Summary of the recent "Promoting Securities Strategy

Key points of investment

The main indexes ushered in structural adjustment, and 33 top quality companies of the Science and Technology Innovation Board were included.

165438+1October 27th-65438+February 14, CSI 300, Kechuang 50, SSE 380, CSI 500, SSE 180, CSI 1000. Specifically: 1) Kechuang 50: Daotong Technology, Shanghai Silicon Industry -U, China Resources Micro, Roborock, Micro2) CSI 300: Chuanyin Holdings, Lan Qi Technology, China Hao Tong, Zhongwei Company; 3) SSE 380: Anji Technology, Haier Bio, Aerospace Science and Technology, Lan Qi Science and Technology, Ruichuang Micro-Nano, and Western Superconductor; 4) CSI 500: ArcSoft Technology, Chen Jing, Nanwei Medicine, Ruichuang Micro-nano, Micro-core Biology; 5) SSE 180: Zhongwei Company; 6) CSI 1000: Anji Technology, Baichu Electronics, Fangbang, Guangfeng Technology, Haier Bio, Aviation Science and Technology, Aerospace Grand Plan, Haohaishengke, Huaxing Yuanchuang, Jiayuan Technology, Lexin Technology, Bai Rong Science and Technology, Sino Medical, Shanshi Net, Shen Lian Bio, Nai Tian Science and Technology, Tianyi Shangjia, Western Superconductor, etc.

Companies with large market value, strong profitability and high R&D investment are favored by the index.

Compared with the average level of science and technology innovation board, the science and technology innovation board companies included in the index have the characteristics of large market value, high valuation, strong profitability and high R&D investment.

* * * The introduction of passive capital allocation is about 7.265438 billion yuan, with SMIC ranking first with 2.34 billion yuan. The average passive allocation amount of 33 companies is 220 million yuan, of which SMIC U (accounting for 10.78% of the market value of the Science and Technology Innovation 50 Index) has the largest allocation amount, about 2.34 billion yuan.

Improve the quality of main indicators and components, and embrace the new economy of scientific and technological innovation.

For a long time, limited by the traditional compilation method, the imbalance of the main index structure of A shares leads to distortion, and the stocks with large market value but low growth rate in the index drag down the performance of the index. This adjustment will help improve the quality of the index, more truly reflect the new and old kinetic energy of China's economy and the achievements of economic restructuring, provide investors with high-quality returns and help the first bull market in the history of A-shares for a long time.

Daily tracking

1) In terms of new shares, microelectronics, Hangya Technology, Hengxuan Technology and Kexing Pharmaceutical went public last week.

3) In terms of the market, measured by the market value-weighted closing price, science and technology innovation board rose by 0.8% overall last week, and the Growth Enterprise Market rose by1.7%; A shares all rose 1.6%. Siminxin, Huafeng Measurement and Control, China Resources Micro, Borui Data and Orff Environmental Protection, which have been listed for two weeks, ranked in the top five.

Risk warning: The contents of this report are for data analysis and reference only, and do not constitute any investment advice.

Report text

1. Recently, high-quality companies with scientific and technological innovation boards were included in the main index 1. 1 summary. The main indexes ushered in structural adjustment, and 33 high-quality companies of the science and technology innovation board were included.

On June 27th, 2020, the Shanghai Stock Exchange released the sample adjustment progress of CSI 300, SSE 50, Kechuang 50 and CSI 500, and included some science and technology innovation board companies whose listing time exceeded 1 year. This adjustment came into effect in June 65438+February 65438+April.

* * * Six indexes including Kechuang 50 and Shanghai-Shenzhen 300 include 33 companies. Among them, seven companies, including Anji Technology, Haier Bio-tech, Hangke Technology, Lan Qi Technology, Ruichuang Micro-nano, Western Superconductor and Zhongwei Company, were also included in the constituent stocks.

