As the main force of research on listed companies, the trend of fund companies is particularly concerned by investors. A-share volatility, style switching, high prosperity, and the dispute over the valuation of the track have not been resolved. However, recent research trends show that undervalued sectors and small and medium-sized market capitalization companies have become the focus of fund companies.
undervalued sector is concerned
The more research times of fund companies, the more fundamental information the fund companies have. According to the data, as of January 16, in the past week (1.10-1.16), the total number of public fund research has reached 599, and a total of 106 companies have attracted the attention of fund companies.
Undervalued companies have attracted more and more attention. The median rolling P / E ratio of listed companies surveyed by fund companies in recent week is 36 times, of which Jinke Property Group Co.Ltd(000656) , Shenzhen New Nanshan Holding (Group) Co.Ltd(002314) , Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) and Weifu High-Technology Group Co.Ltd(000581) rolling P / E ratios are less than 10 times. The less popular and undervalued companies are located in construction products, motor vehicle parts and equipment, clothing and luxury goods, etc.
Four listed companies including Nantong Jianghai Capacitor Co.Ltd(002484) , Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) , Luthai Textile Co.Ltd(000726) and Apeloa Pharmaceutical Co.Ltd(000739) have been surveyed by more than 25 fund companies. 36 fund companies participated in the video conference of Nantong Jianghai Capacitor Co.Ltd(002484) . With the change of energy structure, the capacitor market has ushered in major development opportunities, Nantong Jianghai Capacitor Co.Ltd(002484) is a leading enterprise of aluminum electrolytic capacitor in China, extending the layout of upstream material electrode foil. The recent correction of the new energy sector has not hindered the fund company’s enthusiasm to investigate individual stocks in the new energy sector. For example, Shandong Fengyuan Chemical Co.Ltd(002805) , Cangzhou Mingzhu Plastic Co.Ltd(002108) undervalued companies in new energy branches are favored.
Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Luthai Textile Co.Ltd(000726) , Shantou Dongfeng Printing Co.Ltd(601515) and Yunnan Baiyao Group Co.Ltd(000538) organized at least three research meetings within one week, including two traditional Chinese medicine companies. Recently, the Chinese medicine sector has shown strong performance. Some Chinese medicine individual stock fund companies focus on research, such as Yunnan Baiyao Group Co.Ltd(000538) , Guiyang Xintian Pharmaceutical Co.Ltd(002873) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Zhejiang Conba Pharmaceutical Co.Ltd(600572) and China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) . From the research frequency of fund companies, GF fund, Ping An fund, industrial fund and South Fund participated in the research more than 10 times. GF focuses on the pharmaceutical sector, such as Teyi Pharmaceutical Group Co.Ltd(002728) , Hunan Jiudian Pharmaceutical Co.Ltd(300705) , Baicheng medicine, Guiyang Xintian Pharmaceutical Co.Ltd(002873) .
Chi chensen, a cutting-edge fund manager of Anxin fund, said that undervalued sectors such as traditional Chinese medicine, characteristic APIs and low-value consumables belong to non popular tracks that have been excessively ignored by the market in the past few years, and many non popular track stocks have good valuation and cost performance. For the topic of hot track valuation discussed in the market recently, he said that the relationship between hot track valuation and non hot track valuation is like a rubber band, which is pulled too long, and the endogenous driving force of natural rebound is great.
Citic Securities Company Limited(600030) said that the sharp position adjustment of institutions at the beginning of the year accelerated the “high cut low” market, and the stable growth is the main line of at least the first quarter. In the short term, it is recommended to continue to focus on the “three lows”: first, the varieties whose fundamentals are expected to be still low, second, the varieties whose valuations are still relatively low, and third, the high boom varieties whose stock prices are relatively low after adjustment.
half of the surveyed companies have a market value of less than 10 billion
The data show that in the past week, fund companies have increased their research on small and medium-sized stocks. Among the research companies, more than half are companies with a market value of less than 10 billion yuan, and only Bank Of Ningbo Co.Ltd(002142) and Yunnan Baiyao Group Co.Ltd(000538) are companies with a market value of 100 billion yuan. Last year, small and medium-sized stocks performed prominently and contributed greatly to the net value of fund companies. Therefore, small and medium-sized stocks continue to be closely watched by fund managers.
The market value of Guangzhou Seagull Kitchen And Bath Products Co.Ltd(002084) , Naipu Mining Machinery Co.Ltd(300818) , Guangdong Xiongsu Technology Group Co.Ltd(300599) , Chengdu Yunda Technology Co.Ltd(300440) and Zhejiang Jasan Holding Group Co.Ltd(603558) is less than 5 billion yuan.
For example, Cathay Pacific Fund, Celestica fund, Great Wall Fund and he Changsheng fund participated in the research of Naipu Mining Machinery Co.Ltd(300818) , and the company’s performance forecast exceeded market expectations.
CCB previously said that it is difficult to expand the overall market valuation significantly in 2022, and the stocks with small and medium market capitalization may benefit more. For example, from 2011 to 2015, the traditional manufacturing and traditional industries were in a downward cycle. At that stage, the stock market also showed a structural market, and the trend of stocks with small and medium market capitalization was relatively better.
Some fund companies also said that they are optimistic about the investment opportunities of small and beautiful companies that meet the characteristics of “specialization and innovation”. These companies represent technological innovation and lead industry reform. They are companies strongly supported by current policies. It is suggested to select the target layout that meets the characteristics of “specialization and innovation”.
