The Stock Market Dips The Layout And So On.

In February, the Shanghai and Shenzhen 300 index rose 4.03%, and the brokerage sector rose 8.61%, with a relative gain of 4.58%.

The average daily stock turnover in February was 505 billion 700 million yuan, a decrease of 25% compared with 670 billion 400 million yuan in January.

Generally speaking, after a recent adjustment, we believe that a series of bad factors have been basically digested before, and look forward to the specific capital market reform after the two sessions.

It is worth looking forward to, and the Innovation Conference in May will enter the "preheating" stage, so we suggest that we can bargain down the layout of the warehouse and wait for "wind".

From the monthly performance of listed brokerages in February, 20 listed brokerages totaled 11 billion 780 million yuan last month, with a total net profit of 5 billion 140 million yuan, while the net assets of the 20 listed brokerages increased by about 6 billion 300 million yuan in one month. Therefore, overall investment growth has been increased, and overall performance has been in line with expectations.

For the near future

With regard to the position of commercial banks applying for the license of securities dealers, we believe that although licence liberalization and mixed operation are the general trend, there is no need to worry too much in the short term. At present, the industry has shifted from the monopoly of licensing resources in the past to the competition of Technology and talents. Therefore, even if the licence is completely liberalized, the real impact of this single factor on the competition pattern of the industry will be very limited.

From the policy perspective, we believe that the current situation is basically in a state of "bad profits and good profits". From the valuation level, many large and medium-sized brokerages PB has been callback to around 3 times or less, while PE is generally callback to about 20 times, which has already prepared a relatively significant margin of safety.

We will further refine the recommendation: first, the large and medium sized brokers in the plate, of which our comprehensive performance growth expectation and stock price elasticity are relatively good. We are more optimistic about the Huatai Securities and GF Securities that have the H-share listing plan this year. The two is the second tier brokerages who are highly flexible and do not lack any other catalysts such as SOE reform, capital operation or business innovation. Among them, we continue to favor Guo Yuan Securities, Pacific Securities and Southwest Securities.

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Yesterday, the Shanghai and Shenzhen stock index opened up after the strong shock, the financial stocks fell sharply, the gem index rebounded sharply and reached a new high.

In the end, the Shanghai Composite Index and Shenzhen stock index respectively closed at 3372.91 points and 11713.61 points, up 0.70% and 0.67% respectively. The gem index rose 2.52%, and the SME board index rose 1.43%.

Information statistics, yesterday, the Shanghai and Shenzhen two cities, the net outflow of 6 billion 601 million yuan, the net outflow of 15 billion 444 million yuan on Thursday fell sharply, the single net minimum flow since February 27th.

The gem rebounded strongly yesterday, and the tide of stock trading reappeared. After two consecutive trading days, the net inflow was again obtained yesterday.

At the same time, the activity of small and medium-sized boards has also increased, and the net capital outflow has decreased significantly.

In contrast, the Shanghai and Shenzhen 300, which drew a lot of money on Thursday, showed a profit taking back, and returned to the pattern of net outflow of funds.

Specifically, the net capital inflow of the gem yesterday was 1 billion 473 million yuan, a reversal of the net outflow pattern of 4 billion 468 million yuan on Thursday. The number of households with net capital inflows also soared from 77 on Thursday to 202, and the participation of funds rose significantly.

The SME Board yesterday saw a net outflow of 1 billion 915 million yuan, and the net outflow scale was significantly lower than that of Thursday's 7 billion 120 million yuan. There were 250 stocks with net capital inflows and only 156 rebounded on Thursday.

Shanghai and Shenzhen 300 had a large net inflow of 5 billion 708 million yuan on Thursday. Yesterday, they returned to the net outflow pattern with a net outflow of 1 billion 852 million yuan. However, there were 118 stocks with net inflow of funds, which was basically the same as that of 116 on Thursday.

After two consecutive trading days, yesterday's growth enterprise market once again achieved a net inflow of capital.

The emergence of "adjustment to buy" shows that the current main force is still optimistic about the gem, and the leading role of growth stocks is difficult to shake. Although Shanghai and Shenzhen 300 return to the pattern of net outflow of capital, the net outflow amount is the lowest in nearly a month, reflecting the increasing concern of capital to blue chips and releasing a positive signal to stabilize the market.