Key investment points:
(1) it is proposed to introduce the dynamic supervision mechanism into the CSRC: (1) it is proposed to solicit opinions from the CSRC. Access conditions such as “continuous net capital of no less than 10 billion yuan in the last 12 months” and “classified rating of above class A (inclusive) in the last three years” have been set. To enhance the liquidity of Kechuang board, it is recommended to pay attention to the head securities companies. (2) The board transfer system of Beijing stock exchange was officially implemented. When applying for board transfer, a listed company on the Beijing stock exchange shall have been listed on the Beijing stock exchange for more than one year, and its listing time on the original selection layer and the listing time on the Beijing stock exchange can be calculated together; In principle, the sales restriction period of shares of listed companies on the Beijing stock exchange after the board transfer can be deducted from the sales restriction time at the original selection layer and the Beijing stock exchange.
Industry data: (1) Brokerage: it broke trillion yuan for six consecutive trading days, with an average turnover of 1.23 trillion yuan last Sunday, a month on month increase of + 22%. (2) Proprietary trading: the main indexes closed down, with the CSI 300 index and the gem index – 2.39% and – 6.80% respectively. (3) Credit: as of January 7, the balance of the two financial institutions was 1.81 trillion yuan, down – 2% from the beginning of the year. Among them, the balance of financing was 1.70 trillion yuan, up – 1% from the beginning of the year, and the balance of securities lending was 111.9 billion yuan, up – 5% from the beginning of the year. The number of Pledged Shares in the market was 419.414 billion, accounting for 5.66% of the total share capital, a decrease of 1 percentage point compared with December 31. (4) Investment banking: according to the statistics of the listing date, the IPO raised 61.726 billion yuan last week, an increase of 4.5 times month on month, of which China Mobile raised nearly 56 billion yuan (jointly underwritten by six securities companies such as CICC and CITIC); The additional issuance raised 6.041 billion yuan, a year-on-year increase of – 78%.
Investment suggestions:
Stocks with higher early gains have been corrected, and the trading activity of stocks of small and medium-sized securities companies has increased. The operation data of the securities industry is stable, the prosperity is maintained, the policy dividend continues to be released, the basic system of the capital market is straightened out, and the pilot of innovative business is promoted, which is generally good for the head securities companies. In addition, Citic Securities Company Limited(600030) , Zheshang Securities Co.Ltd(601878) , Central China Securities Co.Ltd(601375) disclosed the performance forecast for 2021, and the year-on-year growth is expected to be no less than 18.41%, 30% – 40%, 360.20% – 436.90%.
Focusing on the business layout of asset light advantage is our main suggested direction at the current time point. The deepening reform of the capital market supports macroeconomic transformation and serves the national strategic objectives. At the same time, the securities industry also fully benefits from the broad business opportunities contained in the real economy. Asset light business has relatively low risk and little capital restriction, which helps to smooth performance fluctuations and is more favored by the market in valuation. The ceiling of wealth management business and institutional business is high, and the business space is broader. First, based on the vision of common prosperity, reaffirm the blue ocean field of wealth management business and pay attention to the securities companies that first release the Bureau in the big wealth management industrial chain. Second, based on the deepening trend of investor institutionalization, select securities companies with strong institutional service capacity and high proportion of institutional business. Third, it is recommended to pay attention to the head securities companies, take the lead in compliance risk control, and the new business pilot occupies the first mover advantage. It is recommended to pay attention to Citic Securities Company Limited(600030) , China stock market news, China Industrial Securities Co.Ltd(601377) , China Merchants Securities Co.Ltd(600999) , etc.
Risk tips:
The secondary market fell sharply; The impact of the epidemic exceeded expectations; Capital market reform was less than expected
