Fundamentals improvement expectations, strengthening institutional focus on technological growth
2023-10-27
The Shanghai Composite Index has recently experienced a "triple rise". On October 26th, the Shanghai Composite Index, Shenzhen Composite Index, and ChiNext Index all received dividends, rising 0.48%, 0.40%, and 0.65% respectively. In the previous two trading days, both the Shanghai Composite Index and the Shenzhen Composite Index closed higher, while the ChiNext Index also rose by 0.85% on the 24th. From the recently released strategy reports, securities firms generally believe that the current economic fundamentals are continuously repairing, and various economic data at the end of the year will have a good ending. The expected improvement may lay the foundation for the market rebound. With the improvement of market risk appetite, we can focus on areas such as technological growth. Macroeconomic fundamentals are expected to improve at the macroeconomic level, and securities firms generally indicate that economic fundamentals are currently continuously being repaired. The recently disclosed performance of listed companies in the third quarter has also shown an improvement trend, and various economic data at the end of the year will have a good ending. In this context, expected improvements may lay the foundation for a market rebound. In terms of fundamentals, the domestic GDP in the third quarter increased by 4.9% year-on-year, higher than the market expectation of 4.5%, and the cumulative year-on-year growth in the first three quarters was 5.2%. In September, the domestic economy continued to improve marginally. "According to the latest research report analysis of Ping An Securities, on the one hand, export performance was outstanding, with a narrow decline in exports in September, car exports maintaining high growth, and mechanical and electrical equipment exports narrowing. On the other hand, household consumption has steadily recovered, and the year-on-year growth rate of social zero in September has rebounded, making a significant contribution to car sales. At present, the recovery of economic fundamentals is gradually entering a favorable stage. In September, China's manufacturing PMI rose above the boom and bust line, and the economy may end well by the end of the year. In addition, the current liquidity tension may ease. The strategy team of Guohai Securities also stated that the fourth quarter is an important macro policy observation window period, and the tone still focuses on economic recovery. The current Shanghai Composite Index is approaching its low point in October last year, and the pessimistic pricing of fundamentals and risks in the equity market is already quite sufficient. The overall market opportunity outweighs the risk. Ping An Securities stated that although there has been an increase in overseas disturbances recently, the trend of marginal improvement in the domestic economy is still continuing, and active capital market new policies such as adjusting the margin ratio for securities lending and optimizing the cash dividend system are still being introduced, The incremental policy of medium and long-term capital entry into the market is still worth looking forward to, and is expected to work together to boost market expectations and rebound from the bottom. At the same time as the performance of listed companies has been restored, the third quarter performance of listed companies that are currently being intensively released has also shown a rebound trend. Several institutions have stated that the performance recovery of listed companies in the third quarter is worth looking forward to, and at the same time, the sectors with inflection points in the third quarter report are worth paying special attention to. According to Wind data, as of October 26th, as of the press release, more than a thousand listed companies in the A-share market have disclosed their quarterly reports, of which about 61% have achieved year-on-year growth in operating revenue; The proportion of companies that achieved year-on-year growth in net profit attributable to their parent company is approximately 57%. Multiple listed companies have achieved a year-on-year growth rate of over 100% in operating revenue and net profit. As announced by Shunfa Hengye, the revenue for the first three quarters of 2023 was approximately 1.787 billion yuan, an increase of 757.13% year-on-year; The net profit attributable to shareholders of the listed company was approximately 264 million yuan, an increase of 134.27% year-on-year. Zhiyuan New Energy
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Economic Information Daily
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