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2021-04-05

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Stocks That Could Gain the Most From Biden’s Infrastructure Plan<blockquote>可能从拜登基础设施计划中获益最多的股票</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":349255148,"tweetId":"349255148","gmtCreate":1617618784484,"gmtModify":1634297541579,"author":{"id":3572474896190235,"idStr":"3572474896190235","authorId":3572474896190235,"authorIdStr":"3572474896190235","name":"Zoyoyo","avatar":"https://static.tigerbbs.com/95ad51f5e7e50d18d8bc2eab6cd33224","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":7,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Pls like and comment</body></html>","htmlText":"<html><head></head><body>Pls like and comment</body></html>","text":"Pls like and comment","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/349255148","repostId":1168896860,"repostType":4,"repost":{"id":"1168896860","kind":"news","pubTimestamp":1617616657,"share":"https://www.laohu8.com/m/news/1168896860?lang=zh_CN&edition=full","pubTime":"2021-04-05 17:57","market":"us","language":"en","title":"Stocks That Could Gain the Most From Biden’s Infrastructure Plan<blockquote>可能从拜登基础设施计划中获益最多的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168896860","media":"Barrons","summary":"Wall Street is getting downright giddy about infrastructure.\nPresident Joe Biden’s proposal to spend","content":"Wall Street is getting downright giddy about infrastructure.<blockquote>华尔街对基础设施感到非常兴奋。</blockquote> President Joe Biden’s proposal to spend $2.25 trillion could unleash a “supercycle” of spending last seen in the 1950s, according to Morgan Stanley. With Democrats in control in Washington, the infrastructure floodgates could finally open.<blockquote>摩根士丹利表示，乔·拜登总统提出的支出2.25万亿美元的提议可能会引发上世纪50年代出现的支出“超级周期”。随着民主党控制华盛顿，基础设施的闸门终于可以打开了。</blockquote> At 10% of current gross domestic product, doled out over eight years, the plan reads like a Rooseveltian blueprint for economic and social engineering. More than $600 billion would go to conventional projects like roads, bridges, and public transit. There is $374 billion for tech, according to Goldman Sachs, including rural broadband, modernizing the electric grid, clean-energy storage, and electric vehicles.<blockquote>该计划相当于当前国内生产总值的10%，在八年内发放，读起来像是罗斯福式的经济和社会工程蓝图。超过6000亿美元将用于道路、桥梁和公共交通等传统项目。根据高盛的数据，科技投入了3740亿美元，包括农村宽带、电网现代化、清洁能源存储和电动汽车。</blockquote> U.S. manufacturing and research and development would receive subsidies and incentives worth $480 billion. And $500 billion would go for the caregiving economy and workforce development.<blockquote>美国制造业和研发将获得价值4800亿美元的补贴和激励。5000亿美元将用于护理经济和劳动力发展。</blockquote> Packages like this bring out the knives in Congress. Opposition is already building over the cost and funding mechanism, including anincrease in the corporate tax rate to 28%. Without Republican support in the Senate, where Democrats can’t afford a single defection, a bill would need to pass under complex budget reconciliation rules and wouldn’t be ready for a vote until the summer.<blockquote>像这样的一揽子计划在国会引起了轩然大波。对成本和融资机制的反对已经越来越多，包括将公司税率提高到28%。如果没有参议院共和党的支持，民主党人无法承受一次叛逃，一项法案将需要根据复杂的预算协调规则获得通过，并且要到夏天才能准备好投票。</blockquote> All of this assumes that financial markets cooperate. Ultralow interest rates are keeping a lid on the Treasury’s funding costs. But Treasury yields have been rising as traders price in higher inflation and widening deficits due to all of the fiscal stimulus that has already been injected—$5 trillion and counting. TheBiden plan won’t pay for itself for 15 years, assuming its tax increases hold up. Higher deficits imply more Treasury issuance at potentially higher yields, raising the bill on taxpayers.<blockquote>所有这些都假设金融市场合作。