With the official closing of the trading in 2021, the gold stock portfolio income of securities companies is also gradually released.

the Chinese reporter of securities companies saw that more than 70% of the monthly gold stock portfolio of securities companies achieved positive returns in 2021, and the annual rate of return of 15 securities companies was more than 20%, of which the "best gold stock portfolio" achieved 80% in 2021! However, the gold stock portfolio income of 13 securities companies is "lying on the ground", and the one-year income is negative...

As one of the most intuitive and quantifiable products reflecting the brand and research ability of the Securities Research Institute, the accuracy of securities companies' gold stock portfolio not only tests the securities companies' strategy and macro team's grasp of the general trend, but also tests the industry analysts' mining and timing ability of individual stocks.

open source gold stocks made 80% and the income was comparable to the top ten public offerings

The data show that among the 51 securities companies' gold stock portfolios with data available, more than 70% of the monthly gold stock portfolios of securities companies achieved positive returns in 2021, and a total of 15 securities companies' gold stock portfolios had an annual rate of return of more than 20%. Among them, the "best gold stock portfolio" achieved a yield of up to 80% in 2021!

specifically, the open source securities portfolio ranks first with an income of 80.06%, which can rank in the top 10 even among all public funds. The Chinese reporter of the securities firm found that as of December 30, 2021, only 8 of the more than 9000 public funds in the whole market had a yield of more than 80%.

The gold stock portfolio of Cinda securities ranked second with 69.29% of the annual income; Chuancai securities and China Merchants Securities Co.Ltd(600999) also followed with a yield of about 53%; The income of The Pacific Securities Co.Ltd(601099) securities and Zheshang Securities Co.Ltd(601878) gold stock portfolio exceeded 30% last year.

From the perspective of the maximum pullback of the gold stock portfolio of various securities companies, Cinda securities has taken into account both income and pullback. According to statistics, the maximum pullback in 2021 is only 11.56%; China Merchants Securities Co.Ltd(600999) last year's maximum pullback was 13.31%, and the pullback was also well controlled. (according to the statistical rules, the income is calculated according to the right to build or change positions such as full positions at the release time of gold shares.)

However, the monthly gold stock portfolio income of 13 securities companies is "lying on the ground", and the income for one year is negative

According to the statistical caliber, Tianfeng Securities Co.Ltd(601162) , Shanxi Securities Co.Ltd(002500) 2021 annuity stock portfolio yield is - 18.85%, - 18.72%, Dongguan securities gold stock portfolio yield is - 16.04%, the monthly gold stock portfolio yield of Founder Securities Co.Ltd(601901) , Citic Securities Company Limited(600030) is also nearly - 10%, and Huajin securities is about - 7%.

the recommendation ability of gold stocks of securities companies has increased year by year

in 2021, the Shanghai index, Shenzhen Component Index and gem index rose by 4.8%, 2.67% and 12.02% respectively. From the data, in 2021, the monthly gold stock portfolio income of 25 securities companies outperformed the gem index, accounting for nearly half; The gold stock earnings of 34 securities companies outperformed the Shanghai stock index, accounting for about two-thirds.

Generally speaking, the stock recommendation ability of most securities companies' monthly gold stocks is still relatively "reliable".

The Chinese reporter of the securities firm learned that in terms of the gold stock recommendation mechanism, the research institutes basically study and judge the general trend from the top to the bottom, select the industry, and then the industry analysts select individual stocks from the selected industry.

As one of the most intuitive and easy to quantify products reflecting the brand and research ability of the Securities Research Institute, the accuracy of the securities companies' gold stock portfolio not only tests the securities companies' strategy and macro team's grasp of the general trend, but also tests the industry analysts' mining and timing ability of individual stocks.

take a closer look at the combination of open source securities, the champion of 2021 annuity shares. In 2021, there were 63 recommended targets of open source securities, focusing on the recommended industries, including chemical industry, coal and petrochemical industry, machinery, new energy, non bank finance, small and medium market value, of which nearly 70% of the target's annual yield outperformed the market, and Shenzhen Senior Technology Material Co.Ltd(300568) stocks contributed the most to the combination yield. Open source securities recommended Shenzhen Senior Technology Material Co.Ltd(300568) for four consecutive months from April to July 2021, with an increase of 148% in these four months.

Sinolink Securities Co.Ltd(600109) a previous research report pointed out that the monthly gold stocks of securities companies integrated the resource advantages of the Securities Research Institute and reflected the information of the most promising industries and individual stocks of securities companies at present.

How accurate is the monthly gold stock push of securities companies? Sinolink Securities Co.Ltd(600109) studied the monthly gold stock samples of 11 securities companies from 2017 to August 2021, and found that: on the whole, the gold stock portfolio of securities companies performed well in terms of excess return, winning rate and risk return ratio, and the ability to obtain excess return showed an increasing trend year by year.

