本报记者 赵子强 徐一鸣 见习记者 任世碧 楚丽君

　　编者按：2022年开年以来，A股市场震荡回落，量能出现明显萎缩。截至1月28日收盘，上证综合指数累计下跌7.65%。业内人士认为，后市不确定性因素依然较多，春节后A股如何操作尤为重要。为此，《证券日报》记者对机构1月份调研情况进行统计，梳理相关主力发力点，以窥其后市动态。今日本版特将相关机构调研情况整理如下，以供投资者参考。

　　478家上市公司获券商密集调研 业绩增长确定性为关键

　　进入2022年以来，虽然市场走势波动较大，但券商调研的积极性却并未受此影响，而相关被调研公司也随之受到投资者的广泛关注。

　　据同花顺数据显示，今年以来，A股市场共有478家上市公司获券商调研。其中，63家上市公司接待10家及以上券商调研。完美世界(56家)、三花智控(40家)、华东医药(39家)、迈瑞医疗(39家)、卫宁健康(37家)、容百科技(36家)等6家公司更是累计接待36家及以上券商调研。

　　值得关注的是，上述被密集调研的63家公司也获得其他机构投资者的关注，均被12家及以上机构调研。

　　478家公司呈现五特征

　　进一步梳理发现，上述478家获得券商调研的上市公司主要呈现五大特征。

　　一是业绩增长确定。截至1月28日收盘，A股市场共有195家上市公司披露2021年度业绩预告，170家公司业绩预喜，占比达87.18%。其中，69家公司2021年全年净利润有望同比翻番，多氟多、道氏技术、纳思达、双环传动、长远锂科等5家公司均预计2021年全年净利润同比增幅上限超5倍。

　　二是股价调整比较充分。今年以来，上述478只个股中，有388只呈下跌态势，占比超八成。其中，宇晶股份、键凯科技、永太科技、ST国医、欧普康视、中航机电等6只个股期间累计跌幅均超33%。

　　The third is that it has generally received a positive rating from institutions.

During the year, 233 individual stocks received positive ratings such as "buy" or "overweight" from institutions, accounting for nearly 50%.

Specifically, Changshu Bank, Mindray Medical, Desay SV, BYD and other 4 stocks have received positive ratings 12 times or more.

　　Fourth, some individual stocks are favored by financiers.

Since the beginning of this year, as of January 27, 87 stocks have been increased by financiers, with a total net purchase of 4.627 billion yuan.

Among them, Jinjia shares topped the list with net purchases of financiers of 495 million yuan.

In addition, Kangenbei (355 million yuan), Oriental Biotechnology (255 million yuan), BYD (232 million yuan), Zhejiang Shu Culture (203 million yuan) and other stocks received net purchases of more than 200 million yuan by financiers during the period.

　　Fifth, the industry concentration is relatively high.

From the perspective of Shenwan’s first-tier industries, the companies surveyed above are mainly concentrated in four Shenwan’s first-tier industries, including medicine and biology, mechanical equipment, electronics, and computers, with 65, 60, 49, and 46 companies respectively.

　　Investing must be based on fundamentals

　　Regarding the investment opportunities of companies favored by securities companies, Yang Delong, chief economist of Qianhai Open Source Fund, told the "Securities Daily" reporter, "Investors can properly pay attention to companies that have been investigated more, especially companies with better performance, and it is recommended to invest Readers can refer to the key research industries and companies for analysis, and make investments based on fundamentals.”

　　Ma Cheng, chairman of Juze Investment, said in an interview with a reporter from "Securities Daily" that from industry analysis, although pharmaceutical biology is a must-have consumption, the industry attributes determine its long-term positive trend, but it will still be affected by centralized procurement and epidemics in the short term. , there are uncertain base changes brought about by price fluctuations and performance growth.

It can be seen that the time to configure the pharmaceutical and biological industry has not yet come, and investors are advised to treat it with caution.

　　Liu Youhua, the research director of PE Pai Pai.com, told the "Securities Daily" reporter, "For a long time, the research reports of securities companies have been widely concerned by the market, providing research support and reference for many investors, so the research direction of securities companies will be affected to a certain extent. Market investment preference. Companies recommended by securities companies will have higher market attention in the short term, but in the long run, the stock price performance of listed companies mainly depends on whether the company itself can continue to create value. Therefore, it is recommended that investors invest in listed companies surveyed by securities companies. , choose industries that are in a high economic cycle, or have improved performance and leading companies with better fundamentals."

　　Yuan Huaming, general manager of Huahui Chuangfu Investment, said that although the A-share market has been volatile recently, from the perspective of a longer cycle and the comparison of the global equity market, the opportunities in the A-share market are still outstanding.

The pharmaceutical and biological, mechanical equipment, electronics, computer and other industries that the above-mentioned securities companies focus on have relatively outstanding business performance, and the policy level has also received certain support and tilt, which is worthy of investors' attention.

