Today's Viewpoint
1 Electricity The recovery of secondary industry drove the rebound of power consumption growth in August, and the improvement of incoming water helped the growth of hydropower generation. It is suggested to focus on thermal power companies with large performance improvement space and high safety margin, as well as hydropower companies with good incoming water to boost profitability. Continue to recommend water and electricity taps Yangtze Power , it is recommended to pay attention to Huaneng International 、 Huadian International 、 SDIC Power and Sichuan Investment Energy Etc.
2 Automobile In the small year of the industry, the leading companies continue to expand with their strong cost control ability and market share, and continue to firmly recommend them in consideration of multi-level strength reserves and future growth SAIC Group 。 GAC Group This year ushered in the new car cycle of independent and joint venture brand, and we are optimistic about its complete brand layout and future new energy brand performance, and maintain the recommendation.
3 Machinery We believe that the possible sanctions imposed by the United States on Iran will lead to insufficient supply in the global crude oil market. In addition, Venezuela's crude oil production will also decline significantly due to domestic economy and other factors. This time, OPEC said that it will not increase crude oil production immediately, which will help keep crude oil prices at a high level. From the perspective of the domestic market, as PetroChina and other oil companies increase their efforts in domestic oil and gas exploration and development, especially shale gas development, the demand for procurement of drilling, completion and fracturing equipment is expected to increase, and we maintain our recommendation Jerry Shares , look COSL 、 COOEC 、 Petrochemical machinery Equal subject.
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), Changjiang Power (600900), Siwei Tuxin (002405), Poly Real Estate (600048) Zhengye Technology (300410), Jerry (002353), Swellfun (600779).
This report is excerpted from the morning meeting research report released on September 28, 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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