![<?echo $_SERVER['SERVER_NAME'];?>](/template/twentyseventeen/skin/images/header.jpg)
Real Estate Industry Weekly: Focus on real estate companies with substantial growth
Category: Industry Research Institute: Huarong Securities Co., Ltd. Researcher: Yi Huaqiang Date: 2017-03-01
Last week's market performance
Last week, the real estate index (CITIC) rose 1.71%, while the Shanghai and Shenzhen 300 index rose 1.53%. The real estate index outperformed the Shanghai and Shenzhen 300 index by 0.18 percentage points.
Commercial housing transactions rose
In terms of new residential construction, last week (2017.2.20-2017.2.26) focused on the transaction area of ​​commercial housing in 30 cities, which was 3.0259 million square meters, up 23.04% from the previous month and up 6.19% year-on-year. The first-tier cities traded 578,000 square meters, up 23.29% from the previous month and down 8.77% from the previous year. The second-tier cities traded 1.5595 million square meters, up 27.9% from the previous month and up 6.78% from the previous year. The third-tier cities were 880,400 square meters, up 15.21% from the previous month and up 17.59 from the same period last year. %.
In terms of second-hand housing, the four cities that focused on the decline were down 1.42% from the previous month and down 36.5% from the same period last year. Among them, the volume of first-tier cities (Beijing, Shenzhen) fell by 14.07%, down 54.05% year-on-year; second-tier cities (Hangzhou, Nanjing) rose by 19.05%, up 14.64% year-on-year.
Industry and company information
The National Bureau of Statistics announced the housing price data of large and medium-sized cities, focusing on the slowdown in housing prices in first- and second-tier cities.
The airport shares of 600,463 shares, 2016 net profit increased by 23.86%.
World Bank 002285, the stock's 2016 net profit increased by 46.73%.
Wanze shares 000534, shares in 2016 net profit increased by 64.1%.
Sunshine shares 000608, shares in 2016 net profit a substantial loss of 468 million yuan.
Investment Advice
The market turnover continued to rise, but the decline was still relatively large compared with the beginning of last year. The volume of the third- and fourth-line transactions fell less than the first- and second-line. From the latest statistics, the price of key first- and second-tier cities has stabilized, and the prices of third-tier cities are still rising, but the growth rate has narrowed. The effect of a new round of real estate regulation and control policies has gradually emerged. At the same time that the overall sales of the market declined, real estate companies have a certain differentiation, and sales of some real estate listed companies still exceeded expectations. It is recommended to focus on real estate companies with better sales and substantial growth in annual report results.
risk warning
Policy regulation was higher than expected; sales were lower than expected.
Steel industry: demand is coming soon, inventory pressure is weakening
Category: Industry Research Institute: Northeast Securities Co., Ltd. Researcher: Yan Yongzhong Date: 2017-03-01
As demand is released, inventory pressures are weakening. However, as the weather warmed up, the construction rate of the construction site gradually increased. At present, some merchants have successively received terminal orders. Although the inventory has not been fully activated, it has begun to gradually digest the inventory. This week, the social stocks of the five major varieties of steel in the country declined slightly, and the inventory pressure in the later period may continue to weaken. With the profit-taking of leveraged funds in gambling stocks, steel prices may fluctuate in the short-term, but the demand for gradual release of overlapping stocks is weakening, and the price is weak.
Second-term stability of steel prices, effectiveness or limited. The China Iron and Steel Association held a symposium on the production and operation of long products enterprises, and maintained the steel price twice after the development of the reform committee. China Steel Association hopes that long-term enterprises will adjust the production rhythm and reasonably control the inventory; the price is in a reasonable range. We believe that the official stability will filter some of the price speculation. However, in general, due to the large number of private enterprises in long products, administrative regulation is more difficult, so the actual effect is relatively limited. However, after the futures market resumes rationality, it may have a certain impact on the spot market, thus avoiding the excessive rise in spot steel prices.
Beijing-Tianjin-Hebei re-limited production, steel prices become more rational. Tangshan has issued a production restriction order. "From March 1st to 15th, the sintering machine of the Tangshan Iron and Steel Industry did not complete the wet desulfurization delay treatment, and the reduction of emissions was 50%." Clean energy such as pipeline gas is a heat source rolling mill, and all discharge pollutants are stopped."
