Today (February 25), the Shanghai and Shenzhen stock markets showed a strong shock pattern as a whole. The three major A-share indexes opened higher and walked higher. They once surged higher and fell back. In the afternoon, the stock index maintained a high level, concussed and consolidated, and the increase gradually converged. However, on the whole, the rebound trend of A-share was at a glance.
In this regard, Caitong Securities Co.Ltd(601108) said that it is recommended to see more and move less, and balance the configuration. During the policy expectation period of China's two sessions, the verification period of economic data, the landing period of the Federal Reserve's interest rate discussion in March and the fermentation period of Russia Ukraine conflict, the overall market has many disturbing factors, repeated emotions and large fluctuations.
At the same time, Gf Securities Co.Ltd(000776) mentioned that the geopolitical risks of Russia and Ukraine strengthen the "supply and demand gap" of global resources / raw materials. We transferred it into the portfolio to maintain the balanced allocation of high region and low region: first, the resources / materials (coal / aluminum / potash fertilizer) benefiting from the inflation logic of "supply and demand gap"; Second, the intersection of "steady growth" and "double carbon new cycle" in low-carbon areas (real estate / building materials / coal chemical industry); Third, the technology track stocks gradually agreed by PEG (new energy vehicle / wind power photovoltaic / digital economy).
sector:
I. electric power
Yingda Securities said that the implementation plan for the development of new energy storage in the 14th five year plan attaches great importance to promoting the technological development and large-scale application of the new energy storage industry, emphasizes clarifying the transmission mechanism of energy storage price, accelerating the large-scale development of energy storage on the power supply side, power grid side and user side, and supporting the construction of a new power system. By 2025, new energy storage will enter the stage of large-scale development from the initial stage of commercialization and have the conditions for large-scale commercial application. By 2030, new energy storage will be fully market-oriented, basically meeting the needs of building a new power system, and comprehensively supporting the realization of the goal of carbon peak in the energy field as scheduled. With the cost reduction driven by technological progress and the continuous improvement of price mechanism and market mechanism, the types of new energy storage will be enriched, and the industry will usher in a period of rapid development.
Galaxy Securities pointed out that renewable energy, large bases, pumped storage, energy storage, etc. are the hot words mentioned most in the energy work of all provinces in 2022, and they are also the focus of the work in 2022. With the continuous promotion of the "double carbon" goal, the advantages of green power with carbon reduction attribute will be further highlighted, and the demand is expected to continue to increase. It is expected that this year, the detailed rules for the minimum proportion of green power consumption of high energy consuming enterprises in all provinces, the detailed rules for green power trading in all provinces, as well as the deductible carbon emissions of green power will be introduced.
Chuancai securities mentioned that with the deepening of the "double carbon" policy, the proportion of photovoltaic wind power and other new energy power generation in the energy structure continues to increase, but the intermittent and unstable characteristics of new energy power generation pose a challenge to the consumption capacity of the power grid. The development of new energy storage will effectively improve the grid connection and consumption capacity of new energy, promote the construction of new power system, and provide guarantee for the vigorous development of new energy.
