Today (January 13), the Shanghai and Shenzhen stock markets opened high across the board. At the beginning of the session, the stock index fell rapidly, and then maintained the shock adjustment. The trend of weight blue chip was depressed, and the subject stocks also performed poorly. In the afternoon, the stock index continued to decline until the closing. The three stock indexes all fell by more than 1%. The market sentiment was depressed and the profit-making effect was general.
In this regard, China Galaxy Securities Co.Ltd(601881) Securities said that the current market sentiment is relatively low, so it is suggested to adopt defensive strategies and wait for a new turn for the better in the market. In terms of industries, new energy related industries have a large increase and high valuation, and the recent risks have been released; For some industries with poor performance in the early stage, there is no sign of significant improvement in fundamentals, but the valuation is low and defensive, and there is momentum for valuation repair in the short term.
At the same time, Sealand Securities Co.Ltd(000750) said that it remained optimistic about the market in January, and the three factors of economy, liquidity and policy resonated and actively went long. Among them, the valuation expansion dominated by loose liquidity and stable growth policy is the main driving force for the agitation in spring, and the growth style is expected to become the main line of the market after phased adjustment.
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I. digital currency
China Merchants Securities Co.Ltd(600999) said that after the promotion of the Winter Olympic Games, the digital RMB will be further familiar to the market, and its industrial chain enterprises and traditional banking industry will benefit from it. On the one hand, digital RMB hardware equipment manufacturers will benefit from the market opportunities brought by digital RMB Hard Wallet, while software developers will benefit from the business growth brought by the upgrading of banking systems outside China. On the other hand, the cross-border application of digital RMB will benefit the traditional banking business through "spillover effect", with retail payment, foreign currency exchange and cross-border remittance bearing the brunt.
Open source securities mentioned that on January 4, the digital RMB (pilot version) app was officially launched, and 49 sub wallets were launched, involving shopping, travel, life, tourism and five other categories. According to the white paper on research and development progress of China's digital RMB, digital RMB adopts centralized management and two-tier operation, the central bank is responsible for issuance and life cycle management, and commercial banks and other institutions are responsible for exchange and circulation services. At present, the main operators include nine banks, including China, agriculture, industry, construction, transportation, postal savings, China Merchants, online merchants and Weizhong. Other small and medium-sized banks and institutions will also provide digital RMB services. Therefore, large state-owned banks, joint-stock banks and small and medium-sized banks will generate relevant system development, testing, operation and maintenance requirements, and bank it, security encryption, hardware equipment and other related companies are expected to benefit.
Huaxi Securities Co.Ltd(002926) pointed out that in combination with the current scenario expansion process of the central bank, we should focus on the head bank IT manufacturers at this stage, with both the certainty of bank side it transformation and the imagination space of scenario operation. We mainly recommend Shenzhen Sunline Tech Co.Ltd(300348) , Digital China Information Service Company Ltd(000555) , and other beneficiary manufacturers include Tansun Technology Co.Ltd(300872) , Northking Information Technology Co.Ltd(002987) , Global Infotech Co.Ltd(300465) . In addition, financial equipment manufacturers will also usher in large-scale transformation opportunities, Urovo Technology Co.Ltd(300531) , Newland Digital Technology Co.Ltd(000997) , Xgd Inc(300130) , Lakala Payment Co.Ltd(300773) , Grg Banking Equipment Co.Ltd(002152) are expected to benefit.
II. Retail
Looking forward to 2022, Shanghai Securities pointed out that retail may continue to present a differentiated market, look for structural highlights and look forward to bottom recovery. In terms of investment suggestions, investment main line 1: gold jewelry continues the strong recovery trend and high outlook since the beginning of the year. We continue to recommend Chow Tai Seng Jewellery Company Limited(002867) , and we suggest paying attention to Chow Tai Fook and Lao Feng Xiang Co.Ltd(600612) . Professional chain convenience stores and encrypted exhibition stores provide convenience, superimpose business model expansion and jointly resist the impact of new business forms. It is recommended to pay attention to Chengdu Hongqi Chain Co.Ltd(002697) ; In the traditional and new retail field, the business format of warehousing members is in the ascendant. It is suggested to pay attention to HEMA (Alibaba) and Yonghui Superstores Co.Ltd(601933) that actively layout the business format of warehousing stores.
Investment main line two: new retail business of the electricity supplier, live broadcasting and shop self seeding rapid development, and suggest to pay attention to the tiktok electricity supplier and Alibaba. The Matthew effect of community group buying is getting stronger. It is suggested to pay attention to meituan and fight more.
Investment main line 3: the background of common prosperity, the current situation of superimposed traffic peaking, and the fierce competition among Internet enterprises. It is suggested to pay attention to Jingdong group, which has low regulatory risk, focuses on performance efficiency with retail as the king, and builds a moat with the advantages of supply chain.
In addition, Shanxi Securities Co.Ltd(002500) said that under the environment of stricter Internet supervision, the monopoly pattern of head anchor was broken, providing a good opportunity for middle waist talent and brand self broadcasting. Online retail has gradually matured, offline terminal stores are still the main body of retail, the Internet platform actively enables physical commerce as a way of channel landing and sinking, and the digital penetration of stores still has great room to improve.
At present, the epidemic situation in China is spreading in many places. Local new year's celebrations and home scenes may still be the theme of consumption in the new year's goods Festival. The new business format and new retail model integrated with Wuxi Online Offline Communication Information Technology Co.Ltd(300959) such as live delivery, supermarket delivery and home service will continue to develop. It is suggested to pay attention to the boost of mandatory consumption and the continuous recovery of optional consumption in the Spring Festival scenario, Mainly focus on the following main lines: 1) domestic brands are close to consumer demand and accelerate sinking penetration. Leading enterprises continue to increase market share through new media marketing: Proya Cosmetics Co.Ltd(603605) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) ; 2) Jewelry consumption tends to be daily, the demand of low-level cities rises and channels are encrypted. There is a broad space for new diamond track Cultivation: Chow Tai Seng Jewellery Company Limited(002867) , Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) ; 3) Offline channel value remodeling, undervalued + warehouse expansion, physical supermarkets are expected to usher in valuation repair market: Yonghui Superstores Co.Ltd(601933) , Jiajiayue Group Co.Ltd(603708) , Chengdu Hongqi Chain Co.Ltd(002697) .
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