Today (February 18), the Shanghai and Shenzhen stock markets showed a differentiation pattern as a whole. The three major A-share indexes opened low in the morning, and the trend of the Shanghai index was relatively strong, while the gem index and Shenzhen composite index were weak and volatile. In the afternoon, the Shanghai index accelerated upward, with an obvious rebound pattern, and finally basically closed at the highest price of the whole day; The Shenzhen Composite Index and the gem index also rose, but the strength was limited. Finally, the Shenzhen Composite Index barely turned red, and the gem index closed in the green.
In this regard, Orient Securities Company Limited(600958) mentioned that when the transaction cannot be effectively enlarged, the game characteristics of the market stock are obvious, the wait-and-see mentality of OTC funds is heavy, and the performance of track stocks and cycle stocks turns, but it failed to drive the stock index out of the market. The market trend opportunities still need to be changed by external factors such as policy and capital. It is expected that the stock index is more likely to be slightly sorted out in the short term, and continue to pay attention to the rebound opportunities of undervalued blue chips and track stocks.
At the same time, Huaxi Securities Co.Ltd(002926) pointed out that with the gradual easing of the overseas epidemic, many countries have gradually relaxed epidemic prevention policies, and the global economy is expected to regain its growth momentum in 2022. At the same time, on the basis of the continuous promotion of vaccination and the putting into use of covid-19 specific drugs, the probability of the release of epidemic control restrictions in China is increasing, the industries damaged by the epidemic will continue to enjoy the dividend of relief policy, and the offline service consumption will meet the opportunity of Dilemma and reversal.
sector:
I. counting from the east to the West
Donghai securities mentioned that the project of “counting from the east to the west” was officially launched. “Counting from the east to the west” project belongs to digital infrastructure construction, that is, new infrastructure construction. The construction of computing hub and data center cluster will expand the effective investment in upstream and downstream industrial chains and help the economy achieve steady growth. The data center industrial chain includes not only traditional civil engineering, but also it equipment manufacturing, information and communication, basic software, green energy supply, etc., which may boost the relevant industrial chains in the future.
Guosheng Securities said that the full launch of the “digital computing from the east to the west” and the superposition of the development direction determined by the digital economy will be a great opportunity for the whole digital communication side. The continuous and rapid growth of computing power and flow is an inevitable trend. The continuous construction and expansion of supporting infrastructure is a rigid demand and has high certainty in the next 3-5 years. Combined with the current global development trend of science and technology, technology giants at home and abroad have increased their investment and layout. In the future, they all point to the deterministic opportunities of computing power and traffic. The development of computing power, traffic and even applications will also drive the construction of mobile networks, and 5g and related industrial chains will continue to benefit as the core.
Citic Securities Company Limited(600030) believes that the East digital West computing project is expected to drive the overall improvement of computing power demand in the central and western regions, and the key benefits of the communication industry chain. It is expected to drive the development of data centers and related upstream and downstream industries and expand industrial investment through the layout of 8 computing hubs and the formation of data center clusters across the country. We are optimistic about the demand drive of the East digital West computing project for IDC, ICT equipment, optical modules, operators, temperature control equipment, optical communication and other fields.
