Securities: this week, the average daily turnover of the market dropped sharply by 110 billion to 0.8 trillion, a recent low; The balance of the two financial institutions (4.21) continued to fall to 1.61 trillion. At the policy level, the regulators maintain the stability of the capital market through multiple channels: 1 The two sessions of the first bank held special meetings to convey the spirit of the meeting of the financial committee, support the smooth operation of the capital market, and encourage domestic and foreign institutions to carry out value investment with medium and long-term funds; Improve the financial innovation system and serve high-tech enterprises; Promote the establishment of financial stability guarantee fund and prevent and control the occurrence of systemic financial risks. 2. The CSRC held a symposium for institutional investors to discuss the high-quality development of the capital market and guiding the entry of medium and long-term funds into the market, clearly promote the reform of the capital market, improve the ecology, encourage the improvement of the investment assessment model and establish the concept of value investment, and improve the market supply and reduce market fluctuations from the source by guiding institutional investors to participate in listing governance. 3. On the occasion of the promulgation of the futures and derivatives law, chairman Yi of the CSRC pointed out in an interview that in the future, we will continue to promote the innovation of futures varieties, the opening of futures market, risk prevention and control and investor protection, so as to expand and strengthen the futures market. We believe that the above regulatory statements will help maintain market stability and boost investor confidence, and market stabilization is an important prerequisite for the valuation repair of the securities sector. Moreover, the improvement of the futures market is also of great benefit to the securities industry, which continues to expand the layout of futures business. The application of various options and futures products in the investment system is expected to better lock in income and expand profit space, so as to improve the operational stability of securities companies in market fluctuations. 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 great 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 lower level, and the investment value of the relevant target is prominent.
Insurance: listed insurance companies disclose 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 health care industry chain may become an opportunity to overtake on the curve. 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.
Sector performance: during the five trading days from April 18 to April 22, the non bank sector fell by 4.68% as a whole. According to the industry classification standard of Shenwan, the non bank ranked 18 / 31 of all industries; Among them, the securities sector fell 5.33%, underperforming the CSI 300 index (- 4.19%), and the insurance sector fell 3.47%, outperforming the CSI 300 index. In terms of stocks, the top five gainers for brokers are the Nanjing Securities Co.Ltd(601990) (- 1.00%), The People’S Insurance Company (Group) Of China Limited(601319) (- 1.53%), China Life Insurance Company Limited(601628) (- 1.60%), China Pacific Insurance (Group) Co.Ltd(601601) (- 3.05%), Ping An Insurance (Group) Company Of China Ltd(601318) (- 3.81%), Xishui Strong Year Co.Ltd Inner Mongolia(600291) (- 22.49%).
Risk tips: macroeconomic downside risk, policy risk, market risk and liquidity risk.
