Investment suggestion: at present, we judge that the A-share market may have bottomed out in 2022, but the market environment is more complex due to high inflation and repeated epidemics. We suggest paying attention to these directions: (1) the theme of “steady growth”. In 2022, the downward pressure on the economy continues to increase and China’s demand is weak. In order to maintain the economic operation in a reasonable range, the national “steady growth” policy may be introduced, and relevant sectors may take the lead. Attention can be paid to infrastructure, building materials and real estate. (2) New economic theme. High end technology manufacturing industry may be an important driving force for future economic growth. It is suggested to pay attention to chip semiconductors and high-end manufacturing with accelerated domestic substitution and rapid growth of the industry. (3) Emerging consumption themes. At present, China’s PPI is at a high level and CPI rises slowly. The subsequent scissors difference between the two is expected to converge, and the industrial profits will shift from the upstream to the middle and downstream. It is expected that there will be some opportunities in the consumer sector. It is suggested to pay attention to food, beverage and household appliances. (4) Epidemic Damage theme. With the increase of vaccination rates in developing countries such as Africa and Mexico, the global epidemic is expected to be further controlled. There is a valuation and repair power in the affected sector of the epidemic, which can be paid attention to: airports, tourism and cinemas.
Focus on hot topics: (1) with the release of national medium and long-term plans, hydrogen energy is expected to usher in a development opportunity. On March 23, the national development and Reform Commission and the Energy Administration jointly issued the medium and long term plan for the development of hydrogen energy industry. On the whole, the release of the plan has laid the strategic positioning of the hydrogen energy industry, determined the clear development objectives, and put forward four tasks in the “production, storage, transmission and use” of hydrogen energy, so as to jointly ensure the implementation of the tasks and objectives of the hydrogen energy industry. In conclusion, we believe that there are certain investment opportunities for hydrogen energy in the future. Related targets include: Hangzhou Zhongtai Cryogenic Technology Corporation(300435) , Beijing Sinohytec Co.Ltd(688339) etc. (2) the pilot of digital RMB is further promoted and the growth of hardware suppliers continues to be optimistic. On March 24, the people’s Bank of China held a video conference on money, gold and silver and security in 2022. The meeting proposed to steadily promote the pilot research and development of digital RMB. On the whole, the digital RMB is still in the initial pilot stage, but with the promotion of the pilot work, banks and other financial institutions have the demand for business upgrading, and hardware suppliers may take the lead in benefiting. Relevant targets include: Digital China Information Service Company Ltd(000555) , Yusys Technologies Co.Ltd(300674) , etc. (3) The 14th five year plan for modern energy system has been released, and wind power photovoltaic is expected to continue to prosper. On March 22, the national development and Reform Commission and the National Energy Administration issued the modern energy system plan for the 14th five year plan. The plan puts forward higher goals for the future, and puts forward specific requirements for wind power Cecep Solar Energy Co.Ltd(000591) power generation and the construction of clean energy base in the West. We believe that scenery and other new energy tracks may continue to maintain a high boom. Relevant targets include: Tongwei Co.Ltd(600438) , Xinjiang Goldwind Science And Technology Co.Ltd(002202) , etc.
Revenue performance of hot topics: among the hot topics from March 21 to March 25, the top gainers are gold, Guangdong state-owned assets reform, new urbanization, soybeans and artificial meat. The main reason is that affected by the geopolitical fermentation of Russia and Ukraine and the “steady growth” policy, relevant sectors are sought after. The top five declines were air transportation, smart IC, East West computing, stock trading software and mobile phone batteries. The main reason is that the current valuation of relevant concept sectors is high, and the recent tightening of funds and the adjustment of the impact of scattered epidemic.
From March 21 to March 25, among shenwanyi industries, the top five gainers last week were real estate, agriculture, forestry, animal husbandry and fishery, comprehensive, coal and commercial retail; The top five declines were computer, non bank finance, social services, electronics and public utilities. From the cumulative net inflow last week, the top five cumulative net inflows are agriculture, forestry, animal husbandry and fishery, coal, beauty care, comprehensive and petroleum and petrochemical. The top five cumulative net outflows are power equipment, computers, pharmaceutical and biological, electronic and mechanical equipment.
Risk warning: the promotion of relevant policies is not as expected; The risk of repeated outbreaks exceeded expectations.
