Main points:
The antitrust working conference made it clear that antitrust promotes economic development and helps China’s big cycle from “phased achievements” to “obvious achievements”. The policies are gradually implemented and the business uncertainty of enterprises is gradually enhanced. On March 17, the anti-monopoly work conference of the national market supervision system was held, which made it clear that the anti-monopoly work in the past has achieved results. In addition to the increasing predictability of antitrust regulation, the policy warmth in the field of platform economy continues, and market concerns are expected to be gradually relieved. On March 16, the meeting of the finance committee pointed out that we should maintain the smooth operation of the capital market and actively introduce policies conducive to the market; In terms of platform economy, we should steadily promote and complete the rectification of large platform companies as soon as possible, and set red and green lights to promote the stable and healthy development of platform economy and improve international competitiveness.
Multifactor concerns have brought short-term disturbances, and the long-term logic of fundamentals has not changed
On March 16, at the meeting of the finance committee, it was pointed out that China and the United States have maintained good communication and made positive progress in the aspect of Chinese concept shares, and are committed to forming specific cooperation plans. The Chinese government will continue to support all kinds of enterprises to list abroad. The short-term disturbance of the epidemic also raises concerns. There may be an impact on offline consumption scenes. Scenes such as buying fresh vegetables will usher in the online transfer of demand, and the single quantity is expected to be driven. Throughout the year, the demand is still strong and resilient.
Many fields are encouraged by policies, and many head platform enterprises have layout
Yuancosmos, going to sea, industrial empowerment of platform enterprises and hard technology are more areas encouraged by policies at present. Yuancosmos is optimistic about companies with cloud computing, game development and distribution capabilities, AI and related hard technology layout; In the field of internationalization, short videos, games and cross-border e-commerce have reflected new growth potential; Industry empowerment low code based on cloud computing is expected to speed up; Hard technology is expected to cooperate with the company’s original business, enhance the national scientific and technological strength and create social value.
Investment advice
In the short term, with the policy predictability and operational certainty gradually increasing, the market’s concerns are expected to be gradually eliminated and the valuation repair market is expected to usher in; The medium-term policy helps to promote the supply side prosperity of the platform economy and feed back the high-quality growth of the platform; The layout of long-term going to sea, industrial empowerment (such as low code, cloud computing, etc.), hard technology and meta universe is expected to inject new growth space into the company.
Suggestions and concerns: Tencent (0700. HK): Based on a stable social network, the layout is comprehensive, and it is expected to enable the industry; Meituan (3690. HK): the leader in the field of catering takeout and in store, giving consideration to efficiency and fair access to growth; Kwai 1024.HK: traffic dividends are still stable and the user base is stable, advertising and electricity providers are growing at a high speed; Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) ( Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) . SZ): the globalization strategy is stable, the overseas issuance capacity continues to be confirmed, and it is expected to fully enjoy the dividend of going to sea.
Risk tips
Macroeconomic downturn; Policy supervision risk; Geopolitical risk
