Editor's note: since the beginning of 2022, the volatility of the A-share market has fallen, and the volume can shrink significantly. As of the closing on January 28, the Shanghai composite index had fallen 7.65%. Insiders believe that there are still many uncertain factors in the future market, and how to operate A-Shares after the Spring Festival is particularly important. To this end, the reporter of Securities Daily made statistics on the investigation of institutions in January and sorted out the relevant main force points to see their future trends. Today, this edition specially arranges the research situation of relevant institutions as follows for investors' reference.
478 listed companies received intensive research from securities companies, and the certainty of performance growth is the key
Since 2022, although the market trend fluctuated greatly, the research enthusiasm of securities companies has not been affected, and the relevant companies under investigation have also attracted extensive attention of investors.
According to the data, since this year, 478 listed companies in the A-share market have been investigated by securities companies. Among them, 63 listed companies received research from 10 or more securities companies. Six companies, including Perfect World Co.Ltd(002624) (56), Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) (40), Huadong Medicine Co.Ltd(000963) (39), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (39), Winning Health Technology Group Co.Ltd(300253) (37), Ningbo Ronbay New Energy Technology Co.Ltd(688005) (36), have received research from 36 or more securities companies.
It is noteworthy that the above-mentioned 63 companies intensively investigated have also received the attention of other institutional investors, all of which have been investigated by 12 or more institutions.
478 companies present five characteristics
Further combing, it is found that the above 478 listed companies surveyed by securities companies mainly show five characteristics.
First, performance growth is determined. As of the closing on January 28, a total of 195 listed companies in the A-share market had disclosed the performance forecast of 2021, and 170 companies had good performance forecast, accounting for 87.18%. Among them, the net profit of 69 companies in 2021 is expected to double year-on-year, and five companies such as Do-Fluoride New Materials Co.Ltd(002407) , Guangdong Dowstone Technology Co.Ltd(300409) , Ninestar Corporation(002180) , Zhejiang Shuanghuan Driveline Co.Ltd(002472) , Hunan Changyuan Lico Co.Ltd(688779) expect the maximum year-on-year increase of net profit in 2021 to exceed 5 times.
Second, the stock price adjustment is relatively sufficient. Since this year, 388 of the above 478 stocks have shown a downward trend, accounting for more than 80%. Among them, Hunan Yujing Machinery Co.Ltd(002943) , Jenkem Technology Co.Ltd(688356) , Zhejiang Yongtai Technology Co .Ltd(002326) , St national medicine, Autek China Inc(300595) , Avic Electromechanical Systems Co.Ltd(002013) and other six stocks fell by more than 33% during the period.
Third, it is generally favored by institutions. During the year, 233 stocks were rated as "buy" or "overweight" by institutions, accounting for nearly 50%. Specifically, Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Byd Company Limited(002594) and other four stocks have received positive ratings for 12 times or more.
Fourth, some stocks are favored by financiers. Since the beginning of this year, as of January 27, 87 stocks have obtained financing and increased positions, with a total net purchase amount of 4.627 billion yuan. Among them, the net purchase amount of Shenzhen Jinjia Group Co.Ltd(002191) financed customers ranked first, with 495 million yuan. In addition, Zhejiang Conba Pharmaceutical Co.Ltd(600572) (355 million yuan), Zhejiang Orient Gene Biotech Co.Ltd(688298) (255 million yuan), Byd Company Limited(002594) (232 million yuan), Zhejiang Daily Digital Culture Group Co.Ltd(600633) (203 million yuan) and other individual stocks received financing during the period, the net purchase amount of customers exceeded 200 million yuan.
Fifth, the industry concentration is high. From the perspective of shenwanyi industry, the companies surveyed above are mainly concentrated in the four shenwanyi industries of medicine and biology, mechanical equipment, electronics and computer, with 65, 60, 49 and 46 respectively.
investment must be combined with fundamentals
For the investment opportunities of companies favored by securities companies, Yang Delong, chief economist of Qianhai open source fund, told the Securities Daily, "investors can pay appropriate attention to companies with more research, especially companies with better performance. It is suggested that investors can refer to the industries and companies with key research points for analysis and invest in combination with fundamentals."
