There Are Still Differences Between Big Blue Chips And Small And Medium-Sized Ones.

Recently, the market style has been turning to small and medium sized sectors, and securities companies believe that this phenomenon is an opportunity to make up for inflation.

From the perspective of the relative value of Shanghai and Shenzhen 300, the gem is still slightly repaired at the bottom, and the mean return is still on the road.

The 2016 performance bulletin showed that small and medium-sized business performance exceeded expectations, but valuations remained high.

But small and medium-sized stocks with high growth potential still deserve investors' attention.

Recently, the opportunities for small and medium sized plate companies have again been concentrated on the research reports of major brokerages.

Among them, Huaxin securities, Zhongyuan securities, Anxin securities, Guotai Junan, Southwest Securities, XinDa futures 5 institutions said that the market style switch is already approaching, small and medium Chong Chong opportunity is worth noting.

For example, the Central Plains securities in the "hot spot market switch, small and medium-sized comprehensive increase" report, said that "in the artificial intelligence, 3D printing and intelligent machines and other hot plate driven by small and medium sized plates to make up for the whole market, the money making effect has greatly improved, attracting outside capital to enter again to do more."

In the comprehensive statistical analysis of the 2016 performance announcement issued by Southwest Securities, it is believed that the growth of small and medium sized boards and gem boards that are concentrated in growth stocks still maintain a high growth rate of about 40%, and their high valuation is being gradually digested.

In the future, through the index adjustment and valuation digestion, the growth stocks of small and medium sized enterprises in the second half of 2017 are expected to usher in a layout opportunity.

but

It is believed that the assertion style conversion speech is still early. Fangzheng securities issued a research report entitled "declining convergence index and continuing to see the small and medium sized enterprises". This week, the index of small and medium sized enterprises rose and the convergence index fell sharply during the same period, which meant that the sentiment of small and medium-sized investors was dispersed and their driving force was insufficient.

The rally is weak, but the convergence index is on the rise, which means the buyer is stronger and the subsequent rate is likely to rise.

Fan Ziming, a macroeconomic strategist at Dongxing securities, also said: "these 2 days' rally can not be regarded as a strong sign of return for small and medium-sized enterprises. The gem is still at the bottom of the valuation of Shanghai and Shenzhen 300, and there is no state of mean reversion. Mean reversion is one of the most powerful forces in nature. Intervention in the mean regression process is a good strategy, but now the mean is still at the bottom of consolidation, and it needs to be patient.

Opportunities may appear in the two quarter. "

Guo Hai securities strategy researcher Kim Long said, "in fact, the motherboard and the gem differentiation has a long history. Since February 2013, there has been a trend of contrast between the two major boards. Most of the time, the gem is stronger than the motherboard. At the end of last year, the gem appeared to be weaker than the main board. However, most of the securities companies still have no confidence in the growth enterprise market. Generally speaking, A shares belong to the growing capital market, so the growth stocks of small and medium sized enterprises still have great potential."

According to the performance bulletin, in 2016, small and medium-sized enterprises realized a total net profit of 311 billion 660 million yuan, which rose by 37.95% compared to the sum of 225 billion 926 million yuan net profit of these listed companies in 2015.

Visible small and medium-sized enterprises are still at a high growth stage, which is quite good for the slowing economy in 2016.

Further, the 540 gem enterprises realized a total net profit of 86 billion 706 million yuan, which was significantly increased by 39.65% compared with the 62 billion 89 million yuan in 2015, with an average profit of 161 million yuan per household, while 819 small and medium-sized boards had a net profit of 224 billion 954 million yuan, a 37.3% increase over 163 billion 837 million in 2015, with an average profit of 275 million yuan per household.

Although the growth rate of small and medium-sized enterprises exceeds expectations, there is still a cautious attitude in the market.

The main reason is that even though the early decline is relatively large, the overall valuation of small and medium enterprises is still 50~60 times, which is still more than that of the Shanghai and Shenzhen motherboards.

And due to the acceleration of IPO, a group of enterprises that are not good enough are mixed up in small and medium-sized boards.

For example, a large number of net profit growth comes from mergers and acquisitions after the merger or previous poor performance.

If we want to find a truly endogenous growth enterprise, we must conscientiously do a good job in enterprise research.

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