This week, the Shanghai Composite Index fell 3.87%, the Shenzhen Component Index fell 5.12%, of which the non bank financial index fell 4.68%, the brokerage index fell 5.33%, the insurance index fell 3.47%, and the diversified financial index fell 3.66%.
Insurance: Ping An Insurance (Group) Company Of China Ltd(601318) / China Pacific Insurance (Group) Co.Ltd(601601)
Brokerage: Citic Securities Company Limited(600030) / Gf Securities Co.Ltd(000776) / China stock market news
Diversified Finance: Hainan Haide Capital Management Co.Ltd(000567) / Avic Industry-Finance Holdings Co.Ltd(600705) / Guangzhou Yuexiu Financial Holdings Group Co.Ltd(000987) / Jingwei Textile Machinery Company Limited(000666)
H shares: AIA / Lenovo Holdings
Risk tips
Epidemic prevention and control is less than expected / economic recovery is less than expected / risk of policy change
Interpretation of important events this week:
This week, the market further adjusted significantly, in which the Shanghai stock index fell 3.87%, the Shanghai and Shenzhen 300 index fell 4.19% and the gem fell 6.66%. Financial heavyweights were basically in line with the market as a whole, with the brokerage sector down 5.33% and the insurance sector down 3.47%. This week, the A-share market as a whole showed a unilateral downward trend. Due to the repeated epidemic, the weakening expectation of economic growth and other factors, the market confidence was insufficient, and the average transaction volume of stock based transactions in the two cities on Sunday also fell to a new low since the beginning of the year. In addition, next week, the market will also successively usher in the peak period of performance disclosure of the first quarterly report of the non bank sector. Affected by the intensified fluctuation of the capital market in the first quarter of this year, the overall exposure of securities companies to proprietary trading, asset management and insurance equity investment will face a certain degree of performance pressure. However, on Saturday, the regulators once again sent a positive signal. The CSRC held a meeting to convey and implement the spirit of the special meeting of the financial committee of the State Council, and encouraged long-term funds such as social security funds and insurance funds to increase the allocation of a shares, which is expected to improve the current lack of confidence in the market and insufficient incremental funds, thus boosting the A-share market. For the insurance sector, although the liability side is still under pressure in the first quarter, with the increase of the central bank’s efforts to broaden credit, the credit side of real estate enterprises is expected to usher in marginal repair, which will promote the driving force of the recovery of the stock price of insurance enterprises. Therefore, we are optimistic about the safety of leading insurance enterprises in the short term. For the securities sector, the performance of proprietary trading and asset management in the first quarter may significantly drag down the quarterly report, and the short-term market liquidity is expected to improve marginally, which may promote the marginal improvement of the fundamentals of securities companies. Investors are advised to pay attention to Citic Securities Company Limited(600030) , the leader of institutional business, the Citic Securities Company Limited(600030) , the Gf Securities Co.Ltd(000776) , which can improve the investment banking business and has a relatively low performance base. This time, benefiting from the marginal relaxation of real estate policy, the asset quality of some financial institutions is expected to usher in marginal improvement. It is suggested that investors should pay attention to the leading targets of trust and non-performing sectors.
Sub segment view:
(1) securities companies: the performance of self operated investment of securities companies in the first quarter dragged down the performance. In the medium and short term, the central bank lowered the reserve requirement to release liquidity and transmitted positive signals from supervision, which is expected to boost market sentiment and drive the rebound of valuation of the sector. It is suggested that Citic Securities Company Limited(600030) , the leading business of investors’ institutions, the improvement of investment banking and the leading wealth management Gf Securities Co.Ltd(000776) .
(2) insurance sector: the first quarterly report of listed insurance companies is under pressure. Considering that the insurance valuation is at a historical low, the core of short-term driving stock price lies in the performance of asset side, and the marginal improvement of real estate credit risk is expected to promote the low rebound of insurance stocks. Therefore, it is suggested to focus on Ping An Insurance (Group) Company Of China Ltd(601318) , which has significantly improved real estate risk and continued to deepen life insurance reform.
(3) diversified financial sector: the real estate policy is expected to rise significantly, so the previous regulatory situation of real estate trust is expected to improve marginally, driving the improvement of the fundamentals of trust institutions. In addition, the liquidation of some private real estate enterprises in China is expected to drive the expansion of the scale of real estate non-performing stock business. It is suggested to pay attention to Hainan Haide Capital Management Co.Ltd(000567) , Avic Industry-Finance Holdings Co.Ltd(600705) , Guangzhou Yuexiu Financial Holdings Group Co.Ltd(000987) , Jingwei Textile Machinery Company Limited(000666) .
