Index
On Tuesday, February 22, 2022, as of the closing, all the three major indexes fell. The Shanghai index fell 0.96%, the Shenzhen Component Index fell 1.29%, the gem index fell 1.38%, and the turnover of Shanghai and Shenzhen reached 978.3 billion yuan. Affected by the intensification of tensions between Ukraine and Russia, safe haven sectors such as precious metals and oil and gas rose sharply, while other sectors fell more and rose less.
Comments
The infrastructure sector and the upstream and downstream of the industry showed a general decline today, Yuancheng Environment Co.Ltd(603388) , Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , China Communications Construction Company Limited(601800) led the decline. One of the main reasons is that affected by the external environment, a large amount of funds from the sector flowed into the safe haven sectors such as precious metals and oil and gas. Another reason is that the growth of infrastructure related sectors in the early stage is large, and the short-term correction is also normal. The recent strong trend of infrastructure related sectors is mainly driven by policies and hot spots, but in the long run, the rise of stock price still depends on the performance growth and the maintenance time of growth. If the performance growth is expected to be good and maintained for a long time, there is no need to worry about short-term fluctuations. Therefore, we believe that the infrastructure sector in the later stage should go out of the differentiated market. The future space of traditional infrastructure is limited and the growth is low. Even if there is a certain growth, it will not be maintained for a long time and does not have long-term allocation value; The new energy infrastructure and digital infrastructure have a large space in the future, and the future performance growth can be expected, which can not only help to achieve “stable growth”, but also comply with the long-term orientation of national policies. It is expected to go out of the long-term market, and it is recommended to pay attention to it for a long time.
Industry dynamics
\u3000\u30001. The national development and Reform Commission issued several policies to promote the steady growth of the industrial economy. The policies mentioned that we should speed up the construction of major new infrastructure projects, guide telecom operators to speed up the progress of 5g construction, support industrial enterprises to speed up the digital transformation and upgrading, and promote the digital transformation of manufacturing industry; Start the implementation of major projects of Beidou industrialization and promote the large-scale application of Beidou in major strategic areas; Accelerate the implementation of the special action for the construction of big data centers, implement the project of “counting from the east to the west”, and accelerate the construction of eight national data center hub nodes in the Yangtze River Delta, Beijing Tianjin Hebei, Guangdong, Hong Kong, Macao and the Great Bay area. Promote the healthy development of real estate investment trusts (REITs) in the field of infrastructure, effectively revitalize stock assets, and form a virtuous circle of stock assets and new investment. (National Development and Reform Commission)
Company dynamics
Tongwei Co.Ltd(600438) (600438): Recently, the joint office for promoting the construction of Chengdu Chongqing twin city economic circle officially issued the list of major projects to jointly build Chengdu Chongqing twin city economic circle in 2022, among which Tongwei Cecep Solar Energy Co.Ltd(000591) photovoltaic industry base project was listed. The list includes 160 landmark major projects, with a total investment of more than 2 trillion yuan, and a planned investment of 183.5 billion yuan in 2022. Tongwei Cecep Solar Energy Co.Ltd(000591) photovoltaic industry base project, located in huaikou Town, Jintang County, Chengdu, is a major investment project in Sichuan Province, with a total investment of about 20 billion yuan, an estimated new output value of about 70 billion yuan and an annual tax of about 2 billion yuan. (Securities Times)
Risk warning: the macro policy is not as expected; The price rise of raw materials exceeded expectations; Financial expenditure is lower than expected.
