In May, the stock market continued to adjust, but many stocks still rose against the trend. Yesterday, statistics showed that nearly 5 stocks hit a record high for the whole year, and 27 stocks hit a record high. Next week, the stock market is about to enter June. With the gradual stabilization of the market, there will undoubtedly be more market opportunities. So, which investment opportunities are worthy of attention? The reporter collected the views of many organizations.
Plate 1: Main Layout of Emerging Industries
With the gradual stabilization and warming of the market, the main funds in the market began to actively seek hot breakthrough directions. Guangzhou Bandung believes that from the recent hot spot performance, strategic emerging industry stocks represented by biopharmaceuticals, new energy, new materials (including upstream resources), smart grid, Internet of Things, environmental protection and Growth Enterprise Market are obviously becoming active.
For sectors that may have opportunities in June, emerging industries appeared in the reports of several securities firms. According to the research report of jianghai securities, it is the only way to develop new industries. China is in the period of economic restructuring. The traditional industries with high energy consumption, high pollution and high emissions have not kept pace with the development of the times, and they have been replaced by clean and efficient emerging industries. On the other hand, the traditional export obstruction caused by the financial crisis, the social problems caused by over-reliance on real estate to promote economic growth, the disadvantages of over-reliance on external demand and the bottleneck of upstream resources have all prompted China to change its economic development mode, and in the current macroeconomic environment, the industry has also undergone a profound reshuffle, which is more conducive to promoting economic restructuring and developing emerging industries. Emerging industries are optimistic about low-carbon new energy, smart grid and pharmaceutical and biological industries.
Guangzhou Bandung believes that in addition to the new energy industry, national strategic emerging industries such as new materials, electronic information, aerospace and military industry, biological breeding and biopharmaceuticals all have broad market space, and the future industrial policy support is strong, and related start-ups will face opportunities for rapid growth. Therefore, from the perspective of strategic layout, investors should continue to focus on the potential opportunities of strategic emerging pillar industries encouraged and guided by national industrial policies.
The second broken stock in the plate is brewing a new promotion
In May, the market continuously adjusted. However, the listed new shares can only sigh that they are ill-timed, and a large number of stocks will be broken soon or even on the first day of listing. Breaking new shares means that the market is in a downturn, but when a large number of broken new shares appear, it often means that there is an opportunity. Analysts believe that among the new shares broken in June, there will be some opportunities for correction of new shares that have been wrongly killed, from which investors can seek gold.
data show that among the 147 newly listed stocks this year, as of yesterday's close, 41 companies have discounted their closing prices to the issue price, accounting for nearly 3% of the number of new shares listed. Among them, the closing prices of large-cap stocks Huatai Securities and China Chemical are as high as 2%, while Aoke shares and Jinsheng shares were even broken on the first day of listing. However, in this turn of decline, mud and sand are mixed, and some stocks with good quality are also killed by mistake, giving investors the opportunity to seek gold, including the opportunity to seek gold in broken stocks.
Analysts say that there should be many opportunities for investors to seek gold in broken stocks. When selecting individual stocks, the extent of breaking stocks can be used as an important reference. From the perspective of short-term opportunities, the greater the decline, the greater the rebound of individual stocks, and the faster the results; In the medium and long term, if a company has a unique business model, a good industrial prospect, a special industrial position and pricing power, its growth is often better. Investors can grasp the investment opportunities from the following points: first, there are stocks with major funds such as institutions entering the market before the plunge, and the turnover rate is high and the turnover is obvious; Second, emerging industries with good fundamentals or supported by national policies (such as new energy, new materials and environmental protection stocks). Third, the stocks that suffered a huge decline in the previous period, including those with a large break, will rebound more in the process of market rebound, and investors only need to wait patiently for the opportunity of rotation.
A-shares in June: Focus on seven types of pre-increased shares in line with the policy orientation
Since April 16th, the A-share market has plummeted by more than 7 points, with a considerable number of stocks falling by as much as 3% to 4%. In the market adjustment, mud and sand are mixed, and many pre-increased stocks in the interim report are hard to escape. In the future, with the prelude of the pre-increased stocks in the interim report, the mainstream funds in the market may gradually seek gold for the pre-increased stocks in the interim report. Therefore, investors can grasp the investment opportunities of pre-increased stocks in the interim report from the aspects of industry prosperity and institutional positions.
market valuation: compared with the history, the valuation level is low
Based on the closing price on May 21, 21, the P/B ratio of the whole A-share market (net assets come from the 29 annual report, excluding listed companies with negative net assets) is 2.81, which is the 26.6% quantile of historical P/B ratio, slightly higher than the 25% quantile of historical P/B ratio of 2.77. The price-earnings ratio (TTM) of the whole A-share market (excluding listed companies with negative net profit) is 18.59, which is 13.3% of the historical price-earnings ratio and 22.99 lower than the historical price-earnings ratio of 25%. Based on the comprehensive P/B ratio and P/E ratio, compared with the historical level, the current market valuation level is low.
judging from the valuation of the five major weighting sectors of A-shares, financial services, ferrous metals, real estate and mining are all at low historical valuations. In particular, the P/B ratio of the financial services industry is 2.37, and the P/E ratio is 12.61, and its valuation is equivalent to that before the market started at the end of 26. Relatively speaking, the valuation of non-ferrous metals is relatively high, but it is still within a reasonable range. On the whole, it is unlikely that the low-valued heavyweights will continue to fall sharply. In the absence of weight plate to help fall, the oversold market is expected to gradually "pick up".
