According to the data released by the construction industry in March, manufacturing investment remained resilient, infrastructure growth increased significantly, and real estate investment fell slightly; The overall performance of land transactions is poor, the decline in construction has expanded, and the real estate sales need to be further strengthened by the policy. The amount of new orders signed by central construction enterprises increased steadily year-on-year.
Investment data: in March, the fixed asset investment increased year-on-year, the manufacturing industry was more resilient, the growth rate of infrastructure investment was obvious, and the real estate investment decreased slightly: in March, the fixed asset investment was 6.9 trillion, an increase of 7.1% year-on-year, with a strong year-on-year growth toughness. Among them, the completed investment in manufacturing, infrastructure and real estate development was 2.0 trillion, 1.8 trillion and 1.3 trillion respectively, with a year-on-year growth rate of 11.9%, 11.8% and – 2.4% respectively. In terms of structure, the growth rate of manufacturing investment remains at a high level, and infrastructure investment continues the growth trend from January to February, with a significant increase year-on-year; Real estate investment fell slightly.
Infrastructure investment: the growth rate of infrastructure investment increased significantly in March, and the investment in power, transportation and public utilities increased year-on-year: the infrastructure investment in March was 1.8 trillion, an increase of 11.8% at the same time, continuing the growth trend from January to February, and the growth rate increased significantly. Among them, the investment in power, transportation and public utilities was 0.35 trillion yuan, 0.65 trillion yuan and 0.85 trillion yuan respectively, with a year-on-year growth rate of 24.4%, 8.9% and 9.4% respectively. The year-on-year growth rate of electric power and public water conservancy exceeded the level from January to February, and the year-on-year growth rate of transportation investment decreased slightly compared with that from January to February, but still maintained a high level.
Land transaction: in March, the land transaction area and supply area of 100 cities decreased significantly year-on-year, and the transaction unit price and listed floor unit price increased: in March, the land transaction planning construction area of 100 large and medium-sized cities was 86 million square meters, with a decrease of 72.8%; The average transaction floor price is 1442 yuan / square meter, with an increase of 130.7 yuan / square meter. The supply area is 160 million square meters, with a decrease of 56.5%; The unit price of the listed floor is 2887.0 yuan / square meter, with an increase of 1228.5 yuan / square meter. Overall, the land transaction area and supply area of Baicheng decreased significantly year-on-year in March, and the overall performance of land transaction was poor.
Real estate construction: the decline in construction in March was larger than that in the previous month, and the completion also fell year-on-year: the newly started and completed areas of real estate in March were 150 million square meters and 47 million square meters respectively, with a year-on-year growth rate of – 22.2% and – 15.5% respectively. The year-on-year growth rate of new construction in March was larger than that from January to February, mainly due to the slowdown of construction progress due to the impact of the epidemic in many places in March; The growth rate of completion was lower than that from January to February, mainly because the peak period of completion was not at the beginning of the year, and the construction progress in many places under the influence of the epidemic slowed down.
Real estate sales: the year-on-year decline in sales volume in March has expanded, and the sales price has decreased year-on-year and month on month: the total sales area of commercial housing in March was 150 million square meters, with a decrease of 17.7%, an increase of 8.1pct compared with that from January to February. In March, the average sales unit price of real estate was 9252.4 yuan / square meter, with a decrease of 10.3%. In March, the decline of commercial housing sales area expanded, and the sales unit price continued to decline, indicating that the current real estate sales situation is still poor, and the real estate easing policy needs to be further strengthened.
New orders signed: in March, the amount of new orders signed by central construction enterprises increased year-on-year, and the increase of China National Chemical Engineering Co.Ltd(601117) was the largest: in March, the amount of new orders signed by Metallurgical Corporation Of China Ltd(601618) , China National Chemical Engineering Co.Ltd(601117) , Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) and Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) were 110.48 billion yuan, 27.17 billion yuan and 126.4 billion yuan respectively, with year-on-year growth rates of 12.1%, 97.6% and 12.7% respectively. The amount of new orders signed by the three central construction enterprises in March increased steadily year-on-year, of which China National Chemical Engineering Co.Ltd(601117) increased the most.
Investment advice
Recommended capital construction sector and assembled design faucet Shenzhen Capol International&Associatesco.Ltd(002949)
Main risks of rating
Risk tip: manufacturing investment slows down, the promotion of prefabricated buildings is less than expected, and the industry policy risk
