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CICC has taken action! What impact does SFISF have on the brokerage? What will investors buy when entering the market?
JPMorgan analysis shows that SFISF is both beneficial and detrimental to brokerages. On one hand, the cost of swaps and repurchases may increase profit/accounting value volatility, while on the other hand, if positive returns can be generated, it will increase share capital roi. In addition, most brokerages will use SFISF more for market-making or investing in large cap high dividend stocks.
The central bank has officially launched the Interbank Convenience Swap Facility (SFISF) operation from today: Currently, 20 securities and fund companies have been approved to participate, and the initial application quota has exceeded 200 billion yuan.
①As of now, 20 securities and fund companies have been approved to participate in the convenient swap operation, with the first batch of application quotas already exceeding 200 billion yuan. ②This tool helps institutional investors better leverage the stabilizing role of capital markets, alleviating the negative feedback loop of "stock market decline-investor redemption-sell stocks-stocks further decline".
china international capital corporation 'trips up' the brokerage sector, leading stocks face an embarrassing start to the bull market.
After a continuous sharp rise, differentiation begins.
Chinese brokerage firms are generally warming up, with Haitong Securities and gtja merging. Institutions believe that the sector is expected to receive further catalysis.
Chinawutai Financial News | GTJA and Haitong Securities merge, boosting Chinese brokerage firms, sectors generally rebound, Haitong Securities (06837) up 96.86%, GTJA (02611) up 73.54%, Hengtou Securities (01476) up 7.88%, Cisi Fin (06058) up 6.9%, Swhy (06806) up 4.86%, Guolian (01456) up 4.5%, China International Capital Corporation (03908) up 4.01%. Soochow Securities pointed out that with the release of the GTJA and Haitong Securities trade proposal, the two brokerages will resume trading with significant potential.
A-share brokerage firms surged, while Hong Kong brokerage firms plummeted, the two markets moved in opposite directions, has the premium logic failed?
①17 Hong Kong brokerage stocks collectively fell, with an average decline of 20.81%; ② 48 ah stocks brokerage stocks collectively hit the limit up, with a morning trading volume of 108.951 billion yuan; ③ The premium rate of AH stocks, which had already narrowed, expanded again, with 8 stocks having a premium rate close to or exceeding 100%.
Sudden Change: China-affiliated brokerage stocks surged across the board, with Swhy rising nearly 24%, significantly boosting market sentiment and driving brokerage business.
UBS Group believes that brokerage stocks will benefit from both macroeconomic and capital market support measures. The brokerage stocks listed in Hong Kong covered by the bank's research currently have a price-to-book ratio of only 0.4 times, which is at a historically low level. China International Capital Corporation also believes that the performance, valuation, and positions of the brokerage sector have all hit bottom, recent reserve requirement ratio cuts and interest rate reductions have provided market liquidity, new policy tools support the development of the stock market, internal industry mergers and acquisitions are accelerating, and it advises investors to pay attention to M&A transaction sentiment, market improvements, and rebound opportunities under the catalysis of internal and external policies.
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