Securities: the average daily turnover of the market this week decreased by 150 billion to 1.08 trillion month on month; The balance of the two financial institutions (January 13) decreased slightly to 1.81 trillion, which has remained stable since October. Regulatory policy: 1 Over the weekend, the CSRC officially launched the reform of cash versus delivery and solicited public opinions on the proposed revised Measures for the administration of securities registration and settlement. At present, the application of the cash against delivery system in the brokerage and two financing businesses involving individual investors has been relatively complete, but it still needs to be improved in the proprietary and custody businesses involving only institutional investors. The reform is conducive to the business development of securities companies and other settlement participants. More importantly, this reform will simultaneously reduce the minimum deposit proportion of provisions of settlement participants (from the current 18% to about 15%), effectively reduce the capital occupation of securities companies and other entities, improve the efficiency of capital utilization, and is expected to improve roe. It is calculated that the scale of funds released by the reform in the whole market is about 30-40 billion. For securities companies, the released funds are about 2% - 3% of the net capital. In addition, with the reform, the security of the settlement system will continue to increase, and the attraction of China's capital market to foreign capital is expected to continue to improve. 2. The CSRC issued the Interim Provisions on the supervision of important money market funds (Draft for comments), which will strengthen the supervision of monetary fund products with a net asset scale of more than 200 billion yuan or more than 50 million investors, and clarify the supervision requirements on investment varieties, concentration and term. This may lower the yield of the head goods base, and then guide the transfer of funds to small and medium-sized goods base, or some funds may flow into the asset management products of securities companies, which will be beneficial to the asset management business of securities companies.
Insurance: some listed insurance companies released the original premium income data in December. The overall performance of property insurance continued to be better than that of life insurance. Life insurance only New China Life Insurance Company Ltd(601336) achieved a year-on-year increase of single month premium (20.4%), an annual increase of 2.5%, the annual premium growth of Guoshou and PICC were 1.2% and 3.3% respectively, and the annual premium growth of Ping An Life was - 4.1%. In terms of new business, according to the original premium standard, Ping An Life Insurance decreased by 4.8% year-on-year, significantly narrower than that in 2020 (- 15.3%); PICC Life Insurance decreased by 1.1% year-on-year, basically the same as that in 2020 (- 0.5%). In terms of property insurance, the year-on-year growth rates of PICC Property Insurance and Ping An Property Insurance in December were the highest in the whole year, reaching 30.4% and 14.2% respectively, and the annual growth rates were 3.8% and - 5.5% respectively. In our opinion, considering the implementation of the new regulations of the second generation and the repeated epidemic situation and the massive loss of agents, it is still difficult for insurance enterprises to develop their business; In addition, the change of residents' consumption concept and consumption structure continues to reduce the demand for margin long-term guaranteed products, so it is too early to judge the inflection point of the industry. At present, the lengthening of the investment cycle of the subject matter of insurance is a high probability event. In 2022, we propose to continue to focus on the impact of strong regulatory policies on the business development of insurance enterprises. It is expected that the adjustment pressure at both ends of the asset burden of insurance enterprises will still exist, and the recovery of automobile insurance will precede that of life insurance.
Sector performance: during the five trading days from January 10 to January 14, the non bank sector fell by 3.04% as a whole. According to the Shenwan level industry classification standard, the non bank ranked 24 / 31 of all industries; Among them, the securities sector fell 3.02%, and the insurance sector fell 3.52%, both underperforming the Shanghai and Shenzhen 300 index (- 1.98%). In terms of individual stocks, the top five gainers of securities companies were Central China Securities Co.Ltd(601375) (2.27%), Guosheng Financial Holding Inc(002670) (1.27%), China International Capital Corporation Limited(601995) (0.11%), Chinalin Securities Co.Ltd(002945) (- 0.32%) and Shenwan Hongyuan Group Co.Ltd(000166) (- 0.98%); The rise and fall of insurance companies were Hubei Biocause Pharmaceutical Co.Ltd(000627) (- 1.76%), The People'S Insurance Company (Group) Of China Limited(601319) (- 2.30%), China Pacific Insurance (Group) Co.Ltd(601601) (- 2.90%), New China Life Insurance Company Ltd(601336) (- 3.21%), Ping An Insurance (Group) Company Of China Ltd(601318) (- 3.48%), China Life Insurance Company Limited(601628) (- 5.04%) and * st Xishui (- 7.94%).
Risk tips: macroeconomic downside risk, policy risk, market risk and liquidity risk.
