Although the market rose on Monday, it stepped out of the trend of falling back, the volume of transactions was enlarged, and the late session was obviously weak. As we calculated in the previous market analysis, the market pressure around 29 15 is more obvious. As the market rose for five consecutive trading days, the stock index deviated from the 5-day moving average, resulting in short-term overbought, while the market was suppressed by the 20-day moving average, the 5-week moving average, the daily line and the weekly BOLL line, which was also verified by the late decline of the market on Monday. Therefore, we believe that there is a requirement for the short-term market to call back the 5-day moving average. However, due to the MACD technical indicators of the daily market issued a "golden cross" signal, the daily K line of the market is a heavy "inverted hammer", which also restricts the possible intraday adjustment space of the market. In view of the particularity of September, we still believe that the market will continue to operate on the platform for some time, and the platform range is between 2650 and 3000 points, unless there are obvious changes in market news and policies.
China stock market experienced a deep adjustment in the early stage, and the huge downward adjustment of the stock index in the short term before the National Day is a situation that many investors and management in the market do not want to see. Judging from the recent policies issued by relevant administrative departments and the speeches of relevant people, the management has a "stable" requirement for China's national economy and capital market. These policies and remarks include: (1) intensive raising and listing of fund "one-to-many" products; Provisions on raising the upper limit of investment quota applied by a single QFII institution from $800 million to $654.38+0 billion issued by the State Administration of Foreign Exchange. All these reflect the policy support of the management in the current situation of the stock market crash. However, the accelerated pace of issuing new shares, the surge of refinancing demand of listed companies, the strict investigation of credit funds, and the unattractive P/E ratio and P/B ratio of China stock market have all brought pressure to China stock market. This state of long and short interweaving makes the market in a staged "stable" state.
U.s. stocks were closed for holidays overnight, and most European stock markets rose.
The new multi-dimensional venture capital sector suggested last Tuesday that we still believe that the callback should be the time to actively intervene.
Under the background of policy obstacles in the overall listing of military industrial groups, injecting high-quality assets into listed companies by means of asset injection is the main way for military industrial enterprises to expand. We believe that those listed companies with high correlation with the parent company's main business have more room for asset injection. At the same time, they are more likely to maintain market monopoly and benefit from defense expenditure and R&D investment, so they should enjoy a higher premium.
On the other hand, the military industry requires high technology and needs long-term technology accumulation. Enterprises with large capital investment are prone to form a monopoly position. Therefore, enterprises with high entry threshold should also enjoy a certain valuation premium.
According to the correlation between the company's business and the group's military products and the two major investment logics of industry entry barriers, the companies with military concepts listed on the A-share market at present are classified. In the main engine manufacturing enterprises, the company's business is closely related to the group's military products, and there are high barriers to technology and capital entry, which is the first choice for value investment.
The related companies are China Satellite (60018), Rocket (600879) and Hongdu Airlines (6003 16).
New multidimensional investment internal reference