CITIC Securities: A shares continue to rise bullish on four industries

Each reporter Li Wenyi a two-day "Citic Securities 2009 medium-term Strategy Meeting" June 18 and 19th in Chengdu, the new Convention and Exhibition Center, the Daily Economic news reporter learned that CITIC Securities this strategy will only invite more than 100 million yuan of super customers to participate, most of which are institutional investors. At yesterday's meeting, Citic Securities chief macro economist Jianfang that China's economic "U"-type recovery is more certain, the annual GDP growth of 8.2% is also predictable, and the global financial crisis accelerated our economic transition, and in the transition to achieve growth.　　Also at the meeting, Citic Securities to the petrochemical industry, machinery industry, the financial industry (including banks, securities and insurance) and the real estate industry have given a "stronger than the trend" rating. Strategy A-share will not be two times yesterday morning, Citic Securities chief economist, chief strategic analyst of the current domestic and foreign macroeconomic situation, the second half of the investment strategy of the A-share market, the afternoon, the industry analysts to include petrochemical, non-ferrous metals, including the nine major industries made a strategic report.　　And this morning's meeting is mainly featured lectures and exchange of listed companies, including the gem, commodities, coal power, financial engineering, home appliances to the countryside, bonds and other six topics. "Daily economic news" from the meeting site learned that this time is invited to participate in CITIC Securities capital of more than 100 million yuan in the super customers, the vast majority of institutional investors.　　A Social Security fund personnel said that at present many brokerages are holding the medium-term Strategy conference, the Organization has the selective participation.　　Strategy meeting, facing many institutions, Citic Securities expressed a positive attitude towards a-share market, that a shares will not be two times, liquidity and recovery is expected to lead a-share market shocks upward, the listed company performance is expected to rebound from July to August this year, the market valuation is basically reasonable. Citic Securities also issued an investment perspective on 29 sectors: the Petrochemical industry policy adjustment to enhance the competitiveness of domestic enterprises, PetroChina (601857, closing price of 14.04 Yuan), Sinopec (600028, Closing price of 10.41 Yuan) will benefit from this round of adjustment; the machinery industry is growing up, the crisis narrowing the gap, focusing on the industry's comprehensive competitiveness and the recovery of the more than expected companies; insurance stocks have a valuation advantage, brokerage shares will benefit more from the gem and other new business opening to promote valuation and so on　　Citic Securities gave the industry "stronger than the trend" rating.　　In addition, for the recent two-tier market, the more robust banking, real estate industry, Citic Securities also carried out a focus analysis, and give a "stronger than the trend" rating. Bank concerns three small and medium-sized bank Citic Securities banking chief analyst Zhu Yu in yesterday's report, said that earlier high credit to promote the banking sector is positive growth in the past six months, as much as 6.3 trillion of the loan investment will continue to contribute to the current two years interest income. With the completion of asset-liability pricing, interest rate cuts and mortgage rate discounts will be released in the first half of the year, the net interest of listed banksThe gap is expected to bottom out in the 2 and 3 quarters of this year, although the net spreads on listed banks are different.　　Through the sensitivity analysis, Zhu Yu that the Bank of China (601988, the former closing price of 4.11 Yuan), the Beijing Bank (601169, closing price of 15.36 Yuan), Nanjing Bank (601009, closing 15.81 yuan) net spreads on the capital market interest rate increase sensitivity higher than peers.　　Therefore, in the report, Zhu Yu recommended that some joint-stock banks and city firms, such as Minsheng Bank (600016, closing price 7.90 yuan), Beijing Bank and Nanjing Bank, should pay attention to the large scale expansion ability and the asset-liability structure elasticity of the economic recovery process. The strong expansion in the relaxed environment will lead to high growth of Minsheng bank; Beijing Banks rely on resources endowment, the top ten loan customers, such as the Ministry of Railways, Transport department and Sinopec, profit model optimization space is huge; The bank of Nanjing added 20.9 billion yuan in the first quarter to double its annual increase of 9.6 billion yuan a year,　　New loans are also far exceeding the annual increase in last year, and high credit has laid a high growth rate. Real Estate recommended buy two companies real estate industry analyst Cong said loose monetary policy boosted demand in the real estate sector and consolidated corporate capital, while industrial policies, such as lower capital ratios and looser land-payment conditions, also helped the industry to raise leverage.　　In the second half of the year, the government will conduct the expected guidance to prevent house prices from rising too fast, but the policy tone will remain unchanged. Cong that the land market is more cold than the price of land streaming, while the core area of the new low price for the vast majority of development enterprises is already water month, so for real estate enterprises, the stock resources is a bright spot, with the city core areas of Low-cost listed companies will continue to be pursued by the market,　　The main risk for real estate in the second half is the shift of monetary policy.　　He believes that the real estate industry resources Revaluation feast is underway, Citic Securities recommended to buy resources real estate shares investment real Estate (000024, closing price of 29.81 Yuan) and Riverside Group (002244, closing price of 13.45 yuan). China Merchants Real Estate is the key enterprise of the Department of Investment, the birth of a family, currently owns 6.318 million square meters of land reserves, of which nearly 2 million square meters in Beijing, Shanghai, Shenzhen, three core cities. and Riverside Group is a few truly counter-cyclical take the company, Strategic vision outstanding, Tactical ability outstanding.