[sectors and hot spots] cros, central construction enterprises and securities companies, how to grasp the future market?


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For example, a central construction enterprise has a large number of hydropower, wind power and BIPV orders, but the valuation PE is 13 times, which is still low compared with 35 times of PE of Three Gorges energy of hydropower company, so it has the potential to reshape the valuation.

Leading companies continued to enjoy industry dividends, and their main business and investment income increased.

Second, cutting into the new energy track brings about valuation remodeling: central construction enterprises are often R & D and manufacturing enterprises in the upstream of new infrastructure or engineering contractors in the downstream.

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It is expected that the issuance of special bonds in September and the second half of the year is still high, and the fundamentals of central construction enterprises are expected to continue their good performance in the second half of the year.

According to the data of the National Bureau of statistics, the PMI of the construction industry in August was 60.5%, which was at a high prosperity level, and increased by 3 percentage points month on month, 0.3 percentage points year on year.

Among them, the track pharmaceutical outsourcing (CRO) with the highest prosperity showed the most brilliant performance, and the plate index increased by nearly 7%.

The brokerage sector is the direction with strong sustainability among the low-level varieties in the early stage.

Generally speaking, As the brokerage industry basically deviates from the valuation downward, there is a demand for repair of the valuation, and the future performance is expected to be relatively stable “.

In the future, it will still be one of the most growing tracks in medicine.

Combined with the above factors, uncle Rui believes that there are still opportunities for sustainable performance of securities companies in the future, and we can continue to pay attention to bargain hunting.

Under the background of the improvement of PMI in the construction industry and the accelerated issuance of special bonds in August, the fundamentals of central construction enterprises improved in August.

In August, the monthly issuance was about 0.5 trillion, accounting for nearly 30% of the total issuance in the first eight months.

In yesterday’s morning review, uncle Rui mentioned, “taking the performance of relevant sectors after the last announcement of the establishment of the science and Innovation Board on November 5, 2018 as an example, the concept of venture capital and the brokerage sector also opened high and went low or rushed up and fell down the next day, but after two or three days of shock, Then it began a larger rise…

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From the performance of the interim report, In the first half of the year, the revenue growth rate of Listed Companies in the sector was 46% and the profit growth rate was 50%.

The industry as a whole is promoted by the epidemic.

In the early stage, the pharmaceutical sector has been continuously adjusted by a large margin after the new policy of innovative drugs and the bad situation of centralized purchase.

Among the low-level varieties, there is also traditional infrastructure with strong sustainability.

From the perspective of the allocation of funds in the medium and long term, the current cost performance is high, especially the cro industry with high scenery.

Today, uncle Rui will add the logic of building central enterprises.

In the future, as for medicine and healthcare as a whole, it will still be affected by the negotiation and centralized purchase of medical insurance catalogue for a long time, which can only be regarded as a rebound for the time being, while cro is less affected by this.

The epidemic has accelerated the trend of capacity transfer to China, and the position of local enterprises in the global industrial chain has been further improved.

At present, there is no sign of return of such orders.

At present, it has been adjusted by about 20% from the 2.1xpb valuation at the highest point, and there is a certain repair demand for the valuation…

As early as the morning review on August 18, “the trend of the second bottom has become, be careful or there may be panic!”, Uncle Rui once analyzed the logic of being optimistic about securities companies: “from the performance of listed companies, the average net profit growth rate of listed securities companies whose semi annual reports have been disclosed in a shares is more than 20%, which is significantly better than the industry average…

The subsequent main issuance periods will be concentrated in September and December.

However, the problem is that the valuation of cro plate is not low at present, and it is not suitable to pursue the rise in the future strategy, focusing on low absorption in the medium and long term.

Some cro / cdmo orders have been transferred to China.

The PMI of new orders was 51.4%, an increase of 1.4 percentage points month on month, indicating that the number of new contracts signed in the construction industry has increased and the overall demand of the construction industry is relatively strong; In August, the issuance of special bonds was accelerated, and the issuance is expected to remain high in September and the second half of the year.

Under the requirements of effectively forming the physical workload, it is expected that the issuance of special bonds in September and the second half of the year will still be high; On September 6, at the China International Digital Economy Expo, national leaders made an important speech, referring to “moderately ahead of schedule infrastructure construction”, indicating that infrastructure construction is still an important development direction of supporting the economy, infrastructure construction is expected to further heat up in the second half of the year, and construction central enterprises will welcome the good again.

The contents and opinions in this information are for reference only and do not constitute a guarantee for the securities trading involved.

After the second quarter of 2020, the domestic epidemic has been controlled, while some overseas countries and regions are still at the peak of the epidemic.

Disclaimer: there are risks in the market and investment needs to be cautious.

From the current cro industry fundamentals, overseas business maintained steady and rapid growth, and the rapid rise of domestic innovation demand jointly promoted the prosperity of the industry.

The brokerage sector index also rose from the lowest 1037 points on November 9, 2018 to the phased highest point of 1172 points on November 19, 2018 “.

In the morning review on September 2, “from Solo Music to public music?”, It also supplemented the logic of the brokerage sector: “in addition to the bright performance of the interim report, the recent continuous trading volume of more than trillion in the market has also improved the expectation of the growth of brokerage commission income”.

Investors should not take this information as the only reference factor for investment decision-making, nor should they replace their own judgment with this information.

The position valuation of some stocks has entered the historical valuation center or even lower position.

Under the high growth of new infrastructure, relevant orders of central construction enterprises are expected to usher in a high increase, drive the growth of the company’s performance, and are expected to welcome valuation revaluation.

The plate and the hot spot, which was relatively depressed in the early stage, became the largest star in the market yesterday, bringing 11 and 6 stocks with a limit or increase of more than 10% respectively.

The cement, construction central enterprises and construction machinery that uncle Rui ordered before also hit a rebound high yesterday.

The securities sector has been continuously adjusted since the fourth quarter of 2020.

In addition, the establishment of the Beijing stock exchange has brought a new drive to the brokerage sector.

First, the fundamentals of the construction industry are expected to continue to improve, and the performance of central construction enterprises is expected to increase significantly: the PMI of the construction industry improved in the short term in August.

The issuance of special bonds was significantly accelerated.

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