Looking back at the past September, the market showed a pullback pattern. In terms of index, the Shanghai Composite Index fell by 5.55%, the Shenzhen Component Index fell by 8.78%, and the ChiNext Index fell by 10.42%;

National Day holiday has ended, and A-share market is about to open.

Looking back at the past September, the market showed a callback pattern. In terms of index, the Shanghai Composite Index fell 5.55%, the Shenzhen Component Index fell 8.78%, and the ChiNext Index fell 10.42%; in terms of industry, among the 31 first-level industries of Shenwan, only one coal industry rose , an increase of 1.69%; in total, 30 industries fell , and the top three were media, electronics, and power equipment, with a decrease of 13.83%, 13.51%, and 10.66% respectively.

is like this. Can October recover the market? What are the " gold stock " in October? What configuration suggestions have institutions given? Let's take a look.

1. Many brokerages: A shares is in the window period

According to incomplete statistics, more than 20 brokerages have released their investment portfolios and latest market views in October 2022.

For the future market, securities companies generally believe that A shares will usher in a cost-effective allocation opportunity :

Everbright Securities : A shares already have very high investment cost-effectiveness, and the possibility of significant adjustments in the future is relatively low. It is currently in the window period of layout.

Caitong Securities : From the perspective of valuation, points, medium- and long-term economic growth potential, the overall stock market is at the historical bottom area and is a good time point for layout.

CICC : Taking into account the period, range, and current valuation of this round of market adjustment cycle, amplitude and current valuation, we should actively seize the layout opportunities in the future.

Northeast Securities compared the current market with the situation at the end of April in a multi-dimensional way, and concluded that is currently more supportive than the end of April, and his sentiment is still weak, but it is difficult to further adjust .

(1) Fundamental angle

• Profit-In terms of the impact of the credit framework on valuation, the current profit is in the same downward period as in April; but the growth rate of medium and long loans has turned upward to support the valuation of A-shares. The probability of further adjustments in the short term is smaller, and more turn to volatility to bottom out. In terms of the impact of risk factors on sentiment, the sharp decline in April was mainly due to concerns about geopolitical conflicts, overseas tightening, etc.; at present, overseas tightening expectations are beyond April, and geopolitical risks are still strong, and overall, the suppression of risk factors is still strong.

(2) Market indicator angle

• Current Shanghai Composite Index , ChiNext Index, CSI 1000 and other large and small index turnover rates have been lower than the end of April level.

• Shanghai Stock Exchange 50 and other Highlights are lower than the level at the end of April, but the valuation of small and medium-sized indexes such as CSI 1000 and ChiNext Index are still higher than the level at the end of April.

• Current sentiment indicators such as stocks position, equity risk premium and breaking net stock share are still higher than the low level at the end of April.

However, Oriental Securities carefully stated that 11 structure is more important than the total . In the reason given, it is mentioned that does lack the main logic of overall rise in the short term . Although 's valuation is already at a low level (and the risk premium of CSI 300 has touched one standard deviation above median ), it is difficult to raise valuation .

Some institutions have the following views:

2. October gold stocks: 6 brokers strongly recommend Praia

According to incomplete statistics, the stock that received the most recommendations from institutions is Praia, which has received recommendations from 6 brokers; followed by Shanxi Fenjiu , which has received recommendations from 5 brokers; in addition, Kingsoft Office , Ningbo Bank , Juewei Food , Kweichow Moutai , Vanke A, and Desai Xiwei each received recommendations from 3 brokers.

industry, pharmaceutical and biology, food and beverage have become key industries recommended by securities companies . The former, such as Yifeng Pharmacy, Mindray Medical , Tebao Bio, etc., were jointly recommended by two brokerages. In addition to Shanxi Fenjiu, Juewei Food, and Kweichow Moutai, Gujing Gongjiu was also jointly recommended by two brokerages.The recommendations for

are as follows:

1, Perchoa (603605.SH)

• CICC:

) The company's large single product strategy continues to be verified, and the interim report has been further transformed into an increase in gross profit margin, thereby driving the upward trend of the actual operating profit margin, and the profit structure is expected to continue to improve.

) The company has the advantages of first-mover development through multi-channel layout, excellent synchronous verification of operation capabilities, and good self-casting ratio, low dependence on super heads, better risk resistance and channel costs.

) Under the economic pressure, international brands have a trend of further moving downward to domestic high-quality brands. The significant increase in the ranking of 618 Perchoy shows that the logic of substitution for international brands is expected.

• Guangdong Securities:

) The company's online channels are growing rapidly, with 618 sales leading domestic beauty products, contributing the main increase to revenue.

) The company's product matrix is ​​constantly improving, driving high performance growth.

) On the channel side, online sales model has transitioned from traditional e-commerce to short video platform, fully enjoying the dividends of e-commerce development. The company has been engaged in the field of mass skin care for many years, with outstanding advantages in R&D, marketing and channel ends. The main brands are constantly upgraded and new brands continue to increase in volume, and the annual performance is expected to achieve high growth.

• Guosen Securities :

The company continues to promote the strategy of large single products, actively obtain high-quality upstream core raw material resources, empower brand upgrades, and flexibly adjust channel structures to grasp incremental opportunities through refined delivery and diversified layout. At the same time, coupled with the comeback of the superstar anchor, the company's Double Eleven layout has also made the company's Double Eleven layout more calm.

2, Shanxi Fenjiu (600809.SH)

• Debang Securities :

liquor challenge has passed. Shanxi Fenjiu is expected to continue the trend in the first half of the year in the third quarter, and continue to be optimistic about the high-end and nationalization process of Fenjiu .

• Open Source Securities :

) The low point of the second quarter performance has passed, and it is expected that the second half of the year will see a significant increase in revenue month-on-month, and the annual revenue target will remain unchanged.

