The essence of the morning meeting of securities companies: the booming industry is still the protagonist after the value is restored-clevelanddrifters.com

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The essence of the morning meeting of securities companies: the booming industry is still the protagonist after the value is restored

time：2023-03-24 01:18:48 source：clevelanddrifters.com author：Stock market

The essence of the morning meeting of securities companies: the booming industry is still the protagonist after the value is restored

The Financial Associated Press reported on September 13 that last week, the five markets fluctuated higher throughout the day, with the three major indexes all rising by about 1%, and the turnover of the Shanghai and Shenzhen stock markets was 779.6 billion. At the close, the Shanghai Composite Index rose 0.82%, the Shenzhen Component Index rose 1.11%, and the ChiNext Index rose 1%. The unilateral net purchase of northbound funds was 14.753 billion yuan throughout the day. Overnight, the three major US stock indexes closed up collectively, the Nasdaq rose 1.27%, the S&P 500 rose 1.07%, and the Dow rose 0.72%. At today’s morning meeting of brokerages, China Securities Investment believes that the booming industry is still the protagonist after the value restoration; CICC believes that the property market is expected to stabilize or even pick up in stages; Zheshang Securities believes that the logic-driven high valuation switch in September The boom track is expected to be active. CITIC Construction Investment: The booming industry is still the protagonist after value restoration. CITIC Construction Investment believes that, in general, the nature of this round of market is to first build a bottom for domestic demand. Recently, there have been frequent epidemics, but comprehensive financial data, real estate and auto sales and commodity prices are good. In the early stage of the market, pessimistic expectations, and with the decline of exports, the policy of stabilizing growth will be marginally increased, and the risk appetite will gradually increase during this time period. However, the elasticity of the overall economy is limited, and after the pessimistic expectations of the recovery of the market value, the market will continue to interpret the third quarterly report and the continued direction of the economy. It is difficult to really switch styles, but it is still worth setting up a stage to grow and sing. Industry configuration direction: The current industry configuration is based on three aspects: penetration rate, replacement rate and supply and demand gap, focusing on energy storage, photovoltaics, new energy vehicles, and military industries that continue to be booming, coal non-ferrous metals and the opening of shipbuilding cycles under the supply and demand gap. And new directions such as robots, AR/VR, photovoltaic new technologies, which are expected to accelerate the penetration rate, and at the same time pay moderate attention to first-line liquor and securities companies. CICC: It is expected that the property market may stabilize or even pick up in stages. CICC believes that in the medium and long term, my country is in the second half of the financial cycle, and the stage of rapid real estate development has become a thing of the past. In the short term, this round of real estate adjustment reflects not only the effect of prudential supervision, but also the impact of the epidemic and the endogenous operation of the economy. The traditional real estate market adjustment generally stems from insufficient demand, while my country's current round of real estate adjustment begins with supply. The result is a rapid decline in real estate investment, new construction and sales area, while house prices are relatively stable. In the medium and long term, China's financial cycle is still in the second half, but in the short term, it cannot be ruled out that some property markets may have overshoots. If the real estate supply side can be cleared in an orderly manner, coupled with the stabilization and recovery of the economy, or the gradual weakening of the epidemic, we expect the property market may stabilize or even recover in stages. Zheshang Securities: In September, the logic-driven high prosperity track of valuation switching is expected to be active. Zheshang Securities believes that, standing at the current time, we suggest to actively grasp September. One is that the macro-dimensional economy is still in a mild recovery window, and the other is the meso-dimensional economy. The forecast of the third quarterly report is expected to drive the valuation switching market of the high-boom track. In terms of style, in the context of a mild economic recovery, the value stock opportunities are dominated by impulse, and it is difficult to switch the style obviously. Combined with the 2022 mid-year report and the consensus profit forecast for Wind in 2022 and 2023, we can focus on the track with the highest predicted growth rate in 2023 and no significant decline compared to 2022. Among the big technologies, wind power photovoltaic energy storage chain (energy storage, wind power components), automotive intelligent chain (car networking, smart cars, downstream of electric vehicles), industrial intelligence chain (industrial software, robots), semiconductor chain (pan-analog) , the defense chain (missiles and informatization, aero-engines), etc.

(Responsible editor：Aviation stock)

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