However, affected by the market environment, securities firms' gold stocks were almost "annihilated" in January, and none of the combination achieved positive returns. The best-performing Tianfeng Securities gold stock portfolio fell 3% in January, while Guotai Junan and Huachuan

brokerage gold stock has gradually become the monthly strategic vane of brokerage .

However, affected by the market environment, securities companies' gold stocks were almost "annihilated" in January, and none of the combination achieved positive returns. The best-performing Tianfeng Securities gold stock portfolio fell 3% in January, while Guotai Junan and Huachuang Securities won the second place and Tanhua. The gold stock portfolio of only four brokers outperformed the Shanghai Composite Index in January, and about 28 brokers outperformed the ChiNext Index.

Although the profits in January failed, securities companies' gold stocks are still a good investment reference. According to recent research by China Merchants Securities, the securities stocks will be valued by buyers for a period of time and become a heavy holding of some funds.

Looking at the strategic outlooks in the gold stock reports of each brokerage firm in February, most brokers believe that after a significant market adjustment at the beginning of the year, structural opportunities began to emerge. In terms of sectors, sectors such as infrastructure and other sectors that benefit from "stabilizing growth" policies have been generally optimistic about securities companies. Among the gold stocks in February, , html, html, html, html, html, html, tech, electronics, food and beverage, transportation, machinery and other sectors, was very popular.

Recently, the earnings of securities companies' gold stocks in January 2022 were released one after another. According to data from each market (US technology), affected by the market , the market , brokerage gold stocks were almost "annihilated" in January, and none of the combination achieved positive returns. The best performer was Tianfeng Securities' gold stock portfolio, which achieved a result of -3.01% in January, Guotai Junan ranked second with a yield of -5.36%, and Huachuang Securities ranked third with a monthly yield of -7.32%.

In addition to Tianfeng Securities, Guotai Junan and Huachuang Securities, the gold stock portfolio's outstanding returns in January also included Zhejiang Securities, Dongxing Securities , Guosen Securities , Western Securities, Guosheng Securities , Ping An Securities , Galaxy Securities , Galaxy Securities , Guangdong Securities, Haitong Securities , etc., with a drop of less than 9%.

in January this year, the market fluctuated downward, with the Shanghai Composite Index falling 7.65% that month, the ChiNext Index falling 12.45%, and the Shanghai and Shenzhen 300 Index falling fell 7.62%. Judging from the returns of securities companies' gold stock portfolios, the gold stock portfolios of four securities companies outperformed the Shanghai Composite Index and the Shanghai and Shenzhen 300 Index in January, and 28 securities companies outperformed the ChiNext Index.

From the perspective of individual stocks, according to data from each market (US technology), 49 securities research institutes recommended a total of 350 targets in January (the cumulative number before deduplication was 500 targets). As of the close of January 28, the average increase of these 350 gold stock targets was -11.54%. A total of 47 gold stocks achieved positive returns, accounting for about 13.4%, of which 12 gold stocks rose by more than 10%.

Among them, Jiangshan Oupai, recommended by Western Securities, rose by 26.47% in January, , recommended by Shenwan Hongyuan Securities, , , Excellent New Energy, , rose by 23.52% in January, and Aoxiang Pharmaceutical, recommended by China Merchants Securities, rose by 21.40% monthly. Among the securities stocks in January, the three worst-performing stocks were Mango Super Media (down 39.25% in January), Baoti Co., Ltd. (down 36.17% in January), and Bilibili -SW (down 32.29% in January). Among the popular gold stocks in November, , Kweichow Moutai, jointly recommended by 13 brokers, fell 7.95% in November, and , jointly recommended by 5 to 6 brokers, Luzhou Laojiao, , Oriental Fortune, , and , both fell more than 14% in November, while Satellite Chemistry, jointly recommended by 6 brokers, rose 4.92%.

Although the returns of securities companies' gold stocks in January seemed not very impressive, many securities companies have recently conducted systematic research on securities companies' gold stocks and found that the combination of gold stocks is still of strong reference significance for investment.

