Sichuan finance view
The resumption of work and production was promoted in an orderly manner, and the high-end manufacturing industry took the lead in benefiting. Since the outbreak in Shanghai in March, enterprises have stopped production, logistics supply has been blocked, and the economy of the Yangtze River Delta has been greatly affected. On April 16, the Shanghai Economic and Information Technology Commission issued the guidelines for the prevention and control of the epidemic situation of industrial enterprises returning to work and production in Shanghai (the first edition), which made it clear that district governments, streets, towns and parks should actively support enterprises returning to work and production and guide enterprises to "one enterprise and one policy". On April 18, the State Council held a teleconference to ensure smooth logistics and promote the stability of the industrial chain and supply chain, and deployed ten urgent measures, requiring the establishment of a white list of key industries and foreign trade enterprises, so as to achieve "people's livelihood, continuous freight transportation and non-stop production". At the same time, the Ministry of industry and information technology has dispatched a working group to Shanghai, led by the leaders of the Ministry, which will strengthen the coordination between the front and rear, strengthen the linkage between the Ministry and the province, ensure the stable production of key enterprises and the smooth operation of key industrial chains, actively, steadily and orderly promote the resumption of work and production of key enterprises, concentrate resources and give priority to the resumption of work and production of key industries such as automobile manufacturing, integrated circuits, consumer electronics, equipment manufacturing, materials and food, biomedicine, etc. In the context of orderly resumption of work and production, we believe that listed companies in high-end manufacturing industries in the Yangtze River Delta have the logic of dilemma reversal and superimpose the long-term main line of digital infrastructure. It is suggested to pay attention to the direction of optical modules, optical fibers and optical cables, industrial interconnection and other related targets: Broadex Technologies Co.Ltd(300548) , Jiangsu Zhongtian Technology Co.Ltd(600522) , Shanghai Baosight Software Co.Ltd(600845) , etc.
In the post epidemic stage, major construction projects will be started intensively, and traditional infrastructure and related sectors are expected to be driven. In 2022, there were 173 major construction projects in Shanghai, including 67 in science and technology industry, 24 in social livelihood, 17 in ecological civilization construction, 56 in urban infrastructure, and 9 in urban-rural integration and Rural Revitalization. Among these major projects, industrial parks and transportation projects account for a large proportion, and the infrastructure engineering sector will directly benefit. It is suggested to focus on the direction of rail transit equipment, and the relevant targets: Shanghai Tunnel Engineering Co.Ltd(600820) , Hongrun Construction Group Co.Ltd(002062) . In addition, ordinary steel, cement and other building materials are also expected to be driven. According to the data recently released by the Bureau of statistics, in the first quarter, the cement output decreased by 12.1%, pig iron output decreased by 11%, crude steel output decreased by 10.5% and steel output decreased by 5.9% year-on-year. We expect that there will be a concentrated outbreak of demand for building materials at the end of the second quarter, and the price and sales volume of building materials are expected to rise. Relevant targets: Baoshan Iron & Steel Co.Ltd(600019) , Anhui Conch Cement Company Limited(600585) etc.
Industry performance
In the past month, the top three sectors with the highest price earnings ratio are IT services, software development and communication equipment. It can be seen that the overall style of the market in the near future is to kill valuation and partial defense. The main reasons are as follows: first, under the continuous deterioration of the situation in Russia and Ukraine, Europe and the United States imposed economic sanctions on Russia, resulting in the rise of global commodity prices and the increase of raw material cost pressure, At the same time, panic also caused a sharp decline in market risk appetite; Second, the Fed's interest rate hike caused foreign capital to flee, resulting in the reduction of liquidity in the Chinese market; Third, there are epidemics in many places in China. The static management in various places exceeds expectations, economic activities are restricted, and the market is more worried about the economic downturn.
