Company opinion

Securities Times e company news, on March 22, China Evergrande (3333.HK) issued an announcement that Evergrande and the overseas creditor group have signed the main terms of the restructuring plan: Evergrande will issue new bonds to replace the original bonds; the new bonds The term is 4 to 12 years, and the annual interest is 2% to 7.5%. There is no interest payment in the first three years, and the interest payment starts at the beginning of the fourth year, and the payment is 0.5% of the principal. China Evergrande stated that the signing of the main terms of Evergrande’s overseas debt restructuring means that the restructuring will be successful. If Evergrande’s overseas debt is successfully restructured, the risk of liquidation ordered by the Hong Kong court will be removed.

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Securities Times News, Southwest Securities pointed out that following the bankruptcy of Silicon Valley Bank in the United States, the Credit Suisse incident once again prompted risk aversion, and the market’s expectations for the Fed’s short-term turn dove increased. grow rapidly. We remain bullish on the gold sector. The Fed’s interest rate hike is coming to an end, and against the background of the switching of the currency cycle, the real yield of long-term U.S. bonds and the big cycle of the U.S. dollar are still down; under the energy transition, anti-globalization and the stickiness of inflation in the service industry, it is difficult for the long-term inflation center to fall back quickly; the global central bank Increase holdings of gold and enhance the position of strategic allocation. The main targets are Shandong Gold, Yintai Gold, and Chifeng Gold.

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Securities Times News, Galaxy Securities pointed out that the completion end is accelerating, and the demand for consumer building materials is expected to recover quickly. From January to February 2023, the retail sales of consumer goods of construction and decoration materials decreased by 0.90% year-on-year, and the rate of decline narrowed by 5.30 percentage points compared with the end of 2022. As a consumer building material product in the real estate post-cycle segment, benefiting from the recovery of the completed real estate area, its market demand has increased significantly. It is expected that the follow-up completion end will continue to pick up, and the demand for consumer building materials will continue to increase. In addition, the expansion of financing channels for real estate companies will help alleviate the financial pressure of real estate companies, and at the same time ease the pressure on building material suppliers to pay back. We are optimistic about leading companies in the subdivision of consumer building materials. Consumer building materials recommend leading enterprises in the industry with advantages in scale and product quality, such as Oriental Yuhong, Gongyuan, Jianlang Hardware, Weixing New Materials, Keshun, and BNBM.

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Securities Times News, Galaxy Securities pointed out that the good start of credit has laid a good foundation for the growth of bank loans throughout the year. The development of infrastructure and the recovery of manufacturing financing are expected to become the core drivers. Consumption and real estate are still weak points, and the progress of recovery needs attention. Comprehensively considering multiple factors such as the optimization of epidemic control measures, credit demand restoration and structural adjustment, and the narrowing of LPR repricing range, we judge that bank operations will be good in 2023, the risk of non-performing loans will be generally controllable, and the fundamentals are expected to remain stable. The current valuation of the banking sector is 0.51XPB, which is at a historically low level and has room for upward recovery. We continue to be optimistic about the current stage of banking sector allocation opportunities and give a “recommended” rating. In terms of individual stocks, Bank of Ningbo, Bank of Jiangsu and Bank of Changshu are recommended.

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According to the e-company news from the Securities Times, the General Office of the Hunan Provincial People’s Government issued “Several Policies and Measures on Taking the Initiative for Economic Growth and Realizing the Overall Improvement of Economic Operation”, which proposed to increase support and guidance for consumption in key areas. Continue to implement new energy vehicle replacement subsidies, drive the production and consumption of new energy vehicles, and strive to exceed 1 million new energy vehicle production in the province. Before June 30, 2023, individual consumers who scrapped family cars registered in Hunan that meet the relevant standards and purchased new energy passenger cars in the province can enjoy a financial subsidy of 5,000 yuan with the scrapped car recycling certificate and new car purchase invoices. , The subsidy is coordinated and arranged by the province and the city and state where the car is purchased. The provincial level organizes consumption promotion activities such as the promotion and application of new energy vehicles and the sending of green and smart home appliances to the countryside, and the provincial level will coordinate and arrange funds to provide appropriate subsidies according to the actual expenditure of the city and prefecture.

Disclaimer: The Securities Times strives for truthful and accurate information, and the content mentioned in the article is for reference only and does not constitute substantive investment advice, so operate at your own risk

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