Four industries lead profit recovery

Analyst Li Investor (analyst Li) under asymmetric recovery, positive signals are constantly being released. Since last November, the leading indicator PMI (purchasing managers index) has rebounded for 7 consecutive months, 4 months above the 50 critical line, and the economy has been in good shape.　　And the situation in the field of industrial production also echoed the PMI trend, 2009 years ago, the 5-month industrial enterprise profit decline narrowed, the efficiency began to rebound.　　1 ~ May, the national scale of industrial enterprises (annual business income of more than 5 million yuan enterprises) to achieve profit of 850.2 billion yuan, down 22.9%, and 1 ~ February 37.3% of the decline compared to 14.4%.　　At a time when the decline is narrowing, what kind of investment opportunities exist for industries or enterprises to promote the bottom up of industrial enterprises? By analyzing the relevant data, we found that in the first 5 months, private enterprises were the only category to achieve positive growth in net profit in a variety of ownership companies, and as the economy recovered, the value of some of the industry's recovery was worth investors ' attention, and some of the uncertain sectors needed to wait for a while,　　Looking for trading opportunities. Profit leader of private enterprise although the current economic growth, in many market people, it is the government-led investment-driven effect. Moreover, as the investment is mainly in the infrastructure construction and other fields, large state-owned enterprises, state-controlled enterprises will be Tun, a large cup of soup, private enterprises and small and medium-sized enterprises are far from the "tower".　　In the first 5 months, the market was surprised by the data on the profits of industrial enterprises. January-May, including state-owned and state-controlled enterprises, collective enterprises, joint-stock enterprises, foreign enterprises and private enterprises, including 5 types of ownership enterprise, the first 4 categories of enterprises still continued the early period of net profit negative growth situation, the decline in 0.7%~41.5%, which benefited 4 trillion of the most direct investment in state-owned enterprises Fell to the top of the decline by 41.5%.　　The private sector has achieved a net profit of 230.3 billion yuan, an increase of 2.4% per cent.　　The most direct benefit of the performance is poor, and those who are self-financing and often encounter banks cherish loans of private enterprises, but in the unfavourable economic situation, to achieve profitability. There is a view that the first half of the small and medium-sized stock rally gratifying, for small and medium-sized enterprises to facilitate the financing, which may be to promote the profits of enterprises one of the reasons. In fact, the ownership of enterprises is also an important reason for enterprises.　　State-owned enterprises like spoiled children, the conditions are very good but difficult to achieve good results, while the private sector is a sensible child self-reliance, a little condition, will rise. For the private sector, the second half, the investment and consumption pull, demand will rebound, raw materials and product prices will be further stabilized, they have better conditions for profitability.　　We advocate for companies that focus on leading performance. At present, a share company has 568 private enterprises, of which the pharmaceutical and biological companies, a total of 66, accounted for more than 10%, followed by the mechanical equipment industry,A total of 64 companies, accounting for more than 10%; In addition, the forefront of the industry also includes 57 listed companies, real estate 49 listed companies, electronic components category 33 listed companies and the commercial trade category 27 listed companies.　　In the situation of the macro situation gradually warmer, the above industries, the earnings per share, net asset yield and net profit growth rate of the leading private enterprises worthy of concern. For example, the pharmaceutical biological industry, Zhejiang Medicine (600216.SH), New and into (002001.SZ) and other companies, such as the price-earnings ratio of 30 times times, and 2008-year earnings per share reached 2.16 yuan and 4.02 yuan, the net assets yield also reached 72.9% and 103.17% respectively,　　Such companies deserve attention.　　Recovery industry is worth paying attention to us in addition to the profitability of a strong private enterprise "treasure", but also from various categories to select the recovery of the performance of the industry. According to the National Bureau of Statistics, the 39 major industrial sectors of profits, there are four types of industries to achieve profit growth, they are coal mining industry, year-on-year growth of 4.2%, building materials industry growth of 8.6% per cent, the power industry growth of 14.6%.　　In addition, the oil processing and coking industry has also shifted from a loss of $44.9 billion in the same period last year to a profit of $44.8 billion.　　These four industries are closely related to the macroeconomic trend, and their profits are increasing thanks to the gradual recovery of demand, the stability of raw material prices two major factors.　　Take the power industry for example, last year, the whole industry loss of the situation, into the 2009 gradually began to improve, mainly because of the stability of coal prices, reducing the production costs of enterprises; again, the building materials industry as an example, 4 trillion investment and the real estate market, so that demand increases, and thus achieve the growth of the industry profits. As a result, investors who focus on performance in the second half of the year need to pay more attention to these recovery sectors.　　Once these industries recover, their former domineering will return, earning far more than other industries.　　While looking for investment opportunities in the recovery industry, "mine-seeking" work still needs to be done to seize investment opportunities while avoiding investment mistakes. According to statistics published by the National Bureau of Statistics, 8 industries in the first 5 months of profit year-on-year decline.　　Inspection of these industries, its future trends are affected by some uncertain factors, making its future profitability becomes confusing, these "see not clear" industry, the proposed investors wait-and-timing, and move.　　In the case of the steel industry, which has the biggest profit decline, its profits are down 97.2%, the raw material price and the downstream demand are uncertain, making it difficult to judge its future performance growth.　　Raw materials, the protracted iron ore association on the "deadline" of the day but still no results, China said it will continue, the iron ore agreement price of the negotiation history has been rewritten. In the future, it remains to be known whether China will be able to reach a drop of 40% per cent from its iron ore giants. Demand, although the situation has stabilized, but the basis for the recovery is not stable, do not rule out the future has to reducepossible.　　The uncertainty of the upstream and downstream makes the future profitability of iron and steel enterprises difficult to determine. In the first 5 months of the oil and gas industry, the decline in profits has reached 75.8%, and the future of the industry is not optimistic. At present, natural gas in China-style low-cost state, and with the completion of the west-East gas transmission line project, China's natural gas and international integration of the opportunity to mature, but whether the smooth convergence is still doubtful, natural gas as a public resource properties of goods, price adjustment is not easy.　　In the future, the gas industry's profitability is not very optimistic. In short, for these future trends are not yet clear to the industry, investors pay more attention to their industry trends, but also in the appropriate time to choose a trading opportunity to enter.