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金沙线上娱乐城【正版授权】:Oriental Fund Wang Ran optimistic about the long-term development trend of consumer goods

时间:2018/1/9 0:25:04  作者:  来源:  浏览:0  评论:0
内容摘要: Prospects 2018 market conditions,East FundWang Ran that the consumer market will continue to continue optimistic about the long-term develo...

Prospects 2018 market conditions, East Fund Wang Ran that the consumer market will continue to continue optimistic about the long-term development trend of consumer goods.

"Quotes can not be extended, the first depends on what factors are driven.I want to analyze from three levels." Wang Ran said. Wang Ran said: First, when A-share applications were included in MSCI last year, overseas investors became the main source of incremental funding. Many leading companies in the consumer industry have higher valuation and cost performance, and the related companies have been moved up by the valuation hub. Second, from a mid-level perspective, the consumer industry experienced an overall improvement in operating conditions since 2016 after experiencing bottoming and inventory digestion from 2013 to 2015. Third, from a micro-enterprise perspective, with the improvement of the business climate, leading companies benefit the most, ROE significantly improved, so this year's liquor, appliance sector rose more.

Looking forward to 2018, the above three factors have not changed? Wang Ran believes that there will be no major systemic risk in 2018. The profitability of liquor and home appliance industries is still improving. This can be seen from the ROE and net profit margin of the previous high in the industry. , There is still a distance.

In addition, from the perspective of institutional position concentration, although there has been an overheating phenomenon in the past few quarters, it is only at the median level compared with the last high point. "Therefore, we judge that the consumer stock market can continue, and the magnitude depends more on the room for improvement of corporate profits, rather than valuation."

In addition to liquor, home appliances, Wang Ran is also more optimistic about the pharmaceutical industry. In the short run, a list of the first batch of consensus ratings for the first quarter of 2018 will be announced, and relevant beneficiary companies will have trading opportunities. In the medium and long term, the state encourages the development of domestic innovative drug companies and there is still room for improvement in the valuation of such companies. In addition, the domestic pharmacy chain industry will also appear in the future integration process leading enterprises.


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