Blue-chip stocks refer to ordinary stocks of companies with stable earnings records, which can regularly distribute generous dividends and are recognized as excellent performance, also known as "blue-chip stocks".
The term "blue chips" comes from the blue chips used in gambling tools. Blue chips usually have a high monetary value. The basic supporting conditions for a stock to become a blue chip are:
(1) During the depression, the company can work out plans and measures to ensure the company's development;
(2) During the prosperous period, the company can exert its maximum ability to create profits;
(3) During the inflation period, the company's actual surplus can remain unchanged or increase.
Blue-chip stocks refer to large-scale, traditional industrial stocks and financial stocks with long-term and stable growth. Such listed companies are characterized by excellent performance, stable income, large share capital, generous dividends, stable stock price trend and good market image.
English-Chinese Dictionary of Securities Investment by Commercial Press: blue chip. Also called: blue chip stocks; Power stocks. A company stock with good management, stable profitability and annual returns to shareholders. This kind of company has the ability to make profits in the boom and bust of the industry, with less risk. Blue chips are sought after in the market, so the price is higher. See high-quality stock. The other is: blue chip share；; Blue chip stock
In the overseas stock market, investors refer to the stocks of large companies that occupy an important dominant position in their respective industries, with excellent performance, active transactions and generous dividends as blue chips. The word "blue chip" originated from western casinos. In western casinos, there are two colors of chips, of which blue chips are the most valuable, followed by red chips and white chips are the worst. Investors apply these jargon to stocks. Stocks such as General Motors, Exxon Petroleum and DuPont Chemical Company are all "blue chips".
blue chips are not static. With the change of the company's operating conditions and the rise and fall of its economic status, the ranking of blue chips will also change. According to the statistics of the famous American Forbes magazine, among the 1 largest companies in 1917, only 43 companies are still among the blue-chip stocks, and the railway stocks, which were the "bluest" and the most prosperous in the industry, have completely lost their qualifications and strength in being selected as blue-chip stocks.
In the Hong Kong stock market, the most famous blue chip is HSBC Holdings, one of the largest commercial banks in the world. "Changjiang Industry" with Chinese background and "CITIC Pacific" with Chinese background are also among the blue chips. Although Chinese mainland's stock market has a short history, it has developed very rapidly, and some blue-chip stocks have gradually emerged.
[ Edit this paragraph] Classification of blue chips:
There are many blue chips, which can be divided into: first-tier blue chips, second-tier blue chips, blue chips with excellent performance, large-cap blue chips and China blue chips; There are also blue chip funds.
First-line blue chips:
First-line and second-line are not clearly defined, and what some people think of as first-line blue chips is second-line in the eyes of others. Generally speaking, the recognized first-line blue chips refer to stocks with stable performance, large liquidity and total share capital, that is, stocks with greater weight. Generally speaking, the price of such stocks is not too high, but the mass base is good. This kind of stocks can play the role of "four or two", which will affect the whole body. These stocks mainly include: Changjiang Electric Power, China Petrochemical, China Unicom, baoshan iron & steel, Angang New Rolling, Wuhan Iron and Steel Co., Ltd., Guangdong Expressway and Minsheng Bank. Generally speaking, the total share capital and circulating share capital of second-tier blue chips are smaller than those of first-tier blue chips, and the share price is generally higher, which is preferred by institutions. However, due to the higher price, retail investors generally dare not touch them, such as CIMC, Shanghai Airport, yantai wanhua, Suning Appliance, Yantian Port and other stocks. Second-tier blue chips, such as 65, 628, 619, 61398, 61988, 2, 636, 6, 6497, 63, etc.
Generally speaking, the second-tier blue chips in the A-share market refer to the first-tier blue chips that are slightly inferior to those mentioned above in market value, industry position and popularity. For example, Shanghai Automobile, Wuliangye, ZTE, etc., in fact, these companies are also well-known leading enterprises within the industry (if viewed from within the industry alone, they are the first-line blue chips in their respective industries).
I. steel industry: revaluation of performance growth value
China steel stocks represented by baoshan iron & steel deserve to be reasonably priced in the market. Due to the excessively high discount rate or risk premium, the listed value of major steel products is obviously underestimated. As the upstream and downstream of an industrial chain, it is impossible to have a valuation "depression" forever, and the price-earnings ratio of steel stocks reaching 15 times is the international level.
key steel stocks with a P/E ratio of less than 2 times: baoshan iron & steel, Anshan Iron and Steel Co., Ltd. and Maanshan Iron and Steel Co., Ltd.
Second, the main line of investment: undervaluation+asset injection
Although the sector valuation has been put in place, there are obvious differences in the valuation of individual stocks in the sector. The valuations of Shanghai Port, Nanjing Port and Chongqing Port are more than twice as high as those of Yingkou Port, Shenchiwan Port and Yantian Port. At the same time, in the market environment where the whole industry has a growth rate of 2%, it can have more port resources and occupy a more active market position in the future market competition, so companies with possible asset acquisition are also our concern.
key port stocks with a P/E ratio of less than 2 times: Yantian Port, Shenchiwan Port and Yingkou Port
Third, coal industry: opportunities brought by extension expansion
In terms of the choice of investment targets, it is suggested to give priority to investing in enterprises with core competitiveness and pay more attention to the "bottom-up" strategy. The logical main line is: the price remains high-the increase in production capacity can be fully released-the transportation is loose-and the enterprises with little cost impact are the most worthy of investment. It is expected that asset value injection and overall listing will be important investment themes and opportunities for the whole coal industry in 27-8.
