The investment route of securities companies in the end of the month is emerging. The market is expected to open next spring

category:Finance
 The investment route of securities companies in the end of the month is emerging. The market is expected to open next spring


From the perspective of market research and judgment, most securities companies believe that December a shares will still be a concussion consolidation pattern, and it is expected to open spring market next year. There are also more active brokers that believe that the market profit-making effect in December is better than that in November.

Changan Automobile, Gree Electric

The hottest target in December

According to incomplete statistics from the Securities Daily, up to now, 13 securities companies have recommended gold stocks in December, with a total of 132 recommended gold stocks. Among them, 20 gold stocks, such as Changan Automobile, Gree Electric Appliance, Luzhou Laojiao, 37 mutual entertainment and Ping An Bank, were recommended by more than 2 securities companies at the same time.

Changan automobile is undoubtedly the most shining star in the annual closing month recommendation of securities companies gold stocks, which is jointly recommended by five securities companies, namely CAITONG securities, Guosheng securities, Pacific Securities, Everbright Securities and lianxun securities.

In terms of individual stock concerns, Changan automobile is also concerned by securities companies. In the past month, a total of 9 securities companies issued 10 research papers recommending Changan automobile. Among them, Huaxi Securities has the highest target price of 11.58 yuan / share, while Huatai Securities has the lowest target price of 9.51 yuan / share. In addition, Bank of China International, Huaxi Securities, Orient Securities, Pacific Securities, Guosheng securities and Bank of China International all maintain the buy rating of Changan Automobile, Southwest Securities maintain its increase in holdings rating, and Huachuang securities maintain its strongly recommended rating.

The recommendation logic of CAITONG Securities for Changan automobile is: the current Pb of Changan automobile is 0.94 times, which is at the bottom of history, and the stock price has a high safety margin. At the same time, Changan Fords new cars will be listed one after another, and Lincolns domestic products are on the way. The companys fundamentals will be significantly improved, and its performance will have greater upward flexibility.

At the same time, Gree Electric was also jointly recommended by Dongxing securities, Anxin securities and Founder Securities as gold stocks in December. In the past month, Gree Electric was also recommended by 12 research papers issued by 10 securities companies. Debang securities rated Gree Electric as overweight for the first time, and gave a target price range of 67.34 yuan / share-77.7 yuan / share.

Zhang Lichong, an analyst of home appliance team of Anxin securities, recommends Gree appliances as follows: the completion of Gree appliances real estate shows an improvement trend, which helps to boost the terminal demand. Mixed reform will help improve corporate governance and enhance valuation in the long run. Since the fourth quarter, Gree air conditioning has been more active in promotion, which helps to increase market share and lay a foundation for future profits.

Most brokers expect

December is still choppy

As the closing month of 2019, securities companies also pay special attention to the market trend of a shares in December. Most securities companies believe that A-share market is expected to remain a volatile consolidation pattern in December, and spring market is expected to open next year. But there are also more active securities companies that believe that liquidity is expected to pick up marginally, and the market profit-making effect in December is better than that in November.

For the outlook of A-share market in December, Great Wall Securities, CAITONG securities, Guosheng securities, Dongxing securities and Anxin securities are relatively cautious. Among them, Anxin Securities believes that a better time for layout is at the beginning of next year, not now. At the current stage, the allocation needs to be based on defense. In addition to taking into account the boom, it also needs to look for logic and verification in the sectors with lagging performance and low valuation this year. At the same time, it needs to be aware of the risk that this years strong sectors are making up losses.

Wang Yi, an analyst at Great Wall Securities, believes that the market as a whole has been fluctuating downward in the near future, especially the adjustment of core assets in the early stage, and some institutions have chosen to cash in earnings ahead of time. The characteristics of stock game in A-share market are relatively obvious. Jinjing, an analyst at CAITONG securities, said that it is expected that the A-share market will still be a concussion consolidation pattern in December, and the cyclical sector that is expected to repair the low valuation is relatively dominant in structure. Meanwhile, the technology growth segmentation leader that is expected to continue the high boom in 2020 will continue to usher in performance opportunities. Zhang Qiyao, an analyst at Guosheng securities, also believes that the index will still be dominated by shocks, so it is difficult to have index opportunities upward, and there is little room for downward adjustment at the current point. Year end volatility remains the main tone. With the inflation high gradually passing after the Spring Festival next year, the space for monetary easing is opened again, and the spring market is expected to open.

Bank of China International, on the other hand, gave a more positive view that liquidity is expected to pick up marginally, and the market profit making effect in December is better than that in November.

In terms of the industrial allocation of a shares in December, the allocation proposal of Great Wall Securities is that, as a whole, the market may still be in the period of stock game adjustment before the end of the year, and the dominance of undervalued value is expected to continue. The overall market opportunities are small, and structural opportunities still exist. We need to wait patiently for the spring market of the next year. At present, it is still recommended to allocate undervalued plates with relatively high safety margin. In the medium and long term, technology + finance is still expected to be the main breakthrough line in spring market and the whole year next year.

BOCIs allocation proposal is still based on the defensive sectors with low value and high dividend; it focuses on the allocation opportunities of agriculture, forestry, animal husbandry and fishery, and consumer electronics sectors with upward industry prosperity. On the theme, we will focus on the layout of 5g growth industry chain, and the opportunities for regional SOE reform in Shanghai and Shenzhen. Dongxing securities proposes to light the industry and focus on individual stocks, select the leading target with high moat and stable performance, and the leading technology industry with high prosperity and new energy is also worth investment. The proposal of Anxin securities focuses on real estate, home appliances, construction, steel, building materials, insurance, banks, etc., while the theme proposal focuses on independent control, state-owned enterprise reform, etc.

Source: responsible editor of Securities Daily: Yang qian_nf4425