Key points
Market review: from April 11 to April 15, 2022, the Shanghai Composite Index fell 1.2%, the Shenzhen Component Index fell 2.6%, the non bank financial index fell 0.7%, of which the insurance index fell 1.8%, the brokerage index rose 0.03%, the diversified financial index fell 3.0%, and the hang Seng financial industry index fell 2.1%. Since the beginning of 2022, the Shanghai Composite Index has fallen by 11.8%, the Shenzhen composite index has fallen by 21.6%, and the non bank financial index has fallen by 14.4%, 2.6pct behind the Shanghai Composite Index and 7.2pct ahead of the Shenzhen composite index. This week, the top five stocks in the sector rose: Minsheng Holdings Co.Ltd(000416) (7.27%), Hongta Securities Co.Ltd(601236) (6.56%), China Greatwall Securities Co.Ltd(002939) (5.22%), Nanjing Securities Co.Ltd(601990) (4.59%), China Securities Co.Ltd(601066) (3.98%).
Industry key data tracking: the average share based trading volume on Sunday was 990.1 billion yuan. As of April 14, the balance of margin trading and securities lending was 1639181 million yuan, accounting for 2.50% of the circulating market value of a shares. The trading volume of Liangrong accounts for 7.0% of the trading volume of a shares. As of April 15, the number of pledged shares was 415 billion, accounting for 5.17% of the total share capital, down 0.01pct from last week; The total amount of market pledge is 3541.7 billion yuan, accounting for 4.08% of the market value of pledge; Equity financing raised 57.6 billion yuan of capital and corporate bonds issued 36.3 billion yuan.
Major industry news: ① the CBRC and the State Information Office held a press conference to introduce the development of the bancassurance industry in the first quarter. In the first quarter, various financial policies continued to make steady efforts, various work started smoothly, and the overall effect was better than expected. From the statistical data, it mainly has the following characteristics: first, the banking and insurance industry operates smoothly and healthily. 2、 Remarkable results have been achieved in serving the real economy, mainly reflected in the “four sustainability”. 3、 The ability of bank and insurance institutions to resist risks has been steadily improved. 4、 Regulatory policies continue to work. 5、 The regulatory capacity has been continuously strengthened. At present, China is prone to epidemic diseases, the difficulties of market players have increased significantly, and the downward pressure on the economy continues to increase. However, the overall operation of China’s economy remains within a reasonable range, and the fundamentals of strong economic resilience and long-term improvement will not change.
② the CSRC issued the guidelines for the management of investor relations of listed companies. Main contents: first, further clarify the definition, scope of application and principles of investor relations management. The second is to further increase and enrich the contents and methods of investor relations management, and solidify the good practices in practice in recent years. Third, further clarify the organization and implementation of investor relations management of listed companies, and strengthen the constraints on listed companies. In the next step, the CSRC will urge listed companies to earnestly implement the measures proposed in the guidelines, strengthen effective communication between listed companies and investors, promote listed companies to improve governance, and effectively protect the legitimate rights and interests of investors, especially small and medium-sized investors.
Key issues for next week: stock based turnover in A-share market and marginal improvement of asset side of insurance shares.
Securities: this week, the CSRC and other three ministries and commissions jointly issued a notice on further supporting the healthy development of listed companies, with special emphasis on “promoting value return and stabilizing investor expectations”, which is conducive to the long-term stable operation of the capital market and the valuation repair of the securities sector. We believe that the current valuation of the securities sector deviates from the fundamentals, the valuation is at a historical low, and the repair of the undervalued financial sector under the main line of “steady growth” is still worth looking forward to. It is suggested to pay attention to two main lines: 1) for the leading securities companies with outstanding comprehensive strength and gradually increasing market share in the securities sector, Citic Securities Company Limited(600030) (a + H) is recommended; 2) In the era of wealth management, China stock market news, which has differentiated competitiveness in the field of Internet wealth management, and Gf Securities Co.Ltd(000776) , which benefits from the development of fund subsidiaries, are recommended.
Insurance: this week, listed insurance companies successively released the premium data of March. On the whole, the liability side of life insurance is still under pressure. Auto insurance is greatly affected by the epidemic, and the growth rate is lower than expected. The deregulation of real estate policy on the investment side promotes the valuation repair. It is recommended to recommend leading insurance companies with a valuation at the bottom of history and a high dividend yield in the next year. Specific suggestions on the subject matter are as follows:
China’s property insurance with significantly narrowed risk exposure and AIA, which is at the forefront of channel transformation, have long recommended Ping An Insurance (Group) Company Of China Ltd(601318) (a + H) and China Pacific Insurance (Group) Co.Ltd(601601) (a + H) with multi line layout of health and elderly care industry.
Investment suggestion: Insurance: recommend China property insurance, AIA, Ping An Insurance (Group) Company Of China Ltd(601318) (a + H), China Pacific Insurance (Group) Co.Ltd(601601) (a + H); Securities companies: recommend Citic Securities Company Limited(600030) (a + H), China stock market news, Gf Securities Co.Ltd(000776) .
Risk tip: the economic recovery is less than expected; The long-term interest rate is lower than expected
