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pycharm3
2020-11-06
$蔚来(NIO)$
从没想过资本对新能源这么看重，想不到，看来资本市场还是左翼当道，比亚迪估值也不算高了，都要感谢特斯拉
pycharm3
2020-11-04
$蔚来(NIO)$
恭喜建国同志
pycharm3
2020-10-15
$蔚来(NIO)$
这
pycharm3
2020-08-27
$苹果(AAPL)$
我丢
pycharm3
2020-08-27
$特斯拉(TSLA)$
我丢
pycharm3
2020-08-27
$蔚来(NIO)$
我丢
pycharm3
2020-07-07
兄弟们别走，让我先走
中金：券商、银行涨势刚到一半，现在要这样布局
去老虎APP查看更多动态
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href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>我丢","text":"$特斯拉(TSLA)$我丢","images":[{"img":"https://static.tigerbbs.com/61959fe638e07dd16302680f9d5b6fdc","width":"750","height":"1068"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/973809756","isVote":1,"tweetType":1,"viewCount":903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":973809477,"gmtCreate":1598494851299,"gmtModify":1704219137674,"author":{"id":"3486762913350521","authorId":"3486762913350521","name":"pycharm3","avatar":"https://static.tigerbbs.com/916a7275ca7865eb4b2e5dd35559e0e4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>我丢","listText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>我丢","text":"$蔚来(NIO)$我丢","images":[{"img":"https://static.tigerbbs.com/9a3485540a02d24df94e7d09f7683978","width":"750","height":"1068"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/973809477","isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":949997923,"gmtCreate":1594119709062,"gmtModify":1704203996455,"author":{"id":"3486762913350521","authorId":"3486762913350521","name":"pycharm3","avatar":"https://static.tigerbbs.com/916a7275ca7865eb4b2e5dd35559e0e4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"兄弟们别走，让我先走","listText":"兄弟们别走，让我先走","text":"兄弟们别走，让我先走","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/949997923","repostId":"1193739346","repostType":4,"repost":{"id":"1193739346","weMediaInfo":{"introduction":"图文并茂讲解中金深度研究报告","home_visible":1,"media_name":"中金点睛","id":"1012212489","head_image":"https://static.tigerbbs.com/6b16ed39660b4e0c835afdaf1c94aa75"},"pubTimestamp":1594092566,"share":"https://www.laohu8.com/m/news/1193739346?lang=&edition=full","pubTime":"2020-07-07 11:29","market":"sh","language":"zh","title":"中金：券商、银行涨势刚到一半，现在要这样布局","url":"https://stock-news.laohu8.com/highlight/detail?id=1193739346","media":"中金点睛","summary":"推动金融组估值修复的诸多因素依然强劲，板块估值修复尚未至半程。","content":"<p>作者：王瑶平，张帅帅等</p>\n<p>最近金融板块交易活跃，估值快速提升，7月6日出现券商、保险、银行诸多子板块较多股票涨停。中金金融组认为推动金融组估值修复的诸多因素依然强劲，板块估值修复尚未至半程，维持子板块券商>保险>银行的相对排序。</p>\n<p><b>推动金融板块估值修复的动力强劲，估值修复未至半程。</b></p>\n<p>我们认为，近期板块估值快速上行是如下5个因素的共同作用：1）宽货币环境下，权益类资产配置占比提升；2）全球投资者由疫情引发的风险偏好逐步修复；3）A股配置权益的资金快速增加（公募基金连续11个月募集规模超千亿元，远超2015年3-6月的纪录）；4）投资者在金融行业配置较低；5）金融行业估值依然较低。上述估值修复的动力依然强劲，尤其是后三个因素或将持续推动板块重估。</p>\n<p><b>金融行业基本面和资本市场情绪有自我强化的特性，券商保险的基本面存在上行风险。</b></p>\n<p>资本市场的估值和交投直接创造金融业务的营收，券商、交易所、资管机构、保险等行业的财务指标和盈利能力，在市场趋于积极的环境下存在上行风险。我们测算，A股日均成交量每上调2000亿元，将增厚行业2020年盈利7%；保险投资收益率每上升10bp，将增厚寿险行业2020年盈利3%。