Index
On Wednesday, February 23, 2022, as of the closing, all three major indexes rose. The Shanghai index closed up 0.93% to 3489 points, the Shenzhen Component Index rose 1.9% and the gem index rose 2.8%. Market sentiment was high, and the turnover of the two cities returned to trillion.
Comments
In recent trading days, there has been a continuous correction in the traditional infrastructure sector and related stocks upstream and downstream of the industry, and the track stocks began to rebound collectively, which is completely opposite to the previous trend. The reason is that this round of rise of stable growth concept stocks represented by traditional infrastructure is not driven by the industrial development trend. Many of these traditional industries are not in line with the direction of future economic development, but their valuation is low enough. Stimulated by stable growth and loose monetary policy, the rebound of stock price is the result of the passive choice of market funds, It is a short-term logic of valuation repair. When new energy and other track stocks fall to a certain extent and have allocation value, it is the end of the rebound of traditional infrastructure sectors. We mentioned this point many times in the recent Sichuan finance research: core data tracking of infrastructure industry chain.
Fundamentally speaking, when we choose to invest in a company, we should not only look at the hot spot for a while, but also look at the two most important dimensions: one is the performance growth, and the other is the growth duration. Therefore, we judge that the infrastructure sector in the later stage should go out of the differentiation Market: the traditional infrastructure has limited space in the future, the growth is not maintained, and does not have long-term allocation value; The new infrastructure represented by new energy infrastructure and digital infrastructure has a lot of space in the future, and the performance growth rate and duration can be guaranteed. It can not only help to achieve "stable growth", but also comply with the long-term orientation of national policies and industrial development trends, and is expected to go out of the long-term market.
Industry dynamics
On February 22, the opinions of the CPC Central Committee and the State Council on the key work of comprehensively promoting rural revitalization in 2022 mentioned that we should solidly carry out rural infrastructure construction in key areas. Orderly promote the connection of class III and above highways in villages and towns and hardened roads in natural villages (groups) with large population; Implement the safety and life protection project of rural roads and the reconstruction of dangerous bridges; Steadily promote the automatic detection of rural road conditions; Promote the construction and transformation of rural water supply projects; Further implement the rural power grid consolidation and upgrading project; Promote the construction of clean energy such as photovoltaic and biomass energy in rural areas. (China government website)
Company dynamics
Zhongmin resources (600163): on February 23, 2022, the company received the notification letter on the implementation progress of the shareholding reduction plan from the shareholders Huaxing venture capital and Huaxing Xinxing. Huaxing Xinxing reduced 2056200 shares of the company through centralized bidding transaction from November 24, 2021 to February 23, 2022, accounting for 0.11% of the total share capital of the company; Huaxing venture capital did not reduce its shares of the company from November 24, 2021 to February 23, 2022; Huaxing Xinxing and Huaxing venture capital jointly reduced 2056200 shares of the company, accounting for 0.11% of the total share capital of the company. The time of this reduction plan is more than half, and the implementation of the reduction plan has not been completed. （iFinD）
Risk warning: the macro policy is not as expected; The price rise of raw materials exceeded expectations; Financial expenditure is lower than expected.
