today, the overall market fluctuated and fell throughout the day. The three major stock indexes fell by more than 2%. The Shanghai Composite Index fell below the integer mark of 3100 points, and the Shenzhen Component Index and gem index hit a new low since the current round of adjustment. The turnover of Shanghai and Shenzhen stock markets was 856.3 billion yuan, an increase of 35.6 billion yuan over the previous trading day. Northward funds flowed in against the trend, with a net purchase of 911 million yuan, of which 612 million yuan was purchased through Shanghai Stock connect
On the disk, chemical fertilizers and pesticides, catering and tourism, steel, agriculture, non-ferrous metals and other sectors led the decline, while the big finance and medical and American sectors bucked the trend and were active.
CNOOC (n CNOOC), which has attracted much attention, went public today at an issue price of 10.80 yuan. It rose 44% in early trading, triggering a temporary stop. At present, the total market value exceeds China Petroleum & Chemical Corporation(600028) . Previously, CNOOC was abandoned by online investors to buy about 22 million shares. Based on the closing price, the single signing profit of CNOOC’s new shares is nearly 3000 yuanP align = “center” performance of major A-share indexes today
CNOOC once rose 44%
CNOOC, the “Big Mac” of offshore oil and gas, landed in A-Shares today at an issue price of 10.80 yuan. The temporary stop was triggered during the session, and the total market value has now overtaken China Petroleum & Chemical Corporation(600028) . As of the closing, CNOOC reported 13.79 yuan / share, up 27.69%, with a turnover rate of 59.10%. The latest total market value displayed by China stock market news choice terminal was 651.5 billion yuan.
CNOOC is the largest IPO of A-Shares this year. According to the data of China stock market news choice, the online winning rate of CNOOC is about 0.43%, ranking the first among the new shares issued this year.
On April 18, CNOOC disclosed the issuance results, and online investors gave up the subscription of 22425800 shares. According to the regulations, all the unpaid subscription shares of online and offline investors are underwritten by the joint lead underwriters. The number of underwritten shares by the joint lead underwriters is 22.481 million shares, with an underwriting amount of 243 million yuan.
In addition, according to the results of strategic placement, CNOOC introduced 12 strategic investors in this A-share IPO, including state-owned enterprise mixed reform fund, Guoxin development, Petrochina Company Limited(601857) , China Petroleum & Chemical Corporation(600028) , China Aviation Oil, national energy capital, China Life Insurance Company Limited(601628) etc., with a total number of 1.24 billion shares allocated and a total subscription amount of 13.39 billion yuanP align = “center” CNOOC announcement
Tianfeng Securities Co.Ltd(601162) it is estimated that CNOOC’s net profit from 2022 to 2024 will be 114.7 billion yuan, 124.6 billion yuan and 133 billion yuan respectively, corresponding to earnings per share of 2.43 yuan, 2.64 yuan and 2.82 yuan. According to the comprehensive relative valuation (pb/roe) and absolute valuation (DDM), the target price range of CNOOC given in Tianfeng Securities Co.Ltd(601162) .
In addition, Cinda securities expects the net profit of CNOOC from 2022 to 2024 to be 102197 billion yuan, 121167 billion yuan and 131863 billion yuan respectively, giving it a “buy” rating.
According to the prospectus of CNOOC, CNOOC achieved an operating revenue of 246112 billion yuan in 2021, a year-on-year increase of 58.40%; The net profit was 70.32 billion yuan, a year-on-year increase of 181.77%; The company expects to achieve a net profit of 24 billion yuan to 28 billion yuan in the first quarter of 2022, with a year-on-year increase of 62% to 89%.
major financial sectors performed actively
In terms of sectors, the large financial sector is relatively active todayP align = “center” ranking of non bank financial sector today
Soochow Securities Co.Ltd(601555) said that the reform of the capital market was advancing steadily and was optimistic about the long-term development of the securities sector. First, a series of policies to promote the construction of securities companies and capital markets have been issued one after another, which is good for ficc, wealth management and the industrial chain of large investment banks. Second, the uncertainty of long-term profit center has increased: the wealth management business has continued to grow, and channels, products and investment advisers have benefited deeply; The scale of derivatives maintained rapid growth, new products were launched one after another, the superposition system continued to be standardized, and ficc constituted the core increment; The construction of multi-level capital market has accelerated, and the science and innovation board and the Beijing stock exchange have brought new increments. At the same time, the reform of the registration system has also brought dividends to the stock business system. Third, there is a great contrast between the fundamentals and policies of securities companies and the valuation. The profits of securities companies continue to reach a new high. At present, the valuation is still at the bottom 1 / 4 of the historical valuation, which is optimistic about the long-term allocation value of securities companies.
YueKai Securities said it was concerned about the large financial sector with favorable RRR reduction policies. The RRR reduction helps to optimize the capital structure of financial institutions. For the banking sector, the RRR reduction helps to slow down the cost of bank liabilities, support the performance, and pay attention to the undervalued core stocks with high asset quality. For the securities sector, the loose liquidity environment helps to boost the market risk appetite, and the low-level securities sector is expected to usher in the valuation repair market.