Industry dynamics
On April 12 and April 15, the CBRC held a special study on financial support for freight logistics and issued the notice on financial support for freight logistics to urge banks and insurance institutions to strengthen financial services, ensure the safety and stability of the industrial chain supply chain, help break through the key blocking points restricting the circulation of the national economy, and make great efforts to solve the problem of "urgent difficulties and expectations" of the people. It is clearly required that financial institutions take the initiative to take accurate and effective measures and go all out to help the freight logistics industry solve difficulties. By increasing financial support, helping key groups, improving service efficiency, innovating guarantee methods, strengthening insurance guarantee, ensuring capital security and other measures. (website of China Banking and Insurance Regulatory Commission)
On April 15, the central bank announced an overall reduction of reserve requirement by 0.25 percentage points and will invest another 530 billion yuan of long-term funds. Throughout the year, the central bank will hand in a total of more than 1100 billion yuan of balance profits, advance the payment progress, timely allocate according to the needs of tax rebate, cooperate with other monetary policy operations, and effectively maintain reasonable and sufficient liquidity. While strengthening the support of structural monetary policy tools such as refinancing and making good use of small refinancing to support agriculture and two carbon emission reduction tools, the central bank also created 200 billion yuan of scientific and technological innovation refinancing and 40 billion yuan of inclusive pension refinancing, which is expected to increase the loan investment of financial institutions by 1 trillion yuan. Sun Guofeng, director of the Monetary Policy Department of the central bank, introduced at the central bank's press conference on financial statistics for the first quarter of 2022 that the enterprises supported by scientific and technological innovation refinancing tools include "high-tech enterprises", "specialized and special new small and medium-sized enterprises", national technological innovation demonstration enterprises, single champion enterprises in manufacturing industry and other scientific and technological enterprises, as well as 21 national financial institutions such as the National Development Bank, policy banks and state-owned commercial banks, The interest rate is 1.75%, and the direct mechanism of "loan before loan" is adopted. （Wind）
On April 18, 2022, the national teleconference on ensuring smooth logistics and promoting the stability of industrial chain and supply chain was held in Beijing. Liu He, member of the Political Bureau of the CPC Central Committee and vice premier of the State Council, attended the meeting and deployed ten important measures. The meeting required that a sufficient number of national unified passes should be issued and used, the nucleic acid test results should be mutually recognized throughout the country within 48 hours, the closed-loop management of "picking, leaving and chasing" should be implemented, and the passage should not be restricted on the grounds of waiting for the nucleic acid results. We should tackle key problems one by one and solve outstanding problems in key areas. We should strive to stabilize the supply chain of the industrial chain, leverage 1 trillion yuan of funds through 200 billion yuan of scientific and technological innovation refinancing and 100 billion yuan of refinancing used in the field of transportation and logistics, and establish a white list of key industries and foreign trade enterprises such as automobiles, integrated circuits, consumer electronics, equipment manufacturing, agricultural materials, food and medicine. It is required to strive to realize that "people's livelihood should be underpinned, freight transportation should be unblocked and industry should be recycled". (China government website)
On April 19, 2022, the Ministry of industry and information technology held a teleconference to thoroughly implement the important instructions of Xi Jinping General Secretary on coordinating epidemic prevention and control and economic and social development. In accordance with the requirements of the national teleconference on ensuring smooth logistics and promoting the stability of industrial chain supply chain, the Ministry of industry and information technology took unblocking industrial chain supply chain as the primary task of stabilizing the operation of industrial economy, and comprehensively paid attention to epidemic prevention, stabilizing production, promoting circulation Expand domestic demand, help enterprises and enhance confidence. Efforts should be made to open up the blocking points of logistics and transportation, promote the resumption of work and production in areas greatly affected by the epidemic, focus on ensuring the smooth circulation of the supply chain of key industrial chains, vigorously support small and medium-sized enterprises and promote the stable operation of the industrial economy. We should further refine and implement various measures to ensure the normal operation of the "white list" enterprises in the supply chain of key industrial chains, expand the scope of the "white list" according to the actual situation, "one enterprise and one policy" to provide guarantee services, and ensure the smooth operation of key industrial chains with points, chains and areas. (website of the Ministry of industry and information technology)
On April 19, at the press conference on the development of industry and informatization in the first quarter, the spokesman of the Ministry of industry and information technology pointed out that when promoting the key work of industrial Internet, we should strengthen the new infrastructure and play a "first hand" in the digital economy. Advance the construction of three major systems of network, platform and security moderately, improve the efficiency of key facilities such as industrial Internet big data center, identification analysis system and security situational awareness system, expand the coverage of regions, industries and fields, improve the number of service enterprises, promote the data circulation, effective utilization and security of industrial Internet, and consolidate the foundation of digital economy development.
