Index
On Thursday, March 31, 2022, as of the closing, the Shanghai Composite Index fell 0.44% to 325220 points, the Shenzhen Component Index fell 1.19%, and the gem index fell 1.38%. The turnover of the two markets was 1009.1 billion yuan, and the north capital bought 1.053 billion yuan today.
Comments
Today, the undervalued sectors such as coal, banking, real estate and building materials perform well, the infrastructure sector is differentiated, and the theme of water conservancy is active. On the news side, the executive meeting of the State Council pointed out that another batch of projects that have been included in the planning and mature conditions will be started this year, and about 800 billion yuan of water conservancy investment can be completed in the whole year. In terms of special bonds, 1.46 trillion yuan has been issued in advance at the end of last year, and the remaining special bonds will be issued before September this year. According to the data from January to February, more than 60% of the special bonds will flow to the field of infrastructure. In the next step, the special debt will continue to tilt to areas that benefit both the current and the long-term, benefit the people's livelihood and make up for weaknesses, and support the construction of new infrastructure and other projects that increase stamina and improve the level. Focusing on the main policy line of steady growth, it is suggested to continue to pay attention to the investment opportunities of new and old infrastructure. In the real estate industry, we believe that there may be differentiation in the later stage. It is suggested to focus on the real estate development of first tier cities with net population inflow, state-owned real estate enterprises with abundant liquidity and high-quality private real estate enterprises.
Industry dynamics
1. On March 31, the Ministry of housing and urban rural development issued the industry standard and approved the standard for design and type selection of prefabricated houses as the industry standard, numbered JGJ / t4942022, which will be implemented from April 1, 2022. (website of the Ministry of housing and urban rural development)
2. On March 31, the National Bureau of statistics released the operation of PMI index in March, in which the business activity index of construction industry was 58.1%, an increase of 0.5 percentage points over the previous month; The new order index of the construction industry was 51.2%, down 3.9 percentage points from the previous month; The input price index of the construction industry was 61.4%, an increase of 3.0 percentage points over the previous month; The sales price index of the construction industry was 54.4%, an increase of 1.0 percentage points over the previous month; The employment index of the construction industry was 50.1%, down 5.7 percentage points from the previous month; The expected index of business activities in the construction industry was 60.3%, down 5.7 percentage points from the previous month. (bureau of Statistics website)
Company dynamics
Anhui Gourgen Traffic Construction Co.Ltd(603815) ( Anhui Gourgen Traffic Construction Co.Ltd(603815) ): it is estimated that the operating revenue in the first quarter of 2022 will be 856 million yuan to 954.77 million yuan, with a year-on-year increase of 30% to 45% after retrospective adjustment of the data in the same period last year. It is estimated that in the first quarter of 2022, the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses will be 28.38 million yuan to 31.54 million yuan, an increase of 35% to 50% year-on-year after retrospective adjustment of data in the same period last year. （ iFinD）
Risk warning: the implementation of the policy is less than expected; The price rise of raw materials exceeded expectations; The epidemic situation repeatedly exceeded expectations.
