Core data tracking of infrastructure industry chain

Index

On Monday, March 21, 2022, as of the closing, the Shanghai Composite Index rose 0.08% to 325369 points, the Shenzhen Component Index rose 0.41%, the gem index rose 0.46%, and the turnover between the two cities reached 1015.2 billion. Northbound funds sold a net 8.419 billion yuan today.

Comments

From January to February, the financial public budget expenditure and the issuance of special bonds of local governments made equal efforts, and the overall performance of infrastructure investment data was bright. From January to February, the national general public budget expenditure was 3822.7 billion yuan, a year-on-year increase of 7%. Among them, the central general public budget expenditure at the same level was 389.6 billion yuan, a year-on-year increase of 4.6%; Local general public budget expenditure was 3433.1 billion yuan, a year-on-year increase of 7.3%. At the beginning of the year, fiscal expenditure focused on infrastructure. According to the data of the Ministry of finance, from January to February, the public financial budget spent 304.7 billion yuan on urban and rural communities, a year-on-year increase of 7.6%; The expenditure on agriculture, forestry and water was 238.2 billion yuan, a year-on-year increase of 4.5%; The expenditure on transportation was 180.2 billion yuan, a year-on-year increase of 14%. From the perspective of capital supply, investment in infrastructure is relatively sufficient. From the perspective of project implementation, the number of new projects invested increased by 1.1 times year-on-year, and the total planned investment of new projects increased by 62.8%; The business activity index, new order index and employee index of the construction industry increased over the previous month, showing a good trend. We are still optimistic about the sustainable performance of infrastructure growth in the first and second quarters, focusing on the "two new and one heavy" sector, fabricated construction sector and BIPV sector.

Industry dynamics

1. On March 21, Li Keqiang presided over the executive meeting of the State Council. The meeting stressed that adhering to development is the first priority, focusing on running our own affairs, adhering to the principle of stability and seeking progress in stability, deepening reform and opening up, maintaining economic operation within a reasonable range, implementing scientific and effective policies, and maintaining the stability of the capital market and maintaining stable and healthy development. Increase the support of prudent monetary policy to the real economy and maintain policy stability. (China government website)

2. On March 21, Shanghai Jinmao Investment Management Group Co., Ltd. and China Railway Construction Corporation Limited(601186) Real Estate Group Co., Ltd. respectively issued announcements on the Shanghai stock exchange that they would issue corporate bonds with the theme of M & A in the real estate industry. According to the announcement, Shanghai Jinmao will book issue corporate bonds (phase II) of Shanghai Jinmao Investment Management Group Co., Ltd. to professional investors in 2022 on March 23. The issuance scale of corporate bonds with the theme of M & A in the real estate industry to be bookkept this time is no more than 1.5 billion yuan (including 1.5 billion yuan), of which 1.1 billion yuan is planned to be used to support enterprises with strong synergy in the industry to alleviate liquidity pressure. Railway construction real estate announced that China Railway Construction Corporation Limited(601186) Real Estate Group Co., Ltd. will issue corporate bonds (phase III) (specially for M & A) to professional investors in 2022 on March 25, 2022. The term is 3 + 2 years, and the raised funds are mainly used for M & a real estate projects. (China Securities Network)

Risk warning: the macro policy is not as expected; The price rise of raw materials exceeded expectations; The epidemic situation is repeated or lasts longer than expected.

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