Index
On Wednesday, April 6, 2022, as of the closing, the Shanghai Composite Index rose slightly by 0.02% to 328343 points, the Shenzhen Component Index fell by 0.45%, and the gem index fell by 1.24%. The turnover between the two markets was 966.1 billion yuan, and the north capital sold a net 5.321 billion yuan today. In terms of sectors, real estate rose 2.76%, infrastructure projects rose 3.76%, ordinary steel rose 5.88% and cement rose 2.97%
Comments
Today, the strength of real estate and traditional infrastructure has driven the rise of building materials such as steel, cement and glass, while the performance of new infrastructure such as new energy and digital economy is weak. Under the influence of geopolitics, Europe and the United States imposed economic sanctions on Russia, which led to the rise of global commodity prices, the continuous reduction of market risk appetite, and the preference of undervalued high dividend value stocks by the market. The Fed raised interest rates and foreign capital fled, resulting in the reduction of liquidity in the Chinese market, and the seesaw effect between value stocks and growth stocks is becoming more and more obvious. The epidemic situation in many places in China has repeatedly exceeded expectations, the economic production has been restricted, the downward pressure on the economy has increased again, and the market expectation for the performance growth of new infrastructure has weakened. We believe that the current valuation of new energy, digital economy and other new infrastructure has been adjusted to a reasonable range. When the external environment of the market improves, it is expected to rebound in the second quarter, while the recent rise of real estate is too large, so we should pay attention to prevent the risk of ebb tide.
Industry dynamics
Recently, at the press conference of the Information Office of Shandong provincial government, the deputy director of Shandong Energy Bureau said in response to a reporter’s question that he strongly supported the development and construction of offshore wind power. For the “14th five year plan” offshore wind power projects completed and connected to the grid in 20222024, the provincial finance will give subsidies of 800 yuan, 500 yuan and 300 yuan per kilowatt respectively, and the scale of subsidies shall not exceed 2 million kilowatts, 3.4 million kilowatts and 1.6 million kilowatts respectively. Offshore wind power projects that are completed and connected to the grid before the end of 2023 are exempted from the construction or leasing of energy storage facilities. Power generation enterprises are allowed to invest in the construction of supporting transmission projects, which are repurchased by power grid enterprises according to law and regulations, so as to promote the early completion and operation of projects. (Polaris wind power network)
Company dynamics
Haili wind power (301155): Announcement on the progress of foreign investment
The company and Jiangsu Zhongtian Technology Co.Ltd(600522) group Offshore Engineering Co., Ltd., a wholly-owned subsidiary of Jiangsu Zhongtian Technology Co.Ltd(600522) group, jointly invested to establish a joint venture. The registered capital of the joint venture is 500 million yuan, of which 245 million yuan is contributed by the company, accounting for 49% of the registered capital; Zhongtian ocean engineering invested 255 million yuan, accounting for 51% of the registered capital. Recently, the joint venture has completed the industrial and commercial registration procedures and obtained the business license issued by the administrative examination and approval Bureau of Binhai County, Yancheng City, Jiangsu Province. （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.
