Main recommendations
The decline in financial data in February was mainly due to seasonal factors.
Hydrogen energy was written into the report for the first time, and fuel cell stocks became the new main line.
Market review
Market comments: shock the market, pay attention to the rhythm position control, and gradually add high-quality stocks on dips.
Macro perspective: The Information and Software Department of the Ministry of Industry and Information Technology organized a symposium on enterprise cloud work.
Communication industry: policy support, continue to be optimistic about 5G, and select high-quality leaders in sub-sectors.
Futures information
Metal energy: gold 286.85, up 0.46%; Copper 49300, up 0.24%; Rebar 3668, up 0.30%; Rubber 12 195, up1.04%; The PVC index was 6280, down 0.71%; Zheng Chun 2467, down1.79%; Shanghai Aluminum 13745, up by 0.88%; Shanghai nickel 1022 10, up1.92%; Iron ore was 620.5, up 0.16%; Coke 1954.0, down 0.91%; Coking coal 125 1.0, down 0.52%; Fiberboard 65.05, up 4.83%; Rubber board 156.95, up 4.15%; Brent oil was 67. 10, up 0.3 1%.
Agricultural products: soybean oil 5600, down 0.46%; Corn 1869, up by 0.05%; Palm oil 4528, down 0.26%; Cotton 15480, down 0.16%; Zheng Mai 2422, down 0.37%; Sugar 5 142, up 0.27%; Apple 10096, up 0.7 1%.
Exchange rate: EUR/USD 1. 14, up by 0.11%; USD/RMB 6.7 1, down 0.02%; USD/HK$ 7.85, flat.
Main recommendations
1 and February's financial data fell, mainly due to the disturbance of seasonal factors.
Event: RMB loans increased by 885.8 billion yuan in February, with the previous value of 3.23 trillion yuan; The scale of social financing increased by 703 billion yuan, with the previous value of 4,635.3 billion yuan; At the end of 20 19 and 1, M2 increased by 8% year-on-year, and the previous value was 8.4%.
Comments: RMB loans fell sharply from the previous value, less than expected, mainly due to seasonal factors. After the release of massive credit data in June 5438+ 10, the optimistic expectation of the market obviously warmed up. The data of new RMB loans in February dropped significantly from the previous value and was less than expected, which was greatly affected by seasonal factors. The scale of new social financing in February dropped significantly compared with that in June 1 and increased by 486.4 billion less than that in June 18. However, judging from the new social financing structure in February, the local government's special debt increased significantly compared with the previous value, reflecting the intention of steady growth through infrastructure. In the first two months, the accumulated social financing increased by 5,338.3 billion yuan, an increase of 10696 billion yuan year-on-year. Among them, RMB loans from the real economy, corporate bond financing and local government special bonds increased by 626 billion yuan, 392.9 billion yuan and 275,654.38+0 billion yuan respectively. In the first two months, the overall social integration has improved compared with 20 18. With the implementation of various policies to unblock the transmission mechanism of monetary policy, it is expected that the effect of broad credit policy will gradually emerge in the future, and the growth rate of social financing is expected to stabilize.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
2. Hydrogen energy was written into the report for the first time, and fuel cell stocks became the new main line.
Event: On March 15, the Second Session of the 13th National People's Congress ended, and the "Government Work Report (Revised Edition)" reviewed was supplemented with "Promoting the Construction of Charging and Hydrogenation Facilities". This is also the first time that hydrogen energy has been written into the government work report.
Comments: 20 19 will be the first year of commercialization of fuel cell vehicles, and the industry production and sales will exceed 10000 vehicles in 2020. According to the data of China Automobile Association, there are no fuel cell passenger cars in China at present, mainly fuel cell commercial vehicles. Cars were sold in 20 1527, up 20% year-on-year. In the future, with the promotion and implementation of "Ten Cities 1000 Vehicles", the sales scale will be greatly improved. The hydrogen energy industry was written into the government work report for the first time, which shows that the government attaches importance to the utilization of hydrogen energy. With the support of policies, with the accelerated breakthrough of fuel cell core technology, hydrogen energy may usher in an industrial explosion in the future. Considering that the promotion of fuel cell vehicles depends heavily on hydrogen refueling stations, hydrogenation is expected to become the first link in the whole industrial chain, and it is suggested to pay attention to: enterprises in key parts; 2) Enterprises in the field of front-end hydrogen energy; 3) Affiliates of other links.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
Market review
Market comments: shock the market, pay attention to the rhythm position control, and gradually add high-quality stocks on dips.
On Tuesday, the market fluctuated within a narrow range, and the volume of transactions shrank from the previous month. On the disk, the computer, military and media sectors led the gains, while the food, beverage, steel and biomedical sectors made a slight correction. The number of daily limit households in the two cities is 87. At the close, the Shanghai Composite Index reported 3090.98 points, down 0. 18%, while the Shenzhen Component Index reported 9839.74 points, down 0.04%, and the record index reported 1708.808. It is suggested to gradually adjust the industry configuration according to the market situation. On the one hand, for stocks that have risen too much in the previous period, lighten their positions on rallies and lock in profits; On the other hand, the growth stocks with the best performance at the bottom should be gradually increased. The stock market is risky, so you need to be cautious in investing.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
Macro perspective: The Information and Software Department of the Ministry of Industry and Information Technology organized a symposium on enterprise cloud work.
The Ministry of Industry and Information Technology reported on March 19 that on March 14, the Information and Software Department of the Ministry of Industry and Information Technology organized a symposium on enterprise cloud work in Beijing. Some local competent departments of industry and information technology and relevant responsible persons of subordinate supporting institutions attended the meeting. In the next step, the new soft company will continue to strengthen its work from the aspects of strengthening publicity and training, improving industrial supply capacity, establishing online effect evaluation system and improving information security measures, so as to promote enterprises to go online in an orderly manner and achieve greater results.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
Communication industry: policy support, continue to be optimistic about 5G, and select high-quality leaders in sub-sectors.
At the end of February, the P/E ratio of the communication industry was 44.59 times, and the P/B ratio was 2.76 times, which was significantly higher than that at the end of 1, and it was still at a moderately low level in history. In March, the valuation continued to climb. Since the beginning of 2000, the lowest PE(TTM) in the communication industry has reached 9.2 times, and the highest has reached 96.3 times. The lowest Pb (LF) in communication industry reaches 1.3 times, and the highest PB(LF) reaches 8./kloc-0 times. The current valuation is 2.9 times, which is at a historical low. There is still room for improvement in overall valuation. It is recommended to pay attention to relevant leading companies.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)