) 2022 is the first year of the new chairman, with internal focus on improving management level. It is expected that Fenjiu will show more changes in its organizational structure and marketing model in 2023.

• CICC:

The company focuses on two major aspects: structural optimization and market deepening.

) Structural, the blue and white series snipers are high-end, and the glass Fen controls volume and price stabilization, echoing the high-quality development of . In terms of marketing, we insist on continuously expanding the national channel network to achieve high-quality expansion, and Fenjiu, which exceeds 20 billion, will develop more calmly.

3, Kingsoft Office (688111.SH)

• China Merchants Securities :

) Although the company's C-terminal side has remained stable due to the decline in Android shipments in the short term, the MAU remains stable, but the conversion rate of paid members has accelerated and the stickiness of core users continues to increase.

) The demand for corporate legal authorization has gradually become a normal procurement, which will provide the company's B-side base and gradually transform it into B-side subscription.

) In the medium and long term, the company is the best competitive target in all aspects of information and innovation.

• Huaan Securities :

) The sentiment in the information innovation sector has been affected, and the company's institutional authorization business is information innovation and innovation business.

) C-end subscription data maintains rapid growth, and the payment rate and arpu value are expected to continue to increase.

) Promote industry information innovation and promote institutional subscription business.

4, Ningbo Bank (002142.SZ)

• Guangdong Securities:

) Ningbo Bank, as a high-quality characteristic bank, has obvious location advantages, directly benefiting from the loose credit policy, relying on its excellent operating level, achieving rapid performance growth rate, and having a certain degree of growth.

) It is expected that under the dual wheels of good location advantages and excellent operating level, the company's asset quality is expected to continue to improve and its performance will maintain stable growth.

• Guosen Securities:

) Ningbo Bank has outstanding governance advantages, excellent management level, and has great room for growth.

) The company's traditional commercial banking business scale has expanded rapidly, while maintaining excellent asset quality and achieving high-quality growth.

) has ranked among the top in the industry in the interim report revenue, net profit growth rate and profitability.

5, Juewei Food (603517.SH)

• Zhongtai Securities:

The abortion is expected to continue to repair, driving the volume and price of braised food to increase.

• Huaan Securities:

) is currently in the post-epidemic recovery process and is a high-quality elastic target for post-epidemic consumption recovery.

) In terms of single-store revenue, as the epidemic has improved since June, the company's store operations have continued to improve month-on-month, and are expected to continue to return to pre-epidemic levels in the future. In terms of opening a store, the "Spark Fire" and "Sea Environize All Rivers" plan will be further promoted in the second half of the year, which will complement the expansion of stores, and the company's store growth has strong resilience and certainty.

) The cost and expense pressure will also be alleviated as the impact of the epidemic weakens.

6, Kweichow Moutai (600519.SH)

• Shenwan Hongyuan :

) has strong resilience on the demand side, wholesale price remains basically stable, and accelerated growth can still be achieved throughout the year.

) Streamline the product and channel system in 2022, further open up the medium- and long-term growth space, and the trend of both volume and price increase is determined.

) The third quarter report is expected to exceed expectations and constitutes short-term catalysis.

• China Merchants Securities:

channel survey feedback, the company's operating rhythm was progressing smoothly in Q3, and the company's delivery rhythm was slightly accelerated before the peak season of the 11th. In addition, i Moutai has contributed a steady increase in the growth, the growth in the third quarter is still worth looking forward to. It is expected that the company's annual revenue growth target of 15% is likely to exceed it, and profits are expected to show greater flexibility.

7, Vanke A (000002.SZ)

• Everbright Securities:

Gross profit margin decline narrows margin, and the business service business is developing rapidly.

• Guosen Securities:

) The current market has returned to the main line of policy game, and real estate companies with stable operations and excellent quality will stand out from the industry trough faster.

) The company is a long-term real estate athlete with a stable foundation in its main business. The performance in 2022H1 turned positive year-on-year, successfully getting rid of the shadow of negative performance growth last year; with the improvement of industry models, land market competition weakened, and development gross profit margin stabilized.

) The company is a pioneer in diversified exploration, and its businesses such as property services, logistics and warehousing, rental housing and commercial development and operation have all grown rapidly. The listing of All Things Cloud is about to be launched, and the company's diversified business value has been initially realized.

8, Desai Siv (002920.SZ)

• Caitong Securities:

) The core target of automotive intelligence will be guaranteed for growth in the next three years.

) Downstream models are successfully designated and the expansion of production capacity is accelerating.

) The third quarter was stable.

• Ping An Securities :

) The smart cockpit field is highly competitive and the autonomous driving business is growing rapidly.

) The company maintains continuous cooperation with top-flight chip platforms, including the fourth-generation cockpit platform based on Qualcomm 8295 chip, the IPU04 domain controller platform based on Nvidia Orin, etc. The related platforms have broad application prospects in domestic car manufacturers.

) The company's revenue and performance growth maintained high growth in the first half of the year, with abundant orders in hand, and the demand for downstream intelligent connected car remains strong, and it is optimistic about the growth of the whole year.

(Statement: The content of the article is for reference only and does not constitute investment advice. Investors act on this basis at their own risk.)

(Source: West China Securities , CITIC Construction Investment, Kaiyuan Securities, Zhongtai Securities, Shanxi Securities , Zhongyuan Securities , Debang Securities, Caixin Securities, Dongxing Securities l3, Shenwan Hongyuan, Guoyuan Securities , East Asia Qianhai Securities, Huaan Securities, Caitong Securities, Guangdong Securities, Northeast Securities, Guolian Securities , Zhejiang Securities , Everbright Securities, Ping An Securities, Guosen Securities, China Merchants Securities, Western Securities, Xinda Securities , Oriental Securities)

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