20180917-中国银河国际证券-China_Galaxy_A-Share_Morning_Comments__晨会纪要__3页_413kb
报告摘要
China Galaxy A-Share Morning Comments Summary (September 17, 2018)
Core Content Overview
The China Galaxy A-Share Morning Comments from September 17, 2018, provide an analysis of the Chinese stock market performance, macroeconomic outlook, and sector-specific insights. The report highlights the mixed performance of major indices, the impact of sector rotations, and the potential investment opportunities in specific industries.
Market Performance
-
A-Share Market:
- The market opened slightly higher on Friday, driven by new energy vehicle (NEV) related stocks.
- The SHCOMP had a narrow range-bound session, while the ChiNext declined, losing over 1% in the morning session.
- Technology stocks plunged in the afternoon, dragging down the ChiNext to a four-year low.
- Turnover continued to shrink, indicating weak market participation.
-
Major Indices (as of 18.09.14):
- SHCOMP: Closed at 2,681.6, down 0.18%
- SZSE Comp: Closed at 8,113.9, down 0.61%
- CSI 300: Closed at 3,242.1, up 0.17%
- ChiNext: Closed at 1,366.6, down 1.78%
- HSI: Closed at 27,286.4, up 1.01%
- HSCEI: Closed at 10,575.2, up 0.69%
Sector Analysis
Pharmaceuticals
- Positive Outlook: Companies with low valuation and strong growth potential are favored.
- Recommendations:
Electronics
- Investment Focus: Domestic suppliers of Apple's wearable technology are highlighted.
- Recommended Stocks:
Auto
- New Energy Vehicle (NEV): Sales growth remains stable, supported by the sector's previous performance.
- Performance: Auto, NEV, and lithium battery related names saw price increases.
Technology
- Correction: The sector experienced a correction after a previous rally, attributed to profit-taking.
- Key Losers:
Macro Outlook
- Inflation: China's inflation is rising slowly but remains moderate.
- Supply vs. Demand: The inflationary pressure is supply-driven, not demand-driven.
- Money Supply: Growth of money supply is limited, and domestic demand is weak.
- Economic Outlook: For the full year of 2018, the economy is expected to face downward pressure, but inflation should remain mild.
- Fed Rate Hike: A potential rate hike by the Fed in September continues to weigh on the market.
- SHCOMP Support Level: The SHCOMP may test its support level at 2,638 if turnover does not improve.
Risk and Disclaimer
- This document is issued by China Galaxy International Securities (Hong Kong) Co., Ltd. to institutional clients.
- No warranty: The information and reports are based on reliable sources, but no guarantees are made regarding their accuracy or completeness.
- Investment Risks: The analysis does not consider individual client's investment objectives, financial situation, or risk tolerance.
- Liabilities Disclaimed: The company disclaims any liability arising from the inaccuracy, incorrectness, or incompleteness of the document.
Interest Disclosure
- Financial Interests: China Galaxy International may hold financial interests in the companies mentioned, potentially equal to or exceeding 1% of their market capitalization.
- Directors/Officers: Some directors, officers, and employees may have roles in the mentioned companies.
- Investment Activities: The company may participate in financing transactions, provide investment services, or hold positions in the securities of the mentioned companies.
Copyright
- All rights reserved by Galaxy International Securities.
- Unauthorized reproduction, redistribution, or publishing is strictly prohibited.
Contact Information
- CGIS Research: cgiresearch@chinastock.com.hk
- Address: 20th Floor, Wing On Centre, 111 Connaught Road Central, Sheung Wan, Hong Kong.
- General Line: 3698-6888
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