Disturbed by overseas risks, A shares opened lower across the board yesterday, with all three major indexes falling more than 1%. Brokerage stocks fell collectively, only Changjiang Securities closed up 1.76% against the market, while Guosheng Financial Holdings, China International Capital Corporation, Xiangcai shares and China Galaxy led the decline. Plate on behalf of ETF-- brokerage ETF (512000) opened low, fell further in the afternoon, the market price closed down 2.16%, once again lost all moving averages.
On the news side, the minutes of the latest meeting of the Federal Reserve show that they are worried about the current inflation situation in the United States, and there has been a lack of progress in reducing inflation in recent months. At the same time, participants discussed that if inflation did not continue to fall towards the target of 2%CascadingslotsfreeonlineWhether they are willing to raise interest rates. That means the Fed's rate cut, which is widely expected, could be delayed again. In addition, Goldman Sachs said it does not expect the Fed to cut interest rates this year.
A-share market sentiment has been hit, as a market vane, securities firms bear the brunt. However, industry insiders believe that the delay of the Fed rate cut will have a short-term impact on A shares, but the market may soon return to the original slow bull track. On the one hand, the valuation of A-shares is still historically low and has a high performance-to-price ratio in the world; on the other hand, the positive on the policy side contributes to the sustained improvement of the macro-economy and supports the further strengthening of the index.
For the brokerage plate, on the one hand, it benefits from the overall recovery of the market boom, on the other hand, the industry is expected to continue to catalyze around the theme of mergers and acquisitions.
Guohai Securities said that this year, the main line and direction of investment in the brokerage plate is leading and mergers and acquisitions, which is more event-driven, such as the restructuring of Guolian Securities and Minsheng Securities. With the fermentation of more M & A restructuring and shareholder changes, the securities plate may start a new round of market, and the follow-up need to focus on the evolution of related events.
China Merchants Securities also said that at present, the valuation and position of the brokerage plate are at the bottom of history, which is clearly mismatched with the fundamentals of the industry, and there is a large room for repair: brokerage index PB valuation 1Cascadingslotsfreeonline.22, which is still at the bottom of history; 24Q1's position is only 0.Cascadingslotsfreeonline.46%, far lower than the standard 3.84%. It is suggested to follow up the two variables of marginal improvement of policy and market boom, grasp the main line of mergers and acquisitions, strengthen and optimize, and seize the opportunity of configuration at the bottom of the plate.
It is worth noting that yesterday's plate callback range, funds actively enter the market to grab money, to retrograde clear attitude. Take the brokerage ETF (512000) as an example, data from the Shanghai Stock Exchange show that it strongly absorbs 203 million yuan in a single day and receives a total net inflow of 361 million yuan in the past five days.
Public data show that brokerage ETF (512000) tracks the CSI all-index securities company index, including 50 listed securities companies with one click, of which nearly 60% of the positions are concentrated in the top 10 leading securities firms, and the leaders of "big asset management" and "big investment bank" gather together. Another 40% of the positions take into account the high flexibility of the performance of small and medium-sized securities firms, absorbing the characteristics of periodic high outbreak of small and medium-sized securities firms, and is an efficient investment tool for centralized layout of head securities firms while taking into account small and medium-sized securities firms.
Data sources: Shanghai and Shenzhen Stock Exchange, Wind.
Risk Tip: brokerage ETF passively tracks the CSI index of securities companies, which was released on July 15, 2013.on the base day of 2007.6.29. The composition of the constituent stocks of the index shall be timely adjusted according to the rules governing the compilation of the index. In this paper, the index stocks are only displayed, and the individual stocks are not described as any form of investment advice, nor do they represent the position information and trading trends of any fund under the manager. The risk level of the fund assessed by the fund manager is R3-medium risk, which is suitable for investors of balanced type (C3) or above. Any information that appears in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only and the investor is responsible for any discretionary investment behavior. In addition, any point of view, analysis and forecast in this article does not constitute any form of investment advice to the reader, nor is it liable for direct or indirect losses arising from the use of the contents of this article. The investment of the fund is risky, and the past performance of the fund does not represent its future performance.CascadingslotsfreeonlineThe performance of his fund does not constitute a guarantee of the performance of the fund, so the fund should be cautious in its investment.