The central economic work conference proposed to strengthen the cross cycle regulation of macro policies, carry out infrastructure investment moderately in advance, coordinate and link fiscal and monetary policies, and infrastructure is the primary focus of “stable growth”, which is expected to benefit first. Under the background of “steady growth” expectation and marginal improvement of policies, downstream demand is expected to pick up and maintain the “recommended” rating of building decoration industry and building materials industry.
Cement sector: the demand is supported under “steady growth”, and the implementation of capacity removal and peak shifting production is good. It is recommended to Anhui Conch Cement Company Limited(600585) , Gansu Shangfeng Cement Co.Ltd(000672) , and pay attention to China building materials, Xinjiang Tianshan Cement Co.Ltd(000877) , Huaxin Cement Co.Ltd(600801) .
Infrastructure sector: in January 2022, the social finance data increased, the construction industry signed a new single PMI expansion, the special debt was invested in new and old infrastructure, and the marginal improvement of real estate policy. It is recommended to Sinoma International Engineering Co.Ltd(600970) , and pay attention to China State Construction Engineering Corporation Limited(601668) , Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , China Communications Construction Company Limited(601800) , China Energy Engineering Corporation Limited(601868) , Metallurgical Corporation Of China Ltd(601618) , Sinosteel Engineering & Technology Co.Ltd(000928) , China National Chemical Engineering Co.Ltd(601117) .
Glass sector: the supply of float glass is stable, the marginal demand is improved, and the “double carbon” policy continues to promote. The supply and demand of photovoltaic glass are booming. Pay attention to Zhuzhou Kibing Group Co.Ltd(601636) , Xinyi Glass, Flat Glass Group Co.Ltd(601865) , Luoyang Glass Company Limited(600876) , Csg Holding Co.Ltd(000012) .
At the current time, it is recommended to recommend Beijing New Building Materials Public Limited Company(000786) with stable operation and promising prospects in the consumer building materials sector, and pay attention to Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) and China Liansu.
Risk warning: “steady growth” and the landing progress of infrastructure investment are not as expected; The marginal improvement of real estate policy is less than expected; The recovery of downstream demand is less than expected; Price rise of raw materials and fuels; The epidemic repeated or lasted longer than expected; Adverse changes have taken place in the macro environment.