Northeast Steel's continuous recommendation targets include: Angang Steel, Fushun Special Steel 600399, stock bar, Ma Steel, Taigang Stainless 000825, stock bar, Fangda Special Steel 600507, stock bar, Yongxing Special Steel 002756, stock bar, Jinzhou Pipeline 002443, Share it.
Stock market review: The steel sector's gains have slowed down, ranking fourth in all sectors.
The Shanghai Composite Index rose 1.60% in the week, Shenzhen Chengzhi Week rose 2.41%, and Shenwan Steel Index fell 1.13 in the week, ranking the fourth lowest in all 28 sectors. Among the sub-sectors, Pugang rose 1.40%, special steel rose 0.32%; iron ore rose 2.27%, and trade circulation rose 1.91%.
Supply and demand pattern: production remains high and demand is gradually released.
The operating rate of blast furnaces in the country continued to rise to 75.14%, the highest level in 10 weeks; the operating rate of blast furnaces in Hebei was 81.90%, down 0.32 percentage points from the previous month; the profitability of national steel mills rose for seven weeks, which was the same as the highest level in 2014. The Belt and Road Initiative has a hot spot with Beijing and Tianjin.
Inventory: Social stocks fell slightly, and port iron ore broke high.
This week, Mysteel's five major varieties of steel social stocks totaled 16.453 million tons, and fell for 12 weeks after the rise; port iron ore stocks increased to an all-time high of 130.81 million tons; Tangshan billet inventory increased to 898,000 tons this week. Steel stocks of steel mills declined slightly.
Steel price trend: Long products continue to be strong, and domestic mines have a huge increase.
Mysteel comprehensive steel price index rose by 2.36%, long-term index rose by 4.08%; MyIpic imported minerals index rose by 1.86%; domestic mines rose by 8.68%; billet prices rebounded, coke continued to fall, ferrochrome remained unchanged from last week; In addition, the black futures are generally down.
Building materials industry: the merger of the two materials was approved by the Ministry of Commerce for anti-monopoly approval and integration into the implementation process
Category: Industry Research Institute: Changjiang Securities Co., Ltd. Researcher: Fan Chao, Li Jinbao Date: 2017-03-01
Event description
On February 27, China National Building Material Group and Sinoma Group were restructured and approved by the Anti-monopoly Bureau of the Ministry of Commerce. The acquisition of Sinoma Group's equity in Sinoma Group was not prohibited and can be implemented from the date of notification.
Event review
The reorganization of the two central enterprises was on January 26, 2016, and the listed companies announced that they had announced the group's planning and restructuring. At that time, they took the first step; on August 23, 16, they were approved by the State Council and announced that China National Materials Group was transferred free of charge. Entered China National Building Material Group. After one year of experience, the restructuring plan was officially approved by the Ministry of Commerce for anti-monopoly. From the perspective of the administrative approval process, the rest is the implementation link.
Consolidating assets of the same type is still the most important. The two central enterprises have many similar assets in cement and glass fiber. After the reorganization, the integration of interbank assets will be an important part. In terms of cement, China National Building Materials' production capacity is mainly distributed in East China, Northeast China, Southwest China and South China. Sinoma is distributed in the northwest (a small amount in East China). The combined production capacity will be distributed nationwide, but the significance of the improvement is due to the significant difference in regional distribution. limited. In terms of glass fiber, the combined roving capacity will reach 2 million tons, accounting for 30% of global production capacity, further consolidating its leading position. In addition, while integrating the resources of the two major groups and eliminating vicious competition, it is also expected to further improve the product structure and enhance international competitiveness. The value of non-similar assets lies in the integration and listing of the corresponding assets, the shell resources with insufficient performance growth, and the unlisted quality resources.
The acceleration of the integration of central enterprises will bring about the acceleration of the integration progress of listed companies. The integration of three cement stocks in the northwest is expected to heat up again. Regardless of the final plan, asset elasticity and shell value will be worthy of attention. The recommended target Tianshan shares 000877, stock bar, Qilianshan 600720, stock bar, Ningxia building materials 600449, stock bar (superimposed current belt one-way fermentation, Northwest cement stocks are expected to heat up again).
