Editor's Note: It is reported that MSCI Alum expects to increase the weight of mainland China stocks in its global benchmark index from 5% to 20% next year. The plan is implemented in two phases. The time points are respectively the May 2019 semi-annual index assessment. Review and review of the quarterly index assessment in August 2019. Market analysts believe that this may attract more than 80 billion US dollars (550 billion yuan) of foreign capital into the world's second largest economy stock market, the relevant stocks ushered in the timing. Today, this newspaper analyzes and interprets 235 MSCI stocks from the perspectives of market performance, performance and institutional rating.
14 standard stocks attracted a total of 6.855 billion yuan
According to statistics, the Securities Research Center of the Securities Daily found that 170 of the above 235 MSCI stocks have achieved different levels of increase since November. Among them, Zhangjiang Hi-Tech (47.57%), Longji (21.03%), Tongwei (17.97%), Goldwind (15.93%), ZTE (15.71%), Huayou Cobalt (15.56%), Chinese film (14.71%), Dahua shares (12.16%), Hikvision (12.15%), Sanqi Mutual Entertainment (11.60%), Hengtong Optoelectronics (10.34%), Midea Group (10.10%), 12 stocks increased during the period 10% or more. In addition, 41 stocks including Muyuan, Fosun Pharma, Mei Nian Health, Tsingtao Brewery, Tasly, Southern Airlines, Tonghua Dongbao, Ziguang, Hang Seng Electronics, China Power, etc. also had good market performance, with cumulative gains during the period. Both are at 5% and above.
The good market performance of individual stocks is inseparable from the pursuit of large single funds in the market. According to statistics, a total of 111 MSCI-labeled stocks have accumulated large amounts of funds since November.Net inflow. Among them, ZTE has been favored by investors, and the accumulated net inflow of large single funds during the period reached 161.5286 million yuan. In addition, China Ping An (93287.18 million yuan), Huayou Cobalt Industry (720.896 million yuan), Hikvision (58114.87 million yuan), Midea Group (43807.32 million yuan), Wuliangye (41158.21 million yuan), Hang Seng Electronics (359.278 million yuan) Yuan), Dahua shares (29,704,400 yuan), China Southern Airlines (27,365,200 yuan), CITIC Securities (26,891,300 yuan), China Merchants Bank (25,447,100 yuan), BOE A (237,228,000 yuan), Sanan Optoelectronics (23,651,800 yuan) Yuan), Zhangjiang Hi-Tech (22,734,440 yuan) during the period of 13 stocks have been more than 200 million yuan of large-capital funds sought after, the above 14 MSCI standard stocks totaled 6.855 billion yuan.
For ZTE, which has the largest net inflow of large single funds, Guoxin Securities said that the company, as a domestic 5G leading enterprise, focuses on three major areas of operator networks, government and enterprises, and consumers, and actively expands Pre-5G/5G, Internet of Things, and vehicles. Strategic emerging markets such as networking, optical communications, and silicon. The operator network ranks among the top in the operator test, and has repeatedly won large orders. Both domestic and European have layouts and breakthroughs. Considering the company's far-reaching layout and competitiveness in the 5G field, the management mechanism is improved, and future performance is expected to resume high growth. . It is estimated that the company's earnings per share from 2019 to 2020 will be 0.99 yuan and 1.21 yuan respectively, maintaining a "buy" rating.
Over 80% of the company's annual report performance
According to statistics, the Securities Research Center of the Securities Daily found that among the 235 listed companies, a total of 168 companies reported a year-on-year increase in net profit in the third quarter of 2018. Among them, Suning Tesco (812.11%), Huadian International (742.70%), and Golden Molybdenum (498.80%) three companies reported a year-on-year increase of more than 400%, highlighting the high growth. In addition, including Ninestar (197.82%), PetroChina (177.16%), China Aviation Shenfei (172.80%), Sany Heavy Industry (170.90%), Kelun Pharmaceutical (164.80%), China Unicom (164.50%), 15 companies including UFIDA (158.00%), Luoyang Molybdenum (155.92%) and Baiyunshan (131.50%) all achieved double net profit during the reporting period.
