Today (February 24), A-Shares rebounded after opening low, and then fell back due to resistance. They dived heavily in the afternoon and rebounded slightly in the late trading, which is also difficult to hide the decline. On the disk, in the industry, gold, gas, oil, jewelry, shipbuilding and other industries led the increase; Education, cultural media, household light industry, software development, engineering construction, wine making, cement building materials, automobiles, etc. led the decline. In terms of theme stocks, combustible ice, cultivation of diamonds, oil and gas equipment and services, gold concept and natural gas led the rise, and digital currency, NFT concept, cloud games, digital economy, data security and civil explosion concept were significantly corrected.
The trading limit of 48 stocks was mainly concentrated in petroleum, petrochemical, non-ferrous metals and other industries
Statistics show that on February 24, among the tradable A shares in Shanghai and Shenzhen, 652 rose, 3951 fell and 37 flat. Excluding the new shares listed on the same day, a total of 48 stocks rose by the limit and 44 stocks fell by the limit. In terms of the industry, the trading limit stocks are mainly concentrated in petroleum and petrochemical, non-ferrous metals, building decoration, public utilities, national defense and military industry and other industries.
Among the trading stocks, Huaihe Energy (Group) Co.Ltd(600575) is the most sought after in terms of the number of orders sealed on the closing trading board, with 64.6216 million shares sealed on the closing trading board; Followed by Mcc Meili Cloud Computing Industry Investment Co.Ltd(000815) , Fujian Start Group Co.Ltd(600734) and so on, with 63.5088 million shares and 49.0322 million shares sealed on the daily limit respectively. Based on the amount of sealed orders, Mcc Meili Cloud Computing Industry Investment Co.Ltd(000815) , Jinhui shares, Hefu China and other trading board sealed orders with more funds, with 676 million yuan, 502 million yuan and 284 million yuan respectively. In terms of the number of consecutive trading days, Fujian Start Group Co.Ltd(600734) has closed 9 trading boards in a row, with the largest number of consecutive trading boards.
risk aversion is heating up! The military industry and gold sectors bucked the market and rose Xi'An Tian He Defense Technology Co.Ltd(300397) , Western Region Gold Co.Ltd(601069) and other multi stock trading limits
The situation in Russia and Ukraine escalated, the market risk aversion increased, and the gold and military industry sectors rose against the market today. The military industry sector made efforts to pull up today. As of the close, Landocean Energy Services Co.Ltd(300157) , Xi'An Tian He Defense Technology Co.Ltd(300397) "20cm" limit, Haimo Technologies Group Corp(300084) , Jiangxi Xinyu Guoke Technology Co.Ltd(300722) rose by more than 15%, Xi'An Chenxi Aviation Technology Corp.Ltd(300581) , Bestway Marine & Energy Technology Co.Ltd(300008) rose by more than 10%, Baota Industry Co.Ltd(000595) , Allwin Telecommunication Co.Ltd(002231) limit, Xinjiang Machinery Research Institute Co.Ltd(300159) and visualization technology rose by 9%. The gold sector also strengthened. As of the close, Shenzhen China Bicycle Company (Holdings) Limited(000017) , Western Region Gold Co.Ltd(601069) , Hunan Gold Corporation Limited(002155) , Chenzhou City Jingui Silver Industry Co.Ltd(002716) , Shanghai Yimin Commercial Group Co.Ltd(600824) rose by the limit, Guocheng Mining Co.Ltd(000688) , China National Gold Group Gold Jewellery Co.Ltd(600916) , Zhongjin Gold Corp.Ltd(600489) rose by more than 8%, and Shandong Gold Mining Co.Ltd(600547) , Chifeng Jilong Gold Mining Co.Ltd(600988) rose by more than 7%.
