Last week, the CSI 300 index rose 1.11%, the Shenwan computer industry rose 4.40%, outperforming the index by 3.29 PCT, ranking second 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 guiding opinions of the general office of the China Banking and Insurance Regulatory Commission on the digital transformation of the banking and insurance industry were issued to commercial banks: Recently, there have been frequent policies and plans related to financial technology, which has boosted the prosperity of financial it. The financial science and technology development plan (2022-2025) issued by the people's Bank of China on January 5, 2022 defines the overall idea and development goal of financial digital transformation. The guidance issued this time proposes that the digital transformation of banking and insurance industry will achieve remarkable results by 2025, and the core contents include digitization of financial products and services, data security and governance, financial innovation, etc. The two policies jointly point to accelerating the digital transformation of the financial industry. We believe that the financial industry, as one of the key industries, is expected to become the leader in the construction of digital economy. At the same time, the financial it boom is expected to remain high due to the two factors of accelerating the landing of digital currency and the continuous promotion of financial information innovation.
Gartner predicts that China's IT spending will grow by 7.89% in 2022: with the global economic recovery, information technology investment will continue to grow. Among them, the cloud market has become the main driving force for the growth of it expenditure. China's cloud computing industry started late and its scale is relatively small. As an infrastructure for enterprise digital transformation, cloud computing is expected to achieve leapfrog development in this round of digital economy construction.
The valuation of the industry is lower than the historical center, and the attention of the industry has increased: the average daily turnover in the last year was 111.539 billion yuan, and the trading activity has increased. From the perspective of valuation, PE (TTM) of SW computer industry has been adjusted to 44.84 times, which is 50.80 times lower than the historical average from 2016 to 2021.
Last week, the performance of the computer sector was divided: 214 stocks rose, 78 stocks fell and 1 stock was flat. The number of rising stocks accounted for 73.04%.
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 2021q1-q3, the valuation of the computer industry has rebounded at the bottom. From the configuration of fund positions in 2021q3, the configuration of the computer industry is still low. From the performance of 2021q1-q3, artificial intelligence, information innovation, construction informatization, cloud computing and other fields perform well. 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, industry it capital expenditure. Lower than expected
