In terms of industry selection, although we are optimistic about the stable growth of core blue chips such as finance, real estate and oil, there is little opportunity for these industries to surpass the market. It is suggested to focus on several industries that may experience extraordinary growth in 2008: consumer service industries that benefit from consumption upgrading; The pharmaceutical industry benefited from institutional reform and high growth of health consumption; Airport operation in the transportation industry; Beer industry and meat products processing industry in the food and beverage industry; Electronic components with an overall recovery of the industry; Wind energy and hydropower industry in circular economy; Benefited from the coal chemical industry with high oil prices and the securities industry in the financial industry.
Focus on beer and meat processing industry
The consumption upgrading characterized by the change of consumption habits and the replacement of consumer products is becoming an important factor to stimulate the continuous improvement of the consumption level of Chinese residents. The whole industry will accelerate Resource advantages The level of comprehensive utilization of the industry will be greatly improved by transforming to industrial advantages. We believe that the food and beverage industry will continue to grow rapidly in 2008 and maintain its "recommended" rating. The overall valuation of the industry is low, with obvious comparative advantages. We have noticed that the upgrading of consumption in the catering industry has brought about the promotion of consumption hotspots to the industry, such as the endless emergence of various leisure foods. In addition, considering the impact of the Olympic economy on different sub industries of the food and beverage industry, we focus on the opportunities faced by some of these sub industries for rapid development. It is suggested that we focus on the beer industry and the meat processing industry. Recommended by key companies: Yanjing Beer (000729) and Fu Cheng Wu Feng (600965)。
Institutional change breeds new opportunities for the pharmaceutical industry
The direction of the reform of the new medical system is basically clear: focus on developing new rural cooperative medical care and community medical care, expand the coverage of medical insurance, strive to achieve universal medical insurance, adhere to the public welfare of medical services, clarify the social responsibility of the government, and increase national investment. With the introduction and implementation of various policies, the operation mode of pharmaceutical enterprises in various links, such as R&D, production and marketing, is facing major adjustments, and the industry resources will be further concentrated on advantageous enterprises. We believe that the revolutionary opportunities of the pharmaceutical industry will be highlighted in the securities market in 2008, giving the pharmaceutical industry a "strongly recommended" investment rating. Recommended by key companies in the industry: Hengrui Pharmaceutical (600276)、 North China Pharmaceutical (600812) and Tonghua Dongbao (600867)。
Demand for tourism retail hotels drives high growth
The pattern of China's sustained GDP growth and domestic demand driving economic growth is expected to drive consumption upgrading, thus stimulating the leap forward development of the consumer service industry. Among them, some sub industries that share China's economic growth and have sustainable growth potential, such as tourism, retail, hotel and finance, are expected to gradually become new hot spots in the market under the macro background of focusing on domestic demand and defense. We believe that the consumer service industry will face greater investment opportunities in 2008, especially the tourism service industry. It is expected that the performance will grow significantly, and the industry will be given a "recommended" investment rating. Recommended by key companies: Mount Huangshan Tourism (600054)、 Beijing urban and rural areas (600861) and Wanhao Wanjia (600576).
The investment value of renewable energy is prominent
The country has issued a number of policies to support the development of renewable energy. At the same time, the country has significantly increased the resource tax rate by at least one time: and changed the calculation method from the current ad valorem taxation to ad valorem taxation, which will also promote the development of renewable energy from the side. Based on the huge market development prospect of the industry in the future, we give the investment rating of "buy". The renewable energy industry will face greater investment opportunities in 2008, especially in the hydropower and wind power industries, and the performance is expected to grow significantly. Recommended by key companies: XEMC (600416) and Yangtze Power (600900)。
Electronic components industry wide recovery
Since this year, the electronic component industry has maintained rapid development, which is higher than the average development level of the whole industry for nine consecutive months. The three major sub industries - semiconductor, PCB and LCD - achieved significant growth in the third and fourth quarters against the background of strong growth in demand for downstream electronic products. Although there are still some unfavorable factors such as low input-output ratio and the weakening of profits of listed companies due to the appreciation of RMB, we believe that many favorable factors will be concentrated in 2008, and the electronic component industry, especially the high-quality enterprises, is expected to get out of the trough and usher in a new round of rapid growth of the industry. For the electronic component industry, we give an investment rating of "highly recommended". Recommended by key companies in the industry: Shengyi Technology (600183) and Changdian Technology (600584)。
Airport business continued to grow steadily
With the accelerated appreciation of RMB, explosive growth of performance, resource restructuring and other factors, the airport industry is facing huge development opportunities and entering a new round of business cycle. With the acceleration of throughput growth and performance growth of major airports in 2008, the airport's valuation advantages are gradually reflected, the return of Capital Airport and the clear expectation of asset acquisition of major domestic airport listed companies, these factors may become the catalyst for the rise of the airport listed companies' share prices. We give the airport industry a "recommended" investment rating. Recommended by key companies in the industry: Shanghai Airport (60000 9) and Shenzhen Airport (000089)。
The securities industry is still in the bull market cycle
The demand for financial services will rise significantly. The structure of China's financial industry that has long relied excessively on the indirect financing of the banking system will turn. Direct financing is expected to accelerate development, the scale of the virtual economy will continue to expand, and the strategic transformation of the financial industry will become the main line of future development. If the recovery and development of the capital market in 2007 made the stock market successful, then the rapid and in-depth development of the capital market in 2008 will make the development of the new securities market successful; If 2007 is the first year of the golden decade of the capital market, 2008 will be the year when the capital market begins to develop. We believe that the golden development period of the capital market will continue in the future, and it is expected to reach a new peak of development, and maintain the "recommended" investment rating of the securities industry. Recommended by key companies in the industry: citic securities (600030) and Hongyuan Securities (000562)。
Other industries with sustainable growth
The coal chemical industry is also a sub industry with broad prospects. The vigorous development of coal chemical industry is in line with China's energy structure. Coal chemical industry mainly produces clean energy and products that can replace petrochemical industry. It is recommended to pay attention to China Shenhua (601088)、 Liuhua Shares (600423) and Yanzhou Coal Industry (600188)。
The appreciation of local currency increases the investment value of the real estate industry, but the development of the real estate industry is greatly affected by various national policies. Therefore, the degree of national policy regulation in 2008 will play a particularly important role in the development of the real estate industry. It is recommended to pay attention to Jiulong Mountain (600555)、 Suzhou High tech (600736) and Shimao Shares (600823)。
The self owned brand of the automobile industry will become a new highlight of investment, and the overall upward trend of the automobile industry will not change. However, considering the uncertainty factors such as the current oil price rise and the fuel tax that may be imposed in the future, the development speed of the automobile industry will slow down, and it is recommended to pay attention to the leading varieties of the industry SAIC Motor (600104) and Yutong Bus (600066)。
The business cycle of the nonferrous metals industry will continue, which is different from the big market of nonferrous metals brought about by the improvement of the company's valuation in 2007. In the future, with the continuous improvement of monopoly power, the price cycle of nonferrous metals resources will be greatly weakened, and resource enterprises are expected to get rid of the huge fluctuations in past performance, so as to improve the valuation level of resource stocks. It is suggested to pay attention to the leaders of their sub industries Baotou Steel Rare Earth (600111) and Tin Industry Co., Ltd (000960)。
