Industry core view
Last week, the CSI 300 index rose 0.84%, the Shenwan computer industry rose 0.95%, outperforming the index by 0.11pct, ranking 15th 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 segmentation fields such as cloud computing, network security and artificial intelligence.
Key investment points:
The Ministry of industry and information technology issued three important documents such as the development plan for deep integration of informatization and industrialization in the 14th five year plan: on November 30, the Ministry of industry and information technology issued the development plan for deep integration of informatization and industrialization in the 14th five year plan, the development plan for software and information technology services in the 14th five year plan and the development plan for big data industry in the 14th five year plan. Among them, the integration plan of the two modernizations has made an overall strategic deployment for the long-term task of the integrated development of China’s information technology and manufacturing industry; The software planning has deployed six tasks: concentrating on basic software, focusing on breakthrough industrial software, collaborative research on key application software, forward-looking layout of emerging platform software and active cultivation of embedded software. The two ministries and commissions jointly issued the guide for the construction of national intelligent manufacturing standard system (version 2021): the document is based on the actual needs of intelligent equipment in China’s digital economy, It provides perfect and systematic planning guidance for accelerating the development of Intelligent Manufacturing in China and improving the supply and innovation service capacity of manufacturing industry. Strive to build an awareness of intelligent development, realize process and technology innovation, equipment R & D and application, solution breakthrough, work in the same direction and promote each other with the construction of standard system, and promote the integration of Chinese standards with international standards. The guide will amplify the advantages of targets with high-level innovation, R & D and application landing capabilities.
The industry valuation was higher than the historical center, and the industry attention increased: the average trading volume last Sunday was 60.125 billion yuan, and the trading activity increased. From the perspective of valuation, PE (TTM) of SW computer industry has been adjusted to 58.48 times, 57.22 times higher than the historical average from 2010 to 2021.
Last week, the performance of the computer sector was divided: 140 stocks rose, 95 stocks fell and 1 stock was flat. The number of rising stocks accounted for 59.32%.
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 2021h1, the performance of 2021 semi annual report digests the valuation of some industries. From the allocation of fund positions in 2021q2, the allocation of the computer industry is still low, but the allocation proportion has shown signs of recovery. We believe that 2021q3 is expected to continue to pick up. From the performance of 2021h1, artificial intelligence, intelligent manufacturing, information innovation, financial informatization 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 artificial intelligence, intelligent manufacturing, financial technology, information security and information innovation.
Risk factors: global geopolitical risk, technology promotion not up to expectations, industry it capital expenditure lower than expected
(Wanlian securities)
