Affected by the sharp rebound of China concept stocks, the Shanghai and Shenzhen stock markets opened higher today (March 16). At the beginning of trading, the stock index fell rapidly and maintained the pattern of repeated shocks. Near noon, the stock index stabilized, and then gradually rose and strengthened.
From the disk point of view, the trend of pharmaceutical stocks is weakening, the brokerage sector is rising, some industries and concept sectors such as tourism, aviation, film and television are revived, and the local profit-making effect is rising sharply. Among the securities companies, Guosheng Financial Holding Inc(002670) , Shanghai Chinafortune Co.Ltd(600621) limit, Gf Securities Co.Ltd(000776) , China International Capital Corporation Limited(601995) , Tianfeng Securities Co.Ltd(601162) , etc. all strengthened; In the East West calculation sector, Shenzhen Envicool Technology Co.Ltd(002837) , Mcc Meili Cloud Computing Industry Investment Co.Ltd(000815) limit, Yimikang Tech.Group.Co.Ltd(300249) , Dr.Peng Telecom&Media Group Co.Ltd(600804) , Leon Technology Co.Ltd(300603) , etc. are outstanding.
Shanxi Securities Co.Ltd(002500) said it was suggested to maintain defense, lengthen the cycle, wait for the market sentiment to stabilize after the bad situation is exhausted, and drive the recovery of the economy. In this process, it is suggested to focus on the counterattack potential of the undervalued sector of the market, as well as the high boom track stocks with strong industrial logic support and expected to accelerate the repair after fully digesting the valuation.
At present, under the background of scattered A-share hotspots and intensified sector rotation, possible investment opportunities are hidden. Select some institutional research reports. Let’s see what themes are available for reference.
[theme 1] securities companies
Previously, Central China Securities Co.Ltd(601375) pointed out that the brokerage index has been in a state of oversold. First, observe whether it can effectively stop the decline. If the decline can be effectively stopped, the securities sector is expected to have a restorative market, but the overall trend of weak shock consolidation will remain. It is expected that the brokerage sector will still focus on the structural market, and the scope and strength depend on the overall performance of the sector.
BOC International securities mentioned that the deepening reform of the capital market continued to advance, the undervalued value was more firm and bullish on securities companies. The recent decline of securities companies is mainly affected by overseas tightening expectations, the instability of the international situation, and the cooling of the A-share market and public fund market. Despite the emotional fluctuations caused by changes in the external environment, the continued deepening reform of the capital market is good for securities companies in the long run.
The agency further analyzed and continued to recommend the trademarks of leading and financial management characteristic bonds in combination with favorable policies, performance differentiation and long-term growth drivers: 1) the reform of registration system is imminent, improve the marketization level of capital market, and bring more opportunities to head investment banks with strong comprehensive ability and their direct investment and follow-up business. Market fluctuations will lead to significant differentiation of investment business, and the trading mode of head securities companies is expected to bring more stable performance.
2) although market fluctuations may lead to a temporary decline in the scale of public fund management business and consignment business in the wealth management industry chain, residents’ wealth continues to accumulate, the policy of “housing without speculation” is unswerving, and the growth trend of wealth management demand for maintaining and increasing residents’ wealth remains unchanged, which can still bring long-term growth contributions to securities companies.
Northeast Securities Co.Ltd(000686) pointed out that the securities sector adheres to the valuation logic from cycle to growth. With the deepening reform of the capital market, the sector may welcome valuation repair. Recommend Citic Securities Company Limited(600030) , a leading securities firm that goes out of the bear market structure and continues to benefit from the improvement of the capital market environment; Recommend companies with flexible performance in asset management and wealth management, such as Orient Securities Company Limited(600958) , China Industrial Securities Co.Ltd(601377) ; It is suggested to pay attention to the progress of Beijing Compass Technology Development Co.Ltd(300803) becoming an investor in the bankruptcy reorganization of wechat securities; It is recommended to pay attention to China Securities Co.Ltd(601066) (H shares), and the insurance sector is recommended to pay attention to Ping An Insurance (Group) Company Of China Ltd(601318) .
