Category: Money tips Release Date: 2007-06-12
The media, there is still room to rise Securities
Media --- overweight Cable Networks: the advantages of regional resources, and television transmission system, the dominant, combined with multi-service platform architecture has emerged, making dominant enterprises are still attractive; Media Group: a strong background of public opinion and propaganda advantage + ample cash supply, and completed a further integration of Media Resource battle preparation; new media: streaming media technology and applications mature more extensive, making the new media and entertainment consumption in the role of the upgrade is also increasingly important. Able to coordinate resources and international advantages of a monopoly enterprise companies will eventually be forthcoming in this round of outbreak of the media boom in the win.
Electrical Equipment --- positive Power generation equipment industry is still high growth of income and benefits of the process, export of thermal power, hydropower, nuclear power industry, the economy will continue the cycle as a whole will become the largest listing of bright spots; the old order to digest is completed, stabilized prices of raw materials such as lead to significant improvement in transformer industry profitability; government-led type of high voltage switch industry, rising domestic production, special high-voltage transmission projects to provide opportunities for relevant domestic leading enterprises. UHP, special high-pressure long-distance power transmission, national networking, network reform and other enterprises to provide opportunities for secondary devices, but the leading enterprises in the high valuation of restricted its value.
Securities - a positive The securities industry has been changing its stance, industry leading company as a strategic resource will have a constant re-assessment of the opportunity to focus on CITIC Securities and GF Securities. Industry rating to "positive."
Reduction of the two industries --- Reduction of non-ferrous metals Growth may slowdown in global demand has begun to become a major concern troubled. Although the supply growth slow, sporadic supply disruptions, resulting in tight supply and demand hold a continued period of time, but recent commodity prices and supply disruptions such as the war has been no strong reaction to positive news of the. Supply-demand relationship are turning loose.
Colored stock valuations are already a reasonable price with the commodity price volatility. The future integration of aluminum and individual stocks to provide new investment opportunities.
Building Materials --- Reduction The peak has passed the release of additional supplies of cement, supply and demand improving. Too much short-term price increases can not be sustained. Slight decrease in the cost of production until the excess capacity that can be digested and the old craft lines were eliminated, prices will gradually rise.
New supply of float glass has been released to the peak. Affected by cost-push impact of a slight rebound in prices, the modest improvement in profit margins. To see whether the new building energy demand.
Eight industries to remain neutral rating
Transportation Industry --- Neutral Firmly optimistic about the investment and financing system reform in the context of rail transport industries; highway industry has clearly become the market valuation of low-lying land, the selection criteria for the ultimate road stocks lies in corporate transparency; for aviation and shipping sectors are maintaining a cautious; Port Listed companies valuation has been paid to run the industry in the highest bidder. We recommend that concerns are expected to group assets into the listed company; the airport industry, major companies are in the process of acquisition of the assets of the Group to consider the introduction of strategic investors in the company.
Retail --- Neutral In the department store chain trend of marketing and the main advantage is reflected in the large-scale replication management capabilities; the regional leader in their market have reached a bottleneck will soon be achieved, cross-regional expansion has become an inevitable strategy; expansion, mergers and acquisitions, and restructuring to bring excess revenue opportunities, but the price of such opportunities to buy more expensive.
Automobile and auto parts --- Neutral
Parts: 05 years, parts and components industry, profit margins have stabilized the level of recovery, concern the transfer of global sourcing to China the impact, and the comparative advantage of domestic enterprises due to the potential of global mergers and acquisitions; heavy-duty truck: smoothing of the growth of exports impact on demand for the economic cycle, with the comparative advantage of various business-critical systems will eventually win; large passenger: export has become an important growth point. Further consolidation within each individual company is worth looking forward to a bright spot; passenger cars: Search for cars form spectrum gradually fullness, the new competitive models, capacity utilization higher company.
Consumer Services --- Neutral Consumption of meals and tickets for travel throughout the growing proportion of the budget is small, to share the basic needs of visitors throughout the enterprise can be truly consumer-sharing industry, consumer promotion and the benefits of rapid growth; Olympic games can benefit from the company's performance started, the tourism section will become the beneficiaries of the Olympic Games.
Medicine --- Neutral 2007 Pharmaceutical Industry Policy Hot Spots: health care reform policy becomes clearer, more rigorous drug approval, the rural consumption of generic drugs, vaccines, sales channel reform; strategic direction: medical reform beneficiary class enterprise, characteristics of types of research and development type enterprises and underestimate the class enterprise .
Communication --- Neutral If the first half of the telecommunications restructuring, telecommunications investment is expected to release in the four quarters, if the second half, then in 2007 to be very low investment in telecommunications, telecommunications restructuring or not, it will seriously affect the 3G investment expectations. 3G is not optimistic expectations of the core reason for this is, 3G is not optimistic about the prospects of the industry chain, the whole world there is no profit on the operators in the 3G. The most central part of the industrial chain: operators are unlikely to profit, so that investment in 3G confined to developed areas.
As the communications equipment stocks risen dramatically, while the fundamentals are not any improvement, it is recommended to give up the configuration of ZTE If it must be configured, you can configure Unicom.
Iron and Steel --- Neutral 2007 slowdown in global economic growth prospects of uncertainty still exists. In 2006 the second half of the domestic fixed-asset investment has slowed. New supply of the domestic release of the peak has passed, eliminate backward production capacity began to advance, the global steel supply and demand to gradually improve, the global steel industry consolidation is underway. Chinese steel export rebate may be further reduced.
The company's valuation is reasonable, is expected to reduce income tax rates, industry consolidation and the Group's overall investment opportunities listed there. Financing demand is still strong.
Machinery Manufacturing --- Neutral Machine tool industry is still the policy support of the industry, with the digitalization of China's machine tool industry, rising import substitution is plenty of room still long-term growth phase.
With the sustained economic growth, military modernization imperative. However, pre-or larger, and quite a mixed bag, is bound to face differentiation and Quweicunzhen process. Continue to be optimistic that we can improve the quality of innovative hi-tech armaments companies and real asset-into themes such companies, the relative bearish conventional arms supplier. In addition, we are optimistic about a gradual shift to China, such as shipbuilding and other major equipment manufacturing industry.
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