Industry core view:
Last week, the CSI 300 index rose 2.23%, and the Shenwan computer industry rose 1.38%, 0.85pct behind the index, ranking 23rd in the Shenwan level industry. We believe that the medium and long-term positive trend of the market remains unchanged. We recommend investors to pay attention to high-quality targets with strong performance certainty, and recommend high-profile segments such as industrial Internet, industrial software, information innovation, intelligent driving and network security.
Key investment points:
The CPPCC National Committee held a special consultation meeting on “promoting the sustainable and healthy development of the digital economy”: since this year, the top-level strategic positioning of the digital economy has been repeatedly emphasized. This special consultation meeting of the CPPCC emphasized the key technologies, involving the digital transformation in many fields such as industrial Internet, smart cars, infrastructure and electronic medical records, and once again refined the specific focus of the development of the digital economy. At the same time, the meeting also stressed the importance of data elements, and the development of data trading market and data security industry chain is expected to accelerate.
China National Software And Service Company Limited(600536) Qilin software ecological adaptation products have exceeded the 400000 mark: after long-term development, the domestic operating system has achieved great improvement in performance, but there is still a big gap in ecology compared with the foreign mainstream operating system. Kirin software has actively strengthened ecological cooperation with manufacturers, and the compatible and adaptive software and hardware products have increased rapidly. The number of ecological adaptation products has exceeded 400000, marking that the ecosystem of Kirin operating system has begun to take shape. With the continuous promotion of industry information innovation, the progress of ecological adaptation of domestic operating systems is expected to accelerate, and more commonly used software is expected to be used on domestic OS, so as to accelerate the upgrade to the easy-to-use stage.
The valuation of the industry is lower than the historical center, and the attention of the industry has decreased: the average trading volume last Sunday was 31.786 billion yuan, and the trading activity decreased. From the perspective of valuation, PE (TTM) of SW computer industry has been adjusted to 32.85 times, 50.33 times lower than the historical average since 2016, and the industry valuation is lower than the historical central level.
Last week, the performance of the computer sector was concentrated: among the 300 stocks, 221 stocks rose, 69 stocks fell and 10 stocks were flat. The number of rising stocks accounted for 73.67%.
Investment suggestion: with the new infrastructure as the core, accelerate the process of cloud, intelligence and digitization of enterprises. Investors are advised to pay attention to high-quality targets with strong performance certainty under the high-profile sector. From the market and valuation of 2022q1, the valuation of the computer industry has rebounded at the bottom. From the allocation of fund positions, the allocation of the computer industry is still low. It is suggested to focus on the changes of company orders and capital expenditure in relevant fields. We mainly recommend the fields of industrial Internet, industrial software, information innovation, intelligent driving and network security.
Risk factors: global geopolitical risk, technology promotion fails to meet expectations, and Industry IT capital expenditure is lower than expected.
