Industry core view:
Last week, the CSI 300 index rose by 3.14%, the Shenwan computer industry rose by 0.03%, underperforming the index by 3.11pct, ranking 19th in the Shenwan level industry. We believe that the medium and long-term positive trend of the market remains unchanged. We recommend investors to pay attention to high-quality targets with strong performance certainty, and recommend high-profile segments such as industrial Internet, industrial software, information innovation, intelligent driving and network security.
Key investment points:
The central economic work conference was held, emphasizing the acceleration of digital transformation: at present, new generation information technologies such as big data, cloud computing and artificial intelligence have become increasingly mature, providing a sufficient foundation for the development of digital economy. The central economic work conference once again emphasized the digital transformation of traditional industries, which is expected to accelerate the transformation of enterprises to digital and intelligent. At the same time, with the addition of favorable policies such as the development plan for the deep integration of informatization and industrialization in the 14th five year plan and the development plan for big data industry in the 14th five year plan issued by the Ministry of industry and information technology, the development of digital economy is expected to usher in a new round of acceleration.
Godson Zhongke and Tongxin software have established a “Wukong joint innovation laboratory”: at present, the application and driver adapted to Tongxin operating system are mainly X86 platform. The application and driver adapted to domestic chips with non x86 architecture such as Godson loongarch are still very rare, and the application and driver manufacturers do not have much power to adapt to this platform alone. Through the “Wukong joint innovation laboratory” jointly established by Godson and Tongxin, it is expected to seamlessly migrate many applications and drivers that can only run on X86 platform to Godson platform, greatly expand the application ecology of “loongarch architecture + Tongxin UOS”, and improve the practicability and ease of use of domestic operating systems running on domestic chips, It is of positive significance to the domestic substitution of software and hardware in the field of information innovation.
The industry valuation was higher than the historical center, and the industry attention decreased: the average trading volume last Sunday was 50.912 billion yuan, and the trading activity decreased. From the perspective of valuation, the PE (TTM) of SW computer industry has been adjusted to 58.53 times, 57.22 times higher than the historical average from 2010 to 2021. Last week, the performance of the computer sector was divided: 70 stocks rose, 165 stocks fell, and one stock was flat. The number of rising stocks accounted for 29.66%.
Investment suggestion: with the new infrastructure as the core, accelerate the process of cloud, intelligence and digitization of enterprises. It is recommended that investors pay attention to high-quality targets with strong performance certainty under the high-profile plate. From the market and valuation of 2021q1-q3, the valuation of the computer industry has rebounded at the bottom. From the configuration of fund positions in 2021q3, the configuration of the computer industry is still low. From the performance of 2021q1-q3, artificial intelligence, information innovation, construction informatization, cloud computing and other fields perform well. It is recommended to focus on the changes of company orders and capital expenditure in relevant fields. We mainly recommend the fields of industrial Internet, industrial software, information innovation, intelligent driving and network security.
Risk factors: global geopolitical risk, technology promotion not up to expectations, industry it capital expenditure lower than expected