超低利率限制了财政部的融资成本。但由于交易员消化了已经注入的所有财政刺激措施（5万亿美元且还在增加）导致的通胀上升和赤字扩大，美国国债收益率一直在上升。假设增税持续下去，拜登计划在15年内都无法收回成本。更高的赤字意味着以可能更高的收益率发行更多的国债，从而增加纳税人的账单。</blockquote> Another caveat is that infrastructure spending is like an intravenous drip that trickles through the economy’s veins for years. There aren’t enough “shovel-ready” projects to soak up anything close to $2 trillion. Indeed, infrastructure may be the messiest form of stimulus: It is distributed unevenly to states and localities, held up by zoning and contracting issues, and overseen by a patchwork of federal and state environmental rules. The economy may benefit long term from stronger growth and productivity gains, but it won’t happen right away.<blockquote>另一个警告是，基础设施支出就像静脉点滴，多年来一直流经经济血管。没有足够的“现成”项目来吸收接近2万亿美元的资金。事实上，基础设施可能是最混乱的刺激形式：它在各州和地方之间分布不均，受到分区和承包问题的阻碍，并受到联邦和州环境规则的拼凑而成的监管。从长远来看，经济可能会受益于更强劲的增长和生产率的提高，但这不会马上发生。</blockquote> Nonetheless, some economists view it as a long-term winner—addressing years of underinvestment in the country’s foundations. It could pick up the slack after more-immediate stimulus measures run dry.<blockquote>尽管如此，一些经济学家认为这是一个长期赢家——解决了该国多年来基础设施投资不足的问题。在更直接的刺激措施枯竭后，它可能会弥补这一缺口。</blockquote> “It’s an important step to addressing a structural challenge—generating sufficient demand to keep the economy at full employment,” says David Wilcox, a senior fellow at the Peterson Institute for International Economics. “I’m not alarmed by the price tag,” he adds, noting that a 10-year Treasury yield of 1.7% is still historically low.<blockquote>彼得森国际经济研究所高级研究员戴维·威尔科克斯表示：“这是应对结构性挑战的重要一步——创造足够的需求以保持经济充分就业。”“我并不对价格感到震惊，”他补充道，并指出1.7%的10年期国债收益率仍处于历史低位。</blockquote> The markets are betting that infrastructure will be a winner, too. Many stocks have run up, but further gains may arise if the market sees a bill inching toward passage.<blockquote>市场押注基础设施也将成为赢家。许多股票已经上涨，但如果市场看到一项法案逐渐获得通过，可能会出现进一步的上涨。</blockquote> Industrials are already outperforming, thanks to a cyclical recovery, and would be a direct beneficiary of an infrastructure bill, according to BofA Securities. “Don’t buy the spenders, buy the companies that get the money,” BofA says, referring to capital expenditure. “Regardless of stimulus, capex beneficiaries should outperform consumption beneficiaries.”<blockquote>美国银行证券表示，由于周期性复苏，工业股已经表现出色，并将成为基础设施法案的直接受益者。美国银行在谈到资本支出时表示：“不要买花钱的人，要买能赚钱的公司。”“无论刺激措施如何，资本支出受益者的表现都应该优于消费受益者。”</blockquote> TheInvesco DWA Industrials Momentumexchange-traded fund (ticker: PRN) has topped the sector’s performance charts, using technical factors to weight and adjust holdings. TheIndustrial Select Sector SPDRfund (XLI), tracking the S&amp;P 500 industrials, offers more exposure to large-caps in the sector.<blockquote>Invesco DWA Industrials Momentum交易所交易基金（股票代码：PRN）利用技术因素来加权和调整持股，在该行业的业绩排行榜上名列前茅。追踪标普500工业的工业精选行业SPDRfund(XLI)提供更多对该行业大盘股的投资。</blockquote> Engineering and construction companies have had strong runs, but their stocks don’t look overpriced on 2022 estimates.MasTec(MTZ), for instance, goes for 18 times earnings, slightly below theS&amp;P 500,at 20 times. It’s one of Citigroup’s infrastructure picks, along withAecom(ACM),Jacobs EngineeringGroup (J), andQuanta Services(PWR). All look “well positioned for growing investments in infrastructure andclimate-change mitigationefforts,” Citi says.<blockquote>工程和建筑公司表现强劲，但与2022年的预期相比，它们的股票看起来并没有过高。例如，MasTec(MTZ)的市盈率为18倍，略低于标准普尔500指数的20倍。它是花旗集团的基础设施选择之一，其他选择还有AECOM(ACM)、Jacobs EngineeringGroup(J)和Quanta Services(PWR)。花旗表示，所有公司看起来“都处于有利地位，可以增加对基础设施和减缓气候变化工作的投资”。