Physical financing is a drag on social finance, and steady growth is expected to become the main economic line throughout the year
In February, social finance increased by 1.19 trillion yuan, a year-on-year decrease of 520 billion yuan, an increase of 316.3 billion yuan compared with the same period in 20 years. Structurally, social finance increased RMB loans by 908.4 billion yuan in February, a year-on-year decrease of 431.6 billion yuan, and an increase of 188.2 billion yuan compared with the same period in 20 years. According to the data of the central bank, the short-term loans of non-financial enterprises increased by 161.4 billion yuan year-on-year, and the medium and long-term loans of non-financial enterprises decreased by 594.8 billion yuan year-on-year, with a year-on-year growth rate of – 54%. We expect that it is mainly related to the weak demand for physical financing. In February, entrusted loans increased by 2.6 billion yuan year-on-year, and trust loans decreased by 21.1 billion yuan year-on-year; In February, the net financing amount of government bonds was 272.2 billion yuan, an increase of 170.5 billion yuan year-on-year. Generally speaking, the financial data in February was lower than expected. Considering the repeated epidemic situation, international turmoil and other factors, the downward pressure on the economy increased, and steady growth is expected to become the main economic line throughout the year.
The Ministry of housing and urban rural development issued a document to promote photoelectric buildings and welcome the favorable policies of BIPV again
The notice of the Ministry of housing and urban rural development on printing and distributing the development plan of building energy conservation and green buildings in the 14th five year plan proposes that by 2025, the installed capacity of Cecep Solar Energy Co.Ltd(000591) photovoltaic in new buildings in China will be more than 50 million KW, the application area of geothermal energy in buildings will be more than 100 million square meters, the replacement rate of renewable energy in urban buildings will reach 8%, and the proportion of power consumption in building energy consumption will exceed 55%, It focuses on promoting the application of Cecep Solar Energy Co.Ltd(000591) building, promoting the integrated design, construction and installation of Cecep Solar Energy Co.Ltd(000591) photovoltaic in new buildings, encouraging the government to invest in public welfare buildings and strengthening the application of Cecep Solar Energy Co.Ltd(000591) photovoltaic. If building photovoltaic is installed, the structural safety and fire safety of buildings or facilities shall be ensured, and the potential of Cecep Solar Energy Co.Ltd(000591) photovoltaic system installed on building roofs, walls, ancillary facilities and municipal utilities shall be evaluated in advance. The Cecep Solar Energy Co.Ltd(000591) photovoltaic system of the building shall have the ability to power off immediately and enter a non dangerous state, and shall be firmly connected with the building body to ensure no water leakage and seepage. Carry out regional photovoltaic distributed application demonstration with intelligent photovoltaic system as the core and new technologies such as energy storage and building power demand response as the carrier. Actively promote Cecep Solar Energy Co.Ltd(000591) photothermal technology in public buildings with stable hot water demand such as urban hotels, schools and hospitals. Actively promote appropriate technologies such as passive Cecep Solar Energy Co.Ltd(000591) housing in rural areas.
Market Review
Last week, the construction (CITIC) index fell 2.22%, the Shanghai and Shenzhen 300 index fell 3.95%, and all three sub sectors fell. Among individual stocks, Shanghaichengdiconstructioncorporationltd(603887) (+ 26.23%), Shenzhen Water Planning & Design Institute Co.Ltd(301038) (+ 24.53%), Zhejiang Construction Investment Group Co.Ltd(002761) (+ 23.54%), Norinco International Cooperation Ltd(000065) (+ 23.34%) and Xinjiang Communications Construction Group Co.Ltd(002941) (+ 14.89%) led the increase.
Investment advice
Under the medium and long-term growth dimension of “construction +” leader, enterprises with “new energy” and “chemical” industries have gradually entered the performance cashing period, and their performance is expected to grow high. Under the dimension of valuation restoration of value varieties, the leaders of local state-owned enterprises are expected to enjoy the high boom of regional infrastructure. The profit elasticity brought by the improvement of operating efficiency has initially appeared. There are both opportunities for steady growth and report quality improvement in the medium and long term. The increase of market share of central enterprises supports the continuous growth of revenue. After the completion of leverage reduction, roe still has obvious upward elasticity, With the continuous strengthening of the profit release ability and willingness of central enterprises, they also have strong elasticity of valuation repair.
Risk tips: Infrastructure & real estate investment went down more than expected, new energy & chemical business expansion was less than expected, the concentration of assembled leaders was less than expected, and the progress of improving the efficiency of the reform of central enterprises and state-owned enterprises was less than expected
