Today (March 25), the Shanghai and Shenzhen stock markets opened up and down. At the beginning of the trading, the stock index remained volatile at yesterday's closing point. Near noon, the three major stock indexes dived down in unison, and the weak adjustment pattern was at a glance.
From the disk point of view, the light index and heavy stock market reappeared, medicine and real estate stocks became the "main melody", and agriculture, animal husbandry, feeding and fishing, textile and clothing and other sectors rose suddenly. In the traditional Chinese medicine sector, as of press time, Guilin Layn Natural Ingredients Corp(002166) , Guizhou Bailing Group Pharmaceutical Co.Ltd(002424) , Jilin Jian Yisheng Pharmaceutical Co.Ltd(002566) , Shanxi Panlong Pharmaceutical Group Limited By Share Ltd(002864) , etc. rose by the limit; In the real estate development sector, Sanxiang Impression Co.Ltd(000863) , China Wuyi Co.Ltd(000797) , Tianjin Tianbao Infrastructure Co.Ltd(000965) , Cccg Real Estate Corporation Limited(000736) , etc. rose by the limit. It is worth mentioning that Shanxi Panlong Pharmaceutical Group Limited By Share Ltd(002864) has realized eight connected boards, and Tianjin Tianbao Infrastructure Co.Ltd(000965) has also realized eight connected boards. In addition, precious metals, decoration, meta universe, virtual digital man and other sectors also performed prominently.
Guosheng Securities believes that although the index has the demand to step back, the downward space is limited, and the gem refers to the short-term support around 2650. The market is in a low-level area. Under the expectation that monetary and credit policies will remain in a moderate state in the future and steady growth will continue to increase, whether the market is entering the market with incremental funds to break through the upward trend or ushering in benign technological adjustment, it is a window for strategic allocation at this stage.
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.
[Topic 1] Traditional Chinese Medicine
Capital Securities said that the latest version of the plan and the expert consensus on prevention and treatment of New Coronavirus pneumonia in Chinese medicine are recommended for different Chinese medicine according to the severity, stage and symptoms of TCM. It is suggested to pay attention to Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) , Chinese traditional medicine.
Shanxi Securities Co.Ltd(002500) also mentioned that the global epidemic has repeated twists and turns, remains high and has high uncertainty. "Drug + vaccine" is still an important measure for long-term anti epidemic in the future. In terms of covid-19 drugs, traditional Chinese medicine plays an important role in the prevention and control of covid-19 epidemic in China. Many traditional Chinese medicines have been selected into the latest version of diagnosis and treatment plan. It is suggested to pay attention to Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) and other relevant beneficiary listed companies Five Chinese enterprises, including Zhe Jiang Hua Hai Pharmaceuticalco.Ltd(600521) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , and Kyushu pharmaceutical, have been approved to imitate Pfizer covid-19 oral medicine. It is suggested to pay attention to listed companies directly benefiting from it and listed companies related to the industrial chain, such as Porton Pharma Solutions Ltd(300363) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) . In terms of vaccines, covid-19 vaccine has promoted the performance of many enterprises, and the valuation has been in a reasonable range through the preliminary adjustment. China has begun to implement sequential immunization. It is suggested to pay attention to covid-19 vaccine development listed companies, such as Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , etc.
Xiangcai Securities pointed out that with policy support, we believe that traditional Chinese medicine still has great investment opportunities. From the demand side, the rigid demand characteristics of the pharmaceutical industry and the upgrading of pharmaceutical consumption jointly support the steady growth of the demand of the traditional Chinese medicine industry. From the perspective of policy, a series of favorable policies have been formed to promote the innovation of traditional Chinese medicine, the development of formula particles, the support of medical insurance and payment policies, and the continuous addition of traditional Chinese medicine decoction pieces can not exceed 25%, bringing policy dividends and new demand to the traditional Chinese medicine industry.
The unique advantage of "preventing disease" brings development opportunities to the traditional Chinese medicine industry. From the perspective of performance, the traditional Chinese medicine industry has walked out of the low point and showed a marginal improvement trend. From the valuation side, the traditional Chinese medicine industry still has relatively obvious valuation advantages. "Policy + pharmaceutical consumption upgrading + performance improvement + valuation advantages" jointly build investment opportunities for the traditional Chinese medicine industry. Cost promotion constitutes a short-term driving factor. It is suggested to pay attention to the areas of policy encouragement and policy haven.