Everbright Securities Company Limited(601788) said that under the background of accelerating the construction of new power system, the investment in power grid increased during the 14th Five Year Plan period, and there were great opportunities for structural investment in some fields. Suggestions: 1) UHV and Gil: Nari Technology Co.Ltd(600406) , Xj Electric Co.Ltd(000400) , Beijing Sifang Automation Co.Ltd(601126) , Tbea Co.Ltd(600089) , Jiangsu Ankura Smart Transmission Engineering Technology Co.Ltd(300617) ; 2) Grid side energy storage: Yunnan Wenshan Electric Power Co.Ltd(600995) , China Southern Power Grid technology, Shaanxi Baoguang Vacuum Electronic Apparatus Co.Ltd(600379) , Guangzhou Zhiguang Electric Co.Ltd(002169) , Sieyuan Electric Co.Ltd(002028) , Beijing Sifang Automation Co.Ltd(601126) ; 3) Smart meter: Hangzhou Sunrise Technology Co.Ltd(300360) , Acrel Co.Ltd(300286) , Jiangsu Linyang Energy Co.Ltd(601222) , Hexing Electrical Co.Ltd(603556) , Beijing Yupont Electric Power Technology Co.Ltd(688597) ; 4) Energy saving transformer: Yunlu shares, Advanced Technology & Materials Co.Ltd(000969) , Jiangsu Yangdian Science & Technology Co.Ltd(301012) , State Grid Yingda Co.Ltd(600517) ; 5) Intelligent monitoring and maintenance of power grid: Hangzhou Kelin Electric Co.Ltd(688611) , Zhiyang Innovation Technology Co.Ltd(688191) , Hangzhou Shenhao Technology Co.Ltd(300853) , Yijiahe Technology Co.Ltd(603666) , China Southern Power Grid technology.
II. Medical devices
Great Wall Guorui Securities pointed out that the valuation is at the bottom of history and the current investment value of the pharmaceutical industry is prominent. It is suggested to increase the allocation proportion of the industry and pay attention to investment opportunities in six aspects: first, the performance disclosure of the annual report in 2021 and the first quarterly report in 2022 is imminent, and pay attention to the high-quality targets with high growth or higher than expected performance of the annual report and the first quarterly report;
Second, with the official release of the 14th five year plan for the development of pharmaceutical industry, under the premise of controlling medical insurance expenses, innovation and internationalization will be the core main line of the industry in the future. It is suggested to pay attention to innovation driven companies and pharmaceutical enterprises with international ability;
Third, the CXO industry. Recently, the CXO industry has undergone in-depth adjustment, and the valuation is at the bottom of history. Contrarian, focus on companies with sufficient orders and reasonable current valuation;
Fourth, drugstore chain companies with reasonable valuation and stable recovery;
Fifth, pay attention to the consumer medical section. Under the background of medical insurance fee control, the ophthalmology, medical beauty and other medical sub industries with consumption attribute have policy immunity, and the consumption upgrading will drive their development;
Sixth, pay attention to the traditional Chinese medicine sector. The release of the guiding opinions on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine shows the state's determination to the inheritance, innovation and development of traditional Chinese medicine, which will play a positive role in the traditional Chinese medicine industry.
Guosheng Securities said that medicine has entered the medium and long-term layout range, and the medium and short term is still bottom-up, with more emphasis on the three factors of "performance valuation chips". Up to now, the "double high problem" has been digested. Although there are many assets with unspeakable short-term valuation, extremely cheap and short-term concerns that are difficult to prove false, they have entered the allocation range in the medium and long term.
In the short and medium term, in fact, there is no systematic solution. Recently, there have been problems in the chip structure of the whole market. Our idea is still to select individual stocks from bottom to top. There are three points to sum up: 1) select individual stocks with "fundamental common sense valuation oversold and discount", in other words, they have fallen to the second-order derivative of the irrational valuation range. 2) The sub areas of "domestic demand policy immunity" and "foreign demand is relatively rigid" are selected to take into account the comprehensive and sudden impact of the current geopolitical environment and medical policy environment, especially the emotional impact. Such as adult class II vaccine, self-control, China covid-19 therapeutic drug industry chain, traditional Chinese medicine, rehabilitation, cdmo, etc. 3) Due to the high degree of chaos in stage trading, the chip factor should be fully considered when bottom reading.
Huaan Securities Co.Ltd(600909) mentioned that considering the background of the pharmaceutical industry, on the one hand, the uncertainty caused by the continuous promotion of the centralized purchase policy this year (centralized purchase of consumables, national purchase, alliance purchase, etc.), on the other hand, the short-term pharmaceutical industry sector has not seen clear favorable policies / changes, and there is no upward momentum in the short term. It is advisable to look at the quantity of scenery. The valuation of many pharmaceutical companies has reached a very reasonable range. The uncertainty of changes brought by policies makes many investors unable to start. We suggest the direction configuration of this year: Traditional Chinese medicine (policy friendly + undervalued value) + medical equipment (medical infrastructure) + scientific research reagents and upstream + other directions to find the target from bottom to top.