Sinoma Technology 002080, stock bar and China Jushi 600176, shares as a new listing platform for glass fiber, with further asset integration and injection expectations; Beixin Building Materials 000786, as the two largest materials listed on the platform of decorative materials, will also carry more in the future More development requirements. In addition, the impact of the target is Sinoma Energy Saving 603126, stock bar, Sinoma International 600970, stock bar, Guotong shares 002205, stock bar, Ruitai Technology 002066, stock bar, Luoyang glass 600876, stock bar, Kaisheng Technology.
risk warning:
1. The integration progress is slower;
2. The integration has limited impact on related listed companies.
Media Industry Weekly: Turning to Growth, Media Sees Quality Underestimation
Category: Industry Research Institute: Guangzhou Guangzheng Hang Seng Securities Research Institute Co., Ltd. Researcher: Li Yajun Date: 2017-03-01
Investment points:
Sector market trend: This week, the media index rose 3.49%, leading the Shanghai and Shenzhen 300 index by 1.96 percentage points, ranking fourth in the Shenwang 28 first-level sub-industry index. This month, the media index rose by 2.06%, 0.48 percentage points behind the Shanghai and Shenzhen 300 Index. Media valuations this week rose by 3.28%, and the valuation of the segment was mixed.
Industry News: SARFT: TV dramas must not be illegally changed to online dramas before they are broadcasted; the Film Industry Promotion Law is implemented soon, standardizing online movies to crack down on fake box office; iQiyi announced the completion of $1.53 billion in convertible bonds Subscription, Baidu subscribed for 300 million US dollars; mobile e-sports total output value of nearly 30 billion in 2016, users have reached 124 million people ushered in the development of spring; TV drama listed companies' ability to strengthen IP head resources competition will be more intense; mobile e-sports 2016 total The output value is nearly 30 billion, and the users have reached 124 million people to welcome the development of spring; Netease said that the mobile game "Yin Yang Shi" has more than 200 million downloads, and the English version will be launched during the year.
Company news: Zhebao Media 600633, the stock bar intends to sell the news media assets held by Zhebao Holdings, and take this asset sale as an opportunity to fully start the optimization and restructuring of the company's asset business and systematic reform and innovation of the institutional mechanism; The media subsidiary initiated the establishment of the Southern Media Industry M&A Fund; the Zhongnan Culture Company purchased 90% of the equity of Aurora Network, and the non-public issuance of new shares to raise the matching funds for the issuance of assets in this issue was approved; Tangde Films intends to use its own Funds subscribed to Shanghai Weisheng Film and Television Culture Company; Gaole Co., Ltd. 002348, the stock company signed a license agreement with Walt Disney (Shanghai) Co., Ltd., and the Disney license company used the relevant Disney prototypes and trademarks on certain toy products within a certain period of time, and authorized The company sells licensed products in specific channels.
Industry investment logic
Investment logic: sector rotation, industry rebound. The media sector has experienced a valuation correction since last year. We reiterate that the current valuation level is already at a historically low level, and the value of quality stock investment has been highlighted. We believe that the growth sector is ushered in a rebound. The leading white horse effect is highlighted. The focus is on underestimating the leading companies. It is recommended to focus on game leaders, quality content leaders, K12 training, and high-end preschool education. The performance of the game field is gradually released, the second-line leading effect is gradually concentrated, and the growth is still considerable. The recommended tour network 002174, stock bar, Sanqi mutual entertainment, pay attention to Xinghui entertainment; high-quality content leading field, recommend Tangde film, Ciwen media, Converse culture; education sector, recommend Xiuqiang shares 300160, stock bar, Century Dingli 300050, stock bar, electro-optical technology 002730, stocks. The theme is still recommended to focus on the cultural media state-owned enterprise reform sector, recommending focus on the valuation security margin and performance extension expectations of Guanghong Holdings 000529, stocks, and performance support, the management team has the power to carry out reform and optimization, with the background of the cultural industry The effect of the Southern Media.
Risk warning: The macro economy continues to be sluggish and the market is volatile.
