Industry core view:
Last week, the CSI 300 index fell by 1.67%, and the rise and fall of Shenwan computer industry were basically the same, with a leading index of 1.67 PCT, ranking 13th among Shenwan level industries. 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 CPC Central Committee and the State Council: vigorously promote the construction of digital village: “digital village” is an important part of the digital economy. At present, the digitization process in China’s agricultural production field lags behind, and the proportion of agricultural industry digital economy in the added value of the industry is still low. The No. 1 central document put forward “vigorously promoting digital rural construction”, further highlighted the role and status of digital villages as “the strategic direction of Rural Revitalization and important content of Digital China”, which is expected to accelerate the construction of digital infrastructure in rural areas, and promote the digital technology to promote and upgrade industries in rural areas, Jiangsu Nonghua Intelligent Agriculture Technology Co.Ltd(000816) , Rural digital governance and other fields are expected to usher in accelerated development.
The United States agreed to prohibit Russia from using swift international settlement system: Swift is the abbreviation of the global Interbank Financial Telecommunication Association. It is an important infrastructure for international trade payment and settlement. The information transmission of global cross-border payment is basically realized through swift. The prohibition of swift in Russia will seriously hinder the information exchange of cross-border payment, and it is urgent to find an alternative. The central bank previously pointed out that one of the goals and visions of digital RMB is to explore and improve cross-border payment. With the increasingly close trade between China and Russia, it is expected to greatly promote the application of digital RMB in cross-border payment.
The valuation of the industry was lower than the historical center, and the attention of the industry increased: the average trading volume last Sunday was 93.845 billion yuan, and the trading activity increased. From the perspective of valuation, PE (TTM) of SW computer industry has been adjusted to 41.61 times, which is 50.68 times lower than the historical average from 2010 to 2022.
Last week, the performance of the computer sector was divided: 125 stocks rose, 165 stocks fell and 3 stocks were flat. The number of rising stocks accounted for 42.66%.
Investment suggestion: with the new infrastructure as the core, accelerate the process of cloud, intelligence and digitization of enterprises. Investors are advised to pay attention to high-quality targets with strong performance certainty under the high-profile sector. From the market and valuation of 2021q1-q4, the valuation of the computer industry has rebounded at the bottom. From the configuration of fund positions in 2021q4, 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 suggested 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 fails to meet expectations, and Industry IT capital expenditure is lower than expected.
