Indices oscillate higher, stable growth and inflation sectors continue to power!

Disc Observation

Friday's three major indexes adjusted in the early morning, and then shocked higher in the afternoon, the two cities turnover totaled 990.5 billion. Plate observation, real estate, coal, building decoration and other industries rose, power equipment, defense industry, computers and other industries fell. The two cities up 130, down 3, the northward funds net buying amount of 8.457 billion. Shanghai index rose 1.12%, at 3251.07 points, the Shenzhen Composite Index rose 0.31%, at 12328.65 points, the index rose 0.11%, at 2713.79 points.

Market Outlook

The real estate sector mentioned yesterday continues to dominate the top of the list of gainers today. In addition to real estate, as a steady growth of the downstream industry construction and building materials plate set off a wave of stops. The reason is mainly because recently, the Ministry of Housing and Construction issued the "14th Five-Year" building energy efficiency and green building development plan. In addition, in October 2021, the Ministry of Housing and Construction issued the full text of the mandatory national standard "General Specification for Building Energy Efficiency and Renewable Energy Utilization" will be implemented from April 1st. Some analysts pointed out that the two programmatic planning and norms were introduced one after another, meaning that the policy system of building energy efficiency is gradually improving, the government's emphasis on building energy efficiency has increased significantly, and the development of high-quality and green development in the field of construction and building materials has entered the fast lane. Building energy efficiency, building photovoltaic and other areas of building energy efficiency policy is an important hand, in the policy to promote long-term demand growth space is larger, is expected to usher in the boom degree of enhancement.

In addition, we also see the international crude oil regained momentum after the coal sector to follow the strong. On the news, the National Development and Reform Commission issued a letter on March 18, said that in order to do a better job of signing medium- and long-term contracts for coal performance, standardize the signing of behavior, signing full signing of the contract, and supervise the strict performance to ensure a stable and reliable supply of coal for power generation and heating. We believe that the Development and Reform Commission attaches such importance to the signing of long-term contracts and performance, there is a very important factor is to worry about the coal price increases transmitted to the power generation industry and then transmitted to the downstream. We all know that nearly 70% of the country's electricity is thermal power generation, the role of coal can not be replaced by new energy sources in the short term. Some institutions believe that the energy, coal capacity cycle of systematic research, this round of energy inflation cycle is still in the early and mid-term, the current stage of the coal industry fundamentals trend, dual-carbon energy policy underlying logic are favorable plate valuation repair and enhancement of coal prices are expected to remain within a reasonable price range of the higher level of coal enterprises are still more than adequate profit space, high-quality coal valuation is still low, continue to optimistic The industry's long-term investment value.

Operating strategy

Market risk appetite after the increase in stable growth and inflation two *** knowledge of the main line has not changed. It is recommended to pay attention to the stable growth expectations of real estate, construction building materials, financial and new infrastructure (TMT, defense industry, new energy), as well as inflation expectations of cement, iron and steel, non-ferrous metals, oil and gas and coal rebound opportunities.

Guangdao Securities senior investment adviser Lai Yanjun, practice certificate No.: S0260612110012