The central bank comprehensively lowered the reserve requirement and strengthened its determination to “stabilize growth”. On April 13, the national Standing Committee proposed “timely use of RRR reduction and other monetary policy tools to increase financial measures to support the real economy”. On April 15, the central bank decided to reduce the deposit reserve ratio of financial institutions by 0.25 percentage points on April 25. The comprehensive RRR reduction released a total of about 530 billion long-term funds, the first RRR reduction this year. At the current stage, the global situation is complex and changeable, and the epidemic situation in China has recurred in many places, which has brought uncertainty and challenges to the smooth operation of China’s economy. The RRR reduction will help reduce the comprehensive financing cost and strengthen the determination of finance to strengthen its support for “steady growth”.
The epidemic affects the pace of demand recovery and pays attention to the underestimated value and high-quality leaders. At present, the industry is at the turn of the slack and peak seasons, and the demand is still in the recovery stage, but the latest data show that the overall recovery rhythm is slow, which will strengthen the market’s game expectation that “the worse the demand, the more the policy needs to be further overweight”; In addition, recently, the central bank and the national development and Reform Commission have continuously introduced relevant measures to accelerate “steady growth”. Local governments have also continuously relaxed real estate regulation policies to stabilize the operation of the real estate market. It is suggested to pay attention to relevant varieties with capital construction and real estate demand and high safety margin of valuation, and grasp the window investment opportunities of cement and real estate chain building materials in the short term. The tracking and investment suggestions of each sub industry at the current time point are as follows:
Cement: peak shifting production alleviates the pressure of supply and demand, and the price in Southwest China is pushed up. This week, the market demand is still sluggish, and the national cement shipment rate still shows a downward trend month on month. At present, the national shipment rate is about 62.73%, with a year-on-year decrease of 24.47 PCT, which is significantly lower than that in the same period of previous years under the influence of the epidemic. In order to alleviate the pressure of supply and demand, more staggered peak production plans are added. At present, many markets are still under control due to the epidemic, such as East China, North China, Northeast China, central and South China. The southwest region is relatively less affected by the epidemic, and the price increase is obvious this week. On the one hand, the implementation of peak staggering production in the second quarter is good, and the inventory level has fallen to the medium level. On the other hand, the price of raw and fuel materials has risen, and enterprises have raised prices by self-discipline. On the whole, the national cement price fluctuated upward this week, with obvious increase in Southwest China, slight increase in some parts of North China and Central South China, and decline in East China and Northwest China. As of April 15, the national p.o42 5. The average price of high-standard cement was 508.33 yuan / ton, up 0.33% month on month, and the storage capacity ratio was 67.19%, up 0.06 percentage points month on month. For short-term proposals, keep an eye on rising costs and epidemic control policies, focus on rising costs, and focus on rising costs and epidemic control and control policies, and recommend Anhui Conch Cement Company Limited(600585) \ ;
Glass: moderate replenishment in central and southern China, and the price picked up slightly. This week, shipments in central and southern China improved in stages, with an appropriate amount of replenishment in the downstream, and the price rose slightly. The demand in other regions is still general. Shipments in some regions are limited due to the epidemic, the price is stable as a whole, and the inventory pressure remains. According to Zhuo Chuang information, the average price of float glass in China’s mainstream market this week was 204648 yuan / ton, up 0.04% month on month. The inventory of production enterprises in key provinces was 47.94 million heavy containers, an increase of 2.66 million heavy containers month on month. Short term suggestions: pay attention to logistics and new orders; The medium and long-term technology upgrading of the glass industry is still the focus. It is recommended that Zhuzhou Kibing Group Co.Ltd(601636) .
Other building materials: ① glass fiber industry: roving prices have been adjusted moderately and slightly this week, and the overall performance of supply and demand is weak. The electronic yarn market has been temporarily stable after the recent price adjustment, the market trading is still general, the downstream is still mainly replenished according to demand, and the short-term price performance may be stable; In the medium and long term, the glass fiber industry is expected to enter a new stage of high-quality and orderly expansion of production capacity, driven by the demand side, the supply and demand pattern is expected to continue to be optimized, the competitive advantage of leading enterprises is expected to be further consolidated in the future, and the current price can continue to be long. It is recommended that China Jushi Co.Ltd(600176) , Sinoma Science & Technology Co.Ltd(002080) ; ② Other building materials: the resilience of real estate investment remains, and the market share of leading enterprises in various sub industries has increased steadily. It is suggested to hold the bargain hunting layout for a long time. It is recommended to Ocean’S King Lighting Science & Technology Co.Ltd(002724) , Guangdong Kinlong Hardware Products Co.Ltd(002791) , Keshun Waterproof Technologies Co.Ltd(300737) , Dehua Tb New Decoration Material Co.Ltd(002043) .
Risk warning: the landing of the project is lower than expected; Supply increased more than expected; Higher than expected cost increase
