Event:
On April 10, the opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market was officially issued. The opinions made it clear that we will start from six aspects, including the construction of basic systems, build a unified national market, comprehensively promote the transformation of China’s market from large to strong, and provide strong support for the construction of a high-standard market system and a high-level socialist market economic system.
Key investment points:
We believe that the establishment of a national unified market may mainly bring opportunities in the following aspects:
Opportunities for factor market reform
Building a national unified market requires the whole country to play a game of chess. The core lies in “factor marketization”. That is, tap the potential of the system through the factor market reform of land, labor, capital, technology and data. It is suggested to pay attention to the opportunities generated in the above factor market reform. Independent control is the general trend. One of the purposes of establishing a unified market is to “promote scientific and technological innovation and industrial upgrading, and cultivate new advantages in participating in international competition and cooperation”. It is suggested to focus on domestic substitution opportunities in key areas or areas with high import dependence: seeds, agricultural machinery, soybeans, palm oil, sugar, etc; Iron ore, high-end special steel, etc; Carbon fiber, etc; Chip design, semiconductor materials and equipment; Operating system and industrial software; Industrial Siasun Robot&Automation Co.Ltd(300024) , high-power laser, high-end bearing, high-end CNC machine tool, etc; Superalloys, aeroengines, marine equipment, special ships, aeroengines, etc; Industrial automation control, new energy equipment manufacturing, etc. (main bearing, IGBT, control system, high voltage DC submarine cable); Optical modules and high-end sensors.
The domestic demand market is expected to further open
The establishment of China’s unified market is ultimately to establish a large and strong domestic demand market, especially service-oriented consumption and rural consumption that meet the relevant needs of “learning, happiness, safety, health and beauty”, as well as the opportunities brought by the rise of national tide brands with the improvement of national competitiveness and cultural self-confidence.
The impact on the Internet may be limited
“Further regulating improper market competition and market intervention” in the opinions raised concerns about the intensification of antitrust and Internet platform supervision, and triggered a sharp decline in Hong Kong stock Internet related companies. However, we believe that the most stringent stage of Internet platform supervision may have passed, and the establishment of a national unified market can also give full play to the positive effects of Internet platforms. The short-term adjustment of Internet companies may be mainly due to the current low market risk appetite and the fear of capital outflow, rather than the negative impact from the document itself.
Risk warning: the risk that the reform is not as expected; The risk of repeated outbreaks; The risk of economic growth falling short of expectations.
