Industrial Production Grew Steadily &Nbsp; Four Industry Took The Lead.

In June 14th, the National Bureau of statistics released the main indicators of national economy in May. Data show that in May, the added value of above scale industries increased by 13.3%, an increase of 1.03% over the same period. According to sub sectors, in May, 39 major sectors maintained year-on-year growth. Among them, the textile industry, chemical raw materials and chemical products manufacturing industry, general equipment manufacturing industry Electrical machinery and equipment

Manufacturing, communications equipment, computers and others Electronic equipment The growth of manufacturing industry is ahead.

According to the growth of the above scale industrial added value in May, we screened out the industries with fast growth of textile, chemical, electric power, equipment manufacturing, electronic information and so on, and found the intrinsic value of the related industries for reference by investors.

Textile and chemical industry boom

In terms of textile and clothing, export volume increased sharply in the first May. root Customs head office Statistics show that in 2011 1-5, China's textile and apparel exports totaled 88 billion 835 million US dollars, up 26.55% over the same period last year, of which 37 billion 549 million US dollars in textile exports, an increase of 31.52% over the same period last year, and exports of garments and accessories were US $51 billion 286 million, up 23.14% over the same period last year.

CIC believes that the main reason for the substantial increase in export volume is that domestic export enterprises are raising the prices of export products in the environment of rising raw material prices and labor costs. The export prices of products have increased significantly over the past month, resulting in a substantial increase in export volume.

The cost and RMB exchange rate and other factors are gradually easing, and the export environment of textile industry is gradually improving. Choosing high-quality exports and sharing the advantages of China is one of the investment options, such as Lu Tai A (000726); the new supply and subsequent lifting of the brand clothing is still large; undervalued companies with core brand culture and continuous operation concept will tend to be scarce, such as the United States apparel (002269), Semir apparel (002563), and search special (002503); the growth of the company that develops the concept in line with the direction of consumption upgrading will be more durable; the related companies such as Meng Jie home textiles (002397), Pathfinder (300005), Luo Lai home textile (002293), fuanna (002327), seven wolf (002029), and wedding bird (002154). Guoxin Securities Economic Research Institute considers the labor force

State Securities (600109) believes that there are two investment strategies for textile and apparel retailing. One is the long-term holding. For the brand retail enterprises with good texture, they need to intervene when they are low in value, take the strategy of buying and holding, and have the time to change the space. This year, they think that the fluctuation of the stock price of these enterprises is expected to be equivalent to the increase of the performance. At present, the seven wolf's 11 year dynamic valuation is only 24 times, Weixing share (002003) 15 times, Meng Jie's home textile 27 times, fuanna 28 times, Semir dress 24 times, taking into account the growth rate of more than 30%, has a very high margin of safety; the other is band operation, such as search for special, explore the road, Mei Bang dress and wedding bird, etc., these companies may report brilliant results.

In chemical industry, in 2011, the profitability of the chemical industry continued to increase, and the gross profit rate was still at the bottom of the cycle. The growth rate of fixed assets investment in chemical industry is slow, and the trend of the medium cycle boom still exists, and the short-term demand is the main driving force for the improvement of the chemical industry's prosperity. Since the 2 quarter, the sub sectors of chemical industry have been divided sharply. Under the pressure of macroeconomic worries, continuous tightening of liquidity and high inventory pressure, chemical products prices have experienced a trend of rising trend, but they are still at a relatively high level.

Huatai United Securities believes that the short term demand for chemical industry is sluggish, and the short-term profit of the plate is decreasing. Emphasis is placed on the chemical industries that benefit from the strong demand for electronics, New Guinea (300037), Buddha Plastic Technology (000973), and Dong CAI Technology (601208). Defensive targets are Saline Lake shares (000792) and Xingfa group (600141). Long term recommendation wanwei high tech (600063), Qi Xiang Tengda (002408), Yantai Wanhua (600309), Hai Yue shares (600387).

CICC is optimistic about the supply and demand of chemicals, and the upward trend of chemical industry. The first is the chemical fertilizer industry (potash fertilizer is better than nitrogen fertilizer is better than phosphate fertilizer), glass fiber industry and fluorine chemical industry. The 2-3 quarter will usher in the peak season for potash production and sales, with strong fundamentals. With the advance of potash negotiations in India and China, potash prices will continue to rise, and the timing of the allocation of potash stocks has arrived. Driven by international demand, the price of international nitrogen, phosphorus and potassium has continuously hit a new high, while domestic demand is relatively stable and the price is high. It is expected that the boom will continue in the future. Glass fiber, downstream demand is strong, glass fiber products prices rise, industry boom continued upward. The supply bottleneck problem of fluorine chemical industry is still unable to alleviate. If the growth rate of the downstream air-conditioning is maintained above 15%, the boom will continue. It mainly recommends China Fiberglass (600176), Saline Lake shares, Guan Nong share (600251), Juhua stock (600160) and San Ai Fu (600636).

Electricity: lack of electricity, no shortage of opportunities

After the Spring Festival this year, the report on "electricity shortage" was reported frequently. The electricity generation in the first quarter of the year increased by 13.4% compared with the 6.2% increase in the 4 quarter of 2010. In March, Zhejiang and Hunan began to limit electricity in some periods. In April, the power shortage spread in many provinces, and the restricted electricity and peak areas expanded to Jiangsu, Anhui and Guangdong. Under the condition of power restriction, the total power generation in April increased by 11.7%.

In this regard, Ping An Securities expects that the average annual growth rate of electricity consumption will remain at 8-10% in the next 5 years. The growth of electricity consumption will drive the three categories of equipment, such as power generation, transmission and transformation, and power consumption, to grow. Although the growth rate of the industry will decrease in the future, the structural investment opportunities will continue to emerge.

