Industry core view:
Last week, it fell 1.94% behind the Shanghai and Shenzhen computer industry index, ranking 610.0% behind the Shanghai and Shenzhen computer industry index. We believe that the medium and long-term positive trend of the market remains unchanged. We recommend investors to pay attention to high-quality targets with strong performance certainty, and recommend high-profile segments such as industrial Internet, industrial software, information innovation, intelligent driving and network security.
The state owned assets supervision and Administration Commission of the State Council established the science and technology innovation Bureau: the state owned assets supervision and Administration Commission specially established the science and technology innovation bureau to guide the scientific and technological innovation and digital transformation of state-owned enterprises, which is expected to increase the investment of state-owned enterprises in technology R & D and digital transformation. The R & D investment and digital degree of state-owned enterprises may become the key assessment indicators of the state-owned assets supervision and Administration Commission. On the other hand, most central enterprises and state-owned enterprises are traditional enterprises, and their informatization and digitization capabilities are relatively weak. They usually choose to promote digital transformation with the help of IT technology enterprises, which is expected to bring new demand and income to downstream IT manufacturers.
The opening of the country’s first road network level intelligent Expressway supporting high-level automatic driving: according to the technical route of China’s intelligent Internet connected vehicles, the realization of high-level automatic driving needs to be based on vehicle road coordination. The opening of China’s first road network level intelligent Expressway supporting high-level automatic driving provides a test environment for L4 level automatic driving and a pilot for the development of vehicle road coordination in China, It is expected to accelerate the landing progress of China’s high-level automatic driving.
The valuation of the industry is lower than the historical center, and the attention of the industry increases: the average trading volume last Sunday was 70.511 billion yuan, and the trading activity increased. From the perspective of valuation, PE (TTM) of SW computer industry has been adjusted to 38.09 times, 50.57 times lower than the historical average since 2016, and the industry valuation is lower than the historical central level.
Last week, the performance of the computer sector was relatively concentrated: 89 stocks rose, 209 stocks fell, and 2 stocks were flat. The number of rising stocks accounted for 29.67%.
Investment suggestion: with the new infrastructure as the core, accelerate the process of cloud, intelligence and digitization of enterprises. Investors are advised to pay attention to high-quality targets with strong performance certainty under the high-profile sector. From the market and valuation of 2021q1-q4, the valuation of the computer industry has rebounded at the bottom. From the configuration of fund positions in 2021q4, the configuration of the computer industry is still low. From the performance of 2021q1-q3, artificial intelligence, information innovation, construction informatization, cloud computing and other fields perform well. It is suggested to focus on the changes of company orders and capital expenditure in relevant fields. We mainly recommend the fields of industrial Internet, industrial software, information innovation, intelligent driving and network security.
Risk factors: global geopolitical risk, technology promotion fails to meet expectations, and Industry IT capital expenditure is lower than expected.
