Expected Long Term Securities Companies To Meet The Logic Of Cooling Down

On July 15, the big stock index fell. And a shares with the shock of the stock market has been known as the "flag bearer" of the stock market, the recent correction of the securities plate has also cooled the A-share market to a certain extent.

On the other hand, although the market continued to adjust, the trading volume of Shanghai and Shenzhen stock markets still reached 1.5 trillion yuan on the 15th, and the turnover of the two markets exceeded trillion yuan for the 10th consecutive trading day in a row. Transactions in the shock adjustment stage were still active, which also meant that there was no small difference in the market.

Market divergence is also reflected in the securities sector. According to the data of Oriental Fortune choice, the average daily turnover during the shock period and the average daily turnover during the period of soaring did not decline significantly.

Investors who pay attention to securities companies are facing a problem, whether there is still room for allocation of securities companies' stocks.

According to the data of wind statistics, the number of 49 companies in the stock market of securities companies has reached 42, except for 2 suspended companies. The stock prices of several companies such as first venture, Huaxin shares and Nanjing securities are close to the limit.

"The speed of securities companies cooling down is very fast. In addition to Everbright Securities and other securities companies with a large increase, many securities companies have no more than two trading days of trading in the past trillion yuan, and the leading CITIC Securities also recorded only two trading limits." The customer manager of a large brokerage business department in Central China said.

On the one hand, the short-term flameout of securities companies is related to the technical adjustment after the market continues to rise, and on the other hand, the regulatory authorities have repeatedly released cooling signals recently.

"Securities companies are also more sensitive to changes in the policy environment. The current policy is intended to control leverage funds and the stock market to rise too fast, which may cause short-term disturbance to the market. Recently, the regulatory authorities have repeatedly stressed the need to strictly prevent the entry of highly leveraged funds into the market, and the CBRC has also stated that it is necessary to prevent the illegal entry of insurance and credit funds into the market. To some extent, these have brought impact on the short-term trend of securities companies. " Zehao investment partner Cao Gang said.

At the same time, many investors take this round of stock market as an analogy to the outbreak of securities companies in 2014-2015.

Although the first round of stock market growth was triggered by a large number of fund inflows into the stock market, Chen long, the chief securities trader, said that the main reason for the stock market's rise was that the two stocks were benefited from the same strategy

Therefore, for the securities companies, the role of market funds can not be ignored, statistics show that the current stock trading is still active. In the rising range of the securities sector (statistical interval: June 30 to July 9), the average daily turnover was 124.5 billion yuan, while in several trading days after shock adjustment (statistical interval: July 10-july 15), the daily average turnover of the securities sector was 136.6 billion yuan.

It can be seen that the average daily turnover of the securities trading plate in the shock period is even higher than that of the previous period of continuous rise, that is to say, funds are still paying attention to the plate, but the continuous fluctuation of stock price also indicates that the market divergence is becoming more and more obvious.

However, from the communication between reporters and many senior market researchers in the industry, most still hold a clear-cut view that securities companies are good investment targets, especially the industry leaders. From a medium and long-term point of view, they should give higher buying priority.

There are three factors that make it optimistic about securities companies' stocks, that is, the change of market logic, the guidance of favorable policies and the obvious improvement of performance, which are macro, meso and micro.

The first is the change of market logic. Wang Jian, a non bank analyst of Guoxin Securities, believes that the driving force of the current round of securities market is not only the catalyst of simple trading volume, but also the long logic of direct financing development. High quality economic development means that China's economic growth has changed from relying mainly on traditional manufacturing, infrastructure and real estate investment to relying more on consumption, science and technology and other aspects of innovation. Therefore, the allocation of financial resources should pay more attention to emerging industries and innovative enterprises, and further meet their needs for innovation and development. Direct financing and equity financing will usher in great development.

Based on such a prediction, Wang Jian further analyzed and pointed out that in the future, China's securities industry is expected to show a trend of differentiation, showing the coexistence of "large and comprehensive" and "small and fine" securities companies. It is expected that the leading securities companies will be able to stand out from the rest in terms of capital distribution and characteristic risk business. In other words, both large and medium-sized securities companies are expected to benefit from the space brought about by the top-level logic changes in the market.

The middle level is the development space brought by the capital market policy. From September 9 to 10, 2019, China Securities Regulatory Commission (CSRC) proposed 12 key tasks to comprehensively deepen the capital market reform. One of the important tasks is to build aircraft carrier level securities companies. In many other reforms, securities companies are the direct implementers and the direct beneficiaries.

The last positive factor for this year's stock market is the positive one.

According to the data of Dongfang fortune choice, according to the results released by the securities companies in June, most of the companies' monthly revenue and net profit increased significantly month on month and year-on-year, and the performance of securities companies from January to June also significantly exceeded that of the same period last year. If the current market heat continues to be maintained, the performance of securities companies is expected to give a surprise throughout the year.

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