Risk-free returns fell and broad credit expectations boosted, which will help improve the elasticity of the non-bank sector. The rectification of "manual interest payment" is conducive to reducing the level of social risk-free benefits. Regulatory agencies have strengthened the review and management of the "manual interest payment" behavior, with the purpose ofidpokerTo prevent banks from implicitly increasing the cost of debt in this way. By strictly investigating and regulating such behaviors, banks are urged to abide by market rules and interest rate self-discipline mechanisms, avoid disorderly competition, and help control the debt cost of the entire banking industry within a reasonable range. As relevant work progresses, this can guide the debt-side costs of banks, and even the income from monetary funds and short-term bank financial management, and overall contribute to the downward trend of social risk-free returns. Real estate policy adjustments promote broad credit expectations. A series of new real estate policies recently launched by the central and local governments are mainly aimed at achieving the policy goals of ensuring supply, promoting demand and stabilizing housing prices. The New Real Estate Policy is the implementation of the requirements of the Politburo meeting at the end of April to "coordinate research on policies and measures to digest existing real estate and optimize incremental housing", marking the beginning of a new round of real estate destocking. For the equity market,"low risk-free interest rate + broad credit" will enhance the attractiveness of the pro-cyclical sector, help the financial sector recover, and the brokerage sector will show higher flexibility. Market transactions are active and the scale of both financial services has increased. It is expected that the fundamentals of brokerage performance will increase month-on-month in May compared with April. April performance bottomed outidpoker: In terms of brokerage business, the average daily transaction volume of A shares in April was 9,162idpoker.81 billion yuan, down 9.9% month-on-monthidpoker.78%, down 19.59% year-on-year. (2) In terms of investment banking business, the number of IPOs in April was 5, and the scale of funds raised was 2.7 billion yuan, a month-on-month decrease of 54.15%; the scale of refinancing in April was 23.4484 billion yuan, a year-on-year decrease of 75.85%; the underwriting scale of corporate bonds and corporate bonds in April was 402 billion yuan, a month-on-month decrease of 13.22%. (3) In terms of self-operated business, the Shanghai Composite Index rose 2.71%, the Shanghai and Shenzhen 300 Index rose 1.89%, the GEM index rose 2.21%, and the China Securities Total Bond Index rose 0.14%. (4) Judging from the balance of Shanghai, Shenzhen and North Financial Services, which reflects market risk appetite and activity, as of April 30, the balance of Shanghai, Shenzhen and North Financial Services was 1,512.059 billion yuan, a month-on-month decrease of 1.68%. Investment advice: We maintain an "overallocation" rating on the industry. It is recommended to pay attention to high-quality securities firms with strong capital strength and strong institutional business, recommend Huatai Securities and Industrial Securities, which have increased coordination with shareholders and strong expectations for business synergy, and Orient Securities, which has reversal expectations at the bottom. Risk warning: Economic recovery falls short of expectations; market competition intensifies; innovation advances less than expected, etc. [Disclaimer] This article only represents the views of third parties and does not represent the position of Hexun.com. Investors should act accordingly and bear the risks themselves.
[Disclaimer] This article only represents the views of third parties and does not represent the position of Hexun.com. Investors should act accordingly and bear the risks themselves.