Today (March 11), the index of Shanghai and Shenzhen stock markets showed a pattern of rising first, bottoming out and rebounding. The three major indexes opened low across the board. The whole morning trading fluctuated at a low level, and the weak pattern was obvious. In the afternoon, the index began to exert force and fluctuated upward. Finally, the three major indexes turned red across the board and closed out of the positive line.
In this regard, Central China Securities Co.Ltd(601375) said that in the future, the stock index is more likely to maintain horizontal volatility and prepare for consolidation. It is suggested to continue to pay attention to the changes in policy, capital and external market.
At the same time, Southwest Securities Co.Ltd(600369) believes that as the window period of the annual report and the first quarterly report approaches, there is still a food market in the A-share market in the first half of the year. In terms of industry configuration, with the advent of the verification period of the first quarterly report, the boom track leaders such as new energy, semiconductors, medicine and military industry are expected to usher in phased repair, and the essential consumption sectors such as agriculture, food and textile and clothing benefiting from inflation expectations are also expected to usher in performance repair. In the medium term, social service, retail, catering, shipping and other offline economic recovery related industries are also ushering in the layout window period.
sector:
I. covid-19 test
Sinolink Securities Co.Ltd(600109) mentioned that we should continue to pay attention to the main line of epidemic prevention and control, including killing detection, covid-19 vaccine, covid-19 specific drug and its upstream industrial chain. Optimistic about pharmaceutical innovation, pharmaceutical high-end manufacturing, upstream supply chain, pharmaceutical consumption and other directions.
Zhongtai Securities Co.Ltd(600918) said that referring to the registration and approval of China's in vitro diagnostic kit, we believe that if China's covid-19 antigen self-test kit enters the Innovation Medical Management Co.Ltd(002173) device special review procedure or medical device priority approval process, the approval time is expected to take 3-12 months; If the class III Registration Certificate is applied for according to the conventional in vitro diagnostic reagent, the whole approval process may take 1-3 years. At present, China's relevant quality evaluation requirements and registration evaluation methods have not been released, and the final approval speed still needs further reference to national policies. In terms of China's market space, with reference to overseas distribution policies, it is predicted that China's monthly market scale may reach 17.7-26.6 billion yuan.
In terms of investment suggestions, at present, covid-19 antigen self-test kits of hundreds of in vitro diagnostic manufacturers in China have been registered and approved overseas, and the market competition in Europe, Malaysia and other regions is becoming increasingly fierce. We believe that if the registration approval of covid-19 antigen self-test products in China is released, the head brands with complete and abundant clinical data and relatively large overseas sales may gain advantages. We suggest paying attention to the investment targets of Andon Health Co.Ltd(002432) , Zhejiang Orient Gene Biotech Co.Ltd(688298) , Shenzhen Yhlo Biotech Co.Ltd(688575) , Guangzhou Wondfo Biotech Co.Ltd(300482) , Beijing Hotgen Biotech Co.Ltd(688068) , an Xu biology and so on.
Great Wall Guorui Securities pointed out that the valuation is at the bottom of history and the current investment value of the pharmaceutical industry is prominent. It is suggested to increase the allocation proportion of the industry and pay attention to investment opportunities in six aspects: first, the performance disclosure of the annual report in 2021 and the first quarterly report in 2022 is imminent, and pay attention to the high-quality targets with high growth or higher than expected performance of the annual report and the first quarterly report;
Second, with the official release of the 14th five year plan for the development of pharmaceutical industry, under the premise of controlling medical insurance expenses, innovation and internationalization will be the core main line of the industry in the future. It is suggested to pay attention to innovation driven companies and pharmaceutical enterprises with international ability;
Third, the CXO industry. Recently, the CXO industry has undergone in-depth adjustment, and the valuation is at the bottom of history. Contrarian, focus on companies with sufficient orders and reasonable current valuation;
Fourth, drugstore chain companies with reasonable valuation and stable recovery;
Fifth, pay attention to the consumer medical sector. Under the background of medical insurance fee control, the ophthalmology, medical beauty and other medical sub industries with consumption attribute have policy immunity, and the consumption upgrading will drive their development;
Sixth, pay attention to the traditional Chinese medicine sector. The release of the guiding opinions on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine shows the state's determination to the inheritance, innovation and development of traditional Chinese medicine, which will play a positive role in the traditional Chinese medicine industry.
II. securities companies
BOC International securities mentioned that the deepening reform of the capital market continued to advance, the undervalued value was more firm and bullish on securities companies. The recent decline of securities companies is mainly affected by overseas tightening expectations, the instability of the international situation, and the cooling of the A-share market and public fund market. Despite the emotional fluctuations caused by changes in the external environment, the continued deepening reform of the capital market is good for securities companies in the long run.
Recently, the measures for the implementation of listing and transfer of delisted companies in the delisting sector was publicly solicited for opinions, strengthened the cooperation mechanism of all institutions in the delisting process, and unblocked the delisting channel by simplifying the listing requirements of delisted companies and establishing the undertaking mechanism of host securities companies. The smooth delisting channel helps to optimize the capital market ecology of "in and out, survival of the fittest" and is the cornerstone of the full implementation of the registration system. With the continuous pace of favorable policies, securities companies still face broad development space. Under the undervalued value caused by changes in the external environment, they are more determined to look at the future trend of securities companies. If the overseas situation eases and the market valuation repair drives the trading activity again, it is expected to help the valuation repair of the sector.
The agency further analyzed and continued to recommend the trademarks of leading and financial management characteristic bonds in combination with favorable policies, performance differentiation and long-term growth drivers: 1) the reform of registration system is imminent, improve the marketization level of capital market, and bring more opportunities to head investment banks with strong comprehensive ability and their direct investment and follow-up business. Market fluctuations will lead to significant differentiation of investment business, and the trading mode of head securities companies is expected to bring more stable performance.
2) although market fluctuations may lead to a temporary decline in the scale of public fund management business and consignment business in the wealth management industry chain, residents' wealth continues to accumulate, the policy of "housing without speculation" is unswerving, and the growth trend of wealth management demand for maintaining and increasing residents' wealth remains unchanged, which can still bring long-term growth contributions to securities companies.
Northeast Securities Co.Ltd(000686) pointed out that the securities sector adheres to the valuation logic from cycle to growth. With the deepening reform of the capital market, the sector may welcome valuation repair. Recommend Citic Securities Company Limited(600030) , a leading securities firm that goes out of the bear market structure and continues to benefit from the improvement of the capital market environment; Recommend companies with flexible performance in asset management and wealth management, such as Orient Securities Company Limited(600958) , China Industrial Securities Co.Ltd(601377) ; It is suggested to pay attention to the progress of Beijing Compass Technology Development Co.Ltd(300803) becoming an investor in the bankruptcy reorganization of wechat securities; It is recommended to pay attention to China Securities Co.Ltd(601066) (H shares), and the insurance sector is recommended to pay attention to Ping An Insurance (Group) Company Of China Ltd(601318) .
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