</p>\n<p><b>目前板块估值依然吸引。</b></p>\n<p>目前A股券商估值回到历史均值附近，但H股券商依然低于过去五年均值，考虑到资本市场改革带来的收入结构改善，估值和市场目前的高景气依然有较大背离。保险和银行板块的H股标的估值显著低于历史均值；A股估值接近历史均值，但较2015年高点有50%-100%空间。</p>\n<p><i><span>图表: A股大券商估值略高于过去五年均值、但仍与当前市场高景气度相背离</span></i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/811e9c1c7776898cb61d1596f7442990\" tg-width=\"554\" tg-height=\"425\"><span>资料来源：万得资讯，<a href=\"https://laohu8.com/S/03908\">中金公司</a>研究部；注：收盘价截至2020/7/6</span></p>\n<p><i><span>图表: H股大券商估值仍低于过去五年平均水平、与当前市场高景气度相背离</span></i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b905a02ec29131ce02867f34ff0e0ef\" tg-width=\"553\" tg-height=\"425\"><span>资料来源：万得资讯，中金公司研究部；注：收盘价截至2020/7/6</span></p>\n<p></p>\n<p><i><span>图表:大涨后A股银行估值较2015年牛市高点仍有50%上涨空间，H股银行估值有75%上涨空间</span></i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/061015e2974ce02ed521f13c2bafac4f\" tg-width=\"1080\" tg-height=\"992\"><span>资料来源：Wind，中金公司研究部；注：图表中估值为市净率</span></p>\n<p><i><span>图表: H股保险板块历史估值</span></i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/37aba376c8f68917b42d2e11fdb07266\" tg-width=\"939\" tg-height=\"436\"><span>资料来源：公司公告，Wind，中金公司研究部</span></p>\n<p><i><span>图表: A股保险板块历史估值</span></i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/24dad17b427af476d450a9c0b51189f3\" tg-width=\"968\" tg-height=\"449\"><span>资料来源：公司公告，Wind，中金公司研究部</span></p>\n<p><b>中长期投资者依然需要优选个股，布局头部机构。</b></p>\n<p>短期看，投资者可从市场情绪、流通市值、A/H股价差等因素选择投资标的；中长期而言，我们认为金融各子板块都出现了基本面（营收、业务结构、风控能力等）的两极分化，建议长线投资者布局有核心竞争力和持续盈利能力的头部机构。</p>\n<p><b>风险</b></p>\n<p>宏观经济出现大幅波动；实体企业经营造成的资产质量冲击大于预期。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金：券商、银行涨势刚到一半，现在要这样布局</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金：券商、银行涨势刚到一半，现在要这样布局\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012212489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/6b16ed39660b4e0c835afdaf1c94aa75);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">中金点睛 </p>\n<p class=\"h-time\">2020-07-07 11:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>作者：王瑶平，张帅帅等</p>\n<p>最近金融板块交易活跃，估值快速提升，7月6日出现券商、保险、银行诸多子板块较多股票涨停。中金金融组认为推动金融组估值修复的诸多因素依然强劲，板块估值修复尚未至半程，维持子板块券商>保险>银行的相对排序。</p>\n<p><b>推动金融板块估值修复的动力强劲，估值修复未至半程。</b></p>\n<p>我们认为，近期板块估值快速上行是如下5个因素的共同作用：1）宽货币环境下，权益类资产配置占比提升；2）全球投资者由疫情引发的风险偏好逐步修复；3）A股配置权益的资金快速增加（公募基金连续11个月募集规模超千亿元，远超2015年3-6月的纪录）；4）投资者在金融行业配置较低；5）金融行业估值依然较低。上述估值修复的动力依然强劲，尤其是后三个因素或将持续推动板块重估。</p>\n<p><b>金融行业基本面和资本市场情绪有自我强化的特性，券商保险的基本面存在上行风险。</b></p>\n<p>资本市场的估值和交投直接创造金融业务的营收，券商、交易所、资管机构、保险等行业的财务指标和盈利能力，在市场趋于积极的环境下存在上行风险。我们测算，A股日均成交量每上调2000亿元，将增厚行业2020年盈利7%；保险投资收益率每上升10bp，将增厚寿险行业2020年盈利3%。</p>\n<p><b>目前板块估值依然吸引。</b></p>\n<p>目前A股券商估值回到历史均值附近，但H股券商依然低于过去五年均值，考虑到资本市场改革带来的收入结构改善，估值和市场目前的高景气依然有较大背离。保险和银行板块的H股标的估值显著低于历史均值；A股估值接近历史均值，但较2015年高点有50%-100%空间。