1. Social finance exceeded expectations and special bonds accelerated. In January 2022, the increment of social financing scale was 6.17 trillion yuan, an increase of 984.2 billion yuan over the same period of the previous year. Among them, RMB loans to the real economy increased by 4.2 trillion yuan, a monthly statistical high, an increase of 380.6 billion yuan year-on-year, and the net financing of corporate bonds was 579.9 billion yuan, an increase of 188.2 billion yuan year-on-year; The net financing of government bonds was 602.6 billion yuan, an increase of 358.9 billion yuan year-on-year. In January, RMB loans increased by 3.98 trillion yuan, a monthly statistical high, an increase of 394.4 billion yuan year-on-year, and loans to enterprises (Institutions) increased by 3.36 trillion yuan, including short-term loans increased by 1.01 trillion yuan, medium and long-term loans increased by 2.1 trillion yuan, and bill financing increased by 178.8 billion yuan. This year, the issuance of special bonds has exceeded 500 billion, with a significant increase compared with the same period last year, and the intention of financial support is clear.
2. Speed up the construction after the festival and pay attention to the investment in infrastructure industry chain. The operating rate of cement mills in China this week was 7.02%, an increase of 2.3 percentage points compared with the week after the festival last year and 2.53 percentage points compared with the week after the festival in 19 years, confirming the acceleration of operation after the festival this year. The capital support for superimposed infrastructure is strong, and the physical workload of infrastructure is accelerating. In addition, infrastructure development is in line with the general direction of “stable growth”, which is an important starting point for China’s economic stability, and the upward trend of infrastructure investment is more certain.
Investment suggestion: under the influence of global uncertainties, the recovery trend of infrastructure investment is highly deterministic, and the leading enterprises in the subdivided industries have abundant orders and strong risk resistance. Investment opportunities for earthquake mitigation and isolation under high-quality development: long-term efforts have been made in disaster prevention and mitigation, legislation has been passed, and 20-30 times of space can be expected. Relevant targets such as Quakesafe Technologies Co.Ltd(300767) , Zhejiang Tiantie Industry Co.Ltd(300587) , the rail transit sector under the “transportation power” have long-term benefits: there is a broad demand for the construction of “Urban Agglomeration” on the track, and relevant targets such as Zhejiang Tiantie Industry Co.Ltd(300587) , China Railway Group Limited(601390) , China Railway Construction Corporation Limited(601186) ; Under the expectation of the improvement of China’s infrastructure investment margin in the second half of the year, it is suggested to pay attention to the opportunities related to the industrial chain: pay attention to the undervalued targets China State Construction Engineering Corporation Limited(601668) , China Railway Construction Corporation Limited(601186) , China Railway Group Limited(601390) ; Leading infrastructure enterprises with steady main business and mineral resources: Metallurgical Corporation Of China Ltd(601618) , China Railway Group Limited(601390) ; Under the background of dual control of energy consumption, high-quality targets in green power, BIPV and other related fields: Sinosteel Engineering & Technology Co.Ltd(000928) , Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , Sinoma International Engineering Co.Ltd(600970) .