In addition, Ping An Securities believes that China's GDP will continue to grow in the next 10 years. In the face of rigid electricity consumption growth, "open source" and "throttling" are the most direct ways to solve the problem of electricity shortage, and investment in smart grid must also be strengthened. In terms of open source, we are optimistic about nuclear power. Nuclear power has the advantages of high energy, stability, economy and cleanliness. It is the best choice to replace the basic power supply of thermal power plants. Optimistic about the valuation of the nuclear power sector in the short term, it is recommended to focus on Dongfang Electric (600875), the main equipment manufacturer who recently acquired AP1000 technology transfer sub contract. In terms of throttling, the power electronics industry is recommended. Power electronics technology has significant energy saving effect, promising prospects for inverter, servo system, photovoltaic inverter, wind power converter, reactive power compensation, uninterrupted power supply, inverter welding and cutting equipment.

Since March, local electricity shortage has led to the market's pursuit of thermal power stocks. Guoxin Securities believes that the thermal power sector does not have the investment value before the electricity price system changes. We should pay attention to the trading opportunities of the next electricity price adjustment window, optimistic about the long-term investment value of hydropower company and the only biomass power company of A shares, Katie power (000939).

Equipment manufacturing: clear investment growth

The equipment manufacturing industry includes a lot of contents. Among them, the general equipment manufacturing industry, information equipment, electrical equipment, machinery and equipment are well valued by many organizations.

General equipment manufacturing industry, Guotai Junan believes that the industry investment growth is clear. Optimistic about the industry as a whole benefited, especially the wireless network optimization, Wlan network, FTTx construction Domain company. First, ZTE (000063), the industry investment rebound is most comprehensive, and the competitiveness of the company is constantly improving. Compared with its competitors, there is still huge room for development. In addition, we recommend the leader of wireless network optimization, century Dingli (300050) and Huaxing business (300025), and two companies have different development paths, but their growth can be guaranteed. The maximum elasticity of Wlan network is three yuan (002417). In the FTTx construction, the development of Japan Sea Communication (002313) is most optimistic.

Changjiang Securities (000783) thinks that the curtain of broadband construction has just opened, and the climax is still coming. Under the theme of broadband investment, after considering the dimensions of technical barriers, competition pattern and income elasticity, we are optimistic about beacon communications (600498), ZTE, Guang Xun Technology (002281), and Haitong communications.

In regard to information equipment, the securities company of the state believes that the investment opportunities brought by the wave of WLAN construction of operators should be concerned, and the listed companies that will directly benefit from it will have three yuan, three dimensional communication (002115) and other AP equipment suppliers.

In terms of electrical equipment, Minsheng Securities said that the shortage of electricity in the off-season will increase the demand for equipment. According to the beneficiary industry, the key recommendations are: Sen Yuan Electric (002358) (active power filter is about to be released), Xinlong electrical appliances (002298) (benefiting rural network upgrading and upgrading), Rongxin stock (002123) (two leading equipment, valuations at the bottom), hex frequency conversion (300048) (industry in boom cycle), accumulation of Electronics (002339) (electric power automation products to peak growth period), and new energy (002218) (thin-film battery faucet).

In terms of machinery and equipment, Ping An Securities said that Jerry shares (002353) and Anton oil were strongly recommended in combination with the product structure and development strategy of the A share market oil equipment company, giving the recommended rating of Hui Pu, Hai Mo Technology (300084) and Jiang drill shares (000852).

Electronic information: waiting for the turning point of peak season

It is understood that the economic downturn in the electronics industry in May is more obvious. Downstream customers are generally going to inventory due to tight credit and uncertainty in demand. The operating rate of the industry has dropped, and the "five poor, six absolutely" effect is obvious in the off-season.

For the electronics industry, we should wait for the turning point in the peak season and grasp the structural opportunities. China Merchants Securities (600999) believes that despite the slump in the first half of the year, the turning point in the second half of the peak season can be expected. We can pay attention to intelligent terminals, security and electronic manufacturing services. Smart terminals: the mobile Internet has brought about a cross cyclical upgrading of smart phones, tablet PCs and smart TV. The upstream includes connectors, micro electro acoustic, touch-screen, backlit modules and other high growth industries, focusing on precision (002475), GoerTek acoustics (002241) and Jinfu new material (300128); two, Security: downstream anti cycle and clear duopoly pattern, front-end breakthroughs and smart upgrades bring about the industry's over expected growth, focusing on Dahua shares (002236); three, electronic manufacturing services: R & D acceleration and equipment upgrading to bring opportunities for the development of electronic manufacturing service industry chain, such as PCB Allegro and laser, focusing on Hing Sen Technology (002436) and big family laser (002008).

The demand for electronic terminal market is different. Smart phones and tablet computers need to enter the global industry chain supporting system. Guoxin Securities recommends that the mobile phone and tablet computers with strong demand for downstream terminals will have a large change in the related industry chain enterprises and product mix, and the overall profits will be greatly improved. Domestic touch-screen production enterprises have the ability to enter the supply chain system of leading enterprises, focusing on Lai Bao Gao Ke (002106), Changxin Technology (300088); domestic demand for 3C products continues to increase, and connectors and structural parts industries are also shifting to mainland China, focusing on Changying precision (300115), Li Xin precision, Jinsheng shares (300083), de run Electronics (002055), large scale investment in photovoltaic industry, equipment manufacturers most benefit, attention to key equipment manufacturers Dazu laser, Seven Star Electronics (002371), LED chip industry expanding rapidly, focusing on investment and construction of upstream LED chip sapphire substrate manufacturer Dongjing Electronics (002199).