“Low valuation, good sales†coupled with policy encouragement, Tuesday’s car sector’s rising strength led the stock index rebounded strongly; auto-share mad “stepping on the throttle†also pulled up the Shenyin Wanguo International Delivery Equipment Index, which rose on a single day on the 19th. 5.01%, ranking first, also hit a record high.
Full bloom in the automotive sector October 19, the Shanghai and Shenzhen stock markets trend first suppressed after the positive stimulus, the GEM stocks rose sharply, most of the cyclical stocks callback. However, after midday, funds abruptly entered the automobile sector and the major stock indexes quickly recovered. Eventually, the Shanghai Composite Index returned to the 3000-point mark after six months.
Shares in the automotive sector were fully developed. Shanghai Auto, Zhongluo, Zhongyuan Inner Match, and Shanghai Jiahao all reached daily limit. China National Heavy Duty Truck, Ankai Bus, Changan Automobile, GAC Changfeng, Jianghuai Auto and FAW Car rose more than 5%. Fuyao Glass rose 8.01%, Futian Automobile rose 4.48%. In the background of the “stomp the accelerator†sprint of the auto stocks, the Shenyin Wanjia International Transportation Equipment Index soared by 5.01% on the same day and closed at 3928.32 points, a record high; since 2010, the index has risen by 6.68%.
Analysts pointed out that there are mainly three positives for the strength of the automobile sector. First, the data shows that the production and sales of the automotive industry are booming. According to statistics, in September 2010, the domestic automobile production was 1.593 million, which was a year-on-year increase of 16.9% and a growth of 24.7% from the previous period. Among them, the production of passenger cars was 1.23 million, which represented an increase of 19.9% ​​year-on-year and an increase of 26.1% from the previous period; commercial vehicle production increased by 8% year-on-year to 363,000 vehicles, an increase of 20.1% from the previous quarter. Judging from the cumulative output, from January to September, the cumulative production of automobiles was 130.83 million, an increase of 36.1% year-on-year. In September, domestic vehicle sales were 1.557 million, an increase of 16.9% year-on-year and 17.7% month-on-month. Among them, sales of passenger cars were 1,211,000, an increase of 19.3% year-on-year, and a year-on-year increase of 18.9%. Sales volume of commercial vehicles rose 9% year-on-year to 345,000 vehicles, an increase of 13.7% month-on-month, which was lower than the increase in overall sales of automobiles. Judging from the cumulative sales this year, the cumulative sales of cars totaled 13.138 million, an increase of 36% year-on-year. From January to September 2010, the sales ratio was 99.6%.
Second, the policy encourages the development of new energy vehicles and the integration and upgrading of the automotive industry. The development prospects of China's automobile industry are broad. In the next five years, the scale of automobile production and sales will further expand. Dong Yang, executive vice president of the China Association of Automobile Manufacturers, pointed out: "It is expected that during the 12th Five-Year Plan period, domestic auto production will reach 30 million units, accounting for 30% of the world's auto production (80 million units), of which passenger vehicles will account for 81%. The proportion of vehicles is approximately 19%, and the sales ratio is 25 million domestic sales and 5 million foreign sales.†Third, valuation advantage. At present, the overall valuation of the automotive sector is at a reasonable level. Historically, it is even somewhat undervalued. The price-earnings ratio of the major auto companies is between 10-20 times. Under the continuous upward trend of the broader market, auto stocks have a demand for valuation expansion.
Institutions are generally optimistic that, with the market continuing to improve, brokerages and other institutions are also optimistic about the outlook of the automotive sector.
According to Essence Securities, due to the impact of the financial crisis of 2008-2009 and the stimulation of national policies, the production and sales data of automobiles in the first half of 2008-2010 have undergone significant fluctuations, and the seasonal characteristics of automobiles have been disordered. In January-July 2010, the auto market moved from restocking to destocking and then returned to equilibrium. The median compound annual growth rate of 26.29% can easily represent the growth rate of the auto market in 2007-2010. Even considering the factors such as increasing base number and slowing growth rate, in the absence of changes in the consumption environment, the 2011 auto industry maintained a growth rate of around 15%, which is a high probability event, which is higher than the expected growth of less than 10% in the previous period of the market. , so optimistic about the overall industry performance.
China Merchants Securities said that it expects annual sales of 17.24 million vehicles in the auto industry, an increase of 27% year-on-year. In addition, industry consolidation and corporate listing will continue to provide investment opportunities for the auto industry in the future. At present, the concentration of China's auto market is relatively low. The process of auto industry growth from maturity is the process of industry consolidation and merger. It is proposed to focus on the phased investment opportunities brought by the listing of A shares of FAW Group, GAC Group, BYD Auto and Chery Automobile.
