To The Moon

Market Recap | Dow Drops After Data on Producer Prices Stocks turned lower after producer-price data came in hotter than expected, disappointing investors who had hoped for signs of easing inflation before the Federal Reserve’s meeting next week. The $S&P 500 index(.SPX.US)$ fell 29.13 points, or 0.7%, to 3934.38 Friday after wavering for much of the day. The $Dow Jones Industrial Average(.DJI.US)$ was down 305.02 points, or 0.9%, to 33476.46. The technology-focused $Nasdaq Composite Index(.IXIC.US)$ slipped 77.39 points, or 0.7%, to 11004.62.

近期，監管層在2022金融街論壇年會上發表了關於“探索建立具有中國特色的估值體系”的言論，引發市場廣泛關注。受此消息刺激，中字頭概念股持續活躍，其中千億市值的基建龍頭中國交建連續兩天漲停，港股的中鋁國際更是兩天大漲超50%。中成股份、中國科傳均實現3連板。中字頭板塊大漲，背後邏輯在於國企央企公司絕對估值普遍較低，不少專業機構將“建立中國特色的估值體系”解讀爲利好國企央企上市公司。比如，中信證券指出，雖然央企資質與業績都很優質，但是市場給予央企的估值始終偏低。市場環境疊加持續改革，央企或迎持續行情機會。市場環境方面，央企業績好高分紅，不確定性下的良好確定性顯價值。持續改革方面，國企主業改革提效率，外延投資拓展新領域。如果“建立具有中國特色的估值體系”後續有新的消息發酵，也許國企央企公司會再次受到市場關注甚至持續發酵。因此，筆者特意梳理了有百億私募持倉的國企央企公司名單，以及被私募作爲第一大重倉股持有的公司名單，希望可以給大家提供一定的參考。央企、國企公司佔比近3成，估值處於歷史更低位筆者根據Choice數據統計發現，11月22日，伴隨着矩陣股份、鼎泰高科兩股上市，A股上市公司數量突破5000家，合計總市值超85萬億元。截至2022年11月22日，A股上市公司中，共有934家地方國企，463家央企，佔比分別約爲19%、9%。行業分佈上，公用事業114家、化工112家、機械設備95家、交通運輸82家、醫藥生物73家、房地產70家、傳媒67家、建築裝飾60家、電子56家、非銀金融56家、計算機50家，這些行業是國企央企較多的行業。從市淨率(PB,扣除商譽)估值百分位來看，全部A股公司的整體估值處於歷史上31.58%的分位水平，即處於歷史相對低位。而地方國企整體處於歷史上27.81%的分位水平，央企整體處於歷史上30.46%的分位水平，相比其他類型的公司處於更低的歷史分位。而從股息率

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