Market Overview
As of the closing on February 18, the Shanghai Composite Index rose 0.80% to close at 3490.76 points this week; The Shenzhen Composite Index rose 134.59% to close at 134.59%; The gem index rose 2.93% to close at 2826.81 points. This week, the logic of “undervaluation repair” was divided. Real estate, banking, non bank finance and other sectors all ended down. Infrastructure related sectors rose more or fell less, and the concept of “counting from the east to the west” rose sharply.
Sichuan caizhou viewpoint
“Counting from the east to the west” was launched, and the main logic of the new digital infrastructure gradually appeared. In the context of stable growth, the infrastructure sector is one of the main lines of the recent market, but most of this market is centered on traditional infrastructure and upstream and downstream. Under such a market trend, we have repeatedly stressed in Sichuan finance research: core data tracking of infrastructure industry chain in recent two weeks that traditional infrastructure can be used as a short-term investment opportunity, while the new infrastructure sector is expected to become a track with high growth throughout the year. In particular, the new infrastructure represented by new energy and digital economy has huge space and will usher in historic opportunities, The growth rate of future performance can be expected. Pay attention to the subsequent release of relevant policies and pay attention to the rotation between new and old infrastructure sectors. The basis for our judgment is as follows: first, there is insufficient funds in the market and it is in the stock game stage. The infrastructure sector will not rise across the board and will go out of the differentiated market in the later stage. The old infrastructure does not have growth and only has the short-term logic of valuation and repair, and only some boards in the new infrastructure will go out of the main market; 2、 As a representative of the traditional economy, the old infrastructure cannot be compared with the new infrastructure in terms of market space and economic driving effect in the future; 3、 Compared with the traditional infrastructure, the new infrastructure is more environmentally friendly, especially the digital infrastructure represented by the data center, which can make effective use of renewable energy and is in line with the “double carbon” policy. On February 17, the news of the full launch of “counting from the east to the west” completely detonated the sentiment of the digital new infrastructure sector, and the rise and fall of relevant stocks. Under the background of steady growth, the main logic of digital new infrastructure seems to begin to appear.
The project of “counting from the east to the west” has a large investment scale and involves a wide range of industries. In the process of implementation, the links that are expected to benefit include:
I. digital infrastructure is the foundation of the “East digital West computing” project, which is expected to increase the demand for data centers, communication base stations, communication equipment and other sectors on a large scale. The relevant targets include China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) , Dawning Information Industry Co.Ltd(603019) , Zte Corporation(000063) ;
II. The increasing demand for computing power is expected to promote the upgrading of network, server and other equipment. The relevant targets: Unisplendour Corporation Limited(000938) , Eoptolink Technology Inc.Ltd(300502) , Inspur Electronic Information Industry Co.Ltd(000977) , Shenzhen Envicool Technology Co.Ltd(002837) ;
III. industrial digitization needs further transformation and upgrading, and the relevant targets: Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Iflytek Co.Ltd(002230) ;
IV. the outbreak of data traffic is expected to accelerate the high-quality growth of the optical fiber communication industry, and the related targets: Yangtze Optical Fibre And Cable Joint Stock Limited Company(601869) , Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) ;
V. the security demand for data and information has increased significantly, and the performance growth of the data security industry has accelerated. The relevant targets: 360 Security Technology Inc(601360) , Sangfor Technologies Inc(300454) , Nsfocus Technologies Group Co.Ltd(300369) , etc.
Risk warning: government expenditure is less than expected; The implementation of the project is not as expected; The price rise of raw materials exceeded expectations; Data demand is less than expected.