For the military sector, Galaxy Securities said that the investment value of the military sector is further highlighted, and time can be changed for space in operation. In the short term, after a sharp correction in the early stage, the valuation risk of the military industry sector has been fully released. At present, the PE of the sector has dropped to 53.4x (57x in the center), with a high margin of safety, which is expected to stabilize gradually in the later stage. Based on the EPS driven logic, the performance of the military industry index in the past two years is obvious. We tend to think that the adjustment space of this index is no more than the increase of 25.6% in the previous round; In the medium term, as the second year of the 14th five year plan for equipment procurement, 2022 is expected to be intensively implemented, the overlapping capacity bottleneck will be broken, the prosperity of the industry may continue to improve, and the rapid growth of the industry in the next three years is still expected; In the long run, the "Centennial goal of building the army" is nearly late, and the "Centennial change" is bound to promote the rapid development of the industry.
The agency said that it is optimistic about the medium and long-term performance of the military industry sector and recommends the "four dimensions" configuration: 1) the targets of oversold rebound include Avicopter Plc(600038) , Fujian Torch Electron Technology Co.Ltd(603678) , Nanjing Quanxin Cable Technology Co.Ltd(300447) and Guangdong Shenglu Telecommunication Tech.Co.Ltd(002446) ; 2) Targets with sufficient adjustment and both performance growth and valuation, including Nancal Technology Co.Ltd(603859) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Beijing Relpow Technology Co.Ltd(300593) ; 3) Performance exceeding expectations and high certainty growth targets, including China Zhenhua (Group) Science & Technology Co.Ltd(000733) , Unigroup Guoxin Microelectronics Co.Ltd(002049) ; 4) The targets of the reform of state-owned enterprises to improve performance growth include Avic Xi'An Aircraft Industry Group Company Ltd(000768) , Avic Electromechanical Systems Co.Ltd(002013) , Addsino Co.Ltd(000547) , China Marine Information Electronics Company Limited(600764) .
For the gold sector, China Securities Co.Ltd(601066) Securities pointed out that since February, gold has seen a smooth upward trend against the background of soaring inflation in the United States and the fermenting conflict between Russia and Ukraine. Although the expectation of raising interest rates also rose synchronously during this period, the price of gold had been basically included in the expectation in advance, and the fundamental driving force of tightening expectation was that inflation continued to rise to an all-time high. The risk aversion caused by the continuous tense situation between Russia and Ukraine has also formed an important supporting role for gold in the short term.
Everbright Securities Company Limited(601788) said that the recent escalation of the conflict between Russia and Ukraine, the high overseas inflation and the rising trend of gold prices. In the short term, the positions of the two major gold ETFs are in the stage of increasing positions; In the long run, the peak of year-on-year growth of Marshall K value in the world's top five economies is about two years ahead of gold price, while the peak of year-on-year growth of Marshall K value is in 2020, and the peak of gold price is expected to appear in 2022. In the context of rising geopolitical risks, it is suggested to pay attention to the allocation value of the gold sector. From the perspective of market value elasticity, it is suggested to pay attention to Zhaojin mining industry (H shares), Zhongjin Gold Corp.Ltd(600489) , Shandong Gold Mining Co.Ltd(600547) , Chifeng Jilong Gold Mining Co.Ltd(600988) .
the international oil price has exceeded $100! Global energy and chemical stocks rose sharply and these assets will benefit
Looking forward to the future oil price trend and the investment opportunities it brings, a number of securities companies believe that the fundamentals of global crude oil supply and demand are expected to continue to maintain a tight balance in 2022, driving the upward shock of crude oil prices.
Driven by high oil prices, enterprises with oil resources and engaged in exploration and development in the upstream of the industrial chain and petrochemical enterprises engaged in private large-scale refining in the downstream are expected to benefit. Historically, the rise in oil prices has boosted the cost of road freight of chemicals such as chemical fertilizers and chlor alkali, which are used as raw materials, as well as chemicals with gasoline as the main fuel.
