Today (February 24), the Shanghai and Shenzhen stock markets showed a shock adjustment pattern as a whole. After the three major A-share indexes opened low, they gradually fell into a weak adjustment. Affected by the external news, the adjustment of the stock index accelerated in the afternoon. Although it rebounded near the end of the day, it is not difficult to show a decline all day.
In this regard, Central China Securities Co.Ltd(601375) pointed out that due to the frequent conversion of hot spots in the current market, there is still the possibility of the strength of growth stocks and defense varieties in turns. It is suggested that investors should make a balanced allocation and continue to pay attention to the changes of policy, capital and external market.
At the same time, YueKai securities mentioned that looking at the overall situation, we are not pessimistic about the future market. The two sessions will open next week. It is expected that the market will remain stable, there are external disturbance factors in the short term, and the medium and long term will return to the economic and profit fundamentals.
sector:
I. agriculture
Huarong Securities said that this year's Document No. 1 put forward strong targeted measures to further illustrate the country's determination to revitalize the seed industry. The opinions specifically proposed to vigorously implement the soybean and oil production capacity improvement project, indicating that the state attaches great importance to corn and soybean, and corn and soybean are expected to take the lead in the commercialization of biological breeding. Leading seed industry enterprises with leading research and development of transgenic traits and strong variety competitiveness are expected to seize the opportunity of technological change in the seed industry and obtain more market share by relying on high-quality varieties.
Dongxing Securities Corporation Limited(601198) believes that document No. 1 lays down the policy program for the whole year and continues to emphasize food security. It is suggested to pay attention to the planting seed industry and biological breeding sector. Companies involved include Shandong Denghai Seeds Co.Ltd(002041) for seed industry, Beijing Dabeinong Technology Group Co.Ltd(002385) , Yuan Longping High-Tech Agriculture Co.Ltd(000998) for biological breeding, and Jiangsu Provincial Agricultural Reclamation And Development Co.Ltd(601952) , Heilongjiang Agriculture Company Limited(600598) for planting industry. In addition, we continue to recommend investment opportunities in pig breeding sector.
Tianfeng Securities Co.Ltd(601162) mentioned that the No. 1 document in 2022 mentioned "grain" 23 times (compared with 18 times in 2021), and proposed "appropriately raise the minimum purchase price of rice and wheat in 2022, and stabilize the subsidy policies for corn and soybean producers and rice", which is expected to continue to enhance farmers' planting enthusiasm, and the leading companies of seeds and chemical fertilizers are expected to benefit. We believe that the upward boom in the agricultural sector is an important investment opportunity this year. We continue to recommend high-quality leading companies in the subdivided agricultural sector such as pigs, seeds, feed and animal protection.
II. Aerospace equipment
Dongguan Securities pointed out that it is optimistic about the high prosperity of the industry under the demand for equipment upgrading during the 14th Five Year Plan period; From the perspective of usage, with the increase of actual training times, the loss of trainer aircraft and the replenishment of missile inventory are increased. We are optimistic about the aviation industry chain and the missile industry chain with high consumables. On the other hand, Wu Yanhua, deputy director of the National Space Administration, said at the white paper press conference of China's aerospace in 2021 that in the next five years, we should accelerate the transfer and transformation of aerospace technology achievements to economy and society, and be optimistic about the development of Beidou industrial chain under Aerospace industry services and the Internet of things, as well as the development of special chips under the new round of digital currency reform.
