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) cash assets. For example: high dividend and high dividend assets such as coal, real estate, banks, (Chinese prefix) construction, hydropower and communication operators; (2) Independent of the macroeconomic cycle, the dilemma reversed the sector. For example, the pig breeding sector with the reversal of industrial cycle; (3) A sector with prosperous production and marketing. In the next 1-2 quarters, the performance improvement expectations from strong to weak are: national defense and military industry, household appliances, transportation, communication and computer; (4) New energy and other track stocks. New energy and other track stocks are still in the stage of industrial explosion, and there are still certain investment opportunities, focusing on track stocks with performance support.
Focus on hot topics: (1) the “14th five year plan” for the development of traditional Chinese medicine was released, focusing on long-term development opportunities. On March 29, the general office of the State Council recently issued the “14th five year plan” for the development of traditional Chinese medicine. We believe that with the gradual implementation of the plan, the high-quality development of traditional Chinese medicine will be greatly promoted. At the same time, with the important role of traditional Chinese medicine in epidemic prevention and the deepening degree of aging in China, the demand for traditional Chinese medicine may be gradually released, and the prosperity of the industry is expected to be boosted. The relevant targets include: Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) and Beijing Tongrentang Co.Ltd(600085) etc. (2) The issuance of the guidance on energy work in 2022 may continue to help the development of wind power photovoltaic industry. On March 29, the National Energy Administration studied and formulated the guidance on energy work in 2022. The opinions put forward three main objectives for China’s energy development in 2022: enhancing supply guarantee capacity, steadily promoting structural transformation and focusing on improving quality and efficiency. Among them, in terms of steadily promoting structural transformation, there is still a certain gap between China’s current situation and the goal set in 2022. It is expected that wind power photovoltaic will maintain a rapid development trend this year. The relevant targets include: Tongwei Co.Ltd(600438) , Ming Yang Smart Energy Group Limited(601615) , etc. (3) “Steady growth” adds weight to rural revitalization, and the prosperity of the banking sector is expected to be boosted. On March 30, the people’s Bank of China issued the opinions on doing a good job in the key work of financial support and comprehensively promoting rural revitalization in 2022. The issuance of the opinions of the central bank is expected to further strengthen financial support for “agriculture, rural areas and farmers”. With the increasing weight of the “steady growth” policy, the demand for financial services for Rural Revitalization is expected to be further released, and the prosperity of the banking sector is expected to be boosted to a certain extent. Relevant targets include: Agricultural Bank Of China Limited(601288) , Postal Savings Bank Of China Co.Ltd(601658) , etc.
Revenue performance of hot topics: among the hot topics from March 28 to April 1, the top gainers are shipping, Fujian Free Trade Zone, new urbanization, Guangdong Hong Kong Macao free trade zone and real estate. The main reason is that the fourth round of global epidemic has been repeated and the “steady growth” policy has been vigorously influenced, and the relevant sectors have been sought after. The top five declines were heat dissipation, covid-19 special drugs, third-generation semiconductors, lithium extraction from salt lakes and sensors. 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 28 to April 1, among shenwanyi industries, the top five gainers last week were real estate, banking, media, building materials and transportation; The top five declines were defense and military industry, petroleum and petrochemical industry, non-ferrous metals, power equipment and electronics. From the cumulative net inflow last week, the top five cumulative net inflows are banks, non bank finance, food and beverage, real estate and building materials. The top five cumulative net outflows are medicine, biology, electronics, mechanical equipment, computers and non-ferrous metals.
Risk warning: the promotion of relevant policies is not as expected; The risk of repeated outbreaks exceeded expectations.
