p align = “center” Shanzheng non bank
key points of investment
policies work together to promote the repair of the real economy and promote the long-term improvement of the capital market 5 on May 20, the CSRC issued 23 measures to support the real economy, and strengthened policy support in terms of enterprises’ application for IPO, listing on the Beijing stock exchange, refinancing, M & A, corporate bonds, asset securitization products, etc., so as to help enterprises affected by the epidemic speed up their recovery; Guide securities companies to negotiate with customers with difficulties in due repayment of equity pledge for an extension of 3 to 6 months; Guide the Shanghai and Shenzhen stock exchanges to launch scientific and technological innovation corporate bonds and use innovative financing means to support enterprises in the field of scientific and technological innovation. At the same time, the CSRC and China Securities Depository and Clearing Corporation have clearly introduced the differentiated mechanism to set the collection proportion of the minimum settlement reserve, and reduce the proportion of the minimum settlement reserve, which will reduce the occupation of funds for securities companies and help to improve the fund use efficiency of securities companies.
securities sector has reached an absolute low in history and has long-term investment value on Friday, the central bank lowered the one-year and five-year LPR interest rates, pushing down the market capital interest rate and stimulating market vitality. On Friday, the securities sector rose 1.92%, with a single day turnover of 920.6 billion yuan, a significant increase over the week. Since 2015, there have been relatively few trading opportunities in the securities sector, and the valuation center has gradually declined due to significant changes in the profit model of securities companies. At the same time, due to the sharp decline of the overall market since 2022, the valuation of the price to book ratio of the securities sector is 1.27 times, which has reached an absolute low in history. The prime time has appeared. The securities industry is expected to benefit from the performance improvement after the market warms up, bring the valuation improvement, and give the industry a rating of “leading market-a”.
industry data:
Stock market performance: as of May 20, the gem index closed down 27.25%, the CSI 500 closed down 19.43%, the CSI 300 index closed down 17.46%, and the Shanghai Composite Index closed down 13.55%.
Bond market performance: as of May 20, the China bond – total price (gross value) index closed down 0.04% from the beginning of the year.
Commodities: as of May 13, the commodity index closed at 207.87, up 15.07% from the beginning of the year.
Trading volume: last week’s turnover was 4.08 trillion yuan, with an average daily turnover of 0.81 trillion yuan, down – 2.42% month on month.
New investors: in April 2022, 1256700 new investors were added, with a month on month ratio of – 45.41%.
risk tips
The situation in Russia and Ukraine continues to deteriorate; The secondary market fell sharply; The epidemic situation exceeded expectations; The capital market reform was not as expected.
text:
\u3000\u3000 1. Investment proposal
policies work together to promote the repair of the real economy and promote the long-term improvement of the capital market 5 on May 20, the CSRC issued 23 measures to support the real economy, and strengthened policy support in terms of enterprises’ application for IPO, listing on the Beijing stock exchange, refinancing, M & A, corporate bonds, asset securitization products, etc., so as to help enterprises affected by the epidemic speed up their recovery; Guide securities companies to negotiate with customers with difficulties in due repayment of equity pledge for an extension of 3 to 6 months; Guide the Shanghai and Shenzhen stock exchanges to launch scientific and technological innovation corporate bonds and use innovative financing means to support enterprises in the field of scientific and technological innovation. At the same time, the CSRC and China Securities Depository and Clearing Corporation have clearly introduced the differentiated mechanism to set the collection proportion of the minimum settlement reserve, and reduce the proportion of the minimum settlement reserve, which will reduce the occupation of funds for securities companies and help to improve the fund use efficiency of securities companies.
securities sector has reached an absolute low in history and has long-term investment value on Friday, the central bank lowered the one-year and five-year LPR interest rates, pushing down the market capital interest rate and stimulating market vitality. On Friday, the securities sector rose 1.92%, with a single day turnover of 920.6 billion yuan, a significant increase over the week. Since 2015, there have been relatively few trading opportunities in the securities sector, and the valuation center has gradually declined due to significant changes in the profit model of securities companies. At the same time, due to the sharp decline of the overall market since 2022, the valuation of the price to book ratio of the securities sector is 1.27 times, which has reached an absolute low in history. The prime time has appeared. The securities industry is expected to benefit from the performance improvement after the market warms up, bring the valuation improvement, and give the industry a rating of “leading market-a”.
\u3000\u3000 2. Market review
Last week (202205160520), the CSI 300 index and the gem index closed at 407760 (2.23%), 241735 (2.51%) and respectively. The non bank financial index of shenwanyi industry fell by 1.21%, ranking 26th among the 31 shenwanyi industries; Securities III rose 1.51%.
Performance of individual stocks, with Caida Securities Co.Ltd(600906) (9.73%), Guosheng Financial Holding Inc(002670) (6.31%), Gf Securities Co.Ltd(000776) (5.48%); The stocks with the largest decline are: Sinolink Securities Co.Ltd(600109) (- 0.36%), Sdic Capital Co.Ltd(600061) (- 0.49%), Sealand Securities Co.Ltd(000750) (- 2.31%).
\u3000\u3000 3. Industry key data tracking
stock market performance: as of May 20, the stock index closed lower than that at the beginning of the year. The gem index fell 27.25%, the China Securities 500 index fell 19.43%, the Shanghai and Shenzhen 300 index fell 17.46%, and the Shanghai Composite Index fell 13.55%.
bond market performance: as of May 20, the China bond – total price (gross value) index closed down 0.04% from the beginning of the year.
commodities: as of May 13, the commodity index closed at 207.87, up 15.07% from the beginning of the year.
turnover: last week’s turnover was 4.08 trillion yuan, with an average daily turnover of 0.81 trillion yuan, a month on month increase of – 2.42%.
new investors: in April 2022, 1256700 new investors were added, with a month on month ratio of – 45.41%.
