Net purchases of northbound funds exceeded 10 billion_ Oriental Fortune Network

Net purchases of northbound funds exceeded 10 billion.

institutional perspective

CITIC Securities: The current sector valuation is at a low level, and we are optimistic about property service companies that have upward fundamentals and continue to increase dividends.

CITIC SecuritiesThe research report pointed out that in 2023, leading property service companies have increased their dividend payout ratios. This not only shows that corporate governance has improved substantially, and cash cows are willing to share growth with the market, but also shows that industry operations have improved substantially, that is, corporate operating cash inflows are healthy and reliable. The capital market highly recognizes the attitude of companies to increase dividends, and the correlation between the market value of listed property service companies and related development companies has declined. The property service industry has a high renewal rate, highly stable rates, solid profitability, and good quality of payment collections.Leading property services companies are expected to achieve double-digit revenue growthChangheIf profit growth is higher than revenue growth, operating net cash flow may continue to be greater than net profit, and the dividend payout ratio may further increase. The current sector valuation is at a low level, and we are optimistic about property service companies that have upward fundamentals and continue to increase dividends. Once central enterprises with good fundamentals but insufficient willingness to pay dividends begin to pay attention to investors’ sense of gain, they are expected to be highly recognized by the market.

Huatai Securities: With the double inflection point of installed capacity and cost, the value of gas and electricity is expected to be re-evaluated

Huatai SecuritiesThe research report points out that it is expected to benefit fromnew energyRegarding the peak shaving demand for installed capacity, domestic gas and electricity additions will be 18.68 million kilowatts, 26.25 million kilowatts, and 14.79 million kilowatts from 2023 to 2025. The gas-to-coal ratio determines the market competitiveness of gas and electricity. Since 2010, the domestic gas-to-coal ratio has been higher than 2.98. If it falls to less than 2.42 in the future, the marginal cost of gas and electricity will equal that of coal-fired electricity. It is judged that the cost of gas sources will decline in the medium to long term, and the value of gas and electricity is expected to be revalued. It is recommended to pay attention to three directions: breakthrough in gas and electricity installed capacity; profit bottoming out; and gas and electricity boosting gas sales.

Guotai Junan: Non-silver sectors remain underweighted

Guotai JunansecuritiesThe research report pointed out that the non-silver sector is still underweighted. Brokerages recommend increasing holdings of leading brokerages with competitive advantages in various investment services and M&A and restructuring-related targets;InsuranceOn the other hand, the risk of “interest spread loss” will be reduced due to the expectation that the central bank will stabilize the yield of government bonds and that supervision will guide the industry to reduce liability-side costs;Diversified FinanceOn the other hand, it is recommended to focus on increasing holdings of leading non-bank institutions with strong profit stability.

CITIC Construction Investment: Sort out the price increase chain and pay attention to the transmission effect and sustainability

CITIC Construction InvestmentThe research report pointed out that many upstream and midstream raw material fields have successively started price increases. How to buy the subsequent price increase chain? The first is to explore categories that still have potential price increases; the second is to look at the varieties that have already increased prices. The cost-driven type focuses on demand rigidity (transmission ability), while the supply-demand driven type focuses on price inflection points and prefers categories with longer price increase cycles. Overall, the products that are still supported by supply and demand logic or are expected to achieve better profitability in this round of price increases mainly include refrigerants, high-end storage, panels,Gastires, TMA, etc.

CICC:droneThe distribution market is vast and large-scale freightdroneLinks with high barriers are expected to benefit the core

CICC Research said,droneThe distribution market has vast space, and high-barrier links such as large-scale cargo drones are expected to benefit from it. ZTO Research Institute estimates that drone delivery can reduce overall operating costs by 30%. CICC believes that drone logistics is expected to accelerate development with its advantages of high efficiency and low cost. CICC estimates that the drone logistics market size is expected to exceed 200 billion in 2030. Yuan.The drone logistics system consists of drone manufacturing, air traffic control, smart logistics, and drone-specific take-off and landing systems. Among them, large-scale cargo drones are in strong demand and have high development barriers. CICC believes that drones are expected to benefit from them.logistics industrydevelopment of.

Haitong Securities: Expected follow-upbankThe revenue growth rate is expected to gradually stabilize, and the profit growth rate is expected to remain high.

Haitong SecuritiesThe research report stated that looking to the futurebankperformance, with the subsequent introduction of policies to stabilize the economy, the follow-upbankThe revenue growth rate is expected to gradually stabilize, the profit growth rate is expected to remain high, the non-performing rate remains low, the provision coverage ratio remains high, and the industry’s “outperform” rating is maintained.

Source of article: Oriental Fortune Choice data