mrspacman|非银金融行业周报：保险资产端迎多重催化 看好险企高BETA属性显现

Important: brokerage: Shenwan brokerage index is down 0% this week.Mrspacman.35%, losing HS300 0.9pct. 1) the latest rate level of public offering funds has been officially landed: according to the China Fund News, on April 30, the China Securities Investment Fund Industry Association issued to various public offering fund managers and custodians.MrspacmanNotice on the notification of the average commission rate of stock transactions in the market in 2022. According to the notice, it is estimated that the average stock trading commission rate in 2022 will be 2.62 per ten thousand. Each public offering fund manager and custodian shall, in accordance with the regulatory requirements, complete the adjustment before June 30, 2024. The rate of reduction is in line with our expectations. 2) the guidelines for the operation of private equity investment funds have been issued and standardized development in five aspects. On April 30, the China Securities Investment Fund Industry Association officially issued the "guidelines for the Operation of Private Securities Investment funds" under the guidance of the China Securities Regulatory Commission. The main contents: first, reduce the minimum survival size to 5 million yuan, and make it clear that funds with a long-term scale of less than 5 million yuan should stop applying for purchase; second, after triggering to stop the purchase and before entering the liquidation process, increase the buffer period. "if the net asset value of the fund is still less than 5 million yuan for 120 consecutive trading days after stopping the purchase, it shall enter the liquidation procedure." The third is to give a certain transition period and set the starting time of less than 5 million yuan for a long time as January 1, 2025. Fourth, the "operational guidelines" clearly require private equity funds to participate in DMA business shall not exceed 2 times the leverage, and further control the level of business leverage. It is clear that the nominal principal of contracts for private equity funds to participate in snowball structured derivatives shall not exceed 25% of the fund's net assets, which is in line with the implementation of securities and futures institutions' private equity asset management plans to participate in snowball structured derivatives, reduce regulatory arbitrage space. Private equity funds that do not meet the terms of over-the-counter derivatives trading shall not be newly raised or extended, but the over-the-counter derivatives contracts that have been opened can continue to operate to maturity and will not be affected. Fifth, with reference to the regulations on the Operation and Management of Private Asset Management plans of Securities and Futures operating institutions, a double 25% portfolio investment requirement is put forward, that is, a single private equity fund shall invest no more than 25% of the same asset, and all private equity funds managed by the same private equity institution shall invest no more than 25% of the same asset. Insurance: this week, Shenwan Insurance II closed up 0.23%, outperforming the Shanghai and Shenzhen 300 index 0.33pct. 1. According to Xinhua News Agency, the Politburo meeting clearly promotes the high-quality development of the real estate industry and the implementation of local government debt resolution solutions, which will help effectively ease market concerns about the asset side of insurance companies. The meeting put forward "overall research on policies and measures to digest stock real estate and optimize incremental housing, and pay close attention to the construction of a new model of real estate development."... It is necessary to thoroughly implement local government debt risk resolution programs to ensure that high-risk provinces, cities and counties can not only truly reduce debt, but also develop steadily. " Prior to this, the risk of local property and urban investment was exposed, and the market was extremely pessimistic about the real estate-related assets held by insurance capitals. it is expected that the improvement of the policy is expected to form an obvious catalysis on the assets of insurance companies. two。 The rise in long-end interest rates is directly positive for the valuation of insurance companies. On April 23, the central bank said it was "optimistic about the outlook for economic growth in the long run." However, factors such as the relationship between supply and demand will also bring short-term disturbance to long-term Treasury yields. Since then, the maturity yield on 10-year Treasuries has rebounded to more than 2.3 per cent from 2.226 per cent on April 23. In the next stage, as supply improves, long-end interest rates may rise back to levels in line with economic growth expectations, providing significant support for the valuation of life insurance targets. 3. The structure of state-owned assets is expected to be optimized and pay attention to the allocation opportunities of central enterprises under the situation of increased concentration. The report on the Research, handling and Accountability of the Special report on the Management of State-owned assets in Financial Enterprises published on April 24 further defines the development trend of increasing industry concentration, specifically: 1) continuously promote high-quality development; 2) open channels for capital replenishment; and 3) promote long-term assessment to help dangerous capital enter the market. Investment analysis opinions: 1) Securities firms: be optimistic about the brokerage plate. With the continuous introduction of regulatory policies and related documents for the implementation of the new "National Nine articles" and "1x N" policy system, the atmosphere of M & An in the securities industry is heating up. We expect that the supply-side reform of the securities industry may accelerate, we recommend two main lines: 1) the targets that are expected to benefit from the capital market reform: China Galaxy, CITIC Securities, Huatai Securities; 2) the targets that are expected to benefit from mergers and acquisitions: Zheshang Securities, Caitong Securities, Soochow Securities. 2) Insurance: the asset side welcomes multiple catalysis, and it is optimistic that the risk enterprise high beta attribute appears. We recommend China Life Insurance, Xinhua Insurance, Ping an of China and AIA. Risk tips: brokerages: 1) economic downturn; 2) liquidity tightening; 3) slowing down the process of residents' funds entering the market; 4) on 2024-4-30, Guodu Securities was ordered to correct regulatory measures. China International Capital Corporation and CITIC Construction Fund were taken to increase the number of compliance inspection regulatory measures; insurance: 1) agent quality construction is not as expected; 2) sudden catastrophe; 3) equity market fluctuations, credit risk exposure. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.