(1) traditional Chinese medicine: famous brand OTC + innovative traditional Chinese medicine + traditional Chinese medicine chain. We recommend: Guiyang Xintian Pharmaceutical Co.Ltd(002873) , Guizhou Sanli Pharmaceutical Co.Ltd(603439) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Jianmin Pharmaceutical Group Co.Ltd(600976) , gushengtang and other targets, and also recommend paying attention to: Beijing Tongrentang Co.Ltd(600085) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Jiangsu Kanion Pharmaceutical Co.Ltd(600557) , Tasly Pharmaceutical Group Co.Ltd(600535) , Hunan Fangsheng Pharmaceutical Co.Ltd(603998) , Teyi Pharmaceutical Group Co.Ltd(002728) , Guilin Sanjin Pharmaceutical Co.Ltd(002275) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) .
(2) medical equipment sector: we recommend paying attention to Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Sonoscape Medical Corp(300633) , Edan Instruments Inc(300206) , Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Xiangyumedicalco.Ltd(688626) , Nanjing Vishee Medical Technology Co.Ltd(688580) , Jiangxi Sanxin Medtec Co.Ltd(300453) . In addition, IVD sector will also benefit from medical infrastructure. We recommend paying attention to Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , Shenzhen Yhlo Biotech Co.Ltd(688575) , Autobio Diagnostics Co.Ltd(603658) , Shenzhen Lifotronic Technology Co.Ltd(688389) , Maccura Biotechnology Co.Ltd(300463) , Tellgen Corporation(300642) , Guangzhou Wondfo Biotech Co.Ltd(300482) .
(3) scientific research reagents and upstream: we propose to pay attention to Nanjing Vazyme Biotech Co.Ltd(688105) , Suzhou Nanomicro Technology Co.Ltd(688690) , Acrobiosystems Co.Ltd(301080) , Shanghai Titan Scientific Co.Ltd(688133) , Shanghai Aladdin Biochemical Technology Co.Ltd(688179) , Guangzhou Jet Bio-Filtration Co.Ltd(688026) , Tofflon Science And Technology Group Co.Ltd(300171) , Focused Photonics (Hangzhou) Inc(300203) , Truking Technology Limited(300358) , Zhejiangtailin Bioengineering Co.Ltd(300813) .
(4) other bottom-up sectors and companies need to be analyzed according to the subject matter and valuation of the industry and company, and it is proposed to pay attention to: Yantai Zhenghai Bio-Tech Co.Ltd(300653) , Medprin Regenerative Medical Technologies Co.Ltd(301033) and other subjects of regenerative medicine; The valuation of the medical service sector is low. We recommend haijiya and gushengtang with high cost performance and expansibility. We suggest paying attention to Aier Eye Hospital Group Co.Ltd(300015) , Chaoju Ophthalmology, Jinxin reproduction, etc; Biological products and vaccines need continuous attention. We recommend Chongqing Zhifei Biological Products Co.Ltd(300122) , Changchun Bcht Biotechnology Co(688276) and Walvax Biotechnology Co.Ltd(300142) , Cansino Biologics Inc(688185) , Chengdu Olymvax Biopharmaceuticals Inc(688319) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) etc; For household medical devices, it is recommended to pay attention to Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Cofoe Medical Technology Co.Ltd(301087) .
(5) in addition, for the innovative drug sector, it is suggested to pay attention to the innovative drug targets with international ability. We suggest to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Baiji Shenzhou, Shanghai Junshi Biosciences Co.Ltd(688180) , Betta Pharmaceuticals Co.Ltd(300558) , Hehuang medicine, kangfang biology, China biopharmaceutical, etc.
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