Electronic Industry Weekly: Domestic IC design sales are the first to exceed the beta, 5G or MWC focus
Category: Industry Research Institute: Ping An Securities Co., Ltd. Researcher: Liu Yifeng Date: 2017-03-01
2016 China IC design output value exceeded Taiwan: According to China Semiconductor Industry Association statistics, China's IC industry sales in 2016 was 433.55 billion yuan, an increase of 20.1%. Among them, the design industry sales were 164.43 billion yuan, an increase of 24.1%; the manufacturing industry was driven by the full production and expansion of domestic chip production lines, 2016 sales of 112.69 billion yuan, an increase of 25.1%; packaging and testing industry sales of 156.43 billion Yuan, a year-on-year increase of 13%. On the one hand, this is the first time that IC design industry in mainland China has surpassed Taiwan in China (about 140.815 billion yuan). On the other hand, this is the first time that domestic IC design industry sales have surpassed the packaging and testing industry. IC design as an integrated circuit industry. Upstream of the chain, the technical barriers are the highest and the difficulty factor is the largest. As an important market for semiconductor products, China consumes more than 100 billion US dollars of semiconductor products each year, but more than 90% of them are imported. The main domestic technology such as core component chips is relatively weak. In recent years, the government has continuously increased its support for the development of the semiconductor industry. It has gone to the 120 billion yuan national integrated circuit industry investment fund set up by the central government, and has gone to the semiconductor industry development funds of local governments at all levels, optimistic about the domestic domestic chip companies. Zhi Technology 300458, stock bar, Apex 002180, stock bar and so on.
MWC 2017 is just around the corner, 5G or the biggest focus: all previous MWC conferences are refreshing. WMC 2017 mobile phone innovation should focus on screen, fingerprint recognition, photo taking and fast charging, but 5G may become the biggest attraction. At that time, Huawei will bring forward the 5G cutting-edge solutions, joint display with leading operators and vertical industry partners, a variety of field demonstrations and industry summits. ZTE will release 5G full range of high and low frequency pre-commercial base station products, support the industry's 5G mainstream frequency band, and adopt 5G key technologies such as Massive MIMO, Beam Tracking and Beam Forming to fully meet the 5G pre-commercial deployment. Diverse scenes and needs. Deutsche Telekom, Ericsson and SK Telecom plan to conduct a 5G joint network slice demonstration at WMC. Nokia will work with US carrier Sprint to demonstrate 4.9G technology by using 3D beamforming software to deliver up to 8x uplink throughput and 5x downlink throughput. According to Qualcomm's forecast, 5G will generate 12.3 trillion US dollars of economic output globally by 2035, and the global 5G value chain will create 3.5 trillion US dollars of output. It is recommended that investors pay close attention to relevant industry chain companies.
Last week's performance of the electronic sector: This week, the overall market maintained an upward trend, and the Shanghai and Shenzhen 300 rose 1.53%. Among them, Shenwan Electronics Index rose by 2.5g%, outperforming the Shanghai and Shenzhen 300 Index by 1.06 percentage points; CITIC Electronic Components Index rose by 2.57%, outperforming the Shanghai and Shenzhen 300 Index by 1.04 percentage points.
A week's industry focus review: industry depth. IGZO's comprehensive advantages are highlighted, optimistic about long-term substitution effects.
Portfolio performance: Since the beginning of the year, the cumulative income of the portfolio has been 0.90%, underperforming the Shanghai and Shenzhen 300 Index by 4.05 percentage points, underperforming Shenwan Electronic Components Index by 1.24 percentage points, and underperforming the CITIC Electronic Components Index by 2.30 percentage points.
Risk warning: technology risks, industry competition intensifies risks, and new businesses develop risks.
Environmental protection industry weekly report: Beijing-Tianjin-Hebei atmospheric control station is on the air, PPP securitization officially opened
Category: Industry Research Institute: Researcher of Guokai Securities Co., Ltd.: Cui Guotao Date: 2017-03-01
The Beijing-Tianjin-Hebei atmospheric control station is on the upper exit. On Wednesday, the Ministry of Environmental Protection held a media meeting on air pollution prevention and control, emphasizing that 2017 is the first phase of the "Atmosphere Ten" battle. The Beijing-Tianjin-Hebei region will promote clean winter heating, expand the production peaks of industrial enterprises, and strictly control Six aspects of motor vehicle emissions and reduction of dust emissions from construction sites have been strengthened. We believe that the various segments of atmospheric governance are welcoming phased opportunities. Environmental monitoring is recommended to focus on the first environmental protection 300137, the stock bar (high-end environmental monitoring instrumentation research and development and production), the smoke control proposal is concerned about the fresh environment 002573, the stock bar (deep-plowed coal Electric smoke treatment, expand non-electrical industry).
