据接近央行人士介绍，互换便利期限不超过1年，到期后可申请展期；抵押品范围未来可能会视情况扩大。这些操作上的灵活性均表明，工具未来将有很大的发挥空间。据了解，央行将通过特定的一级交易商开展操作，通过观察一级交易商名单，可能是中债信用增进公司。Pan Gongsheng, the Governor of the People's Bank of China, stated that the initial scale of the securities fund insurance company swap is 500 billion, and the funds obtained can only be used for investing in the stock market.
To implement the requirements of the Third Plenary Session of the Twenty Party Central Committee on "establishing a long-term mechanism to enhance the intrinsic stability of the capital markets" and promote the healthy and stable development of the capital markets, the People's Bank of China has decided to establish the "Securities, Funds, and Insurance Companies Swap Facility (SFISF)", supporting eligible securities, funds, and insurance companies to pledge bonds, stock ETFs, CSI 300 index component stocks, and other assets to exchange for high-grade liquid assets such as national bonds and central bank bills.
The initial operation size is 500 billion yuan, which may be further expanded as needed. Starting today, eligible securities, funds, and insurance companies can apply for the program.
According to sources close to the central bank, the swap convenience period does not exceed 1 year, and extension can be applied for after maturity; the range of collateral may expand according to the situation in the future. The flexibility in these operations all indicates that the tool will have a lot of room for development in the future. It is understood that the central bank will conduct operations through specific primary dealers, and by observing the list of primary dealers, it may be ChinaBond Credit Enhancement Corporation.
Pan Gongsheng, the Governor of the People's Bank of China, stated that the initial scale of the securities fund insurance company swap is 500 billion, and the funds obtained can only be used for investing in the stock market.
Pan Gongsheng revealed that the initial convenience swap operation size is 500 billion yuan, which can be expanded in the future depending on the situation. "I told Chairman Wu Qing that as long as things are done well, we can have another 500 billion in the future, or a third 500 billion yuan, we are open."
Cinda Securities believes that although the current brokerage sector faces pressure on profitability, valuations, and holdings are at historically low levels, the downside risk is limited with a strong safety margin. Against the backdrop of the continuous improvement of the new "State Nine Articles" guiding the "1+N" policy system, large brokerage firms still have significant advantages.MergerThe restructuring theme may continue to drive sector trends, and the capital markets may usher in high-quality development in the second half of the year. The industry investment side is expected to improve fundamentally, and policy drive is expected to promote sector valuation repair.
Chinese brokerage-related companies:
$HAITONG SEC (06837.HK)$,$GTJA (02611.HK)$,$CGS (06881.HK)$,$CICC (03908.HK)$,$CITIC SEC (06030.HK)$,$HTSC (06886.HK)$,$CSC (06066.HK)$,$CMSC (06099.HK)$,$CC SECURITIES (01375.HK)$,$GUOLIAN SEC (01456.HK)$etc.
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