Suggestions on industry allocation: focus on the three era clues of common prosperity, energy revolution and manufacturing power. a。 Growth track of manufacturing power: new energy vehicles (vehicle & parts), national defense industry (Aircraft & missile industry chain), IDC (optical module & temperature control), semiconductor (power semiconductor); b。 Growth track of energy revolution: clean energy (photovoltaic & wind power), high energy consumption substitution (lithium battery & prefabricated building); c。 Qianlong stabilizes the track in Yuanyuan: Food and beverage, beauty care.
Upstream raw materials: in November 2021, the mining industry, coal mining and coke decreased month on month; In the petrochemical industry, the boom of oil and service engineering increased month on month, while the boom of oil and gas exploitation, refining and trade decreased month on month; In the basic chemical industry, chemical raw materials, chemical products, chemical fibers and plastics have a downward trend, rubber has an upward trend, and agrochemical products have a differentiated trend; In the iron and steel industry, the outlook of ordinary steel and smelting raw materials decreased month on month, and the prosperity of special steel increased month on month; In the non-ferrous metal industry, precious metals, small metals, energy metals, metals and non-metals are on the rise, while industrial metals are on the decline; In the building materials industry, cement, glass and glass fiber have a downward trend.
Midstream manufacturing: in November 2021, the power equipment industry, motor, photovoltaic equipment, wind power, and power grid equipment went up and differentiated; In the mechanical equipment industry, the prosperity of special equipment, general equipment, engineering machinery and rail transit is internally differentiated, and the automation equipment is upward in comparison with the environment; In the electronics industry, consumer electronics, components, semiconductors and optical optoelectronics are divided month on month; In the communication industry, the prosperity of communication services and communication equipment increased month on month; In the national defense and military industry, maritime equipment has a downward trend.
Downstream consumption: in November 2021, the agriculture, forestry, animal husbandry and fishery industry showed an overall upward trend, the planting industry showed a differentiated trend, the fishery, feed, aquaculture and Shenzhen Agricultural Products Group Co.Ltd(000061) processing industry showed an upward trend, and the forestry industry showed a downward trend; In the food and beverage industry, Baijiu and leisure food are divided by the boom, and the spirits of non Baijiu and beverage dairy products are lower than the boom. In the pharmaceutical and biological industry, the prosperity of chemical pharmacy, traditional Chinese medicine, medical commerce and medical services increased month on month; In the textile and garment industry, the outlook of clothing and home textile is internally differentiated, and the prosperity of textile manufacturing and jewelry is up month on month; Light industry manufacturing industry, papermaking and household products, the boom is differentiated month on month; In the household appliance industry, the overall month on month boom is upward, the month on month boom of white appliances is differentiated, the month on month boom of kitchen and bathroom appliances is upward, and the month on month outlook of lighting equipment is flat; In the automotive industry, the overall month on month outlook is upward, the month on month prosperity of passenger cars, commercial vehicles, motorcycles and other vehicles is differentiated, and the month on month prosperity of auto parts is upward; In the media industry, games, film and television theaters have a downward trend in terms of scenery, and publishing has an upward trend in terms of prosperity; Leisure service industry, hotel catering and scenic spots have a downward trend; In the beauty care industry, the prosperity of personal care products and cosmetics increased month on month.
Financial housing construction: in November 2021, in the non bank financial industry, securities companies differentiated from each other and insurance companies declined from each other; In terms of banking industry, the boom is differentiated month on month; In the real estate industry, the boom is differentiated month on month; In the construction and decoration industry, the prosperity of infrastructure, professional construction and housing construction increased month on month.
Support services: in November 2021, the public utility industry, electric power and gas, compared with the environment, showed an upward trend; The environmental protection industry, environmental protection engineering and services are divided on a month on month basis; In the transportation industry, the overall month on month outlook is down, the month on month prosperity of airports is down, the month on month prosperity of ports, shipping, railways and highways is internally differentiated, and the month on month prosperity of logistics is up; In the commercial and trade industry, the overall prosperity increased month on month, and the prosperity of Internet e-commerce and trade increased month on month.
Risk tip: the interpretation of high-frequency data on the overall prosperity of the industry is limited.
(Debang securities)