From the perspective of large categories of assets, the stock market and precious metals usually perform well during the sharp rise in oil prices. "The sharp rise in oil prices and the rise in the stock market and commodities occur in parallel, not causality." Li Yansen, chief Macro Analyst of Founder medium term Futures Research Institute, told reporters that historically, the stage of sharp rise in oil prices usually corresponds to the upward cycle of the global economy or the stage of extreme easing of economic policies. In the economic upturn and policy easing cycle, other commodities and stock markets naturally performed better.
According to the observation of researchers, during the sharp rise of oil prices, the steel, petroleum and petrochemical, non-ferrous metals and food and beverage of downstream consumer goods in the middle and upper reaches of the stock market, as well as building materials, household appliances, transportation and other sectors usually usher in a good rise.
"These industries, either those benefiting from inflation or those benefiting from fiscal expansion, usually perform well during the sharp rise in oil prices." There are investment analysts.
"When the oil price rises due to the economic recovery, the overall demand for industrial products tends to increase significantly, and the fiscal expansion policy is also more active. The superimposed stock market is also in the rising cycle, and the raw materials, construction materials and transportation sectors perform well." Chen Tong, crude oil analyst at Yide futures, said that these phenomena usually occur simultaneously.
From the perspective of transmission from the rise of oil price to the downstream, Li Yansen analyzed that from the perspective of the industry, the rise of oil price will be directly transmitted to the price of downstream petrochemical products. At the same time, the rise of lower oil chemical products crossed with coal chemical industry will indirectly drive the rise of coal price. For the consumer side, except for public and private transportation directly affected by fuel prices, the transmission cycle to other sectors is longer, which belongs to the post cycle change after wage rise.
the sharp rise in the price of automobile chips is expected to become a new driving force for the semiconductor industry (list)
According to China Central Television finance, the automotive chip market rose collectively. Taking a core chip of body electronic stability system produced by Italian French semiconductor as an example, the original price of the previous year was only about 20 yuan, which had reached 2800 yuan in the SEG electronics market in Huangpu District, Shanghai.
Tianfeng Securities Co.Ltd(601162) pointed out that automotive intelligence + electrification drives the upgrading of the overall industrial value chain, and the content + importance of automotive chips has doubled. It is expected that automotive semiconductors will account for 50% of the total cost of automobiles in 2030, which will become a new profit growth point of automobiles. Optimistic about the wave of Intelligence & under the carbon neutral policy, the automotive industry will usher in a revaluation opportunity for value growth, and the automotive chip will be revalued under the power of intelligence + electrification, which is expected to become a new driving force for the semiconductor industry.
Suppose that traditional vehicles need 500-600 semiconductor chips / vehicle, and new energy vehicles need 1000-2000 semiconductor chips / vehicle. Based on the sales volume of 72.76 million traditional vehicles and 3.24 million new energy vehicles in 2020, the demand for automobile chips is 43.9 billion per year. It is estimated that in 2026, the sales volume of traditional vehicles will be 67.8 million, that of new energy vehicles will be 44.2 million, and that the demand for automobile chips will be 90.3 billion per year. It is suggested to pay attention to IGBT & the third generation semiconductor: Starpower Semiconductor Ltd(603290) , Wingtech Technology Co.Ltd(600745) , Zhuzhou Crrc Times Electric Co.Ltd(688187) , Byd Company Limited(002594) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Dongwei semiconductors, etc; Lidar: Ju Guang technology, Zhejiang Lante Optics Co.Ltd(688127) , Shun Yu optical technology, Hunan Oil Pump Co.Ltd(603319) ; Intelligent automobile: Amlogic (Shanghai) Co.Ltd(688099) , Rockchip Electronics Co.Ltd(603893) , Ingenic Semiconductor Co.Ltd(300223) , Will Semiconductor Co.Ltd.Shanghai(603501) , Gigadevice Semiconductor (Beijing) Inc(603986) , Sino Wealth Electronic Ltd(300327) ; Car server related: Montage Technology Co.Ltd(688008) ; Intelligent driving: Neusoft Corporation(600718) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Thunder Software Technology Co.Ltd(300496) etc.
the demand for rare earth neodymium iron boron is higher than expected, and the listed companies are expanding their production
As the Nd-Fe-B permanent magnet material with the widest application range, the fastest development speed and the best comprehensive performance in the rare earth permanent magnet material system, it has formed a trend of competition in China.
