Last week, the market was strong, driven by brokers. According to the industry performance of the whole week, last week was a general increase. According to the investment data of Hua Xun, consumer services, real estate, non-banking finance, food and beverage, and building materials were among the top gainers, while steel, medicine, media, power utilities, and textiles were the last gainers.
Pay attention to the switching of market style
The A-share market has been continuously strengthening since it entered July, which gives people a sense of sight in the early stage of the bull market, no matter from the increase of the market or the heat of trading. However, from the structural market point of view, the differentiation of various sectors behind the index surge is also significant. The low-valued pro-cyclical sector led the rise sharply, while the pharmaceutical and technology sectors that led the rise in the previous period were relatively backward. According to Hua Xun's investment analysis, on the one hand, the pharmaceutical and science and technology sectors increased greatly in the second quarter, and the funds needed to cash in the proceeds; on the other hand, the current valuations of real estate and finance sectors are at historically low levels, with high cost performance, and the low-valuation stagflation sectors are favored by funds due to the demand for compensatory growth of the investment safety marginal superposition sectors brought by low valuation.
in a word, the low valuation sector has a higher margin of safety and a larger room for growth, while the technology and consumption that led the increase in the previous period need to be carefully considered in combination with the fundamentals.
Continue to pay attention to the pre-increase of interim report results
As of July 5th, 63 listed companies in A-share * * * have predicted the interim report results in 22. Except for 168 companies with uncertain performance forecast types, 177 companies are expected to report good results in the first half of this year. In addition to the main line of low valuation plate, the pre-increase of interim report performance is another main line of investment pursued by the current market. Under the background that most industries were obviously affected by the epidemic in the first half of the year, those industries and companies whose performance in the interim report can still achieve growth showed good performance certainty, and Hua Xun investment felt that it was worthy of special attention.
SMIC confirms the issue price
SMIC disclosed the announcement of initial public offering and listing in science and technology innovation board, and confirmed the issue price of 27.46 yuan/share, and the online and offline subscription dates were July 7. The scale of this issuance exceeds RMB 5 billion. In terms of strategic placement, the second phase of the National Integrated Circuit Industry Investment Fund was allocated nearly 3.5 billion yuan.
The investment in Hua Xun, where SMIC is listed, has attracted much attention, which is mainly attributed to two logics:
1) Recently, the export control policy of the United States for the semiconductor industry has been continuously upgraded. Semiconductor equipment and materials are the key links in the domestic semiconductor industry, so it is imperative to speed up the construction of local supply capacity of equipment and materials.
2) After the listing of A shares, the company is expected to usher in a new round of capacity expansion cycle. In this round of capacity expansion, local semiconductor equipment and materials companies will have more room for verification, testing and mass production supply.
Brokerage plate-an important weather vane
The combined turnover of SSE 5 has exceeded one trillion, which has brought high flexibility to brokers' self-management and brokers, and started this week's stock market surge. From a fundamental point of view, the performance of brokers in June still showed a relatively high growth year-on-year, and the growth rate of performance in the first half of the year will further increase. Judging from the recent catalyst, whether the bank is granted a brokerage license or the rumors of the merger of head brokers in the industry, it shows the idea of the regulatory authorities to vigorously develop the direct financing market by supporting brokers.
before the big bull market from p>25 to 27, CITIC Securities, the leading brokerage firm, broke out first. In the "small bull market" in the first quarter of 219, the brokerage sector staged two collective daily limit, which was an important signal in the early stage of the bull market. Hua Xun Investment advised investors to continue to pay attention to the performance of brokers. If it continues to be strong, it may indicate that the market space has been opened.
Operation strategy
Relatively speaking, the low valuation sector has a higher margin of safety and a larger room for growth, while the technology and consumption that led the increase in the previous period need to be carefully considered in combination with fundamentals.
Pay attention to the stimulation of news industry, such as semiconductor industry driven by the return of SMIC.
Hua Xun Investment advises investors to pay attention to low valuation, technology and finance. Recently, the undervalued stocks in the market have obviously increased; In terms of technology stocks, some low-end stocks are still worth intervening on dips, and the specific direction can focus on 5G sectors, data centers, semiconductors, consumer electronics, etc. Recently, the stock market broke out, the market space still exists, and big financial stocks can still be concerned.
the risks facing the market in the future: the risk that the economic growth rate is less than expected; The epidemic spread more than expected; Policy tightening reduces market risk appetite.
risk warning: the information is for reference only, and the stock market is risky, so the investment should be cautious.
Investment Consultant: Zheng Ning
Source: Hua Xun Investment.