In 2022, the macro policy will be stable and effective, the national economy will be stable, and an active fiscal policy and a prudent monetary policy will be implemented. The central economic work conference stressed the need to promote the construction of affordable housing, support the commercial housing market to better meet the reasonable housing needs of buyers, promote the healthy development and virtuous cycle of the real estate industry, and begin to correct the deviation of real estate policies. At the same time, it is noted that the central bank lowered the MLF interest rate on January 17. It is expected that the LPR will decrease with the MLF, which will play a certain role in driving the macro-economy. The Ministry of housing and urban rural development once again clarified the direction of green building. We continue to give the industry a “recommended” rating.
Recently, the “steady growth” signal continues to increase, and the policy side “stimulus + deregulation” is expected to continue to consolidate the confidence of the real estate industry. On March 29, the State Council held an executive meeting to make important explanations for further boosting the public infrastructure construction industry. The meeting pointed out that “we should reasonably expand the scope of use of special bonds, support public services and other projects with certain benefits on the basis of projects focused on transportation, energy, ecological environmental protection and affordable housing projects. We should adhere to the principle of funds following the project, speed up the commencement and construction of the project, and form the physical workload as soon as possible”. At the same time, the housing loan market policy has released positive signals. Shanghai, Nanning and other places have adjusted the interest rate of individual housing loans and the down payment ratio of housing loans, which is expected to stimulate the growth of demand. At the same time, the monetary policy of the housing loan market released a positive signal. At the regular meeting of the monetary policy committee of the people’s Bank of China on March 31, it was reiterated that “safeguard the legitimate rights and interests of housing consumers, better meet the reasonable housing needs of home buyers, and promote the healthy development and virtuous cycle of the real estate market”. Recommend China National Chemical Engineering Co.Ltd(601117) , China Communications Construction Company Limited(601800) , focus on China Energy Engineering Corporation Limited(601868) , Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) and China State Construction Engineering Corporation Limited(601668) .
The Ministry of housing and urban rural development recently issued the “14th five year plan” for building energy conservation and green building development plan, once again clarifying the development direction of green buildings. By 2025, new urban buildings will be fully built into green buildings, building energy efficiency will be steadily improved, and the growth trend of building energy consumption and carbon emission will be effectively controlled, laying a solid foundation for the carbon peak in the field of urban and rural construction by 2030. According to China Construction News, the standard and quota Department of the Ministry of housing and urban rural development focuses on building a “1 + 3” standardized design and production system, that is, preparing an industry standard, standard for design and selection of prefabricated houses 3 dimensional guidelines for main components and parts (dimensional guidelines for main components of steel structure residence, dimensional guidelines for main components of prefabricated concrete structure residence and dimensional guidelines for main components of prefabricated decoration of residence). The standard for design and selection of prefabricated houses will be officially implemented on April 1. This standard is the first standardized design and selection standard for components of prefabricated housing in China. It mainly solves the problems related to the connection between standardized components and front-end design from the perspective of positive system integration design, and is expected to promote the further standardization and standardization of prefabricated construction industry. Focus on Anhui Honglu Steel Construction(Group) Co.Ltd(002541) , the leader of prefabricated buildings, Yuanda residential workers, and Hangxiao Steel Structure Co.Ltd(600477) , Changjiang & Jinggong Steel Building(Group)Co.Ltd(600496) , which have recently developed more distributed photovoltaic buildings.
China’s carbon emission market has officially launched online trading, and power has become the first pilot industry Shanghai Environment Group Co.Ltd(601200) energy exchange predicts that industries with high carbon emissions such as steel, nonferrous smelting and building materials will be included in the scope of carbon emission trading in turn in 2022. For iron and steel, building materials and other industries, the low energy consumption and carbon capture technology owned by its leading enterprises will become an important force to promote carbon neutralization in the industry. Recommend Sinoma International Engineering Co.Ltd(600970) , Metallurgical Corporation Of China Ltd(601618) , and focus on Sinosteel Engineering & Technology Co.Ltd(000928) .
Risk warning: focus on the company’s performance less than expected; The implementation of policies in the real estate industry is less than expected; The growth rate of special bond issuance and infrastructure investment recovered less than expected; The price of raw materials continues to rise; The epidemic repeated or lasted longer than expected; Adverse changes have taken place in the macro environment.
