Public Offering of Fund individual pension investment supervision rules issued. According to the exposure draft issued by the CSRC, in the pilot stage of the individual pension system, it is planned to give priority to pension funds with a scale of not less than 50 million yuan at the end of the last four quarters, and then gradually incorporate them into stock funds, hybrid funds, bond funds and FOF.
In addition, the CSRC has made it clear that the interconnection mechanism extends to ETFs, and the relevant institutional arrangements refer to stock interconnection. ETFs are included in the interconnection, and the northbound investor identification code system and the southbound investor identification code system are applicable.
Huachuang Non-Bank: It will become the core driving force for the development of Public Offering of Fund industry in the long run.
The non-bank team of Huachuang Securities pointed out that the personal pension pilot will be accelerated and relevant supporting documents will be intensively introduced. In terms of asset management, fund companies with fixed income advantages in the short and medium term benefit more obviously, and fund companies with mixed stock fund advantages in the long term benefit more obviously. Referring to the United States and Japan, investors are more inclined to buy fixed income funds with lower risk at the beginning of the third pillar. Starting from fixed income funds in the initial stage of the pilot business is also conducive to the steady implementation of policies and the protection of investors' interests. The rules also mention that individual pension funds should have the characteristics of safe operation, stable term, standardized target and long-term preservation. But in the long run, the proportion of stock-based hybrid funds in the third pillar assets will be significantly higher than usual. With the development and maturity of China's capital market and the further strengthening of investor education, we expect that in the long run, the proportion of stock hybrid funds in the third pillar assets is expected to increase significantly.
The third pillar is not only the starting point to solve the pension problem in China, but also expected to bring a lot of long-term funds to the stock market. It is expected that banks, insurance companies, securities companies and other professional financial institutions will also enter the field of pension finance one after another, and the market competition will be further intensified.
Regarding the implementation of the interconnection mechanism, the non-bank team of Huachuang Securities believes that the interconnection between the two places has several functions: (1) enriches the investment portfolio of the Shanghai and Shenzhen stock exchanges, increases the investment opportunities of overseas capital in the A-share market, and further attracts foreign investment. (2) slightly improve the trading activity of the market: at present, the trading volume of stock ETFs accounts for about 4% of the trading volume of the stock market. If the trading volume of Land Stock Connect accounts for 5% of the stock trading volume, the trading volume of the stock base in the market may increase by about 0.2%.
Western non-bank: the new regulations are beneficial to head brokers with high "basic content" and super consignment ability
1030 10 conforms to the characteristics of the closed "account system" of individual pensions, adheres to the long-term orientation, and requires fund managers and sales organizations to evaluate the fund business, product performance and personnel for at least five years. The performance evaluation period shall not be shorter than 5 years, and it shall not be ranked or evaluated by single index, and shall not be ranked by short-term income or scale.
It is an important part of Public Offering of Fund's personal pension investable products (Public Offering of Fund, bank financing, insurance, time deposit), and the publication of the Detailed Rules laid the foundation for the third pillar of the pension system. In the short term, we still insist on the previous judgment that the driving force of policy is the key factor affecting the scale of individual pension; In the long run, with the gradual improvement of the system, the continuous promotion of preferential tax policies and the effectiveness of investor education, personal pension is expected to be gradually improved. Generally speaking, the rules are beneficial to the head brokers with high "basic content" and superior consignment ability.
The market continued to be heavy, and the valuation of the brokerage sector rebounded to around 1.38 times PB. In the short term, the plate rise is essentially a compensatory increase, and we still emphasize that it is expected to continue to rise after short-term adjustment.
In the middle ages
Under the two favorable blessings, the head brokers are leading all the way. As of 14: 15, CICC rose by 6.8 1%, and financial leaders such as GF Securities and Oriental Fortune were among the top gainers. Led by the head brokers, the brokerage ETF(5 12000) rose by 0.53%, outperforming 90% of the constituent stocks in intraday trading.
The performance of the brokerage industry has increased for three consecutive years, with a net profit of 202 1 100 million, a record for brokers.
Capital market construction is at an unprecedented new height: in the new round of deepening capital market reform, the regulatory authorities will continue to take increasing the proportion of direct financing as one of the main goals of capital market reform. The acceleration of the comprehensive registration system and the fall of the North Exchange further confirm that the capital market construction is at an unprecedented new height, which is conducive to the establishment of a multi-level capital market in China. The substantial increase in the scale of direct financing has also brought a broader business space and imagination space for brokers.
The performance has grown rapidly for three consecutive years, and the net profit of 202 1 reached a record high: all the constituent stocks of ETF(5 12000) have disclosed the annual performance data of 202 1, and the net profit of 49 securities firms returned to their mothers totaled 205.3 billion yuan, a record high, with a year-on-year increase of more than 3 1%.
In 20021year, the net profit of10000000000000 brokerage firms was officially expanded to1000000: the head brokerage firms performed particularly well, and there were100000000 brokers whose net profit exceeded100000000, five more than in 2020, which continued to set a new record. In 20021,the net profit of CITIC Securities, the "big shot in the brokerage industry", was over 20 billion yuan, reaching 22.979 billion yuan, up 54.2% year-on-year.
There are many bright spots in the performance of small and medium-sized brokers: small and medium-sized brokers show strong performance flexibility, among which the annual net profit of orient securities with "high base content" is 5.372 billion yuan, up 97.27% year-on-year; The net profit of central china securities 202 1 Guimu increased by 385.57% year-on-year, with a net profit of 506 million yuan; The net profit of Everbright Securities, Founder Securities and Guolian Securities increased by 50% or more; Pacific and Guosheng Financial Holding Company have turned losses into profits.
Brokerage ETF connection fund: brokerage stocks invest in internet through train
ETF has a linked fund (A share code 006098/C share code 00753 1), which tracks the index of CSI All-Index Securities Companies (index code 399975), providing investors with an efficient investment tool for buying and selling 49 securities companies with one click on the Internet. Investors without on-site securities accounts can sell Class A shares and Class C shares of ETF-linked funds redeemed by brokers online at 7*24, and can buy them at the lowest price of 10 yuan, which is convenient and efficient.
Risk warning: The underlying index tracked by the ETF of this brokerage firm is the CSI All-Share Securities Company Index (399975), and the benchmark date of the CSI All-Share Securities Company Index is
It was released on June 29th, 2007, 20 13, and the historical performance of the index was simulated and backtested according to the current constituent stock structure of the index. Its index constituent stocks may change, and its retrospective historical performance cannot predict the future performance of the index. Any information appearing in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.). ) For reference only, investors are responsible for any investment behavior they decide. In addition, any opinions, analysis and predictions in this article do not constitute any form of investment advice to readers, and the company is not responsible for any direct or indirect losses caused by the use of this article. Fund investment is risky, and the past performance of the fund does not represent the future performance, so the investment needs to be cautious. Money fund investment is not the same as bank deposit, which does not guarantee a certain income or a minimum income.
This article comes from the financial sector.
Related Q&A: What is the brokerage sector? The brokerage sector is a concept stock listed by brokers in time. The main stocks are Western Securities (002673), China Merchants Securities (600999), soochow securities (60 1555), Huatai Securities (60 1688), Guohai Securities (000750), Guoyuan Securities (000728) and Guangfa Securities (GF Securities). Pacific (60 1099), Guo Jin Securities (600 109), Industrial Securities (60 1377), Everbright Securities (60 1788), Haitong Securities (600837) and Founder Securities.