This week, the Shanghai index rose 0.80%, the Shenzhen Composite Index rose 1.78% and the gem index rose 2.93%. How to get to the aftermarket of a shares? See what the agency says:
Citic Securities Company Limited(600030) : the policy overweight promotes the spread of the market. It is suggested to stick to the main line of steady growth
Citic Securities Company Limited(600030) the research report pointed out that, first, the coverage of the recent steady growth policy has been expanding, the upgrading of the manufacturing industry and new infrastructure have helped to make steady progress in investment, the rescue measures of the service industry have accurately pointed to the short board of consumption, and the continuous refinement of policies in the future is expected to promote the faster stabilization of consumption. Secondly, the main line of stable growth in the early stage focuses more on traditional industries with undervalued value. After the policy diffusion, it is expected that the main line of stable growth will be more diversified, and the value and growth style in the main line of stable growth will be more balanced. Finally, in the second week after the festival, the market liquidity pressure has been relieved rapidly, the concentrated position reduction and position adjustment of investors are nearing the end, the peak of overseas disturbance factors has passed, the attraction of RMB assets has been further improved, and the policy bottom, market bottom and sentiment bottom have been confirmed in turn.
The agency suggested adhering to the main line of steady growth and actively distributing high-quality blue chips around the “two low positions”. Specifically include:
I. for the varieties whose fundamentals are expected to be relatively low, focus on the midstream manufacturing suppressed by cost problems in the early stage, such as automobiles and parts, photovoltaic wind power equipment, etc., and the airlines and hotels whose fundamentals are expected to be still low;
II. For varieties with relatively low valuation, it is recommended to pay attention to high-quality developers, building materials and home furnishing enterprises after the expected mitigation of real estate credit risk, communication operators with significantly improved cash flow, smart grids and energy storage in the field of new infrastructure, and data centers and cloud infrastructure benefiting from “computing from the East and the west”, Internet leaders driven by the content of Hong Kong stocks after the impact of the decline of some leaders, as well as fine chemical enterprises with the ability to develop new businesses such as new materials.
Haitong strategy: the catalyst from value to growth may come from the policy and the first quarterly performance forecast
Haitong Securities Company Limited(600837) said that the adjustment background and incentives since December 2021 are similar to those in 2021q1, and the disk indicators show that the adjustment has been relatively sufficient. Learning from history, the catalyst from value to growth of this round of spring market may come from the policy and the performance forecast of the first quarterly report. The new energy market is expected to be the best short-term economic growth window in the first half of 2012, which is similar to that in the new energy market in the first half of 2012.
Haitong Securities Company Limited(600837) believes that with the gradual approach of the national two sessions in March, relevant new infrastructure policies are expected to be further introduced. The second is the disclosure of the performance forecast of the first quarterly report. Driven by the steady growth policy, relevant sectors are expected to benefit from it. March April is the intensive period for the disclosure of the performance forecast of the first quarterly report of a shares. If the performance of relevant listed companies is verified, it is expected to boost the market risk appetite.
Guotai Junan Securities Co.Ltd(601211) : “steady growth” market is still on the way, and the value will still dominate
The latest research report believes that “steady growth” has been the focus of the market since the central economic work conference at the end of 2021. The inflection point of global liquidity has emerged, and the asynchronous window period of China US monetary policy is narrowing, which makes the valuation side do not have a comprehensive basis for raising, so we should focus on the direction of valuation repair. At present, the undervalued sector with consumption and infrastructure chain as the core has advantages, and the “steady growth” market is still on the way. On the whole, the current market is low, the risk appetite and the economic fundamentals have not yet been fulfilled, and the value will still dominate at this stage. The opportunity to grow, especially for track companies, still needs to wait for the recovery of risk appetite.
Southwest Securities Co.Ltd(600369) : the spring agitation of A-Shares will gradually unfold
The research report points out that the market correction since the end of 2021 has been basically in place. The current position needs to be more optimistic. This is mainly due to three reasons. First of all, from the perspective of fundamentals, this round of adjustment since the end of 2021 has been basically callback in place. Secondly, the current policy environment is relatively loose. Finally, the US interest rate hike has been expected by the market, and the impact effect has weakened.
The agency believes that in this situation, the spring agitation of A-Shares will gradually unfold. There are three directions to focus on:
I. focus on the continuous growth sector with falling valuation after market adjustment. Including new energy, semiconductor and military industry. These sectors will still be able to maintain double-digit industry growth in the next few years, while the valuation of relevant targets has fallen and the investment value is prominent. With the opening of the new year, investors’ new growth expectations for these sectors are forming, with reasonable valuation and performance growth. At least they can make money for performance growth from these sectors.
Second, the dilemma reversal of “stable growth” related sectors. Here are mainly new infrastructure, resource products, real estate and other sectors. These sectors win in low valuation, low institutional expectations and low allocation proportion. However, with the introduction of the policy of steady growth, the market’s expectations for it gradually increased.
Third, it is the sector with stable performance growth and relatively low valuation in the performance forecast.
