Today (February 16), after the opening of the three major A-share indexes, the stock indexes differentiated at the beginning of the session, the Shenzhen Composite Index and the gem index fell sharply and weakened, while the Shanghai index fluctuated upward, followed by the support of large infrastructure and the outbreak of subject stocks, which prompted the gem index to stabilize and rise, and the consistency of the three major stock indexes to rise. From the disk point of view, the subject matter of the infrastructure industry chain staged a rise and fall tide, the concept of computing power, NFT concept, meta universe and other sectors broke out, and the local profit-making effect soared.
China Merchants Securities Co.Ltd(600999) said that global capital expenditure is expected to start a new upward cycle. According to our statistics, the capital expenditure of leading companies in various industries in the next five years is unanimously expected. Electric smart vehicles, energy transformation under carbon neutrality and investment in electric power and environmental protection, digitization and semiconductors are expected to become the main driving forces in the upward cycle of this round of capital expenditure. It is suggested to pay attention to the investment opportunities of upstream energy and materials, such as petroleum and petrochemical, industrial metals, cement, etc.
At present, under the background of scattered A-share hotspots and intensified sector rotation, possible investment opportunities are hidden. Select some institutional research reports. Let's see what themes are available for reference.
[Topic 1] concept of computing power
Citic Securities Company Limited(600030) previously mentioned that computing power is a "new productivity" in the era of digital economy. The demand for computing power in all walks of life is rising rapidly, but at present, the effective utilization rate of computing power is less than 15%, and the contradiction between supply and demand of computing power is obvious. Computing power network is a network centered integrated resource supply, which can flexibly schedule computing power resources according to business needs, accelerate data processing nearby, reduce delay and improve computing power utilization efficiency.
The development of computing power network can be divided into the initial stage of ubiquitous collaboration → the development stage of integration and unity → the leap stage of integration and endogenous. By forming ubiquitous computing resources from cloud, network and end, the computing power is measured and modeled uniformly to achieve the integration of computing and network, and finally realize the provision of integrated services such as computing, computing power trading, operation and maintenance, so as to create a new model of computing and network services.
The agency further pointed out that the construction of computing network can provide a large number of construction needs for infrastructure and network nodes. At the same time, the computing power network can provide operators with tradable computing power vouchers. Operators are expected to realize the transformation from "pipeline operation" to "computing power operation". Under the background of increasing demand for computing power, it is expected to fully open the growth space.
In addition, Huaxi Securities Co.Ltd(002926) said that edge computing is an important part of computing power network, and the industry is in the ascendant. 1) Edge computing will quickly penetrate thousands of industries. In the future, the communication network infrastructure will focus on computing power, and the integration of network, cloud, digital, intelligence, security, edge, end and other elements. Cloud and edge computing power will become a social service of "one point access, one access and one use" like hydropower.
2) native cloud (a set of technical system and management scheme for building, running and managing applications on the cloud), no service computing (users do not need to pay attention to the underlying code, low code or even zero code development) Heterogeneous computing (CPU, GPU, FPGA, DPU and other instruction sets are adopted, and computing units with different architectures such as x86, arm and risc-v form a hybrid system to meet different requirements of general and special computing), memory computing integration (Computing and storage are integrated into one chip to eliminate data access delay and power consumption) Technologies such as privacy computing (data available and invisible) will flourish with the rapid penetration of edge computing. []
[Topic 2] NFT concept
Cinda securities mentioned that the core value of NFT lies in "digital content capitalization", which is the property right confirmation and trading mechanism of the virtual world. Non homogeneity token (NFT) is a kind of encrypted digital rights and interests certificate based on blockchain technology, which can not be copied, tampered and divided. Its core value is to convert digital content into digital assets, use blockchain technology to ensure the uniqueness and authenticity of digital assets, and effectively solve the problem of asset ownership. It is mainly used in copyright protection, copyright trading Content issuance and IP value derivative realization.
The agency further analyzed that the value capture of Chinese platform companies comes from the issuance and transaction of NFT. It is suggested to find excellent digital collection platforms from the aspects of blockchain technical strength, alliance Chain Alliance Party's reputation, traffic backed by Internet platform, operation ability and content strength of operating companies, Focus on ( Visual China Group Co.Ltd(000681) , Three'S Company Media Group Co.Ltd(605168) , Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) , Alpha Group(002292) and China Mobile Games). At present, it is suggested to focus on the companies with the layout of the whole industrial chain (Alibaba, Tencent, JD, Netease, Inmyshow Digital Technology (Group) Co.Ltd(600556) , Tangel Culture Co.Ltd(300148) ), Internet content platforms with rich and high-quality content Ecology ( Visual China Group Co.Ltd(000681) , Tencent music and reading group), and state-owned background authorization platforms ( Three'S Company Media Group Co.Ltd(605168) , Guangdong South New Media Co.Ltd(300770) , Mango Excellent Media Co.Ltd(300413) ), Pay attention to the relevant trends of Internet vertical platforms (BiliBili, heart, meituan). The core competitiveness of the project issuer lies in the richness and quality of content, IP influence and the operation ability of derivative products. It is suggested to pay attention to the content platforms and distribution companies with rich content and IP reserves ( Alpha Group(002292) , Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) , China Mobile Games, Netdragon, chuangmengtiandi, bubble Mart, Netease cloud music) There are brokerage companies ( Zhejiang Huace Film And Tv Co.Ltd(300133) , H&R Century Union Corporation(000892) ) and marketing head companies ( Three'S Company Media Group Co.Ltd(605168) , Bluefocus Intelligent Communications Group Co.Ltd(300058) , Hylink Digital Solution Co.Ltd(603825) ).
