Industry core view:
Last week, the CSI 300 index fell 1.99%, and the Shenwan computer industry rose 1.21%, outperforming the index by 3.2pct, ranking 10th among the Shenwan level industries. 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 segments such as industrial Internet, industrial software, information innovation, intelligent driving and network security.
Key investment points:
Mercedes Benz has obtained the road license from the German Federal Traffic Control Bureau for L3 automatic driving: at present, among the mass-produced models, many smart cars have L2 + auxiliary driving functions to help users Park and navigate automatically, but the driver’s hands cannot be separated from the steering wheel, and the person is still the main body in charge of the car. The German and European markets have “deregulated policies” on L3 automatic driving, defined the division of responsibilities between people and vehicles in regulations, and granted Mercedes Benz the first license for L3 automatic driving on the road, which is expected to accelerate the evolution of global automatic driving to high-level automatic driving, stimulate global automatic driving practitioners and accelerate the R & D and testing process of L3 automatic driving.
“2021 enabling. Qualitative change digital government high quality development forum” was held in Beijing: with the theme of “government digital transformation”, this forum focused on core issues such as policy, technology, application, standards and development, discussed government cloud solutions to help the construction of digital government, prepared and released industry standards, and promoted the further development of digital government Accelerate development at a higher level. The strategic cooperation between the ICT Institute and Huawei cloud provides a successful example for the construction of digital government and contributes to the implementation of government digital transformation.
The industry valuation was higher than the historical center, and the industry attention decreased: the average trading volume last Sunday was 66.95 billion yuan, and the trading activity increased. From the perspective of valuation, PE (TTM) of SW computer industry has been adjusted to 52.69 times, which is 57.22 times lower than the historical average from 2010 to 2021.
Last week, the performance of the computer sector was divided: 184 stocks rose, 56 stocks fell and 1 stock was flat. The number of rising stocks accounted for 76.35%.
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 2021q1-q3, the valuation of the computer industry has rebounded at the bottom. From the configuration of fund positions in 2021q3, the configuration of the computer industry is still low. From the performance of 2021q1-q3, artificial intelligence, information innovation, construction informatization, cloud computing 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 industrial Internet, industrial software, information innovation, intelligent driving and network security.
Risk factors: global geopolitical risk, technology promotion fails to meet expectations, and Industry IT capital expenditure is lower than expected.
