Deliver the A-share market information at the first time, observe the market trend, grasp the rise and fall logic and tap investment opportunities.
welcoming the favorable policies, the real estate, home furnishing and other sectors collectively pulled up Suofeiya Home Collection Co.Ltd(002572) and other multi stock trading limits
Boosted by favorable policies, the real estate, building materials, home furnishing and other sectors collectively rose on the 7th. As of press time, the real estate sector, Jinan High-Tech Development Co.Ltd(600807) , Tieling Newcity Investment Holding (Group) Limited(000809) , Shanghai New Huang Pu Industrial Group Co.Ltd(600638) , Cccg Real Estate Corporation Limited(000736) and other daily limits; In the building materials sector, China Fangda Group Co.Ltd(000055) , Monalisa Group Co.Ltd(002918) , Beijing Hanjian Heshan Pipeline Co.Ltd(603616) and other trading limits; In the home sector, Suofeiya Home Collection Co.Ltd(002572) , Zbom Home Collection Co.Ltd(603801) and other trading limits.
On the news front, on December 6, the people’s Bank of China announced that in order to support the development of the real economy and promote the steady decline of comprehensive financing costs, it decided to reduce the deposit reserve ratio of financial institutions by 0.5 percentage points on December 15, 2021 (excluding financial institutions that have implemented the deposit reserve ratio of 5%).
In addition, the Political Bureau of the CPC Central Committee held a meeting on December 6 to analyze and study the economic work in 2022. The meeting stressed the need to promote the construction of affordable housing, support the commercial housing market, better meet the reasonable housing needs of buyers, and promote the healthy development and virtuous cycle of the real estate industry.
In this regard, Dongxing Securities Corporation Limited(601198) pointed out that the RRR reduction is of great significance to the marginal shift of policies in some areas, and the purpose of wide currency is to broaden credit. However, it is expected that the policy will not be completely reversed and will maintain continuity, stability and sustainability. Combined with the recent risk disposal of individual large real estate enterprises and the setting of case risks, we tend to believe that at the financing end of real estate enterprises, the policy setting is mainly to stabilize the cash flow of real estate enterprises, including a certain degree of mortgage loan, development loan and M & a loan financing support. It is expected that the financing support for reasonable and compliant real estate enterprises will be gradually increased. Overall, the amount of funds actually released by the RRR reduction is small, and the signal significance is greater than the actual significance. Near the end of the year, the policy may focus more on stabilizing the sales of real estate enterprises and mitigating the stock risk by helping real estate enterprises realize rapid cash return (corresponding to the easing of mortgage policy). It is not excluded that the 5-year LPR may be reduced in the future.
Citic Securities Company Limited(600030) believes that the statement on the real estate market at the meeting of the Central Political Committee is helpful to stabilize market confidence. It is expected that the delivery of mortgage will be more positive. The key to the virtuous cycle lies in the chain operation of enterprise sales investment sales. The bottom of fundamentals is expected in March 2022. Optimistic about the opportunity of real estate blue chip and think that A-Shares may be better than neifang (determined by factors such as shareholder structure and equity financing, and the current placement of Hong Kong shares is continuous), recommend Poly Developments And Holdings Group Co.Ltd(600048) , China Vanke Co.Ltd(000002) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , China Resources Land, Longhu group, country garden and Gemdale Corporation(600383) .
liquor stocks rose Hebei Hengshui Laobaigan Liquor Co.Ltd(600559) once rose by more than 9% Wuliangye Yibin Co.Ltd(000858) and so on
Liquor stocks rose on the 7th. As of press time, Hebei Hengshui Laobaigan Liquor Co.Ltd(600559) once rose by more than 9%, and Weilong Grape Wine Co.Ltd(603779) , Anhui Golden Seed Winery Co.Ltd(600199) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , Anhui Kouzi Distillery Co.Ltd(603589) all rose to varying degrees.
On the Baijiu board, the securities company said that at the end of the year, the majority of liquor companies were holding annual marketing work meetings, and the target plan was gradually clear in 2022. The overall tone is expected to be more positive, especially in the process of catching the opportunity to become brand oriented and more enterprising. 2021, the consumption of liquor in the second half of the year is slightly less than that in the first half of the year. The general feedback of autumn sugar is so low that the market is worried about the quality of the baijiu. At the end of the year, the positive signals of Baijiu planning help the market to form an objective benign expectation for 2022.
The agency believes that in 2021, due to the low base and post epidemic demand, the income growth rate of liquor enterprises is generally high; Considering the high base and macroeconomic downward pressure in 2022, the market expectation is relatively cautious, and there are widespread concerns about the significant decline in the revenue growth of wine enterprises. However, from the recent planning implementation, under the positive factors of incentive implementation, governance improvement, product structure optimization and upgrading and in-depth promotion of nationalization, the actual growth of enterprises in 2022 will be highly guaranteed.
