Industry perspective:
Steady growth remains the main investment logic of the industry, focusing on the benefit targets of traditional infrastructure and new infrastructure. This week’s government work announcement pointed out that this year, we should adhere to the principle of stability and seek progress while maintaining stability, and put steady growth in a more prominent position; We will strengthen the implementation of macro policies and improve the efficiency of positive fiscal policies. We should make good use of government investment funds and promote the expansion of effective investment. This year, we plan to arrange 3.65 trillion yuan of local special bonds.
1) focus on investment opportunities of concrete water reducing agent and waterproof. Leading companies will benefit from the increase in revenue brought by the improvement of industry concentration and channel advantages. It is recommended that [ Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) ] [ Sobute New Materials Co.Ltd(603916) ]. 2) The cement sector is expected to have band theme opportunities in the first quarter. On the demand side, it is expected to maintain a high platform in 2022, but the increment is limited, and the new construction of real estate will form a drag on demand. On the supply side, peak shifting production has become the norm. At present, the national average price of cement is 70 yuan / ton higher than that of last year. We expect that under the background of increased infrastructure demand and appropriate contraction of supply, the cement price in the first quarter will maintain an advantage year-on-year. 3) New infrastructure and municipal projects contribute new momentum. The new infrastructure construction and double carbon policy will bring the demand increment of building materials related products, mainly reflected in photovoltaic glass and wind power yarn. At the same time, the demand for municipal construction such as the transformation of old residential areas and affordable housing has increased significantly, the demand for subdivided fields such as plastic pipes, waterproof pipes and concrete pipes has increased, and the head enterprises with strong channel advantages have benefited the most.
Cement: the national price fell slightly, and the shipment rate continued to rise rapidly
This week, the average tax inclusive price of national high-standard cement was 501.65 yuan / ton, down 0.48% month on month. The price decline areas mainly include Jiangxi, Henan, Hunan, Guizhou and Sichuan, with a range of 20-30 yuan / ton. This week, the national cement storage capacity ratio was 64.00%, down 1.94 PCT from last week and up 0.13 PCT from the same period last year. The cement shipment rate this week was 45.73%, up 18.40pct from last week and 2.40pct from the same period last year.
Glass: float glass prices fell slightly, and inventories continued to rebound
This week, the average transaction price of national glass spot was 2373 yuan / ton, with a decrease of 0.37% on a weekly basis and a year-on-year increase of 12.30%; On March 3, the average daily transaction price was 2367 yuan / ton, down 13 yuan / ton from February 24. This week, the total inventory of national sample enterprises was 51.141 million heavy boxes, up 10.47% month on month, up 14.38% year-on-year, and the inventory days were 24.93 days.
Glass fiber: the alkali free roving market has maintained stability, and the price of electronic yarn has decreased significantly
This week, the mainstream of 2400tex winding direct yarn was 6 Tongling Nonferrous Metals Group Co.Ltd(000630) 0 yuan / ton, which was basically the same month on month, with a year-on-year increase of 2.92%. This week, the mainstream quotation of electronic yarn G75 is about 10000 yuan / ton, down 1000 yuan / ton month on month; The price of electronic cloth decreased to about 3.7-4.0 yuan / meter.
Investment suggestion: capital construction and real estate are expected to improve in 2022, and the prosperity of building materials sector will continue to improve. [ Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) ] [ Sobute New Materials Co.Ltd(603916) ] [ Skshu Paint Co.Ltd(603737) ] [ Anhui Conch Cement Company Limited(600585) ] [ Skshu Paint Co.Ltd(603737) ] [ Skshu Paint Co.Ltd(603737) ] [ Anhui Conch Cement Company Limited(600585) ]] benefiting from the improvement of infrastructure and real estate industry chain are the first to be promoted; New infrastructure benefit materials sector, focus on [ Sinoma Science & Technology Co.Ltd(002080) ] [ Zhuzhou Kibing Group Co.Ltd(601636) ].
Risk warning: real estate infrastructure investment is less than expected; Raw material prices rose more than expected
