Securities Times reporter Wang Xiaoqian
In the first half of this year, the equity market continued to fluctuate, and institutional research kept pace.
In terms of quantity, nearly 500 listed companies have been investigated more than 100 times by investment institutions, and 7 listed companies have been investigated more than 1,000 times by institutions.
As far as public offering institutions are concerned, nearly 100 listed companies have been investigated for over 100 public offerings.
Inovance Technology became the listed company with the largest number of institutional surveys in the first half of the year, with a total of 1,780 surveys.
Focuslight Technology is the listed company with the most public offerings and investigations, with a total of 258 investigations.
In terms of sub-sectors, the listed companies most concerned by public offering institutions include Focuslight Technology, Shengmei Shanghai in the semiconductor sector, Rongbai Technology and Gaoce in the new energy sector, Haitai Xinguang, Aohua Endoscopy, and Aohua in the medical equipment sector. Mindray Medical, and Inovance Technology, which has a layout in semiconductors and new energy.
Semiconductors: There is always a structural opportunity
In terms of semiconductors, Focuslight Technology is a manufacturer of medical beauty equipment, industrial manufacturing equipment, core components of lithography machines and a complete laser radar machine company.
In the first half of the year, the company held 5 research conferences, attracting more than a thousand institutional participations. Among them, the number of public offerings reached a total of 258, and the top public offerings such as China Southern Asset Management, China Asset Management, and GF Fund were listed.
Shengmei Shanghai is a semiconductor equipment manufacturer. It held 5 research conferences in the first half of the year, and the number of public offerings has reached 200, including top public offerings such as China Europe Fund and E Fund Fund.
Recently, Yang Ruiwen, a well-known fund manager of Invesco Great Wall Fund, publicly stated that semiconductors are the crude oil of modern industry and involve countless sub-sectors. There are many types of chips, and different products are very different.
Semiconductors are different from general manufacturing. The production capacity of different processes or different processes cannot be switched freely, which determines that the coexistence of oversupply and structural shortage is the norm.
As long as the economy is growing, there will always be structural opportunities for semiconductors.
"Of course, the current semiconductor market is in a downturn. Although our position performance is relatively stable, it also underperforms other growth sectors." Yang Ruiwen said frankly.
In his view, many people's understanding of semiconductors is still very rudimentary.
This time, the A-share semiconductor market peaked ahead of the rumors of cutting orders for a year, and the U.S. semiconductor index was ahead for nearly half a year. However, according to Jefferies statistics, historically, the high point of the semiconductor market led the rumors of cutting orders for half a year. When the rumors of cutting orders came out, semiconductors The market may have bottomed out.
"We believe that our semiconductor holdings will show the strongest fundamentals and growth going forward after the semiconductor rebound."
New Energy: Supply Chains Must Keep Up with Surging Demand
In the new energy sector, Gaoce's products are mainly used in the manufacturing of silicon wafers in the photovoltaic industry. In the first half of the year, the company held 6 research meetings, and the number of public offering institutions participated in a total of 216 times. China Asset Management, Wells Fargo Fund and other leaders Public offerings are listed.
Rongbai Technology is a multinational group company in the high-tech new energy materials industry. Its 7 research conferences in the first half of the year attracted more than a thousand institutional participations. Among them, the number of public offering institutions has reached 247. E Fund, GF Fund and other top public offerings are listed.
Cui Chenlong, a well-known fund manager of Qianhai Open Source Fund, said recently that he is still firmly optimistic about the new energy sector in the second half of the year, and the fundamentals will be better.
At the same time, the new energy industry chain is very long, and there are many companies involved, so differentiation is inevitable.
Cui Chenlong believes that the upper, middle and lower reaches of the entire industrial chain are relatively long and there are many auxiliary materials. Once the expansion of a certain segment cannot keep up with the development of the entire industry, it will form a bottleneck restricting the rapid increase of new energy in the short term. So the challenge comes from the inability of the supply chain to meet the surge in demand.
"How to meet such a long supply chain and match the surge in demand? Whoever can solve this problem well, this sub-industry or enterprise will gain more excess returns and profits."
Medical Devices: Back to the Open Source Period
In terms of medical equipment, as a representative enterprise in the field of medical equipment, Haitai Xinguang is mainly engaged in the research and development and sales of medical endoscopic instruments and optical products.
Haitai Xinguang held 31 research meetings in the first half of the year, and the number of public fundraising institutions participated in a total of 206 times. E Fund, Harvest Fund and other leading public fundraisers are listed.
Aohua Endoscopy is an enterprise engaged in the research and development, production and sales of electronic endoscopic equipment and endoscopic medical and surgical consumables.
In the first half of the year, the company held 8 research meetings, and the number of public offering institutions participated in a total of 205 times, attracting top public offerings such as China Universal Fund and Wells Fargo Fund.
Li Jiacun, the medical fund manager of China Merchants Fund, believes that the pharmaceutical policy has ended the ten-year policy throttling period and returned to the open source period. The areas where the government has increased capital investment is the most obvious direction for future prosperity.
Li Jiacun believes that new medical infrastructure is one of the key investment areas. 2020 and 2021 will be the process of hospital civil construction. After the civil construction is completed, the hospital will inevitably usher in a peak in the procurement of large-scale medical equipment.
Coupled with China's manufacturing advantages, the global manufacturing industry chain has accelerated its transfer under the epidemic. Equipment leaders with globalization capabilities are expected to fully benefit from this wave of global equipment procurement peaks.