BK1063 Aerospace and Defense
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A quick look at the Hong Kong market | The three major indices have risen one after another. Technology Network stocks and power stocks are popular. Bilibili has risen more than 6%, and Huadian International has risen nearly 8%
Biotech stocks had mixed ups and downs. Pharmaceutical and Ming Union fell%, and Jinxin Fertility rose%; shipping stocks rose, with Dongfang Overseas International, COSCO Marine Control, and COSCO Marine Energy up nearly 6%.
The State Assets Administration Commission pushes forward a new round of state-owned enterprise reform, and the valuation of listed companies of central state-owned enterprises may be repaired
On February 27, the State Assets Administration Commission held the first special promotion meeting for state-owned enterprise reform, deepening and upgrading actions in 2024. The conference pointed out that all regions, central enterprises, and local state-owned enterprises earnestly implement the decisions and arrangements of the Party Central Committee and the State Council, take advantage of the momentum and make every effort to push forward the new round of state-owned enterprise reform.
Three good news have come out! China's assets have risen across the board, and the Hong Kong and A-share financial sectors have exploded
The performance of financial assets and real estate stocks may indicate that the market is anticipating the beginning of a new cycle.
The central government's state-owned enterprise reform policy continues to be deepened. How will the “China Special Assessment” market be interpreted?
Looking ahead to future investment opportunities in the sector, institutions say that state-owned enterprises have high profit stability and profitability. Compared with private enterprises, which have long-term characteristics of undervaluation, high dividends, and high dividends, the investment value of central state-owned enterprises is becoming more and more prominent.
The most complete explanation! What is the significance of market value management being included in the performance assessment of central enterprise heads? What impact will it have on the future market?
Under the catalyst of multiple policies, it is recommended to focus on the new round of “mid-term special valuation” opportunities, and strategically focus on ideas such as dividends, stock repurchases, mergers, acquisitions, and restructuring.
Central enterprise assessment system optimization! What is the significance of positive stock price promotion? Which main lines can I pay attention to?
CICC believes that the valuation market value of listed central enterprises has room to continue to recover, focusing on three investment ideas: 1) state-owned enterprises with relatively low capital expenditure and high free cash flow can support state-owned enterprises with stable and high dividends; 2) current valuation or market value levels are at historically low levels; 3) expected investment opportunities with expectations of mergers, acquisitions and restructuring.
Opinion | Market value management will be included in the assessment. How do you view the new round of opportunities for central enterprise reform?
Under the catalyst of multiple policies, we recommend focusing on the new round of “mid-term special valuation” opportunities, and strategically focusing on ideas such as dividends, stock repurchases, mergers, acquisitions, and restructuring.
Selected Announcements | China's annual net profit increased 33% year over year; JD: Its subsidiary Dada announced that questionable behavior was discovered during internal audits
Yuexiu Real Estate's cumulative contract sales amount in 2023 was about 142.03 billion yuan, up 13.6% year on year; CGN Power: total feed-in electricity volume in 2023 was 214.146 billion kilowatt-hours, up 7.95% year on year; Sansheng Pharmaceutical: Mandy Foam was approved for listing.
How will Hong Kong stocks go in 2024? Agency: The most optimistic will increase by 30%. These three main lines of configuration must be grasped
The core of breaking the game is growth, the key to growth is credit, and the key to credit lies in finance.
A quick look at the Hong Kong market | Hong Kong stocks declined slightly, with the CoE Index falling 0.56%; the trend of real estate stocks was divided, with Baolong Real Estate rising more than 6% and Ocean Group falling more than 18%
Science and Technology Network stocks generally weakened, with Meituan and Bilibili falling more than 1%; auto stocks widened in the afternoon, with BYD falling nearly 3%; biotech concept stocks were weak throughout the day, with BeiGene falling nearly 3%; coal stocks strengthened against the market, and Yankuang Energy rose more than 3%.
