Yesterday A-shares
Yesterday, the three major A-share indexes opened higher and moved higher throughout the day. As of the close, the Shanghai Index rose 0.65%, the Shenzhen Component Index rose 1.19%, and the GEM Index rose 1.98%. The Shanghai and Shenzhen stock exchanges' trading volume for the whole day was 3624.3 billion yuan, and more than 3600 stocks rose.
Nancai Financial Terminal shows that photovoltaic, integrated die-casting, UHV and other sectors were among the top increasers , while real estate, insurance, liquor and other sectors were among the top decliners.
Overnight external trading
will be closed due to the Christmas holiday, US stocks will be closed on December 26 (Monday). CME's precious metals, U.S. crude oil and foreign exchange contract trading was suspended throughout the day. ICE's Brent crude oil futures trading contract was suspended throughout the day.
In addition, many financial markets around the world are closed on Monday. The stock markets of Canada, Australia, New Zealand , Germany, France, the United Kingdom, Italy, and Spain are closed, and the Hong Kong stock market is closed on Monday and Tuesday.
Breaking news
1. Breaking news late at night! Cancel post-entry nucleic acid testing and centralized isolation, and resume outbound tourism in an orderly manner. On December 26, the Joint Prevention and Control Mechanism of the State Council released an overall plan for the implementation of "Category B B management" for new coronavirus infections. It mentioned that people coming to China should undergo a nucleic acid test 48 hours before departure. Those with negative results can come to China without applying for a health code from our embassy or consulate abroad, and the results will be filled in the customs health declaration card. If tested positive, relevant personnel should wait until they turn negative before coming to China. Cancel nucleic acid testing and centralized isolation of all employees after entry . Those whose health declaration is normal and there are no abnormalities in routine quarantine at customs ports can be released into the public. cancels the "Five Ones" and passenger load factor restrictions and other international passenger flight quantity control measures . All airlines continue to take epidemic prevention measures on board, and passengers are required to wear masks when boarding. Further optimize arrangements for foreigners coming to China for resumption of work and production, business, study abroad, family visits, reunions, etc., and provide corresponding visa conveniences. Gradually resume passenger transport in and out of waterways and land ports.. In accordance with the international epidemic situation and various service support capabilities, outbound tourism for Chinese citizens has been resumed in an orderly manner.
Huaan Securities believes that as epidemic optimization is gradually relaxed, leading companies in the tourism comprehensive service sector, mainly represented by travel agencies, are expected to rely on their strong resource integration capabilities and online and offline collaborative development to usher in a performance rebound and profitability recovery as outbound tourism recovers from the bottom.
2. Measures for the Management of Development and Construction of Photovoltaic Power Stations were issued to promote the sustainable development of the industry.
On December 26, the National Energy Administration issued a notice on the "Measures for the Management of Development and Construction of Photovoltaic Power Stations", with the purpose of serving the sound and rapid development of the photovoltaic industry. Chapter 4 "Project Construction Management" clarifies that photovoltaic power stations are subject to registration management. The registration capacity is in principle the AC side capacity (i.e. the sum of the rated output power of inverter ), and clarifies the project unit's preliminary work preparation, construction conditions, construction requirements, etc.
Centaline Securities research report pointed out that , photovoltaic product prices continue to show a rapid downward trend, especially the silicon wafer link has dropped significantly. Taking into account the periodic weakening of demand, the expected price decline of in the industry chain and the risk of inventory price declines, the supply chain has a sentiment of buying up rather than buying down. In 2023, the price decline in the industry chain will lead to an increase in the internal rate of return of power station development, and the demand for installed photovoltaic power stations, especially ground power stations, is expected to increase significantly. At present, the PE valuation of the photovoltaic sector is at a low level, so there is no need to be pessimistic in the future. In 2023, it is recommended to pay attention to investment opportunities in the improvement of profit expectations and technology iteration. It is recommended to pay attention to solar cells , inverters, photovoltaic glass , thermal fields, TOPCon and HJT battery equipment, etc.
3. The revenue from emerging businesses in the communications industry has grown rapidly. The revenue from cloud computing business in the first 11 months has increased by 124.8% compared with the same period last year.
The Ministry of Industry and Information Technology released on the 26th the economic performance of the communications industry from January to November 2022, and the revenue from emerging businesses has grown rapidly.The three basic telecommunications companies are actively developing emerging businesses such as , IPTV, , Internet data centers, big data, cloud computing, , and the Internet of Things. From January to November, they achieved a total business revenue of 281.1 billion yuan. increased by 32.6% year-on-year, accounting for 19.4% of telecom business revenue, driving telecom business revenue to grow by 5.1 percentage points. Among them, cloud computing and big data revenue increased by 124.8% and 60.5% respectively, data center business revenue increased by 12.6% year-on-year, and Internet of Things business revenue increased by 24% year-on-year.
Zhongtai Securities pointed out that in , the cloud computing of the three major operators in 22H1 has more than doubled year-on-year growth, and is expected to total more than 100 billion for the whole year. In 22 years, China Mobile plans to invest 48 billion in computing power network, accounting for about 26% of the investment. China Telecom’s investment in digital industry increased by 62%, and China Unicom’s investment in computing power network increased by 65%. Operators have resource advantages. Under the background of network security, the market share of cloud and has increased rapidly, and it is expected to reconstruct the valuation.
4. The prices of some rare earth products hit a half-year high, and industry chain profits are expected to continue to be released.
China Rare Earth Industry Association data shows that the rare earth price index reported 295.2 on December 26, and increased by 8% from the same period last month, and was at a high point in the past four months. Among the specific varieties, , dysprosium oxide, , terbium oxide, etc. have hit a new high in the past six months.
