Securities Companies Focus On Multi Technology Stocks Rising Against The Market, And The Golden Period Of Medium And Long-Term Layout Of Growth Stocks Coming?

On June 15, the first day of opening after the Dragon Boat Festival, the three major stock indexes of a shares have been recalled.

By the end of the day, all three indexes fell. The Shanghai index fell 0.92%; The Shenzhen composite index fell 0.86%; The index fell 1.1%.

However, the Kechuang 50 Index bucked the trend and rose 0.83%, which rose more than 2% in the session. At the same time, the theme of science and technology also took the lead. Among the 28 primary industry indexes of Shenwan, the electronics industry led the rise with 1% against the market, while 25 primary industry indexes fell on the same day.

In fact, as of June 15, the Kechuang 50 index has risen 18.38% since March 16. In the latest month of A-share recovery (may 15-June 15), the Kechuang 50 index increased by 11.35%, far exceeding the Shanghai index of 1.90%, the Shenzhen Composite Index of 3.27%, and the Chuang index of 7.53%.

The performance of technology growth stocks in the past month is also among the top in the industry index. In the latest month (May 15 - June 15), computer industry index rose by 9.12%, electronic industry by 8.08% and communication industry by 7.41%.

Recently, the securities companies research and report collectively look at growth stocks represented by science and technology, and growth stocks are the direction of medium and long-term layout.

Many institutions have recently pointed out opportunities for technology and growth stocks. Among them, the science and technology innovation board, which has been open for two years, has become the focus of attention. Visual China

Securities companies collectively look at more technology and growth

According to recent research reports, many institutions have recently indicated opportunities for technology and growth stocks. Among them, the science and technology innovation board, which has been open for two years, has become the focus of attention.

"The science and technology innovation board, the bull market has come, has just begun, and is now in the strategic layout period." Zhejiang Securities pointed out.

Standing at present, how about the follow-up space of the science and technology innovation board?

Zheshang securities clearly pointed out: "the current science and technology innovation board is still the bottom of the bottom."

Zheshang securities further said, "this round of bull market started in Q4 in 2018 is still on the way. The science and technology innovation board is the engine of the bull market. At present, it is the bottom area of the new stage. Structurally, growth has bottomed out, white horse is divided, and securities companies are the wind vane."

"Looking forward to the next 1-2 months, index volatility, we should optimize the position, increase the allocation of science and technology innovation board." Suggestions of Zheshang securities.

It is worth mentioning that incremental funds are entering the science and technology innovation board.

Xu Biao, an analyst at Tianfeng securities, pointed out that the incremental funds of public funds and foreign capital continued to increase the allocation of science and technology innovation board.

Xu Biao said that no matter in terms of the total market value or the proportion of positions held by public funds on the science and technology innovation board, they all showed a continuous upward trend, which also reflected the strong preference of incremental funds for the science and technology innovation board.

Xu Biao's research shows that since the opening of the Q3 science and technology innovation board in 2019, the stock market value of active equity fund positions in the science and technology innovation board has increased from 905 million yuan in 2019q3 to 55.31 billion yuan in 2021q1, with an increase of 6044%. From the number of open funds, more funds choose to allocate the science and technology innovation board. The number of funds holding positions on the science and technology innovation board has increased from 48 in 2019q3 to 666 in 2021q1. The number of funds that choose to allocate the science and technology innovation board has increased to more than 10 times. More and more active equity funds have chosen to participate in the investment of science and technology innovation board.

Foreign investment is also accelerating the allocation of science and technology innovation board.

On the evening of February 19, after FTSE Russell announced that 11 stocks except Fudan Zhangjiang would be included in the FTSE GEIs index, overseas incremental funds will further allocate the science and technology innovation board. Subsequently, on May 11, there were five sci tech Innovation Board stocks included in the MSCI index. What is more significant is that both the number of foreign shares and the proportion of foreign shares in the current market value have been increased by foreign investors, which are included in the FTSE index and MSCI index.

And Guosheng securities also believes that the science and technology innovation board is the strongest main line to overcome "internal volume". The subject matter of science and technology has been fully adjusted in the early stage, but the margin of safety is still at present.

