Market overview
Closing March 4, this weekThe Shanghai Composite IndexDown 0.11% to close at 3447.65 points,Shenzhen Component Indexdown 2.93%,GEM refers toDown 3.75%. In terms of sectors, real estate rose 1.23%, transportation rose 3.65%, infrastructure rose 1.04%, and cement rose 0.51%.
Sichuan Financial Week Viewpoint
When the two sessions were held, the focus was on new energy infrastructure. On March 5, Premier Li Keqiang delivered the 2022 government work report.The report pointed out that 3.65 trillion yuan of local government special bonds are planned to be arranged this year, which is the same as last year, but 1.2 trillion yuan of special bonds will not be used in the fourth quarter of 2021, which means that the total amount of special bonds this year is actually 4.85 trillion yuan. Compared with the actual implementation of special bonds in 2021, the use of special bonds has nearly doubled. From the perspective of special bond issuance, the growth of infrastructure investment is guaranteed; at the same time, the report emphasizes that infrastructure investment is moderately advanced and “funds follow the project”, from the rhythm Look, a number of key infrastructure projects are expected to start first, and the second quarter will become an important period for the infrastructure sector to develop, so the infrastructure construction throughout the yearperformanceThe growth rate is expected to be high and then low. The report also pointed out that the carbon neutralization work of carbon peaking was promoted in an orderly manner, and the carbon peaking action plan was implemented. This means that 2022 is an important year for the implementation of the dual-carbon work. While doing a good job in reducing carbon emissions from traditional energy sources, the planning and construction of new infrastructure and supporting regulated power sources represented by wind power and photovoltaics will also become the focus of the dual-carbon work. .from steady increaseChangheFrom the perspective of simultaneous implementation of the dual carbon goals, we recommend focusing on investment opportunities related to new energy infrastructure.
Industry News
Infrastructure related policies in the government work report:
1. This year, it is planned to arrange 3.65 trillion yuan of special bonds for local governments. Strengthen the performance orientation, adhere to the principle of “funds follow the project”, reasonably expand the scope of use, support the follow-up financing of projects under construction, and start a batch of qualified major projects, new infrastructure, renovation of old public facilities and other construction projects. Private investment accounts for the bulk of investment, and it is necessary to give full play to the role of major projects and government investment leveraging, improve relevant support policies, and fully mobilize the enthusiasm of private investment.
2. Promote the development of the digital economy. Strengthen the overall layout of digital China construction. Build digital information infrastructure, promote the large-scale application of 5G, promote the digital transformation of industries, and develop smart cities and digital villages. Accelerate the development of the industrial Internet, cultivate and expand digital industries such as integrated circuits and artificial intelligence, and improve the innovation and supply capabilities of key software and hardware technologies. Improve digital economic governance, unleash the potential of data elements, better empower economic development and enrich people’s lives.
3. Actively expand effective investment. Focusing on major national strategic deployments and the “14th Five-Year Plan”, infrastructure investment will be carried out moderately ahead of schedule.Build key water conservancy projects, comprehensive three-dimensional transportation networks, important energy bases and facilities, and speed up urbangasThe pipelines and other pipe networks shall be updated and reconstructed, the flood control and drainage facilities shall be improved, and the construction of the underground comprehensive pipe gallery shall be continued. The investment in the central budget is 640 billion yuan. Government investment is more inclined to people’s livelihood projects, and more efforts are made to make up for shortcomings in the social and people’s livelihood areas.
4. Improve the quality of new urbanization. We will promote urban renewal in an orderly manner, strengthen the construction of municipal facilities and disaster prevention and mitigation capabilities, carry out investigation and rectification of hidden safety hazards in old buildings and facilities, and start the renovation of a number of old urban communities, and promote barrier-free environment construction and aging-friendly renovations. Improve the system of providing basic public services in places of permanent residence. Strengthen the construction of county infrastructure. Steadily push forward the construction of urban agglomerations and metropolitan circles, and promote the coordinated development of large, medium and small cities and small towns.
5. Promoting carbon neutralization in an orderly manner. Implement the carbon peak action plan. Promote the energy revolution, ensure energy supply, base on resource endowments, adhere to the principle of establishing first and then breaking down, and make comprehensive plans to promote low-carbon energy transformation. Strengthen the clean and efficient utilization of coal, reduce and replace it in an orderly manner, and promote the transformation of coal-fired power plants for energy conservation and carbon reduction, flexibility transformation, and heating transformation. Promote the planning and construction of large-scale wind and photovoltaic bases and their supporting regulated power sources, and improve the grid’s ability to absorb renewable energy power generation.
6. Continue to ensure the housing needs of the masses.Adhere to the positioning that houses are for living in, not for speculation, explore new development models, insist on both renting and purchasing, accelerate the development of the long-term rental market, promote the construction of affordable housing, and support the commercial housing market to better meet the reasonable housing needs of home buyers , stable land price, stablehouse pricestabilize expectations, and implement city-specific policies to promote a virtuous circle and healthy development of the real estate industry.
(The above source is from the Chinese government website)
Risk warning: The macro policy is less than expected; the price of raw materials rises more than expected, etc.
(Article source: Chuan Caisecurities）