• 黑天鹅之年过半,寻找中国投资的新灯塔

    30th June, 2020

    摘要: 背景: 黑天鹅之年,投资中国A股仍是大趋势  “黑天鹅之年” – 2020年已近过半。上半年中,美股熔断,原油暴跌,我们几乎每天都经历着各种“有生之年”的系列事件。而新冠肺炎疫情作为2020年影响最大,持续时间最长的的“黑天鹅”,已经对全球经济以及金融市场产生深刻影响。   今年3月新型冠状病毒在全球流行,叠加油价崩盘的影响,3月美股市场10天熔断4次,同期全球股市受...

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  • 中国宏观每月快讯 3月经济状况改善,建筑业利好

    20th April, 2020

    摘要: 摘要 我们预计工业和服务业将在3月份复苏。另一个预期将出现反弹的行业,将是建筑材料。 我们增持中国建筑材料和基建行业,因为原材料需求增加,以及基建项目融资规模较大。 供给侧:工业和服务业在3月复苏  工业:2020年前两个月,中国工业增加值同比下降13.5%,其中采矿业同比下降6.5%,制造业同比下降15.7%,公用事业同比下降7.1%。(图1)根据发电日耗煤量的高频数据...

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  • 资讯 | 美联储年内三次降息,标普指数创收盘新高

    31st October, 2019

    摘要: 美股 北京时间10月31日凌晨,美股周三收高,标普500指数再创历史最高收盘纪录。美联储宣布降息25个基点,并暗示将暂停宽松措施。美联储主席鲍威尔称目前的货币政策是合适的。 截止收盘,道指收盘上涨115.27点,或0.43%,报27186.69点;标普500指数涨9.88点,或0.33%,报3046.77点;纳指涨27.12点,或0.33%,报8303.98点。 在结束为期两天的货币...

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  • 研报 | 招商银行股份有限公司:盈利能力强,资产质量稳定

    3rd July, 2019

    摘要: 平安银行:积极 买入价:CNY29.77 | 止损价:CNY23.75 目标价:CNY45.00    摘要 招商银行股份有限公司(CMB)是一家商业银行。公司提供存款,贷款,财富管理, 资产托管,融资租赁,投资银行和其他银行业务。招商银行在国内外开展业务。   关键指标 CMB 公布2019年一季度净利润为250亿人民币,环...

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  • 研报 | 平安银行股份有限公司

    26th June, 2019

    摘要: 平安银行:积极 买入价:CNY12.56 | 止损价:CNY10.05 目标价:CNY18.76 | 收盘价: CNY13.64   摘要 平安银行在中国提供商业银行服务。公司提供存款服务,贷款服务,票据服务,结算服务,信用卡服务,国际银行业务,网上银行及其他相关的服务。     2019年一季度业绩概述 平安银行 (PAB)...

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  • 中国银行板块: 资产基本面良好,资金涌入有望提振估值

    29th May, 2019

    摘要:   2019年5月26日 : 增持 Global X MSCI China Financials | 代码: CHIX | 闭市价格: USD 15.50 | 年初至今回报: +5.87% iShares China Large-Cap ETF | 代码: FXI | 闭市价格: USD 39.93 | 年初至今回报: +2.18% CSOP FTSE China...

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  • 研报 | 中国策略:中长期外国资金将持续流入

    22nd March, 2019

    摘要:   北京时间2019年3月1日,MSCI公布了提高A股纳入因子(Inclusion Factors)的结果;MSCI决定分三步提升A股在MSCI 新兴市场指数中的纳入因子,使纳入因子从5%增至20%。   点评 • A股纳入MSCI新兴市场指数的纳入因素分三步提高至20%,预计将带来超过500亿美元的资金进入A股市场。 • 2019...

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  • 中国2019年投资策略:紧随政策,看好新能源汽车和房地产行业

    21st January, 2019

    摘要: 事件:2018年中央经济工作会议在中国北京召开 2018年12月19日至21日,一年一度的中央经济工作会议在北京举行。该会议是中共中央,国务院召开的最高规格经济会议,其核心任务是总结2018年全年经济工作情况,分析当前经济形势,部署规划2019年的经济重心。   研究概要 • 稳需求将成为2019年政府工作主要目标,2019年GDP增长预计稳定在6.2%左右。 ...

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  • 货币政策支持,财政政策对冲,中国A股四季度值得期待

    18th October, 2018

    摘要:   投资概要   2018年,不断紧张的国际贸易形势以及工业居民消费品价格的超预期上涨,给中国经济蒙上阴影。对中国股市及债市影响巨大。 进入四季度,在较高通胀水平,低增长的轻微类滞涨背景下,我们观察到中国货币政策财政政策目标趋同越加明显。中国政策现阶段着眼于稳定经济增长,未来以补短板为主要发力方向。积极的财政政策,稳健灵活适度的货币政策对于经济的不利因素...

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  • 研报 | 华域汽车 (600741.CH):中期业绩靓丽,産品升级和新兴业务继续推进

    10th October, 2018

    摘要:   投资概要   华域汽车是中国汽车零部件行业的领先者,对具有核心竞争力的业务板块,公司将进一步实行外延式的扩张和内涵式增长相结合的发展途径,以促进转型升级、形成支撑未来可持续发展的核心业务群。我们依旧认爲零部件的系统化,高端化和科技化是中国汽车市场的未来发展趋势,利好公司这样的高品质零部件生産商提高市场份额,维持买入评级。   ...

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