Securities ETF (512880) fell 5.75%

Securities ETF (512880) fell 5.75%

Analysis of the cause of the decline: On the news, the relevant departments issued a statement saying that it encouraged securities, funds, guarantee and other institutions to further reduce the service charging+securities industry in 2022. The income and profits decreased slightly year -on -year, which was mainly dragged down by the investment business.

On the news, the relevant departments issued a statement that securities, funds, guarantee and other institutions were encouraged to further reduce service charges. According to the news on September 15, the "Opinions on Further Opposition to Optimize the Institutional Trading Costs of the Business Environment" issued by the relevant departments recently issued a marketization, rule of law, and international business environment, reducing institutional transaction costs, mentioning it The confidence of the market entity of the market will help the development of the market subject, and provide strong support for the stable macroeconomic market. The "Opinions" states that we will focus on regulating financial services charges; encourage securities, funds, guarantee and other institutions to further reduce service charges and promote the reasonable reduction in financial infrastructure reducing transactions, custody, registration, liquidation and other expenses. Affected by this news, the securities sector fell more today.

Haitong Securities' non -bank team believes that the adjustment of securities stocks or rumors is related to the rumors of fees. It is expected that the actual impact is small. At present, there is no clear news of the reduction of fees. He said that the "Opinions" is a measure to optimize the business environment and stimulate the economy, not specifically for the financial industry. Almost all kinds of public utilities, associations and chambers of commerce and other institutional and licensed charges are involved. It has limited impact on the financial industry.

The securities industry was announced in 2022, and revenue and profits declined slightly year -on -year, mainly dragging down by investment business. At the level of profitability, according to the statistics of CITIC Securities, the 2022H1 securities industry realizes operating income of 205.9 billion yuan (year-on-year-11%) and net profit of 81.2 billion yuan (year-on-year-10%). Under the environment where the overall concentration of the industry is declining, medium-sized securities companies The market share is transferred to large securities companies and unlisted small securities companies. The decline in profits was mainly dragged down by the investment business, and the investment income of the entire industry has fallen sharply due to the market conditions. At the level of income, 2022H1 was affected by market conditions. The total investment income of the industry's securities (including changes in fair value) was 42.979 billion yuan, a year -on -year decrease of 38.4%.

Outlook on the market:

On the whole, in terms of market system construction, the science and technology board, the GEM, and the Peking Exchange have opened the board one after another. The registration system is to open up direct financing channels for small and medium -sized enterprises; the market system has gradually improved the relatively abundant liquidity, and the continuous trend of residential asset transfer trends It is still continuous for a long time, and it is expected to accelerate the transformation of investment banking business and wealth business. With the advancement of wealth management and the introduction of institutions such as pensions, institutional services ushered in an important node for integration and transformation.

Data source: wind

At present, A shares are still at the bottom of emotional and valuation. Most of the securities have reached a record low since the end of 2018, and some securities are new in ten years. Considering the function of the securities sector in the direct financing service economy and the role of wealth management to promote internal circulation, the valuation is low -the current index valuation PB is 1.36 times, which is 9.13 since July 19, 2013 %, Which is a low level of history; subsequent liquidity is relatively loose and under the dividend of the capital market reform policy, the securities sector has strong valuation repair power and repair flexibility. The current securities sector has a certain mid -to -long -term investment value. Interested investors can continue to pay attention to the Securities ETF (512880), but it also needs to be alert to the adjustment of short -term market fluctuations.

- END -