Today (March 9), Shanghai and Shenzhen stock markets came out of the bottom recovery pattern. The three major A-share indexes opened higher in the morning, fluctuated lower rapidly at the beginning of the session, and refreshed yesterday’s low again. In the afternoon, they maintained an obvious downturn and further accelerated the bottom. Near the end of the session, bank stocks made efforts and subject stocks rose, which stimulated the stock index to stabilize and recover, and the decline converged greatly. In the end, the three major indexes closed down slightly.
In this regard, Central China Securities Co.Ltd(601375) pointed out that investors are advised to watch more and move less. They should not rush to copy the bottom and wait patiently for the signal of the periodic bottom of the market to be clear before considering going long.
At the same time, Guosheng securities also said that it is appropriate to see more and move less, control positions and wait for the market stop signal. We can pay attention to the timing of the layout of sectors with high performance growth expectations, such as semiconductors, new infrastructure and new power, or it can be a good choice under the current market.
sector:
I. East West calculation
Sealand Securities Co.Ltd(000750) indicates that in “counting from the east to the west”, the “number” refers to the data, and the “calculation” refers to the computing power, that is, the processing capacity and computing capacity of the data. Computing power, like water conservancy in the agricultural era and electricity in the industrial era, has become the core competence of the development of digital economy. Generally speaking, “counting from the east to the west” is to develop a data center in the western region and put the data and demand generated by economic activities in the eastern region into the western region for calculation and processing.
“Counting from the east to the west” is the category of new infrastructure, which will benefit enterprises in relevant industrial chains, especially bring obvious development opportunities to information technology enterprises such as computer, communication, optoelectronic devices, basic software, network security, cloud computing and big data.
For example, many data centers need to be built for the East digital West computing project, which often needs many high-performance computers, chips, communication facilities, etc. For example: 1) data center supplier: a third-party data center manufacturer with clustered data center operation and maintenance experience and sufficient later expansion capacity; 2) Optical communication supplier: high speed optical module or g-pon related stocks; Optical fiber and cable related stocks; 3) Hardware equipment manufacturers such as servers: realize technological innovation and mode innovation such as heterogeneous computing power integration, cloud network integration and data security circulation; 4) Digital industrial application; 5) Data security protection.
Xiangcai securities mentioned that in 2020, the scale of China’s digital economy was US $5.4 trillion, ranking second in the world, with a growth rate of 9.6%, ranking first in the world. At present, the scale of China’s data center has reached 5 million standard racks, and the computing power has reached 130 eflops According to the prediction of the high technology department of the national development and Reform Commission, with the comprehensive and continuous penetration of digital technology into all economic and social fields, it will still grow rapidly at a rate of more than 20% every year. In 2020, the market scale of China’s Internet Data Center (IDC) has reached 223.8 billion yuan, a year-on-year increase of 43.3%.
The agency further analyzed that with the continuous breakthroughs in modern information technologies such as the Internet, big data, artificial intelligence and cloud computing, the digital economy is advancing in an all-round way in China. As the core productivity of the digital economy, computing power will be the new focus of the next global strategic competition. The positioning of the data center has changed, from information service and Internet to infrastructure for the whole society, and gradually towards openness. In order to effectively support the digital transformation in various fields and provide new momentum for high-quality economic and social development. Through the East-West layout of computing facilities, it can drive the effective transfer of relevant industries and inject new impetus into the transformation and development of the western region. “Counting from the east to the west” is not only a landing project for the development of digital economy, but also an important item of new infrastructure. It will become an important starting point for steady economic growth.