(website of the state information office)
On April 20, the China Banking and Insurance Regulatory Commission and the Ministry of transport issued the opinions on the banking and insurance industry supporting the high-quality development of highway transportation. The opinions encouraged banking and insurance institutions to provide financial support for qualified green low-carbon highway projects and help the transportation sector achieve carbon peak and carbon neutrality. Support transportation enterprises to effectively revitalize the highway stock assets through asset securitization (ABS) and real estate investment trusts (REITs) in the field of infrastructure under the premise of legal compliance and controllable risk. Support insurance companies to participate in highway transportation construction. Give full play to the advantages of large-scale, long-term and high stability of insurance funds, and encourage insurance institutions to participate in the construction of major highway transportation infrastructure, new transportation infrastructure and other projects in the form of creditor's rights, equity, combination of equity and debt, asset support plan and private fund. Insurance institutions are encouraged to launch appropriate highway traffic project disaster insurance products and services according to the characteristics of different types of projects, and actively participate in highway disaster insurance and other businesses. Insurance funds are encouraged to legally and legally participate in highway development by purchasing local government bonds under the premise of controllable risk. (website of China Banking and Insurance Regulatory Commission)
Company dynamics
Broadex Technologies Co.Ltd(300548) ( Broadex Technologies Co.Ltd(300548) ): the company has announced on April 8 and April 9, 2022 that Yangtze Optical Fibre And Cable Joint Stock Limited Company(601869) has transferred 2212000 shares of the company held by Zhuwei (Zhu Wei), Ding Yong, wangxiaohong (Wang Xiaohong), jiangrongzhi (Jiang Rongzhi) and Tdg Holding Co.Ltd(600330) by means of agreement transfer, And entrusted all the voting rights corresponding to 22110372 shares of the company (accounting for 12.71% of the total share capital of the company) held by Zhuwei (Zhu Wei) after the completion of the above-mentioned agreement transfer in the form of voting right entrustment. At the same time, Yangtze Optical Fibre And Cable Joint Stock Limited Company(601869) disclosed in the detailed report on changes in equity that "it is not ruled out to choose the opportunity to continue to increase the shares of Listed Companies in the next 12 months". As of the date of this announcement, the above equity changes have not been completed
Jiangsu Zhongtian Technology Co.Ltd(600522) ( Jiangsu Zhongtian Technology Co.Ltd(600522) ): Jiangsu Zhongtian Technology Co.Ltd(600522) held the 25th meeting of the seventh board of directors on February 16, 2022, deliberated and approved the proposal on foreign investment and establishment of joint venture company, and agreed that Jiangsu Zhongtian Technology Co.Ltd(600522) group Offshore Engineering Co., Ltd., a wholly-owned subsidiary of the company, and Jiangsu Haili wind power equipment Technology Co., Ltd. jointly invested to establish a joint venture company. The registered capital of the joint venture is RMB 500 million, of which Zhongtian offshore engineering contributed RMB 255 million, accounting for 51% of the registered capital, and Haili wind power contributed RMB 245 million, accounting for 49% of the registered capital.
Shanghai Baosight Software Co.Ltd(600845) ( Shanghai Baosight Software Co.Ltd(600845) ): in 2021, the company's total consolidated operating revenue was 11.759 billion yuan, an increase of 15.01% over the same period of the previous year, the total profit was 2.013 billion yuan, an increase of 29.02% over the same period of the previous year, and the net profit attributable to the parent company was 1.819 billion yuan, an increase of 35.92% over the same period of the previous year.
Shanghai Tunnel Engineering Co.Ltd(600820) ( Shanghai Tunnel Engineering Co.Ltd(600820) ): this equity change belongs to the shareholder holding more than 5%, Shanghai Guosheng (Group) Co., Ltd. reduced its holdings by more than 1%, which does not touch the tender offer. After this equity change, the proportion of shares held by Shanghai Guosheng (Group) Co., Ltd. in the company decreased from 10.40% to 9.16%. This equity change will not lead to changes in the controlling shareholders and actual controllers of the company.
Hongrun Construction Group Co.Ltd(002062) ( Hongrun Construction Group Co.Ltd(002062) ): Hongrun Construction Group Co.Ltd(002062) 2022 employee stock ownership plan intends to transfer part of the company's shares held by Zhejiang Hongrun Holding Co., Ltd., the controlling shareholder of the company, through agreement transfer. According to the arrangement of the employee stock ownership plan, on March 30, 2022, the company signed the share transfer agreement with Hongrun holdings on behalf of the employee stock ownership plan, which agreed that Hongrun holdings would transfer 55187637 shares to the employee stock ownership plan, accounting for 5.01% of the current total share capital of the company, and the transfer price was 90% of the closing price of the day before the signing date of the share transfer agreement, i.e. 4.53 yuan Baoshan Iron & Steel Co.Ltd(600019) ( Baoshan Iron & Steel Co.Ltd(600019) ): the company expects to realize the net profit attributable to the shareholders of the listed company in 2021, which will increase by 10.9 billion yuan to 11.3 billion yuan compared with the same period of the previous year, with a year-on-year increase of 86% to 89%. The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses will increase by 10.1 billion yuan to 10.5 billion yuan, an increase of 81% to 85% year-on-year.
Anhui Conch Cement Company Limited(600585) ( Anhui Conch Cement Company Limited(600585) ): in 2021, the group's operating income prepared in accordance with Chinese accounting standards was 167953 billion yuan, a decrease of 4.73% over the same period of last year; The net profit attributable to shareholders of listed companies was 33.267 billion yuan, a decrease of 5.38% over the same period last year; The earnings per share was 6.28 yuan, a decrease of 0.36 yuan / share compared with the same period of the previous year. The operating income prepared in accordance with international financial reporting standards was 167953 billion yuan, a decrease of 4.73% over the same period of last year; The net profit attributable to shareholders of listed companies was 33.301 billion yuan, a decrease of 5.37% over the same period last year; The earnings per share was 6.28 yuan, a decrease of 0.36 yuan / share compared with the same period of the previous year.
Risk warning: government expenditure is less than expected; The price rise of raw materials exceeded expectations; The epidemic repeatedly affected the economy and exceeded expectations.
