Every reporter: Liu Mingtao Every editor: Peng Shuiping
At the beginning of last week, the Brand 100 Index hit a new high since its listing at 1,146.31 points, and on Friday, it closed at 1,038.69 points.
Mapping by Yang Jing
After a week of sharp fluctuations, the Brand 100 Index still held steady at the 1,000-point mark. Some brokerages pointed out that last week, the Shanghai and Shenzhen markets digested and consolidated the sharp rise before this year's National Day holiday, and the market is expected to stabilize and rise again after this adjustment.
The market will be relatively mild in the future
As of October 11, the Shanghai Composite Index fell 3.56% to close at 3,217.74 points, the Shenzhen Component Index fell 4.45% to close at 10,060.74 points, the ChiNext Index fell 3.41% to close at 2,100.87 points, the Science and Technology Innovation 50 Index rose 3.04% to close at 898.9 points, and the Brand 100 Index fell 1.28% to close at 1,038.69 points.
From the perspective of market policy, on October 8, the National Development and Reform Commission (NDRC) exchanged views with the media at the press conference of the State Council Information Office on the specific deployment arrangements of the package of incremental policies. The package of incremental policies mainly includes five aspects: increasing the counter-cyclical adjustment of macro policies, expanding effective domestic demand, increasing assistance to enterprises, promoting the real estate market to stop falling and stabilizing, and boosting the capital market.
The NDRC also stressed that the relevant funds will "give priority to supporting a number of key urban renewal projects" and will "give priority to supporting underground pipe network construction projects". The management's emphasis on urban renewal projects represented by underground pipe networks may provide important policy clues for the interpretation of thematic opportunities in the market. In addition, the NDRC also emphasized "efforts to boost the capital market", and relevant measures include "vigorously guiding medium and long-term funds to enter the market" and "opening up the blocking points of social security, insurance, wealth management and other funds entering the market".
On October 10, the People's Bank of China (PBOC) issued an announcement to implement the "Swap Facility for Securities, Funds and Insurance Companies", and accepted applications from qualified securities, funds and insurance companies from now on. The liquidity provided by the central bank is more market-oriented in nature because it is based on financial institutions, which will help further optimize the investor structure and form the internal stability of the market. Overall, the gradual implementation of various policies at the Politburo meeting on September 26 is expected to boost market confidence and bring more incremental liquidity to the market.
Some brokerages pointed out that at present, the market is digesting and consolidating the previous rally. After the big rise, the adjustment is inevitable and necessary, which provides a window for reconfiguration for the subsequent market development. Considering that the capital will be more prudent and rational, the characteristics of the future market will be more moderate than before, and in this process, the main line of the market will gradually take shape, and the strength of the allocation ability will determine the difference in investment returns.
Last week, the overall trend of central enterprises was stable
Judging from the constituent stocks of the brand 100 index last week, many stocks fluctuated greatly, while the central enterprises had a smaller amplitude, and many stocks still rose, among them, China Communications Construction rose by 8.58% weekly, the largest increase, China Railway Construction rose by 4.71% weekly, and the stock price remained stable, in addition, more than 10 stocks such as China Construction Bank, Industrial and Commercial Bank of China, and China Railway also rose.
Judging from the market value performance of the constituent stocks of the brand 100 index, the market value of many stocks has fallen from before the National Day holiday this year, but the weekly market value growth of China Construction Bank is still as high as 57.5 billion yuan, and the weekly market value of Industrial and Commercial Bank of China, China Merchants Bank and Postal Savings Bank has also increased by more than 10 billion yuan, in addition, the weekly market value growth of China Communications Construction and Agricultural Bank of China has also reached 10 billion yuan.
According to the data, China Communications Construction is one of the leading enterprises in mainland infrastructure going overseas, and its overseas business may benefit from the landing of "Belt and Road" orders. In March 2023, CCCC announced about 19.9 billion yuan for the Pinglu Canal project, and as the main force in the construction of the Pinglu Canal project, CCCC won more than 21.5 billion yuan in contract amounts, including survey and design, and pilot projects, accounting for about 30% of the total investment of 72.7 billion yuan in the Pinglu Canal, consolidating its leading position in the transportation infrastructure business of CCCC. As the world's largest dredging company, CCCC is expected to fully benefit from the construction of canal projects at home and abroad.
In addition, in recent years, CCCC has continued to break through new fields in China, and new progress has been made in urban construction, and the company's growth prospects and quality are also worth looking forward to.
As a leading construction state-owned enterprise, China Railway Construction has outstanding brand influence and financing cost advantages. In the short term, due to the pressure on the growth rate of orders, the company's revenue growth is under pressure, but there are still some overseas countries and regions that have road and railway construction needs. In addition, the company is also actively expanding orders in emerging fields, and the company's revenue is expected to resume growth in the future with the recovery of orders in corresponding fields.
Two major infrastructure ETFs are worth paying attention to
In addition to the outstanding investment value of individual stocks, infrastructure-related ETFs are also worth paying attention to, such as infrastructure ETF (159619), infrastructure 50 ETF (516970) and infrastructure 50 ETF (159635).
From the perspective of investment logic, a few days ago, the person in charge of the relevant departments of the central bank mentioned that the monetary policy will be more flexible and moderate, precise and effective, increase the intensity of regulation and control, accelerate the implementation of financial policy measures that have been introduced, and start to launch some incremental policy measures to further reduce the cost of corporate financing and household credit, and maintain reasonable and abundant liquidity. We will continue to strengthen the coordination and coordination of macroeconomic policies, support proactive fiscal policies to achieve better results, focus on expanding domestic demand, and promote both consumption and investment. Therefore, the improvement of liquidity and the development of investment policies in the fourth quarter are worth looking forward to, or drive the demand for infrastructure investment.
It is understood that the infrastructure ETF (159619) tracks the CSI Infrastructure Index, which takes the CSI All-Share Index as the sample space, and selects listed companies belonging to the infrastructure, professional engineering, construction machinery and transportation equipment industries as constituent stocks to reflect the overall performance of infrastructure listed companies and provide diversified investment targets for the market. The market capitalization of the index's constituents is weighted by both large-cap and small-cap stocks, and the top 10 weighted stocks are all leaders in the infrastructure sector. At present, the CSI Infrastructure Index is in the low valuation range, and with the support of stable growth policies, the possibility of future valuation repair is high.
From the perspective of the main weighted stocks of the CSI Infrastructure Index, China State Construction, China Railway Construction, China Communications Construction, and China Railway accounted for 20%. These companies are all constituent stocks of the Brand 100 Index, which has covering investment significance.
The Infrastructure 50 ETF (516970) tracks the CSI Infrastructure Engineering Index. The index uses the sample stocks of the CSI All-Share Index as the sample space, and selects the stocks of listed companies involved in the construction and engineering business as the constituent stocks, so as to reflect the overall performance of relevant listed companies in the infrastructure engineering field and provide diversified investment targets for the market.
National Business Daily