Pre-increased mid-year report: Looking for pre-increased stocks in the mid-year report that were killed by mistake
Since mid-April, the market has started an intermediate adjustment. However, it is worth noting that although most stocks are doomed to fall sharply this round, some stocks such as Desai, Denghai Seed Industry, Yuyue Medical, Haining Picheng, Yingweiteng, Crystal Optoelectronics and Hanwang Technology still hit new highs. Although some of the above stocks also have certain hype themes, the main theme of price around value is still clearly visible. We will use this as a starting point to find some stocks with good fundamentals and pre-increase in the interim report that were wrongly killed in the current round of market depth adjustment. The underlying securities need to meet two indicators, namely oversold and quarter-on-quarter growth for three consecutive quarters (from the fourth quarter of 29 to the interim report of 21). First of all, the growth of the company with three consecutive quarters of quarter-on-quarter growth is guaranteed, which reflects the sustainability of performance growth to some extent. In the market with tight capital and weak market, continuous performance growth has certain anti-cyclicality. Secondly, with the deep adjustment of the market, the sharp correction of the stock prices of such stocks gives the company more advantages in dynamic valuation.
according to the statistics of Wind, as of may 25th, * * * 51 companies have released the second quarter performance forecast (excluding ST company), and 437 companies have achieved varying degrees of growth in net profit, accounting for 85.69% of the number of companies that have disclosed the forecast. Among them, 87 companies' net profit growth is expected to exceed 1% year-on-year. There are 151 companies whose performance has increased for three consecutive quarters. Among them, machinery and equipment is a big growth company for three consecutive quarters, and the performance of 22 companies has increased month-on-month; Followed by electronic components, 16 companies were shortlisted; Chemical industry and pharmaceutical biology tied for third place, with 13 companies each growing for three consecutive quarters. Relatively speaking, only one company in the financial services industry has achieved continuous growth and its performance is bleak.
Electronic components: the darling of structural adjustment in 21
As a big family with three consecutive quarters of growth in performance, electronic components received the greatest support from national policies. According to the economic operation of the electronic information industry in April announced by the Ministry of Industry and Information Technology, in the first four months of this year, the total export volume of China's electronic information industry reached US$ 164.5 billion, up 36.3% year-on-year, up 3.2% over the same period of 28, accounting for 37.7% of the country's foreign trade exports. In addition, from January to April this year, the total import and export of electronic information products reached 285.4 billion US dollars, a year-on-year increase of over 4%.
The data released by the Ministry of Industry and Information Technology also shows that from January to April, the export value of electronic components was US$ 21.9 billion, a year-on-year increase of 53.2%; The export of electronic materials was US$ 1.6 billion, up by 52.1% year-on-year; The export of electronic devices reached US$ 18.6 billion, with an increase rate of 74.1%, ranking first in the export growth rate of all sub-sectors. To this end, Shiyida, Tongfu Microelectronics, Dazu Laser, Crystal Photoelectricity, Suzhou Solid Technics, Huagong Technology, Zhongke Sanhuan, Shunluo Electronics, business treasure, Jingyuan Electronics, etc. all achieved three consecutive quarter-on-quarter growth. Recently, with the mid-term adjustment of the market, the oversold stocks in this sector include Tongfu Microelectronics, Dazu Laser, Shentianma A, Shenseg, Fujing Technology, Shengyi Technology, Yushun Electronics, Xinjialian, Qixi Holdings, Eastcom Peace, Guomai Technology and Guangdong Media. Among them, Tongfu Microelectronics, Dazu Laser, Huatian Technology and Shentianma A, which are expected to increase substantially in the interim report, have a pre-increase rate of over 12%.