Specifically:

1) Daotong Technology, Shanghai Silicon Industry -U, China Resources Micro, Roborock and SMIC -U5 were selected as the top 50 scientific and technological innovations;

2) Four companies, namely Voice Holding, Lan Qi Science and Technology, China Hao Tong and Zhongwei Company, were included in the CSI 300;

3) Anji Technology, Haier Biotechnology, Aerospace Science and Technology, Lan Qi Science and Technology, Ruichuang Micro-nano, and Western Superconductor are included in SSE 380;

4) ArcSoft Technology, Chen Jing, Nanwei Medicine, Ruichuang Micro-nano, and Microchip are included in the CSI 500;

5) Zhongwei Company was included in SSE180;

6) Anji Science and Technology, Baichu Electronics, Fangbang Co., Ltd., Guangfeng Science and Technology, Haier Bio, Aerospace Science and Technology, Haohaishengke, Huaxing Yuanchuang, Jiayuan Science and Technology, Lexin Technology, Bai Rong Science and Technology, Sino Medical, Shanshiwangke, Shen Lian Bio, Nai Tian Science and Technology, Tianyi Shangjia, Western Superconducting and Xinmai Medical were included in CSI 1008.

1.2 Companies with large market value, strong profitability and high R&D investment are favored by the index.

In terms of industry distribution, 33 companies are mainly distributed in the new generation information technology industry (17, accounting for 5 1.52%), followed by the biological industry (7 companies, accounting for 2 1.2 1%) and the new materials industry (5 companies, accounting for/kloc)

Compared with the average level of science and technology innovation board, the market value of science and technology innovation board companies included in this index is relatively large (the average market value is 38.53 billion yuan, and the overall market value of science and technology innovation board is 65.438+0.610.90 billion yuan), and 2) the valuation is relatively high (PE(TTM) is 65.438+0.10.9.2x). Science and technology innovation board as a whole is 73.6x 3) The profitability is stronger (the average return on net assets in the third quarter of 2020 is 8.0%, and the science and technology innovation board is 7. 1%), and 4)R&D investment is high (R&D expenditure accounts for 15.9% of operating income in 2020, and the science and technology innovation board is 8.6%).

65,438+0.3.* * The passive allocation was about 72 1 billion yuan, and SMIC ranked first with 2.34 billion yuan.

We count the ETF tracking scale of each index and multiply it by the ratio of the newly included stock market value to the total market value of the index to get the new passive allocation of this branch.

33 companies introduced passive capital allocation of about 7.2 1.3 * *, with an average passive capital allocation of 220 million yuan, of which SMIC -U (accounting for 65.438+00.78% of the market value of the Science and Technology Innovation 50 Index) has the largest allocation amount of about 2.34 billion yuan, and other high-value companies are also facing more allocation funds.

1.4. Improve the quality of main indicators and embrace the new economy through scientific and technological innovation.

For a long time, limited by the traditional compilation method, the imbalance of the main index structure of A shares leads to distortion, which brings investors the illusion of zero-sum game. For example, the Shanghai Composite Index has fluctuated around 3,000 points for a long time, and the Shanghai and Shenzhen 300(97%) has significantly underperformed the Standard & Poor's 500( 149%) since 20 13. Stocks with large market value but low growth rate, such as cyclical stocks in the index, have dragged down the performance of the index. The inclusion of some leading companies in the science and technology innovation board in the index is conducive to improving the quality of the index. Secondly, it can more truly reflect the transformation of old and new kinetic energy and the achievements of economic structure in China, provide investors with high-quality returns and help the first bull market in the history of A-shares for a long time.

2. Zhou Du data tracking of science and technology innovation board

2. 1. Last week's IPO arrangement

Last week, microelectronics, Hangya Technology, Hengxuan Technology and Kexing Pharmaceutical went public.