</blockquote> Aggregates and construction materials supplier&nbsp;Vulcan Materials(VMC) would be a beneficiary of spending on roads and bridges. Other winners includeAstec Industries(ASTE) andConstruction Partners(ROAD), according to Ben Phillips, a government-policy expert and chief investment strategist at Savoie Capital. He also likes&nbsp;Evoqua Water Technologies(AQUA) and&nbsp;Great Lakes Dredge &amp; Dock(GLDD). Water stocks still look relatively cheap, he says, and would benefit from clean-water initiatives, including Biden’s plans to replace all lead pipes.<blockquote>骨料和建筑材料供应商Vulcan Materials(VMC)将成为道路和桥梁支出的受益者。Savoie Capital政府政策专家兼首席投资策略师本·菲利普斯(Ben Phillips)表示，其他获奖者包括Astec Industries(ASTE)和Construction Partners(ROAD)。他还喜欢Evoqua Water Technologies(AQUA)和Great Lakes Dredge&amp;Dock(GLDD)。他说，水股看起来仍然相对便宜，并将受益于清洁水举措，包括拜登更换所有铅管的计划。</blockquote> Prices are steep in clean tech since the markets started betting on a Green New Deal last summer. Still, if this is the start of a multiyear cycle, the sector could outperform long term.<blockquote>自去年夏天市场开始押注绿色新政以来，清洁技术的价格一直很高。尽管如此，如果这是一个多年周期的开始，该行业的长期表现可能会优于大盘。</blockquote> First Trust Nasdaq Clean Edge Green Energy Indexfund (QCLN) holds around 50 stocks in the space. Clean-tech winners, according to Morgan Stanley, include&nbsp;TPI Composites(TPIC),Sunrun(RUN), and SolarEdge Technologies (SEDG). TPI makes wind turbine blades and is expanding into ultralight bodies and components for electric buses and trucks. Morgan Stanley calls Sunrun a “best in class” solar installer and says SolarEdge has “cutting edge” technology with an expanding market in energy storage and EVs. Both trade at steep market premiums.<blockquote>第一信托纳斯达克清洁边缘绿色能源指数基金(QCLN)持有该领域约50只股票。据摩根士丹利称，清洁技术获奖者包括TPI Composites(TPIC)、Sunrun(RUN)和SolarEdge Technologies(SEDG)。TPI生产风力涡轮机叶片，并正在扩展到电动巴士和卡车的超轻车身和部件。摩根士丹利评级Sunrun是一家“一流”的太阳能安装商，并表示SolarEdge拥有“尖端”技术，在储能和电动汽车领域的市场不断扩大。两者的交易价格都很高。</blockquote> For income investors, three ways to play the green theme areNextEra Energy(NEE), Atlantica Sustainable Infrastructure (AY), and Clearway Energy (CWEN). NextEra is one of the largest renewable-power companies in the U.S. and a utility operator in Florida, yielding 2%. Atlantica and Clearway each own portfolios of assets such as wind and solar farms, yielding 4.4% and 4.0%, respectively.<blockquote>对于收益投资者来说，玩绿色主题的三种方式是Extera Energy(NEE)、Atlantica Sustainable Infrastructure(AY)和Clearway Energy(CWEN)。NextEra是美国最大的可再生能源公司之一，也是佛罗里达州的公用事业运营商，收益率为2%。Atlantica和Clearway各自拥有风能和太阳能发电场等资产投资组合，收益率分别为4.4%和4.0%。</blockquote> “They both have tailwinds and predictable cash flows,” says Josh Duitz, an infrastructure portfolio manager with Aberdeen Standard Investments. That could be a winning ticket if cooler heads prevail in the sizzling green-energy sector.<blockquote>“它们都有顺风和可预测的现金流，”阿伯丁标准投资公司基础设施投资组合经理乔什·杜伊茨(Josh Duitz)表示。如果冷静的头脑在炙手可热的绿色能源领域占上风，这可能是一张获胜的门票。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks That Could Gain the Most From Biden’s Infrastructure Plan<blockquote>可能从拜登基础设施计划中获益最多的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks That Could Gain the Most From Biden’s Infrastructure Plan<blockquote>可能从拜登基础设施计划中获益最多的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-05 17:57\n\n</h4>\n</header>\n<article>\nWall Street is getting downright giddy about infrastructure.<blockquote>华尔街对基础设施感到非常兴奋。</blockquote> President Joe Biden’s proposal to spend $2.25 trillion could unleash a “supercycle” of spending last seen in the 1950s, according to Morgan Stanley. With Democrats in control in Washington, the infrastructure floodgates could finally open.<blockquote>摩根士丹利表示，乔·拜登总统提出的支出2.25万亿美元的提议可能会引发上世纪50年代出现的支出“超级周期”。随着民主党控制华盛顿，基础设施的闸门终于可以打开了。</blockquote> At 10% of current gross domestic product, doled out over eight years, the plan reads like a Rooseveltian blueprint for economic and social engineering. More than $600 billion would go to conventional projects like roads, bridges, and public transit. There is $374 billion for tech, according to Goldman Sachs, including rural broadband, modernizing the electric grid, clean-energy storage, and electric vehicles.