Affected by this, todays securities companies soared. By the end of the afternoon, the plate index rose by 4.11%. Everbright Securities trading limit, Shenwan Hongyuan, China Merchants Securities, China Galaxy, etc. were also trading limit. Among them, the stock prices of CSCI and Zhongtai securities reached a new high, Dongfang wealth and Huaxin shares reached a new high in five years, and Guojin securities reached a new high in more than one year.
As the most flexible plate in the market, securities stocks are often an important indicator of the market. Once the market is established, the performance and valuation of securities companies will be improved, which will form Davis double click.
Market funds are also flocking to buy securities stocks in the near future. Since June, Beishang capital has bought 1.51 billion yuan of securities companies shares, and CITIC Securities, CSCI, Tianfeng securities and Huatai Securities have bought over 100 million yuan of securities companies shares, which are 630 million yuan, 199 million yuan, 147 million yuan and 145 million yuan, respectively. In the same period, 19 securities companies, such as Soochow securities, China Galaxy, Guotai Junan, etc., were also net bought by Beishang capital for more than 10 million yuan.
Since June, Beishang capital has bought more than ten million yuan of securities stocks
Private equity institutions interviewed by e company reporters believe that investors should attach great importance to the collective launch of securities companies today. In terms of valuation, at present, the overall price earnings ratio of securities companies is about 1.67 times, which is in the lower part of the central position and has a high margin of safety. The start of gem registration system means that more and more enterprises will be listed in the future, and the investment banking business of securities companies will once again usher in spring, which will greatly stimulate the improvement of securities business performance.
Novel coronavirus pneumonia is a key factor. But in the short term, uncertainties can not be ignored. First, the 3000 point is the more sensitive point at the 3000 point of the Shanghai Composite Index. The early stage of the market has reached the unwinding area, and the profit taking has also been impulsive. Secondly, there are many variables in the Sino US trade conflict and the new crown pneumonia outbreak, which will create constraints on A shares. On the whole, the current valuation of securities companies is cheap, and the probability of rising is greater than the probability of falling.
Multi space interleaving
In June, Guotai Junan issued several consecutive announcements, announcing that it will implement the equity incentive plan, and plans to repurchase A-share common stock from the secondary market with its own funds of no more than 2.17 billion yuan. The company plans to carry out this buyback through the centralized bidding trading mode of Shanghai Securities Exchange. The number range is 44.5 million shares - 89 million shares, accounting for 0.5% - 1% of the companys current total share capital, and the buyback price is not more than 24.39 yuan / share. As of the end of last week, Guotai Junan has spent 744 million yuan to buy back 45.67 million a shares, accounting for 0.5127% of the companys total share capital, which has exceeded the minimum number of a shares bought back by the company.
At the end of last week, Orient Securities also released a draft employee stock ownership plan announcement. According to the draft, Dongfang securities has set up an employee stock ownership plan and entrusted huitianfu fund to set up two asset management plans for management, which will purchase H shares of the company. The total number of employees proposed to participate in this program shall not exceed 4000, and the total amount of funds shall not exceed 400 million yuan.
Earlier, Huatai Securities also announced that it planned to repurchase 45383300-90766500 A shares at a price of no more than 28.81 yuan as the stock source of the restricted stock equity incentive plan. The buyback will be conducted with its own funds, with a total amount of no more than 2.615 billion yuan.
At the end of last week, Huaxin announced that more than 5% of Shanghai Guosheng, the non largest shareholder, planned to reduce its holding of the companys shares by no more than 17.61 million shares, and the planned reduction proportion would not exceed 1.66% of the companys total share capital. Huachuang Yangan also announced on the same day that during the period from March 3, 2020 to June 17, 2020, Mr. Liu Jiang and his concerted actors reduced their holdings of about 2374 million shares of the companys tradable shares with unlimited sales conditions through centralized bidding and block trading, accounting for 1.36% of the companys total share capital.
According to wind statistics, since this year, seven A-share listed securities companies have announced relevant matters related to shareholder reduction, involving first venture, Huaan securities, Nanjing Securities, Western securities, CAITONG securities, Founder Securities, and Huaxi Securities. The total number of shares actually reduced by shareholders is 259 million, with a reference market value of 2.374 billion yuan.
In addition, recently, the 10 billion fixed increase plan of Zhejiang securities was approved by the state owned assets supervision and Administration Commission of Zhejiang Province, and Shanxi securities officially launched subscription payment. Huaan securities disclosed 4 billion plan for share allotment, and the amount of refinancing plan of securities companies in this year has exceeded 100 billion.
Institutions: securities companies are in the golden pit
In the view of new era securities, in the past two years, the policy of securities industry has been gradually revived, the position of capital market has been promoted, and the importance of securities companies to more effectively play the role of capital intermediary in serving the real economy has been strengthened. In this years market volatility, the securities sector has shown a certain resilience. With the optimization of capital market, loose liquidity transmission, market activity and index repair, the relatively undervalued securities sector has investment opportunities. Maintain industry recommended rating.
According to Anxin securities, at present, the stock of securities companies is in the golden pit, the Chinese economy is in the recovery stage after the outbreak of the epidemic, and the beta attribute of securities companies is prominent under the recovery of short-term market confidence; in the medium and long term, the policy level is good for the business innovation and stock business transformation of securities companies, and the roe of securities companies is expected to continue to improve. Recommend the top securities companies with low valuation, rich investment bank resource reserve and long-term good performance under the registration system trend, the small and medium-sized investment banks with low valuation, good investment bank foundation and high-speed growth of performance in 2020, and the Internet securities companies that may benefit from the t + 0 policy and lower financing costs. Great Wall Securities proposes to select individual stocks from three main lines: 1) leading securities companies with excellent and stable performance, diversified and balanced revenue structure: Huatai Securities, Haitong Securities, Guotai Junan and Shenwan Hongyuan. 2) It is suggested to pay attention to the small and medium-sized securities companies with innovation + Transformation Development: Guojin securities and Dongfang wealth. 3) It is suggested to pay attention to the sub IPO elastic target: Nanjing Securities, China Galaxy. Source: responsible editor of Securities Times: Yang Bin_ NF4368
According to Anxin securities, at present, the stock of securities companies is in the golden pit, the Chinese economy is in the recovery stage after the outbreak of the epidemic, and the beta attribute of securities companies is prominent under the recovery of short-term market confidence; in the medium and long term, the policy level is good for the business innovation and stock business transformation of securities companies, and the roe of securities companies is expected to continue to improve. Recommend the top securities companies with low valuation, rich investment bank resource reserve and long-term good performance under the registration system trend, the small and medium-sized investment banks with low valuation, good investment bank foundation and high-speed growth of performance in 2020, and the Internet securities companies that may benefit from the t + 0 policy and lower financing costs.