　　"Judging from the disclosed performance data, the above-mentioned industries continue to maintain a high level of prosperity as a whole, but the differentiation within the industry has increased. With the stable growth policy environment and the direction of the Fed's liquidity tightening basically established, the market risk appetite has declined. High-valued varieties are subject to more severe scrutiny in terms of growth rate and sustainability, which has prompted some stocks in related industries to adjust more recently." Yuan Huaming further added.

　　Fund research reveals three characteristics

　　427 companies focus on pharmaceutical and biological industries

　　Recently, the A-share market has continued to fluctuate, and market hotspots have frequently switched. Fund companies, as the "main force" of listed companies' research, adhere to the principle of being responsible to investors, delve into the nature of the company, and actively carry out research, and their research trends have attracted market attention.

　　According to statistics, since the beginning of this year, as of January 28, fund companies have investigated 427 listed companies (including but not limited to on-site research and conference calls), an increase of 501.41% compared with 71 research companies in the same period last year.

Among them, the company receiving the most research is Rongbai Technology, with 107 companies.

In addition, 18 companies including Tibet Mining, Focuslight Technology, Mindray Medical, Huadong Medicine, Sanhua Zhikong, Xinneng Technology, Perfect World, Weining Health, etc. have been investigated by more than 50 fund companies.

　　The more the fund company conducts research, the more comprehensive the fundamental information of the listed company and the better the understanding of the company's value.

Among many fund companies, Harvest Fund and China Asset Management ranked first in the number of surveys, reaching 119 and 111 respectively.

　　Judging from the survey, the fund pays more attention to the operation and development of listed companies.

The research of many fund companies is aimed at "the company's product competitiveness and the outlook of the industry" and other aspects.

　　Fund research shows three characteristics

　　Judging from the 427 individual stocks surveyed by the comprehensive fund company, there are three main characteristics.

　　一是业绩表现较好，成长能力突出。在已披露的187家2021年年报业绩预告中，共有164家公司业绩表现预喜，占比87.70%。其中，预计净利润实现翻番的公司达82家。多氟多净利润有望实现同比增长26倍以上。此外，道氏技术、纳思达、双环传动、长远锂科、西藏矿业、嘉美包装、九安医疗等公司预计净利润实现同比增长300%以上。

　　值得关注的是，九安医疗近期在业绩以及利好消息催动下，截至1月28日收盘，该公司股价再次收获涨停。据统计，公司股价在最近54个交易日中，共计收获30个涨停板。11月15日以来，累计涨幅高达807.50%，成为“牛尾虎头”期间第一热度股。

　　二是主板上市公司数量居多。据统计，主板公司被基金公司调研的家数达225家，占比52.69%，远超创业板的139家以及科创板的60家。

　　三是以中小市值个股为主。截至1月28日，被调研的427只个股最新A股市值合计达5.92万亿元，其中低于A股平均市值190.70亿元的个股达356只，占比83.37%。

　　此外，基金公司调研的大市值公司均为“行业茅”，比如迈瑞医疗、比亚迪、牧原股份等。

　　医药生物等获基金青睐

　　行业集中度方面，医药生物、机械设备以及电子等申万一级行业成为基金公司月内调研的“心头好”，涉及公司家数分别为62家、52家、46家。

　　据记者梳理，在近十年的板块涨幅中，医药生物板块在春节后五个交易日期间表现“十有九涨”，上涨概率远高于其他行业板块。

　　粤开证券研究院首席策略分析师陈梦洁对《证券日报》记者表示，经过近期调整，目前医药行业估值已经回归理性，接近2020年高位一半水平，已具备一定的投资性价比。

　　投资策略方面，陈梦洁认为，在创新医疗器械领域，需求端消费升级不断推进医疗器械行业快速扩张和发展，自主研发及进口替代加速国产崛起，打破进口企业在高端领域的垄断地位。建议投资者把握竞争格局良好的上游设备、耗材企业，以及细分赛道中创新实力强、产品差异化明显的特色企业及布局海外市场的下游器械龙头。

　　在山西证券分析师刘建宏看来，近期医药板块大幅调整，各子板块均出现明显波动。目前行业整体估值处于合理区间，产业发展趋势向好，建议投资者把握个股回调机会。长期来看，带量采购常态化持续加速行业分化，倒逼企业向创新转型；医保目录动态调整，持续加速创新药放量。建议关注创新产业链相关细分领域龙头公司，比如药明康德、博腾股份等。

　　结合当下行情，“每次市场大跌其实都是抄底优质股票或者优质基金的好时机。投资者要从中长期的角度去看待好企业的价值，不要过度关注短期股价的波动。”前海开源基金首席经济学家杨德龙在接受《证券日报》记者采访时表示，近期已经有超过28家基金公司宣布自购，自购金额近10亿元，而前海开源基金也发布公告表示，将用自有资金不低于5000万元来认购旗下基金，彰显其对旗下基金以及优质资产的看好，从而提振A股市场信心。

