Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
Chuancai Securities: huge space for new energy infrastructure, focusing on new wind power infrastructure
With steady growth superimposed on double carbon, there is a huge space for new energy infrastructure, focusing on the new infrastructure of wind power. As an important extension of new infrastructure, new energy is also one of the important starting points for steady growth. There is huge investment space in the field of new energy, which is mandatory under the “double carbon” strategic goal. With the promotion of the national strategy and the positive response of the local government, it is expected to become the pillar industry of the current new infrastructure. While local governments promote and improve energy conservation and carbon reduction in the field of traditional energy, accelerating the construction of new energy and clean energy projects has become a top priority. For example, Shanghai has made it clear that the construction of offshore wind power and other projects will be accelerated in 2022, with a new installed photovoltaic capacity of 300000 kW; The installed capacity of new and renewable energy in Shandong is more than 10 million KW; Zhejiang has paid close attention to the construction of 10 billion clean energy projects and added more than 4 million kilowatts of wind and solar power installed capacity; Sichuan focuses on the clean energy industry and speeds up the complementary and integrated development of water, wind, phosgene and hydrogen. Therefore, we judge that 2022 will be a great year for the development of new energy infrastructure.
With the official opening of the construction peak season in March, we believe that China’s infrastructure investment is expected to improve significantly, and the leading companies in the undervalued infrastructure chain are preferred, such as China Railway Group Limited(601390) , China Communications Construction Company Limited(601800) , China State Construction Engineering Corporation Limited(601668) , Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , China Railway Construction Corporation Limited(601186) and China Design Group Co.Ltd(603018) . In addition, in the medium and long term, we continue to be optimistic about the growth leaders of subdivision tracks: 1) Anhui Honglu Steel Construction(Group) Co.Ltd(002541) , Changjiang & Jinggong Steel Building(Group)Co.Ltd(600496) ; 2) Construction of new power system Suwen Electric Energy Technology Co.Ltd(300982) ; 3) Jiangxi Geto New Materials Corporation Limited(300986) , aluminum temsector track, and China National Chemical Engineering Co.Ltd(601117) , which continues to transform from chemical engineering to new chemical materials.
The Pacific Securities Co.Ltd(601099) Securities: the overall valuation of the upstream and downstream of the infrastructure industry chain is low! Strong risk resistance
In the context of the uncertain global situation, the overall valuation of the upstream and downstream of the infrastructure industry chain is low, with abundant orders, high relative security and strong risk resistance. Therefore, it is recommended to continue to pay attention. Investment opportunities for earthquake mitigation and isolation under high-quality development: long-term efforts have been made in disaster prevention and mitigation, legislation has been passed, and 20-30 times of space can be expected. Relevant targets such as Quakesafe Technologies Co.Ltd(300767) , Zhejiang Tiantie Industry Co.Ltd(300587) “transportation power” and rail transit sector have long-term benefits: there is a broad demand for the construction of “Urban Agglomeration” on the track, and relevant targets such as Zhejiang Tiantie Industry Co.Ltd(300587) , China Railway Group Limited(601390) , China Railway Construction Corporation Limited(601186) ; Under the expectation of the improvement of China’s infrastructure investment margin in the second half of the year, it is suggested to pay attention to the opportunities related to the industrial chain: pay attention to the undervalued targets China State Construction Engineering Corporation Limited(601668) , China Railway Construction Corporation Limited(601186) , China Railway Group Limited(601390) ; Leading infrastructure enterprises with steady main business and mineral resources: Metallurgical Corporation Of China Ltd(601618) , China Railway Group Limited(601390) ; Under the background of dual control of energy consumption, high-quality targets in green power, BIPV and other related fields: Sinosteel Engineering & Technology Co.Ltd(000928) , Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , Sinoma International Engineering Co.Ltd(600970) .
Citic Securities Company Limited(600030) : the sub industry of consumer building materials is in the period of accelerated concentration and product structure optimization
We believe that the peak of completed area has delayed but not disappeared, the supervision of commercial housing pre-sale funds is also conducive to the completion, and the new production capacity of the supply side industry is expected to be limited. The supply and demand pattern of the completed side is not pessimistic this year, and float glass enterprises have advantages in photovoltaic business, and their photovoltaic, electronic and medicinal glass are expected to contribute to the increment. We recommend Csg Holding Co.Ltd(000012) , Zhuzhou Kibing Group Co.Ltd(601636) Lutheran glass; The cement price is expected to remain high and fluctuate. The enterprises still have growth through extending the upstream and downstream of the industrial chain. The valuation of major enterprises has a good attraction. With the steady growth expectation gradually heating up, there is room for valuation repair. It is suggested to focus on the spring market and recommend China building materials, Anhui Conch Cement Company Limited(600585) , Huaxin Cement Co.Ltd(600801) .
The sub industry of consumer building materials is in the period of accelerated concentration and product structure optimization. It is recommended that Guangdong Kinlong Hardware Products Co.Ltd(002791) , Monalisa Group Co.Ltd(002918) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Beijing New Building Materials Public Limited Company(000786) , Zhejiang Weixing New Building Materials Co.Ltd(002372) , Guangdong Dongpeng Holdings Co.Ltd(003012) , Keshun Waterproof Technologies Co.Ltd(300737) , China Building Material Test & Certification Group Co.Ltd(603060) . Other non real estate industry chain companies recommend Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) , Zhejiang Walrus New Material Co.Ltd(003011) , China Jushi Co.Ltd(600176) , Jiangsu Changhai Composite Materials Co.Ltd(300196) , Sinoma Science & Technology Co.Ltd(002080) , Jiangsu Pacific Quartz Co.Ltd(603688) , and suggest paying attention to Triumph Science & Technology Co.Ltd(600552) , Beijing Lier High-Temperature Materials Co.Ltd(002392) .