Ma Cheng, chairman of juze investment, said in an interview with the reporter of Securities Daily that from the perspective of industry analysis, although pharmaceutical biology is a required consumption and its industry attribute determines its long-term trend, it will still be affected by centralized mining and epidemic situation in the short term, resulting in uncertain base changes caused by price fluctuations and performance growth. It can be seen that the time to configure the pharmaceutical and biological industry has not yet come, and investors are advised to be cautious.
Liu Youhua, research director of private placement network, told the reporter of Securities Daily, "For a long time, the Research Report of securities companies has been widely concerned by the market and provided research support and reference for many investors. Therefore, the research direction of securities companies will affect the market investment preference to a certain extent. The companies recommended by securities companies will pay more attention to the market in the short term, but in the long run, the stock price performance of listed companies mainly depends on whether the company itself can continue to make profits Value. Therefore, it is suggested that investors should choose industries that are in a high business cycle or have improved performance and leading companies with good fundamentals among the listed companies investigated by securities companies. "
Yuan Huaming, general manager of Huahui Chuangfu investment, said that although the A-share market has fluctuated greatly recently, the opportunities of the A-share market are still outstanding from the comparison of the longer cycle and the global equity market. The pharmaceutical and biological, mechanical equipment, electronics, computer and other industries mainly investigated by the above securities companies have achieved outstanding business performance, and the policy level has also received certain support and preference, which is worthy of investors' attention.
\u3000\u3000 "From the disclosed performance data, the above-mentioned industries continue to have a high outlook as a whole, but the internal differentiation of the industry has increased. With the steady growth policy environment and the tightening direction of the Federal Reserve's liquidity basically established, the market risk appetite has declined, and the overvalued varieties have been more critically examined in terms of growth rate and sustainability, which has prompted some stocks in relevant industries to adjust more recently Big. " Yuan Huaming further added.
Three characteristics revealed by fund research
427 companies focus on pharmaceutical and biological industries
Recently, the A-share market has continued to fluctuate and the hot spots in the market have been frequently switched. As the "main force" of the research of listed companies, fund companies adhere to the principle of being responsible to investors, study the essence of the company and actively carry out research. Their research trend has attracted much attention from the market.
According to statistics, this year, as of January 28th, fund companies have investigated 427 listed companies (including but not limited to on-site research, teleconference), compared with 71 research companies in the same period last year, an increase of 501.41%. Among them, the most surveyed companies are Ningbo Ronbay New Energy Technology Co.Ltd(688005) , up to 107. In addition, 18 companies including Tibet Mineral Development Co.Ltd(000762) , Juguang technology, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Huadong Medicine Co.Ltd(000963) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Zhejiang Sunoren Solar Technology Co.Ltd(603105) , Perfect World Co.Ltd(002624) , Winning Health Technology Group Co.Ltd(300253) have been investigated by more than 50 fund companies.
The more research times of fund companies, the more comprehensive the fundamental information of listed companies will be, and the better the value of the company will be.
Among many fund companies, Harvest Fund and Huaxia Fund have the highest number of investigations, 119 and 111 respectively.
From the survey, the fund pays more attention to the operation and development of listed companies. The research of many fund companies is aimed at "the company's product competitiveness and the prospect of the industry".
fund research shows three characteristics
The 427 stocks surveyed by the comprehensive fund company mainly show three characteristics.
First, good performance and outstanding growth ability. Among the 187 annual report performance forecasts of 2021 that have been disclosed, a total of 164 companies are expected to have good performance, accounting for 87.70%. Among them, 82 companies are expected to double their net profit. Do-Fluoride New Materials Co.Ltd(002407) net profit is expected to increase by more than 26 times year-on-year. In addition, Guangdong Dowstone Technology Co.Ltd(300409) , Ninestar Corporation(002180) , Zhejiang Shuanghuan Driveline Co.Ltd(002472) , Hunan Changyuan Lico Co.Ltd(688779) , Tibet Mineral Development Co.Ltd(000762) , Jiamei Food Packaging (Chuzhou) Co.Ltd(002969) , Andon Health Co.Ltd(002432) and other companies are expected to achieve a year-on-year increase in net profit of more than 300%.
It is noteworthy that Andon Health Co.Ltd(002432) recently, driven by the performance and good news, the company's share price rose again as of the closing on January 28. According to statistics, the company's share price has gained a total of 30 limit boards in the last 54 trading days. Since November 15, the cumulative increase has reached 807.50%, becoming the first hot stock during the "oxtail tiger head" period.
