The instrumentation industry is against the market

With the implementation of a series of national key projects, the instrumentation industry, which has been neglected, has increasingly received the government's attention and support. In addition, during the 10th Five-Year Plan period, China will continue to implement and restart key projects such as the 863 Plan, the Beijing Olympics project, and the Beijing-Shanghai high-speed railway. These projects also bring enormous business opportunities to instrumentation. Because the instrumentation industry has not received due attention in the past, and the performance of related companies is not satisfactory, the investment value analysis of listed companies focuses on their main products and their downstream industry demand, focusing on future growth potential.

Market Performance: Sub-industry differentiation

1, the first instrumentation industry index: As of April 26, 2004, the first instrumentation industry index was 293.98 points, the overall performance is stronger than the broader market. From March 9 to April 26, 2004, the index rose by 9%, and the cumulative turnover rate was 73%. In the same period, the cumulative increase of the Shanghai index was -0.39%, and the cumulative turnover rate was 58%. Obviously, whether it is the increase rate or the cumulative turnover rate, the instrumentation industry is ahead of the Shanghai Stock Exchange Index. The reason is mainly that the overall power and instrumentation stocks have risen sharply, which contributes a lot to the industry index, but due to the low weight, the Shanghai Stock Exchange The index does not contribute much. Judging from the sharp increase in power instrument and instrument stocks, the main funds have already been involved in the instrumentation industry in large numbers, and other sub-sectors are likely to become the targets for new funds to be heavily involved.

2. Main force in and out monitoring: According to the follow-up monitoring of the open information in the instrumentation industry, we have found that many organizations have intervened and the brokerage involvement rate is significantly higher than other industries. As of the 2003 annual report, on the list of top 10 shareholders of the instrumentation industry, there are a total of 22 funds from the National Social Security Fund, Shanghai Enterprise Annuity, Penghua Growth Fund, Puhua Fund, Yuyang Fund, and Jinxin Fund. At the same time, there are 18 securities companies including Shenyin Wanguo Securities, Galaxy Securities, Guotai Junan Securities, Union Securities, China Securities, and Oriental Securities. It can be seen that with the involvement of powerful organizations, the instrumentation industry is increasingly favored by the market. Some stocks with huge market demand and rapid growth are expected to strengthen. For example, Dongfang Electric and Huaguang have continued to soar.