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光大证券:证券行业有望迎来“戴维斯双击”

Everbright Securities: The securities industry is expected to usher in a “Davis double click”

Breakings ·  Feb 2, 2023 11:04
Everbright Securities pointed out that the securities industry is expected to experience a “double blow from Davis”. First, from the perspective of economic recovery, various policies to stabilize economic growth in early '23 are expected to be introduced quickly, thus favoring the performance of major financial sectors such as securities. Second, the loose monetary policy is expected to continue. Liquidity easing is a booster for the rise. Third, from the perspective of capital market reform itself, the implementation of a comprehensive registration system, the establishment of a valuation system with Chinese characteristics, and the promotion of opening-up to the outside world will all accelerate in 23. Fourth, capital market reform systems, such as the comprehensive registration system, have continued to advance in depth, thereby favoring market sentiment and increased interest in the securities industry. From a macroeconomic perspective, the implementation of a comprehensive registration system will help the capital market play a more important role in high-quality economic transformation. From the perspective of the industry's own development, the implementation of a comprehensive registration system means systematic innovation and institution-building in the capital market. In addition to traditional investment banking business capabilities, securities companies' comprehensive service capabilities such as market-making transactions, investment research, and capital follow-up have increased in importance. At the time point of capital market reform with the implementation of a comprehensive registration system as the main line, the importance and development space of the securities industry will further increase. Key recommendation logic: 1) In the long run, benefit from the wealth effect brought about by the expansion of the capital market. We recommend Dongfang Wealth, a leader in Internet wealth management unique to the circuit, as well as GF Securities and Oriental Securities, which have benefited from the rapid development of fund subsidiaries. It is recommended to focus on Societe Generale Securities. 2) Leading brokerage firms with outstanding comprehensive strength in the brokerage sector and the gradual increase in investment bank market share recommend CITIC Securities and CICC.

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