Second, there are a large number of listed companies on the main board. According to statistics, 225 mainboard companies were surveyed by fund companies, accounting for 52.69%, far exceeding 139 on the gem and 60 on the science and innovation board.
Third, it is dominated by small and medium-sized market capitalization stocks. As of January 28, the latest A-share market value of 427 investigated stocks totaled 5.92 trillion yuan, of which 356 stocks were lower than the average A-share market value of 19.07 billion yuan, accounting for 83.37%.
In addition, the large market capitalization companies surveyed by the fund companies are "top in the industry", such as Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Byd Company Limited(002594) , Muyuan Foods Co.Ltd(002714) .
medicine and biology are favored by the fund
In terms of industry concentration, Shenwan level industries such as medicine, biology, mechanical equipment and electronics have become the "good heart" investigated by the fund company within the month, involving 62, 52 and 46 companies respectively.
According to the reporter's combing, among the sector increases in recent ten years, the pharmaceutical and biological sector showed "nine out of ten" in the five trading days after the Spring Festival, and the rising probability is much higher than that of other industry sectors.
Chen Mengjie, chief strategist of YueKai Securities Research Institute, told the Securities Daily that after recent adjustments, the current valuation of the pharmaceutical industry has returned to rationality, close to half the high level in 2020, and has a certain investment cost performance.
In terms of investment strategy, Chen Mengjie believes that in the field of Innovation Medical Management Co.Ltd(002173) devices, the upgrading of consumption on the demand side continues to promote the rapid expansion and development of the medical device industry, independent research and development and import substitution accelerate the rise of domestic products, and break the monopoly position of import enterprises in the high-end field. It is suggested that investors grasp the upstream equipment and consumables enterprises with good competition pattern, as well as the characteristic enterprises with strong innovation strength and obvious product differentiation in the segment track and the downstream equipment leaders with overseas market layout.
In the view of Shanxi Securities Co.Ltd(002500) analyst Liu Jianhong, the pharmaceutical sector has been significantly adjusted recently, and there have been significant fluctuations in all sub sectors. At present, the overall valuation of the industry is in a reasonable range, and the industrial development trend is good. It is suggested that investors seize the opportunity of individual stock correction. In the long run, the normalization of volume procurement continues to accelerate industry differentiation, forcing enterprises to transform to innovation; The medical insurance catalogue was dynamically adjusted to continuously accelerate the volume of innovative drugs. It is suggested to pay attention to the leading companies in the relevant segments of the innovation chain, such as Wuxi Apptec Co.Ltd(603259) , Porton Pharma Solutions Ltd(300363) .
Combined with the current market, "every market crash is actually a good time to copy the bottom of high-quality stocks or high-quality funds. Investors should look at the value of enterprises from a medium - and long-term perspective, and don't pay too much attention to the fluctuation of short-term stock prices." In an interview with Securities Daily, Yang Delong, chief economist of Qianhai open source fund, said that more than 28 fund companies have recently announced self purchase, with a self purchase amount of nearly 1 billion yuan. Qianhai open source fund also announced that it will use its own funds of no less than 50 million yuan to subscribe for its funds, demonstrating its optimism for its funds and high-quality assets, So as to boost the confidence of A-share market.
"emotional bottom + market bottom" resonance, A-Shares usher in good buying points?
192 companies intensively investigated by foreign institutions
At the same time, the recognition of the strong recovery of foreign capital in China's capital market is also taking the lead in improving the resilience of China's economy. Since this year, foreign investment in the A-share market has remained enthusiastic, actively carried out research and made sufficient preparations for the market after the Spring Festival.
According to statistics, since this year, as of January 28, 192 companies in the A-share market have received intensive research, including foreign institutions represented by overseas institutions and QFII. Among them, 33 companies were investigated by 10 or more foreign-funded institutions.