"Taking the CSI 300 as the benchmark, on the whole, the gold stock portfolio of securities companies can obtain positive excess returns in most months, and the average monthly winning rate of the gold stock portfolio of securities companies in the sample is greater than 60%. By year, the yield and sharp ratio of the gold stock portfolio of securities companies continued to rise from 2017 to 2021, except 2018. This shows that securities companies can recommend gold stocks to a certain extent The gradual improvement of power. " Sinolink Securities Co.Ltd(600109) analysis.

Sinolink Securities Co.Ltd(600109) it is also found that the gold stocks repeatedly recommended by multiple securities companies have no obvious comparative advantage compared with the gold stocks recommended by only one securities company. At the same time, the stock selection ability of securities companies' gold stocks in the new power industry is particularly prominent, and the monthly average excess return is significantly better than other industries, whether relative to Shanghai and Shenzhen 300 or relative to the industry index.

gold shares of securities companies were released in January 2022

As of December 31, 2021, more than ten securities companies have issued gold shares in January 2022.

judging from the recommended targets of securities companies, the financial sector is favored by many securities companies, but the views of securities companies on individual stocks are relatively scattered. Open source securities and Anxin securities are optimistic about Gf Securities Co.Ltd(000776) , Orient Securities Company Limited(600958) , Citic Securities Company Limited(600030) , Industrial Bank Co.Ltd(601166) , Bank Of Ningbo Co.Ltd(002142) and other financial stocks have also been included in January gold stocks by securities companies.

Baijiu plate is also recommended by many brokerages, such as Kweichow Moutai Co.Ltd(600519) , which is recommended by Everbright Securities Company Limited(601788) and Shanghai securities. Luzhou Laojiao Co.Ltd(000568) recommended by YueKai securities and Ping An Securities; Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Shede Spirits Co.Ltd(600702) are also favored by different securities companies.

Looking forward to the future, China Merchants Securities Co.Ltd(600999) believes that in January 2022, it is expected that local market fluctuations may intensify, and the coexistence of local opportunities and local risks may be more significant. the central economic work conference may become one of the main lines of market trading in January, individual stocks and segments α The market characteristics may be obvious. Under the environment of shock adjustment of the main track, the trend of some theme investment may continue.

fan Jituo, chief analyst of strategy at Cinda securities, believes that due to the performance vacuum period, the performance outlook in 2022 is cautious. Cinda Securities believes that valuation repair will be the core stock selection logic before and after the new year. Configuration suggestions: (1) the supply and demand cycle of military industry, hotel, aviation and other industries is independent, which can be paid attention to all year in 2022. (2) Generally, financial real estate can advance, retreat and defend in the middle and later stages of economic downturn, and the strength of steady growth will be gradually strengthened in the next six months, which can exceed the allocation for six months; (3) Food and beverage, home appliances, computers, media and other sectors with poor performance in 2021 are in the process of quarterly rebound.

the strategy team of YueKai Securities believes that with the support of the gradual implementation of the economic data recovery superposition policy and the performance level, A-Shares are expected to make a good start in January, it is recommended that investors focus on three main investment opportunities: first, investment opportunities in the science and technology growth sector with favorable policies, focusing on 5g, integrated circuits, industrial Internet Intelligent transportation, etc; Second, the consumer sector is expected to usher in a double-click market driven by valuation performance; Third, the annual report anticipates investment opportunities in the sector. At present, the performance prediction rate of A-share annual report has reached 81.51%, with a total of 97 enterprises, including many enterprises in pharmaceutical, biological, electronic, chemical and mechanical equipment industries. We can focus on high-quality targets with large marginal improvement and strong sustainability in the fourth quarter.

According to Zheshang Securities Co.Ltd(601878) , at the index level, it was restrained first and then raised in January, and gradually entered the restless window period in spring in the middle and late January. at the structural level, January was relatively balanced as a whole, focusing on three configuration clues: first, focusing on growth opportunities in the stable growth chain, such as high-quality leaders such as real estate, banking, household appliances and home furnishings; Second, pay attention to the dilemma and reversal opportunities of the inflation chain. The industry clues include agriculture and mass consumption; Third, pay attention to the new outlets of emerging industries and industry clues, such as semiconductors, national defense equipment and automotive electronics.

Western Securities Co.Ltd(002673) believes that the "winter agitation" has been gradually realized, and the market is entering a "cooling off period" after agitation. Although there is no systemic risk, the driving force for further upward movement is weakening. under the background of the gradual warming of the current stable growth expectation, there are still opportunities for new and old infrastructure represented by power grid transformation, 5g and building materials. From an annual perspective, we suggest that investors continue to pay attention to essential consumer goods with strong price transmission capacity represented by aquaculture, planting, food processing industry, textiles and clothing, traditional Chinese medicine and rubber products, which is also the most deterministic investment main line in 2022.

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(brokerage China)