The most popular railway investment and financing

2022-07-30
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Benefits of equipment manufacturing from the State Council's deployment of railway investment and financing reform

the State Council's deployment of railway investment and financing is prudent, confident and firm. When the self excitation rate is ≥ 0.05%fs/s, the benefits of equipment manufacturing reform

China Construction Machinery Information

Guide: on July 24, Premier Li Keqiang chaired a State Council executive meeting to study and deploy the reform of railway investment and financing system and further accelerate the construction of Railways in the central and western regions. This will help improve the performance of the railway infrastructure sector, and relevant stocks are expected to be sought after by the market. Premier Li Keqiang yesterday

On July 24, Premier Li Keqiang chaired a State Council executive meeting to study and deploy the reform of railway investment and financing system and further accelerate the construction of Railways in central and Western China. This will help improve the performance of the railway infrastructure sector, and relevant stocks are expected to be sought after by the market

Premier Li Keqiang chaired a State Council executive meeting yesterday to deploy the reform of the railway investment and financing system and speed up the railway construction in the central and western regions and poor areas. The meeting pointed out that we should promote the reform of railway investment and financing system, fully open the railway construction market, and give priority to the construction of Railways and related facilities in the central and western regions and poverty-stricken areas in accordance with the basic ideas of overall planning, diversified investment, market operation and policy support

the initial value of HSBC's manufacturing PMI in China in July released yesterday fell 0.5 percentage points to 47.7 compared with the final value of the previous month, a new low since September last year. There is a risk of further decline in the economy, and the expectation of steady growth is strengthened. Railway construction is one of the main means to stabilize growth. According to the analysis, ensuring the investment in infrastructure projects such as high-speed rail also has a certain "effect" on resolving overcapacity in industries such as steel and cement

zhaoleiyu, an investment consultant of Ping An Securities, believes that it is urgent to find a new driving engine for China's economic development. In the face of the slowdown of economic growth and the overcapacity of raw materials such as steel in the first half of the year, the state has the requirement to speed up railway investment

the valuation of the railway construction sector is low

in July, the railway construction sector was once again paid attention by many and rebounded strongly. At present, with the rebound momentum of banks and real estate weakened, the railway construction sector is expected to become a new highlight of the cycle sector with the dual support of good basic orientation and clear policy expectations. Analysts believe that the railway construction sector, which is at a relatively low share price and valuation, is still attractive to funds, and it is expected that the staged rebound of the railway construction sector will continue

from the performance forecast in the interim report, the performance of railway construction related companies increased rapidly. Among the 29 heavyweights in the high-speed rail index, 19 companies disclosed the interim report performance forecast, among which 3 companies reversed losses, 2 companies increased in advance, 5 companies increased slightly, 1 company continued to gain, 4 companies decreased slightly, 2 companies decreased in advance, 1 company suffered the first loss and 1 company continued to suffer a loss. The proportion of the interim report forecast was 57%. Among them, Wolong Electric's performance is expected to increase by 140%, and Dashi intelligent's performance is expected to increase by 70%. Such high-speed performance growth is a "rare breed" even in growth stocks. Considering that the current P/E ratio of the high-speed rail index is only 12.5 times, while the P/E ratio of the gem has reached 54.7 times, the low valuation of the railway construction sector provides a high margin of safety for the capital to settle in, which is expected to continue to be popular

Great Wall Securities believes that since 2012, with the gradual deepening of railway reform, the introduction of private capital into the railway has been put on the agenda again; At the same time, relevant departments have issued corresponding policies to vigorously promote the participation of private capital in railway construction. The policy support will revitalize the financing channels of the railway, and the railway equipment industry has bottomed out

railway stocks with four main lines layout

the acceleration of railway construction in the central and western regions will be conducive to the improvement of the performance of the railway infrastructure sector. It will focus on stocks in four sub areas:

area 1: equipment manufacturing companies

at present, railway equipment manufacturing companies mainly include northern Entrepreneurship (the main business covers the research, development and sales of railway vehicles), Jinxi axle (the main business is the manufacturing of equipment such as train axles), northwest bearing (industrial and locomotive bearings, etc.) Nanfanghuitong (development and manufacturing of railway transportation equipment), Shidai Xincai (main business covers railway electric locomotive and rolling stock), etc. In addition, there are CSR and CNR

Changjiang Securities believes that the railway equipment manufacturing industry has bottomed out and the dawn is coming. In the future, China's high-speed rail has a huge development space, and the strong demand for equipment is expected to continue to the 13th Five Year Plan period. China's railway fixed asset investment is expected to exceed expectations. Railway investment plays an important role in national economic growth. Under the background of striving to complete the 12th Five Year Plan, it is expected that the average annual new railway operating mileage from 2014 to 2015 will reach about 8500 kilometers. At the same time, the railway fixed asset investment is expected to exceed the target of 2.8 trillion yuan set in 2008, reaching 3.1 trillion yuan to 3.3 trillion yuan

in the future, market-oriented reform, the introduction of private capital, the expansion of the scope of government subsidies and the further increase of the debt ratio are expected to become a solid foundation for the continued improvement of railway investment. Highlights: CNR, Yonggui electric appliance, Jinxi axle, Shidai new material

field 2: various engineering construction companies

companies directly involved in relevant engineering construction in the current main business scope: China Railway Erju, North International, Tengda construction, etc

as a result, the production capacity is seriously redundant and the profit margin has dropped significantly. Yi Securities believes that the growth rate of infrastructure investment in 2013 is likely to be high in the first place and low in the second. However, considering that the construction cycle of railway, urban rail and other projects is mostly one year to one and a half years, the high growth of investment from the second half of 2012 to the first half of 2013 is enough to support the performance of relevant listed companies in 2013. Reiterate the view that the state will not change the intensity of investment in railway construction. With regard to the fund problems generally concerned by the outside world, the financing channels of China Railway Corporation are still open, and the financing cost is relatively stable. In addition, since april2013, bonds issued by China Railway Corporation and all bonds issued by the former Ministry of railways have been classified as "government support agency bonds", indicating that the government's support for railway construction financing is increasing

field 3: transportation, logistics, storage and transportation and other related service companies

transportation, logistics, storage and transportation and other related service listed companies mainly include Tielong logistics, Shentong Metro, China storage Co., Ltd

Xiangcai Securities believes that the reform of railway freight transport is deepening and the reform dividend is being realized. Since 2013, the overall freight data of railway transportation has been poor, which has cast a shadow on railway transportation enterprises. However, the railway reform that has made great strides has brought vitality to the railway transportation industry. The implementation of specific measures in the launched freight organization reform, such as simplifying the freight application link and freight at one price, will attract new sources of goods into railway transportation, so as to improve the efficiency of the industry. The reform dividend brought by the deepening of railway reform is being realized, and we are optimistic about the promotion of reform to the development of the industry

field 4: Construction of supporting enterprises

matters 1. Companies that directly provide supporting services to railway facilities when loading tensile testing machines: Baotou Iron and Steel Co., Ltd., Taiyuan Heavy Industry and other series enterprises. In addition, many other types of stocks such as steel, cement, building materials and engineering base equipment can also be directly or indirectly associated with railway construction because they can provide materials and building materials or engineering construction products for railway engineering

China Merchants Securities believes that after the "bottom line" of the policy is expected to stabilize, the rebound of cement can be further sustained with the help of the improvement of fundamentals, and there will be relative gains. In terms of investment targets, conch cement, Huaxin Cement and Jiangxi cement are still recommended

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