At the current time point, it is suggested to focus on six main lines of the consumption sector:
1. Gold jewelry: Valentine’s Day continues to catalyze the “golden” era. During the Spring Festival, the national gold consumption achieved high-quality growth year-on-year (13%). The “aesthetic awakening” & “leading reform” drove the head brand into the “golden” era. It is recommended to recommend Chow Tai Seng Jewellery Company Limited(002867) , Guangdong Chj Industry Co.Ltd(002345) , and pay attention to Chow Tai Fook, China National Gold Group Gold Jewellery Co.Ltd(600916) , Lao Feng Xiang Co.Ltd(600612) .
2. Post real estate cycle: “steady growth” continues to be interpreted, focusing on the marginal improvement opportunities of the sector. Leading household appliances and home appliances are expected to continue to benefit from the rising demand in the post real estate cycle and the trend of industry concentration. Suofeiya Home Collection Co.Ltd(002572) , Jason Furniture (Hangzhou) Co.Ltd(603816) , Oppein Home Group Inc(603833) , Qumei Home Furnishings Group Co.Ltd(603818) , Hisense Home Appliances Group Co.Ltd(000921) , Hangzhou Robam Appliances Co.Ltd(002508) , Haier Smart Home Co.Ltd(600690) are recommended.
3. Agriculture: the inflection point of the cycle is gradually cleared, and the dance of the dragon head is accelerated. Comprehensively considering the supply and demand pattern of pigs and the trend of cost side in the first half of 2022, it is expected that the capacity of the industry may be accelerated under the deep loss, the new round of cycle reversal is expected to continue to strengthen, and the industry leaders have configuration value. It is recommended to pay attention to Muyuan Foods Co.Ltd(002714) , New Hope Liuhe Co.Ltd(000876) , Wens Foodstuff Group Co.Ltd(300498) , Tecon Biology Co.Ltd(002100) .
4. Sports clothing: high-end & domestic products are popular in the beginning of the year. Driven by the Winter Olympics, the comparable performance of high-end sports brands (Archaeopteryx and desant under Anta) in January natural month and Spring Festival led the industry, and the comparable growth rate of domestic goods leaders Li Ning, Anta, Tebu, 361 ° natural month in January and Spring Festival was bright. It is suggested to pay attention to Anta, Li Ning, Tebu and 361 °.
5, Baijiu: high-end wine is robust, regional wine bright eye. Considering the early callback, the overall trend of the industry fundamentals unchanged, the Spring Festival sales and sales results are good, the current Baijiu valuation has been in a reasonable interval. We should grasp the short-term catalytic activity and inventory price, predict the inventory status (decide the 22Q2 performance), and make progress in the payment of funds (decide 22Q1 performance) + long-term development direction. It is recommended to pay attention to Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Anhui Yingjia Distillery Co.Ltd(603198) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) .
6. High quality manufacturing: “small and beautiful” & high cost performance and high quality target to be laid out. Continue to be optimistic about the “small and beautiful” of textile and clothing, light industry and household appliances under the high boom of Foreign Trade & a high-quality target with cost-effective valuation. It is suggested to pay attention to: Zhongwang Fabric Co.Ltd(605003) , Zhejiang Xinao Textiles Inc(603889) , virgin, Zhejiang Jasan Holding Group Co.Ltd(603558) , Huafu Fashion Co.Ltd(002042) , Zhejiang Xidamen New Material Co.Ltd(605155) , Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) , Healthcare Co.Ltd(603313) , Hhc Changzhou Corp(301061) , Zhejiang Walrus New Material Co.Ltd(003011) , Joy Kie Corporation Limited(300994) , Zhejiang Three Stars New Materials Co.Ltd(603578) .
Risk tips: repeated outbreaks outside China, less than expected capacity expansion, intensified international trade frictions, etc.
