Securities: affected by the closure of northbound trading on Thursday and Friday, the average daily turnover of the market this week decreased by 30 billion to 0.91 trillion month on month; The balance of the two financial institutions (4.14) continued to fall to 1.64 trillion. At the weekend, the 25bp RRR reduction was implemented as scheduled, releasing about 530 billion yuan of long-term funds. The RRR reduction is directly beneficial to the securities sector, but the range is lower than the market expectation, and the degree of catalysis may be relatively limited. According to the data of China securities registration, the number of new investors in March reached 2.302 million, a year-on-year decrease of 7.08% and a significant increase of 62.73% month on month. However, we can see that the year-on-year declines in the first three months were 36.77%, 12.10% and 7.08% respectively, showing a trend of narrowing month by month. In the case of poor market, the stabilization of the scale of new investors may boost market confidence and benefit the market and sector.
At the policy level, the CSRC issued the guidelines on investor relations management of listed companies, clarifying the definition, principles, organization and implementation of investor relations management. It is an important auxiliary rule of the new securities law, which will promote the development of credit approval of listed companies to be more professional, transparent and compliant, and help improve investor education and rights and interests protection. We believe that with the continuous improvement of the credit approval mode of listed companies, the risk of information asymmetry between listed companies and investors is expected to be gradually resolved, which will optimize the operation mode of the capital market, promote all kinds of investors to actively participate in the construction of the capital market, attract medium and long-term investment funds into the market, and provide more business opportunities for the securities industry. On the whole, with the continuous promotion of capital market reform, the position of the securities industry in the financial system is expected to continue to improve, and there is a large room for improvement in operating performance and even valuation level. After a long period of adjustment, the valuation level of the core value target of the sector has dropped to a reasonably low level, and the investment value of the relevant target is prominent.
Insurance: except for China Taiping, listed insurance companies have disclosed the premium data in March. In terms of life insurance, the monthly performance of life insurance continues to differentiate and the sustainability of improvement is not obvious temporarily due to the impact of the good start strategy and the characteristics of main products; In terms of property insurance, the substantial increase of non vehicle businesses such as credit guarantee insurance has driven the sustained and rapid growth of property insurance business, and the overall performance is still stronger than that of life insurance. The recent frequent outbreaks in China have put great pressure on the development of life insurance agents. The growth rate of premiums in some key cities has declined rapidly, and agents continue to reduce staff. It is expected that the life insurance situation in April is still not optimistic. In addition, we can see that in recent years, AIA life and Internet insurance companies have become two forces that can not be ignored in China’s insurance market, and the impact on the market competition pattern is long-term and huge. Due to the different business and regional development focus, the audience of main products is divided, and the problems and reform pain points faced by each Chinese insurance enterprise are also slightly different. In the future, the attempts of insurance companies to find market segmentation positioning, differentiated product strategy, accurate customer portrait and financial technology empowerment will accelerate market reconstruction. The layout of the industrial chain will become an opportunity for overtaking. We believe that the valuations of major listed insurance companies are at a low level in recent years. In the future, market value management and increasing the proportion of dividends and dividends are expected to boost market confidence and help repair valuations. From the dividend rate of listed insurance companies in 2021, the overall dividend rate has reached a high level in recent years and is higher than the interest rate of important term treasury bonds, and the investment value is expected to gradually appear.
Sector performance: during the five trading days from April 11 to April 15, the non bank sector fell by 0.72% as a whole. According to the industry classification standard of Shenwan, the non bank ranked 10 / 31 of all industries; Among them, the securities sector rose 0.03%, outperforming the CSI 300 index (- 0.99%), and the insurance sector fell 1.83%, outperforming the CSI 300 index. In terms of stocks, the top five gainers for brokers are the 601 Hongta Securities Co.Ltd(601236) \ (- 1.51%), Hubei Biocause Pharmaceutical Co.Ltd(000627) (- 1.86%), Ping An Insurance (Group) Company Of China Ltd(601318) (- 1.91%), China Pacific Insurance (Group) Co.Ltd(601601) 601 (- 2.09%) St West Water (- 22.73%).
Risk tips: macroeconomic downside risk, policy risk, market risk and liquidity risk.
