Today (January 14), the Shanghai and Shenzhen stock markets fluctuated. The three major A-share stock indexes opened low. Then the stock indexes differentiated significantly, showing a pattern of weak Shanghai and strong Shenzhen. In the afternoon, the index further differentiated, the decline of the Shanghai index expanded, the small and medium-sized stocks were stronger than the large cap stocks, and the gem index maintained a strong trend of shock.
Central China Securities Co.Ltd(601375) previously said that the current leading hot spots continue to rotate rapidly, the market profit-making effect is weak, and investors have a heavy wait-and-see mentality. It is suggested that investors should maintain a cautious and optimistic attitude, control their positions and allocate them in a balanced manner.
At the same time, Shanxi Securities Co.Ltd(002500) mentioned that the "high-low switching" of the market will continue, and the consumer sector will benefit from the support of the price increase logic, or have a stronger momentum for valuation repair. It is suggested to pay attention to the undervalued sub sectors such as traditional Chinese medicine and high-value consumables boosted by the favorable policies.
plate:
unitary universe
Hualong Securities pointed out that the meta universe is known as the ultimate form of the next generation Internet. The meta universe industrial chain extends outward from the underlying infrastructure to the user experience level. It can be divided into seven levels, including infrastructure, human-computer interaction, decentralization, spatial computing, creator economy, discovery, experience and so on.
At present, the meta universe belongs to the concept introduction period, and the substantive breakthrough of its application still needs a lot of technical accumulation, with great uncertainty. From the perspective of industrial chain, we can pay attention to three main lines: 5g, hardware equipment AR / VR and cloud computing.
Soochow Securities Co.Ltd(601555) said that digital assets are deeply rooted in the hearts of the people and are one of the most important marginal and investment opportunities in this round of meta universe development. Since 2020, the dau of coinbase, a digital currency trading platform, has achieved rapid growth, with a peak of nearly 10 million in 2021. At the same time, under the background of the epidemic, loose monetary policy was implemented overseas, which promoted the sharp rise in the price of digital money represented by bitcoin. The listing of roblox in U.S. stocks and NVIDIA's marketing and product promotion in virtual human make secondary market investors pay attention to the investment opportunities of metauniverse, especially the right confirmation and trading of digital assets based on blockchain technology.
Sealand Securities Co.Ltd(000750) mentioned that they are optimistic about the development opportunities brought by the development of metauniverse gradually becoming a market consensus and giants increasing investment in the ecological construction of metauniverse. At present, the layout of A-share media companies is mainly concentrated in the application layer, such as virtual platform and immersive content, digital assets, digital identity and offline experience. Some companies also have layout in the technical layer, such as hardware entrance and 3D technology.
Guolian Securities Co.Ltd(601456) believes that game entertainment in consumption scenes has a prototype of meta universe, and games have become one of the main applications of VR devices at present. At present, the application scenario of digital virtual human is mainly virtual idol, which realizes diversified landing scenarios such as hosting and advertising, and the business path has been confirmed; In the future meta universe scenario, everyone may need virtual separation, which has high space in the long run. NFT non homogenous token enables digital content capitalization. Yuancosmos has reshaped the pattern of tourism industry. Companies at home and abroad have begun to layout vr virtual tourism industry, and the epidemic has promoted the implementation of the industry.
The agency further analyzed key related companies. Infrastructure construction end: Guangdong Aofei Data Technology Co.Ltd(300738) , New Guomai Digital Culture Co.Ltd(600640) , Beijing Highlander Digital Technology Co.Ltd(300065) , Capitalonline Date Service Co.Ltd(300846) , Zhejiang Century Huatong Group Co.Ltd(002602) , Hangzhou Anysoft Information Technology Co.Ltd(300571) etc; VR / AR terminals: Goertek Inc(002241) , Zhejiang Crystal-Optech Co.Ltd(002273) , Ofilm Group Co.Ltd(002456) etc; Industrial meta universe related: Enc Digital Technology Co.Ltd(603869) , Wuxi Boton Technology Co.Ltd(300031) , Wisesoft Co.Ltd(002253) , Beijing Egova Co.Ltd(300075) ; Consumer meta universe related: Hengxin Shambala Culture Co.Ltd(300081) , Col Digital Publishing Group Co.Ltd(300364) , Visual China Group Co.Ltd(000681) , Xinhuanetco.Ltd(603888) , Wondershare Technology Group Co.Ltd(300624) , Skyworth Digital Co.Ltd(000810) , Shanghai Wondertek Software Co.Ltd(603189) , Three'S Company Media Group Co.Ltd(605168) , S.P.I Landscape Design Co.Ltd(300844) , Shanghai Fengyuzhu Culture Technology Co.Ltd(603466) , Inmyshow Digital Technology (Group) Co.Ltd(600556) , Bluefocus Intelligent Communications Group Co.Ltd(300058) , Beijing Yuanlong Yato Culture Dissemination Co.Ltd(002878) etc; Meta cosmic tools: Silkroad Visual Technology Co.Ltd(300556) , Guangzhou Hi-Target Navigation Tech Co.Ltd(300177) , Shenzhen L&A Design Holding Limited(300949) , etc.
