Investment summary:
Event: on March 16, the financial stability and Development Commission of the State Council held a special meeting. The meeting gave a clear response to the problems of macroeconomic operation, real estate enterprises, zhonggai shares, platform economic governance, stability of Hong Kong’s financial market and other issues of general concern in the market, releasing a clear signal of “maintaining economic operation within a reasonable range and maintaining the stable operation of the capital market”. The policy has been realized.
Loose liquidity + the end of the policy will promote a strong rebound in the computer sector and be optimistic about digital energy and digital currency.
The valuation center is expected to rise. As a typical growth sector with high performance growth rate, the valuation system and overall trend of computer are highly sensitive to China’s liquidity. Since 2021, the marginal easing trend of market liquidity is obvious, and the overall value of superimposed computer sector has been underestimated in history. We believe that there is room for the overall upward trend of the valuation center of computer industry;
The end of the policy has been realized. In terms of stabilizing growth, it once again emphasizes “adhering to economic construction as the center”. In terms of policy expectations, it emphasizes that “relevant departments should earnestly shoulder their responsibilities, actively introduce policies beneficial to the market and prudently introduce contractive policies. They should respond to hot issues concerned by the market in a timely manner. Any policies that have a significant impact on the capital market should be coordinated with the financial management department in advance to maintain the stability and consistency of policy expectations;
Investment strategy:
The demand for cost reduction and efficiency increase of power enterprises is increasing, and technology enterprises such as Huawei and ZTE have accelerated their entry into digital energy.
We believe that driven by the demand of power enterprises to reduce costs and increase efficiency, companies related to power information construction and digital energy system are expected to usher in a high prospect. We recommend Longshine Technology Group Co.Ltd(300682) ( Longshine Technology Group Co.Ltd(300682) . SZ), State Grid Information&Communication Co.Ltd(600131) ( State Grid Information&Communication Co.Ltd(600131) . SH), Foxconn Industrial Internet Co.Ltd(601138) ( Foxconn Industrial Internet Co.Ltd(601138) . SH). We suggest paying attention to Beijing E-Hualu Information Technology Co.Ltd(300212) ( Beijing E-Hualu Information Technology Co.Ltd(300212) . SZ, supplier of Blu ray software and hardware products) in Huawei’s energy industry chain Jiangsu Linyang Energy Co.Ltd(601222) ( Jiangsu Linyang Energy Co.Ltd(601222) .sh cooperates with Huawei to develop an energy storage system solution based on lithium iron phosphate energy storage battery).
Cross border payment enterprises in Zhejiang Province ushered in good news. On March 18, the central bank, together with the Zhejiang government and other units, issued the opinions on financial support for the high-quality development and construction of a demonstration area of common prosperity in Zhejiang, pointing out the need to promote banks to handle the collection and payment of foreign exchange for cross-border e-commerce with electronic documents, and support banks to provide richer cross-border settlement tools and products for cross-border e-commerce.
First of all, we believe that the third-party payment platform in Zhejiang Province will provide good financial services for customers on the basis of local financial chain (such as the third-party payment platform in Zhejiang Province), It is recommended to pay attention to Lakala Payment Co.Ltd(300773) ( Lakala Payment Co.Ltd(300773) . SZ), Xgd Inc(300130) ( Xgd Inc(300130) . SZ), Newland Digital Technology Co.Ltd(000997) ( Newland Digital Technology Co.Ltd(000997) . SZ).
Market review:
The performance of the computer industry decreased slightly last week. 3.14-3.18 the computer sector fell by nearly 1.55%.
The top ten gains in the computer sector spread to companies related to electronic licenses, smart cities, smart education and big data. Affected by the policy, the market hot spots turned to topics related to electronic licenses, smart cities, smart education and big data, with companies related to electronic licenses leading the rise.
Risk tips: market sentiment risk, policy landing less than expected, technology and actual construction landing less than expected, downstream demand risk, etc.
