The Politburo meeting proposed to speed up the issuance of special bonds.BetriversfreespinsFixed-tone real estate is expected to promote the marginal repair of the real estate chain. On April 30, 2004, the Politburo meeting proposed: 1) it is necessary to thoroughly implement local government debt risk resolution programs to ensure that high-risk provinces, cities and counties can not only truly reduce debt, but also develop steadily. It is necessary to issue and make good use of ultra-long-term special treasury bonds as soon as possible, speed up the issuance and use of special bonds, maintain the necessary intensity of financial expenditure, and ensure that the grass-roots "three guarantees" are spent in full and on time. 2) overall study the policies and measures to digest the stock of real estate and optimize incremental housing, pay close attention to the construction of a new model of real estate development, and promote the high-quality development of real estate. 3) it is necessary to actively expand domestic demand and implement the action plan for large-scale equipment renewal and trade-in of consumer goods. 24Q1 issued 634.1 billion yuan of new special bonds, accounting for 16% of the quota issued in the whole year.Betriversfreespins.3%, accounting for a decrease in 19.4pcts compared with the same period last year, and the release progress is slower than the timing. With the issuance and application of ultra-long-term special treasury bonds and the acceleration of the issuance of special bonds, the financial guarantee of infrastructure investment will be strengthened, and infrastructure investment will maintain a certain intensity throughout the year. It is suggested to pay attention to the leading capital construction enterprises: China Communications and Construction, China Railway and China Construction. Politburo meeting set the tone of real estate "digestion stock" and "optimization increment", superimposed around, such as the release of purchase restrictions and other optimized real estate policies have been introduced, the real estate chain is expected to usher in marginal repair, it is recommended to pay attention to consumer building materials leading enterprises: Beixin building materials, Weixin new materials, conch cement and Huaxin cement. The two ministries issued documents to support and guide the digital transformation and upgrading of highway and waterway transport infrastructure. On May 1, 24, the Ministry of Finance and the Ministry of Transport issued the Circular on supporting and guiding the Digital Transformation and upgrading of Highway and Waterway Transport Infrastructure. In order to speed up the development of new productivity, the two departments decided to support and guide the digital transformation and upgrading of highway and waterway transport infrastructure through competitive evaluation. Starting from 2024, over a period of about three years, we will support about 30 demonstration areas and create a number of demonstration channels and networks for the integration of lines and networks. we will strive to promote the digital transformation and upgrading of about 85% of busy national highways, about 25% of busy ordinary national highways and about 70% of important national high-grade waterways. In terms of intelligent expansion, the traffic efficiency of the demonstration channel will be increased by about 20%, and the efficiency of emergency response in terms of safety and efficiency will be increased by about 30%. Highway and waterway digital construction is expected to accelerate, recommended attention: Shenzhen Chengjiao, tunnel shares and China Construction Group. The operation of 24Q1 construction central enterprises grew steadily, and the exchange losses and impairment provisions disturbed the growth rate of return net profit. This week, the major central construction enterprises have released their operating results in the first quarter. Judging from the operating results of the eight major central construction enterprises, Sinopec International and Sinosteel International, or affected by the slow resumption of work after the festival and the slow availability of funds, the income growth rate of the major central construction enterprises in 24Q1 is slightly lower as a whole, but it is still a sound operation in the case of weakening scale growth and Q1 is the off-season of construction. Among them, China's energy construction income has the highest year-on-year growth rate of 10.0%. Exchange gains and losses and impairment of some central construction enterprises of the 24Q1 return net profit growth has been disturbed, such as China Construction and China Timber International affected by exchange losses, home net profit growth rate is lower than income, China Communications and Construction and China Chemical are rushing back impairment losses, driving home net profit growth rate increased. The major central construction enterprises pay more attention to the quality of operation, 24Q1 gross profit margin more than the same period last year. Due to the prepayment of 24Q1 materials purchase and project payment, the operating net cash flow of the major central enterprises showed an outflow trend, or due to the slow arrival rate of owners' funds, the cash outflow of the major central enterprises increased compared with the same period last year. Investment advice: high dividend focus: infrastructure public offering of REITs products (most of the underlying implied dividend yield more than 5%), China Construction (central enterprise market capitalization management theme investment opportunities), China Materials International (global cement industry chain leader) Growth direction recommended: Huatie emergency (optimistic about the growth of equipment operation and leasing), Honglu steel structure (intelligent manufacturing enhanced moat), Huaxin cement (diversified layout and rapid growth of sea business). Risk analysis: infrastructure investment is lower than expected, real estate demand is less than expected, and raw fuel prices are rising. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.