<blockquote>该计划相当于当前国内生产总值的10%，在八年内发放，读起来像是罗斯福式的经济和社会工程蓝图。超过6000亿美元将用于道路、桥梁和公共交通等传统项目。根据高盛的数据，科技投入了3740亿美元，包括农村宽带、电网现代化、清洁能源存储和电动汽车。</blockquote> U.S. manufacturing and research and development would receive subsidies and incentives worth $480 billion. And $500 billion would go for the caregiving economy and workforce development.<blockquote>美国制造业和研发将获得价值4800亿美元的补贴和激励。5000亿美元将用于护理经济和劳动力发展。</blockquote> Packages like this bring out the knives in Congress. Opposition is already building over the cost and funding mechanism, including anincrease in the corporate tax rate to 28%. Without Republican support in the Senate, where Democrats can’t afford a single defection, a bill would need to pass under complex budget reconciliation rules and wouldn’t be ready for a vote until the summer.<blockquote>像这样的一揽子计划在国会引起了轩然大波。对成本和融资机制的反对已经越来越多，包括将公司税率提高到28%。如果没有参议院共和党的支持，民主党人无法承受一次叛逃，一项法案将需要根据复杂的预算协调规则获得通过，并且要到夏天才能准备好投票。</blockquote> All of this assumes that financial markets cooperate. Ultralow interest rates are keeping a lid on the Treasury’s funding costs. But Treasury yields have been rising as traders price in higher inflation and widening deficits due to all of the fiscal stimulus that has already been injected—$5 trillion and counting. TheBiden plan won’t pay for itself for 15 years, assuming its tax increases hold up. Higher deficits imply more Treasury issuance at potentially higher yields, raising the bill on taxpayers.<blockquote>所有这些都假设金融市场合作。超低利率限制了财政部的融资成本。但由于交易员消化了已经注入的所有财政刺激措施（5万亿美元且还在增加）导致的通胀上升和赤字扩大，美国国债收益率一直在上升。假设增税持续下去，拜登计划在15年内都无法收回成本。更高的赤字意味着以可能更高的收益率发行更多的国债，从而增加纳税人的账单。</blockquote> Another caveat is that infrastructure spending is like an intravenous drip that trickles through the economy’s veins for years. There aren’t enough “shovel-ready” projects to soak up anything close to $2 trillion. Indeed, infrastructure may be the messiest form of stimulus: It is distributed unevenly to states and localities, held up by zoning and contracting issues, and overseen by a patchwork of federal and state environmental rules. The economy may benefit long term from stronger growth and productivity gains, but it won’t happen right away.<blockquote>另一个警告是，基础设施支出就像静脉点滴，多年来一直流经经济血管。没有足够的“现成”项目来吸收接近2万亿美元的资金。事实上，基础设施可能是最混乱的刺激形式：它在各州和地方之间分布不均，受到分区和承包问题的阻碍，并受到联邦和州环境规则的拼凑而成的监管。从长远来看，经济可能会受益于更强劲的增长和生产率的提高，但这不会马上发生。</blockquote> Nonetheless, some economists view it as a long-term winner—addressing years of underinvestment in the country’s foundations. It could pick up the slack after more-immediate stimulus measures run dry.<blockquote>尽管如此，一些经济学家认为这是一个长期赢家——解决了该国多年来基础设施投资不足的问题。在更直接的刺激措施枯竭后，它可能会弥补这一缺口。</blockquote> “It’s an important step to addressing a structural challenge—generating sufficient demand to keep the economy at full employment,” says David Wilcox, a senior fellow at the Peterson Institute for International Economics. “I’m not alarmed by the price tag,” he adds, noting that a 10-year Treasury yield of 1.7% is still historically low.<blockquote>彼得森国际经济研究所高级研究员戴维·威尔科克斯表示：“这是应对结构性挑战的重要一步——创造足够的需求以保持经济充分就业。”“我并不对价格感到震惊，”他补充道，并指出1.7%的10年期国债收益率仍处于历史低位。</blockquote> The markets are betting that infrastructure will be a winner, too. Many stocks have run up, but further gains may arise if the market sees a bill inching toward passage.<blockquote>市场押注基础设施也将成为赢家。许多股票已经上涨，但如果市场看到一项法案逐渐获得通过，可能会出现进一步的上涨。</blockquote> Industrials are already outperforming, thanks to a cyclical recovery, and would be a direct beneficiary of an infrastructure bill, according to BofA Securities. “Don’t buy the spenders, buy the companies that get the money,” BofA says, referring to capital expenditure. “Regardless of stimulus, capex beneficiaries should outperform consumption beneficiaries.”