As of the end of last month, the business balance was . Among them, the balance of financing is 1.45 trillion yuan and the balance of securities lending is 79.356 billion yuan.
stock pledge business: as of May 13, the market pledged 415295 billion shares, representing – 1.08% compared with the end of the previous year, accounting for 5.51% of the total share capital.
\u3000\u3000 4. Regulatory policies and industry dynamics
Securities Association issued the measures for the administration of securities industry practice reputation information in order to standardize the management of professional reputation information in the securities industry and improve the market-oriented restraint mechanism, the association organized and drafted the measures for the management of professional reputation information in the securities industry. The Management Measures specify the scope of professional reputation information, including securities companies, subsidiaries of securities companies, investment consulting institutions and rating agencies. The integrity information is mainly obtained from the integrity archives database of the securities and futures market, and further standardize the identification and recording standards of other professional reputation information. (Securities Association)
CSRC issued the measures for the supervision and administration of managers of publicly offered securities investment funds and its supporting rules the measures for managers and its supporting rules improve the supervision requirements of public fund managers from the whole chain of “access – internal control – operation – Governance – Exit – supervision”. Improve the conditions for the establishment of fund management companies and shareholders, optimize the public offering license access system, improve the governance of fund management companies, and comprehensively build a long-term incentive and restraint mechanism. Support fund management companies to achieve differentiated development on the basis of optimizing and strengthening the main business of public funds. (CSRC)
CSRC has issued 23 measures to support anti epidemic relief and resumption of work and production CSRC issued the notice on further exerting the function of capital market to support the recovery and development of areas and industries seriously affected by the epidemic. Take effective measures to increase direct financing support. For the application for listing of enterprises in regions and industries seriously affected by the epidemic, special personnel shall be assigned to connect, report and review immediately, and issue immediately after review. The application for issuing shares to purchase assets shall be subject to the “small amount fast” Review mechanism. Shanghai and Shenzhen stock exchanges are exempted from the initial listing fee, annual listing fee and online voting service fee of the general meeting of shareholders of Listed Companies in 2022. The Beijing stock exchange is exempted from the annual listing fee of Listed Companies in 2022. National share transfer companies are exempted from the initial listing fee and annual fee of Listed Companies in relevant regions in 2022. (CSRC)
benefiting four major categories of scientific and technological innovation entities, the Shanghai and Shenzhen Stock Exchange announced the guidelines for scientific and technological innovation corporate bonds defines the scope of bond issuers and supports four types of issuers: Science and innovation enterprises, science and innovation upgrading, science and innovation investment and science and innovation incubation, covering from incubation “seeding” to small and medium-sized science and innovation and large mature enterprises in urgent need of industrial upgrading. They can invest in the field of science and innovation through R & D investment, project construction, M & A, operation and equity investment. (China Securities Journal)
CSRC issued the measures for the administration of securities registration and settlement, and the proportion of settlement provisions was reduced 5 on May 20, the CSRC issued the measures for the administration of securities registration and settlement, and the China Securities Depository and Clearing Corporation issued the settlement rules at the same time, which made it clear that in the proprietary and custody business, the securities purchased by the settlement participants with insufficient funds should be marked, and the differentiated mechanism for setting the collection proportion of the minimum settlement provisions should be clearly introduced. (CSRC)
\u3000\u3000 5. Key announcements of listed companies
[ Chinalin Securities Co.Ltd(002945) ] suspend the acquisition of Hong Kong Star Securities. It is decided to set up a wholly-owned subsidiary “Dolphin International Finance Co., Ltd.” in Hong Kong. The capital contribution is in cash and the source of capital is the company’s own capital.
[ Beijing Compass Technology Development Co.Ltd(300803) ] funds raised through non-public offering. The company plans to issue A-Shares to specific objects in 2022, raising no more than 3 billion yuan and no more than 30% of the total share capital of the company before this issuance, which will be used to increase the capital of Wangxin Securities Co., Ltd., a wholly-owned subsidiary of the company. The listing place of the shares issued this time is Shenzhen Stock Exchange.
[ Central China Securities Co.Ltd(601375) ] the controlling shareholder increased the shares of the company. Henan investment group, the controlling shareholder of the company, increased its holdings of H shares of the company through Hong Kong stock connect, with an increase ratio of 1.03%, which does not touch the tender offer, and the controlling shareholder and actual controller of the company have not changed.
[ Founder Securities Co.Ltd(601901) ] shares were transferred to the social security fund. The Founder Securities Co.Ltd(601901) shares held by Beijing Zhengquan Holding Co., Ltd., which were confiscated according to law, were transferred as state-owned assets to enrich the national social security fund, accounting for 13.24% of its total share capital.
[ Caida Securities Co.Ltd(600906) ] appoint the deputy general manager of the company. Mr. Kang Yunlong is appointed as the deputy general manager of the company. The term of office starts from the date of deliberation and approval of the current board of directors to the expiration date of the third board of directors.
\u3000\u3000 6. Risk tips
The situation in Russia and Ukraine continues to deteriorate;
The secondary market fell sharply;
The epidemic situation exceeded expectations;
The capital market reform was not as expected.
