This week’s view:
I. resumption of the impact of previous interest rate cuts on the computer sector
On May 20, the central bank adjusted the quoted interest rate (LPR) of the loan market, and the LPR over five years was reduced by 15 basis points. We resumed the market reaction of the computer sector after five rounds of 19 interest rate cuts since 2008. It is found that: (1) the impact of interest rate cut on the computer sector has no obvious law in the short term; (2) The impact of interest rate cut on the computer sector in the medium and long term (one month to half a year) is positive, and the longer the time, the more significant; (3) After the announcement of the historical interest rate reduction policy, the computer sector probably outperformed the market in three months / half a year; (4) From the perspective of sector activity, during the time window corresponding to previous interest rate reduction cycles, the trading activity of the computer sector showed an obvious upward trend, and the overall turnover of the sector increased significantly; In the time window corresponding to the interest rate increase cycle, the overall turnover of the sector decreased significantly.
II. Qualcomm’s first year of automatic driving
On May 20, Qualcomm opened the live broadcast of Xiaolong night. According to the introduction at the meeting, Qualcomm ride platform is about to complete mass production with the help of FeMo Zhixing “little magic box 3.0”. Based on the snapdragonride autopilot chip, FeMo Zhihang has built a “small magic box 3.0” autopilot computing platform. The first mass production carrying model will be released soon. The previously released small magic camel 2.0 unmanned distribution vehicle will also be equipped with a “small magic box 3.0” computing platform, which will be offline this month. Qualcomm continues to make efforts in automatic driving. It has been designated by great wall, BMW, general motors and Volkswagen, successfully acquired the cutting-edge Weiner of automatic driving, and is about to usher in mass production. We believe that the inflection point of Qualcomm’s automatic driving business is coming, and the subsequent penetration will continue to improve.
III. investment suggestions
Benefiting from the boarding and penetration of Qualcomm ride platform, we are the first in-depth partner of Qualcomm [ Thunder Software Technology Co.Ltd(300496) ]. In addition, other recommended targets of intelligent driving include high-precision map “national team” [ Navinfo Co.Ltd(002405) ], leader of automatic driving domain controller [ Huizhou Desay Sv Automotive Co.Ltd(002920) ].
1) Thunder Software Technology Co.Ltd(300496) : deeply bind Qualcomm, have released Qualcomm’s fourth generation 8295 intelligent cockpit solution, set up Changhang intelligent driving company to enter automatic driving, and will continue to cooperate with Qualcomm.
2) Huizhou Desay Sv Automotive Co.Ltd(002920) : deeply plough NVIDIA computing platform, and have released domain controllers that support L3 or above. The company has maintained in-depth cooperation with many leading car manufacturers, and at present, the company’s latest domain controller products have supported automatic driving of L3 and above. (jointly covered with Huaxi Automobile Group)
3) Navinfo Co.Ltd(002405) : high precision map + chip + data compliance multi driver. As a high-precision map “national team”, it is expected to leverage the penetration of high-precision map business with data compliance business and extend to the upper level of automatic driving based on map data.
Investment advice
Reiterate that we are firmly optimistic about the leading companies with card advantages in cloud computing SaaS, energy it, financial technology, intelligent driving, artificial intelligence and other prosperous tracks, and actively recommend the following seven investment lines: 1. Cloud computing SaaS: focus on recommending enterprise SaaS leader Yonyou Network Technology Co.Ltd(600588) , office software leader Beijing Kingsoft Office Software Inc(688111) (joint coverage with small and medium-sized markets), and super Integration Leader Sangfor Technologies Inc(300454) . 2. New energy it: focus on recommending energy SaaS leader Longshine Technology Group Co.Ltd(300682) (joint coverage of communication group), distribution network dispatching pioneer Dongfang Electronics Co.Ltd(000682) , domestic energy BIM software leader Beijing Forever Technology Co.Ltd(300365) . 3. Fintech: focus on recommending securities it Hundsun Technologies Inc(600570) . In addition, Yusys Technologies Co.Ltd(300674) , Shenzhen Sunline Tech Co.Ltd(300348) , Hithink Royalflush Information Network Co.Ltd(300033) , all welcome the upswing of the economy. 4. Intelligent driving: the vehicle OS leader Thunder Software Technology Co.Ltd(300496) , the intelligent cockpit leader Huizhou Desay Sv Automotive Co.Ltd(002920) (joint coverage of vehicle groups) and the high-precision map leader Navinfo Co.Ltd(002405) are recommended as the key benefit targets. 5. Artificial intelligence: recommend intelligent voice faucet Iflytek Co.Ltd(002230) . 6. Network security: focus on recommending emerging security double leaders Qi An Xin Technology Group Inc(688561) + Sangfor Technologies Inc(300454) , Dbappsecurity Co.Ltd(688023) as a subdivided emerging security leader, which will also benefit deeply. Other beneficiaries include: Venustech Group Inc(002439) , Xiamen Meiya Pico Information Co.Ltd(300188) , etc. 7. Xinchuang: domestic WPS leading manufacturer Beijing Kingsoft Office Software Inc(688111) (jointly covered with small and medium-sized disk groups), domestic middleware leading Beijing Tongtech Co.Ltd(300379) , domestic PDF leading Fujian Foxit Software Development Joint Stock Co.Ltd(688095) , domestic server leading Dawning Information Industry Co.Ltd(603019) .
Risk tips
Market systemic risks, the landing of scientific and technological innovation policies is less than expected, and the game between China and the United States is an emergency.