Many securities companies believe that in the medium and long term, it is the time to lay out science and technology themes in the medium and long term.

CITIC Securities pointed out that at present, the growth plate such as computer is dominant, and has considerable sustainability.

And Guotai Junan Securities suggests that, in terms of industry configuration, "securities companies take the lead, and the growth relay.". It is suggested that new energy vehicles, electronics, computers, military industry and medicine should be allocated for the growth of science and technology.

Industrial Securities believes that "growth style will be the main source of excess earnings.".

In terms of industry allocation, industrial securities emphasizes that "harvest cycle, layout and growth", and growth is still the main attack direction at present. For example, aiot (artificial intelligence internet of things), Internet of things, Chinese domestic operating system represented by Hongmeng, and smart terminal mobile phones and automobiles are linked with each other, and the incubation opportunities are worthy of special attention. Such as: computer, communication, electronics, etc.

In the second half of the year, CICC's overall view of the Chinese market is neutral and optimistic about the structure, suggesting that it should "light the index, pay more attention to the structure, and incline to growth".

Medium and long term development opportunities for growth stocks

Recently, growth stocks have been at the forefront, leading A-share market since May to come out of a wave of rapid rise. The rebound after oversold, as well as optimistic about the prospects of growth stocks, is the main reason for this round of rise in science and technology growth stocks.

At present, from the perspective of market performance, growth stocks represented by science and technology have sprouted. How long can the market last?

CITIC Securities believes that in the short term, the dominant force of the market in June is still the frequent position adjustment of stock funds. In the short run, we should grasp the opportunities under the market rotation.

However, standing in the medium and long term, growth stocks represented by science and technology are worthy of medium and long-term layout.

"Growth and manufacturing is still the main line leading the rise in the medium term." CITIC Securities pointed out.

The reasons given by CITIC Securities are: first of all, the economic operation is stable, and the macro environment of expected recovery of liquidity is more conducive to the market to gather consensus on growth.

Secondly, the high growth varieties with large industrial space, clear profit model and high capital expenditure will increase the valuation premium at the stage of the decline of the whole market profit growth rate, and will continue to benefit from the market environment of game valuation elasticity.

Thirdly, the policy implementation density based on medium and long-term high-quality development is increased, which is more conducive to the growth plate with large industrial space.

"Among them, the allocation value of growth and manufacturing is still obvious. It is recommended to adhere to the allocation of new energy, independent and controllable science and technology, national defense security and intelligent manufacturing. If these sectors are adjusted due to the rapid rise in the early stage and the short-term stock fund adjustment, it is a good opportunity to increase the allocation." CITIC Securities.

The industry configuration and theme suggestions given by CICC are "growth oriented and cycle oriented".

The reason is that as China enters the "post epidemic new normal", the "new economy" trend represented by industrial upgrading and consumption upgrading may return to the main line. The epidemic situation has tested the resilience and competitiveness of China's manufacturing industry. With the help of many advantages derived from the large domestic demand market, China's manufacturing industry is moving from the traditional "three low and one weak" (low added value, low technology content, low quality and weak brand) to "three high and one strong" (high added value, high technology content, high quality and strong brand), and the new "made in China" and "made in China" have become more and more popular Industrial upgrading and industry independence are strengthened“ Under the superposition of "carbon neutral" and digital economy trend, the industrial trend represented by electric vehicle and new energy is still deepening; The launch of Hongmeng operating system may accelerate the arrival of a new era of Internet of things; Although the overall consumption is not strong, the trend of structural upgrading continues. These will create investment opportunities in the second half of the year and in the medium and long term.

CICC proposes to focus on the theme of industrial upgrading and technological innovation in the second half of the year.

Under the background of medium and long-term U.S. technology blockade and short-term upstream cost hikes, some of China's technology hardware and high-end manufacturing sectors are still in a high state of prosperity, reflecting the irreversibility of China's industrial upgrading trend, he said. In particular, the outline of the 14th five year plan also raises "innovation driven" and "upgrading of manufacturing industry" to a new height. In the future, relevant plans for strategic emerging industries will be introduced in succession. At the same time, with the development of vehicle electrification and 5g, related applications may begin to flourish, including automatic driving, Internet of things, AR / VR, etc.

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