In October, the organization got together and found the third quarterly report and the capping market.

Reporter Peng Hao

Editor's note:

After the 11th holiday, institutional research and enthusiasm "cooled down." The data shows that as of October 19, a total of 80 institutions have concentrated on 30 listed companies after the holiday, which is lower than the average frequency since the third quarter. From the perspective of listed companies, small and medium-sized enterprises are still the focus of institutional research. Among the top ten listed companies in the agency research, the top three are Yunnan Energy Investment, Tongyu Communications and Huilong 002556. The stocks that have been pre-increased in the third quarter report and are expected to be “capped” have become the focus of the organization.

Small and medium-sized innovation is the focus of research

After the 11th holiday, institutional research and enthusiasm "cooled down." The data shows that as of October 19, a total of 80 institutions have concentrated on 30 listed companies after the holiday, which is lower than the average frequency since the third quarter, which is significantly lower than the 435 institutions and 175 listed companies in the same period last month.

From the perspective of listed companies, small and medium-sized enterprises are still the focus of institutional research. Among the top ten listed companies in the institutional survey, there are as many as 7 small and medium-sized companies, among which the top three are Yunnan Energy Investment, Tongyu Communications and Huilong. Specifically, only 20 listed companies disclosed institutional research in the first week after the holiday. The more concerned are *ST Hualing, Yunnan Energy Investment, Oceanwide Holdings 000046, shares, Huilong shares, Tongyu Communications, Wan Ma shares 002276, shares, silver star energy 000862, stock bar and other listed companies, the number of institutions surveyed more than 10.

Last week, the most sought-after listed company was *ST Hualing, which received two batches of institutions. On October 11th, Shengshijing Assets and other structural construction interviews, on October 12, there were 27 organizations to conduct research, including Shanghai Chaos Investment, Freshwater Well-known private placements such as Quantou Investment and Xiamen Poole Investment also include public offerings such as Guotai Fund, Harvest Fund, Penghua Fund, Bosera Fund, and ICBC Credit Suisse Fund. * ST Hualing has increased more than 120% since July this year.

In fact, the organization's choice of small and medium-sized listed companies, in addition to performance expectations, is often related to major events. Take Yunnan Energy Investment as an example. Recently, Yunnan Energy Investment announced a major asset restructuring plan. It plans to purchase 100% of the shares of Malong Company, Dayao Company and Huize Company and 70% of the shares of Daixi Company by issuing shares, and its wind power assets Growth has also become the focus of post-holiday institutional research, attracting the attention of many funds such as China Merchants Fund, Galaxy Fund, GF Fund, and Dacheng Fund.

For example, Tongyu Communications, Inc. is a company specializing in R&D, production and sales of base station antennas, microwave antennas and RF devices in mobile communication systems. Since mid-September, the growth rate has been relatively rapid. The company said that the construction of the 5G base station will be dominated by the main equipment vendors, and the tender will be integrated into the tender. At the same time, in the development of 5G related antennas, MassiveMIMO related products have been delivered to relevant partners for pilot commercial testing.

Organization layout capping market

After reviewing the fund and the post-private holiday research trends, the listed companies surveyed by the fund mainly concentrated in *ST Hualing, Yunnan Energy Investment, and Oceanwide Holdings, and more than 7 funds participated in the research; privately-researched listed companies Mainly concentrated in *ST Hualing, Tongyu Communications, 9 and 6 private placements participated in the survey. Obviously, *ST Hualing has become the most favored stock for post-holiday funds and private placements.

According to historical data, in the fourth quarter of each year and the first quarter of the next year, the concept of ST hats will become the focus of the organization. Many institutions will take the opportunity to adjust their positions and lay out the cap market in advance, especially in the third quarter. The stocks that are expected to be capped in the coming year are the targets of institutional competition.

* ST Hualing disclosed the results of the 2017 third quarter report, the company expects to achieve a net profit of 3.2-3.4 billion yuan from January to September 2017, achieving a net profit attributable to shareholders of listed companies of 24.5-26.5 billion yuan, the first three quarters The performance has increased significantly compared to the historical best performance. In other words, as long as *ST Hualing does not experience large losses in the fourth quarter of this year, the probability of taking off the hat in the future is extremely high.