Xin Securities research report pointed out that with the rapid growth of downstream demand for new energy vehicles, industrial motors, industrial robots, wind power generation, etc., rare earth prices may run at a high level, the industrial structure is expected to continue to be optimized, and the concentration of the rare earth permanent magnet industry may further increase. With the strong support of supply, demand and policies, it is expected that the profits of the industrial chain will be stable and improved from the fourth quarter of this year to the first quarter of next year. The price center of rare earths may continue to rise steadily in 2023, and the profits of the industrial chain are expected to continue to be released. After the recent callback to , the sector valuation has entered a reasonable range. At this time, it is recommended to focus on the strategic allocation value of the entire rare earth industry chain.
5. China's first large-scale deep-sea offshore wind power project started construction Floating offshore wind power is expected to reduce costs quickly
According to China Power Construction announced that China's first large-scale deep-sea offshore wind power project started construction in Wanning City, Hainan Province on December 26. This is also the world's largest commercial floating offshore wind power project. The first phase of the construction will include 12 wind turbines with a single unit capacity of more than 16MW, with an installed capacity of 200,000 kilowatts. They will all be completed and connected to the grid by the end of 2025. The second phase of the project will have an installed capacity of 800,000 kilowatts and is scheduled to be fully put into operation by the end of 2027.
Ping An Securities believes that , the increase in unit size and unit capacity is an important starting point for cost reduction of floating offshore wind power. Based on the accumulation of marine engineering and fixed offshore wind power, floating offshore wind power has a good supply chain foundation and has the potential for rapid cost reduction in the future. The recent sea rights bidding for offshore wind power projects in major countries also reflects the trend of offshore wind power towards floating development. According to the Global Wind Energy Association’s forecast, starting from 2026, floating offshore wind power will enter the commercialization stage of newly installed GW-level capacity.
6. National Energy Group The third batch of key projects of the National Energy Group started construction this year, and hydropower ushered in development opportunities
On December 26, the National Energy Group held a centralized opening ceremony for the third batch of key projects in 2022, announcing the centralized start of construction of 10 key power projects with a total installed capacity of 11.2 million kilowatts. The total investment in the 10 projects started this time is 55 billion yuan, of which hydropower and new energy investment account for more than 50%. They are distributed in 9 provinces and regions and involve 8 subsidiaries.
GF Securities believes that , hydropower will usher in "energy storage-like" development opportunities. At the end of 2021, the installed capacity of the pumped storage power station will be 36.39 million kilowatts. By 2030, the total scale of production will be about 120 million kilowatts, which means an additional 83.61 million kilowatts will be added in the next nine years. According to the dynamic investment per unit, the total investment will be 36,480 yuan/watt, with a total investment of about 541.8 billion yuan.
7. China Academy of Information and Communications Technology : Domestic market mobile phone shipments in October were 24.356 million units A year-on-year decrease of 27.5%
Monthly data released by the China Academy of Information and Communications Technology on the 26th showed that in October 2022, mobile phone shipments in the domestic market were 24.356 million units, a year-on-year decrease of 27.5%. Among them, 5G mobile phones were 19.517 million units, a year-on-year decrease of 26.6%, accounting for 80.1% of mobile phone shipments during the same period.From January to October 2022, the total mobile phone shipments in the domestic market totaled 220 million units, a year-on-year decrease of 21.9%. Among them, 5G mobile phone shipments were 173 million units, a year-on-year decrease of 17.7%, accounting for 78.4% of mobile phone shipments during the same period.
agency highlights
Soochow Securities : The off-season is approaching, cement demand gradually weakens seasonally, and it is expected that the national cement price may fluctuate downward in the short term. In the medium term, investment will continue to be an important tool for stabilizing growth. With the release of policy-based development financial instruments and the implementation of supporting credit, physical demand for infrastructure is expected to reach a peak in 2023, driving demand recovery. The concentrated staggered kiln shutdowns in winter are expected to alleviate inventory pressure, and price elasticity is expected to increase in the peak season of 2023. The price-to-book ratio valuation of cement companies is at a historical bottom. Benefits from steady growth continue to increase and the real estate boom improves, and it is expected to usher in a valuation recovery .
Southwest Securities : In the context of the continued diversification of smart car supply, the continuous opening of test roads, and the continuous improvement of corresponding supporting systems, the logic of supply creating demand will continue to be interpreted, and the smart car industry will continue to develop rapidly in the future .
Guosheng Securities : With the marginal recovery of the economy and the steady and healthy development of the real estate industry, the thermal coal market in 2023 will generally show a pattern of basically balanced supply and demand but phased tightness , and the coal market is still facing many structural contradictions, such as railway external transportation, overseas uncertainty, etc., which will form strong support for coal prices. Considering that non-electricity coal may contain surprises, coal price fluctuations may increase next year and may exceed market expectations.
Focus Announcement
High Test Shares : Net profit is expected to increase by 340.09% year-on-year to 374.83% in 2022
Juguang Technology: Multiple shareholders plan to reduce their holdings by no more than 11.78% shares
Hongrun Construction: Plans to invest no more than 1 billion yuan to build a 5GW high-efficiency photovoltaic cell module project
China Water Affairs : Plans to transfer 850 million yuan to Beijing Huiyuan A platform company established through restructuring
Yuekang Pharmaceutical: YKYY01 7Aerosol inhalant obtained clinical trial approval for the prevention of new coronavirus infection
Dingjide: The subsidiary plans to invest more than 9.8 billion yuan in the construction of a POE high-end new material project
Shanshan Shares: It plans to repurchase shares for 300 million to 500 million yuan
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(Disclaimer: The content of this article is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.)
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