Food and beverage
Market review: in this period, the food and beverage sector fell as a whole, with a large decline. Among them, food fell 6.41%, Baijiu fell 5.82%, beer fell 3.09%, dairy fell 6.82%, snack food fell 6.41%, condiment fell 8%. Before the holiday, the "currency holding" sentiment of funds at home and abroad overwhelmed the "shareholding" confidence. The market pessimism mainly came from the deterioration of economic fundamentals and the expectation of the Federal Reserve to raise interest rates. After the festival, the market sentiment is expected to calm down, the food and beverage sector is expected to stabilize, and there is little room for a sharp decline; However, with the release of the annual report and the expansion of the scope of the deterioration of the performance of listed companies beyond expectations, the upward resistance of the sector is large. Overall, the food and beverage sector is expected to usher in a market reversal in the second half of the year.
Risk tip: Residents' consumption is further weakened, and the sales of listed companies are lower than expected.
Computer
*** The differentiation among them is very serious. The targets with higher growth are mainly those concerned by non institutions, showing a trend of hot money speculation as a whole. We can see that with the improvement of the epidemic this week, Britain and the United States have relaxed the control of the epidemic, and the market is expected to be more optimistic about the impact of the epidemic, which will help the overall performance of the industry to improve.
Risk warning: uncertainty of international situation; The upper reaches of enterprises cut spending under inflation; Local debt risk release; The impact of the epidemic exceeded expectations.
Market review: in this period, the bank (CITIC) index fell 3.47%. The easing policy may come to an end in the short term, and the space and pace of policy easing in the future may depend on the performance of macroeconomic data in the first quarter. In the fourth quarter of 2021, the performance growth and asset quality of the industry were better than expected. Compared with the macro disturbance, we paid more attention to the improvement of the "internal strength" of the industry. It is considered that the extremely low valuation level of the current banking sector fully reflects the pessimistic expectations of the market on the credit risk exposure and macroeconomic downturn of the real estate industry. At the same time, considering the good performance growth and continuously improved asset quality of the bank, it is considered that the current sector has high allocation value and maintains the investment rating of "stronger than the market" of the industry. It is suggested to focus on the head state-owned banks and joint-stock banks with solid asset quality, as well as the head urban commercial banks and rural commercial banks in regional economically developed areas.
Risk tip: the asset quality has deteriorated significantly, resulting in systemic risk.
Lithium battery
The current lithium battery index fell 3.18%, outperforming the Shanghai and Shenzhen 300 index. The short-term Shanghai stock index is expected to rebound. Combined with the prosperity of the industry and the trend of the sector, the short-term lithium battery index may rebound, but it is still not optimistic on the whole.
Risk warning: systemic risk; The price of raw materials fluctuates greatly; The sales volume of new energy vehicles is lower than expected; Industry competition intensifies
Chemical industry
In the current period, CITIC basic chemical industry index fell 3.41%, outperforming Shanghai stock index by 1.16 percentage points and Shanghai Shenzhen 300 index by 1.10 percentage points, ranking seventh among 30 CITIC primary industries. Among CITIC's tertiary sub industries, 5 rose and 28 fell, with potash fertilizer, fluorine chemical industry and inorganic salt sectors leading the performance. It is suggested to pay attention to: oil and gas exploitation sector and modified plastic sector.
Risk tips: raw material prices fluctuate sharply, product prices decline sharply, and the strength of environmental protection policies is lower than expected
