20180622-广发证券_香港_-Dim_Sum_Express_4页_440kb
报告摘要
Dim Sum Express Summary
Core Content
This document is an equity research report from GF Securities (Hong Kong) dated June 22, 2018. It provides an analysis of key market indices, A-share and H-share market outlook, investment strategies, and specific investment recommendations. The report also includes rating definitions, analyst certification, and disclosures.
Key Index Performance
The following table summarizes the performance of key global and regional indices:
| Market | 1D (%) | 1M (%) | YTD (%) | EPS 18E (%) | EPS 19E (%) | P/E 18E | P/E 19E |
|---|---|---|---|---|---|---|---|
| HSI | -1.4 | -6.2 | -2.1 | 41.6 | 10.6 | 11.5 | 10.4 |
| HSCEI | -1.2 | -8.0 | -2.9 | 23.2 | 10.2 | 7.7 | 7.0 |
| MXCN | -1.3 | -3.4 | 1.4 | 56.0 | 15.7 | 12.8 | 11.1 |
| SHSZ300 | -1.2 | -8.0 | -10.9 | 34.5 | 15.2 | 12.1 | 10.5 |
| SHCOMP | -1.4 | -10.5 | -13.0 | 38.4 | 13.5 | 11.4 | 10.1 |
| SZCOMP | -2.1 | -14.9 | -16.9 | 73.6 | 22.6 | 17.5 | 14.3 |
| INDU | -0.8 | -1.5 | -1.0 | 40.5 | 8.7 | 16.1 | 14.8 |
| SPX | -0.6 | 0.9 | 2.8 | 46.0 | 10.0 | 17.3 | 15.7 |
| CCMP | -0.9 | 4.5 | 11.7 | 81.6 | 15.3 | 23.3 | 20.2 |
| UKX | -0.9 | -4.1 | -1.7 | 169.2 | 6.4 | 13.7 | 12.9 |
| NYK | -1.2 | -2.3 | -1.5 | 61.6 | 14.8 | 16.3 | 14.2 |
Hong Kong ADRs
The following table outlines the performance of major Hong Kong-listed companies in both local and ADR (American Depositary Receipt) markets:
| HK Ticket Company | Local (HK$) | Daily (%) | ADR (US$) | Daily (%) |
|---|---|---|---|---|
| 700 TENCENT | 396.8 | -0.85 | 49.9 | -1.73 |
| 1398 ICBC | 6.1 | -1.14 | 15.4 | -1.19 |
| 939 CCB | 7.4 | -1.46 | 18.7 | -2.19 |
| 857 PETROCHINA | 5.8 | -1.37 | 72.8 | -1.78 |
| 5 HSBC | 74.4 | -1.06 | 47.4 | -1.72 |
| 941 CHINA MOBILE | 68.6 | -1.22 | 43.7 | -0.93 |
| 2318 PING AN | 76.1 | -0.91 | 37.4 | 5.38 |
| 3988 BANK OF CHINA | 3.9 | -1.26 | 6.6 | -1.79 |
| 386 SINOPEC | 7.1 | -0.98 | 30.7 | -2.60 |
| 1299 AIA | 67.7 | -2.03 | 8.5 | -3.62 |
A-Share Market Analysis
- Power Equipment Sector: The MIIT released an action plan for the development of the industrial internet (2018-2020), aiming to promote manufacturing through cloud migration and industrial app development. The plan includes infrastructure development, IPv6 support, and a security system.
- PMI Data: May PMI reached 51.9%, the highest since October 2017, indicating continued expansion in the manufacturing sector.
- Investment Recommendations: Companies like Inovance Technology, Xinje Electric, Hongfa Technology, Chint Electrics, and Megmeet Electrical are highlighted due to increased demand for industrial controls. XJ Electric and NariTech are recommended for their leadership in power distribution equipment. Beijing Creative Distribution Automation, Hezong Science&Technology, and Wisdom System are also suggested for their involvement in pilot reforms.
- Risks: Potential risks include a weak manufacturing recovery, lower-than-expected import substitution, reduced power grid investment, and slow progress in electricity market reforms.
Investment Strategy
- Focus on Domestic Demand: The report suggests focusing on stocks related to domestic demand due to improved risk appetite and a temporary pause in US Treasury yield increases.
- Short Term: Recommend leading Chinese-funded property companies and industrial companies such as heavy duty trucks and construction machinery.
- Medium Term: Suggest domestic consumption upgrade sectors, including gaming, airline services, and textiles & apparel.
- Technology Stocks: Bearish in the short term due to reform in HKEX, but bullish in the long term.
- Risks: Downside risks in the Chinese economy, liquidity risks from rising USD and US Treasury yields, and credit risks in USD-denominated bonds.
Rating Definitions
-
Company Ratings:
- Buy: Expected to outperform benchmark by more than 15%
- Accumulate: Expected to outperform benchmark by more than 5% but not more than 15%
- Hold: Expected relative performance between -5% and 5%
- Underperform: Expected to underperform benchmark by more than 5%
-
Sector Ratings:
- Positive: Expected to outperform benchmark by more than 10%
- Neutral: Expected relative performance between -10% and 10%
- Cautious: Expected to underperform benchmark by more than 10%
Legal & Compliance Notes
- Analyst Certification: The views expressed reflect the personal opinions of the analysts.
- Disclosure of Interests: GF Securities (Hong Kong) and its affiliates do not hold any shares or have investment banking relationships with the companies mentioned.
- Disclaimer: This report is for informational purposes only and does not constitute an offer to buy or sell securities. GF Securities (Hong Kong) accepts no liability for any loss arising from its use.
Conclusion
The report highlights the potential for growth in the power equipment sector due to industrial internet initiatives and increased demand for industrial controls. It recommends focusing on domestic demand-related stocks and acknowledges the risks associated with economic and market volatility. The report is comprehensive in its analysis and includes legal disclaimers and rating definitions to ensure transparency.
试读结束，高清完整版pdf/doc/ppt,请点下载