Huaxi Securities Co.Ltd(002926) said that Chinese IDC enterprises and enterprises related to the industrial chain are expected to benefit: 1) IDC leaders Shanghai Baosight Software Co.Ltd(600845) , Beijing Sinnet Technology Co.Ltd(300383) , Guangdong Aofei Data Technology Co.Ltd(300738) , Shanghai Athub Co.Ltd(603881) , IDC enterprises with layout in the West Mcc Meili Cloud Computing Industry Investment Co.Ltd(000815) (Ningxia), Capitalonline Date Service Co.Ltd(300846) (Gansu). 2) Server beneficiary Enterprises: Dawning Information Industry Co.Ltd(603019) , Inspur Electronic Information Industry Co.Ltd(000977) . 3) Domestic operating system field: China National Software And Service Company Limited(600536) , Archermind Technology (Nanjing) Co.Ltd(300598) . 4) Domestic CPU chip field: China Greatwall Technology Group Co.Ltd(000066) . 5) Domestic GPU graphics card field: Changsha Jingjia Microelectronics Co.Ltd(300474) .
II, coal
Zhongtai Securities Co.Ltd(600918) said that the tight international coal supply has pushed up the international coal price, even exceeding the high point in 2021, constantly breaking the record high, forming support for China’s coal price, and the industry as a whole will maintain a high boom. In terms of individual stock recommendation, companies with a high proportion of long-term association have more stable performance growth, companies with a high proportion of coal in the market have more attractive valuation, and companies with large coal advantages or production growth logic have strong competitiveness α In addition, coal stocks that actively layout energy transformation will also get the opportunity to improve their valuation.
Everbright Securities Company Limited(601788) pointed out that it is suggested to pay attention to the configuration value of the coal sector. We expect that the quarterly average net profit of thermal coal enterprises in 2022 will remain at the average level of the third and fourth quarters of 2021. According to the closing price on March 7, the dynamic PE of most thermal coal enterprises in 2022 is about 7 times; The average net profit of coking coal and anthracite enterprises in the quarter of 2022 will be close to the profit level in the fourth quarter of 2021, corresponding to a dynamic PE of about 7.56 times in 2022 The net profit of power coal enterprises will increase by 27% – 88% and that of coking coal and anthracite enterprises will increase by 20% – 73% for each subsequent increase of 100 yuan / ton of power coal (corresponding increase of 220 yuan / ton of coking coal). It is suggested to pay attention to the allocation value of coal sector. Considering the valuation, flexibility, dividend yield and product added value, it is recommended to pay attention to Jizhong Energy Resources Co.Ltd(000937) , Jinneng Holding Shanxi Coal Industry Co.Ltd(601001) , Shanxi Coal International Energy Group Co.Ltd(600546) , Shan Xi Hua Yang Group New Energy Co.Ltd(600348) .
Guosheng securities mentioned that after entering the off-season of demand in March, coal prices may show a seasonal downward trend. However, if the problem of low coastal inventory cannot be effectively solved, the coal price may rise again after the periodic decline. In addition, China will still be based on the basic national conditions dominated by coal, and traditional energy will not withdraw too soon. Under the background of limited space for tapping the potential of new production capacity and stock, the rise of coal price center will contribute to the stable release of performance and valuation repair of coal enterprises. In addition, the increase of Hong Kong coal stocks in this round is much higher than that of a shares, which also reflects that under the macro environment of the Federal Reserve’s interest rate hike, foreign capital pursues the target of high dividend, and the subsequent A shares are expected to catch up.
The agency further analyzed, adhered to the core assets, and was optimistic about the valuation repair of high long-term association and high score red coal enterprises. The key recommendations are: China Shenhua Energy Company Limited(601088) , China Coal Energy Company Limited(601898) , Shaanxi Coal Industry Company Limited(601225) , Pingdingshan Tianan Coal Mining Co.Ltd(601666) . In addition, the transformation of traditional energy enterprises under the goal of “double carbon” is worth looking forward to. The key recommendations are power investment energy (green power), Shan Xi Hua Yang Group New Energy Co.Ltd(600348) (energy storage), Huaibei Mining Holdings Co.Ltd(600985) (new materials and green power), Yankuang energy (new materials and green power), Shanxi Meijin Energy Co.Ltd(000723) (hydrogen energy) and China Xuyang group (hydrogen energy). Actively layout the national reform in Shanxi, and focus on recommending Jinneng Holding Shanxi Coal Industry Co.Ltd(601001) , Shanxi Coking Coal Energy Group Co.Ltd(000983) , with expected asset injection.
one drawing summary:
