Core view:
Weekly performance of sectors: this week (2021 / 12 / 20-2021 / 12 / 24), the top five sectors are railway equipment / oil and gas equipment / coal equipment III / oil and gas service III / building equipment, with fluctuations of 1.6% / 1.0% / 0.4% / 0.3% / – 0.3% respectively.
Sector valuation level: the median pettm of the machinery sector is 39x, of which the highest valuation is lithium battery equipment (112x) and the lowest valuation is construction machinery (15x). From the historical data within 10 years, the P / E ratio of the machinery sector is 31.25%.
Weekly tracking of individual stocks: from the rise and fall of individual stocks, the five stocks with the highest increase this week are China High-Speed Railway Technology Co.Ltd(000008) , Fujian Snowman Co.Ltd(002639) , Suzhou Secote Precision Electronic Co.Ltd(603283) , Guangdong Huatie Tongda High-Speed Railway Equipment Corporation(000976) , Henan Huanghe Whirlwind Co.Ltd(600172) .
Industry highlights: (1) CME expects to sell about 16000 excavators in China in December; (2) the National Energy Administration lists energy storage, light and heat as auxiliary services; (3) Farasis Energy (Gan Zhou) Co.Ltd(688567) overcharge and overpressure technology card 800V high voltage platform; (4) Xiao Yaqing, Minister of industry and information technology, talks about continuously improving the core competitiveness of manufacturing industry.
Investment proposal and investment object
The energy administration has made every effort to ensure energy security and upgraded railway planning equipment. Recently, the state has continuously issued policies and plans to support the counter cyclical sector. In terms of energy, according to the official website of the national energy administration, the 2022 national energy work conference was held on December 24. Oil and gas exploration and development continued to increase in 2021. It is expected that the annual crude oil production will be 199 million tons, rising for three consecutive years, the natural gas production will be about 206 billion m3, increasing by more than 10 billion m3 for five consecutive years, the shale oil production will be 2.4 million tons, the shale gas production will be 23 billion m3, and the CBM utilization will be 7.7 billion m3, The installed capacity of renewable energy power generation in China has historically exceeded 1 billion kw, the installed capacity of hydropower and wind power has exceeded 300 million KW, the installed capacity of offshore wind power has leapt to the first in the world, and the annual power generation of new energy has exceeded the 1 trillion kwh mark for the first time. The meeting looks forward to 22 years, we should make every effort to ensure energy security, continue to play the role of coal as a “ballast”, effectively play the basic regulatory role of coal and electricity, solidly improve the power safety and supply capacity, and continue to improve the intensity of oil and gas exploration and development. In terms of railway infrastructure, the State Railway Administration issued the 14th five year plan for Railway Science and technology innovation, which proposed that by 2025, the pedigree of Fuxing China standard EMU will be more perfect, and major breakthroughs will be made in the development of equipment such as 400 km / h high-speed wheel rail passenger train, 30000 ton heavy haul train and high-speed wheel rail freight train. From the bond issuance of China Railway Group, 230 billion yuan has been issued from January to early December 2021, higher than 185 and 160 billion yuan in 2019-2020. At the central economic work conference in December, the meeting pointed out that we should ensure the intensity of fiscal expenditure, accelerate the progress of expenditure, moderately advance infrastructure investment, and organically combine cross cycle and counter cycle macro-control policies. We believe that the National Counter cyclical regulation is still increasing, and we suggest paying attention to energy security and counter cyclical regulation.
It is recommended to pay attention to:
(1) Construction machinery: Sany Heavy Industry Co.Ltd(600031) (600031, not rated), Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) (000157, bought), Jiangsu Hengli Hydraulic Co.Ltd(601100) (601100, not rated), Shaanxi Construction Machinery Co.Ltd(600984) (600984, not rated), Yantai Eddie Precision Machinery Co.Ltd(603638) (603638, not rated); (2) Industrial equipment: Hangcha Group Co.Ltd(603298) (603298, Unrated), Anhui Heli Co.Ltd(600761) (600761, Unrated), Qinchuan Machine Tool & Tool Group Share Co.Ltd(000837) (000837, Unrated), Guangdong Yizumi Precision Machinery Co.Ltd(300415) (300415, Unrated), Estun Automation Co.Ltd(002747) (002747, Unrated), Guangdong Topstar Technology Co.Ltd(300607) (300607, Unrated); (3) Logistics automation: Nanjing Inform Storage Equipment (Group) Co.Ltd(603066) (603066, not rated), Noblelift Intelligent Equipment Co.Ltd(603611) (603611, not rated), Cimc Vehicles (Group) Co.Ltd(301039) (301039, not rated); (4) Energy equipment: Wuxi Lead Intelligent Equipment Co.Ltd(300450) (300450, not rated), Shenzhen S.C New Energy Technology Corporation(300724) (300724, not rated), Yantai Jereh Oilfield Services Group Co.Ltd(002353) (002353, not rated), Zhengzhou Coal Mining Machinery Group Co.Ltd(601717) (601717, not rated), Tiandi Science & Technology Co.Ltd(600582) (600582, not rated); (5) Rail transit equipment: Crrc Corporation Limited(601766) (601766, not rated), Guangdong Huatie Tongda High-Speed Railway Equipment Corporation(000976) (000976, not rated); (6) Service & Consumption: Shenzhen Anche Technologies Co.Ltd(300572) (300572, Unrated), Centre Testing International Group Co.Ltd(300012) (300012, Unrated), Jack Sewing Machine Co.Ltd(603337) (603337, Unrated), Zhejiang Jiecang Linear Motion Technology Co.Ltd(603583) (603583, Unrated), Changzhou Kaidi Electrical Inc(605288) (605288, Unrated), Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) (603901, Unrated).
Risk statement
The epidemic development is less than expected, the macro economy is less than expected, infrastructure investment is less than expected, raw material prices rise, and Global trade conflicts intensify
