Today (March 30), the Shanghai and Shenzhen stock markets opened high across the board. At the beginning of trading, the stock index maintained shock consolidation, and there was a wave of rise in the stock index near noon; In the afternoon, the stock index further made an upward attack, showing a pulsed upward pattern. The resilience of the gem index and Shenzhen composite index was significantly stronger than that of the Shanghai index.
In this regard, Citic Securities Company Limited(600030) said that A-Shares have returned to the normal driven by fundamentals from emotion and will enter a key period of policy development; In the past two weeks, the epidemic has had a great impact on the economy. The necessity and urgency of the steady growth policy have increased rapidly. A number of policy combinations will be gradually launched and form a joint force; In the second quarter, the economy will gradually repair, and A-Shares will gradually stabilize and enter the medium-term upward channel.
At the same time, China International Capital Corporation Limited(601995) believes that the current focus is on three directions: 1) areas with potential support for policy development, including infrastructure, industrial chains related to the stable demand of real estate (building materials, construction, household appliances, home furnishings, etc.), brokerage finance, etc; 2) For the middle and lower reaches consumption with more adjustments, low valuation and clear medium and long-term prospects in 2021, choose stocks from bottom to top, including household appliances, light industry and household appliances, automobiles and parts, agriculture, forestry, animal husbandry and fishery, medicine, etc; 3) The manufacturing growth sector, including new energy vehicles, new energy and technology hardware semiconductors, has released some risks, and the turnaround is waiting for the marginal mitigation of overseas "inflation" risk.
Section: いいい
1, Baijiu
China International Capital Corporation Limited(601995) mentioned that the marketing reform of Maotai has been continuously promoted recently. We expect that the company will increase its digital marketing and use its own e-commerce platform and other channels to improve the transparency and fairness of wine purchase. At the same time, this is also an important part of the "five in one marketing law" 1 proposed by the company Wuliangye Yibin Co.Ltd(000858) and Laojiao have gradually entered the stage of controlling goods and supporting prices, which reflects the company's brand confidence, and the company continues to strengthen the accurate delivery of channels and reduce the number of problem dealers and terminals Luzhou Laojiao Co.Ltd(000568) successively raised the dealer payment price and terminal supply price of Guojiao, which are being implemented gradually all over the country. In addition, it is suggested to pay attention to companies that are less affected by the epidemic and are expected to make a good start in the first quarter, such as Gujing, kouzi, Fenjiu, etc.
Huachang Securities pointed out that Baijiu Q1 index outstanding indicators, channel performance is healthy, strong performance support, although the short-term focus of the market is Moutai's price decline on the demand boom and channel confidence, but the leading line of value has been displayed, Moutai's report acceleration, certainty scarcity, product line more abundant, and mutual trust with the capital market to enhance, is the first choice. Wuliangye Yibin Co.Ltd(000858) it is suggested to pay attention to the introduction and implementation of targeted market policies. In the long run, the 1000 yuan price band is still the largest brand, and Laojiao continues to recommend it. In the short term, it is recommended to focus on the verification of individual stocks in the quarterly report, focusing on Fenjiu, Huijiu Gujing, sujiu Yanghe and Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) . Expanding liquor enterprises are concerned about the willingness to maintain high elasticity in the decline of valuation.
Changjiang Securities Company Limited(000783) said that according to the 2021 Baijiu notice and the 1-2 month business situation in 2022, combined with the data of Liquor Enterprises above Designated Size, the two main trends of liquor industry development, such as head concentration and consumption upgrading, are still continuing. From the historical experience, the long-term development trend of the industry will not be broken by short-term external factors. Therefore, we think that the main line of Baijiu industry will remain unchanged in the future. We will mainly recommend five high-end Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Jiugui Liquor Co.Ltd(000799) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Anhui Gujing Distillery Company Limited(000596) , Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) and so on.
II. Real estate development
Capital Securities said that the high-level statement released positive signals and the policy window period came. At present, the downward trend of industry fundamentals continues. In the first half of March, the sales area of high-frequency data decreased by 50.1% year-on-year, the de urbanization rate of new opening decreased significantly to 34%, and the de urbanization cycle of key cities increased significantly. Some private real estate enterprises are facing the pressure of debt payment in the short term, and there is a serious lack of confidence at both ends of supply and demand. At present, it is urgent to control the real estate risk. The high-level meeting made it clear that it is important to deal with the industry risk. To open up the industry liquidity chain, we should take the lead in seeing the recovery of sales, and the restoration of house purchase confidence urgently needs policy support. The relaxation of the policy has been made clear after the high-level statement. We judge that the adjustment time window for the four limit policy in key cities is in the second half of March. The statement on the real estate tax eliminated a major negative factor that suppressed demand during the year.
Wanlian Securities pointed out that under the macro background of "stable growth", the fundamentals of the current real estate industry continue to bottom, and the marginal improvement policy continues. It is expected that there are still many favorable policies to be expected in the follow-up, and continue to be optimistic about the market performance of the real estate sector. It is suggested to pay attention to (1) property management companies with good fundamental performance; (2) High quality real estate enterprises with financial stability and background of central enterprises / state-owned enterprises; (3) Real estate enterprises with high-quality holding properties or transformation enterprises, or effectively form a virtuous capital cycle of "development +".
Shenyin Wanguo Securities mentioned that real estate is still the pillar industry of China's national economy, and the contribution of the industry itself and the industrial chain to GDP accounts for nearly 30%. However, at present, under the multiple regulation and financial difficulties, the impact on the economy may gradually enter the low drag stage. In view of the recent frequent voices of the government emphasizing stabilizing the economy, steady growth and preventing and controlling financial risks, while stabilizing the economy urgently needs to stabilize the real estate, it is expected that the policy repair at both ends of supply and demand of the real estate industry is expected to accelerate, and will promote the optimization of the industry pattern and further enhance the concentration, and the high-quality real estate enterprises are expected to usher in both quantity and quality.
The agency further analyzed and maintained the "optimistic" rating of the real estate sector. Recommendations: A shares: Poly Developments And Holdings Group Co.Ltd(600048) , Gemdale Corporation(600383) , Xiamen C&D Inc(600153) , Seazen Holdings Co.Ltd(601155) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , Jinke Property Group Co.Ltd(000656) , China State Construction Engineering Corporation Limited(601668) , China Vanke Co.Ltd(000002) ; H shares: China Resources Land, China overseas development, Longhu group, Xuhui holdings, country garden; And maintain the "optimistic" rating of the property management sector, and recommend: Country Garden service, Xuhui Yongsheng service, China Resources Vientiane, poly property, CNOOC property, New Dazheng Property Group Co.Ltd(002968) , Greentown service, Baolong business and xinchengyue service.
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