Key investment points:
The profits of industrial enterprises increased steadily in the first quarter
From January to March 2022, industrial enterprises above Designated Size achieved a total profit of 195557 billion yuan, a year-on-year increase of 8.5% and an average growth rate of 17.68% in three years.
From January to March, the revenue of Industrial Enterprises above designated size increased by 12.7% year-on-year; The cost per 100 yuan of operating income was 84.07 yuan, 0.16 percentage points higher than that from January to February. The expense per 100 yuan of operating income was 8.09 yuan, a year-on-year decrease of 0.54 yuan. With the orderly promotion of policies such as tax reduction and fee reduction and enterprise relief, the profit margin of enterprise operating income was 6.25%, an increase of 0.28 percentage points from January to February.
The mining industry has effectively driven the profit growth of industrial enterprises. Affected by geopolitics, commodity prices rose and upstream profits increased rapidly. Among them, the profit of the mining industry increased by 1.48 times year-on-year, continuing the high growth trend since last year, with a growth rate of 15.8 percentage points higher than that from January to February. The decline in the total profit of manufacturing industry narrowed. By industry, the year-on-year increase of PPI in coal mining and dressing industry and oil and gas mining industry in March expanded to 53.9% and 47.4% respectively, driving the year-on-year increase of total profit by 1.89 times and 1.51 times. The profits of power, heat, gas and water production and supply industries decreased by 30.3% year-on-year, still at a low level. The profit of high-tech manufacturing industry increased by 3.8% year-on-year, which was improved from January to February.
Affected by the epidemic, the growth rate of inventory increased. At the end of March, the inventory of finished products was 5.61 trillion yuan, an increase of 18.1%, and the number of inventory turnover days increased by 0.6 days year-on-year. Overall, the profits of China's industrial enterprises increased steadily in the first quarter. Affected by the repeated outbreaks in many places in China, it has impacted the production chain and supply chain, affected the upstream and downstream of enterprises, and the performance of the manufacturing industry is relatively low. The price of raw materials is still at a high level, and the cost pressure of enterprises is expected to increase. The profit squeeze from the upstream to the middle and downstream still exists, and the profit structure of industrial enterprises still needs to be improved. Li Keqiang presided over the executive meeting of the State Council
Premier Li Keqiang presided over the executive meeting of the State Council on April 27. The meeting decided to strengthen the policy of stabilizing posts and promoting employment, and listen to the work report on ensuring smooth transportation and logistics.
The meeting stressed the need to accelerate the resumption of work and production of enterprises, ensure the normal operation of industrial chain, supply chain, transportation and logistics, anti epidemic and supply guarantee, and key infrastructure enterprises, and take "point-to-point" assistance for those with great difficulties. We will relax the pension, unemployment and work-related injury insurance policies, and expand from five particularly poor industries to all small, medium-sized and micro enterprises and individual industrial and commercial households affected by the epidemic. The maximum return rate of unemployment insurance for small, medium-sized and micro enterprises and individual industrial and commercial households will be raised to 90%. We will support local governments to give preferential treatment to industries in extreme poverty, and support college graduates to start their own businesses.
The meeting stressed that in view of the Limited Logistics in some areas due to the epidemic, it is necessary to ensure the efficient operation of the transportation backbone network, open highway toll stations and service areas, and support platform, express and other enterprises to increase transportation capacity. Ensure the orderly resumption of operation of express logistics outlets shut down due to the epidemic and the return of couriers. Make full use of the transfer station of emergency materials to ensure the transmission of civilian biological resources. From May 1 to the end of the year, the qualified income from express delivery service will be exempted from value-added tax. Launch 100 billion yuan of refinancing as soon as possible to support the financing of transportation, logistics and warehousing industries.
Overall, the national standing committee will deploy and implement the overall epidemic prevention and control, promote enterprises to return to work and reach production capacity, help market players rescue and stabilize the basic employment market.
On April 26, the balance of A-share financing was 146547 billion yuan, a month on month decrease of 27.961 billion yuan; The balance of margin trading was 1541454 billion yuan, a decrease of 29.66 billion yuan month on month. The balance of financing minus securities lending was 1389487 billion yuan, a month on month decrease of 26.261 billion yuan. On April 27, the net purchase of luchutong on that day was 4.359 billion yuan, including 64.159 billion yuan of purchase and 59.800 billion yuan of sale, with a cumulative net purchase of 1612941 billion yuan. On the same day, Hong Kong stocks bought a net HK $2.828 billion, including a purchase transaction of HK $14.896 billion and a sale transaction of HK $12.068 billion, with a cumulative net purchase transaction of HK $2292626 billion.
On April 27, the weighted interest rate of pledged repo of deposit institutions was 1.3007% overnight, down 0.56bp and 1.6658% a week, up 5.47bp. The 10-year yield to maturity of China national debt was 2.8411%, up 1.51bp.
On April 27, the Dow Jones Industrial Average closed at 3330193 points, up 0.19%; The S & P 500 index closed at 418396 points, up 0.21%; The NASDAQ index closed at 1248893 points, down 0.01%. European stock markets, French CAC index closed at 644526 points, up 0.48%; Germany's DAX index closed at 1379394 points, up 0.27%; The FTSE 100 index closed at 742561, up 0.53%. In the Asia Pacific market, the Nikkei index closed at 2638663 points, down 1.17%; The Hang Seng Index closed at 1994636, up 0.06%.
On April 27, the dollar index rose 1.2487 to 1029880. The spot exchange rate of RMB against the US dollar closed at 6.5569, depreciating 96 BP. The spot exchange rate of offshore RMB against the US dollar closed at 6.5871, up 27 BP. The central parity rate of RMB against the US dollar closed at 6.5598, down 8 bp. The euro fell 0.74% against the dollar to 1.0559. The dollar rose 0.94% against the yen to 1284170. The pound fell 0.23% against the dollar to 1.2546.
On April 27, Comex gold futures fell 0.92% to close at US $188660/oz. WTI crude oil futures rose 0.38% to close at US $102.09/barrel. Brent crude oil futures rose 0.32% to close at US $104.94/barrel. LME copper three-month futures fell 0.05% to close at US $9855 / ton.
