Source: Nikkei Chinese Network

Author: Baiyan Hiona

In the Tokyo stock market, car stocks that showed signs of deceleration have risen again.Due to the estimated yen devaluation will bring the effect of income improvement, the car stock is bought by investors.Prior to the release of the financial report from April to June, the car stock was selected as a cheap stock that could make up.However, the market is still very vigilant about the Chinese business of Japanese manufacturers.

On July 19, the yen's exchange rate against the US dollar fell to more than $ 139 for a time, which blew into Dongfeng for Japanese auto stocks.

Companies with a net ratio of many municipalities (PBR) are more than 1 times that they ranks among the increase list.Nissan rose 8 %, the highest increase, Mazda rose 6 %, and Mitsubishi and Honda rose 3 %.Toyota and Suzuki, with more than double the net ratio of the city, rose 2 %.Compared with the end of May, Mazda and Mitsubishi Motors rose 10 %, Subaru rose 7 %, and Toyota and Suzuki rose 20 %.

Skinchi Sugaki Sugaki, a senior analyst at the Tokyo Investigation Center of the East China Sea, believes that "the Japanese stock market once again showed a positive market, aiming at the financial report (short -term profit after the financial report) was bought by investors."

The market takes into account the high performance effect brought by exchange rates and the improvement of post -production recovery after the North American semiconductor shortage."Stocks with high sensitivity to exchange rates are continuously bought" (Analysts of SMBC Nikko Securities, Shima Shishi).

Investors have set their sights on the development of Japanese automobile companies in the related fields of pure electric vehicles (EV)."Full solid battery will be a major innovation."When UBS SUMI Trust's chief investment officer Aoki Grand Tree came to Hong Kong from 17th to 18th, many investors said so much.

It is the downturn of China's business that drags the rise of Japanese car stocks.China's economic recovery is slow. The growth rate of GDP from April to June is lower than market expectations. After the cancellation of tax cuts last year, the sales of various companies have grown slowly.Nissan's new car in China in June decreased by 28 % year -on -year to 69,139 vehicles.Honda decreased by 19.8 % year -on -year, and Toyota decreased by 12.8 % year -on -year.

The competition between Japanese car companies and Chinese car companies expanded by EV is becoming more and more intense.According to the prediction of the consulting company AlixPartners, the share of Chinese car companies in the domestic market exceeds 50 % this year, and by 2030, EV will account for more than half of Chinese car sales.EV manufacturers such as BYD, Weilai Automobile, and Xiaopeng Automobile rose, and Weilai Automobile's stock price increased by 40 % over the end of May, and Xiaopeng Automobile rose by 84 %.

Naka West Xiaoshu, a representative analyst at Nakanishi Research Institute, pointed out: "The quality and fuel efficiency of Japanese cars have no response among users, and structural recessions have occurred."And warned that "in the final profit and loss," more than 20 % of Toyota, Honda 30 %, and Nissan rely on Chinese business, and the pillar of Chinese business has the risk of collapse after the next fiscal year. "

Shanpu in Tokyo Tokyo believes that "operating profits are covered by the high effect of the yen's depreciation of the yen, but the negative impact of China's reduced sales will gradually affect the final profit and loss.""If Chinese car companies) said:" If July to September from July to September, "UBS Sumi Trust said, (Japanese car companies) are likely to reduce performance forecasts."

Japanese car companies will officially start their financial reports in the near future, and the impact of Chinese business deceleration will become the focus.