Key points
Market review: from May 16 to May 20, 2022, the Shanghai Composite Index rose 2.0%, the Shenzhen Component Index rose 2.6%, the non bank financial index rose 1.2%, of which the insurance index rose 0.5%, the brokerage index rose 1.5%, the diversified financial index rose 1.3%, and the hang Seng financial industry index rose 4.0%. From the beginning of 2022 to May 20, the Shanghai Composite Index fell by 13.6%, the Shenzhen composite index fell by 22.9%, and the non bank financial index fell by 21.5%, 8.0pct behind the Shanghai Composite Index and 1.4pct ahead of the Shenzhen composite index. The top five stocks in terms of price rise and decline this week: Gi Technologies Group Co.Ltd(300309) (19.83%), Caida Securities Co.Ltd(600906) (9.73%), Guosheng Financial Holding Inc(002670) (6.31%), Gf Securities Co.Ltd(000776) (5.48%), The Pacific Securities Co.Ltd(601099) (4.17%).
Industry key data tracking: the average share based trading volume this Sunday was 891 billion yuan. As of May 19, 2022, the balance of financed funds and bonds was 1526.1 billion yuan, accounting for 2.42% of the circulating market value of a shares. The trading volume of Liangrong accounts for 7.3% of the trading volume of a shares. As of May 20, 2022, the number of pledged shares was 415.3 billion, accounting for 5.13% of the total share capital; The total amount of market pledge is 3256.5 billion yuan, accounting for 3.78% of the market value of pledge; Equity financing raised 15.5 billion yuan and corporate bonds issued 17.3 billion yuan.
Main news of the industry: ① the 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. On May 23, the CSRC issued the notice on accelerating the development of industries seriously affected by the epidemic and further promoting the functions of the market. The notice focuses on the following four aspects: first, take effective measures to increase direct financing support; 2、 Implement the extension policy to reflect the flexibility of supervision; 3、 Optimize the supervision work arrangement and transfer the supervision temperature; 4、 Give full play to the role of industry institutions to help fight the epidemic and resume work and production. ② The CSRC revised the measures for the administration of securities investment fund management companies. First, improve the conditions for the establishment of fund management companies and shareholders, and optimize the public offering license access system. Second, improve the compliance and risk control ability of public fund managers, highlight the construction of industry culture and clean practice supervision, and consolidate the foundation of high-quality development of the industry. Third, strive to improve the governance of fund management companies and comprehensively build a long-term incentive and restraint mechanism. Fourth, support fund management companies to achieve differentiated development on the basis of optimizing and strengthening the main business of public funds, improve their comprehensive wealth management ability and build a first-class wealth management organization. Fifth, establish an exit mechanism for public fund managers, allow market-oriented exit, clarify risk disposal measures and implementation procedures, and compact the responsibilities of all parties.
Key issues for next week: stock based turnover in A-share market and marginal improvement of asset side of insurance shares.
Securities: this week, the CSRC issued 23 measures to further give play to the function of the capital market. At the same time, it issued the measures for the supervision and administration of managers of publicly offered securities investment funds and its supporting rules, requiring fund managers to improve their comprehensive wealth management ability and build a first-class wealth management organization. We believe that under the background of capital market reform and the development of wealth management institutions, the development space of securities companies will be further expanded. 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) In the era of wealth management, China stock market news, which has differentiated competitiveness in the field of Internet wealth management, and Gf Securities Co.Ltd(000776) , which benefits from the rapid development of fund subsidiaries, are recommended.
Insurance: the market recovered this week. The main line of steady growth dominated by real estate is conducive to the continuous improvement of insurance funds on the asset side. At present, the industry valuation is at the bottom of history. It is recommended to recommend the leading insurance companies with the valuation at the bottom of history and high dividend rate in the next year. Specific target suggestions: China Property Insurance with significantly narrowed risk exposure and AIA at the forefront of channel transformation, Ping An Insurance (Group) Company Of China Ltd(601318) (a + H) and China Pacific Insurance (Group) Co.Ltd(601601) (a + H) have long been recommended for multi line layout of health and elderly care industry.
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 is lower than expected
