Industry core view:
Last week, the CSI 300 index rose by 2.43%, and the Shenwan computer industry rose by 0.23%, lagging behind the index by 2.20pct, ranking 22nd in the Shenwan level industry. We believe that the medium and long-term positive trend of the market remains unchanged. We recommend investors to pay attention to high-quality targets with strong performance certainty, and recommend high-profile segments such as industrial Internet, industrial software, information innovation, intelligent driving and network security.
Key investment points:
The central bank held a symposium on the pilot work of digital RMB research and development, and the third batch of pilot cities were released: the third batch of digital RMB pilot areas added six cities hosting the Asian Games in Tianjin, Chongqing, Guangzhou, Guangdong Province, Fuzhou and Xiamen, Fujian Province and Zhejiang Province as pilot areas on the basis of the existing pilot areas. Beijing and Zhangjiakou, Hebei Province will host the 2022 Beijing Winter Olympics After the pilot of the winter Paralympic Games, it will be turned into a pilot area. With the orderly expansion of pilot cities and pilot scenarios, the use frequency of digital RMB will increase rapidly, which will help to more deeply test the performance of digital RMB system and further improve it to the level of steady-state ease of use at the technical level.
Release of the medium and long-term development plan outline of scientific and technological innovation in the field of transportation: the outline focuses on the independent and controllable core technologies in the field of transportation, including strengthening the research and development of professional transportation software and special systems. At the same time, it emphasizes the accelerated integration of cutting-edge technology and transportation, and accelerate the development of smart roads, smart shipping and other fields. As a key part of the “2 + 8 + n” of Xinchuang and an important part of the digital economy, the transportation industry is expected to usher in sustained policy benefits during the 14th Five Year Plan period.
The valuation of the industry was lower than the historical center, and the attention of the industry decreased: the average trading volume last Sunday was 46.355 billion yuan, and the trading activity decreased. From the perspective of valuation, the PE (TTM) of SW computer industry has been adjusted to 37.40 times, 50.53 times lower than the historical average since 2016, and the industry valuation is lower than the historical central level.
Last week, the performance of the computer sector was concentrated: among the 300 stocks, 128 stocks rose and 170 stocks fell. The number of rising stocks accounted for 42.67%.
Investment suggestion: with the new infrastructure as the core, accelerate the process of cloud, intelligence and digitization of enterprises. Investors are advised to pay attention to high-quality targets with strong performance certainty under the high-profile sector. From the market and valuation of 2021q1-q4, the valuation of the computer industry has rebounded at the bottom. From the configuration of fund positions in 2021q4, the configuration of the computer industry is still low. From the performance of 2021q1-q3, artificial intelligence, information innovation, construction informatization, cloud computing and other fields perform well. It is suggested to focus on the changes of company orders and capital expenditure in relevant fields. We mainly recommend the fields of industrial Internet, industrial software, information innovation, intelligent driving and network security.
Risk factors: global geopolitical risk, technology promotion fails to meet expectations, and Industry IT capital expenditure is lower than expected.
