White horse, the first-line leader: the fundamentals of liquor continue to improve, and pay attention to the market that makes a good start
Baijiu: the fundamentals are still improving, and we will be optimistic.
Last week: the Baijiu plate fell 5.93% weekly, the main reason for the current is in the basic good, but the expected higher stage, trend capital game Moutai price rise time lag superimposed earlier or higher, making the plate stage fluctuations.
Current view: normal callback under high expectation, and continue to pay attention to the good start market.
Recommended this week: Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809)
Clothing Faucet: the adjustment has been in place
Performance last week: the bottom of high-quality clothing rose slightly, mainly due to the full adjustment in the early stage.
Current view: under the background of the downward trend of social zero data, the valuation of strong alpha companies (Li Ning, Tebu, Bosideng and Anta) with improved product end, upward brand strength and continuous improvement of terminal retail channels has been adjusted in place & the performance has sustained growth.
Highlight this week: Tebu International
Post real estate cycle: under the expectation of stable growth policy, the valuation is reasonably returning
Customization & Software Home: leading business α Prominent attributes + stable growth policy landing expectation to promote valuation repair
Performance last week: household goods performed well last week, up 3.36%, surpassing the market; Due to the expectation of stable growth policy, the valuation returns reasonably.
Current view: the expansion progress of leading home furnishing enterprises against the trend is stronger than expected, and the alpha of self-employed management is prominent ( Jason Furniture (Hangzhou) Co.Ltd(603816) promotion of regional retail center, Qumei’s introduction of war investment to vigorously develop the stiles brand, Xlinmen Furniture Co.Ltd(603008) sustained and rapid channel growth, Suofeiya Home Collection Co.Ltd(002572) product and channel changes brought by new management, etc.) superimposed with the expectation of continuous implementation of stable growth policies, The valuation is expected to return to the historical normal level (20 / 25X PE in 22 years).
Recommended this week: Jason Furniture (Hangzhou) Co.Ltd(603816) , Qumei Home Furnishings Group Co.Ltd(603818)
Household appliances: grasp the two main investment lines of “expansion of leading advantages” & “high growth of emerging categories”
Last week’s review: last week, the SW home appliance index rose 1.67%, with significant excess returns of Hangzhou Robam Appliances Co.Ltd(002508) (+ 4.44%), Gree Electric Appliances Inc.Of Zhuhai(000651) (+ 4.02%) and Haier Smart Home Co.Ltd(600690) (+ 3.10%).
Current view: the emerging category (central air conditioning, integrated stove, dishwasher, clothes dryer, etc.) industry continues the high growth trend; The market share of traditional white electricity leaders continues to increase, and the growth is due to high-end and globalization. The biggest elasticity in 2022 comes from the cost side. At present, the most pessimistic expectation is now + the expectation of stable growth policy, and we are optimistic about the investment opportunity with positive yield in 2022.
Recommended this week: Hangzhou Robam Appliances Co.Ltd(002508) , Haier Smart Home Co.Ltd(600690)
Emerging consumption: the global short-term traffic continues to increase in volume, and the new regulations on cosmetics are conducive to compliance
Short term Transportation: the global market continues to increase in volume, and domestic leaders hope to welcome both volume and price
Last week’s performance: Hl Corp (Shenzhen)(002105) (+ 10.26%), company 9 – WD (+ 7.04%), and Zhejiang Cfmoto Power Co.Ltd(603129) (+ 5.55%).
Current view: Green Travel & Electrification & the epidemic situation promotes the large volume of personal short transportation vehicles (bicycles, balance cars, scooters, electric two wheeled vehicles, etc.) in the world. Due to the advantages of supply stability, the orders of bicycles in mainland China are increasing, and the supply of bicycle parts, assembly, OEM and other links is in short supply. The leading concentration is expected to be further improved, and the revenue & profit margin is expected to rise.
Focus this week: company 9, Hl Corp (Shenzhen)(002105)
