Main recommendations
Central Bank: The overall price increase continues the downward trend, and there is no basis for long-term inflation or deflation.
The off-season sales of excavators lost to the peak season, with a year-on-year increase of over 50% in July.
Market review
Market comments: The market will remain volatile. It is recommended not to chase up and down, and to control positions flexibly.
Macro view: Huya launched a cloud game platform, live broadcast industry or welcome new growth points.
Automobile industry: restocking overseas will benefit the supply chain, and the valuation is expected to increase.
Futures information
Metal energy: gold 383.04, up 0.08%; Copper 55290, up1.00%; Rebar 3806, up 0.48%; Rubber 14685, down 0.84%; The PVC index was 7240, down1.09%; Zheng Chun 223 1, down 3.42%; Shanghai Aluminum 15795, up by 0.22%; Shanghai Nickel 120780, up 0.18%; Iron ore was 870.0, up 2.23%; Coke is 2394.0, up1.18%; Coking coal 14 19.0, up1.18%; Brent oil was 47.82, down1.83%; Wire 4072, down 3.00%;
Agricultural products: soybean oil 7562, up 0.27%; Corn 264 1, up 0.84%; Palm oil 6544, down 0.49%; Zheng Mian 14395, down 0.69%; Zhengmai 26 18, down 0.57%; Sugar 5 14 1, down 0.35%; Apple 7067, down 0.97%; Jujube 99 10, up 0.05%; Hard rice 2928, up 3.46%;
Exchange rate: EUR/USD 1. 19, down 0.10%; USD/RMB 6.57, down 0.01%; USD/HK$ 7.75, up 0.0 1%.
Second, the key recommendation
1. Central Bank: The overall price increase continues the downward trend, and there is no basis for long-term inflation or deflation.
Event: The central bank released the implementation report of China's monetary policy in the third quarter of 2020. According to the report, the increase of CPI in September has dropped below 2%, and it is expected that the average increase of CPI for the whole year will be within a reasonable range. In the medium and long term, China's economic operation is generally stable, the total supply and demand are basically balanced, the supply-side structural reform is further promoted, the role of the market mechanism is better played, the monetary policy remains stable, the monetary conditions are reasonable and moderate, and there is no basis for long-term inflation or deflation.
Comments: With the year-on-year decline in pork prices driving down food prices, the price increase in the second half of the year continued its downward trend, and it is expected that the annual CPI increase will be at a low level. Under the background of reasonable inflation level, there is no risk of substantial tightening of domestic monetary policy, which is conducive to the equity market to continue to interpret the structural market.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
2. Excavator sales lined up in off-season and peak season, with a year-on-year increase of over 50% in July.
Event: The data shows that in May, 5438+ 10, 25 domestic OEMs sold a total of 2733 1 set, up 5.0% month-on-month and 60.5% year-on-year. Since April, excavator sales have increased by more than 50% year-on-year. Comments: Domestic investment in fixed assets has maintained a steady growth trend and will continue to boost the construction machinery industry. At present, the industry is in the rising cycle of updating demand, artificial substitution and other factors. In addition, the acceleration of export growth and the strong demand for construction machinery are conducive to the continued improvement of the performance of leading companies.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
Third, the market review
Market comments: The market will remain volatile. It is recommended not to chase up and down, and to control positions flexibly.
The three A-share indexes closed mixed on Thursday, and the Shanghai Composite Index rose 0.22% to 3,369.73 points. The Shenzhen Component Index fell 0.4 1% to close at 13599.99. The GEM index fell 0.23% to close at 2609.39. Market turnover shrank, with a total turnover of 733.3 billion yuan in the two cities. On the surface, shipbuilding, military industry, insurance and banking were among the top gainers, while oil, lithium batteries and mask aligner lagged behind. Plate ups and downs differentiation is obvious, short-term policy news is relatively stable. It is expected that the market will continue to be dominated by shock consolidation in the short term, and it is recommended not to chase up and down, and to flexibly control positions and rhythms. It is suggested to pay attention to bargain hunting: insurance, brokerage, semiconductor, automobile, military and other sectors. The stock market is risky, so you need to be cautious in investing.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
Macro view: Huya launched a cloud game platform, live broadcast industry or welcome new growth points.
Event: After more than four months of internal testing, Huya officially launched the YOWA cloud game platform yesterday. The platform collects a large number of popular PC games, and makes the game subject run on the cloud server through streaming media, so that players can experience PC-side games through mobile phones, which breaks the high threshold requirements of traditional 3A masterpieces for hardware device configuration.
Comments: Huya is based on the operational advantages of technical users, mainly from the cloud game platform. In terms of content, Huya has established a good cooperation foundation with many game manufacturers and is strengthening cooperation with more manufacturers. Liu Jianqiang, general manager of Huya, said that cloud games may be the first to find a breakthrough in the game live broadcast platform, and it is expected that there will be a large space for the development of related industries, so it is recommended to actively pay attention to it.
(Investment Consultant Gu registered investment consultant certificate number: S026066 1 1020066)
Automobile industry: restocking overseas will benefit the supply chain, and the valuation is expected to increase.
There is a strong demand for restocking in overseas automobile OEMs, but the overseas supply chain is affected by the epidemic, so it is difficult to reorganize production in a short time and the recovery of supply capacity is limited. Therefore, it is believed that domestic export-oriented enterprises are expected to benefit significantly from the strong replenishment demand of overseas OEMs, and some companies that provide upstream support for the global platform system of OEMs are even expected to rapidly increase their global market share. Related bibcock is expected to continue to benefit.
(Investment Consultant Gu registered investment consultant certificate number: S026066 1 1020066)