“Track” is a hot word in the capital market in the past two years. In the structural market, choosing the right track can often achieve excess returns. It can be seen that the performance of the science and technology track last year was very eye-catching. However, with the overall increase of the sector and the influx of profit margins, semiconductor chips, 5g and new energy have continued to adjust recently, with a decline of 34% from last year’s high.
The so-called “rise for a long time, fall for a long time”, these high-quality tracks generally have medium and long-term funds stationed, and appropriate adjustment is conducive to cleaning unstable chips.
Some analysts pointed out that considering science and technology as the main line in the medium and long term, there is limited space to continue to explore. At the same time, some high-quality technology stocks have begun to show signs of stabilization and recovery at the bottom. Therefore, the technology track after the return of valuation is still the main investment line in 2022. It is recommended that investors focus on semiconductor, new energy vehicles, 5g and other sub tracks on bargain hunting
5g:
digital business cycle stabilizes and upward
With the continuous promotion of the construction of base stations of China’s three major operators, the continuous accumulation, innovation and breakthrough of 5g applications, the continuous and rapid growth trend of 5g traffic is unchanged, and 5g related infrastructure is expected to exceed expectations.
Huaan Securities Co.Ltd(600909) analyst Zhang Tian pointed out that the transfer of market style, the continuous outflow of funds from crowded tracks and the impact of investor sentiment are the main factors for the poor performance of science and technology growth tracks this year. we believe that when the bottom of sentiment appears and there are no marginal negative factors, the market will rebound. With the gradual completion of 5g wide coverage construction, 5g private network combined with the digital transformation of various industries has become an important part of the digital economy. 5g + UHD and 5g + Digital twins of the Winter Olympic Games show the industrial end enabling potential.
By the end of 2021, China had built and opened 1.425 million 5g base stations, and built the world’s largest 5g network, covering all prefecture level cities, more than 98% of County cities and 80% of township towns, and gradually moving towards rural areas with conditions and needs.
On the news side, the top-level design “14th five year plan” digital economy development plan was issued. Zhao Liangbi, an analyst at Guoyuan Securities Company Limited(000728) pointed out that the issuance of the plan represents that China’s 5g development will usher in a new stage of inclusive sharing, and the requirements for 5g wide coverage and stability will be more urgent. After the operator sector includes the previous China Telecom Corporation Limited(601728) and the latest China Mobile’s return to a shares, it will better ensure the stabilization of a large amount of capital expenditure investment in the early stage in the medium and long term, Effectively promote the stability and upward trend of the overall business cycle of the communication industry. Investors are advised to pay attention to Zte Corporation(000063) , Zhongji Innolight Co.Ltd(300308) , Suzhou Tfc Optical Communication Co.Ltd(300394) , Yangtze Optical Fibre And Cable Joint Stock Limited Company(601869) , Hengtong Optic-Electric Co.Ltd(600487) , Queclink Wireless Solutions Co.Ltd(300590) , Shenzhen H&T Intelligent Control Co.Ltd(002402) , Montnets Cloud Technology Group Co.Ltd(002123) .
potential stock selection
\u3000\u3000 Zte Corporation(000063) (000063)
\u3000\u3000 Zhongji Innolight Co.Ltd(300308) (300308)
\u3000\u3000 Suzhou Tfc Optical Communication Co.Ltd(300394) (300394)
Quectel Wireless Solutions Co.Ltd(603236) (603236)
semiconductor:
“lack of core” is still a long-term investment
As the technology blockades of other countries have been increased layer by layer, all walks of life in China have reached a consensus on the trend of independent control of semiconductor core technology. Both the policy support and the support of downstream demand terminals to China’s supply chain are showing a trend of continuous strengthening. Some industry insiders pointed out that the main logic of the development of China’s semiconductor industry is independent and controllable. At present, the development logic of domestic substitution, industrial trend and policy of China’s semiconductor industry has not changed, and the semiconductor industry is still the main line of science and technology investment in the next 3-5 years.
As a leader in the industry, Semiconductor Manufacturing International Corporation(688981) the strong performance of the performance can better reflect the high prosperity of the industry. The data show that the strong performance of Semiconductor Manufacturing International Corporation(688981) leading performance is another manifestation of the rising prosperity of the industry. In the fourth quarter, the company’s single quarter revenue exceeded US $1.5 billion for the first time, with a month on month increase of 11.6% and a gross profit margin of 35.0%, higher than the consensus expectation of the market. In 2021, the annual revenue was US $5.4 billion, with an annual increase of 39%. It was the fastest growing company among the top four pure wafer foundry in the world that year. Interest rate, operating profit margin, net interest rate and other financial indicators also hit a record high.
