Small And Medium Board Gem Has Gold &Nbsp; Securities Companies Are Optimistic About Emerging Industries.

The latest medium-term strategy report of the broker is almost eyeing strategic emerging industries. When the market shocks, macroeconomic risks remain, and the pformation of economic structure, strategic emerging industries undoubtedly become a bright spot in the capital market.

In recent weeks, small and medium-sized boards and gem have clearly outperformed the market, especially those involving new energy, Internet of things, smart grid and new consumption.

Emerging industries outperform the market

In the past week, in the background of a slight rebound in the market, the gem and the small and medium sized boards were eye-catching. In June 11th, the gem index closed at 1122.2 points, or nearly 9.2% in a week, while the Shanghai and Shenzhen 300 rose by only 0.12% in the same period.

WIND statistics show that the overall growth of small and medium sized boards has reached 4.24%, much higher than that of Shanghai and Shenzhen 300.

Judging from the weekly performance of small and medium-sized panels, the largest increase in small and medium sized panels was Dongjing electronics, which rose 26.33% in from June 7th to 11th, and the TTM P / E ratio was 71 times higher.

Tianrun development rose by 25.17% a week, and the weekly gain of Heng Bao shares was as high as 24.76%.

Of the 429 small and medium board stocks, 5 increased by more than 20% a week, and 12 stocks rose between 15% and 20%, while 42 increased by more than 10%.

Of all small and medium board stocks, only 38 fell this week, far more than big cap stocks.

The performance of gem is even more prominent. In the 86 GEM listed companies, net home technology rose the biggest this week, up by 45.86%, and the TTM P / E ratio reached 120 times.

Ji Feng farm machinery rose in the second place, the weekly rate rose to 23.94%, and the TTM P / E ratio also reached 160 times.

In addition, 37 GEM companies rose by more than 10%, and only 86 of the GEM stocks in this week have dropped slightly.

WIND statistics show that, according to the concept of classification, this week and strategic emerging industries related to a number of conceptual plates rose significantly.

The overall concept of environmental protection sector rose by 4.64%. The three networks in one sector rose by 4.04%, the low carbon economy rose by 3%, the smart grid plate rose by 2.69%, and the new energy concept plate rose by 2.26%, all higher than the 300 week's 0.12% increase in Shanghai and Shenzhen.

The valuation of emerging industries has always been high, which certainly does not prevent it from continuing to win the favor of the capital market.

WIND statistics show that as of June 11th, the overall TTM price earnings ratio of the gem reached 77.87 times, and the overall TTM P / E ratio of the small and medium board reached 42.57 times.

According to the concept plate classification, the green energy-saving lighting sector has the highest valuation, and the overall TTM price earnings ratio has reached 58.2 times.

The overall price to earnings ratio of the smart grid is 55.43 times that of the triple play. The overall market P / E ratio is 52.06 times, and the valuation of the Internet of things is 45.41 times, and the latest valuation of Shanghai and Shenzhen 300 is only 15.31 times.

Securities companies are optimistic about emerging industries

In June, the broker's mid term strategy meeting was held in succession.

Chen Ji, vice president of Guoxin Securities, said at the strategy meeting that in the past year, a large number of hidden champion of A market emerged in the stock market of A.

Chen Ji believes that China has the largest population in the world, has huge consumption potential, and has the largest market champion.

It used to be said that there were gold in small plates, and now there may be diamonds in the gem.

The popularity of new shares and sub shares reflects the new development mode of many companies which are different from traditional ones.

Cheng Dinghua, chief strategist of Anxin securities, said that the new macro and micro foundation of the bull market is in the bud, but it is far from mature.

Investors remain relatively low positions in the short term.

In terms of industry allocation, Cheng Dinghua suggested that strategic industries should focus on the emerging industries and the mass consumer goods industry, and they could participate in the rebound of traditional industries tactically.

Cheng Dinghua believes that the next bull market must be made up of emerging industries and mass consumer goods rather than traditional industries.

Mu Qiguo, chief strategist of Huatai Securities, pointed out in the medium-term strategy that the main line of A share investment in the second half should adhere to the strategy of structural pformation and supplemented by traditional cycles.

Under the background of economic growth decline, consumption is better than the cycle, and medicine, basic consumption (department stores, home textiles, clothing, food and beverage, hotel tourism, entertainment media, etc.) are the main lines of configuration. Under the condition of the leading indicators of global economy fall, the traditional technology stocks that depend on external demand should be reduced, the new industries with super policy support, domestic demand driven and related upstream resources and raw materials companies.

Mu Qiguo also said that he could simultaneously tap the subdivision industries of supply and demand improvement in the cycle industry, such as aviation and aerospace industry.

With inflation falling, the optional consumption boom is beginning to pick up, and it can gradually focus on household appliances, passenger cars and spare parts.

Deputy director of the securities and Finance Research Institute of the Great Wall, Chaoyang, said that the second half of the year should be structured, and continue to look at the emerging industries that are anti cyclical consumer industries and the trend of economic pformation, and pay close attention to undervalued industries represented by financial stocks.

But Chaoyang also suggests that the relative valuations of consumption and emerging industries are higher, such as pharmaceuticals, food and beverage, business, tourism, household appliances, information technology and power equipment and new energy, while the relative value of periodic and financial stocks is generally low, such as coal, iron and steel, building materials, Bank of China and real estate.

The operation should balance the two factors of valuation and growth, that is, choose relatively safe stocks from deterministic growth and high growth, and look for relatively determined industries from undervalued ones.

Xu Wei, strategist of state securities, said in his strategic report on crossing the "Three Gorges pformation" that although A shares have fallen by 20% this year and the valuation level has dropped, it will not be cheap if they are placed in the context of economic pformation.

As far as investment strategy is concerned, the industry configuration and strategic direction may now be more likely to go back to find some truly growing companies.

Looking from the medium and long term development prospects, Xu Wei mainly optimistic about three aspects, one is the upgrading of the manufacturing industry, the second is the consumer service, the third is the binding nature, which is embodied in the environmental protection and nature.

Economic pformation into investment thread

Guoxin Securities interim strategy report believes that after entering the pformation stage, the industry has undergone great changes.

For example, the financial industry in Taiwan, Korea and Japan is far inferior to the heavy industry in the stock market. Some industries that are encouraged and upgraded by industrial policies, such as electronic information, raw materials (such as steel in Korea), electrical equipment and precision instruments (Japan), perform very well.

Guoxin Securities said that, combined with China's current situation, electronic information and equipment manufacturing industries have opportunities, such as high-speed rail with core technology (high speed rail civil aviation competition) and so on, all of which may become the industry benefiting from the future industrial upgrading.

Some new strategic industries, such as new energy, new materials, biomedicine, energy saving, environmental protection, electric vehicles, information and communication, are the focus of long-term attention and allocation.

The interim strategy report of Huatai Securities also believes that consumption is based on economic pformation.

The economic cycle of technology as the main driving force will lead to the trend of global stock market still biased towards small and medium-sized market capitalization.

The power of long-term growth must rely on the promotion of consumption and emerging industries in the proportion of GDP. The main line of investment is still economic pformation and domestic consumption.

For the industry configuration, Huatai United Securities believes that the best choice lies in "high inflation and undervaluation". The second best choice is "high prosperity and high valuation" and "low inflation and undervaluation" combination.

With China and the United States leading economic indicators down, emerging industries, pharmaceuticals, basic consumption and department stores' excess returns are expected to continue to rise. Over profits in sectors such as pportation, military industry, construction and other industries are expected to maintain. The end of the three quarter can be concerned about the optional consumption of automobiles and household appliances.