[Theme 2] real estate development
Capital Securities said that the high-level statement released positive signals and the policy window period came. At present, the downward trend of industry fundamentals continues. In the first half of March, the sales area of high-frequency data decreased by 50.1% year-on-year, the de urbanization rate of new opening decreased significantly to 34%, and the de urbanization cycle of key cities increased significantly. Some private real estate enterprises are facing the pressure of debt payment in the short term, and there is a serious lack of confidence at both ends of supply and demand. At present, it is urgent to control the real estate risk. The high-level meeting made it clear that it is important to deal with the industry risk. To open up the industry liquidity chain, we should take the lead in seeing the recovery of sales, and the restoration of house purchase confidence urgently needs policy support. The relaxation of the policy has been made clear after the high-level statement. We judge that the adjustment time window for the four limit policy in key cities is in the second half of March. The statement on the real estate tax eliminated a major negative factor that suppressed demand during the year.
Wanlian Securities pointed out that under the macro background of "stable growth", the fundamentals of the current real estate industry continue to bottom, and the marginal improvement policy continues. It is expected that there are still many favorable policies to be expected in the follow-up, and continue to be optimistic about the market performance of the real estate sector. It is suggested to pay attention to (1) property management companies with good fundamental performance; (2) High quality real estate enterprises with financial stability and background of central enterprises / state-owned enterprises; (3) Real estate enterprises with high-quality holding properties or transformation enterprises, or effectively form a virtuous capital cycle of "development +".
Shenyin Wanguo Securities mentioned that real estate is still the pillar industry of China's national economy, and the contribution of the industry itself and the industrial chain to GDP accounts for nearly 30%. However, at present, under the multiple regulation and financial difficulties, the impact on the economy may gradually enter the low drag stage. In view of the recent frequent voices of the government emphasizing stabilizing the economy, steady growth and preventing and controlling financial risks, while stabilizing the economy urgently needs to stabilize the real estate, it is expected that the policy repair at both ends of supply and demand of the real estate industry is expected to accelerate, and will promote the optimization of the industry pattern and further enhance the concentration, and the high-quality real estate enterprises are expected to usher in both quantity and quality.
[Theme 3] agriculture, animal husbandry, feeding and fishery
Guosen Securities Co.Ltd(002736) mentioned that 2022 is the best stage to lay out the pig sector in advance, and the pig cycle will probably reverse the market in 2023. It is expected that in 2022q2, with the decline of pig price and the rise of feed cost, the cash loss of farmers will be accelerated, and the stock of fertile sows may continue to be removed, which is expected to further catalyze the sector. At the same time, meat products benefit from the decline in pig prices, and the profit is expected to be further improved in 2022. Recommendations: Zhejiang Huatong Meat Products Co.Ltd(002840) , Fujian Aonong Biological Technology Group Incorporation Limited(603363) , Leshan Giantstar Farming&Husbandry Corporation Limited(603477) , Tecon Biology Co.Ltd(002100) , Dongrui Food Group Co.Ltd(001201) , COFCO Jiakang, Muyuan Foods Co.Ltd(002714) , Wens Foodstuff Group Co.Ltd(300498) , etc; Attention: Henan Shuanghui Investment & Development Co.Ltd(000895) , Longda food, etc.
In addition, Guosen Securities Co.Ltd(002736) mentioned that for global food prices, Shenzhen Agricultural Products Group Co.Ltd(000061) is at an all-time high, and the boom is expected to continue. This round of global food price rise is mainly driven by tight supply and excessive currency. Major agricultural production areas such as the United States and Brazil have been impacted by the dry weather, and the consumption ratio of major Shenzhen Agricultural Products Group Co.Ltd(000061) stocks such as corn and soybeans has continued to decline. In addition, the recovery of feed demand and the excess currency caused by the epidemic also contributed to the rise of global food prices. In addition, the geopolitical situation increased the expectation of tight circulation of Shenzhen Agricultural Products Group Co.Ltd(000061) such as wheat and corn, and the mood continued to drive Shenzhen Agricultural Products Group Co.Ltd(000061) prices higher. Looking forward to the future, La Nina may be repeated. The covid-19 and geopolitical situation are not clear, the tension between supply and demand is difficult to ease, and the global food price boom is expected to continue.
For China's food prices, rations are absolutely safe. Wheat may drive corn prices higher in 2022. 1) Forage food: the fundamentals of corn have eased slightly, but the supply and demand are still tight; Soybeans are dependent on imports. Considering the trend of global food prices, it remains optimistic in the follow-up. 2) Ration: the average inventory consumption ratio of corn, wheat and rice is close to more than 80%, and the safety margin is sufficient. The fundamentals are optimistic about wheat. In the winter of 2021, there are problems of late sowing and low germination rate in the main wheat producing areas, and the yield may be reduced in 2022. Due to the substitution relationship between wheat and corn, corn prices are expected to strengthen. 3) White sugar: China's output has declined, and the gap between supply and demand continues. Driven by the additional import cost of distribution, the sugar price will follow the reversal of the energy storage cycle of the international sugar price and remain optimistic in the follow-up.