<blockquote>美国银行证券表示，由于周期性复苏，工业股已经表现出色，并将成为基础设施法案的直接受益者。美国银行在谈到资本支出时表示：“不要买花钱的人，要买能赚钱的公司。”“无论刺激措施如何，资本支出受益者的表现都应该优于消费受益者。”</blockquote> TheInvesco DWA Industrials Momentumexchange-traded fund (ticker: PRN) has topped the sector’s performance charts, using technical factors to weight and adjust holdings. TheIndustrial Select Sector SPDRfund (XLI), tracking the S&amp;P 500 industrials, offers more exposure to large-caps in the sector.<blockquote>Invesco DWA Industrials Momentum交易所交易基金（股票代码：PRN）利用技术因素来加权和调整持股，在该行业的业绩排行榜上名列前茅。追踪标普500工业的工业精选行业SPDRfund(XLI)提供更多对该行业大盘股的投资。</blockquote> Engineering and construction companies have had strong runs, but their stocks don’t look overpriced on 2022 estimates.MasTec(MTZ), for instance, goes for 18 times earnings, slightly below theS&amp;P 500,at 20 times. It’s one of Citigroup’s infrastructure picks, along withAecom(ACM),Jacobs EngineeringGroup (J), andQuanta Services(PWR). All look “well positioned for growing investments in infrastructure andclimate-change mitigationefforts,” Citi says.<blockquote>工程和建筑公司表现强劲，但与2022年的预期相比，它们的股票看起来并没有过高。例如，MasTec(MTZ)的市盈率为18倍，略低于标准普尔500指数的20倍。它是花旗集团的基础设施选择之一，其他选择还有AECOM(ACM)、Jacobs EngineeringGroup(J)和Quanta Services(PWR)。花旗表示，所有公司看起来“都处于有利地位，可以增加对基础设施和减缓气候变化工作的投资”。</blockquote> Aggregates and construction materials supplier&nbsp;Vulcan Materials(VMC) would be a beneficiary of spending on roads and bridges. Other winners includeAstec Industries(ASTE) andConstruction Partners(ROAD), according to Ben Phillips, a government-policy expert and chief investment strategist at Savoie Capital. He also likes&nbsp;Evoqua Water Technologies(AQUA) and&nbsp;Great Lakes Dredge &amp; Dock(GLDD). Water stocks still look relatively cheap, he says, and would benefit from clean-water initiatives, including Biden’s plans to replace all lead pipes.<blockquote>骨料和建筑材料供应商Vulcan Materials(VMC)将成为道路和桥梁支出的受益者。Savoie Capital政府政策专家兼首席投资策略师本·菲利普斯(Ben Phillips)表示，其他获奖者包括Astec Industries(ASTE)和Construction Partners(ROAD)。他还喜欢Evoqua Water Technologies(AQUA)和Great Lakes Dredge&amp;Dock(GLDD)。他说，水股看起来仍然相对便宜，并将受益于清洁水举措，包括拜登更换所有铅管的计划。</blockquote> Prices are steep in clean tech since the markets started betting on a Green New Deal last summer. Still, if this is the start of a multiyear cycle, the sector could outperform long term.<blockquote>自去年夏天市场开始押注绿色新政以来，清洁技术的价格一直很高。尽管如此，如果这是一个多年周期的开始，该行业的长期表现可能会优于大盘。</blockquote> First Trust Nasdaq Clean Edge Green Energy Indexfund (QCLN) holds around 50 stocks in the space. Clean-tech winners, according to Morgan Stanley, include&nbsp;TPI Composites(TPIC),Sunrun(RUN), and SolarEdge Technologies (SEDG). TPI makes wind turbine blades and is expanding into ultralight bodies and components for electric buses and trucks. Morgan Stanley calls Sunrun a “best in class” solar installer and says SolarEdge has “cutting edge” technology with an expanding market in energy storage and EVs. Both trade at steep market premiums.<blockquote>第一信托纳斯达克清洁边缘绿色能源指数基金(QCLN)持有该领域约50只股票。据摩根士丹利称，清洁技术获奖者包括TPI Composites(TPIC)、Sunrun(RUN)和SolarEdge Technologies(SEDG)。TPI生产风力涡轮机叶片，并正在扩展到电动巴士和卡车的超轻车身和部件。摩根士丹利评级Sunrun是一家“一流”的太阳能安装商，并表示SolarEdge拥有“尖端”技术，在储能和电动汽车领域的市场不断扩大。两者的交易价格都很高。</blockquote> For income investors, three ways to play the green theme areNextEra Energy(NEE), Atlantica Sustainable Infrastructure (AY), and Clearway Energy (CWEN). NextEra is one of the largest renewable-power companies in the U.S. and a utility operator in Florida, yielding 2%. Atlantica and Clearway each own portfolios of assets such as wind and solar farms, yielding 4.4% and 4.0%, respectively.