Deliver the A-share market information at the first time, observe the market trend, grasp the rise and fall logic and tap investment opportunities.
“policy bottom” has shown a rebound dominated by “value return”
With the landing of the Fed’s interest rate hike boots, the stock market continued to soar overnight. The closing prices of Tencent Holdings (00700. HK), Alibaba (09988. HK) and other ADRs were more than 10 percentage points higher than the closing price of Hong Kong stocks on March 16. There was no suspense about the high opening of A-Shares and Hong Kong stocks on March 17.
Industry insiders believe that when the “policy bottom” has been confirmed, the rebound market will be fully launched, “value return” will dominate the market promotion, and the subsequent “market bottom” is not far away.
China International Capital Corporation Limited(601995) analyst Liu Gang said that after several months of repeated expectation game and several reversals, the interest rate increase has finally landed. At this meeting, the Federal Reserve decided to raise interest rates by 25bp, starting the first interest rate increase since the interest rate increase cycle stopped at the end of 2018, which also made the tightening situation of central banks in developed countries more clear; At the same time, the meeting gave the path of interest rate increase in line with expectations (it is expected to raise interest rates six times in the year), and hinted that the table contraction may be opened in May. These decisions are basically in line with expectations.
Huaxi Securities Co.Ltd(002926) strategic analyst Li Lifeng said that China’s “policy bottom” has been basically proved, and A-Shares are expected to start a round of “oversold” rebound under the protection of policies. The meeting of the financial commission of the State Council, the “one bank, two sessions” and the statement of the Ministry of Finance on the reform of real estate tax are a set of policy combination boxing, which helps to repair the pessimism of investors. After the “policy bottom” is proved, the “market bottom” is not too far away. The Shanghai index may form a relatively solid bottom near 3000 to 3100, and A-Shares are expected to open a round of “oversold” rebound. The height and sustainability of the rebound depend on the sustainability of China’s care policies on the one hand; On the other hand, it depends on peripheral factors such as the pace of the Fed’s table contraction and geographical relations.
pharmaceutical sector broke out Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) , Shanghai Kaibao Pharmaceutical Co.Ltd(300039) and other products of the company were included in covid-19 pneumonia treatment plan
The pharmaceutical sector had a strong intraday trend on the 17th. As of press time, Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) , Shanghai Kaibao Pharmaceutical Co.Ltd(300039) “20cm” limit, China Meheco Group Co.Ltd(600056) , Tonghua Golden-Horse Pharmaceutical Industey Co.Ltd(000766) , Yabao Pharmaceutical Group Co.Ltd(600351) , Pku Healthcare Corp.Ltd(000788) , Jinghua Pharmaceutical Group Co.Ltd(002349) . It is worth noting that China Meheco Group Co.Ltd(600056) has risen by more than 170% since March 2, and Pku Healthcare Corp.Ltd(000788) has risen the limit for seven consecutive trading days.
On the news front, yesterday, Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) , Shanghai Kaibao Pharmaceutical Co.Ltd(300039) , Shandong Buchang Pharmaceuticals Co.Ltd(603858) and other disclosed that the company’s products were included in the national covid-19 pneumonia treatment plan 30 Guangdong Chant Group Inc(002616) , March 15th, the national health and Health Commission and the State Administration of traditional Chinese medicine jointly issued the New Coronavirus pneumonia diagnosis and treatment plan (trial version ninth). Xuebijing injection, the company’s product, is listed as the recommended medication for severe and dangerous cases in the clinical treatment period (confirmed cases).
Ping An Securities pointed out that the recent rapid spread in the world is mainly the Omicron variant strain, which has the characteristics of high infectivity and low mortality. According to the existing research data, the hospitalization rate of Omicron strain is 1.04%, only 1 / 3 of delta strain Therefore, the new diagnosis and treatment plan has made more adjustments for the characteristics that most patients with Omicron infection do not need too much treatment. The policy changes of classified admission of patients and home monitoring after discharge can effectively reduce the burden of medical resources.
The improvement of this set of prevention and treatment combination is conducive to solving the problem of medical run. Among them, the vaccine can provide the initial protection mechanism for the masses. Patients with symptoms can use the antigen kit to test at home, and patients can take covid-19 small molecule drugs after diagnosis, so as to further reduce the severe rate and solve the problem of medical resource run caused by patients’ hospitalization, It is expected that China will enter the strategic stage of actively attacking covid-19 this year and usher in the opportunity to gradually open its door.