The agency further analyzed that it is optimistic about the upward trend of grain price boom in 2022. On the one hand, it is good for the planting and seed sector. On the other hand, the rise of the cost of feed raw materials may accelerate the reversal of the pig price cycle, so it is optimistic about the investment opportunities of the pig sector. Specific targets: 1) planting sector: recommend Jiangsu Provincial Agricultural Reclamation And Development Co.Ltd(601952) , and pay attention to Heilongjiang Agriculture Company Limited(600598) . 2) Relevant Shenzhen Agricultural Products Group Co.Ltd(000061) section: recommend Cofco Sugar Holding Co.Ltd(600737) and pay attention to China Hainan Rubber Industry Group Co.Ltd(601118) . 3) Seed sector: recommended Yuan Longping High-Tech Agriculture Co.Ltd(000998) , Beijing Dabeinong Technology Group Co.Ltd(002385) , Shandong Denghai Seeds Co.Ltd(002041) , etc. 4) Recommendations for pig breeding sector: Zhejiang Huatong Meat Products Co.Ltd(002840) , Fujian Aonong Biological Technology Group Incorporation Limited(603363) , Leshan Giantstar Farming&Husbandry Corporation Limited(603477) , Tecon Biology Co.Ltd(002100) , Dongrui Food Group Co.Ltd(001201) , COFCO Jiakang, Muyuan Foods Co.Ltd(002714) , Wens Foodstuff Group Co.Ltd(300498) , etc.
[Topic 4] virtual digital human
Anxin Securities said that in China, the strongest certainty of metauniverse in 2022 is the virtual digital man and NFT, which are located in the two sectors of "content and scene, collaborators" that China is good at. In the era of mobile Internet, content is divided into two parts from the perspective of realization - content works and realized content. Virtual digital people serve both content works and realized content; The mechanism of NFT is the revaluation of digital assets.
Tianfeng Securities Co.Ltd(601162) mentioned that with the upsurge of meta universe, virtual digital human has attracted much attention as the first scene industry. "Five horizontal and two vertical" forms the basic technical architecture of virtual digital human, in which modeling dynamic light field technology, optical and inertial dynamic capture scheme, PBR and heavy lighting rendering are the core technologies, and unreal and unity are the main rendering engines. In terms of application scenarios, considering the improvement of the demand for digital avatars and the public's acceptance of virtual digital people, focus on industries such as games, social networking, marketing and virtual idols. Overseas focus on upstream technology manufacturers in the industrial chain, while China recommends focusing on operators and downstream application manufacturers in the middle of the industrial chain.
The agency further analyzed that manufacturers at home and abroad arranged the virtual digital human track from multiple angles. Chinese manufacturers pay attention to the application and development of the downstream of the industrial chain, while overseas manufacturers focus on the construction of the basic layer and the development of AI technology. China: Tencent, Alibaba, Netease and other comprehensive manufacturers support their relevant business units to make efforts to the track. Entertainment content focuses on VuP and Mango Excellent Media Co.Ltd(300413) (virtual host); Marketing operation focuses on Bluefocus Intelligent Communications Group Co.Ltd(300058) , Lehua entertainment, Three'S Company Media Group Co.Ltd(605168) , Zhewen Interactive Group Co.Ltd(600986) , Hangzhou Anysoft Information Technology Co.Ltd(300571) , Xinhuanetco.Ltd(603888) , Beijing Jetsen Technology Co.Ltd(300182) , Inly Media Co.Ltd(603598) , Hylink Digital Solution Co.Ltd(603825) , etc; The foundation layer construction focuses on Iflytek Co.Ltd(002230) , Zhuoyi technology, Beijing Jetsen Technology Co.Ltd(300182) , Xinhuanetco.Ltd(603888) , Three'S Company Media Group Co.Ltd(605168) , etc. Overseas: AI technology focuses on soul machine, oben and room ai； Dynamic capture focuses on vicon, optitrack, xsens, etc; Rendering modeling focuses on epicgames, unity and NVIDIA. Due to the increasing attention of the virtual digital human industry, manufacturers of relevant industries at home and abroad have obtained multiple rounds of financing in a short time, vigorously promoting the rapid development of the industry.
