Today's Viewpoint
1 Securities The current sector is 1.25XPB, and the large comprehensive securities firm is 1.16XPB. The valuation is at a historical low position, with both defensive and rebound offensive and defensive capabilities. Under the strong regulatory environment for the business lines of securities companies, large securities companies have advantages in business scale and qualification approval with their strong capital strength and strong comprehensive strength. Continuous recommendation for individual stocks citic securities 、 gf securities as well as Huatai Securities 。
2 Computer Long term optimistic about A-share cloud computing, key recommendations: 1) Cloud foundation: Inspur Information 、 Convinced 、 Unisplendor ； 2）SaaS： UFIDA Network ， Guanglianda ， Pan micronetwork ； 3) Industrial Internet: Dongfang Guoxin 、 Baoxin Software 、 Hande Information Etc.
3 Food and beverage The industry's mid report performance is generally good, and the growth rate of liquor performance is particularly eye-catching; Dragged down by the macro and overall market sentiment, the food and beverage industry has experienced a large degree of correction in the past two months, with weak performance. However, on the premise that the fundamentals have not deteriorated, we believe that there are still opportunities in the sector. It is suggested to focus on blue chip varieties and high growth stocks.
4 Retail In September, we mainly recommended the supermarket sector. With the gradual easing of liquidity in the second half of the year, the month on month CPI growth picked up, which will benefit the same store revenue of supermarkets. The company maintains the recommended portfolio: Jiajiayue ， Tianhong Shares ， Antarctic e-commerce ， Zhou Dasheng ， Suning E-shop 。 Jiajiayue is mainly recommended in the portfolio. The company is the leader of the supermarket in Shandong Province. It has its own complete production and processing industrial chain and supply chain, which accounts for a high proportion in Weihai City. In the second half of the year, it began to enter the stage of rapid store expansion, and is optimistic about its future development prospects in western Shandong.
The monthly portfolio in September includes:
Beixin Building Materials （000786）、 Renhe Pharmaceutical （000650）、 Goldwind Technology （002202）、 Shuijingfang (600779), Aerospace Appliance (002025) Shaanxi Coal Industry （601225）、 Guizhou Moutai （600519）、 Four dimensional Tuxin （002405）、 Hualu Hengsheng （600426）、 Tongyuan Petroleum （300164）。
The undervalued portfolio includes:
Renhe Pharmaceutical (000650), China Communications Construction (601800), Europe Africa Technology (002456) CRCC (601186)、 Suzhou Keda （603660）、 Daqin Railway (601006), Beixin Building Materials (000786), Swellfun (600779), Siwei Tuxin (002405) Poly Real Estate （600048）。
Cash cow portfolio includes:
Beixin Building Materials (000786), Changchun Gaoxin (000661), Guizhou Maotai (600519) Ping An, China （601318）、 Yangtze Power (600900), Siwei Tuxin (002405), Poly Real Estate (600048) Zhengye Technology （300410）、 Jerry Shares (002353), Swellfun (600779).
This report is excerpted from the morning meeting research report released on September 5, 2018
Editor in charge: Ding Wen Practicing Certificate No.: S0130511020004
Rating system:
Galaxy Securities Industry Rating System: recommendation, cautious recommendation, neutral and avoidance.
Recommendation: It means that in the next 6 to 12 months, the industry index (or the industry index composed of companies covered by the analyst team) will exceed the average return of the exchange index (or the main index in the market) by 20% or more. The rating is given by analysts.
Caution: The industry index (or the industry index composed of companies covered by the analyst team) exceeds the average return of the exchange index (or the main index in the market). The rating is given by analysts.
Neutral: the average return of the industry index (or the industry index composed of companies covered by the analyst team) is equivalent to that of the exchange index (or the main index in the market). The rating is given by analysts.
Avoidance: The industry index (or the industry index composed of companies covered by the analyst team) is 10% or more lower than the average return of the exchange index (or the main index in the market). The rating is given by analysts.
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