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In March, China Mobile announced a total of 37.1 billion yuan in the 2020 5G Phase II centralized procurement plan for wireless network main equipment. Huawei (525%), ZTE Online stock trading company(268%), Ericsson (145%) and Xinke (62%) won the bids. Three domestic companies, including Huawei and ZTE, grabbed most of the orders with a share of nearly 90%. Affected by this, the 5G sector also ushered in a wave of opportunities to rise, and the concept index rose by nearly 9% in 5 trading days.

For securities stocks that investors are more concerned about, Huang Yanming believes that there will be opportunities in the future. Who will benefit first during this period depends first on whether the securities company itself can meet the requirements of the development of the industry and the country's economic development, and seize opportunities for innovative businesses outside of traditional businesses. Secondly, there will be many variables in the future for who will become the industry leader in securities companies, but the gradual convergence of the market is an inevitable process. Future aircraft carrier-level securities companies are worth investing in.

As for whether the index can continue its strength in the short term. Jufeng Investment Consulting believes that, on the one hand, the main drivers of the index's upward trend are theme stocks, and the heavyweight stocks are relatively stagnant except for brokerages. Once the blue chip stocks make up the rise, the index is still improving;

Due to the inherent advantages of heterojunction cells in many aspects, we believe that heterojunction cells will most likely replace existing photovoltaic cell technology routes in the future. At present, the photovoltaic industry’s investment enthusiasm for heterojunction production lines continues to increase, and subsequent industrialization The process is expected to accelerate. In terms of cell equipment, we recommend Maiwei shares, and it is recommended to pay attention to Jiejia Weichuang and Jinchen (603396); in terms of cell manufacturing, Tongwei shares and Shanmei International (600546) are recommended, and Oriental Risen is recommended.