　　“情绪底+市场底”共振A股迎来好买点？

　　外资机构密集调研192家公司

　　中国经济的率先复苏展现出强劲韧性的同时，外资对于中国资本市场的认可度也在不断提升。今年以来，外资对A股市场的投资热情不减，积极开展调研，为春节后的行情进行充足准备。

　　据同花顺数据统计，今年以来，截至1月28日，A股市场中有192家公司获包括以海外机构及QFII为代表的外资机构密集调研。其中，33家公司均受到10家及以上外资机构扎堆调研。

　　对此，接受《证券日报》记者采访的私募排排网基金经理胡泊表示，“外资机构秉持价值投资理念，目前已经是A股最重要的定价机构之一。而在价值投资理念中，上市公司基本面是重点。同时，虽然目前美联储处在加息缩表状态，但外资配置A股依然保持乐观，外资不会明显流出，反而将持续流入A股，因此对于A股未来的行情和外资重点调研的公司持乐观态度。”

　　192家公司呈现三大特征

　　Specifically, among the above 33 companies, Mindray Medical, Transsion Holdings and other 2 companies were investigated by 75 foreign institutions during the period; Qiaqia Foods, Huichuan Technology, and Weixing New Materials followed closely, and received a total of investigations. The number of foreign-funded institutions reached 46, 44, and 40 respectively; 12 companies, including Rongbai Technology, Desay SV, Haier Bio, etc., were also jointly investigated by 20 or more foreign-funded institutions during the period.

　　Liu Yan, chairman of Anjue Asset, told reporters, "The focus of foreign investment research and investment is on industries with high future prosperity. The logic behind it is: first, from investment-driven to consumption-driven; second, from a manufacturing powerhouse to a manufacturing powerhouse. Transformation; The third is that China has the opportunity to cultivate some national or world-class enterprises. From the perspective of the companies and industries surveyed by foreign investors, the performance is generally good, the return on equity is relatively high, and the R&D investment is generally high; fourth, the valuation is relatively high. generally lower.”

　　The reporter found that the above 192 companies showed three characteristics.

　　First, the profitability is strong.

Statistics found that as of January 28, 80 of the 192 companies mentioned above had disclosed their 2021 annual report performance forecasts, and 71 companies had a positive performance forecast, accounting for nearly 90%.

Among them, 31 companies are expected to achieve a year-on-year increase of more than 100% in net profit in 2021.

　　Second, valuations are generally low.

Statistics show that as of January 28, the median price-earnings ratio of the latest A-share market was 27.73 times. Among the 192 stocks surveyed, 110 stocks had their latest price-earnings ratio lower than this level, accounting for nearly 60%.

The latest valuations of 13 stocks including Jinke Co., Ltd., CIMC Group, Oriental Bio, OCT A, Wuxi Bank, etc. are all less than 10 times.

　　Thirdly, the northbound capital has a high degree of attention.

Statistics show that since the beginning of this year, among the above-mentioned 192 foreign-invested institutions surveyed, 132 stocks have been held by northbound funds.

Among them, AVIC Electromechanical and Changshu Bank received more than 60 million shares of northbound funds during the period, and four stocks including Jinke Co., Ltd., Bank of Ningbo, Muyuan Co., Ltd., and OCT A also received more than 20 million shares of northbound funds during the period.

　　The resonance of the two bottoms ushered in a better buying point

　　From an industry perspective, the research of foreign-funded institutions mainly focuses on six major industries, including medicine and biology, mechanical equipment, electronics, computers, power equipment, and automobiles, involving 34, 25, 21, 18, and 12 companies respectively. , 10, the total number of companies reached 120, accounting for more than 60%.

　　Chen Li, chief economist of Chuancai Securities and director of the research institute, told reporters, "From the survey data, the key research on foreign investment is still concentrated on some companies with low valuations and good performance growth, avoiding high valuations. Or sectors with larger gains in the short term. Looking ahead to the market outlook, the profits of these companies have generally improved, and the price-earnings ratio is still lower than the industry average, which has a certain allocation value. The current Fed rate hike node is basically clear, and the market is affected by the tightening of overseas liquidity In the short term, the volatility will increase. However, in the medium and long term, in the context of the increasing stabilizing growth policy, the central bank's monetary policy continues to exert force, and the impact of the Fed's policy adjustment may gradually diminish."

　　In addition to foreign institutions optimistic about the performance of A shares after the Spring Festival, securities companies are also positive.

Founder Securities said that in the short term, the current adjustment of the A-share market is coming to an end, and the market conditions in February are very worth looking forward to: First, the current market adjustment has been relatively sufficient; Friendly; third, from the statistical law, the A-share market has a high probability of rising in February.

(Securities Daily)