Total research
Viewing the path and height of China's consumption restoration from an overseas Perspective
Release date: April 24, 2022
Analyst: Gao Ruidong / Liu Xingchen
From the perspective of the dichotomy of residents' income and savings rate, the residents' savings rate has dropped significantly, but the epidemic has repeatedly added variables. In addition, the problem of income structural differentiation is still ongoing, and the recovery of residents' consumption is uncertain, which highly depends on China's epidemic prevention policy and the effect of steady growth. Structurally, the focus of future consumption recovery lies in the service industry. From overseas experience, after the relaxation of epidemic control, the recovery of catering and accommodation industries is high, while the recovery of entertainment and transportation services is relatively slow, and there is still a gap in upward repair.
Profit recovery does not change the pressure of enterprises, and policies still need to be strengthened -- Comments on enterprise profit data in March 2022
Release date: April 27, 2022
Analyst: Gao Ruidong; Contact: Yang Kang
Driven by the tax reduction and fee reduction and the low base in the same period last year, the growth rate of corporate profits increased significantly in March. Specifically, in March, the price of industrial products was still high and volatile, the operating profit margin increased significantly, and the unit cost decreased significantly, supporting the increase of enterprise profit growth. In terms of structure, the profit differentiation gradually eased in March, the profit proportion of the upstream mining industry fell, the profit proportion of the midstream equipment manufacturing industry rebounded sharply, the consumer manufacturing industry fell slightly disturbed by the epidemic, and the benefit imbalance between enterprises tended to ease.
Favor upstream and stable growth, reduce position technology -- Analysis of the first quarterly report of partial stock public funds
Release date: April 24, 2022
Analyst: Zhang Yusheng / Gong Jian; Contact: Liu Fang
Affected by factors such as poor market performance and cold issuance, the total assets and stock asset scale of partial equity funds decreased month on month in the first quarter. The position on the main board of Shanghai stock market continues to rise, and the upstream and consumption of position increase. Excluding the disturbance of the change of stock price on the position amount of heavy position stocks, partial stock funds increase positions in industries such as electrical equipment, medicine and biology, while reduce positions in industries such as electronics and non bank finance. Hong Kong stocks increased their positions upstream and downstream, and reduced their positions in technology China Merchants Bank Co.Ltd(600036) entered the top ten heavyweight stocks.
Epidemic inflection point, consumption Restoration -- a series of post epidemic consumption regression
Release date: April 24, 2022
Analyst: Zhang Yusheng / Cheng Xinxing / Tang Jiarui / Li Zenan / Gong Jian; Contact: Tian ran
Recently, China has been disturbed by the epidemic again, but the inflection point may be approaching. From the long-term trend, with the promotion of covid-19 vaccine in China, especially the strengthening of vaccination, as well as the research and development and introduction of small molecule drugs, the general trend of weakening the impact of the epidemic in the future will remain unchanged, and China may gradually relax the control restrictions under appropriate conditions. The reduction of epidemic pressure has an immediate effect on the recovery of offline consumption, and the overall healthy balance sheet of Chinese residents also provides a foundation for the recovery of consumption. It is suggested to pay attention to aviation airport, retail, social service and other industries.
