Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
Everbright Securities Company Limited(601788) : the investment value of the construction and building materials sector with strong correlation with "steady growth" is highlighted again
Adhere to the main line of "steady growth": the people's Bank of China released financial statistics in January, adding 6.17 trillion yuan of social finance, an increase of 984.2 billion yuan year-on-year, exceeding market expectations. "Credit easing" is already on the way, "steady growth" policy is gradually being implemented, and infrastructure is expected to continue to develop. The investment value of construction (infrastructure central enterprises, local state-owned enterprises, design units, etc.) and building materials (cement, pipe network, etc.) with strong correlation with "steady growth" is highlighted again. We emphasize that we should focus on the public raised REITs of infrastructure as one of the key points of "wide credit": 1) as an equity financing tool, public raised REITs of infrastructure provide the marginal increment of infrastructure funds in the form of revitalizing stock assets; 2) Guide project investors to expect that REITs can reduce the debt pressure of investors and accelerate the recovery of their equity funds in the long run.
In terms of building materials, the direction of periodic products is the best at this stage (it is suggested to pay attention to: Zhuzhou Kibing Group Co.Ltd(601636) , Shandong Jinjing Science And Technology Stock Co.Ltd(600586) ); Capital construction direction, pay attention to the elasticity of cement and some pipeline enterprises (recommended attention: Huaxin Cement Co.Ltd(600801) , Anhui Conch Cement Company Limited(600585) , Shandong Donghong Pipe Industry Co.Ltd(603856) ); The end of the policy on consumption of building materials has been realized (it is suggested to pay attention to: Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Guangdong Kinlong Hardware Products Co.Ltd(002791) , Zhejiang Weixing New Building Materials Co.Ltd(002372) ); New material direction, continue to recommend Luyang Energy-Saving Materials Co.Ltd(002088) , Triumph Science & Technology Co.Ltd(600552) .
In terms of the construction sector, the public offering REITs of infrastructure brings about the revaluation of the value of the sector (it is suggested to pay attention to: China Communications Construction Company Limited(601800) , China Railway Group Limited(601390) and other central enterprises); Optimistic about the trend of affordable housing and the investment opportunities of prefabricated buildings (it is recommended to pay attention to: Shenzhen Capol International&Associatesco.Ltd(002949) , Anhui Honglu Steel Construction(Group) Co.Ltd(002541) , Zhejiang Yasha Decoration Co.Ltd(002375) ); Be optimistic about the equipment leasing track (it is recommended to pay attention to: Zhejiang Huatie Emergency Equipment Science & Technology Co.Ltd(603300) , Jiangxi Geto New Materials Corporation Limited(300986) ); Some undervalued local state-owned enterprises also have good allocation value (recommended attention: Shandong Hi-Speed Road&Bridge Co.Ltd(000498) , Shaanxi Construction Engineering Group Corporation Limited(600248) , Henan Provincial Communications Planning & Design Institute Co.Ltd(300732) ). []
Guosen Securities Co.Ltd(002736) : the market has entered a good window period of "stable growth" in the game of "traditional economic growth kinetic energy"
Since the economic work conference last December, the central government has set the overall working idea of "steady growth" in 2022. After January, the market's worries about the future economic downturn spread, and the major indexes continued to weaken. In the same period, the central bank and the national development and Reform Commission continued to introduce relevant measures to accelerate "steady growth". In view of the fact that the current industry operation is in the post holiday resumption stage in the off-season, the final strength and elasticity of "stable growth" cannot be falsified, and the market has entered a good window period of "stable growth" in the game of "traditional economic growth kinetic energy", it is suggested to focus on the relevant varieties with capital construction and real estate demand and high safety margin of valuation, and grasp the cement Window opportunities for glass, recommended Anhui Conch Cement Company Limited(600585) , Huaxin Cement Co.Ltd(600801) , Gansu Shangfeng Cement Co.Ltd(000672) , Jiangxi Wannianqing Cement Co.Ltd(000789) , Guangdong Tapai Group Co.Ltd(002233) , Zhuzhou Kibing Group Co.Ltd(601636) , Csg Holding Co.Ltd(000012) ; At the same time, other building materials with great growth potential in the medium and long term can be appropriately considered. It is recommended that Guangdong Kinlong Hardware Products Co.Ltd(002791) , Jiangxi Geto New Materials Corporation Limited(300986) , Ocean'S King Lighting Science & Technology Co.Ltd(002724) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Keshun Waterproof Technologies Co.Ltd(300737) , Skshu Paint Co.Ltd(603737) , Dehua Tb New Decoration Material Co.Ltd(002043) . []
The Pacific Securities Co.Ltd(601099) Securities: the recovery trend of infrastructure investment is highly deterministic, and the leaders of subdivided industries have strong risk resistance
Under the influence of global uncertainties, the recovery trend of infrastructure investment is highly deterministic. Leading enterprises in 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) . []
Minsheng Securities: "steady growth" helps the growth of infrastructure investment pick up, and the demand for steel pipes is expected to burst
"Stability" is the main theme of 2022. As an important means to ensure the steady growth of China's economy, the investment growth rate of the infrastructure industry is expected to stabilize and rebound. Among them, municipal construction, petrochemical and natural gas pipelines, engineering facilities and power demand will help usher in the explosion of pipe demand. With the mild production restriction of steel mills, the steel price has dropped significantly compared with the peak, and the profits of pipe enterprises are expected to be further thickened.
