Recently, the epidemic broke out sporadically in China, and some new changes have taken place in the investigation of A-share institutions.
Since March, the A-share market has suffered a relatively large decline, and the gem index has suffered a greater decline due to the decline of Contemporary Amperex Technology Co.Limited(300750) and other new energy track stocks. The reporter of the Securities Times found that the research enthusiasm of institutions for new energy track stocks is still high, and the attention of deep falling industries such as medicine and electronics is also increasing, while the research frequency of large market blue chips that were previously popular by institutions is less.
At the same time, under the influence of the epidemic, institutional research activities are mainly online video conferences or online conferences. Some companies have carried out on-site conference research, but few institutions have participated in the research.
online research becomes mainstream
Since March this year, the epidemic has broken out sporadically in China. Affected by multiple factors, the volatility of A-Shares has increased significantly. On April 11, new energy and other track stocks fell collectively, and the A-share market fell into a downturn and shock again. The Shanghai index fell 2.61% and the gem fell 4.2% on the same day, with a relatively large decline.
While the market continues to decline, the frequency of institutional research has increased. According to the statistics of the times, since March, 864 listed companies in Shanghai and Shenzhen have won institutional research, with 2190 participating institutions, with a total of 1627 times. In the same period last year, a total of 719 companies in Shanghai and Shenzhen received 1257 institutional surveys, with 1804 participating institutions.
It can be seen from the year-on-year data that since March, with the decline of market valuation, the frequency of institutional research has increased, and there are relatively more institutions participating in the research.
Under the current epidemic situation, compared with offline research, online methods such as video conference and online conference have become the mainstream of institutional research.
According to the statistics of the reporter of the securities times, since March, the number of institutional research has been 1627, including 1195 times of video conference and online conference, accounting for 72.29%. This means that since March, more than 70% of institutional research has adopted online research.
In addition, there were 451 on-site meetings, and these companies surveyed by institutions are basically in areas with good epidemic prevention and control situation. At the same time, institutions also facilitate on-site investigation, but few participated in the investigation in a single time, and many companies even had only one institution involved in the on-site investigation.
From the perspective of research institutions, with the continuous decline of the market, the research enthusiasm of public funds has increased. Among the top ten research institutions, three are public funds, namely Harvest Fund, Wells Fargo fund and Huaxia Fund. Securities firms are still the main force of research, and China Securities Co.Ltd(601066) has the most research times, reaching 218 times, followed by Citic Securities Company Limited(600030) , China International Capital Corporation Limited(601995) , Zheshang Securities Co.Ltd(601878) , etc.
track stocks remain the focus
In early 2021, Baijiu and other consumer stocks sharply adjusted, triggering a shift in market winds. Since this year, new energy and other track stocks have continued to fall, and market styles have also changed significantly.
In this context, there have also been some new changes in institutional research. Previously, the attention of relevant stock institutions in pharmaceutical, electronics, computer and other industries with relatively large decline is increasing, and the research heat of electrical equipment is decreasing.
According to the statistics of the reporter of the securities times, since March this year, the industries of individual stocks of hot research institutions (more than 100 research institutions in total) are mostly concentrated in mechanical equipment, medicine and biology, electronics, computers, non-ferrous metals and other industries, with 14, 14, 13, 9 and 7 respectively.
The reporter of the securities times observed that institutions pay more attention to intelligent tracks and new energy tracks, while the research frequency of previously popular large market blue chips has decreased. For example, Hangzhou Hikvision Digital Technology Co.Ltd(002415) , which was often investigated by institutions to "break the threshold", has been significantly less frequently and less institutions in recent years.
according to the survey data disclosed on March 11, Hangzhou Hikvision Digital Technology Co.Ltd(002415) 3, 11 institutions investigated the company from February 21, 2022 to March 11, 2022, including public funds such as Wells Fargo fund, huitianfu fund and Hua'an fund, private institutions such as Danshui spring and foreign-funded institutions such as Fidelity Fund.
