Two days ago, on the afternoon of April 24, brokerage stocks dived in the short term, Capital Securities fell by more than 7% in a flash crash, and the weights of large market capitalization such as CICC and Huatai Securities fell in the short term. Two days later, the situation had taken a 180-degree turn. Today, financial stocks such as brokerages broke out collectively, and more than 10 stocks such as Guosheng Financial Holdings, Pacific, Zheshang Securities, and Fortune Trend rose to the limit.
With the outbreak of brokerage stocks, the trading volume of the Shanghai and Shenzhen stock markets has increased significantly, standing at the trillion mark. The northbound inflow reached 22.5 billion yuan in a single day, a new high since the opening of the Inland Port Connect. A considerable part of the increment flowed into the brokerage sector, and the trading volume of the Flush brokerage sector was 12 billion yesterday and 51.2 billion today. On the afternoon market, the low-altitude economic concept of the recent short-term capital collection has fallen, and at the same time, the brokerage has risen one after another. This means that institutional money and short-term money are pouring into the brokerage sector.
In fact, since the beginning of this year, the life of securities companies has not been easy, with IPOs falling sharply; the total stock trading volume of public funds has declined, which has directly affected the commission income of securities companies; and at the same time, market supervision has been continuously upgraded. Since the beginning of this year, more than 10 securities companies have received fines, and since April, CITIC Securities, Haitong Securities, Soochow Securities, and Huaxi Securities have been investigated by the China Securities Regulatory Commission. Soochow Securities is suspected of failing to be diligent in sponsoring the non-public offering of shares of Gome Communications and Zixin Pharmaceutical, Huaxi Securities is suspected of failing to be diligent and conscientious in the due diligence of the Jintongling private placement project, and CITIC and Haitong are suspected of violating laws and regulations in the process of transferring the non-public issuance of shares of China Nuclear Titanium Dioxide in 2023 in violation of restrictive regulations.
However, while upgrading supervision and standardizing the industry, the "New Nine Articles" will also promote the industry to become better and stronger. On April 25, the State Council issued a report on the research and handling of the deliberation opinions of the special report on the management of state-owned assets of financial enterprises and the rectification and accountability. The report clearly mentions two measures related to securities companies.
The first is to study and revise the provisions on the calculation standards of risk control indicators of securities companies, and further give play to the role of the "baton" of risk control indicators. The second is to study and draft an action plan for strengthening the management of state-owned financial capital, promote the standardized development of non-bank financial institutions, promote the leading securities companies to become stronger and better, and support the Shanghai and Shenzhen stock exchanges to build world-class exchanges.
In fact, as early as last year, the state and relevant authorities have frequently shouted to promote the head securities companies to become stronger and better. This work has been pushing.
On the evening of April 25, Guolian Securities announced that the company is currently planning a major asset restructuring plan to acquire control of Minsheng Securities Co., Ltd. and raise matching funds through the issuance of A shares. Today, Guolian Securities' A-share shares have been suspended since the market opened, and the suspension is expected to last no more than 10 trading days, while H-shares have not been suspended, and once rose more than 31% intraday.
The suspension of Guolian Securities has caused the expectation of merger and reorganization of securities companies to heat up rapidly. At present, "Founder Securities and Ping An Securities", "Huachuang Securities and Pacific Securities" and other securities integration events that have attracted attention before have also made new progress. In addition, today's Jinlong shares, Capital Securities, etc., all have the logic of speculation merger behind them.
From the perspective of valuation level, cheapness is a major advantage of the brokerage sector. Since the beginning of this year, the securities industry has continued to be sluggish, and valuations have also been at historically low levels.
Judging from the trend of the broader market, the market opened higher today, and the Shanghai Composite Index broke through the annual line intraday, and finally closed at 3088 points close to the annual line. This time, the Shanghai Stock Exchange hit the annual line completely different from 4.18, not relying on the high dividend of the weak mass base, but relying on the technology line and brokerage sector with a broad mass base, and the market is expected to break through the annual line. In addition to the brokerage sector, the technology line plagued by performance is also expected to be repaired.
Author: Xu Jinhua
Editor: Zhang Tianyi
Producer: Wang Junji
This article is the exclusive content of the WeChat public account of "CBN Broadcasting", please contact the background for authorization before reprinting. The individual stocks involved in this article are for reference only, and are not recommended for trading and are not responsible for personal income.