Macroeconomic: the policy intention to maintain stability is more obvious. The stock market, especially cyclical stocks, will continue to be supported, but the range is difficult to compare with the market from August to September. In the short term, monetary easing is good for the bond market, but there is little space. The rebound time of interest rate after easing is worthy of vigilance. The strength of economic stability maintenance and the change of epidemic situation are still the main line of the market. In the near future, we need to continue to pay attention to the setting tone of the Political Bureau meeting and the central economic work meeting.
Public utilities: the introduction of medium and long-term rules for local power will continuously improve China’s power market trading mechanism of “rising and falling”, further promote the market-oriented reform of China’s power, and be conducive to the cost transmission and value discovery of power generation enterprises. We maintain the “optimistic” investment rating of the industry and recommend Huaneng Lancang River Hydropower Inc(600025) , Sichuan Chuantou Energy Co.Ltd(600674) , China Yangtze Power Co.Ltd(600900) , Huaneng Power International Inc(600011) electric power, Datang new energy and other companies.
Computer: Medical it and network security are the mainstream sub industries of the computer sector. They have been deeply adjusted in the past year, and their valuations are at the bottom of history. The demands of the above two sectors are closely related to policies. Since this year, policies in relevant fields have been frequent, and attention has been paid to the industry demand elasticity brought by policies. DRG / Dip leader China Reform Health Management And Services Group Co.Ltd(000503) , network security leader 360 with poor expectation and other medical insurance it and network security leaders are recommended.
Media industry: in the long run, strong game supervision will mainly have a positive impact on China’s game industry, which is in line with the trend of high-quality R & D, long-term operation and expansion of overseas travel. The total volume control of version number improves the prudence of the project establishment of tourism enterprises. The “anti addiction” and content audit are more conducive to avoiding the younger age and rough manufacture of game products. Under the total amount control, the excess capacity of the industry can also be transported to the overseas market more efficiently.
Machinery industry: Q3 global semiconductor manufacturing equipment shipments reached US $26.8 billion in 2021, with a year-on-year increase of + 38% and a month on month increase of + 8%, setting a record high for five consecutive quarters.
Home appliance industry: this week we focus on the integrated stove Market for analysis. Market scale: the growth rate of integrated stove industry is higher than that of China’s overall kitchen electricity market. According to the statistics of zhongyikang, from 2015 to 2020, the market scale of retail sales of integrated stoves in China increased from 4.88 billion yuan to 18.1 billion yuan, with CAGR of 29.97%. In the same period, the compound annual growth rate of overall retail sales of China’s kitchen electricity market was 7.70%. Competition pattern: mainly domestic brands, with high offline concentration. In 2020, the sales Cr5 of China’s integrated stoves in the offline and online markets were 71.62% and 47.13% respectively. Chinese brands in the integrated stoves market dominated, and the top three brands in the offline market were Mida, SHUAIKANG and Marssenger Kitchenware Co.Ltd(300894) .
Real estate industry: last Friday evening, a spokesman for the China Banking and Insurance Regulatory Commission said that at this stage, according to different local conditions, we should focus on meeting the demand for first home and improved housing mortgage, reasonably issue real estate development loans and M & A loans, increase support for affordable rental housing, promote the steady and healthy development of the real estate industry and the market, and the industry regulation policy is expected to change.
Automobile industry: in November, the sales volume of new energy vehicles remained strong, Byd Company Limited(002594) and the sales volume of new forces of automobile manufacturing reached a new high. In terms of the overall auto market, the dealer’s inventory early warning coefficient rebounded month on month for two consecutive months, and the dealer entered the replenishment stage.
Building materials industry: on December 3, the Ministry of industry and information technology officially issued the “14th five year plan” for industrial green development. The plan clearly states that by 2025, remarkable achievements will be made in the green and low-carbon transformation of industrial structure and production mode, laying a solid foundation for the carbon peak in the industrial field in 2030. The plan involves the reform of cement industry, mainly focusing on the technical requirements of reducing energy consumption and upgrading energy structure. The launch of the plan is a challenge to the cement industry, but it is more an opportunity. Backward production capacity is expected to accelerate the exit, industry supply will be significantly improved, and industry profits are expected to rise further. Recommended leading cement enterprises in energy consumption and emission reduction: Anhui Conch Cement Company Limited(600585) , Huaxin Cement Co.Ltd(600801) , China Resources Cement, Tangshan Jidong Cement Co.Ltd(000401) , Gansu Shangfeng Cement Co.Ltd(000672) .
Electronics industry: on November 30, Jita semiconductor announced the completion of 8 billion yuan strategic financing led by Huada semiconductor. This round of financing will help Jita give full play to the advantages of vehicle specification chip manufacturing, increase the R & D of manufacturing processes in vehicle specification power management chips, IGBT and silicon carbide power devices, and accelerate the improvement of automotive electronics manufacturing capacity.
Pharmaceutical industry: Recently, the 2021 edition of the national medical insurance catalogue was released, a total of 74 drugs were added to the catalogue, and 11 drugs were transferred out of the catalogue. The speed of innovative drugs entering medical insurance is accelerated. They are optimistic about innovative drugs and related industrial chains. It is recommended to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Xinda biology, Baiji Shenzhou, Betta Pharmaceuticals Co.Ltd(300558) .
Public utilities: the construction of a national unified power market system will not only provide support for power supply guarantee, but also promote the optimal allocation of resources in a wider range. Promoting the participation of new energy in market transactions is conducive to the simultaneous rise of volume and price of new energy power generation. We maintain the “optimistic” investment rating of the industry and recommend Huaneng Lancang River Hydropower Inc(600025) , Sichuan Chuantou Energy Co.Ltd(600674) , China Yangtze Power Co.Ltd(600900) , Huaneng Power International Inc(600011) electric power, Datang new energy and other companies.
Light industry, textile and clothing: the e-cigarette industry is expected to accelerate the reshuffle through the introduction of national standards and regulatory regulations, and the industry is expected to continue to improve in the norms. It is suggested to pay attention to the increase of the share of leading enterprises. We believe that with the subsequent review and approval of the whole process of e-cigarette production and sales, as well as the subsequent introduction of the national standard of e-cigarette, China’s e-cigarette industry is expected to accelerate the reshuffle. Small and medium-sized e-cigarette manufacturers who fail to pass the product quality and safety may be cleared in a large area because they are unable to obtain the corresponding license, and the leading manufacturers are focusing on product safety, product quality control With leading advantages in R & D capability and lower compliance cost than small and medium-sized manufacturers, it is expected to take this opportunity to accelerate the capture of market share, and the industry concentration is expected to continue to improve. It is suggested to focus on smore international, the global leader of atomized electronic cigarette sets with deep technical barriers and American PMTA application experience; And Huabao international, which has a significant first mover advantage in the card position HNB track; At the same time, it is recommended to pay attention to Shenzhen Jinjia Group Co.Ltd(002191) , Xiamen Intretech Inc(002925) , Anhui Genuine New Materials Co.Ltd(603429) , etc.