In mechanical equipment, non-ferrous metals and other industries, new energy track related stocks are still the main object of institutional research. For example, in the mechanical equipment industry, Suzhou Maxwell Technologies Co.Ltd(300751) has been investigated by 501 institutions since March. The company is a high-end intelligent equipment manufacturer, involved in Cecep Solar Energy Co.Ltd(000591) battery production equipment, and is an equipment supplier and service provider in the photovoltaic industry.
In the nonferrous metals industry, 464 institutions surveyed the performance presentation meeting on Ganfeng Lithium Co.Ltd(002460) 3 March 31. The company is one of the leaders of A-share lithium batteries. The company's lithium battery business has laid out the technical path direction in various fields such as consumer batteries, TWS batteries, power, energy storage batteries and solid-state batteries.
Ningbo Ronbay New Energy Technology Co.Ltd(688005) and other new energy stocks in the chemical industry are also the focus of the organization Ningbo Ronbay New Energy Technology Co.Ltd(688005) 3 since March, it has been investigated twice by institutions, with a total of 779 institutions Ningbo Ronbay New Energy Technology Co.Ltd(688005) is mainly engaged in the R & D, production and sales of cathode materials for lithium batteries.
In the pharmaceutical industry, institutions pay more attention to Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Changchun High And New Technology Industries (Group) Inc(000661) , Apeloa Pharmaceutical Co.Ltd(000739) and other traditional Chinese medicine stocks, and Yunnan Baiyao Group Co.Ltd(000538) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) .
Thunder Software Technology Co.Ltd(300496) and other institutions are "popular"
As for the companies concerned by the organization since March, Thunder Software Technology Co.Ltd(300496) , Shenzhen Inovance Technology Co.Ltd(300124) , etc. have been popular .
Thunder Software Technology Co.Ltd(300496) is one of the leaders in the intelligent driving industry. Taking the automobile intelligent operating system as the core, the company has also laid out the intelligent automobile software. In the institutional research activities, the company said that its global leading position in the field of intelligent cockpit, from chip platform to software products and functions, human-computer interaction experience, and cockpit and driving cross domain development.
Huachuang securities research pointed out that the development of autonomous driving OS and mobile phone OS have similarities in industrial characteristics, and there will be a lot of space for third-party suppliers in the future. Qualcomm's ride chip platform focuses on low power consumption, low cost and flexibility. At present, it has been recognized by BMW and cruise. If it is successful in the future, Thunder Software Technology Co.Ltd(300496) is expected to replicate the successful path in the past and occupy a place in the autopilot OS market. At present, the company has increased investment, established relevant subsidiaries and raised funds through the capital market, which has also won the favor of important customers in China. 20222023 will be the first year of the third growth curve of the company.
Shenzhen Inovance Technology Co.Ltd(300124) is also one of the hot objects of the organization. Since March alone, the organization has obtained 21 surveys in more than a month. The focus of the organization is mainly on the company's industrial Siasun Robot&Automation Co.Ltd(300024) business and new energy business.
For the industrial Siasun Robot&Automation Co.Ltd(300024) business, the company said that it began to enter the Siasun Robot&Automation Co.Ltd(300024) complete machine business in 2016, and transferred from the accumulation of electricity to mechanical products. After several years of hard work, the company has jumped to the position of Siasun Robot&Automation Co.Ltd(300024) supplier of Chinese brands.
As for the reasons for the rapid growth of Siasun Robot&Automation Co.Ltd(300024) industry, the company believes that all the core parts involved in Siasun Robot&Automation Co.Ltd(300024) business, except the reducer, are self-made, and self-made has a strong advantage. In addition, the company has been deeply engaged in automation for many years. Based on the accumulation of automation business, the company has a thorough understanding of downstream industries, especially in mobile phone, lithium battery, photovoltaic, panel and other industries.
In terms of new energy business, the company said that the electric drive system and power supply system of new energy vehicles are low gross profit businesses. Although the products themselves belong to the core components, the technical threshold has been greatly reduced compared with the engines and high-end gearboxes of traditional vehicles in the past. For a business with low gross profit, if there is no quantitative support, it is relatively difficult to maintain good competitiveness. At present, Huichuan, as a third-party supplier, has a certain competitive advantage.
