Brokers: The dual benefits of refinancing and special debt drive steady growth in the infrastructure sector
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Original title: The dual benefits of refinancing and special debt drive the steady growth of the infrastructure sector. Source: The Financial Associated Press. At noon this afternoon, the railway infrastructure sector grew significantly, ending the closing period, leading the era of new materials, the new construction stocks blocked the daily limit, and the sector’s internal energyDa, Jinyi Industry, Gaomeng New Materials followed suit.
Last weekend, the National Development and Reform Commission and the Ministry of Transport successively issued important notices to guide the resumption of work related to infrastructure projects.
New Era Securities predicts that, with the advancement at the national level, it is expected that the resumption and subsequent completion of infrastructure projects will be faster than real estate 四川耍耍网 projects.
According to the statistics of Huachuang Securities, since February 10, infrastructure companies have begun to resume work, and major projects will be given priority to start.
For the infrastructure sector, GF Securities made three observations.
First, the Central Political Bureau meeting and the State Council executive meeting have been overweight, and have already worked out to quickly promote the construction of key projects. Therefore, despite the pressure on infrastructure in the first quarter, monetary and fiscal policies are expected to increase counter-cyclical adjustments after the second quarter, and the infrastructure is expected to grow steadily.Further efforts to offset the impact on the first quarter; Second, the Ministry of Finance issued an advance to increase local debt reduction to help infrastructure, until now, according to the statistics of 809.5 billion special debts announced in the information disclosure document, which involves about 4.74 billion in infrastructureYuan, accounting for 58.
55%, an increase of 34% from last year ‘s expectations. The loosening of the new refinancing rules this week will also help reduce corporate financing costs and improve the source of infrastructure funds. Third, we should continue to pay attention to the progress of resumption and the fabricated steel structure sub-sector.The prefabricated building in the second fight against epidemic disease showed advantages such as labor saving, man-hour saving, energy saving and environmental protection. In the future, it will gradually accelerate the promotion under the policy drive. It will also continue to benefit leading steel structure companies such as Honglu Steel, Hangxiao Steel, and Precision Steel.Wait.
This year is the 13th Five-Year’s closing year. Huachuang Securities believes that it will have the following effects: 1) the source of capital for infrastructure can be guaranteed;
Therefore, under the tone of steady growth, it has configuration value.
GF Securities pointed out that the issuance of special bonds has accelerated since the beginning, and the infrastructure has steadily increased and gradually changed in the later period. It is recommended to pay attention to: (1) low-change construction central enterprises (such as China Construction / China Railway Construction / China Chemical) and local leading state-owned enterprises (such as Shanghai ConstructionEngineering, etc.); (2) medium- and long-term infrastructure needs may be better than expected, which is good for cutting-edge design companies with stable and high growth performance (such as China State Construction Group / Sojiao Branch, etc.);Leader (China Inspection Group); (4) Prosperity is expected to continue to improve steel structure leaders (Honglu Steel Structure, Precision Steel Structure, etc.).
Affected by the previous epidemic situation, various construction projects after the Spring Festival are expected. Shen Wanhongyuan predicts that the entire construction industry will fully resume normal operation, and the demand for the release of related periodic products should be after March. There will be a demand vacuum period of at least one month in between.
After entering March, it is expected that counter-cyclical policy adjustments will improve investor sentiment and better margins of data such as demand / inventory, which will help cyclical product prices and related recovery.