At the same time, the six national ministries and commissions said that the bottom of the real estate industry chain may become clearer
On Tuesday (March 15), the National Bureau of statistics released the economic data from January to February: the year-on-year growth rate of national fixed asset investment reached 12.2%, of which the year-on-year growth rate of infrastructure investment was 8.8%, and the year-on-year growth rate of real estate investment was 3.7%. Although the growth rate of funds in place of real estate enterprises has declined significantly, and the year-on-year growth rate of new construction area, completed area and land acquisition area of real estate has not improved significantly, the “stable growth” is the focus of the government’s work throughout the year. The central transfer payment and local government special bonds are expected to provide a stable source of funds for it, and the infrastructure industry chain may continue to benefit. At the same time, on Wednesday (March 16), many central ministries and commissions spoke together: the financial commission of the State Council pointed out that it is necessary to timely study and put forward effective solutions to prevent and resolve real estate risks, and put forward supporting measures for the transformation of real estate enterprises to a new development model. The other five ministries and commissions also expressed their position on maintaining the stable operation and development of the real estate industry, and may issue a series of policies to maintain stability in the future. From the recent relaxation of the real estate financing end, the reduction of the interest rate of the first house and the improvement of the margin of purchase restriction, it is expected that the follow-up real estate policy will be gradually relaxed. It can be seen that the bottom of the real estate industry chain may become clear and work together with infrastructure to stabilize China’s economic development. “Steady growth” is the main tone of the whole year in 2022. Many ministries and commissions of the state jointly stated that the inflection point at the bottom of the real estate may appear, and the consumption of building materials is relatively flexible, and the prosperity is expected to rise sharply. The beneficiaries are: Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Guangdong Kinlong Hardware Products Co.Ltd(002791) , Keshun Waterproof Technologies Co.Ltd(300737) , China Liansu; The direction of the infrastructure industry chain is clear, and the beneficiaries are: Anhui Conch Cement Company Limited(600585) , Huaxin Cement Co.Ltd(600801) , Zhejiang Weixing New Building Materials Co.Ltd(002372) , Zhuzhou Kibing Group Co.Ltd(601636) , Flat Glass Group Co.Ltd(601865) , Weihai Guangwei Composites Co.Ltd(300699) , Zhongfu Shenying.
Market review this week
This week (from March 14 to March 18, 2022), the building materials index fell slightly by 0.16%, the CSI 300 index fell by 0.94%, and the building materials index outperformed the CSI 300 index by 0.78 percentage points. In the past three months, the CSI 300 index fell by 12.59%, the building materials index fell by 9.04%, and the building materials sector outperformed the CSI 300 index by 3.55 percentage points. Over the past year, the CSI 300 index fell 15.65%, the building materials index fell 13.56%, and the building materials sector outperformed the CSI 300 index by 2.09 percentage points.
Plate data tracking:
Cement: as of March 18, the national p.o42 5. The average price of bulk cement was 477.26 yuan / ton, up 0.85% month on month; The national clinker storage capacity ratio was 50.61%, with a month on month increase of 1.58%; The price difference between cement and coal was 279.66 yuan / ton, up 8.86% month on month.
Glass: as of March 18, the national average spot price of float glass was 222978 yuan / ton, a month on month decrease of 141.57 yuan / ton, or 5.97%; The average price of photovoltaic glass was 162.5 yuan / weight box, unchanged month on month; Float glass inventory was 53.72 million weight boxes, an increase of 3 million weight boxes, or 5.91%; The price difference of float glass soda ash petroleum coke was 36.48 yuan / weight box, down 13.56% month on month; The price difference of float glass soda ash heavy oil was 40.64 yuan / weight box, with a month on month decrease of 4.2 yuan and a decrease of 9.37%; The price difference of float glass soda ash natural gas was 49.97 yuan / weight box, a month on month decrease of 4.93 yuan / weight box, a decrease of 8.97%; The price difference of photovoltaic glass soda ash natural gas was 98.31 yuan / weight box, up slightly by 0.04% month on month.
Glass fiber: as of March 18, the mainstream ex factory price of alkali free 2400 winding direct yarn was Nanjing Gaoke Company Limited(600064) 50 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 ranged from 950010000 yuan / ton, with a month on month decrease of 5%.
Carbon fiber: as of March 18, 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 145 yuan / kg, down 1.36% month on month; The national carbon fiber inventory was 13 tons, up 8.33% month on month; The operating rate of carbon fiber enterprises was 68.07%, down 1.88% month on month; The gross profit of carbon fiber was 5726667 yuan / ton, a month on month decrease of 244.44 yuan / ton, a decrease of 0.43%.
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.