In terms of investment suggestions, infrastructure construction helps the demand for pipes, and the production restriction of steel mills tends to be moderate, which leads to the downward movement of costs and thickens the profits of pipe mills. The beneficiaries include: Tianjin You Fa Steel Pipe Group Stock Co.Ltd(601686) (increased output, favorable demand of water conservancy policy and downward cost), Zhejiang Kingland Pipeline And Technologies Co.Ltd(002443) (demand explosion of oil and gas pipeline, higher gross profit margin and downward cost), Xinxing Ductile Iron Pipes Co.Ltd(000778) (higher gross profit margin, favorable demand of water conservancy policy and downward cost). []
Orient Securities Company Limited(600958) : the infrastructure credit easing signal has been basically confirmed! It is suggested to pay attention to the leader of pipe and waterproof industry
At present, real estate risks continue to release, and real estate enterprises have limited ability to absorb credit. The medium and long-term credit of new enterprises mainly comes from infrastructure projects, and the signal of infrastructure credit easing has been basically confirmed. The demand for building materials is uncertain, but the demand for building materials is also high. Whether the rise of the growth rate of infrastructure investment can hedge the decline of the growth rate of new construction is a variable that should be paid attention to in the future. Priority should be given to the selection of varieties and stocks that account for a high proportion of infrastructure business and can better transmit cost pressure. It is suggested to pay attention to the leaders of pipe and waterproof industry. []
Boc International (China) Co.Ltd(601696) : it is expected that during the 14th Five Year Plan period, China's prefabricated buildings will usher in rapid development
Recently, the official website of the Ministry of housing and Urban Rural Development released the "14th five year plan" for the development of the construction industry, clarifying the strategic direction of the development of the construction industry during the 14th Five Year Plan period. According to the plan, by 2035, the development quality and efficiency of the construction industry will be greatly improved, the construction industrialization will be fully realized, the construction quality will be significantly improved, the overall advantages of the industry will be significantly enhanced, and the construction industry will become a world power in intelligent construction. Aiming at the long-term goal of 2035, the framework of high-quality development system of construction industry should be initially formed during the "14th five year plan" period, the level of construction industrialization, digitization and intellectualization should be greatly improved, the green transformation of construction mode has achieved remarkable results, and the transformation of construction industry from large to strong should be accelerated.
Seven major tasks are proposed in the plan, covering all aspects of the construction industry. Among them, prefabricated construction and BIM Technology are the key development directions of the construction industry during the 14th Five Year Plan period. The general contracting mode of construction engineering and the whole process engineering consulting service mode are also the key development modes of construction engineering. Driven by the transformation of building industrialization and the 3060 double carbon target, it is expected that China's prefabricated buildings will usher in rapid development during the 14th Five Year Plan period. []
China Galaxy Securities Co.Ltd(601881) Securities: it is recommended to pay attention to investment opportunities in infrastructure, assembly building, green building, carbon neutralization and other fields
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. China Communications Construction Company Limited(601800) , China Railway Construction Corporation Limited(601186) , China Railway Group Limited(601390) , Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , China Energy Engineering Corporation Limited(601868) , Metallurgical Corporation Of China Ltd(601618) , China National Chemical Engineering Co.Ltd(601117) , China State Construction Engineering Corporation Limited(601668) , Shandong Hi-Speed Road&Bridge Co.Ltd(000498) are recommended. It is recommended to pay attention to Anhui Honglu Steel Construction(Group) Co.Ltd(002541) , Shanghai Construction Group Co.Ltd(600170) , Shanghai Tunnel Engineering Co.Ltd(600820) , Sinosteel Engineering & Technology Co.Ltd(000928) , Sichuan Road & Bridge Co.Ltd(600039) , etc. []
Guosheng Securities: Social Finance exceeded expectations! Continue to focus on the opportunities of "steady growth"
At present, the expectation of steady growth continues to rise. In January, social finance exceeded the expectation, and the issuance of special bonds is accelerating. Previously, the national development and Reform Commission said that infrastructure investment should be carried out appropriately in advance, and strive to form more physical workload in the first quarter. The follow-up implementation policy and promotion intensity of steady growth are expected to be further strengthened, and the rising momentum of the follow-up resumption of work and infrastructure chain is expected to be strengthened. With the implementation of medium-term structural credit, the counter cyclical demand represented by cement is expected to stabilize and recover, supporting the quarterly profit center. Under the "double carbon" target, the supply side may maintain strict constraints on normalization, medium and long-term favorable sector profit expectation and valuation repair. In the follow-up, we can pay attention to the marginal change of demand and the catalysis of macro policies. Cement and consumer building materials are recommended. []
