Today (April 22), the trend of the three major A-share indexes was divided. After the Shanghai and Shenzhen stock markets opened low, the Shanghai index fluctuated at the beginning of the session, and then rebounded slightly. The gem index fluctuated and fell to a new low. On the whole, A-share maintained a weak situation. However, the decline rate of the index decreased significantly today, and the trend of accelerating the decline was alleviated.
In this regard, Guosheng securities previously mentioned that the overall valuation of A-Shares has entered a relatively low range, the opportunity is greater than the risk, and the probability will still have a structural market.
At the same time, the agency further analyzed that it is not appropriate to be overly bearish at present, and can choose another opportunity to deal with it according to the rebound strength in the subsequent rebound market. We can focus on the power point of the national "stable growth" policy and choose the sectors closely related to people's livelihood such as food, clothing, housing and transportation to do low absorption.
sector:
I. textile and garment
China International Capital Corporation Limited(601995) mentioned that since March, the multi-point spread of the epidemic in China has put some pressure on the terminal sales of textile clothing and jewelry. Medium and high-end men's and women's clothing brands are more affected in the short term, and the new retail expansion is conducive to the recovery of sales after the epidemic. The current round of epidemic is concentrated in Shanghai and other urban areas, which has a greater short-term impact on medium and high-end brands with high channel layout in high-speed cities, and has a limited impact on mass leisure clothing and men's clothing brands with key layout and sinking market. In addition, we have learned that the short-term closure of the epidemic has short-term pressure on logistics and transportation, and logistics in some areas of online channels is delayed. However, with the digital operation of domestic clothing brands and the expansion of new retail business, it objectively helps companies in the sector to make up for the decline of offline sales and improve operational resilience.
Orient Securities Company Limited(600958) pointed out that the trend of national tide continues, and it is optimistic about the growth toughness of the leader in the post epidemic era. Investment logic in 2022: 1) Fundamentals: in the post epidemic era, China's sports leaders are more resilient. According to the data of the prospective industry research institute, on the one hand, the year-on-year decline of the sportswear sector in 2020 was only 2.4%, which was significantly less than that of other sectors; On the other hand, the moving sector will recover fastest in 2021. Combined with the external guidance of listed leaders, despite factors such as high base + uncertainty of epidemic situation, China's top brands are still cautious and optimistic about the sales expectation in 2022. 2) Valuation: China's leader has returned to the level before the epidemic in 2019, and there is room for upward repair in the future. Combined with its own fundamentals and the medium and long-term prosperity of the industry, the current valuation level of China's leading enterprises is underestimated. In addition, compared with overseas leaders, China's leading brands are relatively better and more sustainable, and their profitability and growth rate are expected to obtain a certain valuation premium in the future.
Guosen Securities Co.Ltd(002736) said that the recent annual reports of textile and clothing companies have revealed that sports brands at home and abroad have shown brilliant performance and operating efficiency. Since mid March, the epidemic has had a significant negative impact on the fundamentals and valuation of the sector, but it does not affect the medium and long-term improvement of high-quality local sports brands and the growth prospects of the industry. Some manufacturing enterprises are affected by downstream demand transmission, but the companies with the advantage of share improvement still have a dominant growth. From the recent data, the cost pressure is gradually controllable. We are optimistic about the fundamentals and the opportunity for the rebound of valuation under the background of historical low valuation. Hong Kong stocks mainly recommend Li Ning, Anta sports, Shenzhou International, Tebu international, Bosideng and taobo, and A-Shares mainly recommend Huali Industrial Group Company Limited(300979) , Zhe Jiang Taihua New Material Co.Ltd(603055) , Zhejiang Weixing Industrial Development Co.Ltd(002003) , Biem.L.Fdlkk Garment Co.Ltd(002832) , Zhejiang Sunrise Garment Group Co.Ltd(605138) .
II. Power industry
Haitong Securities Company Limited(600837) said that due to the uncertainty of the external situation and the rise of energy prices, hydropower, scenery, nuclear power and environmental protection oil companies Bece Legend Group Co.Ltd(000803) were recommended. Due to the decline of economic growth and the epidemic, maintaining growth and energy tension are still the main lines at this stage. In addition, the international energy supply and demand is still tight and the international oil price is still high. Therefore, we are optimistic about clean energy such as hydropower, nuclear power and green electricity. In addition, according to Argus, the epidemic has led to very strict control of oil recovery, and the cancellation of hall food in many provinces and cities in China has reduced the output of waste oil. We believe that the overseas demand is relatively stable, and the oil still has a good price comparison effect compared with other oil products. It is suggested to pay attention to the waste oil faucet Bece Legend Group Co.Ltd(000803) , the producer of raw firewood Zhejiang Jiaao Enprotech Stock Co.Ltd(603822) , Longyan Zhuoyue New Energy Co.Ltd(688196) .
Changjiang Securities Company Limited(000783) pointed out that the call of "carbon neutralization" era and the reform of power marketization will run through the whole "14th five year plan" period. We believe that the intrinsic value of power operators will be comprehensively revalued. In this context, the reform and improvement of power price formation mechanism is expected to catalyze the improvement of thermal power operation margin. It is recommended to pay attention to high-quality transformation thermal power Huaneng Power International Inc(600011) , Fujian Funeng Co.Ltd(600483) and Guangdong Electric Power Development Co.Ltd(000539) ; With the rapid growth of new energy installed capacity and the increasingly prominent value of green power, China Three Gorges Renewables (Group) Co.Ltd(600905) , Longyuan Power and China National Nuclear Power Co.Ltd(601985) ; The hydropower sector recommends industry leaders China Yangtze Power Co.Ltd(600900) with clear growth space and Huaneng Lancang River Hydropower Inc(600025) with improved supply and demand; The power grid sector recommends that the Three Gorges group is expected to develop an electricity distribution pioneer with comprehensive energy services Chongqing Three Gorges Water Conservancy And Electric Power Co.Ltd(600116) .
one drawing summary:
