Today (December 14), the three major A-share indexes opened low across the board. The trend of the Shanghai index and Shenzhen composite index was weak, showing a low-level shock pattern, while the gem index occasionally showed signs of rising and turning red, and the overall performance was stronger than the Shanghai index. From the disk point of view, the light index and heavy stock market reappeared, led by the concept of Yuan universe in early trading, and the digital currency relay soared in the afternoon. The medical devices, military industry, education, titanium dioxide, logistics and other sectors also performed well, with prominent local profit-making effect.
Aijian Securities said that the impact of the epidemic is gradually weakened, the policy environment is good, the liquidity expectation is also good, and the market environment is relatively good. We expect the rising trend of shocks to continue. However, we should not be too radical, continue to maintain moderate optimism and actively grasp the trading opportunities in the market. From the perspective of opportunities, we will continue to pay attention to the recovery of low-level sectors, and continue to pay attention to the new energy industry chain, food and beverage, medicine and science and technology, and follow the market to seize trading opportunities.
Under the background of scattered A-share hotspots and intensified plate rotation, possible investment opportunities are hidden. Select some institutional research reports, and let’s see what themes are available for reference.
[theme one] meta universe
Everbright Securities Company Limited(601788) indicates that the core framework for realizing the meta universe includes: hardware, network layer, computing power, virtual platform, protocols and standards, payment methods, content, services and assets, and consumer behavior. The technical architecture of metauniverse is not complex, but the implementation needs the cooperation of communication technology, computing architecture, algorithm and other technologies, follows the barrel theory, and has remained in the conceptual stage for a long time; With scientific and technological breakthroughs in various fields, the meta universe will eventually move from concept to reality.
The agency further analyzed the market space. In 2025, China’s market space will be 340-640 billion yuan. By summing up the sub sectors of metauniverse (social networking, games, short video, e-commerce, etc.), it is estimated that the market space of metauniverse is 340 billion yuan. According to Metcalfe’s law, the market space is about 640 billion yuan.
Anxin securities also mentioned that Facebook and Microsoft have entered the market one after another, and the meta universe market has driven the development of VR industry: after Facebook renamed meta and announced to enter the meta universe, on November 2, Microsoft announced at ignite 2021 conference that it plans to realize the meta universe through a series of new applications integrating the virtual environment, so that the digital world can share and communicate with the physical world. Metauniverse is a virtual and real digital world in space dimension and time dimension. It aims to form a virtual reality system including network, hardware interruption and users. It is expected to produce a considerable market in the future. According to PricewaterhouseCoopers, the market size of the meta universe will reach US $1.5 trillion in 2030.
Soochow Securities Co.Ltd(601555) believes that the repeated epidemic and external environment such as policy supervision in 2021 have formed a short-term suppression on the industry’s stock price, and the macroeconomic downward pressure and other factors have also delayed the rhythm of the recovery of the industry’s performance. However, we generally believe that the short-term adjustment is still a phased disturbance, and the policy risks have been effectively digested, The new application scenarios represented by metauniverse are also expected to be gradually implemented in the later stage to drive the growth of the industry. Looking forward to 2022, we focus on the following directions: the development of metauniverse is a long-term process, with the continuous development of computing power, algorithm, XR, communication and blockchain technology. []
[Theme 2] education
Previously, Deloitte launched the latest annual education industry report. The report mentioned that since quality education covers many aspects in the process of students’ growth and development, although the just needed degree is not as good as discipline counseling and training, there are many sub categories in the field of quality education, the industry is still in the development stage, the competition pattern is highly dispersed, and there is a high degree of homogenization. At present, there is no super large head enterprise. In recent years, with the help of capital, technology and other factors, more and more large Internet companies began to enter this field. The education concept, teachers, products and business models are updated rapidly. Cross track layout and cross field competition have become a new development trend. The industry is expected to usher in a window period of rapid development.
In addition, Guosheng securities mentioned that in 2021, heavy policies in the education industry were frequent, and the policy guidance of each segment was gradually clarified. Comprehensively consider multiple dimensions such as policy robustness, sector growth, competition pattern and market space, and select the leading targets of private higher education and vocational education segments from top to bottom.
At the current time point, Huaxi Securities Co.Ltd(002926) points out that two main lines are recommended: (1) Vocational Education: Shanghai Action Education Technology Co.Ltd(605098) , Jiangsu Chuanzhiboke Education Technology Co.Ltd(003032) ; (2) Higher education: at present, some individual stocks 22pe of higher education have fallen to less than 10 times, mainly due to factors such as the early education sector, the growth of school places slightly lower than expected, the tuition fee increase, the increase of investment in the future, and the recent share allotment scheme of the two companies has affected market confidence; However, it is expected that the performance of the performance period to be ushered in in November will remain stable. Yuhua education, China Education Holdings, hope education, Gaoxin education group, Zhonghui education, China Science and technology training, etc. are recommended. []
[Topic 3] digital currency
Everbright Securities Company Limited(601788) said that the digital RMB is positioned in the legal currency, and the corresponding social supporting facilities need to be upgraded and transformed into rigid. It is suggested to pay attention to three main investment lines: with the acceleration of the promotion of digital currency and the approach of the time point of full implementation, various preparations and infrastructure upgrading will be gradually accelerated, and companies in relevant industrial chains will usher in the opportunity of accelerating development, It is suggested to pay attention to three main investment lines.
