Market review: this week, the Shanghai Composite Index rose 0.04%, the Shenzhen Component Index fell 0.9%, the non bank financial index rose 2.7%, of which the insurance index rose 4.3%, the brokerage index rose 2.4%, the diversified financial index fell 1.7%, and the Hang Seng financial industry index rose 2.5%. Since the beginning of 2022, the Shanghai Composite Index has fallen by 3.2%, the Shenzhen Component Index has fallen by 5.6%, and the non bank financial index has fallen by 1.5%, leading the Shanghai Composite Index by 1.7pct and the Shenzhen Component Index by 4.1pct. This week, the top five stocks in the sector rose: Chinalin Securities Co.Ltd(002945) (13%), Guolian Securities Co.Ltd(601456) (8.6%), Central China Securities Co.Ltd(601375) (7.7%), Huatai Securities Co.Ltd(601688) (7.5%), Guotai Junan Securities Co.Ltd(601211) (6.6%).
Industry key data tracking: the average share based trading volume on Sunday was 1183.3 billion yuan, up 2.59% month on month. As of January 20, the balance of margin trading and securities lending was 1795.8 billion yuan, down 1.05% month on month, accounting for 2.46% of the circulating market value of a shares, and the transaction volume of two financing accounts for 7.02% of the transaction volume of a shares. 418.8 billion shares were pledged this week, accounting for 5.26% of the total share capital, down 1PCT from last week; The total amount of market pledge is 4031.7 billion yuan, accounting for 4.18% of the market value of pledge; Equity financing raised capital of 26 billion yuan and corporate bond issuance of 58 billion yuan.
Major industry news: ① the CSRC continues to deepen the reform of "release, management and service" of fund management institutions. (1) In order to further optimize the administrative licensing and filing of securities fund operating institutions and facilitate market entities, the CSRC will continue to deepen the reform of "release, management and service" of fund operating institutions. (2) Main contents: first, further streamline 63% certification matters and reduce red tape. Second, formulate guidelines for publicity and filing to facilitate the people and increase efficiency. (3) "Deregulation and service" means simplifying administration and delegating power, combining deregulation and management, and optimizing services. The entry threshold of fund operating institutions will be further reduced, and their participation in the market will be more convenient, which is conducive to the in-depth development of the securities market. ② The China Banking and Insurance Regulatory Commission issued the guidance of the general office of the China Banking and Insurance Regulatory Commission on the digital transformation of the banking and insurance industry. It is proposed that by 2025, digital financial products and services in banking and insurance industry will be widely popularized, financial innovation based on data assets and digital technology will be put into orderly practice, the development ability of personalized, differentiated and customized products and services will be significantly enhanced, and the quality and efficiency of financial services will be significantly improved. The digital operation and management system has been basically completed, data governance has been improved, and the level of network security, data security and risk management has been comprehensively improved.
Focus next week: stock market trading volume in January and "good start" data of insurance companies.
Securities: this week, some securities companies announced the performance forecast of the annual report for 21 years. The year-on-year growth center of performance is between 30% - 70%. It is expected that the performance of listed companies will achieve high growth in 21 years. We expect that in the next 22 years, China's steady growth policy is expected to be superimposed on the steady implementation of the capital market registration system and the acceleration of two-way opening-up, further opening up the development space of the industry. Securities companies with high growth and low value have higher allocation and cost performance. From the company level, leading securities companies and some securities companies with differentiated competitiveness are expected to obtain excess returns. Suggestions: 1) for the leading securities companies with outstanding comprehensive strength and obvious moat advantages in the securities industry, it is recommended to recommend Citic Securities Company Limited(600030) (a + H) and Huatai Securities Co.Ltd(601688) (a + H); 2) Securities companies with differentiated competitiveness in the wealth management segment track recommend China stock market news and pay attention to Guolian Securities Co.Ltd(601456) .
Insurance: with the rise of the real estate sector, the insurance industry rebounded this week. The "good start" in 2022 is expected to be suppressed by the high base in 2021, and there is little room for year-on-year improvement of premiums. The performance of the insurance industry is expected to turn around in the second half of the year. However, considering the sufficient adjustment of insurance stocks in the early stage, there is room for valuation and repair of insurance. Listed companies can focus on China's property insurance with significantly narrowed risk exposure and AIA, which is at the forefront of channel transformation, and long-term recommend Ping An Insurance (Group) Company Of China Ltd(601318) (a + H) and China Pacific Insurance (Group) Co.Ltd(601601) (a + H) 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), Huatai Securities Co.Ltd(601688) (a + H), China stock market news. It is recommended to pay attention to Guolian Securities Co.Ltd(601456) .
Risk tip: the economic recovery is less than expected; The long-term interest rate was lower than expected.
