As a market weathervane, the trend of institutional investors has always been the focus of attention of all parties in the market. According to statistics, as of March 21, a total of 1193 listed companies were surveyed by institutions during the year, an increase of 60% over the same period last year.
At the same time, listed companies actively disclose the concerns of institutions during the research through the record form of investor relations activities.
A large public fund researcher told the Securities Daily, “since this year, the number of listed companies investigated has increased significantly, mainly due to the impact of the market environment. There are many companies with good quality whose valuations have not been truly reflected by the market. Therefore, institutions began to speed up the research speed in order to find more and better targets.”
According to statistics, the above 1193 companies are mainly concentrated in mechanical equipment, electronics, medicine and biology, computers, electrical equipment, light industry manufacturing, public utilities and other industries. Among them, the mechanical equipment industry has been investigated the most, followed by the electronics industry, medicine and biology.
Yang Delong, chief economist of Qianhai open source fund, told reporters, “the industries that have been investigated and concentrated show a high degree of market attention. Taking mechanical equipment and electronics as an example, these fields cover new energy, semiconductors and other categories, so they are popular; there are some differences in institutional views on the pharmaceutical and biological industry, such as the impact of centralized mining on relevant companies, which needs to be carefully understood.”
“The relevant national policies have repeatedly mentioned steady growth, and the focus is on the fixed asset investment in the manufacturing industry. The P / E ratio of some blue chip stocks superimposed with machinery and equipment has fallen to a higher safety margin, so they have become the favored objects of institutional research. Electronics and biomedicine have the characteristics of large market space and policy encouragement, so they have also become the industries frequently investigated by institutions.” Qin Ruohan, general manager of Jinhua fund, said.
From the number of institutions participating in the survey, among the above 1193 companies, 27 listed companies were investigated by more than 300 institutions during the period; 131 listed companies surveyed by 100 to 300 institutions; There are 178 listed companies surveyed by 50 to 100 institutions.
Among them, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) has become the “group favorite” of institutions in the pharmaceutical and biological industry. Since the beginning of the year, it has been investigated by 1025 institutions, with an average of 93 institutions in a week. Thunder Software Technology Co.Ltd(300496) followed closely in the computer industry, with 811 institutions surveyed during the year; The third place is Shenzhen Inovance Technology Co.Ltd(300124) , which belongs to the electrical equipment industry, and has been investigated by 710 institutions.
“Companies surveyed by institutions often have growth potential or good past performance in fundamentals, but this can not be used as an absolute indicator to measure the company’s future performance and market value.” Qin Ruohan thinks.
It is worth mentioning that among the 1193 listed companies mentioned above, 503 companies have the latest dynamic P / E ratio of less than 30 times, accounting for more than 40%. Among them, the latest dynamic P / E ratio of about 74 companies is less than 10 times. These companies are mainly concentrated in steel, real estate, chemical and other industries.
In this regard, analysts generally believe that since this year, although there is no high positive correlation between the number of research institutions and the rise and fall of the company’s share price, the trend of institutional research is indeed a wind vane worthy of attention. Yang Delong said that industries and companies with relatively concentrated institutional research show that they are relatively favored by institutions and deserve attention. At the same time, whether to invest should be considered comprehensively in combination with factors such as fundamentals and stock price. In addition, it should be noted that we cannot simply “copy” and follow the trend to buy companies concerned by institutions.
