Today (March 30), the Shanghai and Shenzhen stock markets opened high across the board. At the beginning of the session, the stock index maintained shock consolidation, and the stock index further made an upward attack near noon. The rise of the gem index and the Shenzhen composite index was stronger than that of the Shanghai index.
From the disk view, Boc International (China) Co.Ltd(601696) soared, and the securities sector contributed to the protection of the market. The real estate sector once again took the lead, and infrastructure targets such as decoration and building materials were also “stained”. In addition, new energy sectors such as batteries, wind power equipment, photovoltaic equipment, energy storage and UHV also performed prominently.
Specifically, in terms of the concept of lithium battery, Shandong Taihe Water Treatment Technologies Co.Ltd(300801) staged a 20cm limit rise, Guizhou Redstar Developing Co.Ltd(600367) , Zhejiang Yongtai Technology Co .Ltd(002326) , Xiangtan Electrochemical Scientific Co.Ltd(002125) , Jiangsu Azure Corporation(002245) and other limits, Contemporary Amperex Technology Co.Limited(300750) also rose by more than 5% to return to above 500 yuan; In terms of UHV sector, Baoding Tianwei Baobian Electric Co.Ltd(600550) limit, Henan Pinggao Electric Co.Ltd(600312) , Xj Electric Co.Ltd(000400) and other gains were ahead.
Guosheng Securities pointed out that in the short term, under the background of reduced market risk appetite, we can pay attention to the real estate industry chain with reversal of difficulties, new energy infrastructure, banking and other industries with stable growth expectations, as well as coal, non-ferrous metals and other related sectors with annual report and first quarter report exceeding expectations; In the medium term, we can focus on the midstream and downstream manufacturing industries with improved corporate profits, such as new energy batteries, auto parts and other related industries.
At present, under the background of scattered A-share hotspots and intensified sector rotation, possible investment opportunities are hidden. Select some institutional research reports. Let’s see what themes are available for reference.
[theme 1] 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.
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.
In addition, China Galaxy Securities Co.Ltd(601881) Securities said that the wealth management industry chain has broad development space under the new development stage. At present, China’s economy has shifted to the high-quality development stage, with China’s GDP exceeding 100 trillion yuan and per capita GDP exceeding US $1 trillion. Residents’ wealth has accumulated rapidly, the scale of investable assets has increased rapidly, and the transformation of asset allocation from physical assets to financial assets has accelerated. With the positioning of the policy of “housing, housing and non speculation”, the breaking of the rigid exchange of bank financial management, the acceleration of net worth transformation and the decline of interest rates, the increasing proportion of residents’ equity asset allocation is a general trend, which brings growth space to the wealth management market. At the same time, the expansion of wealth management institutions, the continuous enrichment of products and the creation of more financial products to meet the needs of family wealth management in the market also contribute to the development and growth of the wealth management market. Big wealth management business is a medium – and long-term high-quality track for securities companies, and the business space of selling financial products on a commission basis, participating in and holding public funds, asset management and other businesses in the industrial chain is expanded.
In addition, the institutional business has broad growth space and has become an important driving force for securities companies. The ecological transformation of the capital market and the emergence of the institutionalization trend provide opportunities for the development of the institutional business of securities companies. Prevention and control of risks related to customers’ business and outsourcing of custody institutions. The continuous release of policy dividends provides a favorable environment for securities companies to carry out institutional trading services. At the same time, the change of market investors, the development and growth of institutional investors, the improvement of market volatility, the growth of customer hedging, risk hedging and diversification strategy construction demand promote the development of institutional trading services. Head securities companies have benefited deeply by virtue of business qualification, capital strength, customer resources and risk control ability.
[Topic 2] lithium battery
China Galaxy Securities Co.Ltd(601881) Securities said that from the perspective of short-term game, for the lithium battery industry, electric vehicles will maintain a high momentum in 2022, so as to stimulate the demand for lithium batteries. Battery leaders Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , etc. are recommended; It is suggested to grasp two main lines in the material link: expanding new customers overseas, Beijing Easpring Material Technology Co.Ltd(300073) , Cngr Advanced Material Co.Ltd(300919) , Shenzhen Kedali Industry Co.Ltd(002850) , etc; Tight supply and demand, strong bargaining power, Yunnan Energy New Material Co.Ltd(002812) , Shenzhen Dynanonic Co.Ltd(300769) , Hunan Zhongke Electric Co.Ltd(300035) , Jiangsu Cnano Technology Co.Ltd(688116) , etc.
In addition, Citic Securities Company Limited(600030) mentioned that the power battery of new energy vehicles is about to enter the peak period of scrapping, and the sharp rise in the prices of cobalt, lithium, nickel and other metals has improved the economic benefits of the battery recycling industry. We expect that the power battery recycling industry will be more standardized in the future, which will promote the rapid development of the industry. We predict that the global lithium battery recycling market will exceed 150 billion yuan in 2027. The battery recycling industry is highly standardized, and the battery recycling channel requires enterprises to have a certain bargaining power, which will bring greater market opportunities to leading enterprises. For the recommendation of the ‘ Contemporary Amperex Technology Co.Limited(300750) Jinyuan Ep Co.Ltd(000546) , haopeng technology, etc.
Huaxin Securities pointed out that under the general trend of global “double carbon” strong driving and supply resonance driving the continuous growth of demand, the landscape of the industrial chain will continue to rise. We maintain the “overweight” rating of the new energy vehicle industry. At the same time, it is suggested to pay attention to the medium and long-term investment opportunities in the direction of energy storage and fuel cell for industrial extension.
[Topic 3] energy storage
Recently, the relevant national plans for the development of new energy have appeared frequently, especially the policies related to energy storage development have continued to increase.
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China International Capital Corporation Limited(601995) mentioned that the new energy storage projects are strong, and the growth of energy storage demand in 2022 is highly uncertain. According to the public bidding data, 8075 MWh was added to the global energy storage projects this week, of which China / Europe / Australia were about 1975 / 400 / 1700 MWh respectively; Except for one industrial and commercial user side project, other projects are energy storage at the front of the meter, and mainly wind and solar energy storage. Regionally, the bid winning results of many energy storage systems in China are announced, and the bid winning unit price is between 1.3-1.6 yuan / wh; Anhui Province announced that the first phase of 2021 competitive wind power generation and storage will be connected to the grid this year, and the scale is expected to exceed 1GW In Australia, a GWH energy storage alternative to coal-fired project was publicly invited, and another 300mwh battery energy storage system was signed. In addition, two grid level battery energy storage projects in Europe have been reviewed, and a 3-5gw wind power generation and energy storage plan has been added in South Africa.
The agency further analyzed that it is optimistic about the high growth of the global electrochemical energy storage market and the high performance growth of battery, inverter, thermal management, fire-fighting equipment and EPC leading companies with high barriers.
[theme 4] 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.
