Key investment points:
Market review and Valuation: Shenwan computer sector fell 4.10% this week (03 / 21-03 / 25), 1.96 percentage points lower than Shanghai and Shenzhen 300 index, ranking 31st in Shenwan industry; Shenwan computer sector fell 11.98% in March, 3.10 percentage points lower than CSI 300 index, ranking 29th in Shenwan industry; Shenwan computer sector fell 17.34% this year, 1.84 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 24th in Shenwan industry. In terms of valuation, as of March 25, the pettm of SW computer sector was 43.17 times, at the quantile of 6.67% in recent 5 years and 16.02% in recent 10 years.
Industry news: 1. SASAC recently held a symposium on strengthening basic research and applied basic research by central enterprises. The meeting pointed out that it is of great significance for central enterprises to strengthen basic research and applied basic research. It is an inevitable requirement for accelerating the self-reliance of science and technology, a key measure for building a world-class enterprise and a fundamental guarantee for building a source of original technology. 2. The people’s Bank of China held a video conference on money, gold and silver and security in 2022. Solidly promote the pilot research and development of digital RMB, orderly expand the scope of the pilot, continuously improve the design and use, and gradually establish and improve the management system framework. 3. Tencent released its 2021 performance report. In the fourth quarter of 2021, Tencent’s revenue was 144.2 billion yuan, a year-on-year increase of 8%. 4. Yu Kai, founder and chief scientist of horizon, delivered a keynote speech at the high-level forum with the theme of “meeting the new stage of market-oriented development of new energy vehicles”. At present, the shipment volume of horizon journey chips has exceeded 1 million, obtained the front installation points of more than 40 models, and more than 100 ecological partners. 5. According to the Canalys report, the momentum of Chinese mainland was strong in 2021, and the cloud infrastructure services market grew by 45%, to a total of 27 billion 400 million US dollars. In the fourth quarter of 2021, it grew steadily by 33% year-on-year to reach US $7.7 billion. 6. IDC released the global server market tracking report in 2021. Based on the annual data, benefiting from the rapid recovery of the global economy, users’ investment in data center infrastructure continued to rise in 2021. The shipments and sales of the global server market were 13.539 million units and 99.22 billion US dollars respectively, with a year-on-year increase of 6.9% and 6.4%.
Zhou viewpoint: from the recent policy documents issued by the central and local governments, the importance of the digital economy will be further highlighted and is expected to become one of the important driving points for steady growth this year. It is suggested that investors seize the opportunity of China’s digital transformation, focus on the “hardware and software” base, and focus on data elements, data security, data governance and other fields. Suggestions on the subject matter: securities asset management it: Hundsun Technologies Inc(600570) ( Hundsun Technologies Inc(600570) ), etc. Cloud Computing: Yonyou Network Technology Co.Ltd(600588) ( Yonyou Network Technology Co.Ltd(600588) ), Inspur Electronic Information Industry Co.Ltd(000977) ( Inspur Electronic Information Industry Co.Ltd(000977) ), Shanghai Baosight Software Co.Ltd(600845) ( Shanghai Baosight Software Co.Ltd(600845) ), Glodon Company Limited(002410) ( Glodon Company Limited(002410) ), etc. Xinchuang: Dawning Information Industry Co.Ltd(603019) ( Dawning Information Industry Co.Ltd(603019) ), China Greatwall Technology Group Co.Ltd(000066) ( China Greatwall Technology Group Co.Ltd(000066) ), China National Software And Service Company Limited(600536) ( China National Software And Service Company Limited(600536) ), etc. Network security: Venustech Group Inc(002439) ( Venustech Group Inc(002439) ), Qi An Xin Technology Group Inc(688561) -u ( Qi An Xin Technology Group Inc(688561) ), Nsfocus Technologies Group Co.Ltd(300369) ( Nsfocus Technologies Group Co.Ltd(300369) ), etc. Artificial intelligence: Iflytek Co.Ltd(002230) ( Iflytek Co.Ltd(002230) ), Zhejiang Dahua Technology Co.Ltd(002236) ( Zhejiang Dahua Technology Co.Ltd(002236) ), Hangzhou Hikvision Digital Technology Co.Ltd(002415) ( Hangzhou Hikvision Digital Technology Co.Ltd(002415) ), etc. Intelligent automobile: Thunder Software Technology Co.Ltd(300496) ( Thunder Software Technology Co.Ltd(300496) ), Huizhou Desay Sv Automotive Co.Ltd(002920) ( Huizhou Desay Sv Automotive Co.Ltd(002920) ), etc.
Risk tips: policy changes; Macroeconomic fluctuations affect the demand for downstream products; Technology advancement is less than expected; Intensified industry competition, etc.
