[Zhou’s investment view]:
(1) Alibaba’s capital expenditure in 2021q4 reached 9.253 billion yuan, with a year-on-year increase of 90.04%. Compared with 55.71%, – 18.66% and 5.88% from 2021q1 to 2021q3, the year-on-year growth rate increased significantly; Combined with aspeed’s January 2022 data, the year-on-year growth rate in January 2022 increased significantly to 61%, and the Q4 capital expenditure of the five cloud giants in North America achieved a rapid growth in 2021. We are optimistic about the overall expectation of 2022. We judge that the cloud industry chain is expected to recover gradually, and we suggest focusing on investment opportunities in network equipment, optical devices, it equipment, temperature control and energy storage and other fields;
(2) Haifeng track has a long-term high growth. Submarine cable is the most deterministic link in the industrial chain. It has the characteristics of high competition barriers, relatively stable competition pattern and small downward space for price. It is optimistic about the growth space of submarine cable leader for a long time;
(3) according to the financial report of operators in January, the number of 5g users in China reached 758 million, and the foundation for 5g application development has been gradually consolidated. The Internet of things and intelligent networked vehicles are the application direction we are optimistic about for a long time, focusing on investment opportunities in industries such as controllers, optical lenses, lidar, connectors and modules.
[Industrial Dynamics & investment perspective]:
[cloud computing] Alibaba’s 2021q4 capital expenditure increased significantly year-on-year, releasing the recovery signal of the cloud industry. In 2021, Q4 Alibaba cloud business realized a revenue of 19.539 billion yuan, a year-on-year increase of 20%, mainly benefiting from the growth of the financial and telecommunications industries. The capital expenditure of Alibaba Q4 in 2021 was 9.253 billion yuan, with a year-on-year growth rate of 90.04%. Compared with previous quarters, the year-on-year growth rate increased significantly. The year-on-year growth rates of 2021q1-2021q4 were 55.71%, – 18.66%, 5.88% and 90.04% respectively. It released the signal of cloud business recovery and paid attention to the recovery investment opportunities of cloud industrial chain (IDC, switch router, optical module, server, cloud video, etc.). Key recommendations: [ Shanghai Baosight Software Co.Ltd(600845) ], [ Unisplendour Corporation Limited(000938) ], [ Zte Corporation(000063) ], [ Beijing Sinnet Technology Co.Ltd(300383) ], etc; Focus on: [ Eoptolink Technology Inc.Ltd(300502) ], [ Zhongji Innolight Co.Ltd(300308) ], [ Guangdong Aofei Data Technology Co.Ltd(300738) ], [ Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) ], [ Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) ], [ Shenzhen Envicool Technology Co.Ltd(002837) ], [ Kehua Data Co.Ltd(002335) ], [ Shanghai Athub Co.Ltd(603881) ], etc.
[operators] the number of 5g users has reached 758 million, and the foundation for 5g application development has been gradually consolidated. According to the data of operators in January, on the whole, the cumulative number of users of 5g package of China Mobile was 401 million, accounting for 53% of the three operators, and the number of 5g users increased by 14.47 million in that month China Telecom Corporation Limited(601728) accumulated 196 million 5g users, with a net increase of 8.26 million in the current month China United Network Communications Limited(600050) so far, there are 161 million 5g package users, with a net increase of 5.57 million in the current month. Focus on: [China Mobile], [ China Telecom Corporation Limited(601728) ], [ China United Network Communications Limited(600050) ]; The core targets of major application tracks.
[industrial Internet] the Ministry of industry and information technology promotes the construction of classified and hierarchical management system, improves and improves the industrial Internet security system, and promotes the qualitative development of industrial Internet. The Ministry of industry and information technology issued the industrial Internet Security Standard System under the guidance of the Ministry of industry and information technology. At present, the pilot of classified and hierarchical management has been carried out in 15 provinces and cities. The network security prevention ability of industrial Internet enterprises is expected to be improved and boost the high-quality development of industrial Internet. With the gradual improvement of China’s industrial Internet infrastructure and the significant growth of downstream demand, the scale of China’s industrial Internet market is expected to continue to expand, and local industrial Internet enterprises are expected to usher in the golden stage of development. Key recommendations: [ Shanghai Baosight Software Co.Ltd(600845) ], [ Zhejiang Supcon Technology Co.Ltd(688777) ], [ Beijing Kingsoft Office Software Inc(688111) ], [ Nancal Technology Co.Ltd(603859) ], [ Guangzhou Sie Consulting Co.Ltd(300687) ], [ Unisplendour Corporation Limited(000938) ], [ Zte Corporation(000063) ], etc.