China Post Securities believes that the policy will help consolidate the fundamentals of banks and continue to be optimistic about the performance of bank stocks. It is necessary and urgent for finance to make profits to the real economy, but the policy also considers the operating pressure of banks. Under the requirement of “stability first”, the “stable growth” policy in the second quarter will become the power source of the banking industry in the next stage. Relevant stocks with high growth, high-quality assets and deep business moat are expected to receive more market attention.
private placement suffering moment! Zhuang Tao, a 10 billion leader, apologized and Ren zesong withdrew more than 50% of some products…
Since the second quarter, the market has continued to fluctuate and adjust, and the performance of many well-known private placement has been under pressure.
Recently, Zhuang Tao, the head of 10 billion private placement Panjing investment, said in a letter to investors that the decline so far this year is not only the biggest decline in products since the establishment of Panjing investment, but also the biggest loss and test since the establishment of the company. In addition, according to channel sources, some products of 10 billion level quantitative private equity Lingjun investment have also fallen below the early warning line recently. Some products of Jiyuan assets under the management of Ren zesong, the former “first brother of public offering”, have fallen by more than 50% since the beginning of the year.
Insiders said that the sharp adjustment of the market has put pressure on the overall performance of private placement, especially the obvious withdrawal of the net value of 10 billion private placement adhering to the growth track. However, the current market probability is at the bottom area, which is not a time for large-scale withdrawal. The subsequent stable growth related sectors and high-quality growth stocks at the bottom of fundamentals and emotions deserve attention.
ten billion private placement letter apologizing
On April 14, Zhuang Tao, a 10 billion private placement boss, released a letter to fund investors. In the letter, Zhuang Tao frankly said: “this week, the fund I managed has retreated significantly. Together with the previous losses, it has brought relatively large losses to investors this year. I feel it necessary to give you an explanation at this time.
”
Third party platform data show that as of April 15, many products of Panjing investment have fallen by more than 20% since the beginning of the year. Zhuang Tao said that the fundamental reason for this year’s retreat is the extreme style change of the market, that is, stocks such as real estate stocks, coal stocks and financial stocks that have not performed for many years have become the mainstream of the market, and the growth stock track of Panjing investment has been seriously abandoned regardless of its fundamentals and valuation.
It is reported that during the roadshow at the beginning of this year, Zhuang Tao said that after the first quarterly report of listed companies, the market is still dominated by growth stocks, However, Zhuangtao said bluntly in his recent letter: “the prediction at the beginning of the year is based on the premise that there is no black swan event. However, the actual situation is that there have been two big black swan events in the follow-up – geographical conflicts and epidemics. Cyclical stocks, especially financial stocks, whose share prices are low, valuations are very low, have expectations of ‘maintaining growth’ and have important capital support at the critical moment, have become the most important allocation options.”
private placement performance under pressure in market adjustment
It is worth noting that in the market adjustment since this year, many well-known private placement achievements, including Panjing investment, have retreated significantly.
For example, recently, channel sources revealed that some products of 10 billion level quantitative private placement Lingjun investment management fell below the early warning line. As of April 14, the net value of Lingguang’s hedging products was lower than 85.0 yuan, which was quantified by relevant people from Lingguang.
At the same time, as of April 15, some of the products of Jiyuan assets, which was once the “first brother of public offering” – Ren zesong took charge after “going private”, have fallen by more than 50% this year.
Since this year, the market has made drastic adjustments, and 10 billion private placement has entered a “painful moment”. According to the statistics of private placement network, as of the end of the first quarter, the number of 10 billion private placement institutions was 115, with an average pullback of 9.14% this year, of which only 10 10 10 billion private placement achieved positive returns, and only 3 equity strategy private placement managers accounted for among the 10.
market bottom area need not be overly pessimistic
Facing the drastic adjustment of the market, how do 10 billion private placement leaders choose to deal with it?
Zhuang Tao analyzed that at present, the investment in the growth sector is at a relatively bad time, the geographical conflict and epidemic situation are still full of uncertainty, and the valuation of the growth sector is still in a reasonable rather than cheap stage. “However, if we take a long time, we can be more optimistic. If we look at the world, no country can overcome the epidemic. Therefore, we have full confidence in high-quality growth enterprises with high-quality tracks. In the medium and long term, tracks that continue to maintain high prosperity are extremely scarce. Such investment opportunities may be delayed for various reasons, but will not be absent.”
Zhou Liang, founder of minority investment, is also optimistic, He said: “No one knows when the lowest point of the market will appear, but the current return to risk ratio is relatively good. From the perspective of market decline, the CSI 300 index has fallen by nearly 30% since February last year, and there are many varieties with halved share prices. At this time, the risk of loss has become smaller. In addition, the policy bottom has been very clear, and the overall valuation level is close to the level at the end of 2018, so the market as a whole is in the bottom area, and now it is a trend It’s a time to boldly enter and invest in stocks. At present, our strategy is based on value and supplemented by growth. The income risk of banking, real estate, coal, infrastructure and Hong Kong stock Internet industries is relatively good. Some high boom tracks with large adjustment range have also emerged stock selection opportunities. “
