Review of sector periodicity:
Shipping: this week, the SCFI composite index reported 4946.01 points, down 0.7% month on month. The resilience of made in China has been strengthened in the epidemic, and the recovery of the supply chain is not a day’s work. The high prosperity of the centralized transportation market will still be maintained, and there is no significant inflection point for the time being. Shipping companies and freight forwarders cut their interests again, and the comprehensive rise of long-term association prices has escorted the performance of shipping companies for 22 years. It is a high probability event that the performance continues to improve year-on-year. Based on the current net asset scale and predictable profit range, the current Cosco Shipping Holdings Co.Ltd(601919) Pb valuation level is still at the bottom of history, with limited downward space and sufficient safety margin. Continue to recommend container transportation leader Cosco Shipping Holdings Co.Ltd(601919) .
Airports: the state has approved covid-19 vaccine sequential booster vaccination in some key areas, and the construction of immune barrier is expected to be further strengthened. The national development and Reform Commission issued policies to bail out civil aviation and help airlines tide over difficulties. The epidemic will eventually pass. If we choose to open up one day, civil aviation will have great upward flexibility under the triple stimulation of supply and demand reversal, fare reform and historical high seating rate. Recommend three major airlines, spring and autumn, auspicious. The traffic monopoly position and high-quality consumption scene of the hub airport gathering high net worth passengers have not fundamentally changed due to the epidemic. At present, due to the pressure on the performance of international passenger reduction, once the door is opened, the performance of the airport will be greatly improved. Shanghai International Airport Co.Ltd(600009) , Guangzhou Baiyun International Airport Company Limited(600004) are recommended.
Express delivery: considering the impact of the wrong date of the Spring Festival, the data performance of the industry and listed companies in January is relatively stable. We believe that due to the slowdown of e-commerce demand growth and the high base of express delivery volume, the growth of express industry will slow down significantly in 2022, and service innovation, stabilizing market order, protecting the legitimate rights and interests of practitioners and promoting the integration of core resources will become the new theme. In the fourth quarter of the year, the profitability of Yuantong and Shunfeng both recovered rapidly, and the profit recovery logic of express companies was verified and strengthened. Continue to recommend S.F.Holding Co.Ltd(002352) , Yunda Holding Co.Ltd(002120) , Yto Express Group Co.Ltd(600233) and Zhongtong express.
Logistics & small and medium-sized stocks: select high-quality stocks in the logistics industry, and recommend Milkyway Chemical Supply Chain Service Co.Ltd(603713) , Cts International Logistics Corporation Limited(603128) . Jiangsu Shuangxing Color Plastic New Materials Co.Ltd(002585) performance has increased continuously and continues to be recommended; New coverage Anhui Anli Material Technology Co.Ltd(300218) , recommended Zhejiang Natural Outdoor Goods Inc(605080) , Joy Kie Corporation Limited(300994) , Anhui Anli Material Technology Co.Ltd(300218) , recommended digital printing revolutionaries Hangzhou Honghua Digital Technology Stock Company Ltd(688789) , and paid attention to Kaili Catalyst & New Materials Co.Ltd(688269) , Comefly Outdoor Co.Ltd(603908) .
Investment suggestion: in the transportation sector, we tend to believe that the dispersion of the epidemic and the free flow of people, goods and goods are a gradual process. The high-level operation of centralized transportation (especially in the first half of the year), the easing of express competition and integration will be high probability events. The Airport is relatively disturbed and suitable for long-term layout; Chemical and hazardous chemicals logistics has benefited from the increasing proportion of production and consumption in China and Asia year by year. Under the background of strong government supervision, the qualification approval of leading enterprises is gradually liberalized, and the improvement of concentration is expected to accelerate; Recommendations: Milkyway Chemical Supply Chain Service Co.Ltd(603713) , Cosco Shipping Holdings Co.Ltd(601919) , S.F.Holding Co.Ltd(002352) , Yunda Holding Co.Ltd(002120) , Yto Express Group Co.Ltd(600233) , Air China Limited(601111) , Spring Airlines Co.Ltd(601021) , Shanghai International Airport Co.Ltd(600009) , pay attention to Guangzhou Jiacheng International Logistics Co.Ltd(603535) . Small and medium cap stocks still follow the main line of reasonable valuation + marginal change + sustainable growth, trying to find stocks with sustained growth and compound interest effect. Considering the growth and valuation level of individual stocks, continue to recommend Jiangsu Shuangxing Color Plastic New Materials Co.Ltd(002585) , Hangzhou Honghua Digital Technology Stock Company Ltd(688789) , Zhejiang Natural Outdoor Goods Inc(605080) , Comefly Outdoor Co.Ltd(603908) , Joy Kie Corporation Limited(300994) and Anhui Anli Material Technology Co.Ltd(300218) . It is recommended to pay attention to Shanghai Sk Automation Technology Co.Ltd(688155) , Ficont Industry (Beijing) Co.Ltd(605305) , Kaili Catalyst & New Materials Co.Ltd(688269) .
Risk tip: the macroeconomic recovery is less than expected, the epidemic situation is repeated, and the oil price and exchange rate fluctuate violently
