国际投行报告-中国建筑与工程行业-市场份额为国有企业带来机遇-2022.5.13-25页

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国际投行报告-中国建筑与工程行业-市场份额为国有企业带来机遇-2022.5.13-25页

# 建筑与工程行业 # 投行报告 # 国有企业机遇大小：0.99M | 页数：25 | 上架时间：2022-05-20 | 语言：英文

国际投行报告-中国建筑与工程行业-市场份额为国有企业带来机遇-2022.5.13-25页.pdf

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国际投行报告-中国建筑与工程行业-市场份额为国有企业带来机遇-2022.5.13-25页.pdf

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类型: 行研

上传者: YXM-187

撰写机构: HSBC Global Research

出版日期: 2022-05-13

摘要：

We expect infrastructure FAI growth to accelerate from 9% y-o-y in 1Q22 to double-digit growth in 2H22 given 1) E&C contractors’ strong new contract growth, which typically leads FAI by six months; 2) improvement in funding situation, with LGSB (local government special bond) issuance up 446% y-o-y in 4M22 (Exhibit 6); and 3) a low base (2H21: -5% y-o-y, source: Wind). We also see asset monetisation opportunities for contractors via C-REITs. On 7 April 2022, Huaxia China Communications Construction REIT (508018 CH) was listed on the stock exchange with a record-breaking subscription size of over RMB150bn.

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