The metalworking team of China Merchants Securities recently launched a research report that the securities stocks recommended by the seller will attract the attention of buyer institutions for a period of time and become a heavy holding of some funds. Individual stocks that appear in the gold stock portfolio for the first time in the past year are more likely to become heavily held stocks in the next fund period.

, Chief Metal Worker of Xinda Securities, Yu Mingming, said in a research report recently that currently there are 300 gold stock targets recommended per month, of which the exclusively recommended gold stocks account for about 70% of the gold stock pool in each period, and the proportion of gold stocks that have received 3 or more recommendations is below 15%, indicating that the homogeneity of gold stock research in securities companies is not high.

. Can securities companies that discovered bull stocks in the previous stage continue to show their ability to obtain excess returns in the future? Cinda Securities research found that with the continuous improvement of the gold stock recommendation mechanism and the increasing emphasis of securities companies on gold stock portfolios, the performance of stock recommendation in the previous stage showed a weak positive correlation with the returns of securities companies' gold stock portfolios this month. There are certain rules to follow "good securities companies promote good stocks".

As of now, more than 10 securities companies have released the gold stock portfolio for February. From the perspective of industry distribution, stocks in the big finance, electric power, electronics, food and beverage, transportation, machinery and other sectors are quite popular.

From the targets jointly recommended by multiple securities companies, Kweichow Moutai has been recommended by Dongwu Securities , Galaxy Securities, Guolian Securities , Everbright Securities , Dongxing Securities and other securities companies; Zhou Dasheng was jointly selected as the gold stock for February by Kaiyuan Securities , Guosen Securities and Zhejiang Securities; Industrial Bank is favored by Minsheng Securities , Zhejiang Securities and Shenwan Hongyuan . In addition, Gujia Home Furnishing , Muyuan Shares , Focus Media, CATL , China Duty Free, Xinhecheng and other stocks have also been recommended by two or more securities companies.

financial sector was also very popular in February. brokerage stocks Zhonghuatai Securities, GF Securities , CITIC Securities and other stocks were listed as gold stocks by securities companies; among the bank stocks, in addition to Industrial Bank being listed as gold stocks by no less than three brokers, Postal Savings Bank , Nanjing Bank , Sunong Bank, Changshu Bank , and Chengdu Bank were also recommended by different brokers respectively.

brokers have also paid attention to opportunities in transportation-related sectors. For example, Galaxy Securities recommends China Eastern Airlines Logistics , Zhejiang Securities recommends Shanghai Airport , Ping An Securities recommends China Southern Airlines .

It is worth mentioning that many Hong Kong stock technology targets appeared in the securities stock pool in February. For example, Dongwu Securities recommended Meituan-W, Western Securities recommended Baidu Group, Guosen Securities recommended NetEase-S, Shenwan Hongyuan recommended Mingyuan Cloud.

How do securities companies view the future market?

Looking at the strategic outlook of various brokerages in the February gold stock reports, most brokerages believe that after a significant market adjustment at the beginning of the year, structural opportunities began to emerge. In terms of sectors, sectors such as infrastructure and other sectors that benefit from "stabilizing growth" policies have been generally favored by securities companies.

Shenwan Hongyuan Securities believes that the oversold rebound is worth looking forward to, and it still requires patience to continue to recover. In terms of allocation suggestions, the "stabilizing growth" sector is expected to continue to contribute relative returns. Pay attention to three main lines: (1) There are still opportunities in infrastructure and real estate industry chains. (2) The high-prosperity track is resilient, and the bottom configuration continues: green electricity , new energy vehicles. (3) High-end consumption is not pessimistic, pay attention to liquor.

China Merchants Securities believes that in February 2022, after the market fluctuated violently at the beginning of the year, structural opportunities began to emerge. On the one hand, referring to the historical experience of the divergence stage of the Sino-US monetary policy in the early stage of divergence, the loose monetary policy of often led to the rise of A shares . The current price of A shares has not fully reflected the domestic loose policies; on the other hand, with the rapid decline of some popular track sectors, valuation pressure has been released. At the industry allocation level, there may be opportunities for rotation performance in traditional fields and the main line of stable growth in new infrastructure fields, targets in the early stage hot track fields with reasonable valuations after the decline at the beginning of the year, as well as the technology fields ( digital economy , meta-universe, etc.).

