Building materials hardware industry structural market or worth looking forward to

The building materials hardware sector outperformed the market slightly during the year. However, due to the close relationship between the sector and the macroeconomic climate, while the market's downward economic worries intensified, the sector also experienced a downward trend of fluctuations. It was only after two trading days that it stopped falling. Analyst Luo Baihui believes that the combination of better real estate sales data and the two interest rate cuts in the first half of the year is an important factor in the stabilization of the sector. With the pre-adjustment of policy, the structural market is expected to be expected. Since the beginning of the year, the building materials stocks outperformed the market . Due to the weak macroeconomic level, market confidence was frustrated. The Shanghai Composite Index fell 0.63%. In the same period, the Shenwan Building Materials Index rose slightly by 3.82%, outperforming the market by 4.45 percentage points. From the performance of individual stocks, more than half of the stocks have risen since the beginning of the year, of which 28 have accumulated more than 20%, accounting for 23%. The three cumulative gains of Sinochem Geotechnical (002542), Yaxia (002375) and Jinyu (002081) were the top three in the sector, and Sinochem was up to 108.36% during the year. In addition, stocks such as Jinhao and Zhonggong International (002051) have hit record highs recently. Although the overall performance of the building materials sector has been satisfactory since the beginning of the year, since May 31, the building and building materials sector has entered the downward channel of shock. As of yesterday's close, there have been 5 net-breaking stocks in the industry. Except for the tunnel shares (600820), all of them are “Zhongzitou” stocks, namely China Railway (601390), China Railway Construction (601186), China Metallurgical ( 601618), China Communications Construction (601800). The latest P/B ratio (PB, LF) of China Railway Construction, which ranks second in the industry, is only 0.85 times, and China Railway Group, which ranks fourth, is even worse, as low as 0.75 times. However, in the past two trading days, with the stabilization of the broader market, the Shenwan Building Materials Index rebounded slightly, up 2.79%, and the four net-breaking net stocks also rose slightly. According to statistics, many real estate benchmarking companies listed in Hong Kong and other countries have announced sales data for June. Among them, China Merchants Property (000024) and Poly Real Estate (600048) exceeded their sales targets for half a year, and Poly Real Estate even achieved sales volume for the second half of the year. The highest level in history. Analyst Luo Baihui believes that the sales performance of housing enterprises in the first half of the year was good, stimulating the performance of the real estate sector and building materials sector, and the two interest rate cuts boosted the industry. The interest rate cut brought triple benefits to the building materials industry. Within a period of less than one month, the central bank cut interest rates twice in succession, and the loan benchmark interest rate cut interest rates by 0.56 percentage points twice. The loosening of monetary policy will undoubtedly directly benefit the construction and building materials industry related to the capital-intensive real estate industry. However, in the A-share market, the performance of the building materials sector on the first trading day after the two interest rate cuts made people feel the confusion of investors' interest rate cuts on building materials stocks. On June 7, the central bank announced for the first time in the year that the benchmark interest rate for deposits and loans will be lowered from the next day. On June 8, market participants' expectations for the rise of real estate sector and building materials sector fell short. Shenwan's building materials sector fell 0.44%. The former is bigger. Analyst Luo Baihui believes that the first interest rate cut is positive for the building materials sector. The reason why the two major sectors have fallen is because the interest rate cuts are covered by the market's growing concerns about the macroeconomic downturn. After the interest rate cut, the May economic data was better than expected, and the market had a reassurance. So on the second interest rate cut on July 6, the interest rate cuts gradually appeared. The Shenwan Building Materials Index rose 3.38%. Then, what are the specific performances of interest rate cuts for the building materials industry? Everbright Securities (601788) strategist Zeng Xianzhao believes that the two interest rate cuts for the building materials sector show the following three aspects. First of all, the interest rate cut can alleviate the debt pressure of building materials companies. The asset-liability ratio of the building materials industry (the overall method) ranks second only to the financial services industry in the Shenwan-level industry, up to 75.90%. According to the first-quarter report data, the long-term loans of listed companies in the building materials sector totaled 329.298 billion yuan. The two interest rate cuts can save the construction materials stocks financial expenses of 1.844 billion yuan, equivalent to 14.9% of the total net profit of all listed companies in the industry in 2011. Second, the two consecutive interest rate cuts will help the investment in infrastructure, water conservancy and real estate industries to pick up. The completion of fixed assets investment in May increased by 20.10% year-on-year, which has been falling for 25 consecutive months. With the increase of monetary policy adjustment, this value is expected to bottom out. The building materials industry as a downstream industry is expected to increase. Finally, as steady growth demand heats up, and the corresponding rate cuts, the supporting fiscal policy is also expected to be launched. In addition to the appropriate increase in infrastructure investment, building materials to the countryside may also increase efforts to stimulate cement and other building materials industries. The price of coal, which is highly correlated with cement prices, has fallen back in the early stage and is also conducive to the increase in cement gross profit margin.

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