At the beginning of May, more gold stocks were released in May.
If there are still more industry differences in gold stocks in April, the views of securities companies tend to be more concentrated in May. In terms of data, 15 securities companies tend to agree on Kweichow Moutai Co.Ltd(600519) .
The continuous sharp rise before the festival finally recovered the 3000 point mark. During the holiday, the management maintained stability and boosted the market attitude obviously. However, a series of peripheral effects brought by the Fed's interest rate increase and table contraction objectively exist. The geopolitical risk of the unstable situation in Russia and Ukraine is difficult to eliminate in the short term. Looking for structural opportunities under the stock game is still the best solution to the downward trend.
With the passage of the annual report and the quarterly report, the performance risk of individual stocks is reduced and there is rebound demand. The consumption sector with performance support and high certainty recommended by securities companies and the "steady growth" infrastructure sector with policy support expectation are still worthy of attention.
17 shares were recommended by at least five securities companies at the same time, and some gold shares fell by more than 30% annually
In the gold stock recommendation in May, a total of 509 gold stocks from 48 brokerage research institutes were counted. After removing the repetition, a total of 294 targets were recommended, and the target concentration increased significantly, including 88 times / 52 GEM stocks, 34 times / 23 science and Innovation Board stocks, and 13 times / 7 Hong Kong stocks; It covers 30 application level industries.
Among them, 15 securities companies recommended Kweichow Moutai Co.Ltd(600519) at the same time. As in April, Kweichow Moutai Co.Ltd(600519) is still the gold stock with the largest number of recommended securities companies, and five more securities companies were firmly optimistic in May; Nine securities companies also recommended China stock market news and Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) ; Seven securities companies also recommended China Tourism Group Duty Free Corporation Limited(601888) , Poly Developments And Holdings Group Co.Ltd(600048) ; Six securities companies also recommended Tsingtao Brewery Company Limited(600600) , China State Construction Engineering Corporation Limited(601668) , Mango Excellent Media Co.Ltd(300413) ; At the same time, the five brokerage firms that simultaneously recommend the ' Wuxi Apptec Co.Ltd(603259) 35.
Among them, Kweichow Moutai Co.Ltd(600519) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Muyuan Foods Co.Ltd(002714) , Wuxi Apptec Co.Ltd(603259) , China Vanke Co.Ltd(000002) was also recommended by many securities companies in April, but the difference is that there are few hot gold stocks in April, such as Contemporary Amperex Technology Co.Limited(300750) and Longi Green Energy Technology Co.Ltd(601012) .
The financial Associated Press reporter noted that taking the stocks recommended by at least five securities companies at the same time as the stock selection target, the highest annual increase of gold stocks in May was China State Construction Engineering Corporation Limited(601668) . As of May 5, the annual increase was 23.60%, followed by Poly Developments And Holdings Group Co.Ltd(600048) with an annual increase of 10.56%. In terms of the annual increase and decrease of other gold stocks in May, the annual income was negative, mostly belonging to the annual undervalued sector, and some of them belonged to oversold stocks.
In which ' Muyuan Foods Co.Ltd(002714) \ (- 13.03%), Huizhou Desay Sv Automotive Co.Ltd(002920) (- 14.08%), Aier Eye Hospital Group Co.Ltd(300015) (- 14.59%), Luzhou Laojiao Co.Ltd(000568) (- 15.63%), Wuxi Apptec Co.Ltd(603259) (- 17.25%), China Tourism Group Duty Free Corporation Limited(601888) (- 18.24%), China stock market news (- 27.54%), Mango Excellent Media Co.Ltd(300413) (- 37.99%) fell, Mango Excellent Media Co.Ltd(300413) led the decline in the above gold stocks.
5 month: analysis of investment logic of corresponding industries of gold and stock, and expected return of value
From the perspective of the industry of gold stocks of securities companies in May, the industries favored by securities companies are food and beverage, non bank finance, infrastructure, consumption upgrading, real estate, food and beverage, infrastructure, media, medicine, agricultural breeding, new energy vehicles, medical ophthalmology, real estate, household appliances and smart cars.
From the perspective of industry distribution, the food and beverage industry takes the lead; Optimistic about consumption recovery and consumption upgrading seems to be the consensus of all securities companies; The recommendation of electronics, power equipment, medicine and biology is almost the same.
Compared with April, the top five industries with increased industry share are large consumer industries, and the expectations of major securities companies and research institutes in China for consumption recovery are obviously consistent. While the proportion of food and beverage industry has increased significantly, traditional industries such as medicine and nonferrous power have decreased by more than 38%.
In terms of the evaluation of the food and beverage industry, according to the statistics of Haitong Securities Company Limited(600837) s, the revenue of the national liquor, beverage and refined tea manufacturing industry (above Designated Size) in the first quarter increased by 13.3% year-on-year. It is suggested to pay attention to two main lines: first, the stable growth of Baijiu; The second is the dairy industry whose profitability is expected to improve. Based on a number of views, most securities companies believe that the layout is at the right time.
peak season does not change the upgrading trend, and many securities companies are optimistic about the food and beverage industry
Open source Securities believes that the second quarter is expected to be a gradual bottoming process of sector fundamentals. Judging from the rhythm, the payment collection of most food and beverage enterprises in the second quarter has varying degrees of impact, but popular products face low base effect, and the data performance may be better. From the perspective of trend, the second half of the year should be a month on month improvement. The Mid Autumn Festival can be expected to make up in the peak consumption season. It is suggested to grasp the annual investment opportunities from two main lines: first, look for the industry leaders with low value and high prosperity at the bottom to make medium and long-term allocation; Second, look for short-term high growth varieties according to the performance fluctuations between quarters.
