On Friday, the three major indexes adjusted in the morning and moved higher in the afternoon, with a total turnover of 990.5 billion yuan in the two cities. According to the disk observation, real estate, coal, building decoration and other industries rose in the front, and the power equipment, national defense and military industry, computer and other industries fell in the front. The two cities rose and fell by 130, and fell by 3, with a net purchase of 8.457 billion yuan for northbound funds.
The Shanghai index rose 1.12% at 3251.07 points, the Shenzhen component index rose 0.31% at 12328.65 points, and the index rose 0.11% at 2713.79 points.
The real estate sector mentioned yesterday continues to dominate the list of gains today. In addition to real estate, the downstream industry construction and building materials sector, which is growing steadily, has set off a rising tide. The main reason is that recently, the Ministry of Housing and Urban-Rural Development issued the "14th Five-Year Plan for Building Energy Conservation and Green Building Development". In addition, in October 2021, the Ministry of Housing and Urban-Rural Development issued a full-text mandatory national standard "General Code for Building Energy Conservation and Renewable Energy Utilization" which will be implemented from April 1. Some analysts pointed out that the introduction of two programmatic plans and norms means that the policy system of building energy conservation is gradually improving, the government's emphasis on building energy conservation has increased significantly, and the high-quality and green development of building materials has entered the fast lane. Building energy conservation, building photovoltaic and other fields are an important starting point for building energy conservation policies, and long-term demand growth space is large under the promotion of policies, and it is expected to usher in the improvement of prosperity.
In addition, we also see that after the international crude oil regained its upward trend, the coal sector followed the strong. On the news side, the National Development and Reform Commission issued a document on March 18 saying that in order to further do a good job in the signing and performance of medium- and long-term coal contracts, standardize the signing behavior, sign enough contracts, supervise strict performance, and ensure the stable and reliable supply of coal for power generation and heating. We believe that a very important factor in the NDRC's emphasis on long-term contract signing and performance is that it is worried that the price increase of coal will be transmitted to the power generation industry and then downstream. We all know that nearly 70% of the country's electricity is thermal power generation, and the role of coal cannot be replaced by new energy in the short term. Some institutions believe that the systematic study of the energy and coal production capacity cycle, the current round of energy inflation cycle is still in the early and medium terms, the fundamental trend of the coal industry at this stage, the underlying logic of the double carbon energy policy are good for the valuation of the plate to repair and improve, it is expected that coal prices will still maintain a high level within the reasonable price range, coal companies are still relatively sufficient profit margins, high-quality thermal coal valuation is still low, continue to be optimistic about the long-term investment value of the industry.
After the market's risk appetite has increased, the two main lines of consensus of stable growth and inflation have not changed. It is recommended to focus on real estate, building materials, finance and new infrastructure (TMT, defense and military industry, new energy) under stable growth expectations, as well as rebound opportunities for cement, steel, non-ferrous metals, oil and gas and coal under inflation expectations.
【GF Securities Senior Investment Consultant Li Yanjun, Practising Certificate No.: S0260612110012】
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