The government work report and the “14th five year plan” for building energy conservation were released, focusing on the opportunities of infrastructure industry chain
The two sessions were successfully held, and the 2022 government work report was officially released. The report pointed out that the annual GDP growth target was 5.5%, and mentioned that “infrastructure investment should be carried out moderately in advance”, demonstrating the government’s determination to stabilize growth. Although the fiscal target deficit ratio was reduced by 0.4 percentage points to 2.8%, considering that the central government transferred 1.267 trillion yuan into the general budget across the year, the actual increase was significant; The scale of local government special bonds reached 3.65 trillion, the same as that in 2021. The report clearly emphasizes that “we should make good use of government investment funds to drive the expansion of effective investment”. The financial intention for infrastructure is obvious. In 2022, the financial expenditure of the general public budget increased by 2 trillion, an increase of 8.4% year-on-year. At the same time, the report mentioned the key directions of infrastructure investment, including key water conservancy projects, comprehensive three-dimensional transportation network, important energy bases and facilities, urban gas pipelines and other pipe networks, flood control and drainage facilities and the construction of underground comprehensive pipe gallery. In addition, the two sessions pointed out that the energy consumption intensity target should be comprehensively assessed within the 14th five year plan, and the new renewable energy and raw material energy consumption should not be included in the total energy consumption control. As an essential part of new energy output, photovoltaic glass is expected to achieve both supply and demand. This week, the Ministry of housing and Urban Rural Development released the “14th five year plan” for building energy conservation and green building development, which puts forward clear development goals for several major building systems, including prefabricated buildings and building photovoltaic. The construction of prefabricated buildings and building photovoltaic has broad demand and is expected to usher in sustained and rapid development. Combining the above content, we think that pipes, waterproofing, cement, waterproofing, cement, photovoltaic glass, and carbon fiber are the clear direction that we think pipes, waterproofing, cement, cement, and photovoltaic glass, and carbon fiber are the clear direction, and the beneficiaries are: (1) pipe bibbibcock: Hongda Xingye Co.Ltd(002002) 372 \ Zhongfu eagle.
Market review this week
This week (March 7-march 11, 2022), the building materials index fell 4.31%, the CSI 300 index fell 4.22%, and the building materials index lost 0.09 percentage points to the CSI 300 index. In the past three months, the CSI 300 index fell 15.29%, the building materials index fell 11.61%, and the building materials sector outperformed the CSI 300 index by 3.68 percentage points. Over the past year, the CSI 300 index fell 14.48%, the building materials index fell 13.46%, and the building materials sector outperformed the CSI 300 index by 1.02 percentage points.
Plate key data tracking
Cement: as of March 11, the national p.o42 5. The average price of cement was 474.17 yuan / ton, a slight increase of 0.11% month on month; The national clinker storage capacity ratio was 49.03%, with a month on month decrease of 3.08%; The price difference between cement and coal was 333.24 yuan / ton, a slight increase of 0.15% month on month.
Glass: as of March 11, the national average spot price of float glass was 237135 yuan / ton, a month on month decrease of 48.91 yuan / ton, a decrease of 2.02%; The average price of photovoltaic glass was 162.5 yuan / weight box, up 2.5 yuan / weight box, up 1.56%; Float glass inventory was 50.72 million weight boxes, an increase of 4 million weight boxes, an increase of 8.56%. The price difference of float glass soda ash petroleum coke was 42.53 yuan / weight box, a month on month decrease of 4.51 yuan / weight box, a decrease of 9.58%; The price difference of float glass soda ash heavy oil was 44.67 yuan / weight box, with a month on month decrease of 3.2 yuan and a decrease of 6.68%; The price difference of float glass soda ash natural gas was 54.9 yuan / weight box, a month on month decrease of 2.33 yuan / weight box, a decrease of 4.07%; The price difference of photovoltaic glass soda ash natural gas was 98.27 yuan / weight box, with a month on month increase of 2.5 yuan / weight box, or 2.61%.
Glass fiber: as of March 11, the mainstream ex factory price of alkali free 2400 winding direct yarn was Nanjing Gaoke Company Limited(600064) 40 yuan / ton, unchanged month on month; The mainstream price of 2400tex jet ply yarn is 955010000 yuan / ton, unchanged month on month; The mainstream price of 2400tex SMC ply yarn was 8 China Three Gorges Renewables (Group) Co.Ltd(600905) 0 yuan / ton, unchanged month on month. The price of electronic yarn went down further. The mainstream price was 10000 yuan / ton, down 1000 yuan month on month, down 9.09%.
Carbon fiber: as of March 11, the average price of small tow carbon fiber in China was 225 yuan / kg, unchanged month on month; The average price of large tow carbon fiber in China was 147 yuan / kg, unchanged month on month; The national carbon fiber inventory was 12 tons, down 7.69% month on month; The operating rate of carbon fiber enterprises was 69.95%, unchanged month on month; The gross profit of carbon fiber was 5751111 yuan / ton, a month on month decrease of 600 yuan / ton, a decrease of 1.03%.
Risk tip: the price of raw materials has risen sharply; Supply and demand mismatch risk; Downside risks of economic growth; China’s monetary and real estate policies have become stricter.
