2024-01-27 01:07:00
On Friday, the three major A-share indexes fluctuated and diverged, and the Shanghai Index continued to rebound. As of the close, the Shanghai Composite Index reported 2910.22 points, up 0.14%; the Shenzhen Component Index reported 8762.33 points, down 1.06%; the GEM Index reported 1682.48 points, down 2.23%.
In terms of funds, the Shanghai and Shenzhen stock markets traded 828.7 billion yuan yesterday, a decrease of 62.8 billion yuan from the previous trading day. Northbound funds bought 1.51 billion yuan in net throughout the day, of which 1.915 billion yuan was bought in Shanghai Stock Connect and 405 million yuan was sold in Shenzhen Stock Connect.
On the market, state-owned enterprise reform concept stocks strengthened, with Hainan Expressway, Pudong Jinqiao, Kaikai Industrial and other stocks rising by the daily limit; in the real estate sector, special services rose by the daily limit, China Fortune Land Development, Shenzhen Real Estate A, etc. followed suit; gaming stocks rebounded, and China Qingdao Bao rose by more than 16%, and Shengtian Network, Caesar Culture, etc. followed suit. In terms of decline, CRO concept stocks collectively plunged in the afternoon, and WuXi AppTec fell by the limit; photovoltaic equipment, consumer electronics and other sectors were among the top decliners.
State-owned enterprise reform concept stocks performed actively
Yesterday, stocks on the concept of state-owned enterprise reform in Shanghai, Hainan and other places rose in rotation. In the Hainan sector, Hainan Ruize, Hainan Yedao, Hainan Expressway, Hainan Automobile Group and other stocks hit the daily limit; Shanghai local stocks continued their rise, and individual stocks in the sector set off another daily limit trend, Shanghai Kaixin, Pudong Jinqiao, Kaikai Industrial, Shanghai Phoenix and others have reached daily limit.
On the news, Hua Yuan, deputy mayor of Shanghai, said at a press conference of the State Council Information Office on January 26 that Pudong is the core carrying area for the construction of Shanghai’s “Five Centers”. Comprehensive reform pilots will be launched in Pudong New Area to deepen Shanghai’s High-level reform and opening up will serve as an example and lead in making breakthroughs. Shanghai will always adhere to the political position of “Four Places” and the overall positioning of “Five Centers”, focus on strengthening the practical implementation of “Four Major Functions”, and take the opportunity of promoting the comprehensive reform pilot of Pudong New Area to build from a higher starting point. comprehensively deepen reform and opening up and promote high-quality development.
Institutional insiders believe that the deepening of the reform of state-owned enterprises, the release of the performance of central enterprises, and the inclusion of superimposed market value management in assessments may give rise to the dual catalysis of “valuation + performance” in the central and local state-owned enterprise sectors. Shenwan Hongyuan Securities stated that as of the end of the third quarter of 2023, the overall ROE turning point of A-share central enterprises after excluding finance has appeared first, and there is strong certainty that it will continue to rebound in 2024; after the market continues to adjust, the overall PE and PB of central enterprises will be the same as those first proposed in November 2022. The price is basically the same as in the “medium special evaluation”, and the price/performance ratio is still outstanding. With extremely high safety margins, expected continued improvement in ROE, and policy catalysts including market value management included in assessments, we are looking forward to a new round of revaluation of central enterprises.
Gaming stocks fluctuate higher
Yesterday, game stocks rose sharply during the session. As of the close, Zhongqingbao rose by more than 16%, Huawen Group reached its daily limit, and stocks such as Shengtian Network, Caesar Culture, Xunyou Technology, and Glacier Network followed suit.
In terms of news, on January 26, the National Press and Publication Administration released approval information for domestic online games in January 2024, with a total of 115 games approved. Wanlian Securities said that with the regular issuance of game version numbers, the pace of new product launches has resumed, and many games are ready to go and have attracted much attention. The overseas revenue of China’s self-developed games has remained at a relatively high level, and it is optimistic that the game boom will recover, which is expected to drive the game industry to achieve steady growth in 2024.
CITIC Securities believes that in the medium to long term, the game industry still has broad room for development, especially related companies that focus on high-quality content and overseas development. At the same time, the game industry focuses on innovation. Through technological innovations such as AI and VR, game companies are still expected to continue to create increments.
Agency: A-shares have room for upward recovery
Looking forward to the market outlook, Guosheng Securities believes that the rebound will not happen overnight. The recovery of market confidence is a slow process. Each correction in the early stage of the rebound may be a better entry opportunity, which can be actively grasped. In terms of investment direction, you can focus on layout opportunities in new energy, consumer electronics, food and beverage and other sectors.
Bohai Securities said that in view of the recent multi-pronged policies and considering that the current market valuation is still at a historically low level, A-shares have room for upward recovery. In terms of industry allocation, you can pay attention to the investment opportunities in the central enterprise sector catalyzed by the policy of “Incorporating market value management into the performance evaluation of central enterprise leaders”; in the context of market sentiment recovery, you can game for rebound recovery opportunities in the early oversold sectors, such as power equipment, medicine, and TMT sectors. . In addition, you can also pay attention to the investment opportunities in the large financial sector brought about by the entry of medium and long-term funds.
Yinhua Fund believes that at the allocation level, central enterprises with low valuations and potential for dividends and repurchases are worthy of attention; some high-quality core assets that have fallen to attractive ranges will gradually have medium- and long-term allocation value; the recovery of the economy and dividend assets The combination of offense and defense is also an effective configuration idea.
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