Although the market has undergone substantial adjustment recently, institutional research shows signs of warming up. The position adjustment direction of public and private funds may be seen from the research.
According to choice data, as of March 21, more than 300 listed companies have been investigated by institutions since March. From the perspective of industry, industries such as computers, general machinery and auto parts are favored by institutions, and there are still some public and private star fund managers in the research list of some leading enterprises.
A number of public and private individuals said that at present, the regional characteristics of the bottom of A-Shares are obvious, and the valuation risk of high boom track is significantly released. Subsequently, under the policy tone of steady growth, high growth sectors such as new energy, semiconductor and military industry and steady growth related fields such as "counting East and west" deserve attention. At the level of individual stock selection, we need to focus on the certainty of profit growth and the rationality of valuation.
five industries have attracted the attention of institutions
Since March, market volatility has increased significantly. According to choice data, as of March 21, a total of 318 listed companies have attracted institutions to conduct tens of thousands of research since March, including more than 3000 public fund research and 1562 private fund research.
From the perspective of the industry, stable growth related sectors and high growth areas have attracted much attention. According to statistics, the top five industries with the highest institutional research frequency since March (Shenwan secondary classification) are computer application, special equipment, general instruments, auto parts and household light industry, of which the institutional research frequency of computer application industry exceeds 1000, and the research frequency of the remaining four industries also exceeds 500.
It is worth noting that since March, the stock that has attracted the most attention of institutions is Thunder Software Technology Co.Ltd(300496) , the leader of automotive software, and the frequency of institutional research is as high as 843 times. Among them, head public fund companies such as Ruiyuan fund and e fund and well-known 10 billion private equity companies such as juming investment, Lingren investment, harmonious Huiyi and alluvial assets participated in the research of the company. From the research records, the timing of the launch of the company's vehicle operating system, when the profitability of the Internet of things business can be improved, and whether the cost pressure can be effectively transmitted to the downstream have attracted the attention of institutions.
With the stabilization of the market in the short term, the research heat of institutions has also rebounded in the past week. Data show that from March 14 to March 20, about 101 listed companies in Shanghai and Shenzhen were investigated by institutions, and 41 companies were investigated by more than 20 institutions.
From the perspective of institutional research trends, there is less research on conceptual themes. From the perspective of industry distribution of relevant companies, mechanical equipment and pharmaceutical and biological sectors account for the most. In terms of popular research stocks, Gem Co.Ltd(002340) , Changchun High And New Technology Industries (Group) Inc(000661) have been investigated by more than 200 institutions in recent weeks.
In the past week, among the listed companies with more than 20 reception institutions, according to their published annual reports or performance forecasts, they all have "performance anticipation" as the main common ground. Market participants pointed out that at a time when the annual report and quarterly report of A-Shares are intensively disclosed, institutions are stepping up their efforts to spy on the prosperity of the industry through financial reports.
From the perspective of the industry sector, institutional investors have recently favored the mechanical equipment sector. From the perspective of performance, the performance of the mechanical equipment sector is generally good in 2021, and most companies predict a significant increase in net profit.
"top flow" institutions and fund managers frequently appear
In the previous period of "public research", the situation of private fund managers in the market has not increased frequently, but there have been many changes in the period of "public research" in March.
For example, the investor relations activity record form disclosed by Xi'An International Medical Investment Company Limited(000516) shows that on March 14, Zhang Kun, a 100 billion fund manager, participated in the teleconference exchange, and Tan Donghan, a fund manager of ICBC Credit Suisse pharmaceutical, and many other institutional investors participated on the same day. The transfer of Shangluo hospital and its impact on the company, the company's current strategic planning and consideration of future remote expansion have attracted the attention of fund managers.
On March 15, the information disclosed by Tianrun Industry Technology Co.Ltd(002283) also showed that the company received research from hundreds of investment institutions last week, and 10 billion fund managers such as Liu Peng of BOCOM Schroder fund and Chen Pengyang of Boshi fund showed up. Among them, the problems of institutional investors mainly focused on the progress of Tianrun Industry Technology Co.Ltd(002283) commercial vehicle air suspension business and the reasons for the slight increase in revenue in 2021.
According to the data, Changchun High And New Technology Industries (Group) Inc(000661) has been surveyed by 230 institutions in the past week. In the research list, public funds such as e fund, huitianfu fund and Ruiyuan fund, as well as well-known private placement such as Jinglin assets, Gaoyi assets and Xingshi investment have appeared one after another.
Changchun High And New Technology Industries (Group) Inc(000661) said during the investigation by the above institutions that the impact of the epidemic on production and operation is generally controllable. The number of new pediatric patients enrolled in the core subsidiary kinsay pharmaceutical in January increased by more than 50% year-on-year; In February, despite the influence of the Spring Festival, it still maintained an increase of more than 35%. The overall revenue of growth hormone products increased by more than 40%. At present, there is no clear price reduction arrangement for water needle products, and the long-term water needle has begun to adjust the product price.
In addition, companies such as Gem Co.Ltd(002340) , Zhejiang Crystal-Optech Co.Ltd(002273) , Sichuan Injet Electric Co.Ltd(300820) and others also rank among the top in the number of investigations.
"Recently, the panic in the A-share market has gradually dissipated, and the main line of market investment will return to the fundamentals. Moreover, with the listed companies successively disclosing the operating data from January to February, the valuation risk of some sectors has been greatly released. Now is a good time for gold mining and demining. We need to step up the pace of research and grasp the opportunity of performance certainty." A private equity fund manager in Shanghai said bluntly.
steady growth and high growth "
Liu Xiaolong, founder of juming investment, said that as of March 15, the overall market valuation (PE and Pb) was about 5% - 10% higher than the bottom area in 2018. At present, the market probability has been in the bottom area. In the follow-up, we will focus on high growth sectors such as military industry, new energy and semiconductors, industries damaged by the epidemic such as power and medicine, and areas where the real estate chain has oversold, such as furniture, household appliances and building materials.
Cheng Zhou, head of the third Department of Cathay Pacific active equity investment and the proposed fund manager of Cathay Pacific Ruiyi, said that in the past two years, new energy, photovoltaic, semiconductor, military and other sectors have performed well. Although there are few industrial opportunities this year, individual stocks in some links can still generate excess returns, such as lithium in the upstream of new energy, complete vehicles in the downstream, diaphragms in the midstream and other links. In addition, at present, there are investment opportunities in industries related to the digital economy, such as the "East West calculation" of the main line of steady growth, in which operators, main equipment suppliers, switches, servers, optical devices and other links deserve attention. In addition, the traditional chemical giants in the manufacturing industry, including chemical fertilizer and smelting, will also usher in rapid development in the future because they have stable profitability, can expand to the field of new energy, and have capital and technological advantages.
