Macroeconomic: the Russian Ukrainian war has caused disturbance, but the medium-term trend remains unchanged. In the short term, we can gradually increase our positions and copy the bottom. Greater opportunities for Hong Kong stocks; A shares are more structural opportunities. Generally speaking, the undervalued value is still dominant. The infrastructure sector delivers goods every high, and the consumption has more potential; Treasury yields remained low and volatile as a whole.
Computer industry: on February 25, China Telecom Corporation Limited(601728) released the announcement of the candidates for winning the bid of the centralized server procurement project from 2021 to 2022. A total of 200000 servers were purchased, including 53401 domestic chip servers, accounting for more than 25%.
Media industry: A-share game leaders continue to carry out strategic innovation along the three main lines of category expansion, long-term operation and expansion to sea. In the fiercely changing buying environment, category breakthroughs and operation results have achieved good results. In the overseas market, Guoyou is deeply engaged in SLG, ARPG and other categories. While the head products continue to achieve good results, A-share leading companies have also made breakthroughs in the advantageous track of Guoyou.
Machinery industry: Recently, the international oil price has continued to rise, and the price of Brent crude oil has exceeded US $90. It has continued to rise since the epidemic, setting a new oil price record since 2015. The oil price center is currently above $60, and the capital expenditure of three barrels of oil will be increased. In the context of rising oil prices + rising capital expenditure, we are optimistic about Yantai Jereh Oilfield Services Group Co.Ltd(002353) , China Oilfield Services Limited(601808) .
Household appliance industry: tracking the production and sales data of washing machines and color TV sets in January 2022: 1) the production and sales of washing machines decreased both, of which the domestic sales decreased significantly and the export was relatively stable. In terms of industry concentration, the offline market concentration of China’s washing machines increased in January, and the online market concentration decreased slightly. In January 2022, the retail sales CR3 of China’s offline market of washing machines increased by 5.8pct to 66.9% year-on-year. 2) In January, the production and sales of color TV sets increased, of which the export sales increased significantly and the domestic sales decreased. In terms of industry concentration, the concentration of China’s color TV offline market has increased slightly, and the concentration of online market is relatively stable. In January 2022, the retail sales of China’s color TV offline market CR3 increased by 0.9pct to 59.1% year-on-year.
Real estate industry: at present, the valuation center of the industry has been repaired. At this stage, the rebound logic of the sector is still mainly based on the expectation of policy relaxation. Under the background of stable growth, we believe that the release of policies will be strengthened step by step. We do not rule out non hot cities to break the shackles of excessive regulation in the past. The subsequent industry fundamentals are expected to usher in recovery with the gradual improvement of policies, Continue to recommend China Vanke Co.Ltd(000002) , Poly Real estate, Gemdale Corporation(600383) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , China overseas development.
Automotive Industry: Tesla will expand its parts production capacity in Shanghai, after many rumors about the second factory were exposed. Tesla fully benefits from China’s supply chain and market, and actively expanding China’s production capacity is in the interests of the company. It is suggested to pay attention to the opportunities related to the industrial chain brought by the progress of Tesla‘s production capacity expansion. It is suggested to pay attention to: Ningbo Tuopu Group Co.Ltd(601689) , Ningbo Xusheng Auto Technology Co.Ltd(603305) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Shanghai Baolong Automotive Corporation(603197) , etc.
Electronics industry: Wafer Foundry manufacturers have released the latest financial reports or operation data one after another, and the industry still maintains a hot development trend. Wafer foundry manufacturers have released the latest financial reports or operation data one after another. Recently, TSMC, liandian, lattice core, Semiconductor Manufacturing International Corporation(688981) and other wafer manufacturers have successively released the latest financial reports or operation data. Affected by factors such as the rising demand in the chip market, these manufacturers have shown good growth. Continue to be optimistic about the rebound of semiconductor sector.
Pharmaceutical industry: the US pharmaceutical supply chain report was released to eliminate market concerns about CXO review. CXO enterprises are still in a high outlook, with historically low valuations, and are firmly optimistic. Key recommended cros: Wuxi Apptec Co.Ltd(603259) , Pharmaron Beijing Co.Ltd(300759) , Hangzhou Tigermed Consulting Co.Ltd(300347) , cdmo: Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) .
