Event: the central bank released the financial statistics report of January 2022. According to preliminary statistics, the increment of social financing scale in January 2022 was 6.17 trillion yuan, 984.2 billion yuan more than the same period last year.
In January, government net financing bonds increased by 147.3% year-on-year, and the capital source of infrastructure investment is guaranteed. 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 last 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; Foreign currency loans to the real economy increased by 103.1 billion yuan, a year-on-year decrease of 6.7 billion yuan; Entrusted loans increased by 42.8 billion yuan, an increase of 33.7 billion yuan year-on-year; Trust loans decreased by 68 billion yuan, a year-on-year decrease of 16.2 billion yuan; Undiscounted bank acceptance bills increased by 473.1 billion yuan, a year-on-year decrease of 17.1 billion yuan; The net financing of corporate bonds was 579.9 billion yuan, a year-on-year increase of 188.2 billion yuan; The net financing of government bonds was 602.6 billion yuan, a year-on-year increase of 358.9 billion yuan; Domestic stock financing of non-financial enterprises was 143.9 billion yuan, an increase of 44.8 billion yuan year-on-year. In January, the net financing scale of government bonds increased by 147.3% year-on-year, and the capital source of infrastructure investment is guaranteed.
Loans related to affordable housing and rental housing are not included in the concentration management of real estate loans. On February 8, the people’s Bank of China and the China Banking and Insurance Regulatory Commission issued the notice on excluding the loans related to indemnificatory rental housing from the centralized management of real estate loans, which made it clear that the loans related to indemnificatory rental housing projects were not included in the centralized management of real estate loans, and encouraged banking financial institutions to follow the principles of legal compliance, controllable risk and commercial sustainability, Increase support for the development of affordable rental housing. The National Conference on housing and Urban-Rural Construction held in January this year proposed to vigorously increase the supply of affordable rental housing in 2022, focusing on large cities with net population inflow, and raise 2.4 million affordable rental housing throughout the year, 1.5 times the number planned for 2021. In the context of housing without speculation, affordable housing construction is expected to bring structural opportunities to the real estate industry.
The industry concentration has increased, and the performance and valuation are expected to continue to rise. The market share of newly signed orders of the eight central construction enterprises increased from 24.38% in 2013 to 39.44% in the first three quarters of 2021. The concentration of the construction industry is expected to continue to improve. It is suggested to pay attention to investment opportunities in infrastructure, assembly building, green building, carbon neutralization and other fields. Recommended China Communications Construction Company Limited(601800) (601800. SH), China Railway Construction Corporation Limited(601186) (601186. SH), China Railway Group Limited(601390) (601390. SH), Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) (601669. SH), China Energy Engineering Corporation Limited(601868) (601868. SH), Metallurgical Corporation Of China Ltd(601618) (601618. SH), China National Chemical Engineering Co.Ltd(601117) (601117. SH), China State Construction Engineering Corporation Limited(601668) (601668. SH), Shandong Hi-Speed Road&Bridge Co.Ltd(000498) (000498. SZ), etc. It is recommended to pay attention to Anhui Honglu Steel Construction(Group) Co.Ltd(002541) (002541. SZ), Shanghai Construction Group Co.Ltd(600170) (600170. SH), Shanghai Tunnel Engineering Co.Ltd(600820) (600820. SH), Sinosteel Engineering & Technology Co.Ltd(000928) (000928. SZ), Sichuan Road & Bridge Co.Ltd(600039) (600039. SH), etc.
Risk warning: the risk of decline in fixed asset investment; The risk that the recovery of accounts receivable is less than expected; Risk of new orders falling short of expectations.
