Stimulated by the good news, the Shanghai and Shenzhen stock markets opened higher today (April 29). In the morning, the indexes were cautious. They only maintained the red market shock. Near noon, the stock index rose. In the afternoon, large consumption broke out in an all-round way. The industry and concept sectors showed a general upward trend, driving the Shanghai index to close at the integer level of 3000 points, and the gem index led the two markets.
In this regard, Xiangcai securities previously pointed out that at present, the market has entered a sensitive period, and both the point and time belong to a more sensitive cycle. The post festival market is expected to gradually usher in the band rebound market. Due to the inherent high elasticity of the gem, it is more likely to become the main force of the rebound in the future.
At the same time, Debang securities mentioned that the dawn is beginning, and the Quartet under the impact of the epidemic repair. a. Recovery of consumption after the epidemic: 1) household consumption; 2) Scene consumption; b. Self controlled long-term track: 1) wind power & Photovoltaic & nuclear power; 2) Semiconductor equipment and materials; 3) Military industry; c. Policy driven steady growth: 1) construction; 2) Consumption of building materials; 3) Real estate development; d. Strategic resources: 1) food security; 2) Energy security; 3) Metal resources.
sector:
I. commercial department stores
Everbright Securities Company Limited(601788) said that looking forward to the future, due to the impact of the epidemic, we expect the operation of Listed Companies in March to be unsatisfactory. However, with the gradual improvement of the epidemic situation in the future, the optional products will gradually recover. In particular, some department store stocks with low price to book ratio will have certain flexibility. In view of the overall consumption capacity of first tier cities is better than that of second and third tier cities, we first promote the Department Store Leader of first tier cities. Due to the impact of the epidemic, the sales data of gold jewelry sector in March 2022 may perform poorly, but from the perspective of the whole year of 2022, gold jewelry is still a relatively optimistic sub sector.
China Galaxy Securities Co.Ltd(601881) securities mentioned to pay attention to the potential impact of the recent repeated epidemic and the expected performance of the May Day holiday, and maintain the recommended high-quality target. For e-commerce and agent operation sectors: the war report of Jingdong home and Jingdong 415 local shopping festival was released. During the promotion period, the one-day sales of FMCG category reached a historical peak; The sales of mother and baby, vegetables, pets, home, computer digital, mobile phones, household appliances and other categories have more than doubled year-on-year; Supermarket merchants also continued to make efforts in the promotion Guangzhou Ruoyuchen Technology Co.Ltd(003010) issue the annual report of 2021 and the first quarter report of 2022 Nanji E-Commerce Co.Ltd(002127) issue the annual report for 2021.
Other chain sectors: Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) released the report for the first quarter of 2021. The company’s operating revenue increased, mainly due to the continuous expansion of Huazhi fidelity chain brand effect, grasping the market demand, better coping with the epidemic situation, orderly marketing scheduling, significant improvement in market response ability and operation efficiency, and continuous improvement in the distribution capacity of chain stores, The continuous increase in the number of direct supply terminal outlets is caused by the continuous and substantial increase in operating revenue.
Supermarket sector: Gaoxin retail issued a profit warning. In the face of many uncertain market factors and macro factors, Gaoxin retail continued to build its stores into “offline experience center and online performance center”, adhered to the strategy of “multi industry and all-channel development”, and focused on its own ability construction, improved commodity power and built the ability of fresh supply chain; Pay attention to the supply enterprises New Hua Du Supercenter Co.Ltd(002264) release the report on the implementation of major asset sales and related party transactions.
II. E-commerce concept
Shanghai securities mentioned that the epidemic rebounded in many places in China, and the online consumption demand of residents may continue to increase; With the concerted efforts of major e-commerce platforms to fight the epidemic, materials and transportation capacity have been marginally improved. Real time retail e-commerce self operated mode, such as daily excellent fresh food, Ding Dong shopping, box horse, meituan shopping, etc; O2o platform modes, such as Jingdong home, taoxianda, hungry, meituan flash purchase, etc; Community group purchase, such as meituan optimization, buying more vegetables, panning vegetables, etc. Suggestion: JD group.
In addition, the institution further put forward investment suggestions: investment main line 1: gold jewelry continues its recovery trend and high outlook. It is suggested to pay attention to Chow Tai Seng Jewellery Company Limited(002867) , Chow Tai Fook, Lao Feng Xiang Co.Ltd(600612) . Investment mainline 2: common prosperity background, superimposed traffic peaking status quo, Internet enterprises are facing fierce competition, 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 supply chain advantages. Investment main line 3: Recently, the epidemic situation in China has been repeated, local control has become increasingly strict, and residents have hoarded goods. Pay attention to the repair opportunities of head supermarkets with the advantage of fresh supply chain. It is suggested to pay attention to Yonghui Superstores Co.Ltd(601933) , Jiajiayue Group Co.Ltd(603708) , Chengdu Hongqi Chain Co.Ltd(002697) .
Sealand Securities Co.Ltd(000750) said that the epidemic situation did not hinder the long-term logic of the sector and continued to recommend the e-commerce express industry. Looking back at the first quarter, the unit price of e-commerce express enterprises in the head was resilient, the overall year-on-year improvement trend remained unchanged, and the stability of the industry pattern was still continuously verified. At present, the e-commerce express industry has entered a new development stage of high revenue growth and low capital expenditure growth. The development strategy of head enterprises has also changed from cost differentiation to income differentiation, paying more attention to the balance of service quality, operating profit and market share. The closure and control of the epidemic only affects the rhythm of the growth of express business volume, and does not change the trend of simultaneous rise of volume and price in the whole industry under pattern optimization. In the new development stage, the profit elasticity of price contribution is much greater than the impact of business volume changes. We continue to be optimistic about the investment opportunities brought by the gradual repair of cash flow and the continuous improvement of profitability in the e-commerce express industry under the support of the improved pattern.
one drawing summary:
