Today (January 19), the infrastructure sector continued to strengthen. As of the closing, the construction materials sector index rose by more than 2%, Beijing Hanjian Heshan Pipeline Co.Ltd(603616) , Yunnan Bowin Technology Industry Co.Ltd(600883) , Zhejiang Jianfeng Group Co.Ltd(600668) limit, Gansu Shangfeng Cement Co.Ltd(000672) rose by nearly 9%, Zhuzhou Kibing Group Co.Ltd(601636) , Yonggao Co.Ltd(002641) , Guangdong Sanhe Pile Co.Ltd(003037) rose by more than 7%; The building decoration sector index also rose by more than 1%, Zhongyan Technology Co.Ltd(003001) , Hongrun Construction Group Co.Ltd(002062) , Huitong group rose by the limit, Guizhou Transportation Planning Survey&Design Academe Co.Ltd(603458) , Anhui Construction Engineering Group Corporation Limited(600502) , Nanjing Research Institute Of Surveying Mapping & Geotechnical Investigation Co.Ltd(300826) , Arts Group Co.Ltd(603017) rose by more than 7%. In addition, the underground pipe network, water conservancy, steel, cement and other sectors also rose collectively.
infrastructure investment and policies are conducive to the infrastructure industry
On the news side, Yuan Da, director of the comprehensive Department of national economy of the national development and Reform Commission, said at a press conference on the 18th that we should speed up the introduction of a series of policies and measures to implement the strategy of expanding domestic demand. Timely study and put forward targeted measures to revitalize industrial operation. We should appropriately carry out infrastructure investment in advance, accelerate the promotion of 102 major engineering projects in the 14th five year plan, implement the special bonds issued by local governments in the fourth quarter of last year to specific projects as soon as possible in accordance with the requirements of “funds follow the projects”, pay close attention to the amount issued, and strive to form more physical workload in the first quarter.
Guosheng Securities pointed out that the national development and Reform Commission is in charge of project approval and communication and coordination among multiple departments. It is expected that the relevant links of subsequent projects are expected to be accelerated and implemented as soon as possible, forming a physical quantity. Last week, the national standing committee pointed out the need to speed up the implementation of the key planning projects of the 14th five year plan. The statements of “accelerating the implementation”, “doing a good job in guarantee”, “simplifying procedures” and “speeding up the implementation” all show the urgent willingness of the government to promote the accelerated implementation of investment. Since the end of last year, a series of important meetings have continuously demonstrated the current determination to stabilize growth. The necessity and policy attitude of stabilizing growth are relatively clear. It is expected that the follow-up policies will continue to work and achieve results, and promote the continuous improvement of infrastructure investment this year.
The clear policy signal has greatly boosted the investment confidence of the infrastructure industry, and the market has also formed a consensus. The current differences are mainly in the investment intensity and actual implementation. However, some institutions pointed out that do not doubt the infrastructure intensity in the first quarter. Minsheng Securities believes that after the steady growth signal, infrastructure will show two obvious characteristics. One feature is that the investment intensity is ahead, that is to say, the capital construction in the first half of the year, especially in the first quarter of is significantly higher than that in the second half of the year ; Another feature is that infrastructure investment may focus on three areas: clean energy power generation under the background of “double carbon”, urban transportation network investment under the background of “building a transportation power” given in the 14th five year plan, and water conservancy and municipal construction under the guidance of urban renewal.
infrastructure stocks rose day after day, and the outlook of the industrial chain spread
Under the continuous favorable policy, infrastructure stocks generally ushered in a rising market. Driven by the scenery, cement and building materials stocks also rose. According to the statistics of the rise and fall since this year, in the engineering construction sector, except for the new share Huitong group, Hongrun Construction Group Co.Ltd(002062) has increased by nearly 35%, that of Shandong Hi-Speed Road&Bridge Co.Ltd(000498) has increased by 28%, and that of Anhui Construction Engineering Group Corporation Limited(600502) , Ningbo Construction Co.Ltd(601789) has increased by more than 10%; Cement building materials sector, Beijing Hanjian Heshan Pipeline Co.Ltd(603616) rose nearly 53%, and Guangdong Sanhe Pile Co.Ltd(003037) rose nearly 21%; In the decoration and building materials sector, Goody Science & Technology Co.Ltd(002694) rose nearly 43%, Fujian Superpipe Co.Ltd(300198) rose nearly 31%, Shandong Donghong Pipe Industry Co.Ltd(603856) , Jiangshan Oupai Door Industry Co.Ltd(603208) rose more than 20%.
Under the background of steady growth, institutions generally expect that the prosperity of the infrastructure industry is expected to rebound year-on-year this year, infrastructure investment will also be improved, the demand of the construction sector is expected to be driven, key areas such as water conservancy, transportation and municipal administration in infrastructure will continue to make efforts, and pipeline reconstruction and urban rail transit are expected to become structural highlights. Under the transmission of prosperity, cement, building materials and other related industrial chain sectors are also expected to benefit. Superimposed with the characteristics of undervalued value and counter cycle, each sector is expected to start the boom and valuation upward cycle.
Guosheng Securities pointed out that in the historical market of the resumption of trading, the excess return of the construction sector is more obvious in the initial stage of policy adjustment and improvement of the monetary and credit environment. At a time when the steady growth policy of infrastructure construction is strengthened and the financial environment of the industry tends to improve, the leader of high-quality construction is expected to meet the driving force of valuation improvement. Blue chips for undervalued buildings are mainly recommended: China Communications Construction Company Limited(601800) , China Railway Group Limited(601390) , China Railway Construction Corporation Limited(601186) , China National Chemical Engineering Co.Ltd(601117) , and China Design Group Co.Ltd(603018) , Anhui Transport Consulting & Design Institute Co.Ltd(603357) , Jsti Group(300284) .
In addition, Guosheng securities mainly recommends the direction of stable growth and high prosperity elasticity, and affordable housing: mainly recommends China State Construction Engineering Corporation Limited(601668) , Shanghai Construction Group Co.Ltd(600170) , Shenzhen Capol International&Associatesco.Ltd(002949) ; Steel structure: Changjiang & Jinggong Steel Building(Group)Co.Ltd(600496) , Anhui Honglu Steel Construction(Group) Co.Ltd(002541) are recommended; 3) New power system: focus on recommending and paying attention to Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , China Energy Engineering Corporation Limited(601868) , the leader of private distribution network EPCO Suwen Electric Energy Technology Co.Ltd(300982) , and the enterprise energy efficiency control expert Acrel Co.Ltd(300286) .