PPP securitization officially opened. This week's first batch of “PPP Asset Securitization†demonstration projects were reported to the Development and Reform Commission, with a total of 41 projects, including 21 sewage treatment projects, 11 highway transportation projects, and infrastructure projects such as infrastructure, urban heating, and underground integrated pipe corridors. , energy project 2 single. The landing of the first batch of demonstration projects marks the official opening of PPP asset securitization, which is of great significance to the company's revitalization of PPP project stock assets, and will have a profound impact on the industry. It is recommended to pay attention to the sewage waste treatment, the company with stable cash flow projects in the infrastructure field and the abundant PPP project orders, such as Bishuiyuan 300070, stock bar and Oriental Garden 002310.
This week's market review. The environmental protection sector rose 2.75%, and the trend was strong, outperforming the CSI 300 Index by 1.22 percentage points. The top five companies in the weekly increase were Dechuang Environmental Protection, Botian Environment, China Tianzhu000035, stocks, fresh environment, and agricultural environment. The top five companies in the week were Zhong Zaihuan and Zhongyida 600610. Palm shares, Dongjiang environmental protection, beautiful ecology.
Company Announcement. It can be seen from the announcement of the foreign investment of listed companies announced this week that they are basically PPP projects. The recent market performance of such listed companies has already been more closely related to the trend of the A-share market. With the gradual disclosure of financial reports, listed companies will release the project library related to PPP, which is expected to become the next hot spot.
risk warning. The local government policy promotion failed to meet expectations, the progress of PPP projects was lower than expected, the market vicious competition, and the systemic risks in the secondary market at home and abroad.
Medical Device Industry: Analysis of Investment Opportunities in the Industry Chain of Inspection Branch Benefiting from Graded Diagnosis and Treatment
Category: Industry Research Institute: Zhongtai Securities Co., Ltd. Researcher: Jiang Qi Date: 2017-03-01
How do you see the inspection industry at this point in time? We believe that the gradual landing stage of the grading diagnosis and treatment policy will be entered in 2017, and the changes in inspection volume and inspection quality requirements will have a transformative impact on the relevant industry chain of the laboratory. For the laboratory, graded diagnosis and treatment lead to the migration of inspections to primary hospitals. The inspection categories of tertiary hospitals are mainly from general inspection to special inspection. At the same time, the demand for referrals increases, and the mutual recognition of regional inspections will become a development trend. The level requirements are increasing.
We analyze the industrial chain of the laboratory and use the terminal income back-calculation method to calculate the output values ​​of upstream, midstream and downstream of 43 billion, 95.6 billion and 147.1 billion respectively: (1) upstream production enterprises based on mutual recognition of regional results and hospitals The profit forecast of the laboratory will be inclined to cost-effective products. Among them, the mass project will look at quality control and raw material self-production capability, and the featured projects will look at R&D and innovation capabilities. (2) The midstream circulation enterprises will gradually tilt from traditional distribution to comprehensive services (“packageâ€). The core competitiveness of the packager comes from the value-added service. The strong stickyness of the terminal and the high conversion cost determine the first-mover advantage and the financing ability are the key; (3) The downstream terminal is affected by the graded diagnosis and treatment, and the first-level hospital The lack of detection capabilities and the cost control of tertiary hospitals will increase the demand for third-party testing services. We have estimated that the market space of ICL in the next three years is close to 30 billion, optimistic about the national promotion of the “PPP-like†regional inspection center. Enclosure speed + government relations + inspection facility management capacity is a screening criterion.