Hongta Securities Co.Ltd(601236) : relevant fields of the computer industry are expected to benefit, especially the underlying infrastructure industry chain
We believe that the digital economy will be one of the key strategic directions of the country during the 14th Five Year Plan period in the future, and relevant fields of the computer industry are expected to benefit, especially the underlying infrastructure industry chain.
In recent years, due to the rapid development of mobile Internet, cloud computing, big data, artificial intelligence and other information technologies, as the underlying infrastructure, the demand side growth rate of IDC industry has always been at a high level, and the industry will continue to maintain a high outlook for a long time in the future. “Counting from the East and counting from the west” project is a project that the state plans the location layout of new computing power from the perspective of top-level design, liberates the resource pressure of Eastern first tier core cities such as North, Shanghai, Guangzhou and Shenzhen, ensures the supply of IDC, and can effectively meet the market demand brought by the rapid growth of downstream industries. Its essence can be understood as the guidance for the supply side reform of the industry.
According to the relevant plans issued by the state, we expect the IDC construction investment to be about 1440 billion yuan during the 14th Five Year Plan period, with an average annual investment of about 360 billion yuan. The relevant upstream and downstream industrial chains are expected to maintain rapid growth for a long time, including IT equipment such as servers, network communication equipment such as optical modules, power and temperature control equipment, and third-party IDC manufacturers. It is suggested to pay attention to the following subjects: Inspur Electronic Information Industry Co.Ltd(000977) Dawning Information Industry Co.Ltd(603019) , Shanghai Baosight Software Co.Ltd(600845) , Kehua Data Co.Ltd(002335) , Shenzhen Envicool Technology Co.Ltd(002837) , Zhongji Innolight Co.Ltd(300308) , Eoptolink Technology Inc.Ltd(300502) , etc.
Technology and economy
Digital economy is the main line of long-term development in the future. Data has become the core strategic resource. Throughout history, the scientific and technological revolution and industrial reform have promoted the sharp leap of productivity, and the key factors of production are also changing. In the current era of digital economy, data has become the core strategic resource.
China is rich in data resources. From the perspective of data volume, the global big data reserves in 2021 will be 54zb, of which China’s data production accounts for about 23% of the global data production. It is expected that China’s total data will account for 27% of the global total by 2025. With the support of strong policies, digital economy will be the main line of long-term development. China will focus on data resources and focus on the development of data industrialization and industrial data. We suggest to pay attention to four general directions: 1) core infrastructure construction; 2) Deep integration of industry and digitization; 3) Focus on the new application of data and the development of new models; 4) Network security.
Huachuang Securities: continue to recommend infrastructure chain and real estate chain under the background of “steady growth”
For cement sector: focus on Anhui Conch Cement Company Limited(600585) , Guangdong Tapai Group Co.Ltd(002233) , and pay attention to Huaxin Cement Co.Ltd(600801) , Xinjiang Tianshan Cement Co.Ltd(000877) , Tangshan Jidong Cement Co.Ltd(000401) .
For the glass sector: the completion in 2022 is expected to show a pattern of weak in the first half of the year and strong in the second half of the year. The growth inflection point probably appears at the end of 2022q2, driving the recovery of glass demand and the reduction trend of the supply side of the industry. It is expected that the peak of cold repair will come in 2022q1, with both supply and demand vibrating. It is recommended to focus on Zhuzhou Kibing Group Co.Ltd(601636) .
For the glass fiber sector: wind power medium and long-term planning, improve the demand expectation of glass fiber materials, and focus on China Jushi Co.Ltd(600176) .
For the consumer building materials sector: the start-up end is expected to improve synchronously with the sales, and the prosperity of consumer building materials at the start-up end is expected to be ahead. Key recommendations for gypsum board Beijing New Building Materials Public Limited Company(000786) ; Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Keshun Waterproof Technologies Co.Ltd(300737) , are recommended in the waterproof industry. The pipe industry focuses on Yonggao Co.Ltd(002641) .
Minsheng Securities: steady growth, continued to be optimistic about the infrastructure chain and undervalued consumption of building materials
After the policy bottoms out, the small cycle of real estate is expected to recover, and the data of sales, commencement, construction and completion are gradually improved. At the current time point, the dynamic PE of consumer building materials elasticity leader in 2022 is generally 10-15x, and the core leader is 20-25x. We suggest paying attention to two spaces: ① valuation and repair space; ② Profit expectation and repair space. A low to high sort of a low to high valuation: a low to high sort of a low to a high: a low to high sort of a low to a high: a low to a low to a low to a high: a low to a high to sort: the [[China United Plastic] for the [ ofthe valuation of a low to a low to a low to a high to sort: the [China United Plastic [China United Plastic] [[ ‘s [ ofchina’s associated plastic [ ‘s 30073 [ for the 30073of a Keshun Waterproof Technologies Co.Ltd(300737) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\[ Guangdong Kinlong Hardware Products Co.Ltd(002791) ] [ Guangdong Kinlong Hardware Products Co.Ltd(002791) ].
