Core view
Among the major A-share indexes last month, the Shanghai stock index, China Securities 1000 and gem all rose slightly, the Shanghai and Shenzhen 300 fluctuated horizontally, the semiconductor industry performed best, and the machinery, electronics, electrical equipment and other industries performed poorly.
From the perspective of fundamentals, 2022 should focus on the following three investment opportunities. Under the trend of digitalization and intellectualization, we should focus on the new direction of infrastructure construction and focus on the investment opportunities of 5g, pan semiconductor and intelligent application industry chain; Under the green trend of double carbon background, we should focus on the investment opportunities of low-carbon new energy and energy storage, energy conservation and emission reduction industrial chain. Under the trend of internal circulation construction and manufacturing industry chain reconstruction, we should focus on the investment opportunities for the localization of aerospace and key and high-end general electromechanical equipment and parts industry chain.
We believe that in the first quarter of 2022:
The pressure on China’s economic growth has increased. The high export base in 2021 and the debt problem of China’s real estate industry make it more pressure to maintain a certain economic growth, making maintaining growth the top priority of the government’s work and the key investment point of A-Shares in the first quarter.
From the logic of fundamentals, 1 Pay attention to the advanced manufacturing direction determined by the good trend of space competition, and focus on the new infrastructure sub sector with the most determined policy direction; 2. We should still focus on low-carbon new energy and investment opportunities in energy storage, energy conservation and emission reduction industrial chains. 3. The world trade situation continues to deteriorate, and localization substitution is the most controllable and definite field and trend. Continue to allocate the core assets of national competitiveness, enterprises with independent high-end machining capacity, select those with card position advantages to realize the import substitution of key parts, or pay attention to those basic parts enterprises with growth certainty from bottom to top. 3. Specifically, we will continue to pay attention to new energy power generation and batteries (hydrogen energy, nuclear energy, lithium battery, wind power, photovoltaic), military equipment (aerospace equipment, Beidou navigation, Satellite Internet of things, civil aircraft) Digital economy new infrastructure (5g, Internet of things, integrated circuit, third generation semiconductor) and other sub sectors, as well as the corresponding import substitution of basic parts enterprises with independent core machining capacity.
We believe that March 2022:
March is the last month of the first quarter. Last month, energy equipment, mining and nonferrous metals, shipping, electricity and other sectors led the rise, while semiconductor, communication equipment and information technology rebounded. Recently, the oversold technology, new energy and military industry sectors have rebounded, and the relevant leaders have signs of stabilizing. Stimulated by the corresponding policies and news such as automotive semiconductor, 5g bidding, digital currency and energy storage, the corresponding sectors are expected to rebound continuously. However, the overall market still presents the situation of stock game. The hot spot conversion and rotation are very fast, and the hot spot sustainability is relatively poor. The conversion and make-up of over rising stocks are very fast, and the operability is very poor. Few of the original hot sector leaders have reached new highs, and the trend has not yet formed. Therefore, at present, the hot sector is still positioned as a phased withdrawal, which should be operated by band thinking.
We believe that March has also entered the window period of the annual report and the first quarterly report, focusing on stocks whose first quarterly report exceeded expectations. New energy, semiconductor and military industry sectors may rebound periodically, but the investment opportunities of individual stocks in the sector will be significantly differentiated in 22 years. Focus on the sales data of new energy vehicles, and select the core stocks with high performance growth that can digest the high valuation of 21 years. Focus on the key sectors and individual stocks of new demand creation in the new energy and semiconductor sectors,
Short term capital behavior does not change the medium-term trend. Investors should choose appropriate strategies and investment cycles according to the nature of funds. For fundamental investment, we still suggest to select those specialized special new sub industries with better performance than expected in 21 years and continuous prosperity in 22 years for medium-term or above allocation. Focus on allocating oversold stocks with good fundamentals, and pay attention to sectors with strong certainty and reasonable valuation.