Investment suggestion: We believe that graded diagnosis and treatment as an important part of the new medical reform, the current supporting policies have been improved, the pilot provinces and cities have obvious effects, we expect to be in the countrywide in 2017, and subject to graded diagnosis and treatment, medical insurance control fees, etc. Policy influence, the IVD industry chain centered on the laboratory will be further re-division. Among the upstream manufacturers, we are optimistic about the quality of the international level, the gross profit rate industry first and constantly discover new testing projects, the nine strong bio-300406, stock bar and domestic chemistry The lighting leader company Antu Bio; the “packaging†mode in the mid-stream channel sales enterprises has become a development trend under the environment of two-vote system and terminal inspection price reduction. We are optimistic about Runda Medical 603108, which is the first to be listed and has a relatively complete national layout. Through the extension and rapid expansion of Ruikang Medicine 002589, stocks; downstream third-party testing companies optimistic about the use of dealers government hospital resources, and actively deploy the national chain of regional medical check-ups of Meikang Bio-300439, stocks and national ICL set-up basic Perfect, comprehensive inspection of the special inspection layout of the Dean diagnosis 300244, stocks.
Risk warning: product development is lower than expected risk, product promotion is lower than expected risk, and policy disturbance risk.
Durable consumer goods and clothing industry: Changjiang Securities 000783, stocks big consumer industry 17 years March gold stocks recommended
Category: Industry Research Institute: Changjiang Securities Co., Ltd. Researcher: Changjiang Securities Research Institute Date: 2017-03-01
Report highlights
Event description.
Review of the gold stock yield in February 17: (For details of the calculation and yield data, see the attached text).
Event commentary.
Outlook for gold stocks in March 17th: The following are the major industries that we consume in large consumption (home appliances, agriculture, retail, automobiles, textiles, food, social services and medicine)
In March 17th, the industry's core views and key recommendations for gold stocks:
Home appliance industry: Focus on Gree Electric Appliance 000651, stock bar, boss electric 002508, stocks.
Agricultural industry: It is recommended to recommend Tang Renshen and Muyuan shares 002714.
Retail industry: The key recommendation is Qingdao Jinwang 002094, stock bar, Haining Picheng 002344, stocks.
Automotive industry: Focus on recommending Guanghui Auto 600297, stock bar, Foton Motor 600166, stocks.
Textile industry: Focus on recommending the stock of the people of 600,987, shares, and Luo Lai life.
Food industry: The key recommendation is Gujing Distillery 000596.
Social service industry: Focus on the recommendation of Hongbo shares 002229, stocks, China International Travel 601888, stocks.
Pharmaceutical industry: Focus on Enhua Pharmaceutical 002262, stock bar, Taiantang.
Communication Industry Weekly: Broadband penetration rate exceeds target, Telecom 20195G pre-commercial
Category: Industry Research Institute: Huarong Securities Co., Ltd. Researcher: Pang Liyong Date: 2017-03-01
Last week's review:
Last week, the market was first raised and then the index was strong. As of Friday's close, the Shanghai Composite Index closed at 3,503.43 points, a total increase of 1.60%; Shenzhen Securities Index closed at 10,443.73 points, a total increase of 2.41%. During the medium and small cap, the period rose by 2.63%; the GEM index rose by 2.95%. Affected by the expectations of the annual report and the acceleration of the 5G acceleration, the communication sector was stronger than the market, and it rose by 3.75% during the period. In terms of individual stocks, during the period of decline, there were Jiaxun Feihong 300213, stocks, Star Network Ruijie 002396, stocks, Qixing Tower 002359, stocks, Xinhaiyi 002089, stocks and Japan Sea News 002313, stocks, rising in front of Fuchun Communication 300299, stock bar, North latitude communication 002148, stock bar, Bangxun technology 300312, stock bar, Zhejiang University network new 600797, stock bar and Yitong century 300310, stocks.
Industry News:
Recently, China Broadband Development Alliance released the third issue of China's Broadband Popularization Report. According to the report, as of the fourth quarter of 2016, China's fixed broadband household penetration rate reached 61.4%, an increase of 1.8 percentage points over the third quarter; mobile broadband The user penetration rate reached 71.2%, an increase of 3.5 percentage points from the third quarter. According to the Outline of the Thirteenth Five-Year Plan for National Economic and Social Development of the People's Republic of China, the estimated development targets for fixed broadband household penetration and mobile broadband user penetration at the end of 2016 are 46% and 62.5% (average annual growth), The current development situation has significantly exceeded the planning targets for the same period.
According to relevant plans, China Telecom will start to establish a 5G small-scale trial network in due course. The network scale will gradually expand with the needs of technology and business trials. It is expected that by 2019, a number of pre-commercial networks will be built, and the goal of 5G commercialization will be achieved by 2020.
