Key investment points:
Market review and Valuation: Shenwan computer sector rose 0.23% this week (03 / 28-04 / 01), 2.20 percentage points lower than Shanghai and Shenzhen 300 index, ranking 22nd in Shenwan industry; Shenwan computer sector fell 11.59% in March, 3.75 percentage points lower than Shanghai and Shenzhen 300 index, ranking 27th in Shenwan industry; Shenwan computer sector fell 17.14% this year, 3.70 percentage points lower than the Shanghai and Shenzhen 300 index, ranking 24th in Shenwan industry. In terms of valuation, as of April 1, the pettm of SW computer sector was 44.15 times, at the 7.45% quantile in recent 5 years and 17.58% quantile in recent 10 years.
Industry news: 1. The people’s Bank of China held a symposium on the pilot work of digital RMB research and development on March 31. 2. According to the requirements of the legal procedures for the bankruptcy reorganization of Ziguang group, the reorganization strategic investor Zhilu construction and broadcasting consortium of Ziguang group has invested 60 billion yuan to pay off the original huge debt of Ziguang group. 3. According to the latest report released by IDC, cloud infrastructure expenditure totaled US $73.9 billion in 2021, an increase of 8.8% year-on-year in 2020. 4. IDC released the report on China’s accelerated computing server market in the second half of 2021 (H2). In the sales ranking of server manufacturers, Inspur wave, nettrix Ningchang and engintech anqing ranked among the top three in China’s accelerated computing server market with 52.5%, 8.5% and 7.6% respectively in the second half of 2021. 5. Intel announced an agreement to acquire granulate cloud solutions, an Israeli based real-time continuous optimization software developer. The acquisition of granulate can not only help cloud and data center users optimize the performance of computing workload, but also reduce the cost of infrastructure and cloud computing. At present, the terms of the transaction have not been disclosed. 6. It is reported that although NVIDIA’s $40 billion acquisition of arm from Softbank has been abandoned due to regulatory challenges, many companies are still interested in participating in consortium investment or acquisition of arm. Sk Hynix, the world’s second largest memory chip manufacturer, is interested in participating in the consortium investing in arm. Park Zhenghao, vice president and co CEO of SK Hynix, said they were considering investing in arm with other companies.
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; The promotion of technology is less than expected; Intensified industry competition, etc.
