Investment Rating - The report maintains an "Overweight" rating for the financial technology and brokerage sectors, indicating a positive outlook due to the recent launch of the SFISF operation by the People's Bank of China [1]. Core Insights - The SFISF operation is expected to enhance liquidity in the capital markets, benefiting brokerages and financial technology companies. The People's Bank of China has approved over 200 billion yuan for 20 institutions to invest in stocks and stock ETFs [3][4]. - The SFISF is part of a broader strategy to stabilize the stock market, following recent policy announcements aimed at improving market conditions [4]. - The report highlights that the liquidity support provided by SFISF will likely improve the fundamentals of brokerages and financial technology stocks, with specific recommendations for stocks such as Tonghuashun, CITIC Securities, and China Galaxy [4][7]. Summary by Sections SFISF Launch - On October 18, the People's Bank of China and the China Securities Regulatory Commission officially launched the SFISF operation to support the capital market [4]. - The SFISF allows for liquidity support through swap transactions involving stocks and ETFs, with specific risk control measures in place [4]. Market Impact - The report anticipates that the SFISF will lead to increased trading activity and improved market conditions, positively impacting brokerage firms and financial technology companies [4]. - The brokerage sector's price-to-book (PB) ratio is noted to be at 99% of the market average, indicating potential for growth compared to historical highs [4]. Recommendations - The report recommends stocks that are expected to benefit from improved liquidity, specifically naming Tonghuashun, CITIC Securities, and China Galaxy as favorable investment options [4][7].
关于中国人民银行即日起正式启动SFISF操作点评：SFISF正式启动，利好金融科技及券商股
Guotai Junan Securities·2024-10-20 01:09