Under the rising market, even the annual report window is difficult to blockInstitutional researchPassion. The data shows that 167 companies were awarded institutions in the first half of March.ResearchAmong them, 44 companies were investigated by more than 10 organizations. From the perspective of the relevant industries, chemical, pharmaceutical and biological industries are more favored, and the small and medium-sized enterprises that have recently led the market are the most popular objects in institutional research.
In the first half of March, the agency "finished the bottom" 166 shares
Although subject to the annual report window period, the research of listed companies will be affected, but the enthusiasm of institutional research is still rising under the trend of rising. According to the data, in the first half of March (March 1 to 14), there were 167 listed companies surveyed by institutions, and 44 of them were investigated by more than 10 organizations.
Among them, Yanji Software (002474), Eston (002747), Dafu Technology (300134), Satellite Petrochemical (002648), Feirongda (300602), Huayu Software (300271), Mindray Medical (300760), Nanxing Equipment (002757), Limin (002734), Jingsheng Electromechanical (300316), and Petty (300673), 11 companies have received more than 30 institutions to get together.
The most concerned is the software, which attracted 12 public offerings.fund, 17Broker95 institutions including Sunshine Private Equity, 5 insurance funds and 35 other institutions; the second is Eston, the company is surveyed by 83 institutions; Dafu Technology is surveyed by 74 institutions, ranking first Three. In addition, satellite petrochemical, Feirongda and Huayu software were also investigated by 64, 52 and 51 institutions respectively.
Judging from the number of institutional investigations, Suning Tesco (002024) and Jintuo (300400) were the most intensive in institutional research, and both companies were surveyed by the organization; Guangtian Group (002482) and Liande Equipment (300545) Investigated 4 times by the agency; In addition, Petty shares (300673), Jin Xinnong (002548), Qixin shares (002781), Amarton (002623), TCL Group (000100), Sino-Singapore (002912), intelligent automatic control (002877), Taisheng Wind Energy (300129) These 8 companies have more intensive research, all three times.
From the perspective of the types of research institutions, brokerages have the most extensive surveys, reaching 140, that is, 83.83% of listed companies have research activities involving brokers;fund companyAfter surveying 99 companies, they participated in 59.28% of listed companies' research activities; Sunshine Private Equity 64 companies ranked third; and insurance companies and overseas institutions with stable investment were engaged in 39 and 18 listed companies respectively. Research.
Analysts pointed out that institutional research is one of the important ways for A-share listed companies to disclose information and value, and some of the stocks of the companies surveyed are even "flying into the sky." Institutional research seems to be the "daily action" of the A-share market, but with the development of the market, institutional research is also changing, and the seemingly old routines have new ways of playing. In particular, different subjects participate in research, first research coverage, group research and exclusive research, etc., all have great doors.
For different research institutions, industry insiders said that the focus behind them is different. As a seller organization, brokers focus on mining information from research and processing and sharing it to the market; public and private institutions pay more attention to investment opportunities and direct trading opportunities brought by research; insurance and insurance assets are currently focused on finding portfolios through research. Objects; overseas institutions have long been known for long-term investment and value investment, and their research trajectory represents the layout of long-term and stable funds in the market.
Prefer to the chemical industry
According to the industry of the company under investigation, the 167 companies surveyed in the first half of March mainly concentrated on four industries: chemical industry (19), medical biology (17), mechanical equipment (16), and computer (16). in. In addition, electrical equipment, electronics, and light industry manufacturing were surveyed by 10 to 15 institutions, and fewer than 10 companies were surveyed in other industries.
The data shows that the 19 chemical industry companies surveyed by the agency in the first half of the year include satellite petrochemical (002648), Limin (002734), polyfluoride (002407), Lianhua Technology (002250), Lier Chemical (002258), Heng Yi Petrochemical (000703), Lanxiao Technology (300487), Kangda New Materials (002669), Hailide (002206), Daoming Optics (002632), Guoguang (002749), Taihe New Materials (002254), Colorful Chemistry (300758), etc. .
For the chemical industry to become the most investigated industry, institutional sources said that the chemical industry has seen initial results in supply-side reforms in recent years, but the industry is affected by the economic cycle, and demand improvement has brought about differences in industry investment opportunities. Huarong Securities pointed out that in 2019, when the macro economy continues to weaken, it is difficult to reduce the overall industry opportunities. However, high-quality companies in various fields such as new materials, electronic chemicals, and fine chemicals should remain concerned and insist on bottom-up stock selection, andOil priceThe trend was adjusted in time.
