In early trading today, a shares fluctuated slightly around yesterday’s closing point, and the main stock indexes rose and fell. On the disk, brokerage, water conservancy construction, cobalt metal, air transportation and other sectors led the increase, while gallium nitride, tourism, seed industry, phosphorus concept and other sectors led the decline. The net inflow of funds going north was 4.411 billion yuan.
Securities companies may enter the best configuration window
Although the market has been in a state of cowhide recently, the trading volume remains high. As of yesterday, the trading volume of a shares has exceeded trillion yuan for 19 consecutive days, breaking the record of the last six years. Wind statistics show that since August, the daily average stock based trading volume has been about 138 million yuan, a year-on-year increase of more than 30% and a month on month increase of 9%; The balance of the two financial institutions was 1.85 trillion yuan, a year-on-year increase of 24% and a month on month increase of 1.7%.
The market continued to be active, directly driving the brokerage business income and two financial interest income of securities companies. Brokerage stocks therefore attracted the attention of the market in the cowhide market. In early trading today, brokerage stocks rose in large quantities, and the plate index once rose by more than 3%. The half day transaction was close to the whole day transaction yesterday. Soochow securities opened slightly lower and rose straight, blocking the trading limit in less than 15 minutes, and the trading limit was once touched in the Western securities market; Orient Securities rose more than 9% in the session, and its share price hit a new high in three and a half years. China CITIC construction investment, Changjiang Securities and CAIDA securities have made strong upward attacks one after another.
A shares are entering the peak of semi annual report disclosure. As a wind vane of the market, the performance of securities companies is particularly concerned. Up to now, a number of securities companies have released performance forecasts or express reports for the first half of the year, and many of them have good performance. Guosen Securities expects to realize a net profit of 4.5-5.1 billion yuan in the half year, with a year-on-year increase of 53.00% – 73.00%; China Merchants Securities expects that the net profit in the half year of 2021 will increase by RMB 1.17-1.6 billion compared with the same period of last year, with a year-on-year increase of 27% – 37%. According to the performance express of CITIC Securities, in the first half of 2021, the operating revenue was 37.721 billion yuan, a year-on-year increase of 41.04%, and the net profit was 12.198 billion yuan, a year-on-year increase of 36.66%.
Although many securities companies performed well in the first half of the year, their share prices deviated from their performance and have been “falling endlessly” since this year. As of midday closing, the brokerage index had fallen by more than 10% since the beginning of the year. China Merchants Securities fell nearly 50% from the high point at the beginning of the year, CITIC Securities fell more than 30% in the same period, and the shares of head securities companies such as Shenwan Hongyuan, Guosen Securities and CITIC construction investment fell sharply.
With the rapid growth of performance and the superposition of oversold stock prices, the market trading continued to be active, and securities companies’ shares have attracted more and more attention from the main funds in the market. Last week, northbound capital accumulated a net purchase of securities companies’ shares of more than 1 billion yuan, and most securities companies’ shares have been increased by northbound capital, including a net purchase of China Securities Securities of 653 million yuan and an increase of 27.55 million shares; The net purchase of Huatai Securities was 191 million yuan, with an increase of 12.97 million shares. CAITONG securities, China Merchants Securities, Industrial Securities and Zheshang securities also received funds to go north and significantly increase their positions.
Guotai Junan Securities said that the current A-share market is ready to go, and the market of securities companies began to ferment. At the macro fundamental level, domestic liquidity is reasonable and abundant, and the policy is moderately tight, which is conducive to the sustained slow bull market. At the market level, the market risk appetite rebounded, the trading activity continued to improve, and the market was imminent. In this context, August may have entered the best configuration window period for the securities sector.