The inflow of funds from the North accelerated at the end of the trading, with a net inflow of more than 10 billion yuan
eight major securities companies’ theme strategy: what investment opportunities will “build a national unified market” bring? Core mainline exposure
Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
Shanxi Securities Co.Ltd(002500) : what investment opportunities will “build a national unified market” bring
The opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market was issued on April 10. What are the implications for investment? Under the background of the decline of population size and the intensification of resource and environmental pressure, building a unified big market is not only the requirement of the times, but also the content worthy of our focus in long-term investment. In terms of investment, we can focus on “establishing” and “breaking” to grasp the following two ideas: first, in the process of unifying rules and supervision and unblocking the circulation channels of commodity elements, the concept sectors such as network platform construction, data processing technology, network security, logistics and small, medium and micro financial services are expected to reap trend opportunities; Second, in breaking the distorted trend of market intervention, individual stocks and industries that obtain monopoly advantages and positions based on systems, rules and historical unnatural reasons may have obvious adjustments and face certain risks after the introduction of phased adjustment policies.
Huafu Securities: the era of “large domestic demand” in China has come
On April 10, the opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market was officially released (hereinafter referred to as the opinions). The publication of the opinions means the arrival of the era of “great domestic demand” in China.
From the content of the opinions, we believe that the capital market can focus on the following two directions: first, pay attention to the market hard technology enterprise sector. With the release of opinions, capital and policy dividends will further gather in the field of hard technology in emerging industries. New energy, semiconductor, military and other leading enterprises deserve attention. Second, focus on leading commercial circulation enterprises and most enterprises targeting the national market. Opinions on further eliminating regional barriers and providing convenience for circulation enterprises. We can pay attention to leading enterprises in logistics, commerce and other sectors.
Zheshang Securities Co.Ltd(601878) : what does it mean to build a national unified market
On April 10, the opinions of the CPC Central Committee and the State Council on accelerating the construction of the national unified market (hereinafter referred to as the “opinions”) was issued. This document was deliberated and adopted at the 23rd Meeting of the Central Committee for comprehensively deepening reform in December last year, which further deepened the “accelerating the construction of China’s unified market” in the 14th five year plan. We believe that the construction of the national unified market is an important starting point of the dual cycle strategy and helps to improve the potential economic growth. However, its construction is not a day’s work, and more specific policies may be introduced to promote its implementation in the future. The impact on the macro economy and capital market is relatively limited in the short term, and it is good for the economy and capital market in the medium and long term.
Among them, the “opinions” proposed to “promote the high standard connection of market facilities and build a modern circulation network”. We believe that vigorously developing the logistics industry and promoting the cost reduction and efficiency increase of logistics in the whole society is an important part of building a modern circulation network. Breaking through the blocking points and breaking the local protection and market segmentation will help the smooth flow of commodity factor resources in a wider range. For the logistics industry, it means the further expansion of market space and the reduction of operating costs. According to the data of the Ministry of Commerce, in 2020, the total logistics cost of the whole society accounted for 14.7% of GDP, almost twice that of the United States and Japan, so there is much room for cost reduction and efficiency increase. In addition, the opinion points out that “support the construction of digital third-party logistics delivery platform”, and the digital empowerment will help logistics enterprises become supply chain enterprises with global influence.
Gf Securities Co.Ltd(000776) : building a national unified market, and the power industry is expected to become the leader
On April 10, Xinhua News Agency disclosed the “opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market”, emphasizing accelerating the establishment of a national unified market system and rules, breaking local protection and market segmentation, and opening up the key blocking points restricting the economic cycle. For the power industry, the focus is to improve the multi-level unified power market system and strengthen power grid supervision.
The construction of a national unified power market has significantly benefited cross provincial and cross regional transmission. There are obvious differences in electricity price levels among China’s provinces. Build a national unified power market and promote the smooth flow of electricity on a larger scale. First, it promotes the demand for inter provincial and inter regional transmission and benefits the UHV sector; Second, it is beneficial to power generation operators in low electricity price areas, and their electricity price has a gradual upward trend. In addition, there are still a large number of low-cost hydropower and nuclear power units in China. In the long run, its on grid electricity price is expected to gradually compare with the standard coal-fired benchmark electricity price, and there is a price rise trend.
In terms of investment suggestions, we should pay attention to three main lines: first, UHV equipment: it is recommended to pay attention to the leaders of DC and AC UHV equipment, Xj Electric Co.Ltd(000400) , Nari Technology Co.Ltd(600406) , China Xd Electric Co.Ltd(601179) , Henan Pinggao Electric Co.Ltd(600312) ; Second, low price regional power generation operators: Based on the calculation of the difference between the landing price of power transmission and the receiving price of China’s main cross provincial and cross regional transmission channels, it can be seen that Xinjiang, Gansu, Ningxia and Shanxi, Inner Mongolia to Beijing, Tianjin, Hebei, Heiji Liaoning and Yunnan Guizhou to Guangdong have obvious price difference advantages. It is suggested to pay attention to the relevant low price regional power generation operators, Inner Mongolia Mengdian Huaneng Thermal Power Corporation Limited(600863) , Yunnan Energy Investment Co.Ltd(002053) , Gd Power Development Co.Ltd(600795) , Huaneng Power International Inc(600011) ; Third, hydropower and nuclear power operators: there are a large number of low-cost hydropower and nuclear power units in China, and their planned electricity price is lower than the local coal-fired benchmark electricity price. In the long run, there is a trend of price increase. It is suggested to pay attention to China Yangtze Power Co.Ltd(600900) , Huaneng Lancang River Hydropower Inc(600025) , China National Nuclear Power Co.Ltd(601985) , Cgn Power Co.Ltd(003816) .