This week's opinion:
After continuous construction and operation, China's broadband household penetration rate and mobile broadband penetration rate have exceeded the target. The Prime Minister has requested further speed reduction and lowering the cost of innovation and entrepreneurship, which is in line with our expectations. It is expected that traffic growth will further promote broadband construction. At the same time, operators and equipment vendors have begun to focus on 5G at MWC. Pre-commercial networks have been included in the planning of Anglo-American and China Telecom, and will gradually increase investment and guide the industry direction in the future. We recommend investors to pay attention to:
1. Communications industry enterprises with mixed ownership reform, group asset injection and other state-owned enterprise reform expectations;
2. Optical equipment, optical components and fiber optic cable manufacturers with technical accumulation and international market competitiveness;
3. The industry has accumulated profoundly and actively explores innovative companies such as cloud computing, internet of things, and big data.
risk warning:
GEM systemic risk; sector valuation switching adjustment;
Special report on electric power reform: Guangdong's competition in March 2017 was completed, and the transaction price spread continued to enlarge
Category: Industry Research Institute: Zheshang Securities Co., Ltd. Researcher: Zheng Dandan Date: 2017-03-01
Investment points
The demand side marginal offer has fallen sharply, causing the spread to continue to magnify
According to media reports such as e-news online, on February 22, 2017, Guangdong's 2017 electricity market was completed in March, with a total transaction volume of 2.164 billion kWh. The supplier's marginal transaction reported a spread of -245.9 PCT/kWh. The spread was -133%/degree, and the uniform spread was -189.45 PCT/kWh, which was further enlarged from the previous month's clearing price of -145.5 PCT/kWh.
In this transaction, a total of 52 enterprises on the power generation side participated in the quotation, with a total declared power of 4.156 billion kWh, a supply-to-demand ratio of 1.92, a total of 33 transactions, and the average declared electricity price of the power generation enterprises that were sold was -368.059 PCT/kWh, compared with 389.46 last month. The PCT/degree is significantly improved. A total of 89 participants on the demand side participated in the declaration. The average bid price of the demand side was -0.6583 PCT/kWh, up from -1.0262 PCT/kWh last month, but the marginal transaction price of the demand side reached -133 PCT/kWh. Compared with last month's -75% / degree, it dropped sharply, and eventually the unified clearing spread continued to decline. We believe that under the unified clearing rules, the focus of the game between supply and demand is mainly on how much electricity can be sold. In the short term, due to oversupply, a small number of users on the demand side have the impulse to cut the price of the blog, which has a greater impact on the overall transaction results.
Traditional advantage, sales companies are still eye-catching
In this transaction, a total of 83 sales companies sold, with a total scale of 2.156 billion kWh, accounting for 99.63% of the total transaction volume. China Resources, Shenzhen Energy 000027, stock bar, Shenzhen Shendian, Sui Hengyun, Guangdong Electric Power Sales and other five traditional advantage power sales companies ranked in the top five, the China Resources and Shenzhen Energy are trading at a 20% turnover limit, the advantage Still obvious. The transaction price difference is significantly larger than the average price difference of the 7 transactions last year. If the sales company can meet the deviation assessment requirements, it will obviously benefit.
Investment Advice
Combined with the results of the monthly competition transactions in Guangdong's power market, we still adhere to the previously reported view: power sales companies with power generation resources and user resource advantages can obtain more power in direct transactions in the electricity market. The power trading rules promulgated in subsequent regions will be based on the "Basic Rules for Medium and Long-Term Electricity Trading", and the Guangdong power trading model will be promoted to other regions. It is recommended to pay attention to the potential benefits of Guangdong Electric Power A, Sui Hengyun A, Zhejiang Energy Power 600023, stock bar, Fu Neng shares 600483.
risk warning
The advancement of electricity reform may not meet expectations; the implementation of the policy may not meet expectations; the sales of electricity business has limited contribution to the short-term performance of listed companies.
(Editor: Wang Gang HF004)
Spandex Fabric,Spandex Cotton Fabric,Jacquard Kint Fabric,Jacquard Knit Cotton Fabric
SHAOXING WUYUN TEXTILE CO.,LTD , https://www.kexintextile.com