In this regard, Hu Po, a private placement fund manager interviewed by the reporter of Securities Daily, said, "Foreign funded institutions adhere to the concept of value investment and are now one of the most important pricing institutions for a shares. In the concept of value investment, the fundamentals of listed companies are the focus. At the same time, although the Federal Reserve is in the state of raising interest rates and shrinking tables, foreign capital allocation of A-Shares remains optimistic, and foreign capital will not flow out significantly, but will continue to flow into a shares. Therefore, for the future market and foreign capital of A-Shares Key research companies are optimistic. "
192 companies present three characteristics
Specifically, among the above 33 companies, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Shenzhen Transsion Holdings Co.Ltd(688036) and other two companies were investigated by 75 foreign-funded institutions during the period; Chacha Food Company Limited(002557) , Shenzhen Inovance Technology Co.Ltd(300124) , Zhejiang Weixing New Building Materials Co.Ltd(002372) followed, with 46, 44 and 40 foreign-funded institutions receiving research respectively; The 12 companies, including Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Qingdao Haier Biomedical Co.Ltd(688139) , were also jointly investigated by 20 or more foreign-funded institutions.
Liu Yan, chairman of anjue assets, told reporters, "The focus of foreign investment research and investment is on the high-tech industries in the future. The logic behind it is: first, from investment driven to consumption driven; second, from a large manufacturing country to a powerful manufacturing country; third, China has the opportunity to cultivate some national or world-class enterprises. From the perspective of the companies and industries surveyed by foreign investment, the performance is generally good and the return on net assets is high, R & D investment is generally high; Fourth, the valuation is generally low. "
Through combing, the reporter found that the above 192 companies showed three characteristics.
First, strong profitability. Statistics show that as of January 28, 80 of the above 192 companies have disclosed the performance forecast of 2021 annual report, and 71 companies are expected to have good performance, accounting for nearly 90%. Among them, 31 companies are expected to achieve a year-on-year increase of more than 100% in net profit in 2021.
Second, valuations are generally low. Statistics show that as of January 28, the median of the latest dynamic P / E ratio of the A-share market is 27.73 times. Among the 192 stocks surveyed, 110 stocks have the latest dynamic P / E ratios lower than this level, accounting for nearly 60%. The latest valuations of 13 stocks, including Jinke Property Group Co.Ltd(000656) , China International Marine Containers (Group) Co.Ltd(000039) , Zhejiang Orient Gene Biotech Co.Ltd(688298) , Shenzhen Overseas Chinese Town Co.Ltd(000069) , Wuxi Rural Commercial Bank Co.Ltd(600908) , are less than 10 times.
Third, the northward fund has a high degree of attention. Statistics found that since this year, 132 of the 192 stocks surveyed by the above-mentioned foreign-funded institutions have obtained northward capital positions. Among them, during the period of Avic Electromechanical Systems Co.Ltd(002013) , Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , the number of holdings increased by northbound funds exceeded 60 million shares, and during the period of Jinke Property Group Co.Ltd(000656) , Bank Of Ningbo Co.Ltd(002142) , Muyuan Foods Co.Ltd(002714) , Shenzhen Overseas Chinese Town Co.Ltd(000069) , four individual shares were also increased by more than 20 million northbound funds.
double bottom resonance ushers in a better buy
From the perspective of industry, the research of foreign-funded institutions is mainly concentrated in the six industries of medicine and biology, mechanical equipment, electronics, computer, power equipment and automobile. The number of companies involved is 34, 25, 21, 18, 12 and 10 respectively. The total number of companies is 120, accounting for more than 60%.
Chen Li, chief economist of Chuancai securities and director of the Research Institute, told reporters, "From the survey data, the focus of foreign investment research is still focused on some enterprises with low valuation and good performance growth, avoiding the sectors with high valuation or large increase in the short term. Looking forward to the future, the profits of these enterprises have generally improved, and the P / E ratio is still lower than the industry average level, which has a certain allocation value. At present, the interest rate increase node of the Federal Reserve is basically clear, and the market is affected The impact of external liquidity tightening will aggravate the volatility in the short term. However, in the medium and long term, under the background of increasing the strength of the steady growth policy, the central bank's monetary policy continues to exert force, and the impact of the Fed's policy adjustment may be gradually reduced. "
In addition to foreign-funded institutions optimistic about the performance of A-Shares after the Spring Festival, securities companies also hold a positive attitude. Founder Securities Co.Ltd(601901) said that in the short term, the current adjustment of the A-share market is coming to an end, and the market situation in February is worth looking forward to: first, the current market adjustment range has been relatively sufficient; Second, the current policies, measures and environment are very friendly to the market; Third, from the statistical law, the probability of A-share market rising in February is very high.