Citic Securities Company Limited(600030) : the heavy document responds to the policy tone of “keeping the word first”! Strengthen the construction of emergency logistics system
The opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market (hereinafter referred to as the opinions) was issued on April 10. China has issued heavy market-oriented reform documents for three consecutive years. The Opinions also responds to the policy tone of “stability first” and timely issues structural and reform support policies for the implementation. The opinions has systematic deployment on Digitization and logistics network, data security and antitrust, energy system and carbon neutralization, capital market reform, land reform and urbanization, regional competition and local protection, which is conducive to domestic demand and smooth circulation.
The opinions proposed to strengthen the construction of emergency logistics system, improve the fortification level and disaster bearing capacity of transportation facilities and logistics stations in areas with high disaster risk, and actively prevent the risk of supply shortage of important products such as food and energy. In view of the recent epidemic situation, the Ministry of transport held a meeting on the working mechanism of logistics support coordination on April 9, requiring full efforts to ensure the smooth transportation of freight logistics, especially important production and living materials, and maintain the stability of the industrial chain and supply chain, which is an important embodiment of the spirit of the opinions. In addition, the digital transformation of logistics is also accelerating, and the improvement of new and old infrastructure networks will continue, which are an important part of steady growth.
Guotai Junan Securities Co.Ltd(601211) Securities: building a unified energy market and becoming an energy power
The policy document has a positive intention, and the general tone is still the combination of effective market and promising government. It emphasizes that the decisive role of the market in resource allocation has not changed. The main goal is to smooth the circulation of the Chinese market, stabilize business expectations, reduce transaction costs, and promote industrial upgrading and scientific and technological innovation. Both legislation and destruction are intended to speed up the construction of a unified national energy market.
On the way to becoming an energy power, oil, coal, electric power and other industries have been promoting reform in their respective industries, forming a mechanism in which energy prices are mainly determined by the market, and playing a positive role in building a more standardized and orderly energy market. In recent years, the price of competitive links in the oil and gas market has been continuously liberalized. After the “golden decade”, the coal market is facing in-depth transformation, and a new round of power reform is actively promoting the construction of power market, all of which are driving the national unified energy market forward.
(1) in the oil and gas market, the listing of Shanghai crude oil futures fills the gap in China and even the Asia Pacific crude oil market, and has increasingly become an indispensable organic part of the international crude oil market. Under the linkage, Shanghai crude oil futures promotes the activity of overseas crude oil futures market; The independent operation of pipeline assets after the independence of long-distance pipeline will promote the interconnection of oil and gas pipeline network facilities and fair opening to all kinds of market subjects. Oil and gas interconnection will improve the efficiency of natural gas transmission and reduce the cost of gas consumption.
(2) in the coal market, the layout of intensive development is optimized, the supply side reform has achieved remarkable results, eliminate backward production capacity, build advanced production capacity, give full play to the role of the national coal trading center, and promote the improvement of the national unified coal trading market.
(3) power market: the reform of power marketization has changed from quantitative to qualitative, and the reform has been deepened vertically. The national unified power market system is ready to emerge. China is rich in power supply types. Multiple power supply types (thermal power, hydropower, nuclear power, wind power, photovoltaic, etc.) coexist and complement each other. A reasonable market and price mechanism should be established to balance the rate of return of various power supply types, realize the simultaneous development of energy supply and transformation, and build a national unified power market system.
Donghai Securities: the national unified market is the basic supporting condition for the formation of China’s new development pattern
The opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market was released on the 10th. The national unified market is the basic supporting condition, internal requirement and mechanism carrier for the formation of China’s new development pattern. It is conducive to continuously promote the efficient and smooth development and scale expansion of the Chinese market, accelerate the creation of a stable, fair, transparent and predictable business environment, further reduce market transaction costs, promote scientific and technological innovation and industrial upgrading, and cultivate new advantages in participating in international competition and cooperation.
China Industrial Securities Co.Ltd(601377) : there are four concerns in building a national unified market, and the main lines of relevant markets are exposed
The opinions of the CPC Central Committee and the State Council on accelerating the construction of the national unified market (hereinafter referred to as the opinions) was issued on April 10, which made a detailed deployment for the construction of the national unified market under the new development pattern. We understand as follows: there are four key points in the construction of the national unified market. Based on domestic demand, supply and demand promote each other: the foothold of market construction is domestic demand, while emphasizing the mutual promotion of supply and demand; Smooth circulation and improve efficiency: the construction goal is to smooth the market circulation, reduce costs and improve efficiency; Break and establish simultaneously, dredge and promote the connection: break the market blocking links, and establish unified norms such as systems and elements; Release demand and expand the market: supply and demand promote each other and production and marketing go hand in hand, which helps to release demand and expand the market.
What impact will the implementation of the opinions have on the economy? Promote the improvement of economic efficiency: factor efficiency, convenient market facilities and perfect system norms; Promote institutional and technological innovation: Innovation in concept, mode, management and other aspects, technological innovation; Encourage enterprises to expand production and operation: improve enterprise production efficiency and expand enterprise market space; Help to release demand: provide a good market environment and supply conditions for demand release.
What is the impact of the opinions on the market? Improving economic expectations: at a time when concerns about the downward pressure on the economy are increasing, the introduction of the opinions is a good embodiment of sustained and long-term economic operation, which can improve economic expectations to a certain extent; New clues of economic policy: the opinions provides new clues of medium and long-term economic policies for market construction; Main lines of relevant markets: logistics and transportation, private enterprises, digital, green and other emerging industries.