China Merchants Securities Co.Ltd(600999) . The view is that after the end of the 2021 valuation and the correction of the fundamentals of individual food stocks, the valuation level this year has more margin of safety. The adjustment at the beginning of the year and the first quarterly report of the company form the last report pressure point, and there will be more investment opportunities after Q2. There is a difference in the overall investment logic between Baijiu and popular products. At present, the industry valuation is cheap and the downward space is limited. Based on the good performance of liquor enterprises in the Spring Festival and the first quarter report, and the subsequent "Mid Autumn Festival" and "National Day" double festivals and other consumer demands and social attributes, the annual performance is more confident. Based on the comprehensive valuation and EPS, Baijiu is a sector that can earn absolute income in the long run.
In addition to being optimistic about the large consumption sector, securities companies also suggest increasing the allocation proportion of growth stocks. Most securities companies are also optimistic about electronics, power equipment, medicine and biology, real estate infrastructure, automobile and other manufacturing and growth stocks.
industry rebound is expected, focusing on automotive intelligence and new power system
Tianfeng Securities Co.Ltd(601162) believes that in the growth sector, the relative growth of computers is improving. The boom of industrial software, Internet of vehicles and financial technology has been the highest in the past two quarters. According to the combing of the annual report of 21 years and the quarterly report of 22 years, the average revenue growth rate in the past two quarters from the perspective of the sector is industrial software, Internet of vehicles, financial technology, tog, medical it, cloud computing, network security and information innovation. Internet of vehicles, SaaS and fintech sectors have high certainty in Q2 of 22 years. Internet of vehicles, financial technology and other sectors have a high boom in recent two quarters, and are expected to continue to Q2 and even the whole year. The leader of the high boom sector now has a low valuation. The recommended order is financial it SaaS car.
Sinolink Securities Co.Ltd(600109) said that the PCB industry has shown a profit recovery trend in 22q1. At the same time, the current valuation has fallen to the historical bottom range, and the fundamentals and valuation cost performance are better than the average level of the electronics industry. In the second quarter, the overall investment logic should focus on the profit recovery logic, and pay attention to the long-term logic such as automobile, server and carrier board.
BOC International Securities proposed that the demand for PV outside China was more resilient than expected, and the valuation fell after the recent adjustment ushered in the layout time point. The global prosperity of new energy vehicles continued to rise, and the sales data were bright. Chinese battery and material enterprises accelerated the introduction into the global supply chain, and the supply and demand of some links were expected to improve. 4680 cells, diaphragms and other leading targets with better competitive pattern could be given priority M3p and other technological changes or promote pattern changes. The construction of new power system is accelerated, the total investment in power grid may exceed expectations, and the investment structure is expected to further tilt to UHV, intelligence and other fields.
optimistic about the sub track of stable growth of medicine, and the demand for rehabilitation continues to increase under the background of aging
Haitong Securities Company Limited(600837) believes that the first quarter performance of pharmaceutical outsourcing is excellent, and it is optimistic about the stable growth of performance for a long time. Under the high growth base in the first quarter of 2021, pharmaceutical outsourcing still achieved rapid growth in revenue in the first quarter of 2022. At present, the valuation of the pharmaceutical outsourcing sector is reasonable, coupled with strong performance growth certainty, and is optimistic about the development of the pharmaceutical outsourcing industry for a long time.
Tianfeng Securities Co.Ltd(601162) put forward that the demand for rehabilitation services continues to increase under the background of aging, and is optimistic about the development prospect of the industry. According to the data of the seventh national census released in 2021, 18.70% (13.50% aged 65 and over) were aged 60 and over, an increase of 5.44 percentage points compared with 2010. With the continuous improvement of GDP, the accelerated arrival of an aging society, the continuous attention of medical institutions at all levels to the construction of rehabilitation departments and the continuous strengthening of patients' rehabilitation awareness, the demand for rehabilitation equipment has increased. The policy supports rehabilitation and is optimistic about the long-term development trend of the rehabilitation industry.
policy overweight and steady growth, and the acceleration of infrastructure real estate chain is expected
Kaiyuan Securities said that since the end of April, the meetings of the central financial and Economic Commission and the Political Bureau of the CPC Central Committee have been held one after another, both of which have increased their weight again to stabilize growth and boost infrastructure investment. According to the 2021 annual report and the first quarterly report of 2022, the performance of central infrastructure enterprises and local infrastructure leaders is high, their business resilience is strong, and they continue to be optimistic about the market performance of the infrastructure sector under the background of steady growth. The central financial and Economic Commission once again released a positive signal of steady growth and overweight. There is great potential for follow-up infrastructure investment and construction. At the same time, the marginal improvement policy of the real estate industry continues, and the favorable policy expectation in the future is still relatively strong. The real estate chain design, decoration and consumer building materials sector may usher in new upward action.
Huachuang Securities believes that the Politburo meeting is once again determined to strive to achieve the annual economic expectations, and comprehensively strengthen infrastructure and support rigid and improved housing demand, which means that as an important starting point for stable growth, promoting infrastructure and stabilizing real estate is to stabilize the macroeconomic market and stabilize the growth expectations. In view of the increasing policy strength, the marginal improvement on the demand side and the decline in the high crude oil price on the cost side, we will continue to give priority to recommending the infrastructure chain and pay attention to the expected repair opportunities of the real estate chain.
