In September, the Shanghai and Shenzhen markets fluctuated. After the innovation of the small and medium-sized board index, market risk aversion has risen, and emotional trading has become apparent. On Wednesday, banking, steel and Other index stocks rose. The two cities oscillated downwards. The Shanghai Composite Index fell 15.91 points. The two cities traded 280 billion yuan, creating the largest trading volume since 2319.74 points. On Thursday, driven by the sequential increase in car sales, the automotive sector saw the largest increase, with the Shanghai Composite Index rising 32.89 points and the daily limit reaching 46. On Friday, satellite navigation was included in the emerging industry, and Beidou Xingtong opened at a daily limit. Lithium plates headed by Tianqi Lithium rose sharply again. Banks and steel fell. On the same day, the stocks of small and medium-sized board stocks oscillated to increase, the amplitude of Yongqiao seedling industry reached 18.18%, while the Shanghai stock index finally closed at 2655.39 points, rising 44.65 points throughout the week.
From the perspective of the market, the margin financing and securities lending unit has a two-way trading function and can better reflect the market value orientation in the era of full circulation. The current total market value of the sector reached 13.14 trillion yuan, accounting for 58% of the total market value of Shanghai and Shenzhen's total market value of 22.58 trillion. In 2010, the weighted average earnings per share was 0.315 yuan, and the weighted average price-earnings ratio was 13.4 times. The average price-to-earnings ratio of the four major state-owned banks is about 8 times, which is at the lowest level in history. Considering that the Chinese economy is achieving a smooth landing, there is no risk of a double bottom. Therefore, the current valuation of the blue-chip sector does not support the continued decline of the stock market.
Small and medium-sized boards and GEM are the cradle of emerging industries, and their valuation levels have remained high. We believe that the imbalance between the high valuation of emerging industries and the low valuation of traditional industries will remain for a long time. This structural problem is more likely to cause severe market shocks. However, even if there is a big shock in the market, market hot spots will be difficult to switch from emerging industries to traditional industries. That is to say, the traditional industries will set up platforms and the pattern of singing in emerging industries will not change much. In terms of specific investment, we need to look for companies whose fundamentals are improving, especially focusing on companies involved in emerging industries to obtain excess profits.
The urban lighting project can not do without energy-saving emission reduction, LED semiconductor lighting energy saving rate of more than 50%, the overall promotion of use is an inevitable trend. According to a report issued by the Statistics Bureau of Jiangxi on August 30th, Jiangxi Province is accelerating the development of a low-carbon economy. At present, Nanchang is making every effort to build three ultra-thousand-billion-dollar industries such as photovoltaic and LED, and to develop electronic information and other four super-500 billion yuan. industry. The province plans to initially establish a national advanced manufacturing base, a photovoltaic industry base, an LED industry base, a large aircraft industry base, a service outsourcing industry base, and a quality agricultural product production and processing base in the next five years. Among them, Nanchang City will step up the construction of three "model cities". At present, its "Ten Cities, Ten Thousands" semiconductor lighting demonstration application project has achieved remarkable results.
It is worth mentioning that Lianchuang Optoelectronics has formed a complete industrial chain and large-scale production capacity such as LED epitaxial, chips, devices, backlights, and semiconductor lighting sources. Its wholly-owned subsidiary, Xinlei Optoelectronics, has 90-100 per year. The production capacity of 100 million chips is currently the largest LED red and yellow green chip manufacturer in China. The Yichun in Jiangxi Province is rich in lithium resources and is known as “Lithium Cityâ€. With the listing of the Li-Feng Lithium industry, Jiangte Motors entered the lithium battery upstream and downstream, and lithium-ion power in Jiangxi has accelerated. It can be said that Jiangxi's listed companies still have more dark horses worth exploiting in emerging industries, and investors can focus on them.
From the perspective of the market, the margin financing and securities lending unit has a two-way trading function and can better reflect the market value orientation in the era of full circulation. The current total market value of the sector reached 13.14 trillion yuan, accounting for 58% of the total market value of Shanghai and Shenzhen's total market value of 22.58 trillion. In 2010, the weighted average earnings per share was 0.315 yuan, and the weighted average price-earnings ratio was 13.4 times. The average price-to-earnings ratio of the four major state-owned banks is about 8 times, which is at the lowest level in history. Considering that the Chinese economy is achieving a smooth landing, there is no risk of a double bottom. Therefore, the current valuation of the blue-chip sector does not support the continued decline of the stock market.
Small and medium-sized boards and GEM are the cradle of emerging industries, and their valuation levels have remained high. We believe that the imbalance between the high valuation of emerging industries and the low valuation of traditional industries will remain for a long time. This structural problem is more likely to cause severe market shocks. However, even if there is a big shock in the market, market hot spots will be difficult to switch from emerging industries to traditional industries. That is to say, the traditional industries will set up platforms and the pattern of singing in emerging industries will not change much. In terms of specific investment, we need to look for companies whose fundamentals are improving, especially focusing on companies involved in emerging industries to obtain excess profits.
The urban lighting project can not do without energy-saving emission reduction, LED semiconductor lighting energy saving rate of more than 50%, the overall promotion of use is an inevitable trend. According to a report issued by the Statistics Bureau of Jiangxi on August 30th, Jiangxi Province is accelerating the development of a low-carbon economy. At present, Nanchang is making every effort to build three ultra-thousand-billion-dollar industries such as photovoltaic and LED, and to develop electronic information and other four super-500 billion yuan. industry. The province plans to initially establish a national advanced manufacturing base, a photovoltaic industry base, an LED industry base, a large aircraft industry base, a service outsourcing industry base, and a quality agricultural product production and processing base in the next five years. Among them, Nanchang City will step up the construction of three "model cities". At present, its "Ten Cities, Ten Thousands" semiconductor lighting demonstration application project has achieved remarkable results.
It is worth mentioning that Lianchuang Optoelectronics has formed a complete industrial chain and large-scale production capacity such as LED epitaxial, chips, devices, backlights, and semiconductor lighting sources. Its wholly-owned subsidiary, Xinlei Optoelectronics, has 90-100 per year. The production capacity of 100 million chips is currently the largest LED red and yellow green chip manufacturer in China. The Yichun in Jiangxi Province is rich in lithium resources and is known as “Lithium Cityâ€. With the listing of the Li-Feng Lithium industry, Jiangte Motors entered the lithium battery upstream and downstream, and lithium-ion power in Jiangxi has accelerated. It can be said that Jiangxi's listed companies still have more dark horses worth exploiting in emerging industries, and investors can focus on them.
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