Sinolink Securities Co.Ltd(600109) said that on the one hand, the adjustment of covid-19 diagnosis and treatment plan reflects China’s phased achievements in covid-19 detection, covid-19 specific drug research and approval, and the application of traditional Chinese medicine and other characteristic medical treatment. On the other hand, it also adapts to the changes of epidemic characteristics caused by mutant strains. At present, there are abundant R & D pipelines for covid-19 oral drugs and covid-19 vaccines in China. With the readout of clinical data of products under research and approval for listing, we will have a more perfect covid-19 prevention and treatment system. Continue to be optimistic about the main line of epidemic prevention and the advanced manufacturing direction of medicine, including detection and killing, vaccines and specific drugs, their R & D industrial chain, upstream supply chain, etc. It is suggested to focus on: Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Zhejiang Hisun Pharmaceutical Co.Ltd(600267) , Apeloa Pharmaceutical Co.Ltd(000739) , China Meheco Group Co.Ltd(600056) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , etc.
many ministries and commissions have made intensive statements, and the real estate stocks have raised the tide of limit trading. Institutional interpretation is coming
On March 17, the real estate development sector strengthened significantly. As of press time, Tianjin Tianbao Infrastructure Co.Ltd(000965) , Suning Universal Co.Ltd(000718) , Seazen Holdings Co.Ltd(601155) and other nearly 10 stocks rose by the limit, Jinke Property Group Co.Ltd(000656) , Hangzhou Binjiang Real Estate Group Co.Ltd(002244) and other stocks in the sector rose significantly, and nearly all stocks in the sector were red. According to Xinhua news agency, when answering reporters’ questions on the pilot real estate tax reform, the relevant person in charge of the Ministry of Finance said that the pilot real estate tax reform was carried out in accordance with the authorization of the Standing Committee of the National People’s Congress. Some cities have carried out investigation and preliminary research, but considering all aspects, there are no conditions to expand the pilot cities of real estate tax reform this year.
Ping An Securities believes that the voice of the regulators is conducive to strengthening the confidence to resolve industry risks in a timely and effective manner. It is expected that more stable real estate policies will be introduced in the future.
Sinolink Securities Co.Ltd(600109) pointed out that the statement on real estate at the special meeting of the Finance Committee of the State Council shows that the current government has realized the existence of risks in the real estate industry and intends to issue response plans in terms of “prevention” and “resolution”, highlighting its great importance. The continuous introduction of subsequent real estate relaxation policies is a high probability event, but short-term sales have not stabilized, superimposed the impact of the epidemic, or some real estate enterprises are still facing difficulties in debt payment. Considering the conservatism and excess return, we are optimistic about the real estate enterprises whose sales can achieve contrarian growth last year and this year.
Citic Securities Company Limited(600030) said that regulators fully understand the credit risks faced by real estate enterprises and attach great importance to resolving risks, which is the basic premise of the soft landing of the real estate market. The next few months are the key time window for ensuring the industry’s credit. Due to the city’s implementation of policies, the continued implementation of demand side support, the changes in real estate market sales and the development of mergers and acquisitions, it is worthy of close observation by investors.
Although some enterprises have defaulted, some enterprises are still facing the difficulty of debt extension, and some enterprises may face the challenge of shrinking the table, the policy is expected to strongly support the bottom demand, and there should be no systemic risk in the real estate industry.
semiconductor sector rises Shanghai Awinic Technology Co.Ltd(688798) and other high-power semiconductors have strong demand
On the 17th day of the 17th day of the day of the 17th day of the day of the 17th day of the day of the day of the day of the day of the day of the 17th day of the sector of the semiconductor sector of the sector of the 17 day of the day of the day of the 17th day of the day of the 17th day of the day of the day of the day of the 17th day of the day of the day of the 17th day of the day of the day of the day of the 17th day of the day of the 17th day of the sector of the sector of the semiconductor sector of the semiconductor sector of the 17 day of the sector of the sector of the sector of the semiconductor, as of the release, Beijing Haitian Ruisheng Science Technology Ltd(688787) Beijing Haitian Ruisheng Science Technology Ltd(688787) 87878787878798 bothstrengthened.
In terms of news, according to media reports, due to the strong demand for power semiconductors such as automotive MOSFETs and the full capacity of 6-inch chip foundry, as an outsourcing factory, Hanlei will comprehensively increase the quotation for the key customer Infineon by up to 50%. At the same time, it is expected to actively expand the capacity of the third generation semiconductor silicon carbide, and the shipment volume will grow in multiple levels this year.
Zhao Yi, an analyst at East Asia Qianhai securities, said that the trend of automobile electrification drives the rapid growth of IGBT demand. It is expected that the scale of IGBT in Shanxi Guoxin Energy Corporation Limited(600617) automobile market will reach 38.5 billion yuan in 2025. At present, the IGBT market is mainly occupied by large overseas factories, and the self-sufficiency rate of high-end products of Chinese enterprises is still low. Under the background of shortage and rising prices, the market share of local manufacturers may continue to increase.
