Source: Sina Hong Kong Stock
Financial stocks have risen collectively recently. Bank stocks surged yesterday, and brokerage stocks followed suit today. Among them, CICC's A shares rose and stopped, H shares rose 6.3%, while Everbright Securities, CITIC Construction Investment Securities, China Galaxy, and CITIC Securities all rose more than 4%.
The market has long anticipated a sharp rise in bank stocks. Dong Chengfei, partner of Ruijun Asset, said on May 7 that when economic recovery is not strong, companies with low growth rates that were originally looked down on are now invaluable, so companies that have been ignored with high dividends and deep value are instead sought after.
“It's obvious that the rise in the securities sector was not bullish market expectations, but 'medium speculation'. Most of the listed brokerage firms are state-owned enterprises, while China Galaxy, which is leading the rise this time, is a state-owned enterprise. Its actual controller is Central Huijin. There aren't many brokerage firms that are central enterprises themselves, and China Galaxy's dividend rate is relatively high, making it a good investment target for 'China Special Evaluation'.” According to a private equity source.
Yesterday, there was also a small essay that went viral on the internet, and a never-ending so-called guidance requiring “state-owned enterprises to do more than 1 times PB” caught the news.
According to financial magazine data, brokerage performance stopped declining in the first quarter. Judging from the net profit of the mother, the top ten brokers in the first quarter of this year were CITIC Securities (5.417 billion yuan), Huatai Securities (3.245 billion yuan), Cathay Pacific Junan (3,041 billion yuan), Haitong Securities (2,434 billion yuan), CITIC Construction Investment (2,433 billion yuan), China Capital Corporation (2.257 billion yuan), China Galaxy (2,249 billion yuan), China Galaxy (2,249 billion yuan), Guangfa Securities (2.157 billion yuan), Dongfang Wealth (2.47 billion yuan) 2,029 billion yuan). Among them, CITIC Securities topped the list with 5.417 billion yuan, leading Huatai Securities, which ranked second, by 2,172 billion yuan.
Regarding CICC, Western Securities said that with market expansion in the context of a comprehensive registration system, the company's investment bank position is expected to be further consolidated; after the allotment funds are in place during the year and if the market recovers, it will drive the customer demand business to regain its upward trend, and it is optimistic about the company's layout in the derivatives field.We forecast the growth rate of the company's net profit to the mother by +40.1%/+23.4%/+18.2% in 23-25. The current stock price corresponds to 2.21xPb in '23, maintaining the “buy” rating.
In fact, apart from the sharp increase in performance in the first quarter, benefiting from the full registration system and the catalysis of China's special valuation market, the circulation market behind the rise and stop of CICC's A-shares is extremely small. Although A-shares have a total share capital of 4,827 million shares, there are only 930 million shares in circulation, and the market in circulation is less than 45 billion. This is also the reason why capital can easily rise to a stop.
However, just recently, CICC's holdings were reduced by Haier Financial Holdings, the third largest shareholder. According to the announcement, Haier Financial Holdings plans to reduce its holdings by no more than 96.5451 million shares, accounting for no more than 2% of the company's total share capital.
According to the announcement, Haier Financial Holdings currently holds 6.32% of CICC's shares, making it the third largest shareholder after Central Huijin Investment Co., Ltd. (“Central Huijin”) and Hong Kong Central Clearing (Agent) Limited.
After this reduction in holdings, Haier Financial Holdings' shareholding ratio may drop below 5%. According to estimates of CICC's A-share average price of 40.90 yuan/share from the beginning of the year until May 8, Haier Financial Holdings may be able to cash out nearly 4 billion yuan in holdings reduction this time.
As for the reason for this reduction in holdings of 3.685 billion yuan last year, the announcement stated that Haier Financial Holdings plans to reduce some of its holdings of CICC's A-shares according to its own development needs.
Editor/jayden