信息早报 寒武

Information morning post cold weapons

　　近来证券、期货、保险行业新政频繁出台,密集程度前所未见。

The recent stock/futures/The insurance industry on the New Deal frequently,Intensive degree have never seen before.

　　首先,证监会发布公告,就修订《关于证券公司证券自营业务投资范围及有关事项的规定》向社会公开征求意见。征求意见稿中对证券公司自营业务的投资标的给予了一定程度的放宽。这也是落实5月召开的证券公司创新发展研讨会上提出的推进证券行业改革创新的11条举措的具体措施。

First of all,Securities regulatory commission issued,Is revised[About securities company self-managed securities business investment scope and the provisions of the relevant matters]To the public to solicit their opinions.Draft of securities companies' proprietary business investment target to a certain extent relaxing.This is also may carry out a securities company innovation development seminar on the propulsion of the securities industry put forward reform and innovation of the article 11 moves the concrete measures.

　　根据征求意见稿的内容,证监会对于证券公司的《自营清单》进行修改,修改后的证券公司自营品种增加了在全国中小企业股份转让系统(即新三板)挂牌转让的证券;并将境内银行间市场交易的证券,由部分允许扩大为全部允许;对于金融机构柜台交易的证券,由仅限于证监会批准或者备案发行的,扩大到金融监管部门或者其授权机构批准或者备案发行的,即将银行理财计划、集合资金信托计划等纳入范围。同时,首次规定拥有证券自营业务牌照的证券公司可以投资金融衍生品,没有牌照的证券公司则仅可以通过金融衍生产品来进行套期保值。

According to the content of the draft,Securities regulatory commission for securities company[Self-supporting list]modified,The revised securities companies operating varieties increased in the small and medium-sized enterprise share transfer system(Namely new SanBan)Listed securities transfer;And the domestic inter-bank market trading securities,The section allows for all allowed to expand;For financial institutions counter trading securities,The limited to securities regulatory commission for approval or for the record issued,Expand to financial supervision department or its authorized institution for approval or for the record issued,The bank financing plan/Trust plans of assembled funds into range, etc.At the same time,Provisions for the first time with self-managed securities business license of securities companies can invest financial derivatives,No licence securities firms can only through the financial derivatives for hedging.

　　中银国际分析认为,此次监管机构对于证券自营品种的放宽,使得证券公司在自营风格上更加多样化,投资选择更多,特别是在市场不景气的时候,可以通过更灵活的投资组合一定程度上规避市场下跌所带来的风险。目前全部上市券商均拥有自营业务牌照,这也意味着今后这些上市券商的自营部门均可以参与金融衍生产品的投资,不久的将来上市券商将可以为投机、套利和对冲风险等目的参与金融衍生品的交易。

Boc international analysis think,The regulators for securities operating varieties of relaxing,Make the securities firm operating style more diversified,Investment choices more,Especially in the market when the recession,Can through the more flexible portfolio to some extent avoid market decline brought about by the risk.At present all listed securities trader have its business license,It also means that in the future the listed securities trader of self-supporting departments shall can participate in the financial derivatives of investment,The near future will be listed securities trader for speculation/Arbitrage and hedge risk purpose participate in financial derivatives trading.

　　海通证券(600837,股吧)认为,从创新政策来看,四季度创新政策落地频率将继续提升,券商创新11条措施年内有望全部推出,政策红利仍将持续。目前行业大公司估值处于历史底部附近,有一定的安全边际,维持行业增持评级。看好直接受益于创新政策、股价具有一定防御性的综合性大券商,如中信证券(600030,股吧)、招商证券(600999,股吧)、光大证券(601788,股吧),以及部分具有一定业绩弹性、被低估且具备创新优势的中小券商,如长江证券(000783,股吧)。

Haitong securities(600837,guba)think,From the innovation policy to see,Four quarter innovation policy landing frequency will continue to ascend,Article 11 brokers innovation measures is expected to be launched in all,Dividend policy will continue.At present industry big company valuations in history near the bottom,Have a certain margin of safety,Maintain industry increasing rating.Value directly benefit from the innovation policy/Share price has certain defensive comprehensive big securities trader,Such as citic securities(600030,guba)/China merchants securities(600999,guba)/Everbright securities(601788,guba),And some have certain elasticity of performance/Be underestimated and have the advantages of the small and medium-sized brokerages innovation,As the Yangtze river securities(000783,guba).

