Event:
Release of 2022 government work report: the 2022 government work report mentioned that: 1. The GDP growth target in 2022 is about 5.5%. 2. In 2022, it is proposed to arrange 3.65 trillion yuan of special bonds for local governments. 3. Promote carbon neutralization in an orderly manner and implement the action plan for carbon peaking.
Key investment points:
The GDP growth target in 2022 is set at about 5.5%. Under the background of steady growth, infrastructure has become the primary focus. The 2022 government work report proposes to actively expand effective investment, carry out infrastructure investment in a moderate advance around the major national strategic deployment and the 14th five year plan, mainly for the construction of key water conservancy projects, comprehensive three-dimensional transportation network, important energy bases and facilities, accelerate the renewal and transformation of urban gas pipelines and other pipe networks, and improve flood control and drainage facilities, Continue to promote the construction of underground comprehensive pipe gallery. From the perspective of funds, it is planned to arrange 3.65 trillion yuan of special bonds of local governments in 2022, and the special bond funds carried forward last year are about 1.4 trillion yuan. The total funds of the two exceed 5 trillion yuan. The available funds in 2022 are about twice that of last year, which can effectively stimulate infrastructure investment.
Orderly promote the carbon neutralization of carbon peak and implement the action plan of carbon peak. The 2022 government work report pointed out that the work of carbon peak and carbon neutralization should be promoted in an orderly manner. Implement the carbon peak action plan. Promote the energy revolution, ensure energy supply, based on resource endowments, adhere to the first establishment and then destruction, and make overall plans to promote the low-carbon transformation of energy. In 2022, the dual carbon work will focus on promoting green and low-carbon development, promoting the transformation of coal power energy conservation and carbon reduction, promoting the planning and construction of large-scale wind and solar power bases and their supporting regulatory power sources, and promoting the R & D, promotion and application of green and low-carbon technologies.
Capital construction has become the primary focus of stabilizing the economy. Major engineering projects in various provinces and cities have been launched one after another, supporting the demand for cement. At present, the national transportation construction projects have been started and resumed. With the continuous improvement of downstream demand, the cement price in most areas began to rebound. At the same time, the continuously promoted energy conservation and carbon reduction policy is conducive to promoting energy conservation and carbon reduction of cement manufacturers, optimizing the supply pattern of the industry and improving the competitive advantage of leading industries. At present, it is recommended to take the lead in the cement area Anhui Conch Cement Company Limited(600585) , Gansu Shangfeng Cement Co.Ltd(000672) , focusing on Huaxin Cement Co.Ltd(600801) , Xinjiang Tianshan Cement Co.Ltd(000877) .
Carbon peak and carbon neutralization work have been written into the government work report for two consecutive years. Under the background of double carbon policy, photovoltaic glass has ushered in demand support. At the same time, the continuous improvement of double glass penetration has also brought new growth rate to photovoltaic glass. However, affordable Internet access promotes the industry to reduce costs and increase efficiency, and puts forward higher requirements for enterprise technology and cost control, which is good for technology Industry leader with cost advantage. Focus on the industry leader Zhuzhou Kibing Group Co.Ltd(601636) with cost advantage, and Luoyang Glass Company Limited(600876) , Shandong Pharmaceutical Glass Co.Ltd(600529) , Flat Glass Group Co.Ltd(601865) , Xinyi Glass, CSG a, Shandong Jinjing Science And Technology Stock Co.Ltd(600586) , Triumph Science & Technology Co.Ltd(600552) .
The advance investment in infrastructure drives the increase of cement demand, and the double carbon policy is good for leading enterprises with technical and financial advantages; Under the background of double carbon policy, photovoltaic has become one of the important directions of energy transformation, driving the continuous growth of photovoltaic glass demand and benefiting the industry leaders with technology and cost advantages. At present, the valuation of the building materials industry is relatively low and the safety margin is high, so it is rated as “recommended”.
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; Focus on the company’s performance less than expected; The epidemic repeated or lasted longer than expected; Adverse changes have taken place in the macro environment.
