The securities sector was shocked in the morning, GF Securities rose 2% to temporarily lead, and Oriental Wealth, Guolian Securities, first venture and so on followed suit. As of 11:00, the brokerage ETF (512000) is currently oscillating around the water surface by 0.19%, with a turnover of more than 270 million yuan.
From the perspective of the K-line trend, in the 29 trading days from September 14 to November 2, the brokerage index has continuously pulled back nearly 13%, and the index has fallen back to the starting point of the previous Dayang line, which is also the hub of the sideways session from May to August. During the period, a large amount of funds flowed into the securities company ETF (512000), an increase of 4.121 billion shares, calculated based on the average transaction price of 1.106 yuan, a total net inflow of 4.558 billion yuan.
[Guotai Junan Liu Xinqi: The next investment consensus in the securities sector will be institutional business]
Earnings in the first three quarters of 2021 increased by 22.8% year-on-year, with proprietary, asset management and brokerage businesses being the main drivers. 40 listed securities companies achieved operating income/net profit of 379.93 billion yuan/147.89 billion yuan in Q3 2021, +15.0%/22.8% year-on-year, of which the wealth management industry chain (including brokerage business and asset management) business contributed the most to revenue growth, accounting for 40.8% of the incremental contribution to revenue; The contribution of investment business was second, accounting for 27.1% of the incremental contribution to revenue.
The increase in residents' demand for wealth management is the essential reason for the growth of securities companies' performance. From the perspective of performance driving force, the essential reason for the sustained growth of securities companies' performance comes from the outbreak of customer equity wealth management demand, which has led to the rapid growth of brokerage and asset management business of securities companies. The resulting institutionalization of investors has also promoted the rapid growth of institutional business income including margin, derivatives, seat leasing, etc., with the scale of margin increasing by 87% year-on-year by the end of September, and the nominal principal of derivatives by the end of August, an increase of 72% year-on-year.
We believe that the next investment consensus of the brokerage sector will be institutional business. The increase in the demand for resident wealth management will drive the high increase in the income of securities companies' consignment sales and asset management business At present, the market has formed a general consensus, and the stock prices of securities companies with a high proportion of consignment sales and asset management income have also achieved obvious excess returns. However, due to the rapid growth of institutional business brought about by the increase in residents' demand for wealth management, a general consensus has not yet been formed. From the performance point of view, securities companies with a high proportion of institutional business such as CITIC Securities and CICC have a profit growth rate of 39% and 52% respectively, and the performance growth rate ranks eighth and fourth in the industry, but the stock price performance is far behind that of securities companies with a high proportion of consignment sales and asset management income, and the performance and stock price performance do not match, we believe that institutional business is more advantageous Securities companies are the main investment direction of the next securities sector.
【Everbright Securities Wang Yifeng: The securities sector has a very high configuration cost performance】
Wang Yifeng of Everbright Securities pointed out that from the performance of the three quarterly reports, the performance of securities companies in the third quarter generally continued to grow at a higher growth rate, especially the net profit growth rate of leading securities companies was above 20%, which confirmed the trend of the industry pattern to continue to concentrate on the leader. From the perspective of market sentiment, although the active partial stock fund in the third quarter is still under-allocated to securities companies, it has slightly increased by about 1 percentage point compared with the second quarter, and the allocation of individual stocks is mainly concentrated in the main line of wealth management or leading securities companies. From the perspective of catalysts, the launch of the Beijing Stock Exchange and other favorable policies are expected to enhance the market's attention to securities stocks, we believe that the current low valuation of the securities sector has a very high allocation cost performance, it is recommended to pay attention to the investment line of securities companies at the end of the year
【Brokerage ETF (512000) financing balance hit a new high in nearly 50 trading days】
Since the beginning of this year, the performance of listed securities companies has continued to increase, but the performance of the secondary market has not been matched synchronously. Brokerage ETFs (512000) have fallen by nearly 10% year-to-date, and most brokerage stocks have fallen to varying degrees, during which funds continue to buy.
According to data from the Shanghai Stock Exchange, the latest share of securities company ETF (512000) on November 2 was 22.610 billion shares, and the net inflow of funds in a single day reached 364 million yuan! Compared with 18.489 billion shares on September 13, the scale of the past 28 trading days increased by 4.121 billion shares, calculated at an average transaction price of 1.106 yuan, with a total net inflow of 4.558 billion yuan.
Brokerage ETFs (512000) have also become a preferred investment vehicle for financiers. According to the latest data from the Shanghai Stock Exchange, as of October 29, the balance of securities company ETF financing reached 1.962 billion yuan, a new high since August 16, and the financing purchase amount reached 193 million yuan on the same day, and leveraged funds continued to look bullish on the brokerage sector.
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This article originated from the Financial Circle Network