Ming Microelectronics: The company is a high-tech enterprise mainly engaged in R&D, integrated circuit design, packaging, testing and sales. The company has been focusing on digital-analog mixed and analog integrated circuits, and its products mainly include LED display driver chips, LED lighting driver chips and power management chips. Products are widely used in LED display screen, intelligent landscape, lighting, household appliances and other fields. The constant current precision control technology, SM-PWM protocol control technology, LED state detection technology, decoupling technology, OUT switch timing control technology, shadow elimination technology, energy-saving control technology, high-voltage self-starting and power supply technology, linear full-voltage drive technology, switch dimming and color matching technology, parallel code writing technology, adaptive chip parameter setting technology, constant power control technology, multi-level switch control technology, silicon controlled rectifier detection technology and many other technologies independently developed by the company have obvious advantages. The company has provincial engineering technology center, provincial Industry-University-Research base and municipal engineering laboratory. Since its establishment, it has successively won the honors of National Intellectual Property Advantage Enterprise, National Hi-tech Enterprise, National Planning Key Integrated Circuit Design Enterprise, Guangdong Intellectual Property Demonstration Enterprise, Guangdong Intellectual Property Advantage Enterprise, Guangdong Innovative Enterprise and Guangdong Software and Integrated Circuit Design Industry 100 Top Cultivation Enterprise.

Hangya Technology: The company is a professional manufacturer of high-performance components in the field of aero-engines and medical orthopedics, focusing on the research, development, production and sales of key components of aero-engines and implanted forgings in medical orthopedics. The main products include high-performance components such as aero-engine compressor blades, rotating parts and structural parts (integral impeller, disk ring, casing, rectifier, etc.). ) and medical orthopedic implant forgings (acetabular cup, hip handle, tibial plateau and other precision forgings). With strong technical strength and process control ability, experienced and well-equipped talent team, rapid technical development response ability, continuous technical innovation ability and rich experience in international project industrialization implementation, the company has established in-depth, stable and sustained cooperative relations with first-class customers at home and abroad in the fields of aero-engines and medical orthopedic joints. In the field of aero-engines, the company supplies a large number of aero-engine compressor blades to mainstream international aero-engine companies. Safran and ge Aviation are one of the four largest aero-engine manufacturers in the world. With consistent high-quality products and services, the company has been highly recognized by domestic and foreign aero-engine customers: in 20 19, the company was awarded the "Excellent Supporting Supplier" award by China Hangfa Main Engine Factory; In 20 18, the company was awarded the "Outstanding Supplier Commitment Award" by CFM (a joint venture between Safran and General Electric Aviation). Many of the top 10 medical orthopedic implant manufacturers in China are corporate customers (Johnson & Johnson Medical, Xerox, Gaowei Orthopaedics, Chun-Li Lida).

Hengxuan Technology: The company is one of the leading international intelligent audio SoC chip design companies. It has become a leading supplier in the field of intelligent audio SoC chips in the world, and its products and technical capabilities have been widely recognized by customers. It is one of the few chip design companies in Chinese mainland that can compete with international giants such as Qualcomm and MediaTek. The company won the China Integrated Circuit Design Achievement Award selected by EETimes for two consecutive years, and is also the executive director of the Council of China Electronic Audio Industry Association. At present, the company's products have entered the mainstream Android mobile phone brands in the world, including Huawei, Samsung, OPPO, Xiaomi and Moto, and they also occupy an important position among professional audio manufacturers, including Harman, JBL, AKG, Sony, Skullcandy, Wanmo and Rambler.

Kexing Pharmaceutical Co., Ltd. is an innovative biopharmaceutical enterprise, mainly engaged in the research and development, production and sales of recombinant protein drugs and microecological agents, focusing on drug research and development in the treatment fields of antivirus, hematological diseases, tumors and immunity, degenerative diseases and so on. , and there is a certain precipitation of Chinese medicine and chemical medicine technology around the above-mentioned treatment fields. At present, the company's main products are recombinant protein drug "recombinant human erythropoietin", "recombinant human interferon α 1b", "recombinant human granulocyte stimulating factor" and microecological drug "Clostridium butyricum". After more than 20 years of pharmaceutical R&D and industrial technology precipitation, the company has built a relatively complete pharmaceutical R&D innovation system, covering the pharmaceutical innovation ability from drug discovery, drug research, preclinical research, clinical research to industrialization. In 20 17, the company's technology center was recognized as "Shandong Enterprise Technology Center", in 20 18, it was recognized as "Jinan protein and Pharmaceutical Engineering Laboratory", and in 2020, it was recognized as "Guangdong protein and Pharmaceutical Engineering Technology Center".