Xiao Lirong, an analyst at Hongta Securities Co.Ltd(601236) , pointed out that in terms of performance, most Chinese semiconductor enterprises have good performance, and the industry boom will continue in 2022. the sharp decline in the market is mainly affected by market sentiment, and the popularity of new technologies and new concepts is difficult to maintain for a long time. The follow-up mainly focuses on the actual production capacity and performance growth of relevant companies. Investors are advised to focus on Will Semiconductor Co.Ltd.Shanghai(603501) , Rockchip Electronics Co.Ltd(603893) , Jcet Group Co.Ltd(600584) , Jilin Sino-Microelectronics Co.Ltd(600360) , Hangzhou Lion Electronics Co.Ltd(605358) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Amlogic (Shanghai) Co.Ltd(688099) , Maxscend Microelectronics Company Limited(300782) on bargain hunting.
potential stock selection
\u3000\u3000 Semiconductor Manufacturing International Corporation(688981) (688981)
\u3000\u3000 Will Semiconductor Co.Ltd.Shanghai(603501) (603501)
\u3000\u3000 Rockchip Electronics Co.Ltd(603893) (603893)
Jcet Group Co.Ltd(600584) (600584)
new energy vehicles:
accelerated penetration
According to the latest data released by the passenger Federation, the production and sales of new energy vehicles are still booming, with a year-on-year doubling trend. In January 2022, the retail sales of Shanxi Guoxin Energy Corporation Limited(600617) passenger cars reached 347000, a year-on-year increase of 132%. In addition to the disclosure of sales data, the association also disclosed the industry penetration data in January. In January, the retail penetration rate of new energy vehicles in China was 16.6%, 10 percentage points higher than the penetration rate of 6.8% in January 2021. Among them, the penetration rate of new energy vehicles among independent brands reached 31.4%.
Driven by the continuous adjustment of the leading Contemporary Amperex Technology Co.Limited(300750) , there was a significant correction in the new energy vehicle sector as a whole, causing the market to worry about the market of the sector. In this regard, Zou Runfang, an analyst at AVIC securities, pointed out that the short-term correction highlights the importance of fundamentals. Companies with high quality and low price may usher in the layout opportunity first. high quality development remains the focus of national development, and the core of realizing high quality development is to rely on innovation and technological development. China’s trend from resource and scale driven to innovation and efficiency driven is unshakable. The “technology + double carbon” industry represented by new energy still has long-term investment value.
Overall, the short-term correction has not changed the optimistic attitude of the industry. Zhu Dong, an analyst at Ping An Securities, pointed out that with the strengthening of policy and auto enterprises, the penetration of new energy vehicles in the global market is ushering in a new round of acceleration, and the industry boom is rising. It is suggested to pay attention to the main line of new forces represented by Tesla and the catch-up process of new models such as Volkswagen, and recommend leading and second-line elastic targets. In terms of battery materials, Contemporary Amperex Technology Co.Limited(300750) , Beijing Easpring Material Technology Co.Ltd(300073) , Ningbo Shanshan Co.Ltd(600884) are recommended; In terms of motor electric control, it is recommended to pay attention to Wolong Electric Group Co.Ltd(600580) , Shenzhen Inovance Technology Co.Ltd(300124) ; For lithium battery equipment, it is recommended to pay attention to Wuxi Lead Intelligent Equipment Co.Ltd(300450) and Zhejiang Hangke Technology Incorporated Company(688006) ; For lithium and cobalt, it is recommended to pay attention to Zhejiang Huayou Cobalt Co.Ltd(603799) , Chengxin Lithium Group Co.Ltd(002240) .
potential stock selection
\u3000\u3000 Contemporary Amperex Technology Co.Limited(300750) (300750)
\u3000\u3000 Beijing Easpring Material Technology Co.Ltd(300073) (300073)
\u3000\u3000 Wolong Electric Group Co.Ltd(600580) (600580)
\u3000\u3000 Wuxi Lead Intelligent Equipment Co.Ltd(300450) (300450)
