On January 20, the securities sector became the hot sector concerned by the market. As of the closing, the securities sector as a whole rose by 1.56%, ranking first in the increase list of the Hithink Royalflush Information Network Co.Ltd(300033) sector. For individual stocks, Chinalin Securities Co.Ltd(002945) rose strongly by the limit, China Greatwall Securities Co.Ltd(002939) rose by 7.09%, and four stocks such as Guotai Junan Securities Co.Ltd(601211) , Huatai Securities Co.Ltd(601688) , Gf Securities Co.Ltd(000776) , Orient Securities Company Limited(600958) also rose by more than 3%.
Further combing, it is found that the securities sector has opened a rising market since this week, and has risen for the fourth consecutive trading day. From January 17 to January 20, the securities sector rose 2.60% as a whole, outperforming the Shanghai Stock Index (up 0.96%), Chinalin Securities Co.Ltd(002945) (14.35%), China Greatwall Securities Co.Ltd(002939) (9.71%) and Guolian Securities Co.Ltd(601456) (9.45%).
At the same time, some securities companies also obtained the key layout of financing customers. From January 17 to January 19, 16 securities companies obtained additional positions of financing customers during the period, Central China Securities Co.Ltd(601375) , Orient Securities Company Limited(600958) , Haitong Securities Company Limited(600837) , and the net purchase amount of financing customers during the period of China International Capital Corporation Limited(601995) , China Greatwall Securities Co.Ltd(002939) , Guosen Securities Co.Ltd(002736) , Shanxi Securities Co.Ltd(002500) The net purchase amount of financing customers during the five stocks such as Founder Securities Co.Ltd(601901) also exceeded 16 million yuan.
In this regard, he Jinlong, general manager of Meili investment, who was interviewed by the reporter of Securities Daily, said that the central bank announced to cut the five-year loan interest rate, coupled with the open market reverse repurchase of 100 billion yuan a few days ago, led by the large financial sector in the morning. At present, it is the adjustment market of the structural market. The theme ebbs and the style of repeated switching changes relatively quickly. The northward capital continues to flow in, and the inflow direction is still dominated by blue chips with high performance certainty, including major financial sectors with reasonable valuation such as banks and securities companies. With the loose trend of monetary policy and the stimulation of policy, under the background of the reform of comprehensive registration system and the rise of asset prices, the probability of profit-making effect of securities sector is good. Among them, securities companies with high performance certainty show the market of growth stocks from the cyclical market highly related to the performance of capital market in the past.
Liu Cunxin, assistant fund manager of private placement paipai.com, said in an interview with the Securities Daily that after the adjustment in 2021, the valuation of the securities sector has reached a historically low level. Therefore, the securities sector with obvious valuation advantages is expected to walk out of a wave of valuation repair market stimulated by the recent loose monetary policy.
In terms of valuation, as of January 20, the latest dynamic P / E ratio of 18 stocks in the securities sector was 18.92 times lower than that of A-Shares (overall method). It is noteworthy that the latest dynamic P / E ratios of 5 stocks such as Huatai Securities Co.Ltd(601688) , China Galaxy Securities Co.Ltd(601881) , Guosen Securities Co.Ltd(002736) , Guotai Junan Securities Co.Ltd(601211) , Haitong Securities Company Limited(600837) were all lower than 13 times.
For the future investment opportunities of the securities sector, Liu Cunxin said that he is optimistic about the long-term investment value of the securities sector. At present, it is the best time to gradually layout the securities sector for four reasons. First, with the continuous deepening of the capital market reform and the comprehensive promotion of the registration system, the establishment of the Beijing stock exchange has also completed the layout of the multi-level capital market, The registration system will promote the continuous expansion of the A-share market and benefit the investment banking business of securities companies; Second, funds continue to flow into the equity market. With the break of the exchange, financial funds continue to transfer to the equity market, and public and private funds also usher in a large-scale outbreak, which is conducive to the wealth management and consignment business of securities companies; Third, the A-share market in 2022 will be significantly better than that in 2021, and the two financing business and brokerage business of securities companies are expected to break out; Fourth, the increasingly rich derivatives market will further improve the profitability of securities companies.
Chen Jiecheng, fund manager of Fende capital, told reporters that from the perspective of industry prospects, the transformation of wealth management of securities companies has been significantly accelerated, and the securities investment income business is also expected to grow steadily. With a series of capital market reforms such as the continuous expansion of the investment advisory pilot and the establishment of the Beijing stock exchange, it is expected that the performance of securities business will continue to grow. The income and profit of the securities industry are stable, and the return on net assets is attractive for investment. From the perspective of the overall environment, the institution judged that the monetary policy was relatively loose in the first half of 2022, and A-Shares are expected to open the spring market and are optimistic about financial stocks.
Xiangcai Securities said in its research report that the prosperity of the securities industry is improving, and it is recommended that investors pay attention to the main line of wealth management investment. First, the securities industry will benefit from the full implementation of the stock issuance registration system and the policy support of increasing the proportion of direct financing for a long time, and the capital market will continue to expand. Secondly, multiple factors such as “no speculation in housing and housing” and new regulations on asset management drive the transfer of residents’ wealth to equity assets, and the wealth management business has better stability and growth. It can be seen that the proportion of the income from selling financial products on a commission basis by securities companies in the brokerage business has increased significantly, and the securities companies participating in holding public funds have also benefited fully. In addition, securities companies have the first mover advantage of the fund investment advisory model, which is conducive to accelerating the transformation of wealth management.
In the last 30 days, some institutions have expressed optimism about brokerage stocks. Specifically, five stocks have been given optimistic ratings such as “buy” or “overweight”. Among them, Citic Securities Company Limited(600030) has received optimistic ratings the most, 17 times, Gf Securities Co.Ltd(000776) , China stock market news, Soochow Securities Co.Ltd(601555) , Guolian Securities Co.Ltd(601456) have received optimistic ratings three times, two times, one time and one time respectively.
Table: list of securities companies with an increase of more than 2% on January 20
prepared by Chu Lijun
