Category: Money Tips Date: 2006-08-22
Societe Generale Securities: blue chips are expected to develop in depth Quotes August macroeconomic data show that an overheating economy eased, is conducive to the healthy development of macro-economic performance of blue-chip growth. The current A-share companies, the average price-earnings ratio of 18.86 times; while the broader market index constituent stocks of the total share capital of the weighted average price-earnings ratio of only 14.73-fold, if taking into account the SASAC "market assessment" mechanism for the blue chip performance incentives, of large capitalization stocks estimates value is more obvious advantages.
Tape expansion pressure and can not be suppressed and the suppression of blue-chip market up the value of the factors associated with appreciation of the RMB to provide broader market excess liquidity continue to rise motivation. In recent years, H shares and A-share market bull market in 99-01 years have witnessed the great bull market expansion and Quotes positive correlation. Tape Quotes of the new shares will take turns as leader, along with Industrial and Commercial Bank of China IPO and follow-up to accelerate the pace of the Industrial Bank IPO projects such as large capitalization stocks, A-share market value of available for sustainable investments in the proportion of large cap blue chips continued to increase, thus, continue to attract the economy of excess liquidity into the stock market.
Zhang Yidong, an analyst that the blue-chip Quotes are expected to develop in depth, individual stock selection from the right to second-line blue chips and heavy-duty blue chips continued growth. Short-term view, based on stock index futures, margin trading coming soon, to continue to hold broad market-weighted blue chip. Looking to the future, those valuations and reasonable growth but also has the industry will continue large-cap stocks blue chip market, focusing on advanced equipment manufacturing industry, railways and other cyclical growth industry; consumption, services, environmental protection, new energy-saving energy, software, communications industry chain, a new type of electronic components and other technology industries.
GF Securities: Software industry: industry maintained a rapid development of 2006 from January to July of China's software industry revenue in 190.1 billion yuan, up 26.2%, of which software product revenue 112.2 billion yuan, up 22.6%; systems integration 45.1 billion yuan, up 26.3%; software and services 32.8 billion, an increase of 40.2%, higher than the average growth rate of software revenue 14 percent, becoming the fastest-growing areas; software export 1.68 billion U.S. dollars, an increase of 32.2%. System integration and software services to continue to increase much higher than the increase in software products.
First half of 2006 the management software market achieved sales of 2.735 billion yuan, growing 24.32% over last year, of which, ERP software, holds 44.24% of the share of the market demand for the main body. With the gradual deepening of enterprise information technology, professional management software, such as EAM, HRM, CRM, PM, and other demand began to rise over time. The first half of 2006 the overall size of network security products market reached 2.049 billion yuan, to continue to maintain a steady growth; Because users often encounter spyware, spam and so on, a gradual increase in the user security awareness at the same time, the Government also carried out to guide the network security market Therefore, network security has become the focus of market attention. 2006 from January to July, China's software exports of 1.68 billion U.S. dollars, an increase of 32.2%. Compared with the first quarter, growth slowed.
Hui Yu Lun analyst for the software industry "hold" rating, were given G UF "buy" and the G Neusoft "hold" rating.
Guotai Junan: Power Equipment: AC UHV into the start-up phase Following the August 19 State Grid Corporation of southeastern Shanxi - Nanyang - Jingmen UHV AC pilot demonstration project of Shanxi jindongnan substation ground-breaking ceremony was held in Changzhi, Shanxi, after August 20 Nanyang special high-voltage switching station, August 26 Jingmen substation officially started construction. This indicates that China's one million-volt level to fill the gap voltage level exchange of special high-voltage test to start the construction phase into the demonstration projects for China's power grid and promote the development of UHV power network approach to development changes have a decisive role.
China's fourth wind power concession projects of international open tender bid opening, including Inner Mongolia, Teng Liang Gray 300,000 kilowatts, Inner Mongolia, Bayan 200,000 kilowatts, Hebei, single-crystal river 200 thousand kilowatts. The concession project has once again demonstrated the future of wind power development in China's three major features: support for domestically produced wind power equipment companies; independent innovation technology and fan reliability is particularly important; tariffs remain an important indicator of wind power in China to develop the premise of One is to reduce the cost of wind power investment, including equipment costs. Amorphous transformer market players gradually increased, in which the confidence of Electrical and Puma, both in Shandong larger scale expansion plans. With the increase in amorphous transformer manufacturers, the machine together for the core capacity will be released, but at the same time may lead to the upper reaches of amorphous strip prices.
Ji-Zhong Peng and other electrical equipment analyst for industry "overweight" investment rating. Key Company: continue to maintain TBEA, flat high electrical, Siyuan Electric "overweight" investment advice.
Societe Generale Securities: G old cellar: performance of National Pits 1573 and then gradually clear heavy volume G old cellar (000,568
