Market review: from April 18 to April 22, 2022, the Shanghai Composite Index fell 3.9%, the Shenzhen Component Index fell 5.1%, the non bank financial index fell 4.7%, of which the insurance index fell 3.5%, the brokerage index fell 5.3%, the diversified financial index fell 3.7%, and the hang Seng financial industry index fell 2.0%. Since the beginning of 2022, the Shanghai Composite Index has fallen by 15.2%, the Shenzhen composite index has fallen by 25.6%, and the non bank financial index has fallen by 18.4%, 3.3pct behind the Shanghai Composite Index and 7.2pct ahead of the Shenzhen composite index. The top five stocks in this week's sector growth: Minsheng Holdings Co.Ltd(000416) (18.69%), Nanjing Securities Co.Ltd(601990) (4.04%), Jingwei Textile Machinery Company Limited(000666) (3.37%), Guosen Securities Co.Ltd(002736) (1.50%), Anxin Trust Co.Ltd(600816) (1.44%).
Industry key data tracking: the average share based trading volume this Sunday was 874.6 billion yuan. As of April 21, the balance of margin trading and securities lending was 1613943 billion yuan, accounting for 2.59% of the circulating market value of a shares. The trading volume of Liangrong accounts for 6.8% of the trading volume of a shares. As of April 22, the number of pledged shares was 414.3 billion, accounting for 5.13% of the total share capital, down 0.04 PCT from last week; The total amount of market pledge is 3413.2 billion yuan, accounting for 4.06% of the market value of pledge; The capital raised through equity financing was 81.3 billion yuan, and the amount of corporate bonds issued was 78.1 billion yuan.
Major industry news: ① the CSRC conveys and implements the spirit of the special meeting of the financial commission of the State Council. On April 22, Yi Huiman, Secretary of the Party committee and chairman of the CSRC, presided over the Party committee (expansion) meeting to convey and study the deployment of the special meeting of the financial committee of the State Council on the morning of April 22 on implementing the spirit of the recent important meeting of the Party Central Committee on economic and social work, analyzed the key and sensitive issues concerned by the current market, studied response measures and policy reserves, and re implemented and promoted the relevant arrangements of the financial committee of the State Council. The meeting stressed the need to respond to market concerns in a timely manner, guide market expectations, stimulate market vitality and potential, further improve market resilience and promote the stable and healthy operation of the capital market. ② The futures and derivatives law of the people's Republic of China was adopted. Main contents: first, focus on standardizing the futures market and taking into account the derivatives market; Second, reserve space for reform and innovation on the basis of summarizing and refining existing experience; Third, give full play to the function of futures market and enhance the ability to serve the real economy; Fourth, strengthen the prevention and control of market risks and maintain national financial security; Fifth, build a trader protection system and strengthen the protection of ordinary traders; Sixth, benchmarking international best practices and building a new pattern of opening up the futures market to the outside world.
Key issues for next week: stock based turnover in A-share market and marginal improvement of asset side of insurance shares.
Securities: the overall market sentiment is weak this week, and the securities sector has adjusted. Recently, the market is worried about the impact of A-share adjustment on proprietary business in the first quarter. We believe that although the proprietary investment in the securities industry was under pressure in the first quarter, the trend of diversified income structure and de directionalization of proprietary structure in the securities industry in recent years helped to slow down the market impact. At present, the valuation of the securities sector deviates from the fundamentals, and the valuation is at a historical low. Under the main line of "stable growth", it is still worth looking forward to the repair of the undervalued financial sector. 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) China stock market news, which has differentiated competitiveness in the field of Internet wealth management, and Gf Securities Co.Ltd(000776) , which has benefited from the development of fund subsidiaries, are recommended as the beneficiaries in the era of wealth management.
Insurance: this week, some listed insurance companies released the first quarterly report data. Combined with the annual report data, the liability side of life insurance is still under pressure, and the growth rate is lower than expected. The deregulation of real estate policies on the investment side promotes the repair of valuation. It is recommended to recommend leading insurance companies with a valuation at the bottom of history and a high dividend rate in the next year. The specific target recommendations are focused on: China's property insurance with significantly narrowed risk exposure and AIA, which is at the forefront of channel transformation, and 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 for a long time.
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 was lower than expected.
