Over the weekend, has been rising for many days of securities plate again spread good. It is generally believed in the industry that securities companies will improve the efficiency of securities companies in the use of funds.
Sure enough, the opening of Monday, the securities sector will become the focus of attention of the whole market, more than a number of securities companies open trading namely trading. As of press release, Shenwan securities industry as a whole rose by 7.5%, and nearly 10 securities companies shares were closed to trading limits, among which Zhejiang securities and Zhongtai securities share prices are one word limit.
Early performance of securities companies
Early performance of insurance sector
Some securities companies app downtime caused by hot market
The outbreak of the market has ignited the enthusiasm of shareholders to participate. In the early trading of several securities companies, there was a temporary jam in the trading systems of several securities companies, unable to log in or transfer between banks and securities, or unable to display data such as profit and loss positions. According to netizens reaction, app of Guotai Junan, Soochow securities, China Merchants Securities, Great Wall Securities and other securities companies, as well as Internet financial data service providers such as Dongfang fortune and tonghuashun, have more or less experienced slow trading and stuck situations.
A person in charge of the Information Department of a securities company said that the delay of the trading system of a securities company is generally due to the fact that the concurrency of placing orders in a certain area exceeds the design capacity of the trading system of the securities company. At this time, it takes three or five minutes for the securities companies to switch the trading system in an emergency, and the downtime will occur during the period.
Whenever the transaction is hot, it will test the app of securities companies. The reporter learned that some IT departments of securities companies have held an emergency meeting in the morning to discuss system expansion.
Industry insiders said that the bull market effect is still continuing, and many securities companies have started the battle of opening accounts to grab people. While paying attention to the marketing of new users, they also need to improve the functionality and stability of mobile applications, so as to gain greater advantages in the follow-up competition.
Which stocks have the incremental capital concentrated into?
As a result, the key to grasp the current round of market is to find the target of concentrated and scrambled incremental funds. From the current data, the non bank financial sector represented by securities companies has become the focus of incremental fund purchase.
According to the calculation of China Merchants Securities, from June 2020, the financing balance of A-share market began to increase significantly. In the past few weeks, the financing balance began to accelerate inflow. Just in the past week, the balance of financing increased by 41.7 billion a week, and the inflow of funds to the North was 28.9 billion. Among them, non bank finance, banks and real estate ushered in more incremental funds.
In the past week, northward funds and financing funds concentrated to increase positions in non bank financial sector
In addition, the dragon and tiger list released by the exchange on Friday showed that hot money and domestic institutions also concentrated on increasing positions in the leading securities companies. In the purchase list of Bank of China Securities, Zhongtai securities, Zhejiang securities and Shanxi securities, there were both front-line hot money and institutional seats.
For example, in the dragon and tiger list of BOC securities on Friday, the old hot money seat Guotai Junan Securities Shanghai Jiangsu road was the first place to buy, with a purchase amount of 78.33 million yuan; another institutional seat appeared in the third place, with a purchase amount of 57.21 million yuan.
Bank of China Securities last Friday
The stock market plate drives the index to rise rapidly in the short term, which is easy to associate with the bull market in the second half of 2014. Will the current market repeat 2014? It has become the hottest topic in the industry.
Dai Kang, strategic analyst of GF Securities, said that there are many similarities and differences between the current market and 2014:
Similar to 2014, loose financial conditions constitute the core support of the market.
Firstly, the same period of monetary easing, the downward discount rate drives the bull market; secondly, the regulatory cycle is similar, both financial regulation marketization and capital market reform are actively promoting to raise the risk preference center, breaking the rigid exchange driving down the real risk-free interest rate, and increasing the relative attractiveness of stock assets; finally, incremental funds are admitted, but the proportion of individual investors entering through funds in this round It will be improved.
Different from 2014, the extreme switch of market style is difficult to reproduce.
How much room for the rise of securities companies?
Wang Hanfeng said that compared with other traditional economic sectors, the valuation of the securities sector is not high, the downside risk is small, and the expectation of economic improvement is relatively certain. Investors in the A-share and Hong Kong stock markets are recommended to continue to pay attention. The risk factors include faster policy exit, strengthened supervision, reduction of holdings, and higher than expected external shocks.
Valuation comparison between securities companies and the whole market
Liu Xinqi, non bank analyst of Guotai Junan Securities, believes that the main reason for this round of market is from top to bottom, not from bottom to top. The core logic is that the risk-free interest rate of the stock market is lower than expected, and the main trigger factor is the downward trend of the risk-free interest rate of the stock market caused by the upward rise of the Treasury bond yield after the net value of financial products.
Liu Xinqi said that as the economy and treasury bond yields rose more than expected, the risk-free interest rate of the stock market would further decline. As an undervalued and strongly market related sector, securities companies directly benefit from the downward trend of risk-free interest rates, while the insurance sector also ushers in Davis double-click under this logic. It is suggested to increase the holding of undervalued listed securities companies with high self support flexibility and insurance stocks with strong interest rate sensitivity.