Citic Securities Company Limited(600030) pointed out that Baijiu industry will enter the period of information intensive release. Moutai, Wuliangye Yibin Co.Ltd(000858) , Jiugui Liquor Co.Ltd(000799) , sacrifice and Jiannanchun have begun to release positive signals. The industry boom continues, the fundamentals are stable and upward, and we have firm confidence in dynamic sales in the peak season of Spring Festival next year; At present, Baijiu plate valuation is in a reasonable range, and actively recommend the Baijiu industry. The first high-end liquor with both attack and defense Kweichow Moutai Co.Ltd(600519) , Luzhou Laojiao Co.Ltd(000568) , Wuliangye Yibin Co.Ltd(000858) ; Recommend sub high-end faucets Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Anhui Gujing Distillery Company Limited(000596) , Jiugui Liquor Co.Ltd(000799) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , and pay attention to Shede Spirits Co.Ltd(600702) .
high prosperity track collective callback lithium battery concept fell sharply Contemporary Amperex Technology Co.Limited(300750) fell more than 5%
High prosperity sectors such as lithium batteries, energy storage and new energy vehicles collectively fell on the 7th. In terms of lithium battery concept, Dingsheng Xincai fell again, Chengxin Lithium Group Co.Ltd(002240) , Tianqi Lithium Corporation(002466) fell by more than 7%, Shandong Shida Shenghua Chemical Group Company Limite(603026) fell by more than 6%, Contemporary Amperex Technology Co.Limited(300750) fell by more than 5%.
For the high boom sector, China Merchants Securities Co.Ltd(600999) pointed out that in recent months, the performance of hot market sectors has taken turns, reflecting several basic facts: when the economy and corporate profits are down, there is no risk of liquidity; The structural differentiation comes from the boom differentiation, and the short-term resistance of some high boom sectors comes from the valuation pressure and the waiting window for further exceeding the expectation; With the advent of valuation pressure on the high boom sector and no risk of liquidity, the market tends to layout in the direction of minimum resistance. Coping strategies for the market at the end of the year: valuation, cost performance and low resistance direction layout become key words: 1) annual report performance forecast, new energy and military industry are still expected to grow at a high speed, which is the choice for cross-year market in some industries and fields. 2) Digital infrastructure: digital infrastructure can also be an important direction of steady growth and contribute more to high-quality economic development. With the application of 5g post cycle represented by meta universe, intelligent driving and industrial Internet, combined with digital infrastructure, the performance of communications, computers, consumer electronics and components is expected to grow steadily next year. 3) In the future, the marginal improvement of liquidity, the traditional means of stable growth may be indispensable. The construction of new urbanization is also an important starting point for stable growth. Pure undervalued securities companies, real estate building materials banks, etc. are also expected to usher in the valuation repair next year.
Citic Securities Company Limited(600030) also said that due to the extremely differentiated market in 2021, the valuation of some high boom tracks has overdrawn the growth space for quite a long time in the future, while others are at the low level of expectation and boom and have experienced continuous downward revision of valuation. With abundant liquidity and extremely differentiated market characteristics, this year’s high boom varieties are easy to quickly overdraw the valuation space for a long time in the future, while the damaged varieties are easy to reflect all kinds of negative expectations in advance, and may be more sensitive to any positive marginal changes in the future. From the perspective of institutional layout next year, it is expected that with the end of the ranking at the end of the year, it will gradually become a consensus to avoid the track with sufficient expectations and turn to the varieties whose fundamentals are expected to be still low, the varieties whose valuation is still relatively low and the high boom varieties whose adjusted share price is relatively low.
many subsidiaries were exposed that the commercial tickets were overdue. The share price of “Zhumao” Muyuan Foods Co.Ltd(002714) once fell by more than 5%
On December 7, Muyuan Foods Co.Ltd(002714) opened sharply lower, and the stock once fell more than 5%. On the news side, recently, the issue of ” Muyuan Foods Co.Ltd(002714) over 30 companies’ business tickets continue to be overdue” has attracted attention. On December 6, Muyuan Foods Co.Ltd(002714) issued a statement on the situation of some commercial acceptance bills issued by the company involved in the continuous overdue list (as of November 30, 2021) of Shanghai Stock Exchange.
It is understood that on December 2, Shanghai Stock Exchange disclosed the list of commercial tickets continuously overdue as of November 30, 2021. Among them, the commercial bills accepted by several companies directly or indirectly controlled by Muyuan Foods Co.Ltd(002714) continue to be overdue.
The company said that it has actively communicated with the holder and the bank to promote the smooth cashing of commercial acceptance bills and protect the legitimate rights and interests of the holder. At present, the company’s production and operation and cash flow are normal. The company has issued special management systems and measures according to relevant conditions, and will strengthen management in the future to avoid similar events from happening again.