key coal stocks with a P/E ratio of less than 2 times: Lanhuakechuang, Xishan Coal and Electricity, kailuan shares, Guoyang Xinneng, Hengyuan Coal and Electricity, Jinniu Energy, Yanzhou Coal, Lu 'an Huaneng, Pingmei Tianan and Shenhuo
Fourth, highway industry: long-term stable growth, paying attention to value revaluation
China's highway industry will maintain a steady growth trend in 27 and even for a long time to come. The sustained and steady growth of the national economy, the network effect brought by the gradual improvement of road network construction, the fall of oil prices and the increase of traffic volume brought by overseas investment have all created a good external environment and opportunities for the stable development of the whole industry.
key highway stocks with price-earnings ratio less than 2 times: Jiangxi-Guangdong Expressway, Wantong Expressway, Zhongyuan Expressway and Modern Investment
China blue-chip stocks:
Haitong Securities gave China Software, Neusoft, Salt Lake Potash, ST Jianfeng, Chengxing, Yuntianhua, Liuhua, Wuliangye, Shunxin Agriculture, CSG A, Jidong Cement, Conch Profile, etc. S Sanxing, Qingdao Haier, Xoceco Electronics, Qinchuan Development, Xishan Coal and Electricity, Orchid Kechuang, Guoyang Xinneng, Shanxi Coking, Yunnan Baiyao, Kangyuan Pharmaceutical, Jiangzhong Pharmaceutical, faw xiali, Yutong Bus, Shanghai Automobile, S Jiangzuan, Times New Materials, Shuangliang Shares, Jinxi Axle, Longyuan Construction, Sinoma International, ZTE, China Unicom, Huasheng. Huahai Pharmaceutical, Hengdian Dongci, Shanghai Pudong Development Bank, Minsheng Bank, Shanghai Electric Power, Huawen Media, citic guoan, Dianguang Media, gehuayouxian, Guidong Electric Power, Oriental Pearl, Zoomlion, Liugong, Shantui, Jiangnan Heavy Industry, Yueyang Paper, Qixia Construction, Chinese Enterprise, Tianchuang Real Estate, Shimao, Guangzhou Shipyard International, Shanghai Electromechanical, Xuji Electric, Pinggao.
Large-cap blue-chip stocks:
Blue-chip stocks refer to listed companies with large share capital and market value, but not all large-cap stocks can be called blue-chip stocks, so it is difficult to set an exact standard for blue-chip stocks. From the experience of various countries, those companies with large market value, stable performance, leading position in the industry and considerable influence on their securities markets-such as Cheung Kong, Hutchison Whampoa; IBM； in the United States; Lloyd's of Britain, etc., can bear the reputation of "blue chip". The big market value is the blue chip. There are many blue-chip stocks in China now, such as: Industrial and Commercial Bank of China, China Petroleum and China Shenhua
[ Edit this paragraph] What is the difference between theme stocks and performance stocks and blue-chip stocks?
it's just the difference in perspective!
theme stocks are mainly about themes. For example, stocks related to the Olympic Games will be noticed soon! Theme stocks are stocks with good news such as restructuring, private placement and overall listing.
Performance stocks are stocks with good performance
Blue-chip stocks are not called blue-chip stocks if their performance is good! From what point of view, a good stock is a blue chip!
[ Edit this paragraph] Rotation, clue and technology of blue-chip market deduction
According to the research, the industry rotation in various stages of Japanese bull market in 198s showed the following rules:
Before February 1987, asset industries with revalued values, such as electricity and natural gas, real estate, banking and securities; February 1987 to December 1988: cyclical industries driven by external demand, such as papermaking, steel, transportation equipment, machinery, etc. After 1989: consumer service industries based on domestic demand, such as mining, construction, metal products, information services, commerce and trade, and technology stocks.
the basic thrust of this round of movement is the reduction of trade surplus, inflation and domestic demand brought about by the appreciation of the yen, and its essence is the change of economic structure, which means that the above liquidity is transmitted to the real economy. During the period, it is worth noting that the cross-industry between the real economy and the virtual economy has always strengthened repeatedly. For example, the real estate trend basically overlaps with the Nikkei 225. We found that the real estate trend in the global market has a strong positive correlation with the stock market trend, but it is not synchronized; The fluctuation of house price trend is relatively small compared with the stock market.
Asset revaluation also goes in three sequences. In 26, commercial real estate and resource assets were the most important ones and the market was in full swing. At present, the most dazzling financial assets that have been tapped are listed or planned to be listed, mainly banks, insurance and securities firms; In the future, there will be a cross-shareholding concept with greater scale effect, which is being explored at present. One branch of this concept is the indiscriminate bombing of the venture capital concept.
The third step of asset revaluation has greatly amplified the bubble and supported the growth of some "pseudo-blue chips". Now it has been pointed out that equity investment will affect the 3% growth of listed companies in 28, so we'd better be wary of equity investment blue chips.
After asset revaluation, blue-chip differentiation is extremely serious, and blue-chip games will swing to cyclical industries. Investors are very wary of cyclical companies, which often makes the share price of cyclical companies much lower than its due value. However, the role of economic laws is unstoppable. A report by changjiang securities (19.11,-.4,-.21%, right) shows that after 1987, a large amount of funds flowed into the real economy, and the blue-chip performance rose, among which the most surprising was the performance of cyclical industries in the Japanese bull market. The conclusion shows that cyclical industries such as steel, air transport, machinery, coal and securities obtained obvious excess returns in the later period of the bull market. American stock market statistics also reached the same conclusion. After 1989, the performance of cyclical stocks weakened, while the performance of other stocks could still be maintained, such as technology stocks and consumer stocks. The power of funds to promote the stock market became smaller and smaller, and funds began to turn to some small-cap and growth stocks.