What are the traditional industries related to steady growth?

On Friday, the three major indexes were adjusted in early trading and fluctuated higher in the afternoon. The total turnover of the two cities was 990.5 billion. On the disk, real estate, coal, building decoration and other industries were among the top gainers, while power equipment, national defense and military industry, computers and other industries were among the top losers. The daily limit of the two cities is 130, with three daily limit. The net purchase of northbound funds was 8.457 billion. The Shanghai Composite Index rose by 1. 12% to 325 1.07, the Shenzhen Component Index rose by 0.3 1% to 12328.65, and the Shanghai Composite Index rose by 0.1/kloc-.

market outlook

The real estate sector mentioned yesterday continues to dominate the increase list today. In addition to real estate, as the steady growth of downstream industries, the building materials sector set off a wave of daily limit. The main reason is that the Ministry of Housing and Urban-Rural Development recently issued the 14th Five-Year Plan for Building Energy Conservation and Green Building Development. In addition, 202 1 1 Ministry of Housing and Urban-Rural Development issued the full-text mandatory national standard "General Specification for Building Energy Conservation and Renewable Energy Utilization", which will be implemented on 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 attaches great importance to building energy conservation, and the high-quality and green development of building materials has entered the fast lane. Building energy conservation, building photovoltaic and other fields are important starting points of building energy conservation policies. Driven by the policy, there is a large room for long-term demand growth, which is expected to usher in an improvement in the prosperity.

In addition, we also see that after the international crude oil resumed its upward trend, the coal sector followed suit. In the news, the National Development and Reform Commission issued a document on March 18, saying that in order to further improve the performance of medium and long-term coal contracts, standardize the signing behavior, sign a sufficient number of contracts, urge strict performance, and ensure a stable and reliable supply of coal for power generation and heating. We believe that one of the important factors that NDRC attaches so much importance to the signing and performance of long-term contracts is that it is worried that the price increase of coal will be transmitted to the power generation industry and then to the downstream. We all know that nearly 70% of the country's electricity is thermal power generation, and the role of coal is irreplaceable by new energy in the short term. Some institutions believe that the systematic study of energy and coal production cycle shows that the current energy inflation cycle is still in the early and middle stages. At present, the fundamental trend of the coal industry and the underlying logic of the dual-carbon energy policy are conducive to the repair and improvement of the plate valuation. It is expected that the coal price will remain at a high level within a reasonable price range, coal enterprises still have enough profit space, and the valuation of high-quality thermal coal is still low, so we continue to be optimistic about the long-term investment value of the industry.

Operation strategy

Driven by market risk preference, the two main lines of steady growth and inflation have not changed. It is suggested to pay attention to real estate, building materials, finance, new infrastructure (TMT, national defense, new energy) under the expectation of steady growth, and the rebound opportunities of cement, steel, nonferrous metals, oil and gas and coal under the expectation of inflation.

Li, senior investment consultant of GF Securities, with the practice certificate number S0260612110012.