Capital Securities said that by grasping the main line of aviation equipment investment, military electronics has high independent and controllable growth: 1) contract liabilities of main engine factory + verification of advance payment, and the growth of aviation industry chain will continue to be realized. The performance transmission is effective. From the main engine plant and engine system, to the body system and parts, and then to the upstream raw material sector, the whole industry chain has strong momentum and certainty. The main engine manufacturer pays attention to Avic Shenyang Aircraft Company Limited(600760) , Avic Xi'An Aircraft Industry Group Company Ltd(000768) , Jiangxi Hongdu Aviation Industry Co.Ltd(600316) , Avicopter Plc(600038) , Aecc Aviation Power Co Ltd(600893) ; Body system concerns Avic Electromechanical Systems Co.Ltd(002013) , China Avionics Systems Co.Ltd(600372) , Aecc Aero-Engine Control Co.Ltd(000738) , Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) ; Aviation parts focus on Avic Heavy Machinery Co.Ltd(600765) , Wuxi Paike New Materials Technology Co.Ltd(605123) , Guizhou Aviation Technical Development Co.Ltd(688239) , Chengdu Ald Aviation Manufacturing Corporation(300696) ; Metal materials focus on Western Superconducting Technologies Co.Ltd(688122) , Baoji Titanium Industry Co.Ltd(600456) , Gaona Aero Material Co.Ltd(300034) , Jiangsu Toland Alloy Co.Ltd(300855) , etc. 2) The certainty of missile weapons and equipment benefits from practical military training. The independent control of military electronics in the field of high-end equipment brings high growth. We pay attention to Chengdu Tianjian Technology Co.Ltd(002977) , Chengdu Rml Technology Co.Ltd(301050) , Avic Jonhon Optronic Technology Co.Ltd(002179) , Guizhou Space Appliance Co.Ltd(002025) , China Zhenhua (Group) Science & Technology Co.Ltd(000733) , Beijing Yuanliu Hongyuan Electronic Technology Co.Ltd(603267) , Beijing Fjr Optoelectronic Technology Co.Ltd(688272) .
Minsheng securities mentioned that it is clearly optimistic about the performance of the military industry in the post-2022 market, based on the following points: 1) in the "superposition of three cycles" proposed by our system, the industry gradually entered the "high growth" stage of supply-demand resonance during the 14th Five Year Plan period, and 2022, as the second year of the 14th five year plan, will still maintain high growth; 2) The company's performance confirms the high prosperity of the industrial chain. The contract liabilities disclosed in the 2021 interim report once again verify the sustainability of the high prosperity of the industry; 3) Since 2022, the sector has experienced a correction due to the impact of the market and some events, but the current position is at the bottom of the historical valuation. We expect the net profit of the industry to increase by more than 35% in 2022, with higher growth in the middle and upper reaches and high cost performance of the current configuration.
The agency further pointed out that the current position of military industry has the dual attributes of underestimated value and high growth, and has great configuration value. It is suggested to focus on the information and new material segments in the middle and upper reaches of the industrial chain. Suggestions: 1) new materials: Western Superconducting Technologies Co.Ltd(688122) , Baoji Titanium Industry Co.Ltd(600456) , Hubei Feilihua Quartz Glass Co.Ltd(300395) , Fushun Special Steel Co.Ltd(600399) , Gaona Aero Material Co.Ltd(300034) , Jiangsu Toland Alloy Co.Ltd(300855) , Avic Aviation High-Technology Co.Ltd(600862) , Weihai Guangwei Composites Co.Ltd(300699) , Sinofibers Technology Co.Ltd(300777) ; 2) Informatization: Beijing Relpow Technology Co.Ltd(300593) , China Zhenhua (Group) Science & Technology Co.Ltd(000733) , Avic Jonhon Optronic Technology Co.Ltd(002179) , Guizhou Space Appliance Co.Ltd(002025) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , Raytron Technology Co.Ltd(688002) , Chengdu Rml Technology Co.Ltd(301050) , Fujian Torch Electron Technology Co.Ltd(603678) , Beijing Yuanliu Hongyuan Electronic Technology Co.Ltd(603267) , Zhuzhou Hongda Electronics Corp.Ltd(300726) , Nanjing Quanxin Cable Technology Co.Ltd(300447) etc; 3) Core supporting and main engine factory: Avic Heavy Machinery Co.Ltd(600765) , Xi'An Triangle Defense Co.Ltd(300775) , Avic Electromechanical Systems Co.Ltd(002013) , China Avionics Systems Co.Ltd(600372) , Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) , Aecc Aero-Engine Control Co.Ltd(000738) , Wuxi Paike New Materials Technology Co.Ltd(605123) , Guizhou Aviation Technical Development Co.Ltd(688239) , Avic Shenyang Aircraft Company Limited(600760) , Aecc Aviation Power Co Ltd(600893) , Avicopter Plc(600038) , Jiangxi Hongdu Aviation Industry Co.Ltd(600316) etc.
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