[sector trend]: this week (2.21-2.25), in the Shenwan industry, the communication (Shenwan) index rose 0.80%, ranking second in the TMT sector, with a dynamic P / E ratio of 38.41 and second in the TMT sector. In terms of net inflow of land stock connect, the top five inflow include China United Network Communications Limited(600050) (74 million shares), Jiangsu Shagang Co.Ltd(002075) (30.22 million shares), Gohigh Data Networks Technology Co.Ltd(000851) (6.14 million shares), Jiangsu Zhongtian Technology Co.Ltd(600522) (3.32 million shares), Shanghai Baosight Software Co.Ltd(600845) (2.58 million shares); In terms of net outflow of LST, the top five outflows include Business-Intelligence Of Oriental Nations Corporation Ltd(300166) (- 15090000 shares), Beijing Jetsen Technology Co.Ltd(300182) (- 9530000 shares), Zte Corporation(000063) (- 9150000 shares), Gci Science & Technology Co.Ltd(002544) (- 7710000 shares), and Unisplendour Corporation Limited(000938) (- 7460000 shares).
Highlights of the week focus on the focus of the week’focus of the focus of the week: the focus of the focus of the focus of the week of the ” ” ” ”’\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ etc.
[key company] the industrial Internet / intelligent manufacturing of [key company] the industrial Internet of the [key company] industrial Internet / intelligent manufacturing ( Shanghai Baosight Software Co.Ltd(600845) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Unisplendour Corporation Limited(000938) etc.); New energy & Intelligent networked vehicle The lens of Optics: the Shun optics, Hongda Xingye Co.Ltd(002002) 036’\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\; lidar: torch technology; Advanced Fiber Resources (Zhuhai) Ltd(300620) , Optowide Technologies Co.Ltd(688195) , Suzhou Tfc Optical Communication Co.Ltd(300394) etc.; on board module / module: Fibocom Wireless Inc(300638) , Quectel Wireless Solutions Co.Ltd(603236) , Meig Smart Technology Co.Ltd(002881) , Hangzhou Hopechart Iot Technology Co.Ltd(688288) Queclink Wireless Solutions Co.Ltd(300590) etc; Connectors: Electric Connector Technology Co.Ltd(300679) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\etc; Navigation system: Shanghai Huace Navigation Technology Ltd(300627) etc.); “New energy +” (offshore wind power: Jiangsu Zhongtian Technology Co.Ltd(600522) , Hengtong Optic-Electric Co.Ltd(600487) ; liquid cooling temperature control: Shenzhen Envicool Technology Co.Ltd(002837) , Guangdong Shenling Environmental Systems Co.Ltd(301018) , Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) etc.; energy storage: Kehua Data Co.Ltd(002335) etc.); Internet of things / power Internet of things ( Willfar Information Technology Co.Ltd(688100) , Beijing Inhand Networks Technology Co.Ltd(688080) etc.); cloud computing (IDC: (IDC: ‘s Shanghai Baosight Software Co.Ltd(600845) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Eoptolink Technology Inc.Ltd(300502) , Zhongji Innolight Co.Ltd(300308) , Accelink Technologies Co.Ltd(002281) , Suzhou Tfc Optical Communication Co.Ltd(300394) etc.; SaaS: Beijing Kingsoft Office Software Inc(688111) , bleep bleep, Guangzhou Shiyuan Electronic Technology Company Limited(002841) , Yealink Network Technology Co.Ltd(300628) , sound network, Bizconf Telecom Co.Ltd(300578) , Montnets Cloud Technology Group Co.Ltd(002123) etc.); Military communication / Satellite Internet ( Guangzhou Haige Communications Group Incorporated Company(002465) , Tianjin 712 Communication & Broadcasting Co.Ltd(603712) , Jushri Technologies Inc(300762) , China Satellite Communications Co.Ltd(601698) etc.); Operators (China Mobile, China Telecom Corporation Limited(601728) , China United Network Communications Limited(600050) etc.).
Risk tips: 5g construction is not as expected, cloud computing development is not as expected, Sino US trade friction, covid-19 epidemic spread.
