Brokers rarely publish bearish research reports

Recently, Huatai Securities downgraded CITIC Jiantou's rating to “sell”; CITIC Securities first gave China People's Insurance “sell” rating, which became a rare report of short-selling stocks in recent years. One stone stirred up a thousand waves.

Headline article
Rarely watching the air! Huatai Securities gives CITIC Jiantou a sell rating

After CITIC Securities gave the China People's Insurance A-share sales rating screen yesterday, everyone saw Huatai Securities look at the airmail construction investment report this morning. The two A-share stocks of PICC and CITIC Jiantou are very "demon" in the near future. ...[Details]

Spotlight
The most well-known three rare "look-ahead" research reports in the history of A-shares

If we count the short-selling report issued by CITIC Securities on March 7th, which is called “Procurement of Property and Insurance, but A-share is significantly overvalued”, since 2003, there have been three studies on the listing of A-share listed companies by domestic-funded securities firms. The report is best known. Coincidentally, the timing of the release of these three reports was born in the context of the “big bull market” in the A-share market. ...[Details]

Huatai Securities gave a rating of 10 days and 8 daily limit for CITIC Jiantou.

CITIC Securities gave a “sell” rating report to China Life Insurance A shares in the forefront, and Huatai Securities lowered its “Ahead” rating on CITIC Jiantou A-shares to “sell” rating. It is estimated that the company's reasonable stock price is at 13.86-17.33 yuan/share, which has a large valuation downside risk. The report repeatedly mentions significant overestimation, significant overestimation, overestimation, and severe overestimation. ...[Details]

Another bull market "faucet" was shorted! CITIC Jiantou was downgraded to sell rating by Huatai

On March 8, Huatai Securities' non-bank financial team released a research report saying that CITIC Jiantou's valuation is much higher than that of the echelon brokers and international investment banks, with downside risks and downgrading the rating to “sell” rating. As of the close of March 7, CSC Construction has been trading for three consecutive days this week. On the evening of the 6th and 7th, CITIC Jiantou issued a risk warning announcement. ...[Details]

Rarely bearish! Just CITIC Securities gave China PICC A shares to sell the rating. The potential downside in the next year is over 54%.

Recently, A-share stocks speculation is too crazy, professional institutions can not stand. The mainland brokerage research report, which has always had a "sell" bearish rating, is now rare to see a brokerage company, the CITIC Securities Research Report, which has issued a "sell" rating for China Life Insurance A shares for the first time. The downside is over 50%. ...[Details]

rare! China Life Insurance 9 days 7 board CITIC Securities showed a "sell" rating! 8 Chinese limit investment in the daily limit is also showing the risk

On March 7, CITIC Securities Research Department made the “sell” rating for the first time for the 7-day daily limit of 7-day limit. CITIC Securities said that China PICC A shares were significantly overvalued, and the reasonable valuation range is expected to be 4.71-5.38 yuan per share. The potential downside in the next year is more than 53.9%. ...[Details]

Interpretation by all parties
Securities Times front page comment: Let the "sell" rating research report become the norm

The A-share price formation mechanism needs to be further improved. This depends on the market to form more effective internal checks and balances. The research report is an important link in whether this kind of checks and balances can be formed. If the market sells a rating report like “buy” As the report becomes the norm, the market will be much healthier. Similarly, the independence and objectivity of brokers, accounting firms, asset assessment and other intermediaries in the market are very important. Once these institutions cannot maintain a fair and objective position, they will easily lead to imbalances and threaten the healthy operation of the market. ...[Details]

Huatai commented on CITIC Jiantou: Your stock price should be waistline! Two big bull stocks opened lower limit

Huatai Securities said that the PB valuation of CSI A shares in Shanghai in 2019 was 4.5 times (the performance forecast under the optimistic assumption), which was significantly higher than the current 1.4-2 times PB of the echelon brokers and the 1-2 times PB valuation of the international investment banks. The PB valuation has a large downside risk and is downgraded to a “sell” rating. ...[Details]

Guo Shiliang: A research report on the "sell" rating has caused a heated discussion. Is the fund speculation going to cool down?

Recently, a "sell" rating research report issued by CITIC Securities has aroused great attention from the market. The reason is that when the stock market rose nearly 700 points, CITIC Securities, a large brokerage institution, rarely released a “sell” rating report, which gave the market a cooling expectation. ...[Details]

A shares are rare to look at empty stocks! CITIC Securities gave a “sell” rating to the 9-day-old 7-day limit. Why did it suddenly cool down?

After CITIC Securities released a “sell” rating report on China A's A shares on March 7, it received widespread attention. China A's A shares rose too hard, and even the usual “good old man” brokerage analysts could not stand it. On March 7, CITIC Securities released a research report saying that China Life Insurance A shares were significantly overvalued, giving a “sell” rating for the first time. The estimated reasonable valuation range is 4.71-5.38 yuan per share. It is expected that the potential downside in the next year will exceed 53.9. %. ...[Details]

CITIC Securities breaks the unspoken rules of the industry Rarely gives blue chip stocks a sell rating!

On March 7, a research report issued by CITIC Securities (600030.HK) broke the long-standing unspoken rules of the industry in the bull market and sparked heated discussion among the industry. CITIC Securities pointed out in the report that China PICC A shares were significantly overvalued and given a “sell” rating for the first time. The reasonable valuation range is expected to be 4.71-5.38 yuan per share. It is expected that the potential downside in the next year will exceed 53.9%. ...[Details]

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