"Among the major listed companies, everyone has the same production capacity now, Beijing Zhong Ke San Huan High-Tech Co.Ltd(000970) will be a little more, more than 20000 tons, and others are basically at the same level." The relevant person in charge of Ningbo Yunsheng Co.Ltd(600366) (600366. SH) told the 21st Century Business Herald reporter.
Statistics show that in the A-share market, the listed companies mainly engaged in Nd-Fe-B permanent magnet materials are Beijing Zhong Ke San Huan High-Tech Co.Ltd(000970) , Ningbo Yunsheng Co.Ltd(600366) , Yantai Zhenghai Magnetic Material Co.Ltd(300224) , Jl Mag Rare-Earth Co.Ltd(300748) (300748. SZ), Earth-Panda Advanced Magnetic Material Co.Ltd(688077) (688077. SH) and Innuovo Technology Co.Ltd(000795) (000795. SZ).
Due to strong downstream demand, the pace of production expansion of relevant listed companies is also accelerating. "Our capacity utilization rate is ideal and has always been full capacity." The aforementioned Yantai Zhenghai Magnetic Material Co.Ltd(300224) relevant person said, "the current production capacity is 16000 tons. It is planned to realize the production capacity of 36000 tons by 2026, but it may be realized in advance." The production capacity of Yantai Zhenghai Magnetic Material Co.Ltd(300224) will be 10000 tons / year by the end of 2020. The previously announced plan is to have an annual production capacity of 15000 tons by the end of 2021, but this goal has been exceeded.
The number of domestic and foreign research companies increased by more than 80% in . What is the attraction of the four high boom tracks?
Since the beginning of this year, foreign capital has begun to accelerate the pace of research at a time when the market is volatile and investor confidence is weak. According to the data, from the beginning of this year to February 23, 325 listed companies received the research of foreign institutions, which showed a large increase compared with 178 companies visited in the same period last year, with a year-on-year increase of 82.58%. From the perspective of the industries to which the foreign research companies belong, they are mainly concentrated in the high boom track, that is, the four major industries of medicine and biology, electronics, mechanical equipment and computer. In this regard, many overseas investors said that China's strong economic fundamentals, effective and accurate epidemic prevention and control ability and expanding policy support will provide momentum for China's capital market, and the investment value of A-Shares is prominent.
What areas do foreign investors focus on investigating and optimistic about the A-share market, and what are the investment opportunities in these areas? For the investment opportunities in the above four industries favored by foreign institutions, Everbright Securities Company Limited(601788) said that the overall performance of the innovative drug sector in the past year was poor. It is estimated that the factors leading to the decline of the share price of innovative drug enterprises are not only the correction pressure of the previous overvalued value, but also the corresponding suppression factors on the fundamentals, such as the risk of price reduction in medical insurance negotiations and the risk of failure of innovative drugs to go to sea, It will cause market investors to worry about the development of the industry. With the release of the valuation pressure of the innovative drug sector, the clearing of bad factors in the medical insurance negotiation and going to sea, high-quality assets have ushered in a good opportunity for layout.
Citic Securities Company Limited(600030) believes that the semiconductor sector has experienced early valuation adjustment. At present, the valuation of the sector is in the lower middle position, and the valuation of some companies is close to the historical low. It is suggested to pay attention to the head design companies with low valuation and relatively high certainty of annual performance. At the same time, the field of wafer manufacturing continues to boom. It is suggested to pay attention to local wafer factories and leading equipment companies.
Galaxy Securities pointed out in its research report that it has long been optimistic about the investment opportunities in the mechanical equipment industry under the background of advanced manufacturing and energy revolution. The key investment directions include several main lines such as hard technology, new energy and specialized and special new. It recommends segments such as photovoltaic equipment, new energy related industrial chain and specialized and special new enterprises.
