The CSRC conveyed and implemented the spirit of the special meeting of the financial committee of the State Council: further improve the market resilience and promote the stable and healthy operation of the capital market. 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.
Affected by the new regulations on asset management, the performance of asset management of most securities companies declined. In 2021, the performance of asset management companies of securities companies was disclosed one after another. From the performance of the 12 securities companies that have disclosed the data, due to the impact of the new regulations and industrial policies, most securities companies’ asset management has declined in terms of revenue and net profit. In 2021, the revenue and net profit of Guojun asset management decreased by 7.96% and 14.48% respectively, and the decline range of Haitong asset management was 6.19% and 0.99% respectively. The scale of Guangfa asset management increased by 62.26% year-on-year, but the revenue and net profit decreased by 56.15% and 78.35% respectively. The first approved securities firm is the asset management company Dongzheng asset management, which performed well. In 2021, it achieved an operating revenue of 3.747 billion yuan, a year-on-year increase of 30.92%; The net profit was 1.438 billion yuan, a year-on-year increase of 77.53%, ranking first in the industry. In 2021, most securities companies completed the public offering transformation, and the asset management industry of securities companies is also constantly adjusting and transforming to improve their active management ability, which will usher in a new stage of development.
Investment suggestion: the securities sector adheres to the valuation logic from cycle to growth. With the deepening reform of the capital market, the sector may welcome valuation repair. Recommend Citic Securities Company Limited(600030) , a leading securities firm that goes out of the bear market structure and continues to benefit from the improvement of the capital market environment; Recommend companies with flexible performance in asset management and wealth management, such as Orient Securities Company Limited(600958) , China Industrial Securities Co.Ltd(601377) ; Recommend China stock market news, an Internet brokerage with obvious advantages in wealth management ability; It is suggested to pay attention to the progress of Beijing Compass Technology Development Co.Ltd(300803) becoming an investor in the bankruptcy reorganization of wechat securities; It is recommended to pay attention to China Securities Co.Ltd(601066) (H shares), and the insurance sector is recommended to pay attention to Ping An Insurance (Group) Company Of China Ltd(601318) .
Risk tips: macroeconomic growth is not as fast as expected, market fluctuations, policy changes and repeated epidemics
