Research: Bohai Securities: Computer Industry Weekly: Network Security Law is concerned about the implementation of network security section

Market trend

Last week, the Shanghai and Shenzhen 300 Index rose 2.25%, the computer industry fell 3.20%, the industry underperformed the market 5.45 percentage points, of which the hardware sector fell 3.81%, the software sector fell 2.68%, IT services sector fell 3.66%. Stocks in the Division of the Year, the wave of information, Tung Wah Group software among the biggest gainers; Hengtai Shida, Booz & Poor's software, excellent music fell among the top.

international market

Japan's labor shortage, to encourage unmanned aerial vehicles and autopilot car delivery; reported that last year's extortion virus type soared 8 times to finance nearly $ 1 billion; ARM released a new mobile processor, VR performance upgrade.

Domestic market

Internet security law: the sale of personal information is infringing, trafficking 50 can be guilty; Jingdong R & D unmanned aerial vehicles, plans to send food from the farm to the city; a quarter of Huawei's global share of SAS rose again, hot pursuit of Samsung Apple.

A-share listed companies important dynamic information

COSCO Group: signed a 'strategic cooperation agreement' with the Harbin Municipal People's Government; with the technology: the proposed non-public offering of more than 80 million shares of investment in cloud computing architecture and Flash memory technology research and development projects; Yanhua intelligence: winning 4067 million Renhuai city alarm and monitoring system project; information development: to be 296 million acquisition of 100% stake in Star Wing Chi.

Investment Strategy

Last week, the Shanghai Composite Index rose, small and medium-sized board and the GEM closed lower than the broader market. Computer fell sharply, most of the industry stocks fell most of the week, the industry concept of all the decline in the plate, which times the new shares, smart wear, block chain index plate among the top decline. Valuation level, the industry's current price-earnings ratio (CITIC, TTM) is 52.5 times, relative to the valuation of Shanghai and Shenzhen 300 valuation premium rate of 306.98%, the industry valuation distance of nearly three years historical interval lower limit (3-year lower limit of 38 times, 10 The lower limit of 32 times) there is still a certain distance, the valuation is still room for adjustment. Last week, the State Network letter issued a new 'Internet news information service management regulations', the network security law is conducive to the formal implementation of the norms of network information dissemination, but also for network security detection and monitoring put forward higher requirements; Trend Micro latest report Showing 2016 extortion virus type soared 8 times, nearly 10 billion financing, once again to show people the increasingly serious network security situation. From the third-party industry consulting report statistics, the global investment in the field of network security continues to improve, China's network security investment is still insufficient compared to the world, the future of China's network security investment growth is expected to remain at 25% The According to CBinsights data, 2016 network security investment in the field of more than 400 transactions, and the birth of a new unicorn company, we believe that with the network security situation continues to grim, domestic investment in the field of network security will continue to maintain rapid growth , Security companies are expected to usher in the performance of the outbreak. The Japanese government to encourage unmanned aerial vehicles and automatic driving delivery to ease the shortage of labor resources, while Jingdong is also developing UAV distribution. Artificial intelligence is expected to bring great changes to the express and logistics industry, and government support and Internet giants of the overweight for this expected landing provides a powerful help. As we have judged before, artificial intelligence applications are accelerating in landing and are expected to drive the performance of AI-related businesses. Investors are advised to focus on the long-term investment value of AI applications. From the industry as a whole investment ideas, the current fundamentals and performance is still strong support of the underestimate the value of stocks as the main stock picking ideas, it is recommended that investors focus on performance growth of high certainty, low valuation of varieties. To sum up, we continue to maintain the industry 'optimistic' investment rating, plate, it is recommended to actively concerned about the rail transit information, artificial intelligence, storage and information security plate, stock pool continue to recommend HKUST fly, Venus, in the dawn, The United States and Asia.

Risk tips: artificial intelligence technology breakthrough blocked, policy floor lower than expected. (Source: Bohai Securities Wen / Wang Honglei Editor: China Electronic Commerce Research Center)

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