The 17 pharmaceutical biologists surveyed by the organization include Mindray Medical (300760), ProLogis (000739), Guanxi Bio (300238), Haisi (002653), Kaili Medical (300633), and Beilu Pharmaceutical (300016). Haixiang Pharmaceutical (002099), Boteng (300363), Hai Purui (002399), Luyan Medicine (002788), Aier Ophthalmology (300015), Peking University Medicine (000788).
Analysts pointed out that since the second half of last year, the pharmaceutical industry has been in the process of strengthening the supervision of the New Deal and the black swan incident has affected the downward trend of the market. Guotai Junan pointed out that the implementation and diffusion of quantity procurement will lead to a considerable part of the generic chemical pharmaceutical companies facing the revaluation of profit growth and the restructuring of the valuation system. The trend of innovative drugs becoming the long-term main line of the chemical pharmaceutical industry is further strengthened, and some of them continue to Companies that develop innovative capabilities are expected to achieve strong and strong, while some specialty products or products that are partially consumed, because their products are not in the medical insurance catalog, will face relatively small policy pressures.
It is worth mentioning that including the Wenshi shares (300498), Yisheng shares (002458), Minhe shares (002234), Xiantan shares (002746) and many other fundamental improvements, strong agricultural and forestry and fishery industry companies during the year Also investigated by the agency. "Investment Express" reporters found that in 2019, the organization's attention to the leading stocks in the industry increased. During the year, funds, brokerages, insurance companies, overseas institutions and private companies in the Sunshine frequently researched companies such as Wenshi, Yisheng, and Xiantan. The most popular Wen’s shares have been surveyed by 59 institutions during the year.
According to industry insiders, the intensive research of brokerages, funds, insurance, and overseas institutions is very high. This reflects that in the market, industry leaders, blue-chip white horses, etc. are still a must for institutional research. At present, the organization forms, methods and methods of institutional research in the market are quite diverse. Institutional research, there are both formal and in-depth research, and investors need to be treated differently. In general, research is still an important way for organizations to identify opportunities and eliminate risks. The hot stocks of institutional research are the focus of attention in the current institutional development market. Generally speaking, these stocks are also more likely to stand out in the current market environment. .
Small and medium-sized
2. Since March,GEMAnd the small and medium board refers to the market. In the first half of March, the most interesting thing about institutional research was small and medium-sized. According to statistics, among the 167 companies surveyed in the first half of March, there were only 13 companies in Shanghai, accounting for only 7.78%. The Shenzhen Main Board Company has a little more, but only 14 companies, accounting for only 8.38%. The combined ratio is only 16.16%. In other words, 83.84% of the companies are small and medium-sized. Among them, there are 56 companies in the GEM and 84 in the small and medium-sized board companies.
Analysts said that the small and medium-sized companies in 2018 overallPerformanceThe sharp decline has basically been settled. However, in the context of overall downturn, more and more high-quality stocks have been or are being promoted or upgraded by well-known institutions in the country, which is one of the main reasons for intensive research by institutions. In addition, the overall small and medium-sizedOperating incomeIt is significantly better than the main board company in terms of growth, so it has become the focus of institutional research.
Statistics show that there are currently 1,769 A-share companies in the two cities that have published the 2018 annual report performance report. The small and medium-sized board and the GEM companies have basically published the annual report or performance report. From the perspective of individual performance growth, small and medium-sized enterprises have 1,263 annual operating incomes of 2018, which are expected to increase or increase, with a growth rate of more than 30%. There are 161 companies with a growth rate of over 50%; 41 companies are open for annual business. Income has doubled or is expected to double.
Huaan FundIt is pointed out that since the middle of 2015, the correction of the GEM has been basically in place. The current P/E 50 index has a P/E ratio of 55 times, which is located below the median historical valuation and has a better investment price/performance ratio. In terms of profitability, the data predicts the GEM 50 Index in 2019 and 2020.Net profitThe growth rate is 15.24% and 26.26%, respectively, and the future earnings are expected to improve.
In addition, Huaan Fund said that the impairment of goodwill has always been the main factor restricting the GEM market. In the past, some listed companies over-expanded during the rapid development period of the industry, resulting in a large number of goodwill. In response to policy changes, many listed companies have chosen to make large-scale clearing of goodwill in 2018. After the goodwill concentration is cleared, the future profit expectation will be better improved. With the gradual strengthening of supervision, major acquisitions,MergerThe events will be strict, the pressure of depreciation will also improve marginally, and the stocks in the sector will be lightly loaded.
From the research situation, the organization prefers small and medium-sized enterprises to have better performance and good growth. Compared with some demon stocks, most of the underlying stocks surveyed by institutions are relatively stable, such as satellite petrochemical (002648), Mindray Medical (300760), and Huayu Software (300271).
(Article source: Investment Express)