Annual Report Main Trend Tracking: Six Main Force Heavy Exposure

Annual report reveals the main trend fund favors the three major sectors of financial services

There is little room for adjustment of financial services brokerage stocks.

　　 financial service Among the 48 stocks traded yesterday, the rise was only 0.33% in the Bank of China (601988).

From the valuation point of view, 48 stocks, 26 times below 20 times price earnings ratio, the valuation is obviously low. They are Industrial Bank (601166) (5.75 times), Bank of Communications (601328) (6.29 times), Shanghai Pudong Development Bank (600000) (6.41 times), Minsheng Bank (600016) (6.54 times), Everbright Bank (601818) (6.65 times), Bank of China (6.99 times), agricultural Bank (6.99), Bank of construction (), Bank of China (Beijing) (Cibi), CITIC Bank (Group), industrial and Commercial Bank of China.

From yesterday's net inflow of funds, although the market has fallen sharply, financial services still have net capital inflow of stocks. There were 15 stocks of net capital inflows yesterday. They are CITIC Securities (600030) (56 million 403 thousand and 700 yuan), Haitong Securities (600837) (44 million 41 thousand and 300 yuan), Bank of China (32 million 291 thousand and 100 yuan), Huatai Securities (601688) (31 million 933 thousand and 700 yuan), Xingye Bank (25 million 636 thousand and 800 yuan), Everbright Securities (601788 yuan) (16 million 242 thousand and 200 yuan), Construction Bank (15 million 371 thousand and 700 yuan), industrial and Commercial Bank of China (15 million 371 thousand and 700 yuan), Southwest Securities (15 million 371 thousand and 700), bank of Beijing (yuan yuan), etc.

China Merchants Securities (600999) believes that the support of stock market quotas from pure expectations to fundamentals is gradually expanding. After the two sessions, March and April will be the intensive stage of innovation measures for all business lines of brokerages. At the same time, the rise of trading volume and the rapid volume of short-term margin financing will also provide a solid foundation for performance.

There is not much room for adjustment in the securities sector. Although the expectations of the market gradually tend to be recognized, the allocation of the securities sector is still low. The bottom of the industry has been confirmed in the fourth quarter of last year. At present, the profit forecast of the innovation business is in the most clear and definite stage in recent years, and the possibility that the stock price trend will hit a new high is very large. At present, there is still plenty of room for it. We continue to recommend Haitong, Everbright and CITIC Securities that benefit innovation. We also recommend the 000750 countries, Hongyuan securities (000562) and Northeast Securities (000686).

　　 Mining concerns high certainty and high growth stocks

　　 Excavation Among the 52 stocks traded yesterday, only 300157 stocks rose and 300157 were Huayang Technology (600532), rising 4.48% and 2.37% respectively.

From the valuation point of view, of the 52 stocks, 23 times less than 20 times price earnings ratio. They are Shenzhou share (000933) (16.47 times), Lu'an ring energy (601699) (16.27 times), Datong Coal Industry (601001) (15.88 times), Pingdingshan Coal share (601666) (15.79 times), Jizhong energy (000937) (15.76 times), open pit coal industry (002128), Yanzhou coal industry (002128), China Petroleum (E) (E), China Shenhua (E) (E), China coal energy (g) (E), Shanghai energy (E) (E) (International Trade) (International Trade).

From yesterday's net inflow of funds, although the market has fallen sharply, there is still a net inflow of stocks in the extractive industry. There were 3 stocks of net capital inflows yesterday. They are CNOOC (601808) (9 million 901 thousand and 900 yuan), Huayang Technology (2 million 917 thousand yuan), and national investment new set (601918) (595 thousand and 600 yuan).

At present, the coal price drop in Qinhuangdao is mainly caused by the decrease of upstream supply. However, because the demand has not increased significantly, the price of port steam coal does not have the possibility of a substantial rebound. In addition, coking coal mine did not appear a large number of output increase, steel production at a reasonable level, coking coal prices will be stable overall. However, the price of coking coal in Shandong, Hebei and other places will probably decrease slightly due to the impact of Imported Coking Coal from the coast.

Therefore, China Everbright Securities expects that China's coking coal imports will be less than 5 million 500 thousand tons in March, an increase of 1 million 500 thousand tons over February. The absolute growth of overseas imports is relatively limited, so the change of domestic demand or the reduction of supply may offset the increment of imports, so there is no need to overly pessimistic the transition of domestic coking coal prices.

Everbright Securities also pointed out that at present, the overall valuation of the coal industry is at a moderately expensive stage, but the opportunities for individual stocks are still enormous. Focus on high growth and high dividend.

Food and beverage two or three line liquor valuation is expected to improve

　　 Food and beverage There were 9 stocks rising in 57 stocks listed yesterday. They are Weiwei shares (600300) (10.02%), ST China Portugal (600084) (4.29%), Chengde Lulu (000848) (3.69%), ST Huangtai (000995) (3.43%), Jinfeng liquor industry (600616) (600616), golden ham (600616), gold seed wine (HEX), (HSI) (3), San Quan (g) (g), Gujing Gong (Jiu).

From the valuation point of view, of the 57 stocks, 20 times less than the price earnings ratio, 14 times less than 30 times. They were Fuling pickled mustard tuber (002507) (27.94 times), Guizhou Moutai (600519) (27.7 times), Tsingtao Brewery (600600) (27.7 times), miss you (002582) (27.69 times), plum blossom group (600873) (27.40 times), three yuan share (three), Beingmate (gall) (gall), Gaga food (E) (gall), Luzhou Laojiao (gall), Yanjing Beer (E) (E), Wuliangye (E) (gall), Erie stock (E) (gall), etc.