II. Concept of traditional Chinese medicine
Guosen Securities Co.Ltd(002736) mentioned that policy support continued to increase to grasp the pro cyclical investment opportunities under the undervalued value of the traditional Chinese medicine sector. We should focus on three types of targets: 1) expand and subdivide the track. Resource attributes create a policy haven, medicine and food are of the same origin, expand market demand, the liberalization of standards accelerates the development of the industry, and the traditional Chinese medicine formula granule industry is expected to usher in the industry expansion period. Optimistic about the production enterprises of traditional Chinese medicine formula granules with upstream planting (breeding) resources, high standards and early layout; 2) It is a high-quality enterprise that returns to the drug attribute, has definite product curative effect and has the ability to continuously produce new products. Efficacy first, clinical evidence-based is the king, and we are optimistic about excellent traditional Chinese medicine enterprises whose products have been fully verified by evidence-based medicine and recognized by doctors; 3) Object of consumption attribute. The ability to pay is strong, and the impact of medical insurance policy is small. It is a leading OTC enterprise with low unit price, wide function, popular brand OTC, optimistic about products occupying consumers' minds, stable pattern and good brand image under long-term accumulation.
Capital Securities pointed out that the recent market performance of the traditional Chinese medicine industry is strong, and there is a strong foundation for the sustainability of the traditional Chinese medicine market in terms of traditional Chinese Medicine Inheritance and innovation, payment, price increase and volume collection. First, the reform of the evaluation system of traditional Chinese medicine and the optimization of registration classification laid the first year for the great development of classic famous prescriptions, tested prescriptions and national drugs of traditional Chinese medicine. In 2021, the State Food and Drug Administration urgently approved three new traditional Chinese medicine drugs against covid-19 virus, and approved the listing application of eight new traditional Chinese medicine drugs such as Yishen Yangxin Anshen tablets, with the largest number of new traditional Chinese medicine drugs approved in recent five years. Second, the payment policy is conducive to the great development of traditional Chinese medicine. Recently, the State Administration of traditional Chinese medicine and the State Medical Insurance Bureau jointly issued the guiding opinions on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine, adding medical insurance at the payment end to support the inheritance and development of traditional Chinese medicine. Third, due to the price rise of upstream traditional Chinese medicine, traditional Chinese medicine (decoction pieces and proprietary Chinese Medicine) is one of the few pharmaceutical products with the basis of price rise. Due to the rise of raw material prices, many traditional Chinese medicine enterprises have successively announced the price rise of some products. Fourth, the purchase of traditional Chinese medicine with quantity, the centralized collection and landing of traditional Chinese medicine are relatively mild, the number of exclusive varieties of traditional Chinese medicine is large, and the competition is relatively mild.
In addition, Southwest Securities Co.Ltd(600369) said that it continued to be optimistic about the follow-up market of traditional Chinese medicine from three aspects: policy, fundamentals and valuation. From the policy side, the national medical insurance bureau and the administration of traditional Chinese Medicine issued the guiding opinions on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine, giving full play to the institutional advantages of medical insurance to support the inheritance, innovation and development of traditional Chinese medicine, and the immune attribute of medical insurance of traditional Chinese medicine consumer goods is prominent.
From a fundamental point of view, there are three opportunities: first, the price of upstream Chinese herbal medicines has increased, and the price of downstream products has increased one after another, such as Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Beijing Tongrentang Co.Ltd(600085) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Jianmin Pharmaceutical Group Co.Ltd(600976) , Inner Mongolia Furui Medical Science Co.Ltd(300049) ; Second, the inventory clearance of downstream channels is coming to an end, and the inventory turnover is accelerated, which is expected to usher in the replenishment cycle; Third, the mixed reform of state-owned enterprises will release dividends, and equity incentives will be implemented one after another, greatly releasing the enthusiasm of employees, which is expected to be realized to the performance end in the future.
From the perspective of valuation, the traditional Chinese medicine sector has experienced many years of correction since 2015, with PE (TTM) of 34.2 times, which is equivalent to the overall valuation of medicine and is in the central position. Combined with the annual strategy, in January, we continued to be optimistic about traditional Chinese medicine consumer goods, one of the main lines of "crossing medical insurance", and suggested paying attention to Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Yunnan Baiyao Group Co.Ltd(000538) , Beijing Tongrentang Co.Ltd(600085) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Jianmin Pharmaceutical Group Co.Ltd(600976) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Mayinglong Pharmaceutical Group Co.Ltd(600993) , Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) , Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Tibet Cheezheng Tibetan Medicine Co.Ltd(002287) , Heilongjiang Zbd Pharmaceutical Co.Ltd(603567) .
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