In the survey, due to the recent release of the company's third-quarter results forecast, the agency mainly asked whether the profitability is sustainable. The company replied: The current steel price is not a historical high, but the current steel industry's profitability is historically high, the main reason is due to the improvement of the profitability of the entire industry chain of the steel industry. The effective contraction of the steel supply end and the change of the profitability of the steel industry chain, the steel manufacturing sector has increased its voice in the upstream and downstream industry chain of steel. At the same time, through hard work and internal strength, the company has deepened internal reforms, improved quality and reduced consumption, and reduced costs and efficiency, reducing logistics costs, labor costs, energy costs and financial costs.

In fact, before the release of the results of the third quarterly report, the private placements including Wang Yawei and Sun Jiandong had already taken the lead. In August this year, the joint venture and Hongdao Investment investigated the *ST Hualing. It is worth mentioning that Sun Dao invested in Sun Daodong even went to *ST Hualing to "find the bottom."

With the official disclosure of the three quarterly reports, A shares may detonate a new round of "caps". Sun Jiandong believes that the fourth quarter is an important window for the strategy to turn to growth. The trend of macroeconomic policies is the most important variable affecting the stock market. In the first half of 2017, the value stocks have been repaired with considerable space, and the market style is expected to shift from value to growth.

The company that won the high-frequency research of the organization outperformed the market

Institutional research has always been a market trend that investors are paying more attention to. If many organizations conduct research on the same company, they can express a consensus on a certain aspect of the company. Then, after the end of the institutional investigation, will the stock price of the relevant company be stronger, which is positively related to institutional research?

To this end, we have statistics on the stock price performance of the stocks in the past three months from January to June this year. The results show that in January, there were 126 individual stocks surveyed more than 10 times, and the average maximum increase in the following three months was 18.30%. In February, there were 164 individual stocks surveyed more than 10 times, and the average was the highest in the next three months. The increase was 14.92%; in March, there were 168 individual stocks surveyed more than 10 times, and the average maximum increase in the following three months was 10.72%; in April, there were 135 individual stocks surveyed more than 10 times, and within 3 months The average maximum increase was 11.77%; in May, there were 243 individual stocks surveyed more than 10 times, and the average maximum increase in the following three months was 17.12%; in June, there were 137 individual stocks surveyed more than 10 times, followed by 3 The average maximum increase during the month was 19.00%.

Since September, a number of listed companies have received high-frequency research, and the stock price trend is generally good, such as Goldwind 002202, stock bar, Guangzhou Automobile Group 601238, stock bar, BOE A and so on have received more than 10 research, 9 The stock price since the month has risen by nearly 16%, 10% and 38% respectively. Among them, BOE A (000725) is the highest share price increase in these surveys. It also ushered in a new survey on October 17th. The institutions include Shennong Investment, Pengyang Fund, Zhanbo Investment, and CITIC Asset Management. Home institution.

Obviously, stocks with more than 10 institutional surveys in a month will be able to significantly outperform the market in the next three months. In fact, this is also easy to understand. The subtext of many organizations investigating the same company is that the public is optimistic about the company, and after the investigation and verification, the organization may conduct a buying operation to catalyze the stock price.

Research trail

Wanma shares (002276)

New energy charging pile business has layout in 16 cities across the country

Research institutions: At present, are the customers in the field of electric logistics vehicles mainly courier companies?

Wanma shares: The company's current customers in the field of electric logistics vehicles are mainly urban logistics companies, and provide services for some express companies. Compared with express delivery companies that require extremely strict timeliness, the timeliness requirements of urban logistics companies are relatively slow. The company is currently focusing on the urban service of electric vehicles, and the business of urban logistics companies is quite similar in the entire logistics industry. Large proportion.

Research institutions: Which cities in the country have new energy charging piles in the country?

Wanma shares: The company's current new energy charging pile business has layout in 16 cities across the country, mainly in provincial capitals and regional central cities, including Hangzhou, Ningbo, Beijing, Shanghai, Suzhou, Wuxi, Wuhan, Guangzhou, Shenzhen, Chongqing, etc. At present, the company mainly focuses on field-based cloth piles, focusing on the layout of high-power DC charging piles, and focusing on urban hubs and hot spots where users use frequently. By increasing the charging efficiency of single stations in charging stations, it is more cost-effective. Spillover benefits.

Research institutions: What are the competitive advantages of the company's charging pile business compared with the national grid?

Wanma shares: The state actively encourages private capital to participate in social investment. As a small and medium-sized private company listed on the Shenzhen Stock Exchange, the company has certain financial advantages. It has high operational efficiency in decision-making and execution, and its service capability and service awareness. The aspect is closer to the needs of customers. At the same time, Wanma New Energy Industry has its own layout in the fields of manufacturing, investment and operation. It has the advantage of the whole industry chain and has the ability to provide one-stop service for customers.

Tongyu Communication (002792)

Extensive investment mergers and acquisitions around the "big communication" field

Research institute: What is the company's 5G related antenna development? What is the trend of antenna development in the 5G era compared to previous antennas?

Tongyu Communications: The company has always attached importance to the investment and accumulation of research and development. At present, the company's Massive MIMO related products have been delivered to relevant partners for commercial testing in the pilot. According to the feedback data, the results are good and are still being further optimized. Judging from the development of the industry, antenna activation, miniaturization and high integration will be the general trend of development and will be integrated into an “antenna system”.

Research institutions: What is the direction of the company's future expansion?

Tongyu Communications: The company has always made some outreach investment mergers and acquisitions in the field of “big communication” that can produce synergies with the current main market or technology. The company does not rule out some suitable investment and mergers and acquisitions in military industry, late 5G new applications, private networks (Internet of Things, etc.).

Research institutions: In the future 5G era, what changes will the company's customer types have?

Tongyu Communication: The construction of the 5G base station will be dominated by the main equipment supplier, and the tender will be integrated into the tender. The company's customers will be dominated by the main equipment supplier.

Furett installed 300228, stock bar (300228)

The company's hydrogen energy equipment business orders are full

Research institute: How is the sales of hydrogen energy equipment products of the company? What is the future market outlook?

Furui Te: At present, the national policy layer is encouraged by the development of the fuel cell vehicle industry. At the same time, Guangdong, Zhejiang, Shanghai and other regions interested in developing hydrogen energy industry have introduced many policies to encourage the development of hydrogen energy industry. The planning and goals of the development of the hydrogen energy industry are conducive to the cohesion of industrial forces and the improvement of the scale of enterprises. The company's hydrogen energy equipment business is mainly handled by the holding subsidiary Furui Hydrogen. The main products are on-board high-voltage hydrogen supply system and hydrogen refueling station equipment. So far, the hydrogen refueling station equipment has been shipped 4 sets, the hydrogen supply system has been shipped hundreds of sets, the order is full, and the production situation is normal.

Research institutions: What is the company's development of the fuel cell vehicle market?

Furui Te: The domestic fuel cell vehicle market started from last year. Previously, the market was concerned about the production of complete vehicles and key components such as fuel cells and hydrogen supply systems. Now that the domestically produced reactors have been officially put into production, our on-board hydrogen supply system has also begun to be supplied to the market in batches, eliminating the difficulty of vehicle production, and subsequently reducing costs through scale; and with the national new energy vehicles running over 30,000 kilometers. In order to apply for the national subsidy policy, the infrastructure such as hydrogen refueling station has become the bottle diameter that restricts the outbreak of the fuel cell vehicle market. All localities are increasing the planning and investment construction of the hydrogen refueling station. Will benefit; future fuel cell vehicle ownership will increase the operating cost of the vehicle will become another focus, hydrogen production and transportation issues will be concerned by the capital market, the company's current layout of liquid hydrogen products will also benefit in the future .

"Investment Express" from Guangzhou

(Editor: Li Jiajia)