On March 5, the fifth session of the 13th National People's Congress was held in Beijing. Premier Li Keqiang delivered a government work report. The government work report puts forward the outlook for the work in 2022. We think there are ten highlights worthy of investors' attention.
Highlight 1: there is pressure on the total amount target, and there are new references to the control of GDP, unemployment rate, household income and energy consumption.
Aspect 2: macro policy will have obvious force.
Focus 3: infrastructure investment may exceed expectations.
Highlight 4: the new energy industry chain may still maintain a high growth rate.
Five points: the industry is expected to rebound strongly after the epidemic cycle.
Aspect 6: continue to vigorously develop high-end manufacturing industry.
Highlight 7: continue to "live without speculation".
Aspect 8: focus on "peace" in diplomacy.
Investment strategy: from the content of the government work report, we think there are the following directions to focus on. First, focus on the continuous growth sector with falling valuation after market adjustment. Including new energy, semiconductor and military industry. These sectors are still the key industries supported by the state. At the same time, they are expected to continue to maintain double-digit industry growth in the next few years, while the valuation of relevant targets has fallen and the investment value is prominent. With the opening of the new year, investors' new growth expectations for these sectors are forming, with reasonable valuation and performance growth. At least they can make money for performance growth from these sectors. Second, it is related to the post epidemic cycle. Including covid-19 therapeutic drugs, commerce, tourism, aviation and other sector leaders.
Risk tip: the performance of relevant sectors is lower than expected.