</p>\n<p><i><span>图表: A股大券商估值略高于过去五年均值、但仍与当前市场高景气度相背离</span></i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/811e9c1c7776898cb61d1596f7442990\" tg-width=\"554\" tg-height=\"425\"><span>资料来源：万得资讯，<a href=\"https://laohu8.com/S/03908\">中金公司</a>研究部；注：收盘价截至2020/7/6</span></p>\n<p><i><span>图表: H股大券商估值仍低于过去五年平均水平、与当前市场高景气度相背离</span></i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b905a02ec29131ce02867f34ff0e0ef\" tg-width=\"553\" tg-height=\"425\"><span>资料来源：万得资讯，中金公司研究部；注：收盘价截至2020/7/6</span></p>\n<p></p>\n<p><i><span>图表:大涨后A股银行估值较2015年牛市高点仍有50%上涨空间，H股银行估值有75%上涨空间</span></i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/061015e2974ce02ed521f13c2bafac4f\" tg-width=\"1080\" tg-height=\"992\"><span>资料来源：Wind，中金公司研究部；注：图表中估值为市净率</span></p>\n<p><i><span>图表: H股保险板块历史估值</span></i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/37aba376c8f68917b42d2e11fdb07266\" tg-width=\"939\" tg-height=\"436\"><span>资料来源：公司公告，Wind，中金公司研究部</span></p>\n<p><i><span>图表: A股保险板块历史估值</span></i></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/24dad17b427af476d450a9c0b51189f3\" tg-width=\"968\" tg-height=\"449\"><span>资料来源：公司公告，Wind，中金公司研究部</span></p>\n<p><b>中长期投资者依然需要优选个股，布局头部机构。</b></p>\n<p>短期看，投资者可从市场情绪、流通市值、A/H股价差等因素选择投资标的；中长期而言，我们认为金融各子板块都出现了基本面（营收、业务结构、风控能力等）的两极分化，建议长线投资者布局有核心竞争力和持续盈利能力的头部机构。</p>\n<p><b>风险</b></p>\n<p>宏观经济出现大幅波动；实体企业经营造成的资产质量冲击大于预期。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2a3253accc7322a3db322a8557ee9834","relate_stocks":{"000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193739346","content_text":"作者：王瑶平，张帅帅等\n最近金融板块交易活跃，估值快速提升，7月6日出现券商、保险、银行诸多子板块较多股票涨停。中金金融组认为推动金融组估值修复的诸多因素依然强劲，板块估值修复尚未至半程，维持子板块券商>保险>银行的相对排序。\n推动金融板块估值修复的动力强劲，估值修复未至半程。\n我们认为，近期板块估值快速上行是如下5个因素的共同作用：1）宽货币环境下，权益类资产配置占比提升；2）全球投资者由疫情引发的风险偏好逐步修复；3）A股配置权益的资金快速增加（公募基金连续11个月募集规模超千亿元，远超2015年3-6月的纪录）；4）投资者在金融行业配置较低；5）金融行业估值依然较低。上述估值修复的动力依然强劲，尤其是后三个因素或将持续推动板块重估。\n金融行业基本面和资本市场情绪有自我强化的特性，券商保险的基本面存在上行风险。\n资本市场的估值和交投直接创造金融业务的营收，券商、交易所、资管机构、保险等行业的财务指标和盈利能力，在市场趋于积极的环境下存在上行风险。我们测算，A股日均成交量每上调2000亿元，将增厚行业2020年盈利7%；保险投资收益率每上升10bp，将增厚寿险行业2020年盈利3%。\n目前板块估值依然吸引。\n目前A股券商估值回到历史均值附近，但H股券商依然低于过去五年均值，考虑到资本市场改革带来的收入结构改善，估值和市场目前的高景气依然有较大背离。保险和银行板块的H股标的估值显著低于历史均值；A股估值接近历史均值，但较2015年高点有50%-100%空间。\n图表: A股大券商估值略高于过去五年均值、但仍与当前市场高景气度相背离\n资料来源：万得资讯，中金公司研究部；注：收盘价截至2020/7/6\n图表: H股大券商估值仍低于过去五年平均水平、与当前市场高景气度相背离\n资料来源：万得资讯，中金公司研究部；注：收盘价截至2020/7/6\n\n图表:大涨后A股银行估值较2015年牛市高点仍有50%上涨空间，H股银行估值有75%上涨空间\n资料来源：Wind，中金公司研究部；注：图表中估值为市净率\n图表: H股保险板块历史估值\n资料来源：公司公告，Wind，中金公司研究部\n图表: A股保险板块历史估值\n资料来源：公司公告，Wind，中金公司研究部\n中长期投资者依然需要优选个股，布局头部机构。\n短期看，投资者可从市场情绪、流通市值、A/H股价差等因素选择投资标的；中长期而言，我们认为金融各子板块都出现了基本面（营收、业务结构、风控能力等）的两极分化，建议长线投资者布局有核心竞争力和持续盈利能力的头部机构。\n风险\n宏观经济出现大幅波动；实体企业经营造成的资产质量冲击大于预期。","news_type":1},"isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":302614883,"gmtCreate":1604620198942,"gmtModify":1703834116036,"author":{"id":"3486762913350521","authorId":"3486762913350521","name":"pycharm3","avatar":"https://static.tigerbbs.com/916a7275ca7865eb4b2e5dd35559e0e4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a 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