Full bloom in the automotive sector October 19, the Shanghai and Shenzhen stock markets trend first suppressed after the positive stimulus, the GEM stocks rose sharply, most of the cyclical stocks callback. However, after midday, funds abruptly entered the automobile sector and the major stock indexes quickly recovered. Eventually, the Shanghai Composite Index returned to the 3000-point mark after six months.
Shares in the automotive sector were fully developed. Shanghai Auto, Zhongluo, Zhongyuan Inner Match, and Shanghai Jiahao all reached daily limit. China National Heavy Duty Truck, Ankai Bus, Changan Automobile, GAC Changfeng, Jianghuai Auto and FAW Car rose more than 5%. Fuyao Glass rose 8.01%, Futian Automobile rose 4.48%. In the background of the “stomp the accelerator†sprint of the auto stocks, the Shenyin Wanjia International Transportation Equipment Index soared by 5.01% on the same day and closed at 3928.32 points, a record high; since 2010, the index has risen by 6.68%.
Analysts pointed out that there are mainly three positives for the strength of the automobile sector. First, the data shows that the production and sales of the automotive industry are booming. According to statistics, in September 2010, the domestic automobile production was 1.593 million, which was a year-on-year increase of 16.9% and a growth of 24.7% from the previous period. Among them, the production of passenger cars was 1.23 million, which represented an increase of 19.9% ​​year-on-year and an increase of 26.1% from the previous period; commercial vehicle production increased by 8% year-on-year to 363,000 vehicles, an increase of 20.1% from the previous quarter. Judging from the cumulative output, from January to September, the cumulative production of automobiles was 130.83 million, an increase of 36.1% year-on-year. In September, domestic vehicle sales were 1.557 million, an increase of 16.9% year-on-year and 17.7% month-on-month. Among them, sales of passenger cars were 1,211,000, an increase of 19.3% year-on-year, and a year-on-year increase of 18.9%. Sales volume of commercial vehicles rose 9% year-on-year to 345,000 vehicles, an increase of 13.7% month-on-month, which was lower than the increase in overall sales of automobiles. Judging from the cumulative sales this year, the cumulative sales of cars totaled 13.138 million, an increase of 36% year-on-year. From January to September 2010, the sales ratio was 99.6%.
Second, the policy encourages the development of new energy vehicles and the integration and upgrading of the automotive industry. The development prospects of China's automobile industry are broad. In the next five years, the scale of automobile production and sales will further expand. Dong Yang, executive vice president of the China Association of Automobile Manufacturers, pointed out: "It is expected that during the 12th Five-Year Plan period, domestic auto production will reach 30 million units, accounting for 30% of the world's auto production (80 million units), of which passenger vehicles will account for 81%. The proportion of vehicles is approximately 19%, and the sales ratio is 25 million domestic sales and 5 million foreign sales.†Third, valuation advantage. At present, the overall valuation of the automotive sector is at a reasonable level. Historically, it is even somewhat undervalued. The price-earnings ratio of the major auto companies is between 10-20 times. Under the continuous upward trend of the broader market, auto stocks have a demand for valuation expansion.
Institutions are generally optimistic that, with the market continuing to improve, brokerages and other institutions are also optimistic about the outlook of the automotive sector.
According to Essence Securities, due to the impact of the financial crisis of 2008-2009 and the stimulation of national policies, the production and sales data of automobiles in the first half of 2008-2010 have undergone significant fluctuations, and the seasonal characteristics of automobiles have been disordered. In January-July 2010, the auto market moved from restocking to destocking and then returned to equilibrium. The median compound annual growth rate of 26.29% can easily represent the growth rate of the auto market in 2007-2010. Even considering the factors such as increasing base number and slowing growth rate, in the absence of changes in the consumption environment, the 2011 auto industry maintained a growth rate of around 15%, which is a high probability event, which is higher than the expected growth of less than 10% in the previous period of the market. , so optimistic about the overall industry performance.
China Merchants Securities said that it expects annual sales of 17.24 million vehicles in the auto industry, an increase of 27% year-on-year. In addition, industry consolidation and corporate listing will continue to provide investment opportunities for the auto industry in the future. At present, the concentration of China's auto market is relatively low. The process of auto industry growth from maturity is the process of industry consolidation and merger. It is proposed to focus on the phased investment opportunities brought by the listing of A shares of FAW Group, GAC Group, BYD Auto and Chery Automobile.
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