The three major indexes of A-shares rose collectively, the growth rate of the ChiNext index expanded to 3%, and the concept of industrial base machines lifted the limit wave. On the disk, HIT battery, 3D glass, machinery industry, titanium dioxide, organic silicon and other sectors ranked among the top gainers. As of press time, the Shanghai Composite Index rose 1.36%, the Shenzhen Component Index rose 1.94%, and the ChiNext Index rose 3.01%.
Today’s news:
1. The performance of leading home appliances has increased by nearly 50%, but the institutions are fleeing!The latest Interim Report Social Security Fund + QFII Awkward List of Stocks
2. CITIC Securities: It is recommended to firmly configure and gradually increase the warehouses of Kweichow Moutai, Wuliangye, etc.
3. 8.4 trillion assets restlessness! The strongest variable of the super track is about to hit the market and will be tested again?
4. Sing Duo Maotai to 3000 yuan to predict the performance of Ningde era in 2060! High research reported as “inverse indicator”
5. Another small metal “rides on the wind” with 8 boards in 11 days?Institutions chanted: the new 5 years of photovoltaic metal
6. How dare to cut off the centralized procurement? This pharmaceutical giant was severely fined for 9 months and could not participate in collective procurement!The company responds urgently
7. Thousand Yuan daily increase! 35 consecutive weeks of non-stop rise! Is “lithium” the core resource of the global carbon neutral layout?
8. Gree Electric Appliance’s performance has greatly increased. Foreign funds are buying crazy!Many brokers sing more
In terms of the market outlook, Shanxi Securities pointed out that since this month, the market style has changed in line with our expectations. It is expected that the theme rotation pattern will continue in the future. The main line of the short-term market is relatively fuzzy and the market is divergent. However, the overall valuation of A shares is still at a low level. , It is recommended that investors keep their long-term vision and should not be overly concerned about short-term market fluctuations.
Guosheng Securities said that the market will still be in a turbulent trend and needs to wait patiently for stabilization. After the risk release gradually stabilizes, look for opportunities in cyclical high-growth industries such as military industry, semiconductors, new energy vehicles, photovoltaic industry chains and other high-prosperity and rare resources.
In addition, Galaxy Securities believes that the possibility of systemic risks in the market outlook is low, and liquidity is still reasonably abundant. Therefore, after the risk is released, there is no need to be overly pessimistic about the market outlook, but the market has insufficient upward momentum and still needs to pay attention to risks. The structural nature of the style rotation The market probability is greater. In the period when hotspots rotate fast and the market is highly differentiated, it is recommended to adopt defensive strategies, balance allocation, and pay attention to high-quality stocks with strong performance certainty.
Kaiyuan Securities stated that the “old” pattern has been broken, and the environment is undergoing significant changes: (1) The three major calibers of domestic investment, consumption, and import and export data in July have declined to varying degrees compared with June, and the economic downturn has exceeded that The market expects that this has not had a significant impact on assets that have implied “cycle discounts” in the valuation, but instead restricts the fundamentals of seemingly “stable” assets; (2) August 19, the Federal Reserve announced July Minutes of the meeting on interest rates, the “Taper” scenario requires more discounts, and the recovery of employment continues to confirm the upward trend of real interest rates in the United States. The previous adjustment of the ChiNext coincides with the emergence of changes; From the perspective of the number method or the overall method, the latest performance of the pharmaceutical and food and beverage sectors is relatively inferior, and some Baima’s lower-than-expected superimposed policies have newly introduced restrictions, which indeed have brought investors’ downward revision of the profit and gross margin level. Worries. It is worth mentioning that we are no longer continuing our previous pessimistic attitude towards the food and beverage sector based on the pattern of changes in the underlying assets in the past (not at a reasonable valuation). Of course, it will take time to include it in our recommended portfolio.
Yuekai Securities pointed out that in the second half of the year, aggregate demand began to gradually return to the endogenous growth track, the growth rate has slowed, and the superimposed credit risk has not been completely eliminated. In the second half of the year, liquidity is expected to achieve marginal easing under controllable risks. The expected increase in Fed policy tightening may cause short-term adjustment pressure on US stocks, but the impact on A-shares will be limited. In addition, fund shares are at historically high levels, overseas long-term funds such as MSCI enter the market, domestic long-term funds such as social security funds enter the market, and residents’ wealth move under real estate regulation. The capital market has a huge potential for incremental funds.
In terms of operating strategy, Yuekai Securities further analyzed. First, it is recommended to pay attention to high-quality PEG bonds with high cost-effectiveness and medium-value high-quality targets that benefit from the downturn; second, it is recommended to focus on technologies that have long-term high-quality business models and sustainable performance. Enterprises, core configuration of “hard technology” sectors such as new energy vehicles, semiconductors, military electronics and communications; third, the semi-annual report of the financial industry is in progress, the overall valuation of the financial industry is relatively cheap, and the performance of the first half of the year has been steadily restored. It is recommended to pay attention Financial sector targets with outstanding performance in the semi-annual report.
GF Securities mentioned that it is recommended to pay attention to the technology manufacturing industry that has been repaired by the interim performance (forecast), supplemented by some types of infrastructure benefiting. It is recommended to continue to configure “market value sinking”-(1) “policy + technology + supply and demand gap” multi-wheel drive new energy vehicles (lithium/diaphragm)/photovoltaic; (2) “fewer people” + growth and diffusion of industrial policy tilt (Military industry); (3) Manufacturing industry (construction machinery/cement) where cost suppression eases + marginal changes in demand.
Essence Securities stated that in the medium and long term, the most important factor in whether the main line is switched or not is the comparison of economic trends. Therefore, in the allocation direction, we should continue to allocate new energy and other high-prosperity and long-term targets, and moderate short-term attention will benefit from stable growth and loose policies. The direction of the company, namely the deployment of Ningxia portfolio + stable growth in transactions, industry concerns: military industry, new energy, chemical industry, coal, etc., the mid-line continues to be optimistic about the three major directions of small and medium-sized caps, military industry, and new infrastructure. The direction of policy easing expectations.
In addition, Bank of China Securities believes that in the short term, there are certain potential concerns for consumer white horse and track stocks, and some low-value sectors where stock prices have been stagnating for a long time and fundamentals have bottomed out are expected to receive more capital attention. Therefore, the current market configuration: First, grasp the short-term excess return opportunities of the low-valuation cycle. The low valuation combined with the expected marginal warming of the market, the performance end and valuation end of the financial and real estate infrastructure sector, in the context of policy underpinning expectations, have a better price/performance ratio. In the context of the short-term adjustment of commodity prices in the procyclical resources and energy and chemical sectors, the long-term profit center has shown resilience, and the certainty of the performance side is still strong. Secondly, we can pay attention to the opportunities for sector valuation switching in the fourth quarter of leading industries represented by new energy and semiconductors. From a mid-cycle perspective, valuations of leading industries are on the rise. Approaching the fourth quarter, high-growth expected sectors will often bring even greater annual valuation gaps to the downside. In addition, parity is the trigger point for the accelerated formation of the leading industry trend. From the perspective of industry trends, the prices of lithium batteries, wind power, photovoltaics and other products are constantly falling, and the high-slope growth of the demand side is still on the way.
(Source: Oriental Wealth Research Center)
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