2.2 Science and Technology Innovation Board Market Performance Tracking

The science and technology innovation board rose by 0.8% last week. Measured by the market value-weighted closing price, science and technology innovation board rose from 56.8 to 57.2 last week, an increase of 0.8%; Accordingly, the weighted closing price of GEM rose from 19.2 to 19.5, with an increase of1.7%; The weighted closing price of all A shares rose from 1 1.0 to1.2, with an increase of 1.6%.

Kechuang 50 rose or fell by 0. 1% last week. Last week, Kechuang 50 dropped from 1363.0 to1.1,a decrease of 0.1%; Correspondingly, the Shanghai and Shenzhen 300 rose by 2.3%, and the GEM index rose by 3.5%.

The stock performance of science and technology innovation board is mixed in the new generation of information technology industry and biological industry. Among the stocks listed for more than two weeks, Siripu, Yihuatong -U, Jingfeng Mingyuan, Keqian Bio and Hangke Technology rank in the top five, while Nanwei Medical, Aibo Medical, Jiankai Technology, Sanyou Medical and Tianchen Medical rank in the bottom five.

Last week, the turnover in science and technology innovation board was 1, 41.50 billion yuan, down 2 billion yuan from the previous two weeks. The turnover of Science and Technology Innovation Board/Growth Enterprise Market was 17.9%, which was 1 percentage point higher than that of the previous two weeks. The turnover rate of science and technology innovation board/total turnover rate of A shares was 3.8%, which was the same as the previous two weeks.

Last week, the turnover rate of science and technology innovation board was 3.0%, down 0.2 percentage points from 3.2% in the previous two weeks. Compared with the Growth Enterprise Market, the turnover rate of science and technology innovation board is 1. 1, which is the same as the previous two weeks. Compared with all A-shares, the turnover rate of science and technology innovation board is 2.9, which is 0.3 higher than 2.6 in the previous two weeks.

Judging from the overall method (excluding negative values) PE(TTM), science and technology innovation board's valuation remained at 73.6x, which was the same as the previous two weeks. Compared with the Growth Enterprise Market, the valuation ratio of the science and technology innovation board remains unchanged at1.5; Compared with all A shares, the valuation ratio of science and technology innovation board dropped to 3.9.

Judging from the overall method (excluding negative values) PE(TTM), the valuation of Kechuang 50 rose from 75.7 in the previous two weeks to 77.7x last weekend. Compared with the CSI 300, the valuation of the science and technology innovation board remained at 5.0, while the valuation of the science and technology innovation board rose steadily to 1.3.

Last week, securities lending increased by 654.38+0.5 billion yuan, financing increased by 930 million yuan, and the ratio of margin financing and securities lending remained at 2.5. Last weekend, the balance of securities lending reached 654.38+0.238 billion yuan, an increase of 654.38+0.223 billion yuan compared with the previous two weeks. The balance of financing reached 30.89 billion yuan, an increase of 930 million yuan from 29.97 billion yuan in the previous two weeks. The market value ratio of the two companies remains at1.2%; The ratio of margin financing and securities lending remained at 2.5.

2.3 In June, the Science and Technology Innovation Board was lifted, and in February, 5438+.

Risk warning

Risk warning: The contents of this report are for data analysis and reference only, and do not constitute any investment advice.

Note: This report is extracted from the published research report of Industrial Securities Institute of Economics and Finance. See the full text of the report for details of the report and relevant risk warnings.

Securities Research Report: Recently, high-quality companies with scientific and technological innovation boards have been included in the main index summary-series research on scientific and technological innovation boards (38).

Release date: 65438+February 22, 2020

Issuer: Industrial Securities Co., Ltd. (with the qualification of securities investment consulting business approved by China Securities Regulatory Commission).

Analysts in this report:

Practice certificate number of Wang Association. :s 0 1905 1603000 1

Li meicen SAC practice certificate number. :S0 1905 18080002

Zhang Xun SAC practice certificate number. :S0 190520070004

Research assistant:

Li Jiajun, Zhang Risheng

Industrial Securities Strategy Team