CITIC Securities: Accelerate the transformation and development of bank wealth management business, optimistic about the comparative advantages of banks with wealth management characteristics-Securities Times

According to the Securities Times Internet report, CITIC Securities pointed out that the cash management-related wealth management supervision has been implemented, and the transitional arrangement is expected to have a controllable short-term impact on the financial market and bank wealth management business. In the medium and long term, the transformation of bank wealth management products will be accelerated. With the advancement of wealth management supervision, the key to bank wealth management competition is to shift from the advantage of a single product’s yield rate to the comprehensive competitiveness of customer stickiness, channel foundation, product completeness and cooperative ecology, and the moat advantages of banks with wealth management characteristics are consolidated. At the current time, the selection of individual stocks can follow two clues: 1) High-quality banks: the valuation premium continues, leading profitability brings continuous alpha returns, such as China Merchants Bank and Ping An Bank; 2) Repairing banks: with the characteristics of risk inflection point and valuation restoration The targets specifically include Industrial Bank, China Everbright Bank, Bank of Nanjing, Bank of Jiangsu and Big Bank.