Market review: this week (2022.4.182022.4.22), the CSI 300 index fell 4.19% and the computer index fell 4.68%.
Zhou’s view: the position of Q1 fund is at a record low, waiting for the inflection point to come
(1) at present, the valuation of the computer sector has been at the historical bottom since 2014
As of April 22, 2022, the price earnings ratio (TTM median method, not adjusted) of the computer sector was 38.84 times, basically equivalent to the valuation level at the end of 2018, at a historical low since 2014. Over the past 10 years, the median price earnings ratio (TTM median method, not adjusted) of the computer sector has been 54.81 times, and the current value is about 70% of the median. The price earnings ratio (TTM median method, no adjustment) of the Shanghai and Shenzhen 300 index is 11.85 times, which is near the median (12.34 times) in recent 10 years. In contrast, the valuation adjustment of the computer sector has been relatively sufficient.
(2) in 2022q1, the proportion of fund allocation in the computer sector hit a five-year low
According to the statistics of wind, the position proportion of 2022q1 fund in the stocks of the computer industry was 2.57%, which hit a new low in the quarter of recent five years, with a month on month decrease of 0.99 percentage points and a lower allocation of 1.09 percentage points. Among all the primary sub sectors, the market value of the computer sector ranks tenth. Q1 Q1 is the first 10 companies with a shareholding market value ranking in the top 10 companies by the market value of a Q1 Q1 with a stock holding market value. The top 10 companies by the top 10 companies by the top ten companies by the market value of a Q1 with a stock holding market in the top ten by the market value of the first ten companies by the market value of a share held by the top ten by the company with a share holding market. The companies that rank among the top ten companies by the top ten companies by the market value of a share held by the top ten companies by the company with a shareholding in the top ten of the list of the company with a share holding market in the top ten of the top ten by the company with a ‘ Hongda Xingye Co.Ltd(002002) Hongda Xingye Co.Ltd(002002) 410 Glodon Company Limited(002410) , Winning Health Technology Group Co.Ltd(300253) .
(3) from the perspective of fundamentals, it can be relatively optimistic
Although the macroeconomic environment and epidemic situation have a certain impact on the performance of the computer sector, most of the computer segments are still in the general trend of increasing penetration and rising prosperity, so there is no need to be too pessimistic. In particular, some high-quality companies in the intelligent Internet connected automobile, cloud computing, satellite application software and industrial Internet industries performed well in the annual report of 2021 and the first quarterly report of 2022, showing good growth. We believe that with the release of market risks, high-quality and high growth companies will gradually usher in layout opportunities.
Investment suggestions:
(1) an industry driven by an industry letter: an industry driven by a creative industry: an industry of industry ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ”industry’ ” ” ” ” ” ” ”industry’ ” ” ” ”s faith: a recommendation to recommend ‘ Dawning Information Industry Co.Ltd(603019) 019′ ” ”’s recommendation for a recommendation for a ‘ Dawning Information Industry Co.Ltd(603019) 0199 \ etc.
(2) financial it: recommend Northking Information Technology Co.Ltd(002987) , Hundsun Technologies Inc(600570) , Fujian Apex Software Co.Ltd(603383) , Shenzhen Fortune Trend Technology Co.Ltd(688318) , Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , Global Infotech Co.Ltd(300465) , Tansun Technology Co.Ltd(300872) , etc.
(3) industrial Internet: the Internet of the industry: the Internet of the industry: the Internet of the industry: the Internet of the industry: the recommendation: the recommendation: the recommendation of the ‘ Beijing United Information Technology Co.Ltd(603613) , Guangzhou Sie Consulting Co.Ltd(300687) , Shenzhen Huaqiang Industry Co.Ltd(000062) , Longshine Technology Group Co.Ltd(300682) , etc.
(4) intelligent Internet connected vehicles: recommend Thunder Software Technology Co.Ltd(300496) , Autel Intelligent Technology Corp.Ltd(688208) , Beijing Tricolor Technology Co.Ltd(603516) , China Transinfo Technology Co.Ltd(002373) , and the beneficiaries include Huizhou Desay Sv Automotive Co.Ltd(002920) , Vanjee Technology Co.Ltd(300552) , etc.
(5) energy it: recommend Longshine Technology Group Co.Ltd(300682) , Jiangsu Yunyong Electronics And Technology Co.Ltd(688060) , Runa Smart Equipment Co.Ltd(301129) , and benefit targets include Ygsoft Inc(002063) , Dongfang Electronics Co.Ltd(000682) , Beijing Forever Technology Co.Ltd(300365) , Huizhong Instrumentation Co.Ltd(300371) , etc.
(6) military metauniverse: recommended Piesat Information Technology Co.Ltd(688066) , Geovis Technology Co.Ltd(688568) , Beijing Tricolor Technology Co.Ltd(603516) , Beijing Supermap Software Co.Ltd(300036) .
Risk warning: policy promotion is not as expected; It investment is less than expected; Industry competition intensifies.
