With the continuous adjustment of the 100 index of the brand, the investment value of the "stabilizer" of the profitable "stabilizer" needs to be paid attention to

Systemic risk still plagues every 100 index of the brand!

Recently, the market has obvious risk appetite and the index has weakened. This week, the A -share market has continued to adjust the amount of land. Many white horse stocks have been abandoned by funds, which affects the popularity of the market. It was not spared, and the 900 -point mark was lost and closed at 872 points. Some institutions say that A -shares should choose "security" assets at present, and central enterprises with stable performance and growing up highlight the "cost -effectiveness".

Significant advantages of component stock valuation

This week, from the perspective of the market environment, the State will often develop a stable growth policy. In terms of overseas markets, the Federal Reserve Eagle has resurrected. Both Europe and the United States continue to continue the eagle in anti -inflation. The strong currency tightening policy or exacerbate the downward pressure on the global economy, and the global financial market fluctuations may continue to intensify. In the context of steady growth, China's monetary policy will continue to continue smooth and loose, and my country's monetary policy will maintain a "master -the -main" attitude. In terms of capital, the LPR quotation in September was the same as last month. However, in recent major banks, the deposit interest rates have been lowered. The reduction in liability costs helps banks to reduce the increase, and the possibility of continuing LPR decline still exists. From a technical point of view, it is affected by the influence of the peripheral market to superimposed my country's economic growth momentum.

Affected by this, the index shocks this week, the volume of the two cities can show slumped, the three major stock indexes have fallen across the board, and the Shanghai Index has lost 3100 points. Each brand 100 index is closed at 872.54 points, a weekly falling 3.08%. In terms of valuation, the average price -earnings ratio of each brand 100 index is only 9.3 times, which is close to the 9 times mark. The valuation is significantly lower than the motherboard market and the GEM market.

In terms of sector stocks, energy and large finance performed well this week. Sinopec and PetroChina's leading 100 indexes of each brand, of which Sinopec has increased by 7.97%, and many banks such as CITIC Bank, Construction Bank, Postal Savings Bank, etc. This week, it has also risen against the trend. The real estate sector, which has performed strongly in the early stage, performed weakly this week. New City Holdings fell 11.7%, and Country Garden and China Building Materials also fell more than 10%.

The analysis of Guangfa Securities pointed out that there are still repeated risks in the global epidemic, especially the Omikon out of the epidemic. Under the current trend of "adverse globalization", "security" is preferred by "efficiency", and central enterprises' state -owned enterprises’s of central enterprises The "high profit margin" advantage also has a lot of room for improvement. At present, A -share central enterprises are mainly industry giants. They have the characteristics of large market value, low valuation, high dividends, and more stable performance. They are the "stabilizer" of the weight growth of A -share profit growth. During the process, the "cost -effectiveness" was highlighted.

Institutions research banks actively watch more

At present, the banking industry is dominated by the 100 index of the brand's 100 indexes, and recently, many institutions have conducted a round of investigations on the banking industry.

Since the end of August, China -Thailand Securities has concentratedly investigated 13 listed banks, including 5 state -owned banks, 4 city commercial banks, and 4 rural commercial banks. On the whole, banks maintain a neutral optimism in the third and fourth quarters of credit, and the scale growth is not much pressure; the interest difference is expected to remain stable in the third and fourth quarters, but the prospects will be different from the next year. Complete most of the rewriting pricing and the follow -up trend is stable, but banks with a high proportion of medium- and long -term loans are expected to usher in redirect pressure in the first half of next year.

The overall economic data announced in mid -September may be better than market expectations. The stable growth of low base superposition policies is better supporting and promoting the formation of long -term investment and employment in infrastructure and manufacturing. The real estate and consumption remain to be repaired. The export data announced in the early stage has fallen, and the efforts of the stable growth policy will continue. The 500 billion yuan special debt deposit limit will be issued before the end of October. Policy development financial instruments may continue to leverage investment. These policies may continue to promote the restoration of the economy in August, which is still conducive to bank stock markets.

It is also worth noting that after the disconnection of the loan in July, foreign capital reduced bank shares. Since August, the trend of foreign investment reduction in bank shares has slowed down. Since late August, during the restoration of bank stocks, foreign investment has reduced banks slightly, and the overall shareholding is basically stable, which is at a low level during the year. Among the 31 industries, foreign investment holdings are located from top to bottom and are located in 21 places, and the proportion of foreign capital increases is low.

Anxin Securities stated that on August 24, the State Frequently proposed to implement another 19 continuation policies to increase the policy of regulating policies against the cycle to alleviate the market's pessimistic expectations for the economic downturn; Supporting role; in addition, the national real estate bailout fund has gradually begun to operate, and there are also corresponding measures to support the "preservation of intersections and stabilize people's livelihood". Slow -release; the current valuation of bank stocks is at a historical low, and the fundamentals are at the bottom. With the gradual improvement of the economy and the ease of credit risk expectations, the value of bank stock allocation is prominent.

Central Enterprise Bank is more valuable to follow

At present, for banks, the deposit interest rate is conducive to stabilizing the net interest difference between banks, and it also shows that the regulatory determination to stabilize the net interest margin of the bank will help change the pessimistic expectations of the market for the 23 -year bank net interest difference. Essence At present, the valuation of the sector is at a historical low and has a certain security margin.

Taking CITIC Bank as an example, in 2021, CITIC Bank opened the new three -year strategy, retail to the first strategy, and proposed to create "new retail" with wealth management as the core, and build the three major three major in "wealth management, asset management, comprehensive financing". Core ability. The retail line was divided by Lu Tiangui, the president of the credit card, and was included in the former deputy president of the Merchants Bank Wealth Department Wang Hongdong as the general manager of Wealth. Under the promotion of excellent management, the retail organization structure system was optimized and adjusted in 2021. The head office improved the professional level of empowerment, connecting online and offline, and improving wealth service capabilities. In 2022, CITIC Gold Control was approved, or further helped the company's retail wealth business rapidly. CITIC Bank's customer foundation and asset -liability structure highlights the typical characteristics of joint -stock banks. It supports credit to public deposits. The fees account for relatively high fees, and retail contributions have continued to increase. The company's stock risk continues to resolve, the traditional advantages of public business are still continuing, the retail wealth strategy has strengthened, retail or rapid development, improvement of handling fees and retail deposits, and financial performance may gradually increase.

At present, CITIC Bank's valuation is at the low position of the shares, and the dividend rate is 6.37%at the high position of the shares. The absolute earnings can be expected, and the relative valuation may also increase.

Let's look at the strongest construction bank of the overall comprehensive strength in the State -owned Bank of China. First of all, CCB has optimized the proportion of low -risk loans through the optimization of the parent loan structure. Capital is sufficient to lead the pioneering position. Secondly, CCB has continuously deepened its strategy, upgraded and adjusted the internal risk management system, and increased investment in financial technology to improve the group's business efficiency. Again, CCB's profitability has remained stable, and the proportion of asset -side loans leading the same industry, and the proportion of dividends continues to maintain a level of 30%. In the end, CCB has a complete license and a leading advantage of comprehensiveization. In the future, its financial asset investment companies, financial subsidiaries, and Jianyin International are further enhanced, which will significantly enhance their comprehensive advantages.

Daily Economic News

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