Introduction to this report:
Leading indicators: the planned investment in new projects will increase by 55% / the national budget funds will increase by 35%. At present, the infrastructure investment of 8% will continue to accelerate; Recommended new infrastructure Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) / real estate China State Construction Engineering Corporation Limited(601668) / old infrastructure China Railway Group Limited(601390) , retis China Communications Construction Company Limited(601800) / China Railway Construction Corporation Limited(601186) summary:
Notice of the central bank / safe on doing a good job in epidemic prevention and control and financial services for economic and social development. (1) Increase financial support for key investment projects such as water conservancy / transportation / pipe network / municipal administration, promote the commencement of new projects as soon as possible, and realize the physical workload. We should reasonably purchase local government bonds, ensure the reasonable financing needs of financing platform companies according to the principle of marketization, and support local governments to carry out infrastructure investment in advance. (2) Due to the implementation of urban policies, we will implement differentiated housing credit policies to better meet the reasonable housing needs of home buyers and promote the steady and healthy development of the local real estate market. Increase support for high-quality projects and increase financing support for M & A bonds. (3) Appropriately increase liquidity loans and other support, meet the reasonable financing needs of construction enterprises, do not blindly cut off loans and suppress loans, and maintain the continuous and stable financing of construction enterprises.
Opinions on the banking and insurance industry supporting the high-quality development of highway transportation issued by the CBRC / the Ministry of communications.
Provide strong financial support for accelerating the construction of a transportation power. (1) Under the premise of providing special financing for highway projects, the remaining toll collection shall be managed according to the law.
Further optimize the repayment arrangement of highway projects and reasonably arrange the grace period for repayment of principal and interest of debt, which shall not exceed the construction period plus 1 year in principle. (2) Carry out business innovation steadily and orderly, and provide green finance, asset securitization (ABS), infrastructure REITs and other support for qualified projects. (3) Support insurance companies to participate in highway transportation construction in the form of creditor’s rights / equity / equity bond combination / asset support plan and private fund. (4) We will steadily resolve the risk of existing debt and orderly promote the succession of existing debt of toll roads.
Investment leading indicators such as funds / projects are growing well, and infrastructure investment in peak season will accelerate faster than expected. (1) Infrastructure investment increased by 8.5% in the first quarter, 8.1 percentage points faster than that in 2021, and 8.8% in March, 0.7 percentage points faster than that in February. (2) In the first quarter, water conservancy investment increased by 10% (1.3% in the whole year of 21), public investment increased by 8% (1.3% in the whole year of 21), road investment increased by 3.6% (1.2% in the whole year of 21), and ecological environment investment increased by 3.9% (2.6% in the whole year of 21). (3) In the first quarter, 35000 new projects were started, with an increase of 52%, the planned investment of new projects increased by 55%, the national budget funds increased by 35%, and the self raised funds increased by 15%.
General public budget expenditure increased by 8.3%, 0.3 percentage points faster than the same period last year. (4) From March to July 2021, the growth rate of infrastructure investment in a single month was 25% / 3% / – 3% / – 2 / – 11%, and the base decreased month by month.
The state will pay close attention to the implementation of various steady growth policies, and the jump of infrastructure will accelerate quarter by quarter. (1) The cbcirc conveyed and studied the spirit of the special meeting of the financial committee of the State Council, required to speed up the implementation of the determined financial policies, further enhance and improve the financing supply, and take practical actions to meet the victory of the 20th CPC National Congress. (2) əə6014ə4. In the first quarter China Railway Group Limited(601390) / Chemistry / MCC newly signed orders increased by 84% / 90% / 14%. (3) The provision for impairment in the fourth quarter of 21 and the epidemic base in the first quarter of 22 are low, the gross profit margin of raw materials will increase and the capital construction will jump. The national reform is dynamic, China Railway Group Limited(601390) / China State Construction Engineering Corporation Limited(601668) / China National Chemical Engineering Co.Ltd(601117) / China Design Group Co.Ltd(603018) / Anhui Transport Consulting & Design Institute Co.Ltd(603357) and other equity incentives, Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) has refinancing conditions.
Risk tip: inflation is higher than expected, macro policy is tightened, and the global epidemic is repeated.
