Industrial Securities' investment strategy for the construction industry in 2025: internal and external resonance, optimistic about debt conversion and the "Belt and Road" industry, Industrial Securities Research Report said that the construction industry will face certain pressure in 2024, and it is expected that infrastructure investment will remain high in 2025, driven by the debt conversion policy. Review and prospect of plate market: central state-owned enterprises and design plates led the gains, with obvious excess returns. Main line 1: Debt conversion is expected to drive the improvement of the management quality of construction central enterprises. 1) The driving force and mode of action of this debt conversion can be compared with the "Belt and Road" market in 2014 and the PPP market in 2016, and the policy is driven from top to bottom. 2) The institutions' positions in construction central enterprises are low, and the valuation of construction central enterprises is also in the lower position of the historical center. 3) The unprecedented intensity of debt conversion will help the central enterprises to realize the double promotion of EPS and PE. Main Line 2: The Belt and Road Initiative is expected to accelerate and benefit international engineering enterprises. The "Belt and Road" market has accelerated its expansion, and international engineering enterprises are expected to accelerate their going out to sea, and their performance and valuation have both improved.Lian Ping interprets the Central Economic Work Conference: The ups and downs of the stock market will be included in the adjustment function of the central bank in the future, and the Central Economic Work Conference will be held in Beijing from December 11 to 12. Regarding the exploration and expansion of the macro-prudential and financial stability functions of the central bank mentioned in the meeting, Lian Ping, president of the Guangdong Development Institute and chairman of the China Chief Economist Forum, explained that the ups and downs of the stock market will be included in the adjustment function of the central bank in the future. (CBN)Li Ziyuan: The plan to reduce the holdings of directors, supervisors and senior managers has not been completed. Li Ziyuan announced the change. On October 1, 2024, the company disclosed the Announcement on the Plan to Reduce the Holdings of Some Directors, Supervisors and Senior Managers of Zhejiang Li Ziyuan Food Co., Ltd. Zhu Wenxiu and other six directors, supervisors and senior managers plan to reduce their holdings by centralized bidding, which does not exceed 1,190,607 shares, and does not exceed 1% of the company's total share capital. As of December 12, 2024, the above-mentioned directors, supervisors and senior managers reduced their holdings of 813,400 shares through centralized bidding. At present, the share reduction plan has not been completed.
Yonghui Supermarket: There are no major matters that should be disclosed but not disclosed.Spot gold just broke through the $2,710.00/oz mark, and the latest price was $2,709.91/oz, down 0.29% in the day; COMEX gold futures main force recently reported $2,744.30 per ounce, down 0.45% in the day.Institution: The Swiss National Bank does not need to cut interest rates sharply again. Melanie Debono, a macroeconomic analyst at Pantheon, wrote in a report that the Swiss National Bank does not need to cut borrowing costs sharply again. Earlier, the Swiss National Bank unexpectedly cut interest rates by 50 basis points. Most analysts had expected a more cautious rate cut of 25 basis points. Debono said that there may be further relaxation after this move, but only a little. Pantheon Macroeconomics predicts that the Swiss National Bank will cut interest rates by 25 basis points again in March next year.
Yiwangyichuang: Shareholder Zhang Fan plans to reduce his shareholding by no more than 1%. Yiwangyichuang announced that shareholder Zhang Fan, who holds more than 5% of the company's shares, plans to reduce his shareholding by centralized bidding and/or block trading, and the number of shares to be reduced is no more than 2,369,400, accounting for 1.00% of the company's total share capital. The reduction period is from January 6, 2025 to April 4, 2025. The price range of reduction will be determined according to the market price and trading method at the time of reduction. The reason for Zhang Fan's reduction is based on his own capital demand, and the shares come from the shares issued before the initial public offering, the shares transferred due to equity distribution and the shares transferred by agreement.Cui Dongshu, Chenglian Branch: The head car companies that grew in the auto market this year showed stronger characteristics of their own brands. Cui Dongshu, secretary general of Chenglian Branch, issued a document saying that the national new energy passenger car market showed a continuous upward trend in 2024, with a penetration rate of 52% for the retail sales of 1.26 million vehicles in November. With the strong growth of the extension program at the beginning of the year, the scrapping and renewal and trade-in since August have promoted the explosive growth of the entry-level hybrid of economical electric vehicles, forming a good performance that new energy vehicles will become stronger and stronger in 2024. This year, the head car companies that have grown in the auto market are characterized by stronger independent brands. In particular, the new energy trend of traditional independent car companies has surpassed the new forces, and more and more students have become "three excellent students" with mixed, pure electric and all-round development.18 shares were rated by brokers, and Yuhetian's target increased by 54.72%. On December 11th, a total of 18 shares were rated by brokers, and 6 of them announced their target prices. According to the highest target price, Yuhetian, Steady Medical Care and Fulongma ranked in the top, with increases of 54.72%, 19.96% and 17.62% respectively. Judging from the direction of rating adjustment, the ratings of 12 stocks remain unchanged and 6 stocks are rated for the first time. In addition, one stock attracted the attention of many brokers, and Hagrid Communications was ranked in the top number, with two brokers rating it respectively. Judging from the Wind industry to which the rated stocks are bought, the number of rated stocks for technical hardware and equipment, capital goods and materials II is the largest, with 4, 3 and 2 respectively.
Strategy guide 12-14
Strategy guide
12-14