□ Our reporter Hu Yu/p On the evening of August 25, China Securities Construction Investment (601066) disclosed the 2020 semi-annual report. In the first half of the year, its operating income was nearly 9.9 billion yuan, and its net profit exceeded 4.5 billion yuan, a year-on-year increase of more than 60%. At present, four leading securities firms, CITIC Securities (600030), CITIC Construction Investment, Guotai Junan (601211), and Guosen Securities (002736) have disclosed the 2020 semi-annual reports. Based on the data released by the Securities Industry Association, the operating income and net profit of the four securities firms in the first half of 2020 accounted for more than a quarter of the entire industry. /p Industry insiders believe that under the scenario of continuous optimization of the industry structure and market environment in the future, the differentiated development of the securities industry may accelerate, and the leading securities firms are expected to increase the market share of various businesses through strong comprehensive strength. /pstrong top brokerage firm Hengqiang/strong/p The semi-annual report of China Securities Investment Corporation shows that in the first half of 2020, the company achieved operating income of nearly 9.9 billion yuan, a year-on-year increase of 663%; net profit attributable to shareholders of the parent company was 47.8 billion yuan , An increase of 954% year-on-year; as of June 30, 2020, the company's total assets totaled 31122 billion yuan, of which 59.086 billion yuan attributable to shareholders of the parent company. /p China Securities Investment said that in the first half of the year, the company's equity financing projects and lead underwriting amount both ranked first in the industry, and debt financing lead underwriting projects and lead underwriting scale both ranked second in the industry. Wealth management business remained the industry's top 10, transactions and institutions Excellent customer service performance. From the perspective of revenue composition, trading and institutional customer service business has become the company's largest source of operating income, with a cumulative revenue of 47.9 billion yuan, a substantial increase of 2610% year-on-year. /p Securities News reporter combed and found that as of August 25, four leading securities firms, namely CITIC Securities, CITIC Construction Investment, Guotai Junan, and Guosen Securities, have published the 2020 semi-annual report. The sum of their operating income in the first half of the year is 6094. 100 million yuan, the sum of profits is 210.4 billion yuan. Previously, the operating data of securities companies in the first half of 2020 released by the Securities Industry Association showed that 134 securities companies achieved operating income of 2,130.4 billion yuan and net profit of 834.7 billion yuan in the first half of the year. Based on this calculation, the total operating income of the four top brokers in the first half of the year has accounted for 235% of the entire industry, and the total net profit has accounted for 234% of the entire industry, accounting for more than a quarter. /p Judging from the content of the semi-annual reports of the four leading brokerage firms, many emphasized the need to further develop and consolidate the existing advantages when talking about the plan for the second half of the year. Taking Guotai Junan as an example, the company stated that in the second half of the year, the credit business should accelerate the optimization of the pledge business management system and further increase the share of margin financing and securities lending; the wealth management business will accelerate the pace of transformation while maintaining the leading net income of agency trading; international business will strengthen cross-border Collaborate to accelerate the development of new revenue growth points. /p Since the end of 2019, the China Securities Regulatory Commission has made it clear that it will actively promote the creation of an aircraft carrier-level leading securities company, and the market has become increasingly calling for mergers of large brokerages. In this regard, Li Xunlei, chief economist of Zhongtai Securities (600918), believes that integrating brokerages through mergers and acquisitions is definitely a shortcut to become stronger and bigger, but the current strong alliance between domestic brokerages is difficult to achieve. The effect of +1>2 may be a more feasible mode of combining the strong and the weak, that is, the strong and the weak are used to achieve the complementarity between resources, platforms and talents. /pstrong Differentiated Development Competitive on the Same Stage/strong/p Regarding the future development trend of the securities industry, the market's more common view is that while the leading brokerage firms continue to grow bigger and stronger, other small and medium-sized brokerage firms combine their own advantages to move towards the goal of specialized boutique brokerage firms . Since the beginning of this year, with the implementation of a series of capital market reform measures such as the ChiNext registration system, the path for differentiated development of the securities industry has become increasingly clear. /p On August 24, the ChiNext registration system officially landed. In this regard, Aijian Securities analyst Zhang Zhipeng pointed out that under the registration system, the requirements for securities firm projects and talent reserves are higher, and the concentration of investment banking business is expected to further increase, and resources are tilted toward leading securities firms. In terms of fundamentals, in the medium and long term, with the continuous advancement of capital market reforms and the introduction of favorable policies, the fundamentals of securities firms are expected to continue to improve. /p Hong Jinping, head of financial industry research at Huachuang Securities, pointed out that as the deepening reform of the capital market continues, the basic operating elements of the securities industry will be fully optimized, and the improvement of business efficiency is expected to promote the income of light capital businesses such as wealth management, investment banking, and asset management. Steady growth, and the expansion of financing channels, the increase of capital strength, and the gradual implementation of innovative businesses will promote the increase in the revenue scale of capital-intensive businesses such as capital intermediary and investment transactions. /p In Hong Jinping’s view, only high-quality investment banks can better serve the direct financing system. Therefore, deepening the reform of the capital market may accelerate the process of carrierization of leading securities firms and differentiation of boutique securities firms. In the future, the market environment and industry structure will undergo tremendous changes. Under the circumstances, leading brokerages are expected to increase the market share of various businesses with their strong comprehensive strength, while boutique brokerages may stabilize their own moat by deepening a certain business.

In addition, food and beverages, pharmaceuticals and biology are also representatives of high gross profit margins and high yields. Over the past two decades, the annual gross profit margins of the two major industries have been much higher than the overall level of A-shares. In recent years, the return on equity of the food and beverage industry has gradually widOnline stock trading companyened the gap with the overall A-shares. Last year, the return on equity of the food and beverage industry Reaching 135%, the difference with the overall A shares widened to more than 7 percentage points. Even under the impact of this year's epidemic, the overall revenue and net profit of A-shares have experienced a rare and sharp decline. The food, beverage, pharmaceutical and biological industries still maintained a growth rate of more than 10% in the first half of the year.

Concept stocks performed well in the three quarterly reports. There were 18 companies whose net profit attributable to their parent companies increased by more than 20%, including Baima stock Aier Ophthalmology (300015) and Fuxing Medicine, which have a market value of more than 100 billion. There are 7 animals with an increase of more than 100%. The top ones are Kangtai Medical (300869), Yangpu Medical (300030), and Jiu'an Medical (002432), with increases of 12092%, 8075%, and 5503% respectively.

In addition, in accordance with the relevant provisions of the new "Securities Law", the amendment has adjusted relevant provisions such as the disclosure requirements of designated media, relevant expressions of accounting firms, and legal responsibilities. At the same time, it has improved the disclosure requirements of issuance documents in conjunction with the registration system. Learn from the relevant regulations on non-trading information disclosure on the Sci-tech Innovation Board.