Today, architectural decoration, building materials and other infrastructure concepts change, as of press time Beixin building materials rose by the limit, Anhui Conch Cement, Keshun shares, Oriental Yuhong also rose. The valuation level of infrastructure concept stocks in their industrial sector this year is the lowest, whether this abnormal rise is the opening of a long-term market or just a mean regression, which segments are worthy of attention this article will analyze the above content.

　　The valuation and repair of the infrastructure industry chain can be expected.

The recent Central Economic work Conference proposed that it is necessary to ensure the intensity of fiscal expenditure, speed up the progress of expenditure, and appropriately carry out infrastructure investment in advance. Huanghe Securities believes that on the monetary side, this time will once again strengthen the optimistic forecast for the liquidity environment next year, 2022 may not be a "bear market".

On the financial side, it is the most positive expression in recent years, and it has not even stabilized the "leverage ratio". On the one hand, it highlights the great pressure to stabilize the economy next year, and on the other hand, it has made a large degree of hedging preparation under the premise of a bottom line (not increasing local hidden debt). It is suggested that we should be more optimistic about the financial infrastructure next year, and the phased valuation of the infrastructure industry chain can be repaired.

　　Attention should be paid to the subdivision of construction plate.

China International Capital Corporation believes that the macro improvement is expected to be good for the currently undervalued cement and glass plates.

Cement: the current plate Pamp B is only about 1.1x, which is lower than the bottom of the 2016 cycle and less than twice the standard deviation of the central center in the past five years. At present, the profitability of the plate is still high, and next year it is expected to benefit from the steady growth of investment in infrastructure. China International Capital Corporation believes that the plate is currently attractive for configuration.

Glass: China International Capital Corporation believes that the valuation of the glass plate has been adjusted back to a low level, the current float glass price has been lower than the cash cost of some enterprises, the industry generally makes meagre profits, and China International Capital Corporation expects cold repairs to increase significantly in the future. bring about a contraction in supply and a rebound in spot prices.

China International Capital Corporation believes that the traditional cycle category is expected to usher in the window period of valuation repair, and suggests paying attention to Southern Glass A, Qibin Group, Xinyi Glass-H, China Glass-H, Anhui Conch Cement-Amax H, Huaxin cement, and Superplasticizer leader Subot.

The medium-and long-term logic of the high-growth building materials consumption industry, waterproof material concept stocks are also worthy of attention. The consumer building materials industry will pay more attention to the lean control and overall strength of the channel, including operational quality (capital flow and accounts receivable control), customer structure (the proportion of dealers and C-end), and the leading consumer building materials is expected to improve the quality and growth rate.

In this regard, the waterproofing industry will benefit from factors such as "the expected marginal improvement of real estate, the landing of new waterproofing regulations, and the steady growth of infrastructure". The waterproofing industry is expected to become one of the most flexible categories, at the same time, the decline in raw material prices is expected to repair profit margins, and emerging demand such as photovoltaic roof waterproofing is expected to enable the market to expand rapidly.

Related concept stocks: Oriental Yuhong, with its fast-growing non-housing business and deepening channel layout, as well as Keshun shares and Karen shares of other waterproof subdivision leading companies; other building materials leaders will also benefit from three trees, firm hardware, high-quality stocks that continue to optimize channel efficiency.

Secondly, it focuses on the high-growth bibcock in the downstream layout of new energy and new materials. The high-quality leading company is in good operation and will continue to expand growth enterprises and gain new impetus for development by virtue of sufficient funds. Among them, the new materials closely related to the downstream, new energy and growth leaders that span the cycle are worthy of attention: Guangwei compound material, China Stonehenge, Shandong Pharmaceutical Glass, Kaisheng Science and Technology.