Everbright Securities has gone out of the five -day five -board. Why did non -silver finance suddenly "riot"?

Author: Zhang Yuanke

Following the afternoon of June 14, the funds were sharply inflow of 4.991 billion yuan, and after leading the broader V reversal, the non -silver financial market led by brokerage firms continued on June 15th. The Everbright Securities of the "Riot" leader in this round of securities companies has even pulled five daily limit even, and multi -foreign brokerage stocks have also risen in early trading.

In the early morning of the 15th, the three major A -share index opened collectively, and the Shanghai Stock Exchange Index rose 1.41%at noon to 3335.12 points; the Shenzhen Stock Exchange Index rose 1.48%to 12201.48 points; the GEM index rose 1.14%to 2577.39 points.

In terms of sectors, in the one -level industry, non -silver finance and real estate sectors have risen by 5.46%and 3.64%respectively. Among the Wind Index, the insurance index and the Wind brokerage index are ranked among the top rankings of 6.12%and 5.39%. Essence The 52 companies contained in the Wind Investment Banking and Brokers Industry Index rose all of the 52 companies except Guosheng Gold Control, with 26 increases of more than 5%.

Specific to individual stocks. As of the afternoon closing, China Life, Xinhua Insurance, China Extraordinary Insurance, China PICC, and Ping An of China in the insurance sector have increased by more than 5%. China Life Rats has risen by 8.45%. A total of 7 securities firms, including Yang'an, CITIC Investment, Great Wall Securities, Everbright Securities, Hongta Securities, and Caida Securities. Among them Essence

In fact, since June 1, in addition to Everbright Securities, many securities companies including Zhejiang Commercial Securities, Guolian Securities, BOC Securities, and Hualin Securities have risen by more than 20%. Is the rise in the securities company's rising to the bottom of the rebound, or is it a brief carnival? From the perspective of various securities firms, it is generally considered to be a repair of a valuation.

Xingye Securities said that it is optimistic about the value of the securities stocks in the current stage. From the perspective of policy, the recent capital market has continued to deepen the reform around the distribution mechanism and transaction mechanism, bringing new business opportunities and profit growth points to the industry; from the perspective of valuation, the securities sector has fully reflected the pessimistic expectations of the early market. The historical status is significantly mixed with profitability. Under the market's stable and profit -making upward expectations, the valuation has sufficient restoration space.

The Anxin Securities report said that due to the sharp fluctuations in the market at the beginning of the year, the valuation of the securities firms fell to 1.4 times PB, and some head brokers valuations were close to or below 1 times PB, which was at the historical bottom. In the future, under the dividend of relatively loose liquidity and the dividend of the capital market reform policy, the brokerage sector has strong valuation repair driving force.

BOC Securities believes that this year's registration system is expected to accelerate landing, public offering fund licenses, and multi -source institutional funds to enter the market. It is expected to promote the continuous transformation of investment integration, wealth management and institutional business. The valuation of securities firms is at the end of the past ten years. The market recovery in the second half of the year is expected to go up in the fluctuations. The fundamental probability of the fundamental aspect ushered in comprehensive restoration, and promoted the backbone of the brokerage back from the bottom of the valuation. It is recommended to grasp the firming left layout of institutional business and asset management and fund management business.

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