[Topic 2] calculation from the east to the West
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.
The agency further analyzed that “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 computers, communications, 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.
Huaxi Securities Co.Ltd(002926) pointed out that China West Construction Group Co.Ltd(002302) data center has many advantages: sufficient energy supply, suitable climate conditions, low electricity price and land cost, sufficient energy consumption indicators, etc. The implementation of “counting from the east to the west” is conducive to improving the overall computing power of the country on the one hand; On the other hand, it is conducive to promoting green development and driving the development of relevant industries in the West.
[Topic 3] delivery logistics
China International Capital Corporation Limited(601995) mentioned that the adjustment of diagnosis and treatment plan may help to partially alleviate the medical pressure and provide guarantee for the repair of long-distance travel under the epidemic situation. We believe that this adjustment has optimized and supplemented the methods of detection, admission, treatment and release of isolation, which may help to reduce the pressure on the medical system and reduce the impact on Residents’ travel.
The agency further analyzed that in the long run, under the continuous low operation, the future supply and demand recovery of the industry is highly uncertain. The full price increase of China’s economy class and the high ticket price elasticity that may be brought about by the slow liberalization of the international line are expected to drive the aviation profit to exceed expectations. Air china-h, China Eastern airlines-h, spring and autumn, Jixiang and AVIC letter are recommended, and it is recommended to pay attention to the A shares of Da Hang.
For the express industry, Citic Securities Company Limited(600030) said that April to May is expected to be the key observation window of price, and we are optimistic that the second stage of policy driven express price repair in 2022 will continue. Every 10% increase in oil price corresponds to an increase in the single ticket cost of the first three companies of Tongda department by about 1 point ~ 1 point and 2 points. Under the background of stricter policies, the cost pressure is expected to be transmitted to the price side. The continuous promotion of e-commerce recommendation and the obvious advantages of e-commerce in e-mail repair; After the painful period of capacity launch, there will be a performance return period, deducting S.F.Holding Co.Ltd(002352) , which is expected to increase significantly in non net profit in 2022.
[theme 4] tourist hotel
China International Capital Corporation Limited(601995) pointed out that based on the current dynamic clearing epidemic control measures, the recovery of inter provincial tourism continues to be under pressure, but the recovery is expected to rebound under the general trend of control measures or optimization.
We are optimistic about the long-term upgrading of China’s tourism industry (from sightseeing tourism to leisure tourism), and there is considerable potential for high-quality leaders.
The agency further analyzed that it is optimistic about China Tourism Group Duty Free Corporation Limited(601888) , the leading consumer with high growth certainty in the long term; Catering focuses on Helen’s, jiumaojiu and Yum China; Pay attention to the resilience of hotel tourism recovery. The three hotel leaders Huazhu, Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Btg Hotels (Group) Co.Ltd(600258) , tourism leader Fosun tourism culture, China Cyts Tours Holding Co.Ltd(600138) , Songcheng Performance Development Co.Ltd(300144) .
Orient Securities Company Limited(600958) said that in the past two weeks, the epidemic situation in many parts of the country has rebounded on a large scale. The joint prevention and control mechanism of the State Council held a teleconference on the 12th, adhered to the general strategy of “external defense input and internal defense rebound” and the general policy of “dynamic clearing”, took decisive measures to control the local concentrated epidemic situation as soon as possible, and resolutely held the bottom line of no large-scale rebound of the epidemic situation; At the same time, the monitoring mode of “antigen screening and nucleic acid diagnosis” is popularized, and the masses can purchase the detection by themselves, which is conducive to early detection and improve the sensitivity of monitoring and early warning. We believe that under the current situation, antigen detection is mainly a supplement to the existing epidemic prevention system. The probability between epidemic prevention policy adjustment and Omicron’s counterattack is a long-term tug of war. From the perspective of absolute income, the short-term correction of sector targets is still a configuration opportunity.