<blockquote>对于收益投资者来说，玩绿色主题的三种方式是Extera Energy(NEE)、Atlantica Sustainable Infrastructure(AY)和Clearway Energy(CWEN)。NextEra是美国最大的可再生能源公司之一，也是佛罗里达州的公用事业运营商，收益率为2%。Atlantica和Clearway各自拥有风能和太阳能发电场等资产投资组合，收益率分别为4.4%和4.0%。</blockquote> “They both have tailwinds and predictable cash flows,” says Josh Duitz, an infrastructure portfolio manager with Aberdeen Standard Investments. That could be a winning ticket if cooler heads prevail in the sizzling green-energy sector.<blockquote>“它们都有顺风和可预测的现金流，”阿伯丁标准投资公司基础设施投资组合经理乔什·杜伊茨(Josh Duitz)表示。如果冷静的头脑在炙手可热的绿色能源领域占上风，这可能是一张获胜的门票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/biden-wants-to-spend-2-trillion-on-infrastructure-these-stocks-stand-to-gain-the-most-51617402161?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SEDG":"SolarEdge Technologies, Inc.","VMC":"火神材料","GLDD":"大湖疏浚船坞",".DJI":"道琼斯","QCLN":"First Trust NASDAQ Clean Edge Green Energy Index Fund","RUN":"Sunrun Inc."},"source_url":"https://www.barrons.com/articles/biden-wants-to-spend-2-trillion-on-infrastructure-these-stocks-stand-to-gain-the-most-51617402161?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168896860","content_text":"Wall Street is getting downright giddy about infrastructure.\nPresident Joe Biden’s proposal to spend $2.25 trillion could unleash a “supercycle” of spending last seen in the 1950s, according to Morgan Stanley. With Democrats in control in Washington, the infrastructure floodgates could finally open.\nAt 10% of current gross domestic product, doled out over eight years, the plan reads like a Rooseveltian blueprint for economic and social engineering. More than $600 billion would go to conventional projects like roads, bridges, and public transit. There is $374 billion for tech, according to Goldman Sachs, including rural broadband, modernizing the electric grid, clean-energy storage, and electric vehicles.\nU.S. manufacturing and research and development would receive subsidies and incentives worth $480 billion. And $500 billion would go for the caregiving economy and workforce development.\nPackages like this bring out the knives in Congress. Opposition is already building over the cost and funding mechanism, including anincrease in the corporate tax rate to 28%. Without Republican support in the Senate, where Democrats can’t afford a single defection, a bill would need to pass under complex budget reconciliation rules and wouldn’t be ready for a vote until the summer.\nAll of this assumes that financial markets cooperate. Ultralow interest rates are keeping a lid on the Treasury’s funding costs. But Treasury yields have been rising as traders price in higher inflation and widening deficits due to all of the fiscal stimulus that has already been injected—$5 trillion and counting. TheBiden plan won’t pay for itself for 15 years, assuming its tax increases hold up. Higher deficits imply more Treasury issuance at potentially higher yields, raising the bill on taxpayers.\nAnother caveat is that infrastructure spending is like an intravenous drip that trickles through the economy’s veins for years. There aren’t enough “shovel-ready” projects to soak up anything close to $2 trillion. Indeed, infrastructure may be the messiest form of stimulus: It is distributed unevenly to states and localities, held up by zoning and contracting issues, and overseen by a patchwork of federal and state environmental rules. The economy may benefit long term from stronger growth and productivity gains, but it won’t happen right away.\nNonetheless, some economists view it as a long-term winner—addressing years of underinvestment in the country’s foundations. It could pick up the slack after more-immediate stimulus measures run dry.