Today's Viewpoint
1 Food and beverage In the first half of 2018, the performance of SW food and beverage industry was better than that of A-share as a whole. The profitability of listed companies in the industry was strengthened, and their operating capacity and cash flow remained stable. On the premise that the fundamentals have not deteriorated, the mid report data of listed companies in the sector is generally good, and the industry is about to usher in the Mid Autumn Festival and National Day consumption peak season. We believe that the sector market still has support and investment opportunities. Recommended first line liquor varieties Guizhou Moutai 、 Wuliangye 、 Yanghe Shares Focus on food processing industry segmentation growth stocks Keming Flour Industry 。
2 Electronics The market is expected to stabilize and the pessimism will be gradually repaired. The electronics industry is expected to rebound. It is recommended to pay attention to Weir Shares 、 Zhaoyi Innovation 、 Ziguang Guowei 、 Nasda 、 Changdian Technology 、 Jingwang Electronics 、 Shennan Circuit Etc.
3 Appliances In August, the total retail sales of household appliances and audio and video equipment were 68.2 billion yuan, up 4.8% year on year, and the growth rate rebounded from that of July. It is suggested to focus on white electricity leading enterprises with low valuation but high performance certainty.
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 21, 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.
Legal statement:
The public subscription number is Galaxy China Securities Co., Ltd. (hereinafter referred to as "Galaxy Securities") is the only official research subscription number legally established and operated by the Research Institute. Other subscription numbers registered on WeChat platform by other institutions or individuals in the name of China Galaxy Securities Co., Ltd. Research Institute, or containing "Galaxy Research", or containing information related to the brand name of Galaxy Research, are not official subscription numbers of Galaxy Research.
This subscription number is not the publishing platform of Galaxy Securities Research Report. The content contained in this subscription number is from the research report officially released by Galaxy Securities Research Institute. The content of the research report extracted from this subscription number will be reproduced in this subscription number after the relevant process and WeChat information release review and other links. This subscription number does not promise to reproduce the relevant content at the first time. If you need to know more For complete securities research information, please refer to the complete report issued by Galaxy Securities Research Institute. Any research opinions shall be subject to the complete report issued by Galaxy Securities.
The purpose of this subscription number is to exchange experience in securities research. All contents contained in this subscription number are only for reference. Subscribers must confirm that they have the professional ability to understand the securities research report and maintain their own independent judgment. They should not think that the contents of this subscription number can replace their own independent judgment. In any case, this subscription number does not constitute an investment proposal for the subscriber, nor is it an invitation or guarantee for buying, selling, subscribing for securities or other financial instruments. Galaxy Securities will not be liable for any direct or indirect losses or other losses related to any person's use of any content published by this subscription number, Any securities mentioned in the subscription number may contain significant risks, and the subscriber shall bear all risks that may arise from investment decisions based on any content published by the subscription number.
The content contained in this subscription number only represents the judgment of Galaxy Securities Research Institute on the day when the relevant securities research report is released. The relevant analysis results and prediction conclusions will be changed without prior notice according to the securities research report subsequently released by Galaxy Securities Research Institute. Please pay close attention to the latest relevant conclusions of the follow-up research report.
The research reports forwarded by this subscription number only represent the views of Galaxy Securities Research Institute. This subscription account does not guarantee that other business departments or affiliates of Galaxy Securities will give investment opinions that are different or even contrary to the conclusions of the research report published on this WeChat official account. Please pay attention to it.
The Measures for the Administration of the Appropriateness of Securities and Futures Investors was officially implemented on July 1, 2017. This picture and text message published through WeChat subscription number is only for institutional professional investors in Galaxy Securities customers. Please do not forward this picture and text message in any form. If you are not an institutional professional investor among the customers of Galaxy Securities, in order to ensure service quality and control investment risk, please cancel your attention and do not subscribe, receive or use any information in this subscription number.
The copyright of the content contained in this subscription number belongs to Galaxy Securities, and Galaxy Securities reserves all legal rights to this subscription number. The subscriber shall indicate the source of Galaxy Research when copying and reprinting all content (including text, image, etc.) published by this subscription number, and shall not quote, abridge or modify the content of this subscription number against the original intention.
Investment is risky. Please be cautious when entering the market.
Disclaimer: All the content provided by We Media is from We Media, and the copyright belongs to the original author. Please contact the original author and obtain permission for reprinting. The opinion of the article only represents the author, not Sina's position. If the content involves investment advice, it is only for reference, not as an investment basis. The investment is risky, so you should be cautious when entering the market.