Be a good “long-term capital”, “patient capital” and “strategic capital”! The State Assets Administration Commission speaks out
The State Assets Administration Commission is intensively investigating the needs of state-owned enterprises, listening to the opinions and suggestions of enterprises, coordinating solutions to difficult problems faced by enterprises, and focusing on promoting the steady growth of state-owned enterprises through reform, innovation and steady growth.
One-week Strategy of the Top Ten Brokers: “Mid-Term Valuation” and AI's Short-Term Break
Looking for opportunities in a low direction in the short term, “mid-term estimation” and AI are taking a short break, but they are still important clues in the medium term.
“China Special Assessment” rides the waves! Big guys have high dividends; where are the future opportunities? Private equity is optimistic about these three concept stocks
Obviously, under the catalytic valuation system of Chinese characteristics (that is, “special valuation”), the revaluation of central state-owned enterprises is continuing to deepen.
Express News | Central Commission for Deep Reform: Deepening State-owned Enterprise Reform to Focus on Making Up for Shortfalls, Strengths and Weaknesses, Solidify the Basis, and Promote Advantages
Selected AnnouncementsNet Profit of COSCO Marine Holdings Q1 is expected to drop 74.91% to 6.933 billion yuan; Great Wall Motor's automobile sales in March fell 10.59% year-on-year
Orient Securities Performance Report: Net profit for the first quarter was 1,428 billion yuan, up 525.67% year on year; Longhu Group: Equity contract sales in March were 15.24 billion yuan, up 38.55% year on year; Shunyu Optical Technology: Mobile lens shipments in March fell 29.8% year on year.
China Mobile's annual dividend exceeds 80 billion dollars! If “Chinese characters” increase the “throw money” effort, can they still get on the bus?
China Mobile revealed that it plans to distribute 67% of the 125.5 billion yuan earned in 2022. This amount of capital exceeds 84 billion yuan, and the dividend ratio will exceed 70% in 2023.
Opinion | There may be room for recovery in the valuation of state-owned enterprises in the future, which is expected to bring medium-term investment opportunities
We believe that the fundamentals of central state-owned enterprises have continued to improve in recent years, and it is expected that in the future, issues such as their own growth, governance mechanisms, and information exchange will be properly optimized under policy guidance and support. If the factors that suppress valuations can be gradually resolved, the current undervaluation phenomenon is expected to continue to be repaired and bring good relative benefits.
Opinion | The “high dividend strategy” has returned to view, and the “revaluation of central state-owned enterprises” opportunities may continue throughout the year
The valuation restructuring of central state-owned enterprises has led “high dividends” back to investors' eyes. The agency said that the “revaluation of central state-owned enterprises” opportunities in '23 may continue throughout the year. The core of the “policy line switching” of one of the three main lines of “central state-owned enterprise revaluation+digital economy” in '23 is that “central state-owned enterprise revaluation+digital economy” has become a new gripper for credit broadening and “adding leverage.”
Selected Announcements | Ping An of China: Net profit for 2022 fell 17.56% year on year to 83.774 billion yuan; Zhongtong Express: adjusted net profit for FY2022 increased 37.6% year on year to 6.806 billion yuan
Datang New Energy: Generated about 2.49 million megawatt-hours in February 2023, up 16.57% year on year; Kangfang Biotech - B: Product market sales in 2022 were 1.104 billion yuan, up 422% year on year; Hong Kong Stock Exchange: Application for additional RMB counters for Hong Kong Stock Exchange stock trading.
Opinion | Under the “China Special Valuation” system, the valuation of state-owned enterprises is expected to usher in a reasonable revaluation
Looking at the policy direction, future growth in the value of state-owned enterprises and structural investment opportunities will mainly revolve around the following directions: 1) resource integration type: focus on strategic restructuring and specialized integration of central enterprises; and sectors and targets where asset injection or restructuring is expected; and sectors and targets where asset injection or restructuring is expected. 2) Leading science and innovation: “stuck” in key core technology areas/strategic emerging industries, or “chain owner” enterprises that meet the national security background. 3) Revaluation type: Sectors with clearly undervalued valuations, and high-quality sectors and targets with “core competitiveness” from a financial perspective.