machinery and equipment: adjusting the price of affected real estate to seek repair
in p>29, the profit of listed companies in the machinery sector increased by 11.62%, and in the first quarter of 21, the profit increased by 51.11%. According to the expectations of listed companies in the interim report, machinery and equipment still maintained a strong recovery momentum. In fact, since the first quarter of 29, with the recovery of domestic economy, there has been an obvious V-shaped reversal in the machinery industry, and the driving force for accelerated profit growth mainly comes from the recovery of demand and the steady improvement of operating capacity of listed companies. Construction machinery, whose performance has rebounded strongly for three consecutive quarters, has been dragged down by real estate in this round of market regulation. Star horse car, Xiamen Industrial Co., Ltd., Liugong, Xugong Machinery and Jinggong Technology once fell by more than 25%. Among them, star horse car, Xugong Technology and Jinggong Technology saw the biggest decline of about 35%, while the interim report performance of the three companies increased by 2%, 151% and 89.2% respectively. Comparatively speaking, the future development of electrical equipment is relatively clear. Demand for smart grid and low-carbon equipment will continue to grow rapidly. Oversold stocks include Mindong, Founder Electric, Dongyuan Electric and Tuorixin Energy. In addition, ZOJE, a textile and garment equipment with the theme of invisible futures, has been going down all the way since the introduction of stock index futures. ZOJE, which is expected to grow by 233% in the interim report, needs price correction. Similarly, Shangfeng Hi-Tech, Tianqi and Aerospace Science and Technology, which have the guarantee of substantial pre-increase in performance, are less affected by macro-control in the short term and have certain advantages in valuation.
pharmaceutical bio-agriculture: advancing, attacking, retreating and defending
the tightening of funds in p>21, the intermittent regulation of real estate policy and the uncertainty of the external market made the securities market this year particularly complicated, and the accumulation of investment risks made the pharmaceutical industry continuously pay attention to safe-haven funds. In addition, the national reform of the pharmaceutical industry will be introduced one after another. For example, the Code for Centralized Bidding and Purchasing of Drugs in Medical Institutions has just been countersigned by six departments, and the date of publication of the document is approaching. As the specific implementation document of the Code, the Administrative Measures for Centralized Bidding and Purchasing of Drugs in Medical Institutions will also be released at the same time. With policy support and high growth, medical organisms have truly achieved the goal of attacking and retreating in the market. However, it is worth noting that the continuous price increase has largely reflected the plate, and the grasp of investment opportunities should also pursue stocks with obvious pre-increase in performance and relatively low dynamic valuation. For 13 pharmaceutical companies with continuous growth in performance, due to the relatively large performance base in the first quarter, the expected growth rate of the interim report is lower than that of electronic components. Haixiang Pharmaceutical, Xinlitai, Baiyunshan A, Yuyue Medical, Southwest Pharmaceutical, Neptune Bio, Enhua Pharmaceutical and Jingxin Pharmaceutical are expected to increase by more than 5% in the interim report. Haixiang Pharmaceutical, Xinlitai and Yunshan A increased by over 1%, but Haixiang Pharmaceutical and Baiyun Mountain A had a low base in the first quarter. There are fewer oversold stocks in the sector, with Southwest Pharmaceutical, Neptune Bio, Rheinland Bio and Kehua Bio having relatively large declines.
And some companies in the agricultural sector, beverage and commerce, such as Helzhangzidao, Denghai Seed Fengle Seed, Chengde Lulu, Yanghe, Tongcheng Holdings and Sanquan Food, are also competing for pre-happiness.
chemical industry: the historical low valuation price increase drives the price increase
from the price-earnings ratio level of the chemical industry, its PE is 17.86 times (calculated by the closing price on May 21st), and its valuation is 25% lower than the historical valuation (22.68 times). The data shows that the chemical industry has become a valuation depression. Secondly, since the beginning of the year, the price of raw materials has been rising continuously, which has driven the price of related products to rise. In terms of output, the year-on-year increase in industry output indicates that with the arrival of the peak season, demand is gradually picking up. In the chemical industry, there are 13 listed companies with steady growth in performance for three consecutive quarters, with the performance of Zhongfeng spandex, Yantai spandex, Desai, Hongda New Materials, Batian, Huachang Chemical and Qinghai Gelatin all increasing by more than 15%. The oversold companies are huafeng spandex, Yantai spandex, Batian, Huachang Chemical, Xiake Environmental Protection and Novozin.
Seven major industries, such as new energy, are increasing in advance
Developing strategic emerging industries in p>21 is a major strategic choice for China's long-term economic development. The speed and scale of the development of emerging industries fundamentally determine China's position and overall competitiveness in the international market. From a longer perspective, industries and stocks driven by the "new two-wheel" with stable performance and rising prosperity are the focus of the fund, mainly including infrastructure, high-speed rail and consumer industries in the beneficiary areas, as well as seven major industries supported by the state, such as new energy, energy conservation and environmental protection, electric vehicles, new materials, biological breeding, new medicine and information industry. On the whole, new energy, environmental protection and energy-saving companies Tianqi Co., Ltd., Desai, etc.
The performance of successful restructuring companies has surged
The restructuring has revived some companies whose main businesses were in trouble in the past. According to the forecast, both Aerospace Science and Technology and star horse car have increased by more than 2% due to the restructuring. At the same time, some stocks with strong restructuring expectations, such as Nanfang Building Materials, Xiangyang Bearing, Wuhan Holdings, Zhongshui Fishery and Yilipu China Daily, have also increased in advance. (Huatai Securities Chen Huiqin Xu Tianzhu)