The targets related to advanced manufacturing include: Dongfang Electric Corporation Limited(600875) , Shanghai Electric Group Company Limited(601727) , Byd Company Limited(002594) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Shenzhen Inovance Technology Co.Ltd(300124) , Beijing Sinohytec Co.Ltd(688339) , China National Nuclear Power Co.Ltd(601985) , Cgn Nuclear Technology Development Co.Ltd(000881) , etc; The digital economy and the new infrastructure. Related to the digital economy and the new infrastructure. Related to the digital economy and the new infrastructure. Related to the digital economy and the new infrastructure. Related to the digital economy and the new infrastructure. Related to the digital economy and the new infrastructure. Related to the digital economy and the new infrastructure. Related to the digital economy and the new infrastructure. Related to the digital economy and the new infrastructure. Related to the digital economy and the new infrastructure. Related to the digital economy and the new infrastructure. Related to the digital economy and the new infrastructure. Among the ones that are the ones that are the ones that are related to the following:: ducducducducducducducthe Tsingtao Brewery Company Limited(600600) 600 Hangzhou Silan Microelectronics Co.Ltd(600460) 460460, \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Shanghai Baosight Software Co.Ltd(600845) , Digiwin Software Co.Ltd(300378) , etc; Related signs related to the replacement of a base for a domestic made alternative to a domestic made to replace the base for a domestic made alternative. Related signs are: Hongda Xingye Co.Ltd(002002) 931 \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Tongyu Heavy Industy Co.Ltd(300185) , Shanghai Hugong Electric Group Co.Ltd(603131) , Sinoseal Holding Co.Ltd(300470) , Anhui Yingliu Electromechanical Co.Ltd(603308) , Jiangsu Hengli Hydraulic Co.Ltd(601100) and Jade Bird Fire Co.Ltd(002960) etc.
Market performance last month
From January 31, 2022 to February 28, 2022, the Shanghai stock index rose by 3.00%, the Shanghai and Shenzhen 300 rose by 0.39%, the gem rose by 3.13%, and the China Securities 1000 rose by 6.41%. The top three industries with positive yields in February were energy equipment and services index, oil, natural gas and fuel supply and consumption cost index, and metal, non-metal and mining index. The industries with the last three increases were household durable consumer goods index, capital market index and aviation III index.
The wind machinery index rose 2.25%, ranking 33 / 62 in the month of industry growth, and the sector outperformed the Shanghai Composite Index by 3.37 percentage points. The wind electrical equipment index fell 0.64%, ranking 47 / 62 in the month of industry growth, and the sector outperformed the Shanghai Composite Index by 3.64 percentage points. The wind information technology service index rose 3.60%, ranking 25 / 62 in the month of industry growth, and the sector outperformed the Shanghai stock index by 0.60 percentage points. Wind semiconductor products rose 7.43% in the semiconductor equipment index, ranking 10 / 62 in the industry growth month, and the sector outperformed the Shanghai Composite Index by 4.43 percentage points.
From January 31, 2022 to February 28, 2022, the top five stocks in the wind machinery sector were Nanjing Canatal Data-Centre Environmental Tech Co.Ltd(603912) , Anshan Heavy Duty Mining Machinery Co.Ltd(002667) , Zhejiang Zhongjian Technology Co.Ltd(002779) , Shandong Swan Cotton Industrial Machinery Stock Co.Ltd(603029) and Nanxing Machinery Co.Ltd(002757) , with increases of + 81.53%, + 69.67%, + 45.32%, + 40.55% and + 35.60% respectively. The top five stocks with declines were Zhejiang Dingli Machinery Co.Ltd(603338) , Hangzhou Great Star Industrial Co.Ltd(002444) , Robotechnik Intelligent Technology Co.Ltd(300757) , Litong technology and Zoje Resources Investment Co.Ltd(002021) , with declines of – 21.30%, – 20.63%, – 20.24%, – 18.52% and – 18.47% respectively.
Important developments of the company covered last month
\u3000\u30001. Zhejiang Fenglong Electric Co.Ltd(002931) ( Zhejiang Fenglong Electric Co.Ltd(002931) ): Announcement on the expiration of the reduction plan of shareholders holding more than 5% shares and their persons acting in concert
\u3000\u30002. Jiangsu Azure Corporation(002245) ( Jiangsu Azure Corporation(002245) ): 2021 annual performance express
Risk warning: industrial policy is lower than expected, market style preference, technology, competition and policy route risk.
