Today (December 3), the three major A-share indexes opened slightly higher, and the early stock indexes showed differentiation as a whole. The performance of the Shanghai index was significantly stronger than that of the gem index; In the afternoon, the rebound of Shanghai index and Shenzhen Composite Index accelerated, and finally the Shanghai index stood at 3600 points again and closed at the second high of the whole day; The gem index also turned red strongly, forming a V-shaped upward pattern.
In this regard, Guosheng Securities pointed out that with the prominent toughness of China’s high-quality enterprises, the attraction of Chinese assets to overseas investors will also be enhanced. With the expectation of steady growth, loose monetary policy is expected to heat up, and the cross-year market is expected to expand slowly. The valuation of undervalued sectors may be repaired or become the main characteristics of the market. It is suggested to maintain the balanced allocation of growth and value in investment.
At the same time, Dongguan Securities said that the market opportunities will still be dominated by structure and band. It is suggested to optimize the industry and midline layout in combination with various factors such as industrial policy, industry prosperity and institutional layout, focusing on: (1) the main line of consumption recovery: such as food and beverage, household appliances, leisure services and medicine; (2) Carbon neutralization: focus on new energy, new energy vehicles, electrical equipment, environmental protection, etc. under the background of “double carbon”; (3) The main line of scientific and technological innovation: such as computer, electronics, communication, new materials, military industry and other sectors. (4) Undervalued high-quality blue chip main line: such as finance, building materials, machinery, etc.
plate:
I. green power
Chuancai Securities pointed out that power construction is expected to enter a historical cycle and pay attention to the construction of smart grid terminal. In the context of the energy revolution, the power grid construction end will also be gradually upgraded, and the distribution network will become the core of the power system. On the one hand, the transformation of the power grid end can reduce the power grid loss to a certain extent. Since this year, under the background of “dual control of energy consumption”, some regions have limited production and power. Although since October, local production and power restrictions have been loosened, which has corrected the “one size fits all” production and power restrictions and “mobile” carbon reduction in some places, However, under the background of rising power demand, there is a certain pressure on the national power supply, and reducing the power grid loss will save power resources to a certain extent; On the other hand, promoting the digital transformation of power grid and applying cloud computing, big data, artificial intelligence, Internet of things and other technologies to the reform and upgrading of power grid will greatly improve the efficiency of energy services.
Anxin Securities said that on November 24, the central Deep Reform Commission proposed to promote the construction of power market mechanism to adapt to the transformation of energy structure and orderly promote the participation of new energy in market transactions. On the same day, the State Grid issued the inter provincial power spot trading rules, proposing that all power generation types and enterprises can participate in inter provincial power spot trading, and encouraging inter provincial green power trading. The inter provincial power spot market adopts the clearing mechanism of centralized bidding, and the unified bidding of coal-fired power generation, nuclear power, hydropower, wind power, photovoltaic and other power sources. Under the high coal price, the transaction price of wind power and photovoltaic is expected to rise, so as to improve the profitability of new energy power generation.
The agency further analyzed that green power policies are frequent and continue to be optimistic about new energy power generation. It is suggested to pay attention to different types of green power targets according to risk preference: 1) stable performance and undervalued value, and China National Nuclear Power Co.Ltd(601985) is preferred; 2) High performance growth, no drag on coal power performance: China Three Gorges Renewables (Group) Co.Ltd(600905) , Zhongmin Energy Co.Ltd(600163) ; 3) Coal power performance is dragged down, but the new energy assets in the body are underestimated: Huaneng Power International Inc(600011) , China Resources Power, Fujian Funeng Co.Ltd(600483) , Shanghai Electric Power Co.Ltd(600021) .
II. Agricultural planting
Huaxi Securities Co.Ltd(002926) pointed out that the introduction of genetically modified variety approval methods and relevant supporting policies basically complemented the last link of China’s genetically modified commercialization. According to the revised variety approval methods, the suitable planting area applied for approval is within the suitable planting area of recipient varieties, and only one-year production test is required. Therefore, As early as 2022q4, we can see the official sales of genetically modified corn seeds, and the time and strength of the policy are higher than market expectations.
The agency further analyzed that the commercialization and liberalization of GM is a milestone in the development of China’s seed industry. On the one hand, the competition threshold of the seed industry will be greatly raised, the industry competition pattern will be optimized, and the market share of high-quality leaders will be rapidly increased, and the strong will be strong; On the other hand, the bargaining power of seed enterprises with high-quality traits + high-quality hybrid varieties has been improved, driving their profitability. In terms of target selection, we mainly recommend Beijing Dabeinong Technology Group Co.Ltd(002385) , Yuan Longping High-Tech Agriculture Co.Ltd(000998) with obvious first mover advantage and Shandong Denghai Seeds Co.Ltd(002041) with excellent performance of hybrid maize varieties.
Kaiyuan securities mentioned that in recent years, the impact of extreme weather and pests in the world and China has intensified, which poses a challenge to global food security. At the same time, the urgent demand of major food producing countries for seeds with stress and stable yield has increased. Based on the breakthrough of China’s modern seed industry in biological breeding technology and the change of external environment in recent years, the development wave of China’s modern seed industry is slowly pushed forward. Since 2021, the action plan for the revitalization of seed industry, the seed law and the regulations of transgenic related departments have been promulgated and intensively revised. The direction of policy revision will greatly stimulate China’s substantive breeding innovation and increase the property right protection of germplasm resources, and China’s seed industry market will usher in a remodeling window.
Guosen Securities Co.Ltd(002736) believes that the seed industry and breeding sector are optimistic about the rebound from top to bottom. Among them, 1) recommended by seed industry: Yuan Longping High-Tech Agriculture Co.Ltd(000998) , Shandong Denghai Seeds Co.Ltd(002041) , Beijing Dabeinong Technology Group Co.Ltd(002385) ; 2) Pig recommendation: Muyuan Foods Co.Ltd(002714) and breeding pioneer; 3) The poultry sector recommends relevant undervalued targets: Shandong Yisheng Livestock & Poultry Breeding Co.Ltd(002458) , Shandong Xiantan Co.Ltd(002746) and Fujian Sunner Development Co.Ltd(002299) . The profit of yellow chicken breeding may improve from next year. It is suggested to pay attention to: Jiangsu Lihua Animal Husbandry Co.Ltd(300761) , Hunan Xiangjia Animal Husbandry Company Limited(002982) ; 4) It is suggested to pay attention to: Wuhan Keqian Biology Co.Ltd(688526) , Jinyu Bio-Technology Co.Ltd(600201) . Recommend growth stocks from bottom to top, with core recommendations: Guangdong Haid Group Co.Limited(002311) , Muyuan Foods Co.Ltd(002714) , Yihai Kerry Arawana Holdings Co.Ltd(300999) .
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