The agency believes that the imbalance between supply and demand in the semiconductor industry has not been significantly alleviated. In the long run, the restoration of the balance between supply and demand is expected to be delayed until 2023, and the scale of the downstream demand industry of power semiconductors continues to expand. Among them, the rapid development of new energy vehicles, industry, renewable energy power generation and other fields will drive the continuous expansion of the market space of power semiconductors. At the same time, the domestic substitution trend is improving, and the domestic power semiconductor products represented by IGBT are accelerating into the golden development period. According to IHS data, the scale of China’s power semiconductor market is expected to reach US $18.270 billion in 2022, and the CAGR will reach 7.11% in 20182022. At present, China’s power semiconductor market is becoming more and more mature. As the world’s largest power semiconductor consumer, China’s market scale will maintain rapid growth with the continuous expansion of downstream application fields.
G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) and other online game concept stocks soared collectively
In the morning trading on March 17, online game concept stocks soared. As of press time, G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Perfect World Co.Ltd(002624) and other 4 stocks have risen by the limit, and 15 stocks such as Giant Network Group Co.Ltd(002558) , Kunlun Tech Co.Ltd(300418) and others have increased by the top.
According to China’s official account of the WeChat public, the Internet news, in order to build a healthy, civilized and orderly network environment, protect the physical and mental health of the minors, and protect the legitimate rights and interests of minors in cyberspace, according to the relevant legislative planning plan, the early March 14th National Internet Information Office drafted the “Regulations on the protection of minors’ Internet (Draft)” and made public comments.
Recently, Zhejiang Century Huatong Group Co.Ltd(002602) has received intensive research from several institutions, including Southwest Securities Co.Ltd(600369) , Cinda securities, Anxin securities, Tianfeng Securities Co.Ltd(601162) and other leading securities companies, which have given them “buy” ratings.
Caitong Securities Co.Ltd(601108) the latest research report gives Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) buy rating Caitong Securities Co.Ltd(601108) believes that Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) China’s overseas business is progressing smoothly, the profits of many new online games are gradually released, the flow of new games is growing steadily, the game reserves are abundant, and the profit expectation is relatively stable. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 2.827 billion, RMB 3.699 billion and RMB 4.207 billion respectively, EPS will be RMB 134, RMB 1.75 and RMB 1.99, and the corresponding PE will be 14.98, 11.44 and 10.06 times. For the first time, give a “buy” rating.
automotive power semiconductors have a maximum price increase of 50%, and the market share of IGBT of local manufacturers may continue to increase (with shares)
According to media reports, due to the strong demand for power semiconductors such as automotive MOSFETs and the full capacity of the 6-inch chip foundry, as an outsourcing factory, Hanlei will comprehensively increase the quotation for the key customer Infineon by up to 50%. At the same time, it will actively expand the capacity of the third-generation semiconductor silicon carbide. It is expected that the shipment volume will grow by multiple this year.
At present, the demand for automotive and industrial control power semiconductors continues to be strong. Infineon has a backlog of orders of more than 31 billion euros, and 80% of the demand is concentrated within 12 months, far exceeding the delivery capacity. Zhao Yi of East Asia Qianhai Securities said that the trend of automobile electrification drives the rapid growth of IGBT demand. It is expected that the scale of IGBT in Shanxi Guoxin Energy Corporation Limited(600617) automobile market will reach 38.5 billion yuan in 2025. At present, the IGBT market is mainly occupied by large overseas factories, and the self-sufficiency rate of high-end products of Chinese enterprises is still low. Under the background of shortage and rising prices, the market share of local manufacturers may continue to increase.
Among the related stocks, Zhongtai Securities Co.Ltd(600918) recommends Starpower Semiconductor Ltd(603290) . As the leader of domestic IGBT, the company fully benefits from the prosperity of the industry and domestic substitution; From the supply side, as a major customer of the wafer factory, the company is easier to obtain Capacity Guarantee and support the rapid growth of the business.
Founder Securities Co.Ltd(601901) recommended China Resources Microelectronics Limited(688396) . The company has accumulated a series of product lines in the fields of power semiconductors and independently developed IGBT process platform and corresponding modules. The manufacturing technology of the company’s IGBT products has been comprehensively improved to 8 inches, and 1200v40afs-igbt products have achieved mass production in the industrial field; The technical parameters of the new generation 650v40afs-igbt samples have reached the level of foreign benchmarking products, and samples have been sent to customers for evaluation.