As the core base of the East digital West computing project, the communication sector is expected to benefit mainly: 1) operators: the advantages of cloud network integration and cloud edge combination of operators are prominent. Operators have a large-scale computing power layout in the central and western regions, and the public cloud and edge cloud are also growing rapidly, which is expected to continuously improve the operating efficiency. It is suggested to pay attention to China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) ;
2) temperature control equipment: green energy-saving development of data center + stricter pue control is expected to continue to promote the demand for temperature control equipment. It is recommended to pay attention to Shenzhen Envicool Technology Co.Ltd(002837) , Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) ;
3) ICT equipment & optical module: ICT equipment and optical module are the basis of computing power network. The construction of data center cluster + the increasing demand for computing power is expected to promote the expansion and upgrading of servers, switches, routers and optical modules. It is recommended to pay attention to Unisplendour Corporation Limited(000938) , Zte Corporation(000063) , Zhongji Innolight Co.Ltd(300308) , Eoptolink Technology Inc.Ltd(300502) , Suzhou Tfc Optical Communication Co.Ltd(300394) ;
4) optical communication: the explosion of data traffic is expected to accelerate the promotion of optical fiber communication to all-optical network. It is optimistic that the centralized procurement volume and price of optical fiber and optical cable of operators will rise together to promote the high-quality growth of the industry. It is recommended to pay attention to Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) , Yangtze Optical Fibre And Cable Joint Stock Limited Company(601869) ;
5) IDC: under the policy environment of counting from the east to the west, the energy consumption indicators of first tier cities are becoming stricter. The advantages of IDC leaders with strong foundation and in-depth cooperation with Internet and cloud manufacturers in and around first tier cities continue to highlight. It is suggested to pay attention to Shanghai Baosight Software Co.Ltd(600845) , Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Kehua Data Co.Ltd(002335) .
II. Real estate development
For the real estate industry, Boc International (China) Co.Ltd(601696) said that it maintained the view that “the first quarter is a better configuration window period”. We suggest paying attention to three main lines: 1) leading real estate enterprises with low credit risk, smooth financing channels and high security: Poly Developments And Holdings Group Co.Ltd(600048) , Gemdale Corporation(600383) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , China Vanke Co.Ltd(000002) , Longhu group and China Resources Land. 2) Under the influence of macro and industrial policies such as interest rate reduction, elastic real estate enterprises with large marginal income: Xuhui holding group, rongchuang China, Seazen Holdings Co.Ltd(601155) , Jinke Property Group Co.Ltd(000656) . 3) At present, the real estate post cycle property sector with strong income determination, accelerated concentration, recent credit risk mitigation of related real estate enterprises and elastic reversal: Country Garden service, Xuhui Yongsheng life and xinchengyue service.
Capital securities mentioned that at present, the valuation center of the real estate industry has been repaired. At this stage, the rebound logic of the sector is still mainly based on the expectation of policy relaxation. The strength management after the direction is confirmed will still have a strong correlation with the upward space of the sector. Under the background of steady growth, we think the strength of policy release will be strengthened step by step, It is not ruled out that non hot cities break the shackles of excessive regulation in the past, and the subsequent industry fundamentals are expected to usher in recovery with the gradual improvement of policies. For real estate enterprises, with the reconstruction of the industry pattern and development model in the future, the operation and management efficiency and credit acquisition ability of real estate enterprises will be the key factors in the medium and long term. Accelerating the liquidation within the industry means the emergence of opportunities to improve the concentration. We suggest paying attention to real estate enterprises with relatively stable operation and finance, and continue to recommend China Vanke Co.Ltd(000002) , Poly Developments And Holdings Group Co.Ltd(600048) , Gemdale Corporation(600383) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) China’s overseas development.
In addition, China Galaxy Securities Co.Ltd(601881) Securities said that under the main line of “stable growth”, the expectation of policy game is increasing, and the market deduction path is gradually clear, making the transition from state-owned enterprise housing to private enterprise housing and property management companies. At present, the industry policy supports the gradual transition from the supply side to the demand side. The relaxation of the management of guaranteed housing loans and the regulation and adjustment of pre-sale funds are the beginning of “stable growth”. Later, we will pay attention to the implementation of policies before and after the two sessions, the first batch of centralized land supply and the acquisition and merger of real estate enterprises. It is suggested to pay attention to the leading stocks of residential development: Poly Real estate, Gemdale Corporation(600383) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , China Vanke Co.Ltd(000002) , Seazen Holdings Co.Ltd(601155) , Jinke Property Group Co.Ltd(000656) ; It is suggested to pay attention to high-quality property management companies: China Merchants Property Operation & Service Co.Ltd(001914) , country garden service, China Resources Vientiane life, Xuhui Yongsheng service, Jinke service, New Dazheng Property Group Co.Ltd(002968) .
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