　　其次,中国期货业协会就《期货公司设立子公司开展期现结合为主的期货市场配套服务业务试点工作指引》征求部分期货公司的意见,此举被期货公司视为放开期货公司自营业务的重要信号。

secondly,China futures association had[Futures companies set up subsidiaries in phase with the futures market is mainly supporting services business pilot work instructions]For part of the futures company's opinion,The move was futures companies as open futures companies operating business important signal.

　　业内人士分析认为,允许期货公司设立子公司开展期现结合业务,为整个行业打开了另一片天地。期货公司未来可以通过子公司涉足现货领域,包括现货贸易、期转现、期现套利、仓单质押类资产抵押融资等一系列新业务,可以全方位为客户提供套保套利服务。专家表示,现货业务也可以作为期货资产管理业务的必要补充,甚至在一定程度上能扮演起“类自营”的角色。

The personage inside course of study thinks,Allow the futures company set up subsidiaries to carry out period is combined with business,For the entire industry opened another piece of heaven and earth.Futures companies in the future can through the subsidiary spot field,Including spot trade/Period turn now/Period now arbitrage/Warehouse receipt pledge kind of equity financing and a series of new business,Can provide the clients with a hedge arbitrage services.Experts say,Spot business can also act as a futures asset management business necessary supplement,Even in a certain extent can play up"Kind of self-supporting"role.

　　第三,保监会连续发布《境外投资管理暂行办法实施细则》、《基础设施债权投资计划管理暂行规定》、《关于保险资金投资有关金融产品的通知》、《关于保险资产管理公司有关事项的通知》、《保险资金参与金融衍生产品交易暂行办法》、《保险资金参与股指期货交易规定》,这是保监会近期出台的第二批保险新政策。

The third,Issued by the China insurance regulatory commission continuous[The overseas investment of detailed rules for the implementation of the interim measures for the administration of the]/[Infrastructure debt investments plan management interim provisions]/[About the insurance fund investment in the notice of the financial products]/[About the insurance assets management companies related matters notice]/[Insurance funds to participate in the financial derivatives transaction interim measures]/[Insurance funds to participate in stock index futures trading rules],This is the China insurance regulatory commission recently issued the second batch of insurance the new policy.

　　据记者了解,第一批新政主要围绕险资力挺资本市场,第二批新政则旨在进一步优化保险公司资产配置,完善保险投资政策体系,降低保险资金对资本市场的过度依赖,支持保险资金取得长期稳定收益。国泰君安预计,“衍生产品”和“融资”等第三批投资新政也将陆续出台 。

According to reporter understanding,The first batch of New Deal mainly around the risk applicant's capital market,The second New Deal is aimed at further optimization of the insurance company asset allocation,Perfect insurance investment policy system,Reduce the insurance funds for capital market excessive dependence on,Support the insurance funds to the obtainment of the long-term stable income.Guotai junan is expected to,"derivatives"and"financing"Order of merit three batch investment the New Deal will also comes on stage in succession .

　　海通证券认为,与成熟市场相比,以往国内保险投资资产类型较少,这是导致中国保险业整体投资收益率较成熟市场偏低且波动较大的主要原因。从美国和台湾市场的观察数据来看,除银行存款、债券、股票等传统投资工具以外,保险资金还普遍配置于抵押贷款、不动产、直投股权、金融衍生品等品种,通过分散化的风险资产投资来获得较高投资收益。

Haitong securities think,Compared with the mature market,Previous domestic insurance investment assets type less,This is what causes the China insurance overall rate of return on investment more mature market volatility is low and the main reason.From the United States and Taiwan market observation data to see,In addition to the bank deposit/bonds/Traditional investment tools such as stock outside,Insurance funds are common configuration in mortgage loans/Real estate/Straight investment equity/Financial derivatives variety,Through the decentralization of risk assets investment to obtain higher investment income.

　　国泰君安认为,在超预期政策的刺激之下,市场弹性将起进入超额收益阶段。推荐投资者关注:新华保险(601336,股吧)、中国太保(601601,股吧)、中国人寿(601628,股吧)。

Guotai junan think,In the super expected policy under the stimulus,The market elasticity will play into the excess earnings stage.Recommend investors pay close attention: xinhua insurance(601336,guba)/China boyz(601601,guba)/China life(601628,guba).