co.Ltd(601377) ,
\u3000\u3000 China Greatwall Securities Co.Ltd(002939) ， Huatai Securities Co.Ltd(601688) ；
Insurance: China Pacific Insurance (Group) Co.Ltd(601601) , Ping An Insurance (Group) Company Of China Ltd(601318) , AIA;
Diversified Finance: Jiangsu Financial Leasing Co.Ltd(600901) .
Risk tip: stock market fluctuations have an uncertain impact on securities companies and insurance profits; The growth of insurance liabilities is less than expected; The profit growth of wealth management and asset management of securities companies was lower than expected.