In addition, Zhongtai Securities Co.Ltd(600918) indicates that NFT is a non-homogeneous digital asset certificate created, maintained and executed by smart contracts. Blockchain is the underlying technology for the implementation of smart contracts. NFT is deployed on blockchains such as Ethereum through standard contract forms such as smart contracts erc-721 and erc-1155 (different blockchain Contract Standards). The only public, tamperable and tradable attributes of NFT are based on blockchain technology. NFT value transmission chain is divided into multiple roles: 1) NFT project party; 2) NFT aggregation platform; 3) Blockchain platform; 4) Nodes (miners); 5) NFT users; 6) Derivative applications such as defi. From the analysis of NFT's value transmission chain, it is suggested to pay attention to three types of companies. []
[Topic 3] rare earth permanent magnet
Huajin Securities pointed out that with the implementation of the low-carbon concept in the economy, the downstream demand for high-performance NdFeB has undergone qualitative and quantitative changes. New energy vehicles, traditional vehicles, variable frequency air conditioners and industrial Siasun Robot&Automation Co.Ltd(300024) have replaced consumer electronics as the main downstream consumer industry of high-end NdFeB, The diversification of demand driven industries and the large-scale volume indicate that rare earth permanent magnet has entered a new era.
The Pacific Securities Co.Ltd(601099) securities mentioned that in the next three years, rare earth is probably the healthiest variety in the upstream supply and demand pattern of new energy. After experiencing the price rise caused by the demand explosion in 2020-2021, the upstream and midstream of the new energy vehicle industry chain have entered the production expansion cycle. Only the supply of rare earth is difficult to effectively improve. From the perspective of resources, the overseas supply (Mount pass in the United States, Lynas in Australia and Myanmar mine) has reached its peak, and it is difficult to see a clear production expansion path at present; In China, the black rare earth disappeared, and the production quotas were all in the two major groups ( China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) and the newly established China rare earth group). From the indicators issued before the festival, the overall growth rate was relatively restrained, with a year-on-year growth rate of 20%.
With the passage of time, the healthy supply and demand pattern of rare earth stands out from the rest. Unlike other varieties, it is deteriorating. Time will be a friend of the rare earth sector. This is the new logic of the rare earth sector. The sustainable time of the healthy supply and demand pattern is far beyond market expectations.
China Galaxy Securities Co.Ltd(601881) Securities believes that the rapid development of the downstream new energy industry drives the continuous strong demand for rare earth. The national policy attaches importance to establishing China's trump card of rare earth resources, effectively controlling supply and improving industry concentration. It is expected that the price of rare earth is expected to continue to rise steadily under the tight pattern of supply and demand. Based on the quota of the first batch of rare earth smelting and mining indicators in 2022, it is estimated that the increment of China's rare earth output in 2022 will be light rare earth, and the increment of light rare earth will mainly focus on China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) . The output growth and the strong price of praseodymium and neodymium oxide are expected to have good release potential this year. []
[theme 4] architectural decoration
Guosen Securities Co.Ltd(002736) mentioned that since the economic work conference last December, the central government has set the overall working idea of "stable growth" in 2022. After January, the market's worries about the future economic downturn spread, and the major indexes continued to weaken. In the same period, the central bank and the national development and Reform Commission continued to introduce relevant measures to accelerate "steady growth". Given that the current industry operation is in the post holiday resumption stage in the off-season, the final strength and elasticity of "stable growth" cannot be falsified, and the market has entered a good window period of "stable growth" in the game of "traditional economic growth kinetic energy", it is suggested to focus on relevant varieties with capital construction and real estate demand and high safety margin.
In addition, Guosheng Securities said that the current steady growth expectation continued to heat up. In January, the social finance exceeded the expectation, and the issuance of special bonds was accelerating. Previously, the national development and Reform Commission said that it would appropriately carry out infrastructure investment in advance and strive to form more physical workload in the first quarter. The follow-up steady growth landing policy and promotion intensity are expected to be further enhanced, and the rising momentum of the follow-up resumption of work and infrastructure chain is expected to be strengthened. With the implementation of medium-term structural credit, the counter cyclical demand represented by cement is expected to stabilize and recover, supporting the quarterly profit center. Under the "double carbon" target, the supply side may maintain strict constraints on normalization, medium and long-term favorable sector profit expectation and valuation repair. In the follow-up, we can pay attention to the marginal change of demand and the catalysis of macro policies. Cement and consumer building materials are recommended.
Everbright Securities Company Limited(601788) believes that the "wide credit" is on the way, the "steady growth" policy is gradually being implemented, and the infrastructure is expected to continue to develop. The investment value of construction (infrastructure central enterprises, local state-owned enterprises, design units, etc.) and building materials (cement, pipe network, etc.) with strong correlation with "steady growth" is highlighted again. We emphasize that we should focus on the public raised REITs of infrastructure as one of the key points of "wide credit": 1) as an equity financing tool, public raised REITs of infrastructure provide the marginal increment of infrastructure funds in the form of revitalizing stock assets; 2) Guide project investors to expect that REITs can reduce the debt pressure of investors and accelerate the recovery of their equity funds in the long run. []