Further combing found that 42 listed companies have taken the lead in disclosing the 2018 annual report performance forecast, and the number of pre-history companies has reached 36, accounting for 85.71%. Among them, Youngor's performance is the most conspicuous, and it is expected that the net profit will increase by 1000% in the report period. The annual net profit of the two companies of Oufei Technology (150.00%) and Jinke (100.00%) is expected to double the year-on-year. In addition, Suning Tesco, Kelun Pharmaceutical, 2345, Lixun Precision, Mei Nian Health, Hagrid Communications, Keda Xunfei, Goldwind Technology, Donghua Software 9 companies are expected to report annual growth of 50% year-on-year And above.
For Youngor, the company predicts that the net profit attributable to shareholders of listed companies from January to December 2018 will increase by more than 10 times compared with the same period of the previous year. Reasons for changes in performance: The company's 2017 annual accrued loss of assets of CITIC shares was 330,836,300 yuan. From January to September 2018, the impairment loss of CITIC shares was 297,593,800 yuan. It is expected that the asset impairment loss of CITIC shares will be significantly reduced in 2018.
7 standard stocks are favored by more than 25 institutions
According to statistics, the Securities Research Center of the Securities Daily found that a total of 203 MSCI-labeled stocks were given a “buy” or “overweight” rating in the past 30 days. Among them, Guizhou Moutai, China International Travel Service, SAIC Group, Sany Heavy Industry, Yili, Shanxi Liquor, Vanke A and other 7 stocks are optimistic about the organization, the number of institutions optimistic about the number of ratings are 25 or more. In addition, 9 stocks including UFIDA, Huadong Medicine, Oufei Technology, Fuyao Glass, Haitian Weiye, Perfect World, Longji, Yonghui Supermarket and Yanghe were also favored by more than 20 institutions.
In terms of industry distribution, the above-mentioned 235 MSCI-standard stocks are mainly concentrated in three types of industries: banking, non-bank finance, and steel. The number of individual stocks is 19, 29, and 5 respectively, accounting for 67.86% of the total number of constituent stocks in the industry. 40.28%, 15.63%.
For the investment strategy of the banking sector, BOC International Securities said that in the fourth quarter, the rebalancing of strong supervision and steady growth will guide the economic recovery, and the contradiction between supply and demand of physical liquidity will be released. The current sector's overall valuation has a high margin of safety. In the short-term, under the marginal loosening of regulatory policies, the attractiveness of configuration is enhanced. In terms of individual stocks, it is recommended that Shanghai Bank and China Everbright Bank, which have improved margins, and China Merchants Bank, whose fundamentals remain stable.
For the performance of the non-banking financial sector, industry insiders pointed out that the bottom of the valuation of the securities sector may have appeared, but the driving force for the continued repair of the late-stage sector will come from continuous policy care. If from a fundamental perspective, the current sector is relatively The lower valuation is still reasonable, and the trend of the industry “strong and strong” is still obvious. From the trend of brokers nowadays, the current brokerage business structure has gradually changed, including the significant decline in brokerage business revenue and proportion due to the continuous downward trend of the commission rate. In addition, the light asset business is difficult to continue to receive incremental business income in the future. It has been transformed into a heavy asset business including asset management, self-operated, and capital intermediary. This type of business has requirements for capital, and brokers with high growth performance are worthy of attention.
In the steel industry, Ping An Securities said that from the perspective of positions, the fund positions have increased their allocation to the steel industry again after two consecutive quarters of decline. The effectiveness of the infrastructure subsidy board policy has gradually emerged, and demand will be supported. The balance between supply and demand has not changed significantly. The gross profit per ton of steel products of major steel products remains high. The performance of steel enterprises in the whole year is expected to maintain rapid growth. At the same time, the steel sector is undervalued and the dividend yield is steadily increasing. The sector is still attractive. It is expected that the steel industry is expected to maintain an upward trend in the fourth quarter. In terms of investment targets, Baosteel Co., Ltd., Sangang Shuguang, Hegang Steel, Valin Steel, and Taigang Stainless are recommended.
(Article source: Securities Daily)