Summary:
chemical industry
In this period, CITIC basic chemical industry index rose 3.71%, outperforming Shanghai stock index by 3.11 percentage points, outperforming Shanghai and Shenzhen 300 index by 3.32 percentage points, ranking third among 30 CITIC primary industries. Suggested attention: Pesticide plate and modified plastic plate.
Risk tip: the price of raw materials fluctuates sharply, the price of products drops sharply, and the strength of environmental protection policies is lower than expected. lithium
medicine
Market review: in this period, the pharmaceutical industry rose 3.16% as a whole, and the Shanghai and Shenzhen 300 rose 0.39% in the same period; The overall strength is stronger than the market. Investment suggestion: it is suggested to pay attention to the API plate, CXO plate, pharmacy plate, medical device and traditional Chinese medicine plate in the field of pharmaceutical services. In addition, it is recommended to pay attention to companies related to covid-19 specific drugs.
Risk tip: the epidemic development exceeded expectations
media
Focus on: 1) the game sector. According to Gamma data, the scale of China's game market will be 296.5 billion yuan in 2021, continuing to maintain steady growth; The growth of game going to sea is good, with a year-on-year increase of 16.6%, which is expected to become a new source of performance growth for Chinese game companies. Yang Fang, deputy director of the Publishing Bureau of the Publicity Department of the CPC Central Committee, stated at the 2021 annual meeting of China's game industry that she would continue to adhere to the pace of games going to sea, continue to strengthen the prevention of minors' addiction, and follow up the development of new formats such as yuancosmos. However, the latest news of the unpublished version number still needs to wait. For the game sector, it is recommended to grasp the main lines such as sea going strategy, cloud games, product cycle and VR / ar. As a content industry with supply driving demand, games recommend head companies with strong R & D capabilities. 2) The 2022 Spring Festival is coming. There are films such as super family, miracle, four seas and sniper. With reference to the excellent performance of the 2021 spring festival film market, the 2022 Spring Festival is worth looking forward to and pay attention to the cinema and content leading companies.
Risk tips: repeated epidemic situation and virus mutation risk; The tightening of regulatory policies exceeded expectations; Intensified market competition; Goodwill impairment risk; The quality of output content is lower than expected; The characteristics of project system lead to unstable performance.
signal communication
The communication sector performed well in this period, with the communication (CITIC) index rising by 1.5%, underperforming the Shanghai and Shenzhen 300 index (0%) in the same period, ranking 12th among the 30 CITIC primary industries. 5g user penetration continues to increase, the number of infrastructure construction continues to increase, and operators pay more attention to the coverage of 5g construction. At the same time, under the background of cloud computing, wearable devices and the interconnection of everything, the demand for the upgrading of servers and switches in data is spawned, and the demand for high-quality data communication related PCB products is expected to be released. It is recommended to focus on four sectors: operators, main equipment manufacturers, PCB and Internet of things.
Risk tips: 1) the Internet of things is not playing as expected; 2) 5g construction progress is less than expected; 3) Sino US science and technology game uncertainty.
household electrical appliances
This week, CITIC's home appliance industry index rose 3.26%, ranking third in CITIC's first-class industry classification. It is suggested to pay attention to the white electricity and small household appliances sectors that are expected to continue to benefit from the improvement of domestic sales in the short term, as well as the investment opportunities of the head targets in each subdivision track.
Risk warning: repeated epidemic situation; Market demand is less than expected; Industry competition pattern intensifies; Risk of continuous fluctuations in raw material prices, shipping costs and exchange rates.