The first main line suggests paying attention to the payment hardware market. The promotion of digital currency and the implementation of barcode payment supervision and other policies will drive the iterative upgrading of payment hardware, and the suppliers of intelligent payment equipment at the receiving end and physical hardware wallet at the paying end will benefit. It is recommended to pay attention to Xgd Inc(300130) , Urovo Technology Co.Ltd(300531) , Grg Banking Equipment Co.Ltd(002152) , Wuhan Tianyu Information Industry Co.Ltd(300205) , Chutian Dragon Co.Ltd(003040) , etc.
The second main line suggests paying attention to the bank it upgrading and transformation market. Banks play a great role in the issuance and trading of digital RMB. Due to their legal currency positioning, banks need to upgrade their systems to meet the trading needs of digital currency in the future. There is a huge market space for bank it transformation. It is suggested to pay attention to Shenzhen Sunline Tech Co.Ltd(300348) , Tansun Technology Co.Ltd(300872) , Guangzhou Kingteller Technology Co.Ltd(002177) , Chase Science Co.Ltd(300941) , Client Service International Inc(300663) , Jiangsu Hoperun Software Co.Ltd(300339) .
The third main line suggests paying attention to the promotion and scenario service companies serving digital RMB. Specifically, third-party payment services and acquiring companies will also benefit from the implementation of digital currency. It is suggested to pay attention to Lakala Payment Co.Ltd(300773) , Xgd Inc(300130) and Hyunion Holding Co.Ltd(002537) .
Orient Securities Company Limited(600958) mentioned that blockchain is the preferred technology for central banks’ digital currency. With the help of blockchain technology, CBDC (central bank digital currencies) can incubate a variety of advantages. Blockchain technology comes from bitcoin, and central banks are mainly cautious and exclusive of cryptocurrencies represented by bitcoin. Although the decentralization of blockchain technology conflicts with the centralized management of the central bank, blockchain technology can still be effectively used in the relevant development and management links of CBDC. We believe that CBDC can help the central bank to improve the competitiveness of its legal currency, suppress the circulation of cryptocurrency and improve the central bank’s financial control ability. With the help of the blockchain technology of cryptocurrency, CBDC improves its ability to prevent crime and promote inclusive finance, so as to ensure the central bank’s ability to control money in the digital age. []
[Topic 4] titanium dioxide
Huaan Securities Co.Ltd(600909) pointed out that the core of the change in the valuation system of titanium dioxide enterprises lies in the future development direction of enterprises, and leading enterprises are expected to quickly enter the new energy iron phosphate industry through the comprehensive utilization of titanium dioxide industry chain. In the context of the upward prosperity of titanium dioxide, the increasing demand and the limited new supply, the price of titanium dioxide is rising. At the same time, some titanium dioxide enterprises such as Lb Group Co.Ltd(002601) , Cnnc Hua Yuan Titanium Dioxide Co.Ltd(002145) , Anhui Annada Titanium Industry Co.Ltd(002136) began to enter the field of new energy, produce iron phosphate or lithium iron phosphate, and realize the coupling of titanium industry chain and new energy industry chain. Titanium dioxide enterprises are expected to use by-products such as waste acid and ferrous sulfate as raw materials for the production of iron phosphate to greatly reduce production costs. With the accelerated layout of titanium dioxide enterprises in the field of new energy cathode materials, the titanium dioxide industry chain is expected to usher in value revaluation.
In addition, Zhongtai Securities Co.Ltd(600918) said that the turning point of pessimistic expectation has come and is optimistic about real estate related chemical products. Recently, the central economic work conference was held. Next year, the keynote of economic work is “taking the lead in stability and seeking progress in stability”. In terms of real estate, the meeting stressed that under the positioning of adhering to the principle of housing, housing and non speculation, we should accelerate the development of the long-term rental housing market, promote the construction of affordable housing, support the commercial housing market to better meet the reasonable housing needs of buyers, and “implement policies for the city” to promote the virtuous circle and healthy development of the real estate industry. At the industry level, we believe that the turning point of pessimistic expectation for the real estate industry has come, and we are optimistic about the varieties of real estate related chemicals.
Looking forward to 2022, Sealand Securities Co.Ltd(000750) believes that chemical industry leaders, downstream industries and new material industries are the key directions. This year, the problem of suppressing the capacity expansion of leading enterprises is expected to be gradually alleviated, the loss of profits in downstream industries due to high raw material costs will be alleviated, and the new material industry will be driven by new energy and emerging industries to usher in a good opportunity for development.
The agency further analyzed that the chemical industry leader is the king in the future. According to our observation, there are a number of leading companies in China’s chemical industry. Compared with international competitors, they show obvious efficiency advantages in terms of rate of return, labor efficiency and turnover. The slowdown of China’s GDP growth and the control of carbon emissions in the future have led to the concentration of resources in all aspects to the leading chemical enterprises, superimposed with intelligent manufacturing, R & D and innovation, and the increase of the leading market share is accelerating. At present, we believe that China’s leading companies have the ability to plan a global blueprint and move towards global leaders. We suggest that we should work with excellent enterprises and invest in those enterprises with efficient execution. This efficient ability will make the profitability of Chinese enterprises higher than that of international competitors, with higher rate of return and larger scale in the future. Therefore, the market value of foreign giants is far from the ceiling of Chinese enterprises. For example, Wanhua Chemical Group Co.Ltd(600309) , which is building an integrated industrial chain, continuously increasing R & D investment, multi category expansion and moving forward to a first-class chemical new material company with global operation, has made a synchronous breakthrough in original replacement, China and foreign countries go hand in hand, and is aiming at the top five Shandong Linglong Tyre Co.Ltd(601966) in the global tire industry in 2030, with high starting point, high standard Build Hengli Petrochemical Co.Ltd(600346) and Rongsheng Petro Chemical Co.Ltd(002493) of world-class refineries with high efficiency. []
