Non-bank financial weekly Focus: Restricted fund subsidiary risk control new regulations impact on the market

Updated: May 23, 2016  Views: 216

Revision Commission, drafting relevant risk control provisions fund subsidiary, is intended to strengthen supervision, prevention and control of risk is extremely limited impact on the market;. A quarter the size of the top 20 brokerage and information management by over 10%, First Capital Securities and Huarong Securities for the first time enter the industry before 20; advent of winter, the securities industry, Founder Securities control cost cuts started the first shot.

Shanghai and Shenzhen 300 Index rose 0.11% last week, rose 1.98% GEM refers to non-Bank Financial rose 1.28%, including brokerage index rose 2.08%, the insurance index rose 0.47%, outperforming the broader market 1.97% both relative and 0.36%; the same period Shanghai and Shenzhen A-share average daily volume of 389.757 billion yuan, a decline of 0.77%, two financial balance of 835.231 billion yuan, a decrease of 2.91%.

Commission revised draft regulations << >> and << Fund subsidiary fund management company-specific client asset management subsidiary risk control indicators Guidelines >>, strengthen supervision, prevention and control of risk. We believe that the draft >> << spearhead etc. directed strictly controls the levers of financial products, line 3 will be unified under the supervision of the respective information management business scale, hoping to be fully integrated into the shadow banking thinking and ideas macro-prudential supervision system. the new regulations mainly clear regulatory capital to risk control led concern ideas supervision of systemic risk is expected to control the new regulations for wind class limited impact on the market, the sub-group two products will not be abruptly terminated triggering blood effects. related products or sub-group set up by continued channel (channel rate increase), or bypass trust, brokerage and information management to rebuild the new channel does not have a significant impact on the size of the stock market in nature.

A quarter the size of 20 brokerage and information management by over 10% of the top 20 management total size of 9.29 trillion yuan, compared with 1.04 trillion yuan by the end of 2015, an increase of 11.26%. CITIC ranking leader. First Capital Securities and Huarong 20. the first foray into the securities industry before year bank outsourcing demand surge, the largest fund of funds is lurking two local companies and subsidiaries accounts and brokerage information management. Taking into account the new regulatory model capital adjustment fund subsidiary, is expected to this year, brokerage and information management will maintain rapid growth.

Securities onset of winter, Founder Securities, the first shot fired layoff control costs. Founder Securities, responded that the core purpose is to raise the per capita output capacity. The company in 2015 per capita earning profits 560,700 yuan, significantly lower than the average level of listed companies in the industry. In addition, more brokerage employees said bottom, increasing the pressure on 16-year assessment, KPI based on the current market is 'mission impossible.' the whole industry is to tighten our belts.

Fundamental point of view, the market sentiment and lax pressing industry in the second quarter results; valuation perspective, the valuation industry stabilized at a relatively low position, can hardly be absolutely safe, both up down certain space; but the whole industry under a lot of bad in the early It remained essentially stable, although we remain cautious mid-term, or short-term rebound in the industry but the dawn of a combination of bargain-hunting recommended: Baoshuo shares, Soochow Securities, the State Securities.

Risk factors: market downturn


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Traditional Chinese: 非銀行金融每周聚焦:基金子公司風控新規對市場沖擊有限


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