Ping An Securities believes that the market environment is becoming more complex and will still be mainly fluctuating in the short term. At present, the market has not reached a consensus on structural opportunities, and sector rotation will continue. It is recommended to pay attention to the direction and implementation effect of subsequent stable growth policies, as well as the possibility of improvement in the economic climate of the post-epidemic recovery sector; pay attention to new trading opportunities in the growth sector in the medium and long term, including some sub-sectors of emerging industries such as digital economy, high-end manufacturing, and new energy.

Dongwu Securities believes that the recent weak market is mainly due to the demand for stable growth, but the policy implementation is slower than expected, and the economic pessimistic expectations have not been restored. Dongwu Securities said it will continue to be clearly optimistic about the whole year.The logical interpretation of stable growth requires data proof, and a good start to credit is the key. If credit starts well in January, the market style is expected to return to growth, and the stable growth sector may continue. If credit starts well in January, the growth sector with deeper declines in the early stage is expected to return to its upward trend, with a focus on: dual carbon (lithium battery, power grid, intelligent driving), digital economy (Internet, semiconductor, cloud computing , meta-universe).

Galaxy Securities believes that at present, external risks have driven the A-share pullback to release certain risks, and the A-share valuation has also fallen to a low level. Looking at the future market, after investor sentiment stabilizes and some track risks are gradually released, the spring market driven by stable growth may gradually begin. There are 2 main lines of industry allocation: 1) and beneficiary themes, such as digital economy, new energy, etc.; 2) sectors that benefit from stable growth policies, such as building materials, machinery, etc.

Minsheng Securities believes that after the "New Year's Eve market" is falsified, opportunities should be paid attention to. After the market trading risks are gradually released, the market is expected to usher in a phased rebound. From the perspective of rebound strategies alone: ​​based on historical experience, we should plan for the poorest stocks in the industries with the largest declines since January. From a medium-term perspective, we still need to return to the core main line and supply constraints in the process of demand recovery. inflation is more elastic than demand itself, and the pricing logic behind it. Investors still need to turn their attention to places outside of consensus. Investors should pay attention to credit recovery, inflation elasticity, and embrace value return. Recommended: nonferrous metals (copper, aluminum, gold), banks, coal, real estate, steel and crude oil (oil and gas extraction, oil transportation), power grid construction and electricity. In terms of theme, rural revitalization (digital government affairs, county consumption).

Everbright Securities believes that the market pessimism is expected to recover, and the spring market is still worth looking forward to. Historically, the "spring restlessness" market appears almost every year and is rarely absent, but its appearance time is different. Some years only have markets worth paying attention to after late January. The logic of this spring market is still valid. In the future, demand-side policies and financial data may be the focus of attention. In terms of configuration direction, it is recommended to pay attention to the two main lines that focus on stability - stable growth and consumption.

Western Securities believes that the market lows in the first half of the year may have appeared. Standing at the current point, investors can gradually turn optimistic about the market and actively plan the market in the first half of the year. Investors are advised to grasp four main lines from a structural perspective: 1. As annual report performance is gradually realized, the growth sector is expected to become the phased main line of the market after the Spring Festival; 2. The securities firms benefit from the recovery of transactions and the comprehensive registration system ; 3. The offline economy represented by catering, tourism and commerce and retail; 4. The necessary consumer goods that benefit from the transmission of prices from PPI to CPI, especially the agricultural sector.

Zheshang Securities believes that at the index level, February is in an overall fluctuating window. On the one hand, in terms of corporate profits, under the background of the slowdown in macroeconomic , the overall profit in 2022 is facing a slowdown; on the other hand, Federal Reserve gradually started the interest rate hike cycle, and may usher in the first interest rate hike in March. Based on the review, the initial interest rate hike often brings phased disturbances to the equity trend. At the structural level, February focused on stable growth and travel chains with low valuations, and growth sectors represented by the digital economy were mainly individual stock opportunities.

Editor: Lingen