abstract
The predicted impact of the new variant virus: first, the tightening expectation of the central banks of China and the United States has been greatly delayed; Predicted impact 2 of the new variant virus: advanced manufacturing tracks such as new energy, semiconductors and photovoltaic wind power continue to be supported by loose liquidity.
By 2021q3, roe of the western cement track had increased by 6.7% month on month; Roe of quantum technology track increased by 4.5% month on month; Roe of lithium electrolyte circuit increased by 3.9% month on month; The roe of machine vision track increased by 2.8% month on month; Roe of intelligent wearable track increased by 2.4% month on month; Roe of salt lake lithium extraction track increased by 1.7% month on month. On the whole, the profits of the cement building materials track represented by western cement have improved significantly, mainly due to the continuous high boom brought by the new infrastructure and the traditional peak season of cement in winter.
By 2021q3, the gross profit margin of the securities market had increased by 24.2%, the trading volume of A-Shares had improved as a whole, and the profitability of securities companies had been repaired; The gross profit margin of Online Game track increased by 4.9%, and the overall gross profit of game stocks improved significantly; The gross profit margin of lithium extraction from Salt Lake increased by 4.7%; The gross profit margin of Huawei HMS racetrack increased by 4.2%; Baijiu raceway gross margin increased by 3.3%, beverage manufacturing gross margin increased by 2.7%, the traditional consumption track is gradually recovering vitality. The track with improved gross profit month on month also includes medical services, network security, smart medical and other tracks.
By 2021q3, the growth rate of net profit of lithium battery electrolyte circuit had changed by 160% month on month; The growth rate of net profit of rare earth track changed by 75.7% month on month; Cro’s net profit growth changed by 58.6% month on month; The growth rate of net profit of artificial intelligence track changed by 52.5% month on month; Cro refers to the contract research organization for innovative drug research and development; Lithium battery electrolyte mainly refers to the carrier of ion transport in the battery, which is generally composed of lithium salt and organic solvent. Rareearth track is the general name of 17 metal elements in the chemical periodic table, including lanthanides, scandium and yttrium, mainly including rare earth mines and rare earth separation enterprises.
By 2021q3, the revenue of semiconductor silicon track had increased by 155% month on month; The revenue of lithium cathode track increased by 75% month on month; The revenue of the wafer industry increased by 52% month on month; The energy storage track grew by 51.6% month on month. In the wafer industry index, semiconductor silicon wafer is the carrier of chip manufacturing; The track of “energy storage” mainly refers to the storage of electric energy. The track of lithium negative electrode material refers to the carrier of lithium ion and electron, which plays the role of energy storage and release in the process of battery charging. In the cost of battery, negative material accounts for about 5% – 15%, which is one of the important raw materials of lithium-ion battery.
From the perspective of Wande’s consistent expectation in 2022, The top forecast growth rates include digital currency index (chain growth rate of 82.2%), biological breeding index (chain growth rate of 79.6%), big data index (chain growth rate of 79.2%) and photoresist index (60.4% month on month growth), etc. the digital currency track mainly includes companies in the fields of banking, it, digital wallet, encryption algorithm, etc. the biological breeding track refers to the organic combination of modern biotechnology such as transgenic and molecular design with conventional breeding technology to cultivate new varieties of agricultural organisms with high yield, high quality, multi resistance, multi resistance and high efficiency. “Big data” track, It mainly involves data storage, data computing (IDC data center), data mining and other related businesses. Photoresist, also known as photoresist, is a key corrosion-resistant material for micro pattern processing in microelectronic technology. It is mainly used in circuit board, flat panel display, semiconductors and other fields.
In the current period, the risk premium of A-Shares was 0.24%, a change of 0.02% compared with the previous period. The overall profit of A-Shares improved significantly, PE continued to revise downward, and the yield of 10-year Treasury bonds was 2.84% in the current period, which continued to maintain the risk premium investment value of a shares.
In terms of large and medium disk rotation, the price ratio of Shanghai Stock Exchange 50 to China Stock Exchange 500 generally showed a downward trend from 1.13 in mid February to the end of April. After a short recovery in May, it continued to show a downward trend, and the ratio in this period decreased from 0.806 in the previous period to 0.791. The mid market continued to show strength over the market. In terms of the rotation of large and small stocks, the price ratio between Shanghai and Shenzhen 300 and Guozheng 2000 has generally shown a downward trend since the middle of February (this year’s high of 0.85). After a short recovery in May, it has continued to show a downward trend, and the ratio in this period has decreased from 0.522 in the previous period to 0.503. The small market continues to be stronger than the large market.
In the current period, the dividend yield of Wande quana changed from 1.46% in the previous period to 1.46% in the current period, and the yield of ten-year Treasury bond – Wande quana dividend yield was 1.3785%, And warning value 2.5% The distance (the highest point of the bull market in the past) has changed from 110.49bp in the previous period to 112.15bp in the current period. The dividend yield of SSE 50 has changed from 1.37% in the previous period to 1.40% in the current period. The distance between the yield of ten-year Treasury bond – SSE 50 dividend yield is 0.06%, and the warning value of 1.1% has changed from 100.17bp in the previous period to 104.49bp in the current period. The dividend yield of CSI 300 has changed from 2.76% in the previous period to 2.79% in the current period, and the yield of ten-year Treasury bond – CSI 300 dividend The rate was 0.6868%, and the distance from the warning value of 1.8% changed from 107.48 BP in the previous period to 111.32 BP in the current period. The dividend yield of CSI 500 changed from 2.13% in the previous period to 2.15% in the current period. The yield of ten-year Treasury bond – dividend yield of CSI 500 was 1.4444%, and the distance from the warning value of 3% changed from 150.55bp in the previous period to 155.56bp in the current period.