In terms of performance, the third quarterly report of Muyuan Foods Co.Ltd(002714) shows that in the third quarter of 2021, Muyuan Foods Co.Ltd(002714) achieved a revenue of 14.744 billion yuan, a year-on-year decrease of 18.68%; The net profit loss was 822 million yuan, a year-on-year decrease of 108.05%. In the first three quarters, Muyuan Foods Co.Ltd(002714) achieved 56.282 billion yuan, a year-on-year increase of 43.71%; The net profit attributable to the parent company was 8.704 billion yuan, a year-on-year decrease of 58.53%.
China will implement the strategy of expanding domestic demand. The “dark moment” in the household appliance sector may have passed (with shares)
The meeting of the Political Bureau of the CPC Central Committee held on December 6 stressed that next year’s economic work should be stable and seek progress while maintaining stability. Implement the strategy of expanding domestic demand, promote the sustained recovery of consumption, actively expand effective investment and enhance the endogenous driving force of development; We will promote the construction of affordable housing, support the commercial housing market, better meet the reasonable housing needs of buyers, and promote the healthy development and virtuous cycle of the real estate industry.
Soochow Securities Co.Ltd(601555) believes that the conference ranked “promoting the construction of affordable housing” first, that is, the construction of affordable housing may replace the construction of commercial housing and gradually become an important starting point for the growth of real estate investment. “Supporting the commercial housing market to better meet the reasonable housing needs of buyers” means that for commercial housing, guarantee sales is the first. Only when the sales of commercial houses are stable can we help those developers in trouble supplement cash flow and build market confidence. It can be seen that the latest statement on the real estate industry at the Politburo meeting is intended to stabilize market confidence rather than turn to comprehensive stimulus.
Huaan Securities Co.Ltd(600909) it is expected that the capital turnover dilemma of the real estate industry will be gradually alleviated and the pattern will be accelerated and optimized. Feed back to the end of the household appliance sector and believe that the “dark moment” of the sector may have passed, and the reasonable and orderly release of rigid demand and improved house purchase demand will form a strong support for the growth of the sector. In the stage of stock competition, white electricity and kitchen electricity leaders with outstanding advantages in products and efficiency and continuous optimization are expected to take the lead in valuation repair.
The agency recommends white power leaders Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651) , which pay attention to the continuous optimization of the competition pattern and are expected to repair their profitability in the second half of the year. It is recommended to focus on the integrated stove leader Marssenger Kitchenware Co.Ltd(300894) with continuous optimization of product structure and steady expansion of multiple channels, as well as the integrated stove leader Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) that comprehensively promotes the improvement of products, brands, channels and management. It is recommended to pay attention to the Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) of sweeping with outstanding comprehensive advantages and building the second growth pole with the help of intelligent life appliances, as well as the Siasun Robot&Automation Co.Ltd(300024) leader Beijing Roborock Technology Co.Ltd(688169) of sweeping with deep technical barriers and rapid expansion of overseas channels.
Interim Regulations on the management of automotive radar radio issued, and the technical upgrading has brought about the improvement of radar market value (with shares)
The Ministry of industry and information technology recently issued the Interim Provisions on the management of automotive radar radio. According to the regulations, in order to promote the application of automotive intelligent technology and industrial development, 76-79ghz frequency band is planned to be used for automotive radar.
Vehicle radar is an auxiliary means to monitor vehicle speed and distance through sensors in intelligent transportation system. According to the data of Intelligent Automobile Research Institute of Gaogong, from January to December 2020, the carrying capacity of front mounted angle radars in the Chinese market was 4.1428 million, a year-on-year increase of 72.53%; The number of forward millimeter wave radars was 5.3572 million, a year-on-year increase of 38.43%.
Huaan Securities Co.Ltd(600909) believes that 77GHz radar is the mainstream technical route of intelligent driving in the future. At present, the price of 77GHz on-board radar is about 1.8 times that of 24GHz products. The technical upgrading has increased the value of radar in the downstream automatic driving market and accelerated the maturity of relevant upstream industrial chains.
Millimeter wave radar, camera and lidar are recognized as three key sensing technologies for automatic driving. The advantage of millimeter wave radar is that it can provide accurate distance and speed information, and the detection distance is relatively long. It can work all day (night, rainy day, etc.). 77GHz radar has smaller size, lower power consumption, higher bandwidth, better resolution and longer detection distance. With the popularization of automatic driving technology, the market demand for relevant core sensors such as millimeter wave radar also increases.
According to IDC’s forecast, the global L1-L5 class autopilot truck volume is expected to reach about 54 million 250 thousand vehicles in 2024. Assuming that each vehicle has an average of 5 millimeter wave radars with a value of 1000 yuan, the annual market will exceed 50 billion yuan and the space is huge. It is considered that the perception layer is very important for the working performance of ADAS system, and needs hardware cooperation with signal / data processing and the combination with autopilot AI algorithm. In the future, two types of enterprises will benefit, one is chip design company, and the other is system solution provider combining radar module and ADAS algorithm. The former is a domestic alternative logic, and the core of the latter lies in the ability of scene based software and algorithm.
