The "New Infrastructure" Is Heating Up The Market, And The Capital Layout Is Intense.

Recent market hot spots continue to revolve around the "new infrastructure".

Prior to this, the Standing Committee of the Political Bureau of the CPC Central Committee held a meeting to put forward efforts to build infrastructure for science and technology, including 5G infrastructure, UHV, Intercity High Speed Rail and inter city rail transit, charging piles, big data centers, artificial intelligence and industrial Internet.

Affected by this, the "new capital construction" sector was continuously touted by funds. In March 5th, the "new infrastructure" plate, which was relatively low in the early stage, such as UHV and charging piles, surged. Several listed companies such as Dalian electric porcelain (002606.SZ), China West Power (601179.SH), and special electrical engineering (600089.SH) were trading on a daily basis.

Under the influence of the epidemic, the downward pressure on macro-economy is increasing. Infrastructure investment is regarded as an important tool for steady growth. Song Wenhui photo

Capital flows into "new infrastructure"

Public information shows that since the opening of the first executive session of the State Council in 2020, after the introduction of the support policy for emerging infrastructure investment, such as information networks, 25 provinces and municipalities have referred to the relevant contents of the new infrastructure in the government work report.

According to GF Securities data, the proportion of new infrastructure in the 1-2 month special debt is about 15%. From the point of view of special debt projects, new infrastructure projects from scratch in 2020 are mainly logistics cold chain, garbage power generation, new and old energy conversion parks, etc. the new infrastructure projects that have improved proportion include electronic information technology, big data and advanced equipment manufacturing industrial park.

In terms of the whole year, GF believes that the moderate upward probability of this proportion is greater than the downlink probability.

From the perspective of market reaction, the "new capital construction" has become another important layout of capital after the sharp fluctuation of the market. However, the changes in the seven plates are not the same.

For example, in recent days, 5G, chips, semiconductors and other sectors are in continuous adjustment. In the early stage of a relatively large increase, stocks are highly valued, so there has been no further stimulus in the recent "new infrastructure" boom, while UHV, charging piles and industrial Internet have been outstanding.

In March 5th, the UHV plate of China's west power was greeted with funds. The data of the billboard showed that the turnover of China West Electric Power Company reached 172 million yuan on that day, and the net purchase was 4 million 539 thousand and 400 yuan, of which the former five sales department included Huatai Securities Zhengzhou three road, Orient Securities Shanghai Pudong New Area Jinke Road, CITIC Securities Ningbo Tiantong North Road business department.

From the data of the whole market, the turnover of the two cities in March 5th exceeded another trillion, of which, 000063.SZ and Alex Hua Tian Technology (002185.SZ) exceeded 5 billion in the top ten.

"With the acceleration of scale and centralized procurement by operators and equipment providers, the relevant 5G hardware industry chain will gradually enter the performance cashing period to drive the investment intensity of the A share companies in the whole industrial chain. On the other hand, with the construction and popularization of 5G, the application of many industries will generate a lot of data. The large bandwidth and low latency of 5G can only solve the problem of data transmission. According to the processing requirements, the existing cloud data center will pose a huge challenge, so the edge computing center will usher in rapid development. Haitong fund investment research director pointed out.

"At the current time, the monetary environment may remain in a relaxed situation. Fiscal policy may encourage everyone to work together to implement the deficit in real terms. There is room for expansion in real estate and infrastructure. New infrastructure is likely to become a key word throughout the year." A brokerage department of the public fund investment director said.

Institutional layout

As a matter of fact, the concept of "new infrastructure" is not a recent rise. According to the twenty-first Century economic report reporter, at the beginning of the year, there was the idea of "new capital construction" in the "spring market".

A public fund official in Shanghai said that under the circumstances of greater macroeconomic pressure this year, the market generally expects that the central level will introduce more support policies for the macro-economy and industry. At that time, it was proposed that this round of stimulus policy would support more new industries such as the new infrastructure. In the long run, these emerging industries will become the key direction for the future development of the country.

According to the twenty-first Century economic report reporter, many institutions are targeting the new infrastructure.

"We have been focusing on investment in the field of science and technology, such as big information, big health, great environmental protection and great intelligence. In fact, there are quite a lot of related contents in the field of new technology in the new infrastructure, and our reserve projects also include multiple fields such as artificial intelligence and intelligent manufacturing." A partner of an industrial investment fund in Beijing told the economic news reporters twenty-first Century.

"As the main direction of economic restructuring, technology has always been one of our main directions." Zhang Xianjun, managing director of Danyang investment, told the twenty-first Century economic news reporter, "however, the upstream and downstream of technology stocks has just undergone a round of speculation. At this time, special attention should be paid to the quality of the company itself."

Zhang Xianjun pointed out that "the next direction of investment in new infrastructure can be summarized in three aspects. The first is to dig out multi industry beneficiaries, such as electrical equipment, which will improve their performance in the construction of 5G infrastructure, UHV, rail transit, charging piles and data centers. Second, companies that are more concerned about upstream industries, such as communications operators and equipment manufacturers, have built large numbers of data centers throughout the country in the last big data boom; third, they are looking for investment in recent years. Or other industry companies that acquire relevant fields and produce better performance. "

"5G is an industry with increasing demand. Around the growth of the total volume, we need someone to provide the content and someone to provide the infrastructure. These infrastructures are the needs of 5G, communications and computers. In the future, we will continue to find the direction of user traffic growth in the TMT industry. In addition, industrial automation can superimpose the new technology of 5G transmission in traditional information technology. The Internet has brought great convenience to the industrial field, and China has also made significant advantages. Bo time research preferred preferred fund manager Wang Jun said.

For the widely overvalued stock issue, the aforementioned public fund holders believe that the "technology growth sector" is still in the stage of continuous upgrading of the industry boom. Due to the large number of sub sectors and the endless hot spots of the sector, we should pay attention to the division of different companies and pay close attention to companies with potential for success.

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