Public utilities: further improving the coal market price formation mechanism is conducive to straightening out the relationship between coal and electricity prices and promoting the coordinated and high-quality development of upstream and downstream industries. It is expected that in the future, the coal price will be high, “coal power will top the bull”, and the profit of coal-fired power generation enterprises will be highly squeezed by the cost of coal price, which is difficult to reproduce. We maintain the “optimistic” investment rating of the industry and continue to recommend Huaneng Power International Inc(600011) (A / h), Huaneng Lancang River Hydropower Inc(600025) , Sichuan Chuantou Energy Co.Ltd(600674) , China Yangtze Power Co.Ltd(600900) , Datang new energy and other companies.
Light industry, textile and clothing: review the development process of furniture industry and explore the changes of mainstream consumption scenes: we believe that the development of home consumption scenes determines the aggregation of consumption flow to a certain extent. By reviewing the development process of China’s furniture industry, we find that from the 1980s to the 1990s, the rapid development of home building materials store channels has gradually dominated China’s furniture sales channel mode, making the originally scattered traffic gather effectively. After the 1990s, with the rapid development of hardbound houses, online e-commerce, designer channels and other emerging channels, the import of Chinese furniture consumption flow has become more dispersed, and the ability of stores to gather traffic has weakened. Leading enterprises in all links of the furniture industry chain have started the channel construction mode of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) coordination, all channel layout and multi category integration, so as to effectively occupy multiple traffic entrances and obtain traffic advantages. It is suggested to pay attention to the leading enterprises Oppein Home Group Inc(603833) , Jason Furniture (Hangzhou) Co.Ltd(603816) , Suofeiya Home Collection Co.Ltd(002572) , Zbom Home Collection Co.Ltd(603801) , Goldenhome Living Co.Ltd(603180) , etc. in the industrial chain. In addition, we believe that the brand influence of traditional home stores has been deeply rooted in the hearts of the people relying on years of development. With one-stop multi category coverage and Beijing Vastdata Technology Co.Ltd(603138) support, they still have outstanding ability to gather traffic under the current trend of decentralized traffic entrance, and will continue to dominate home retail in the future. It is suggested to pay attention to the leading domestic building materials stores in China Easyhome New Retail Group Corporation Limited(000785) , Red Star Macalline Group Corporation Ltd(601828) . Nonferrous Industry: the escalation of the conflict between Russia and Ukraine this week triggered concerns about the stability of global aluminum and nickel supply. Russia is a major supplier of aluminum and nickel in the world, and the Russian Ukrainian crisis triggered concerns about European natural gas prices, which led to the instability of electrolytic aluminum supply in Europe. This week, battery grade lithium carbonate rose 9.09% to close at 480000 yuan / ton; Industrial grade lithium carbonate rose 9.50% to close at 461000 yuan / ton. The rising trend of lithium carbonate prices has accelerated, and the downstream demand has recovered significantly after the festival. The supply is still tight, and the price is expected to continue to rise. Electrolytic cobalt rose 2.52% this week to close at 550000 yuan / ton, and the upward trend remained unchanged. At present, the inventory of China’s industrial chain is low, and the cobalt price is expected to remain strong. The conflict between Russia and Ukraine escalated this week, and the risk aversion pushed up. The gold price broke through US $1910 / ounce in the middle of the week, and then showed a downward trend. This week, spot gold in London fell – 0.46% to close at US $188907/oz, while the US dollar index rose 0.46% to close at 96.54; COMEX gold fell – 0.51% to US $188760/oz this week, while Comex Silver Rose 1.33% to US $24.00/oz. In the short term, the prospect of the conflict between Russia and Ukraine is unclear, and the fluctuation range of gold price may increase. In the short term, there is still room for gold price to rise. Military industry: the conflict between Russia and Ukraine broke out. This week, the Shenwan defense and military industry sector rose by 3% for two consecutive weeks. After a sharp correction at the beginning of the year, the sector gradually stabilized and rebounded. As a short-term catalyst, regional events have a certain impact on market sentiment; In the long run, the market of the military industry sector will still be driven by fundamentals, accelerate the development of new equipment and ensure the rapid generation of combat effectiveness. During the 14th Five Year Plan period, the growth of the sector is clear.
