The overall overseas market fell overnight, and the A-share market was dragged down again today (March 4). Shanghai and Shenzhen stock markets opened low in the morning and fluctuated. They once rose in the session, but dived back, and the differentiation was more serious; In the afternoon, the stock index continued to adjust and further dived lower. The gem index performed particularly miserably and the weak pattern was at a glance.
In this regard, Wanhe securities previously, the current market uncertainty has increased, and overseas risks include geographical situation, global supply chain, global inflation and so on; There are risks such as epidemic situation, sluggish domestic demand and increasing downward pressure on the economy, both inside and outside are facing great uncertainty.
At the same time, the agency further pointed out that the current market will still focus on finding the bottom, and the approaching of important meetings has also boosted the wait-and-see mood of the market. This year, China focuses on steady growth. Facing the new crisis in the global supply chain, China faces more severe challenges in the fields of energy, resources, equipment and so on, At this time, we need to make more stable growth policy arrangements around this year. In terms of industry, we can pay attention to the industrial chain related to consumption and infrastructure.
sector:
I. virtual digital human
Anxin Securities said that in China, the strongest certainty of metauniverse in 2022 is the virtual digital man and NFT, which are located in the two sectors of "content and scene, collaborators" that China is good at. In the era of mobile Internet, content is divided into two parts from the perspective of realization - content works and realized content. Virtual digital people serve both content works and realized content; NFT is a mechanism for revaluation of digital assets.
Tianfeng Securities Co.Ltd(601162) mentioned that with the upsurge of meta universe, virtual digital human has attracted much attention as the first scene industry. "Five horizontal and two vertical" forms the basic technical architecture of virtual digital human, in which modeling dynamic light field technology, optical and inertial dynamic capture scheme, PBR and heavy lighting rendering are the core technologies, and unreal and unity are the main rendering engines. In terms of application scenarios, considering the improvement of the demand for digital avatars and the public's acceptance of virtual digital people, focus on industries such as games, social networking, marketing and virtual idols. Overseas focus on upstream technology manufacturers in the industrial chain, while China recommends focusing on operators and downstream application manufacturers in the middle of the industrial chain.
The agency further analyzed that manufacturers at home and abroad arranged the virtual digital human track from multiple angles. Chinese manufacturers pay attention to the application and development of the downstream of the industrial chain, while overseas manufacturers focus on the construction of the basic layer and the development of AI technology. China: Tencent, Alibaba, Netease and other comprehensive manufacturers support their relevant business units to make efforts to the track. Entertainment content focuses on VuP and Mango Excellent Media Co.Ltd(300413) (virtual host); Marketing operation focuses on Bluefocus Intelligent Communications Group Co.Ltd(300058) , Lehua entertainment, Three'S Company Media Group Co.Ltd(605168) , Zhewen Interactive Group Co.Ltd(600986) , Hangzhou Anysoft Information Technology Co.Ltd(300571) , Xinhuanetco.Ltd(603888) , Beijing Jetsen Technology Co.Ltd(300182) , Inly Media Co.Ltd(603598) , Hylink Digital Solution Co.Ltd(603825) , etc; The foundation layer construction focuses on Iflytek Co.Ltd(002230) , Zhuoyi technology, Beijing Jetsen Technology Co.Ltd(300182) , Xinhuanetco.Ltd(603888) , Three'S Company Media Group Co.Ltd(605168) , etc. Overseas: AI technology focuses on soul machine, oben and room ai； Dynamic capture focuses on vicon, optitrack, xsens, etc; Rendering modeling focuses on epicgames, unity and NVIDIA. Due to the increasing attention of the virtual digital human industry, manufacturers of relevant industries at home and abroad have obtained multiple rounds of financing in the short term, vigorously promoting the rapid development of the industry.
II. Chemical Pharmacy
Great Wall Guorui Securities pointed out that the valuation is at the bottom of history and the current investment value of the pharmaceutical industry is prominent. It is suggested to increase the allocation proportion of the industry and pay attention to investment opportunities in six aspects: first, the performance disclosure of the annual report in 2021 and the first quarterly report in 2022 is imminent, and pay attention to the high-quality targets with high growth or higher than expected performance of the annual report and the first quarterly report; Second, with the official release of the 14th five year plan for the development of pharmaceutical industry, under the premise of controlling medical insurance expenses, innovation and internationalization will be the core main line of the industry in the future. It is suggested to pay attention to innovation driven companies and pharmaceutical enterprises with international ability; Third, the CXO industry. Recently, the CXO industry has undergone in-depth adjustment, and the valuation is at the bottom of history. Contrarian, focus on companies with sufficient orders and reasonable current valuation; Fourth, drugstore chain companies with reasonable valuation and stable recovery; Fifth, pay attention to the consumer medical sector. Under the background of medical insurance fee control, the ophthalmology, medical beauty and other medical sub industries with consumption attribute have policy immunity, and the consumption upgrading will drive their development; Sixth, pay attention to the traditional Chinese medicine sector. The release of the guiding opinions on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine shows the state's determination to the inheritance, innovation and development of traditional Chinese medicine, which will play a positive role in the traditional Chinese medicine industry.
Guosheng Securities said that medicine has entered the medium and long-term layout range, and the medium and short term is still bottom-up, with more emphasis on the three factors of "performance valuation chips". Up to now, the "double high problem" has been digested. Although there are many assets with unspeakable short-term valuation, extremely cheap and short-term concerns that are difficult to prove false, they have entered the allocation range in the medium and long term. In the short and medium term, in fact, there is no systematic solution. Recently, there have been problems in the chip structure of the whole market. Our idea is still to select individual stocks from bottom to top. There are three points to sum up: 1) select individual stocks with "fundamental common sense valuation oversold and discount", in other words, they have fallen to the second-order derivative of the irrational valuation range. 2) The sub areas of "domestic demand policy immunity" and "foreign demand is relatively rigid" are selected to take into account the comprehensive and sudden impact of the current geopolitical environment and medical policy environment, especially the emotional impact. Such as adult class II vaccine, self-control, China covid-19 therapeutic drug industry chain, traditional Chinese medicine, rehabilitation, cdmo, etc. 3) Due to the high degree of chaos in stage trading, the chip factor should be fully considered when bottom reading.
Huaan Securities Co.Ltd(600909) mentioned that considering the background of the pharmaceutical industry, on the one hand, the uncertainty caused by the continuous implementation of the centralized procurement policy this year (centralized procurement of consumables, national procurement, alliance procurement, etc.), on the other hand, the short-term pharmaceutical industry sector has not seen clear favorable policies / changes, and there is no upward momentum in the short term. It is advisable to look at the quantity of scenery. The valuation of many pharmaceutical companies has reached a very reasonable range. The uncertainty of changes brought by policies makes many investors unable to start. We suggest the direction configuration of this year: Traditional Chinese medicine (policy friendly + undervalued value) + medical equipment (medical infrastructure) + scientific research reagents and upstream + other directions to find the target from bottom to top.
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