During the year, the market has almost always been led by the main line of “double carbon”. But near the end of the year, the market style has undergone a new change.
For the “gold shares” Inner Mongolia Yili Industrial Group Co.Ltd(600887) nominated by the most institutions in November, the latest large fixed increase of 12 billion yuan will be implemented this week. It has a luxurious lineup, including UBS, JPMorgan Chase, Goldman Sachs and Gao Yi.
This year, blue chip consumption has experienced a large-scale correction, Inner Mongolia Yili Industrial Group Co.Ltd(600887) is also one of them. The “luxury lineup” added this time shows the fund’s confidence in its fundamental repair.
In recent capital markets, the consumption sectors such as medical beauty and Baijiu have rebounded strongly. Ganso Co.Ltd(603886) , Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) and other food and beverage sector stocks also rose sharply in December. Several liquor enterprises and condiment enterprises also announced the price rise of commodities. Zheshang Securities Co.Ltd(601878) believes that the performance of the food processing sector was slightly weak in the third quarter under the background of slow recovery of demand and continuous rise of raw material costs, but some sectors and targets performed differently in this process. For example, the dairy income improved month on month, and the leading condiment companies showed strong toughness. In the face of the current pressure on the cost side, starting with the price rise of the leading condiment companies, all food sector companies have announced price increase announcements, and the inflection point at the bottom has gradually emerged. High quality targets with improved performance should be arranged.
In terms of investment ideas, condiment is recommended to pay attention to Foshan Haitian Flavouring And Food Company Ltd(603288) with high certainty of performance realization, and Qianhe Condiment And Food Co.Ltd(603027) , Chongqing Fuling Zhacai Group Co.Ltd(002507) , Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) , Sichuan Teway Food Group Co.Ltd(603317) , Yihai international, etc. At the same time, we can actively pay attention to the allocation opportunities of dairy leaders, such as Shanghai Milkground Food Tech Co.Ltd(600882) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) . The overall valuation of the leisure and snack sector is at a historical low. It is recommended to select the layout of high-quality targets, such as Yanker Shop Food Co.Ltd(002847) , Chacha Food Company Limited(002557) .
On the other hand, this week, CPI and PPI data were released in November, and the scissors difference between PPI and CPI fell for the first time in the year. Cinda Securities believes that, on the one hand, it benefits from the strengthened implementation of China’s industrial product supply and price stabilization policy; On the other hand, the year-on-year growth rate of CPI continued to pick up with the support of food items. This means that the downstream cost pressure is gradually alleviated, and the prosperity of the industry is expected to continue to improve. Looking back on history, the consumer sector performed well during the period when the scissors gap between PPI and CPI narrowed, such as 2007-2008 and 2017-2019.
At the same time, the Politburo meeting in December also proposed to “implement the strategy of expanding domestic demand, promote the sustained recovery of consumption, actively expand effective investment and enhance the endogenous driving force of development”, indicating that stimulating consumption is one of the key tasks next year. On December 8, the State Council Information Office held a regular policy briefing of the State Council, indicating that it would implement a subsidy for furniture and home decoration to the countryside and a new round of automobile to the countryside. We expect that local promotion fee policies are expected to be launched one after another to help residents’ consumption recover stably.
Cinda Securities believes that the market style will further switch to consumption in the future, helping the “return of the king” of consumer stocks.
(Financial Associated Press)