\n“It’s an important step to addressing a structural challenge—generating sufficient demand to keep the economy at full employment,” says David Wilcox, a senior fellow at the Peterson Institute for International Economics. “I’m not alarmed by the price tag,” he adds, noting that a 10-year Treasury yield of 1.7% is still historically low.\nThe markets are betting that infrastructure will be a winner, too. Many stocks have run up, but further gains may arise if the market sees a bill inching toward passage.\nIndustrials are already outperforming, thanks to a cyclical recovery, and would be a direct beneficiary of an infrastructure bill, according to BofA Securities. “Don’t buy the spenders, buy the companies that get the money,” BofA says, referring to capital expenditure. “Regardless of stimulus, capex beneficiaries should outperform consumption beneficiaries.”\nTheInvesco DWA Industrials Momentumexchange-traded fund (ticker: PRN) has topped the sector’s performance charts, using technical factors to weight and adjust holdings. TheIndustrial Select Sector SPDRfund (XLI), tracking the S&P 500 industrials, offers more exposure to large-caps in the sector.\nEngineering and construction companies have had strong runs, but their stocks don’t look overpriced on 2022 estimates.MasTec(MTZ), for instance, goes for 18 times earnings, slightly below theS&P 500,at 20 times. It’s one of Citigroup’s infrastructure picks, along withAecom(ACM),Jacobs EngineeringGroup (J), andQuanta Services(PWR). All look “well positioned for growing investments in infrastructure andclimate-change mitigationefforts,” Citi says.\nAggregates and construction materials supplier Vulcan Materials(VMC) would be a beneficiary of spending on roads and bridges. Other winners includeAstec Industries(ASTE) andConstruction Partners(ROAD), according to Ben Phillips, a government-policy expert and chief investment strategist at Savoie Capital. He also likes Evoqua Water Technologies(AQUA) and Great Lakes Dredge & Dock(GLDD). Water stocks still look relatively cheap, he says, and would benefit from clean-water initiatives, including Biden’s plans to replace all lead pipes.\nPrices are steep in clean tech since the markets started betting on a Green New Deal last summer. Still, if this is the start of a multiyear cycle, the sector could outperform long term.\nFirst Trust Nasdaq Clean Edge Green Energy Indexfund (QCLN) holds around 50 stocks in the space. Clean-tech winners, according to Morgan Stanley, include TPI Composites(TPIC),Sunrun(RUN), and SolarEdge Technologies (SEDG). TPI makes wind turbine blades and is expanding into ultralight bodies and components for electric buses and trucks. Morgan Stanley calls Sunrun a “best in class” solar installer and says SolarEdge has “cutting edge” technology with an expanding market in energy storage and EVs. Both trade at steep market premiums.\nFor income investors, three ways to play the green theme areNextEra Energy(NEE), Atlantica Sustainable Infrastructure (AY), and Clearway Energy (CWEN). NextEra is one of the largest renewable-power companies in the U.S. and a utility operator in Florida, yielding 2%. Atlantica and Clearway each own portfolios of assets such as wind and solar farms, yielding 4.4% and 4.0%, respectively.\n“They both have tailwinds and predictable cash flows,” says Josh Duitz, an infrastructure portfolio manager with Aberdeen Standard Investments. That could be a winning ticket if cooler heads prevail in the sizzling green-energy sector.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"VMC":0.9,"RUN":0.9,".SPX":0.9,"SEDG":0.9,"QCLN":0.9,"TPIC":0.9,"GLDD":0.9}},"isVote":1,"tweetType":1,"viewCount":358,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":17,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/349255148"}