[Morning Meeting Minutes] Strategy Ding Wen Morning Meeting Minutes of Galaxy Securities 20180912

[Morning Meeting Minutes] Strategy Ding Wen Morning Meeting Minutes of Galaxy Securities 20180912
10:32, September 12, 2018 Sina Finance We Media Integration

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Today's Viewpoint

1 Insurance

The premium income continued to improve, while listed insurance companies adjusted their product sales strategies to ensure the strength of products, which contributed to value growth. On the investment side, the yield of long-term bonds has risen by 15BP since the beginning of August, promoting the marginal improvement of investment returns. At present, the average P/EV of the four listed insurance companies in 2018 is about 0.89 times. The valuation is not expensive and the cost performance ratio is high. It is suggested to focus on the long-term allocation value of the sector. For individual stocks, the recommended order is: Ping An, China CPIC Xinhua Insurance China Life

2 Media

In the marketing service sector, the performance is outstanding, the income growth rate is high, the influence of advertising in the life circle is gradually recognized, attracting more advertisers' investment, and it is suggested to focus on the new media advertising leader【 Focus Media 】。

3 Textile clothing

Since June, the RMB has depreciated 6.13% against the US dollar. Enterprises with a high proportion of cotton textile exports have the priority to benefit from the devaluation of RMB due to the increase of exchange earnings. However, the escalation of the Sino US trade war will affect the recovery trend of China's textile and clothing exports due to the warming of foreign demand and the depreciation of the exchange rate. Among the $200 billion 10% tariff increase projects announced by the United States, there are about 1000 textile and clothing projects, involving most textile raw materials, semi-finished products and a small number of clothing accessories. If the tax increase takes effect in the future, the proportion of China's textile and clothing exports affected will be about 3.81%. Due to the strong substitutability of most tax increase projects, some textile manufacturing capacity will be further transferred to Southeast Asia and other countries with lower labor costs and more tax incentives. Leisure clothing segment, continue to recommend Hailan Home

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 High tech (000661), Guizhou Moutai (600519), China Ping An (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 12, 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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