Double financing balance
As of February 9, the two financial balances of Shanghai Stock Exchange reported 917.288 billion yuan, an increase of 1.744 billion yuan over the previous trading day; The two financial balances of Shenzhen Stock Exchange reported 805.2 billion yuan, an increase of 3.136 billion yuan over the previous trading day; The two cities totaled 172.488 billion yuan, an increase of 4.88 billion yuan over the previous trading day.
Latest views
In terms of short cycle, wait for the market to enter the bottom grinding stage. At present, it is cautiously optimistic. Looking forward to the future, the “mixed” of liquidity indicators indicates that asset prices will still fluctuate greatly. Grasp the spring offensive from two dimensions. The first dimension is the landing and overweight of specific steady growth policies to hedge the pessimistic expectation of upward pressure on the economy. The economic work conference held in December 2021 made it clear that China’s economic development is facing the triple pressure of shrinking demand, supply shock and weakening expectation. In 2022, economic work should be stable and strive for progress while maintaining stability, and an active fiscal policy should be implemented. The market is waiting for the implementation of the steady growth policy. The second dimension is the gradual change of global liquidity expectations, the expansion of China’s broad liquidity, the landing of structural wide credit and the stability of narrow liquidity. Focus on sorting out the allocation ideas, and closely follow the main line of “steady growth”, energy revolution and scientific and technological innovation. Specifically include:
① under the main line of “steady growth”, cement and building materials are expected for the large-scale construction of affordable housing; Food and beverage consumption is expected to boost; UHV and digital economy under the background of broad financial expectation; ② Under the background of energy revolution, large-scale construction of clean energy, wind power, photovoltaic and energy storage; ③ The main line of industrial upgrading and new development under the route of scientific and technological innovation is smart cars, metauniverse and 5g + industrial Internet.
Topic tracking
Focus today: digital economy, data security, traditional Chinese Medicine
1. Digital economy theme: on January 12, the State Council issued the “14th five year plan” for digital economy development. The plan emphasizes the need to optimize and upgrade digital infrastructure, give full play to the role of data elements, vigorously promote industrial digital transformation, accelerate digital industrialization, continuously improve the digital level of public services, improve the digital economy governance system, strive to strengthen the digital economy security system, and effectively expand international cooperation in the digital economy. At the same time, the plan also clearly puts forward the development goals. By 2025, the added value of the core industries of the digital economy will account for 10% of GDP, the development ability led by digital innovation will be greatly improved, the integration of digital technology and the real economy has achieved remarkable results, the digital economy governance system will be improved, and the competitiveness and influence of China’s digital economy will be steadily improved. Suggested attention: Wuhan Tianyu Information Industry Co.Ltd(300205) (300205), Synthesis Electronic Technology Co.Ltd(300479) (300479)
2. Data security theme: on January 17, China information and Communication Research Institute and Qi An Xin Technology Group Inc(688561) jointly released the research on data security risk analysis and coping strategies (2022) (hereinafter referred to as the “report”). The report points out that to solve the prominent problems of data security, we must first clarify the action ideas of systematic construction, including clarifying the overall strategy of data security, establishing data security management organization, implementing security strategy, precise control, and continuously ensuring data security operation. On this basis, we put forward personal information protection, privileged account management, dynamic authorization control, API security protection Five key measures for global data security operation. With the continuous development of China’s digital economy, the importance of network security will continue to increase. Data has become an important production factor and national basic strategic resource in China. In the future, data security will become an important direction of the network security industry. Suggested attention: Beijing Certificate Authority Co.Ltd(300579) (300579), Surfilter Network Technology Co.Ltd(300311) (300311)
3. Theme of traditional Chinese medicine: on January 30, the Ministry of industry and information technology and other nine departments jointly issued the “14th five year plan” for the development of pharmaceutical industry, which mentioned that the development of new traditional Chinese medicine should be guided by clinical value and carried out in a variety of ways such as combination of disease and syndrome, special disease and syndrome drugs, focusing on the development of traditional Chinese medicine compound preparations based on ancient classic prescriptions, And the transformation of traditional Chinese medicine preparations to new traditional Chinese medicine drugs in medical institutions; Carry out the secondary development of Chinese patent medicine and develop large varieties of traditional Chinese medicine. Suggestions: Gansu Longshenrongfa Pharmaceutical Industry Co.Ltd(300534) (300534), Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) (002603)
Risk tips
The epidemic has not been effectively controlled, the macro economy has unexpectedly declined, the liquidity crunch has intensified, and the industrial policies are lower than expected.
