Macroeconomic: in the short term, various uncertainties have increased significantly. It is suggested to wait and see and grasp the opportunity of stock market oversold rebound in time. The underestimated value is still relatively dominant, but the structure is differentiated or enters the middle and late stage. Treasury bond yields may fluctuate at a low level in the current range, and it may take some time for the market to repair economic expectations.
Utilities: under the background of energy supply and price stability, coal price is expected to be controlled in a reasonable space. At the same time, with the reform of power market, it is possible for coal-fired power generation enterprises to fully transmit the change of fuel cost through market-oriented means. Coal fired power generation enterprises are expected to end their losses and enter a new profit cycle. We maintain the industry’s “optimistic” investment rating and recommend paying attention to power operators with good cash flow. Recommend Huaneng Power International Inc(600011) , Huaneng Lancang River Hydropower Inc(600025) , Sichuan Chuantou Energy Co.Ltd(600674) , China Yangtze Power Co.Ltd(600900) , Huaneng Power International Inc(600011) electric power, Datang new energy and other companies.
Nonferrous Industry: affected by geopolitics and external capital factors, LME nickel price soared, with an intraday maximum of US $101365 / ton. Subsequently, LME announced the suspension of nickel trading. As Ukraine claimed to consider compromise and there were signs of easing the conflict between Russia and Ukraine, industrial metal prices rose first and then fell this week. On the demand side, with the arrival of the traditional peak consumption season, the recovery of downstream demand is worth looking forward to; In the context of steady growth, we continue to be optimistic about the price of industrial metals.
Media industry: in the global revenue list of Chinese mobile game publishers released by sensortower in February, the interaction between Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) and Zhejiang Century Huatong Group Co.Ltd(002602) has achieved another success. We are optimistic about A-share game leaders and inject performance vitality through category innovation and sea development.
Pharmaceutical industry: covid-19 antigen detection application scheme was released, and the network channels of grass-roots medical treatment and pharmacies were fully opened. Antigen detection is suitable for large-scale primary screening and is conducive to improving the ability of “early detection”. Five covid-19 antigen detection products have been launched in China in professional and self-test versions. It is suggested to pay attention to the high-quality companies in the antigen detection industry chain Guangzhou Wondfo Biotech Co.Ltd(300482) , Nanjing Vazyme Biotech Co.Ltd(688105) , Sino Biological Inc(301047) , Acrobiosystems Co.Ltd(301080) , etc.
Light industrial textile clothing: combing the “315” packages of customized furniture enterprises and observing the “whole family” upgrading of the industry: approaching the “315” promotion season, Oppein Home Group Inc(603833) , Suofeiya Home Collection Co.Ltd(002572) , Jason Furniture (Hangzhou) Co.Ltd(603816) respectively launched new packages of 29800 yuan / 39800 yuan / 49800 yuan, while Zbom Home Collection Co.Ltd(603801) and Goldenhome Living Co.Ltd(603180) also launched a variety of packages, setting off an upsurge of industry marketing. On the whole, the 315 promotion of head customized furniture enterprises mostly focuses on the field of whole family and whole house customization, and the package content pays more attention to the matching sales with soft furniture, supporting household products and household appliances, so as to provide consumers with one-stop home decoration and home service that saves worry and effort. We are optimistic that, driven by the continuous upgrading of category integration, the joint order rate and customer single value of customized furniture enterprises will increase steadily. From the comparison of packages between head enterprises and non head enterprises, head enterprises have obvious advantages in package price, cooperative brand awareness, activity intensity and so on. We believe that the whole industry has been upgraded, and the requirements for customized furniture enterprises in terms of product strength, brand strength and category number have been raised again. Non leading enterprises are limited by their own brand influence, and leading software furniture and home appliance brands are more inclined to cooperate with leading enterprises, superimposing a limited number of their own categories, Multi category integration, insufficient sales capacity and other factors can not keep up with the upgrading pace of the whole head enterprise, and the industry concentration is expected to accelerate. It is suggested to pay attention to the customized furniture head enterprises Oppein Home Group Inc(603833) , Suofeiya Home Collection Co.Ltd(002572) , Zbom Home Collection Co.Ltd(603801) , Goldenhome Living Co.Ltd(603180) ; And China’s leading soft furniture maker with smooth customization business Jason Furniture (Hangzhou) Co.Ltd(603816) .
