[Monarchy non -silver Liu Xinqi team] New rules of public funds are introduced, and professional operators are the future



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NosilveroneweekObservepoint

This week's high market concern is the solicitation draft of the new policy of public commissions ("Regulations on Strengthening the Management of Securities Investment Fund Securities Trading Management (Draft for Opinions)").From the perspective of the entire solicitation draft, it mainly includes: the upper limit of the public offer commission rate; the upper limit of the proportion of commissions distribution; the sales assessment of transfer payment and transaction commission linked funds; managers disclose the annual supervision content of transaction commission distribution details.

From the perspective of regulatory intentions, this is another regulatory regulation regulatory regulatory regulatory regulation.Faid in head securities firms with outstanding research capabilities.

We believe that the subsequent construction of the capital market and the return of the industry will continue to introduce a series of new regulatory policies, which is good for head brokers with outstanding professional capabilities.

For the insurance sector, we still think that the main stock price of the subsequent stock priceIt is the asset side.It is recommended to configure the pure life insurance label with greater elastic investment.

Risk Tips: The capital market fluctuates violently

Important data this week

1. The average basis turnover of this Sunday was 985.7 billion yuan (the previous value was 920.9 billion yuan);As of this weekend, the average daily basis turnover of the two cities in 2023 was 999.2 billion yuan, a year-on-year change of -3.38%.

2. Investment bank business:As of December 8, 2023, the scale of IPO and Dingdao underwriting was 825.937 billion yuan (last week of 820.823 billion yuan); as of December 8, 2023, the scale of corporate bonds, corporate bonds and convertible bond financing was 194.43 billion yuan, respectively., 3630.54 billion yuan and 131.954 billion yuan.

3. Frequent financing and securities:As of December 7, 2023, the balance of financing and securities and securities was 1669.7 billion (1671 billion on November 30, 2023), of which the balance of financing was 159.46 billion yuan, and the balance of securities trading was 75.1 billion yuan.At present, the proportion of the market value of the circulation of A and B shares of financing and securities and securities is 2.48%.

4. Equity pledge:As of December 8, 2023, a total of 1210.6 billion yuan in market value was 1210.6 billion yuan, of which the stock pledge of the brokerage firms was 379.4 billion yuan, accounting for 31.34%.The total market value of the pledged business stocks (reference market value) reached 574.14 billion yuan, of which the total market value of the securities firm has reached 2000.3 billion yuan, accounting for 34.84%.

5. Insurance data:In the insurance industry in October 2023 data: 1) The accumulated premium income of 4516.8 billion yuan, 10.13%(previous value of 10.98%), of which property insurance was 113.66 billion yuan, a year -on -year 7.58%(7.85%), and personal insurance 3380.2 billion yuan, 11.01%year -on -year (previous value 12.04%).2) Total assets of 2.942 trillion yuan, a growth rate of 8.36%(previous value of 9.00%) and net assets of 2.64 trillion yuan, a growth rate of -2.28%from the beginning of the year (2.85%).3) The balance of insurance funds increased by 27051.2 billion yuan from December 2022, and its proportion of total assets decreased from 92.28%in December 2022 to 91.96%.Among them, bank deposits were 2.58 trillion yuan, accounting for comparison-56bp (previous value -7bp), bonds 1.205 trillion yuan, accounting for comparison of last month+58bp (previous value+35bp), stocks and funds 3.38 trillion yuan, accounting for comparisonLast month-31bp (previous value -12bp), other investments were 9.03 trillion yuan, accounting for comparison of last month+30bp (previous value -17bp).