Key investment points:
Market review and Valuation: Shenwan computer sector fell 0.00% this week (02 / 21-02 / 25), outperforming the CSI 300 index by 1.67 percentage points and ranking 13th in Shenwan industry; Shenwan computer sector rose 2.30% in February, outperforming the CSI 300 index by 2.08 percentage points, ranking 16th in Shenwan industry; Shenwan computer sector fell 6.40% this year, 1.03 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 17th in Shenwan industry. In terms of valuation, as of February 25, the pettm of SW computer sector was 48.41 times, at the quantile of 14.12% in recent 5 years and 26.37% in recent 10 years.
Industry news: 1. Alibaba released the financial report for the third quarter of fiscal year 2022. Alibaba cloud’s total revenue was 26.431 billion yuan, and the revenue after offsetting cross segment transactions was 19.539 billion yuan, a year-on-year increase of 20%. The steady growth was mainly driven by the financial and telecommunications industries. 2. Tencent released the report on Tencent’s carbon neutralization goal and action route for the first time. Tencent proposes the goal of carbon neutralization: to achieve comprehensive carbon neutralization of its own operation and supply chain and 100% green power no later than 2030. 3. Chen maobo, financial secretary of the HKSAR government, mentioned in his 20222023 budget by video that considering that some large-scale technology enterprises engaged in advanced technology need a lot of capital to invest in R & D, but there is no profit and performance support, the Hong Kong Securities Regulatory Commission and the Hong Kong stock exchange are reviewing the Listing Rules of the main board, Study the revision of listing conditions to meet relevant fund-raising needs with full consideration of relevant risks. 4. Zuckerberg said on Wednesday that meta is promoting the AI research of generating virtual world with voice. Meta also needs to improve the interaction between people and voice assistants and strengthen the translation between different languages.
Zhou viewpoint: looking back on the government work report from 2017 to 2021, it is mentioned to improve the ability of scientific and technological innovation and support the development of the science and technology industry. This year’s two sessions will be held soon. Combined with the relevant documents intensively issued recently to support the development of the industry, we believe that the attention in the field of science and technology is expected to be further improved, especially the importance of developing the digital economy and promoting digital transformation will be further highlighted. From the market trend, in January before, during and after the two sessions of 20172021, the average growth of the computer industry was 7.65%, 1.06% and 3.84% respectively, higher than the average growth of Wande a by 3.77%, 1.20 and 1.51 percentage points in the same period. The overall trend of the industry is better than the market index in the same period. At present, it is suggested that investors seize the opportunity of China’s digital transformation, focus on the “hardware and software” base, and focus on data elements, data security, data governance and other fields. Suggestions on the subject matter: securities asset management it: Hundsun Technologies Inc(600570) ( Hundsun Technologies Inc(600570) ), etc. Intelligent automobile: Thunder Software Technology Co.Ltd(300496) ( Thunder Software Technology Co.Ltd(300496) ), Huizhou Desay Sv Automotive Co.Ltd(002920) ( Huizhou Desay Sv Automotive Co.Ltd(002920) ), etc. Cloud Computing: Yonyou Network Technology Co.Ltd(600588) ( Yonyou Network Technology Co.Ltd(600588) ), Inspur Electronic Information Industry Co.Ltd(000977) ( Inspur Electronic Information Industry Co.Ltd(000977) ), Shanghai Baosight Software Co.Ltd(600845) ( Shanghai Baosight Software Co.Ltd(600845) ), Glodon Company Limited(002410) ( Glodon Company Limited(002410) ), Beijing Kingsoft Office Software Inc(688111) ( Beijing Kingsoft Office Software Inc(688111) ), etc. Xinchuang: Dawning Information Industry Co.Ltd(603019) ( Dawning Information Industry Co.Ltd(603019) ), China Greatwall Technology Group Co.Ltd(000066) ( China Greatwall Technology Group Co.Ltd(000066) ), China National Software And Service Company Limited(600536) ( China National Software And Service Company Limited(600536) ), etc. Network security: Qi An Xin Technology Group Inc(688561) -u ( Qi An Xin Technology Group Inc(688561) ), Venustech Group Inc(002439) ( Venustech Group Inc(002439) ), Nsfocus Technologies Group Co.Ltd(300369) ( Nsfocus Technologies Group Co.Ltd(300369) ), etc. Artificial intelligence: Iflytek Co.Ltd(002230) ( Iflytek Co.Ltd(002230) ), Zhejiang Dahua Technology Co.Ltd(002236) ( Zhejiang Dahua Technology Co.Ltd(002236) ), Hangzhou Hikvision Digital Technology Co.Ltd(002415) ( Hangzhou Hikvision Digital Technology Co.Ltd(002415) ), etc.
Risk tips: policy changes; Macroeconomic fluctuations affect the demand for downstream products; Technology advancement is less than expected; Intensified industry competition, etc.
