Today (April 22), the Shanghai and Shenzhen stock markets opened low across the board. After the shock consolidation at the beginning of the session, the stock index once rose and turned red, and then dived back. Near noon, the stock index stabilized and rebounded again. On the whole, the pattern of strong Shanghai and weak Shenzhen was obvious.
From the disk point of view, the financial “three brothers” continue to protect the market, the textile and garment sector has lifted the tide of limit, green power, shipping ports and other sectors are also ready to move, the rise and fall of industry and concept sectors are different, and the local profit-making effect still exists.
In the textile and garment sector, Jiangsu Hanvo Safety Product Co.Ltd(300952) , Rumere Co.Ltd(301088) and other 20cm limit Shanghai Dragon Corporation(600630) , Zhejiang Yingfeng Technology Co.Ltd(605055) , Zhejiang Sunrise Garment Group Co.Ltd(605138) , Aimer Co.Ltd(603511) , Zhejiang Truelove Vogue Co.Ltd(003041) , temus, Wuhu Fuchun Dye And Weave Co.Ltd(605189) , Sichuan Langsha Holding Ltd(600137) , Zhejiang Red Dragonfly Footwear Co.Ltd(603116) , etc. It is worth noting that Zhejiang Sunrise Garment Group Co.Ltd(605138) has increased the limit for three consecutive trading days, and Shanghai Dragon Corporation(600630) and temus have increased the limit for two consecutive trading days.
Guosheng Securities said that it is not appropriate to be overly bearish at present, and we 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.
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] 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.
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) .
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.
[Topic 2] shipping port
East Asia Qianhai Securities pointed out that the impact of geopolitical tensions may spread to the global supply chain. Due to economic sanctions and other factors, Russia’s export of crude oil to Europe and other regions is blocked, or it will increase the transportation demand of other oil transportation routes. The transportation distance of alternative routes may be extended, which is expected to increase the demand for transportation capacity. Under the conflict of peripheral situations, the output and transportation volume of dry bulk cargo such as coal may be difficult to maintain the normal level, or urge relevant importing countries to find non economic alternatives, which will affect the supply and demand pattern of global shipping capacity and is expected to push up the freight rate.
From the perspective of investment suggestions, the price rise of bulk commodities has brought short-term operating pressure to the airline company, which is difficult to change the industry recovery driven by good medium and long-term demand; Under the influence of geopolitics, the demand for transport capacity of the shipping industry may increase, which is expected to support the rise of shipping prices.
Huatai Securities Co.Ltd(601688) said that it is preferred to benefit from the steady growth of bulk supply chain and dry bulk shipping to support the demand for bulk commodities. It is recommended to recommend bulk supply chain and dry bulk shipping. After the correction of express stock price, it is attractive to lay out oil transportation; The inflection point of the epidemic is approaching, and the travel sectors represented by aviation, high-speed railway and airport may benefit.
[Theme 3] green power
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) .
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) .
[theme 4] major finance
For the banking sector, Huaan Securities Co.Ltd(600909) said that banking stocks still have great prospects. Under the background of tightening international liquidity and China’s steady growth, if the effect of steady growth is confirmed by data, such as stabilizing investment growth, the overall market will be conducive to value style. Before confirmation, in the tug of war between the epidemic and external adverse factors and the expectation of stable growth, the market fluctuates in the style rotation, and there are still opportunities for high-quality bank stocks with undervalued value and regional banks with stable growth.
For securities companies, Everbright Securities Company Limited(601788) pointed out that the current valuation of the securities sector deviates from the fundamentals, the valuation is at a historical low, and the repair of the undervalued financial sector under the main line of “steady growth” is still worth looking forward to. It is suggested to pay attention to two main lines: (1) leading securities companies with outstanding comprehensive strength and gradually increasing market share in the securities sector; (2) In the era of wealth management, it is recommended to have differentiated competitiveness in the field of Internet wealth management and benefit from the development of fund subsidiaries.
In addition, Huachuang securities mentioned that when the current valuation is low and the fundamentals are stable, the allocation value and defense advantages of the insurance sector are still prominent. We believe that it is not a bad thing that the extreme situation forces the industry to settle down and think. All companies eradicate the depression in the dilemma and find innovation space to highlight the encirclement, which will jointly promote the industry to a new stage of high-quality development.
Kaiyuan Securities believes that the RRR reduction is good for securities companies, and the new regulations on life insurance sales are better than expected. At present, the valuation of leading targets of securities companies is still low. The landing of RRR reduction will boost confidence in steady growth, and the overweight of subsequent steady growth policies is expected to continue to benefit securities companies. In addition, the new regulations on life insurance sales are more relaxed than the first version, which is better than expected.
