Key investment points:
Event: on May 16, 2022, the National Bureau of statistics released the economic data of April 2022: from January to April 2022, the added value of industries above designated size increased by 4.0% year-on-year (the growth rate of added value below is the actual growth rate after deducting price factors), down 2.5 percentage points from the previous month. The added value of industries above designated size decreased by 2.9% year-on-year. From January to April, the national service industry production index increased by 0.3% year-on-year, down 2.2 percentage points from January to March. From January to April, the total retail sales of social consumer goods reached 138142 billion yuan, a year-on-year decrease of 0.2%. From January to April, the national fixed asset investment (excluding farmers) was 153544 billion yuan, a year-on-year increase of 6.8%, down 2.5 percentage points from January to March.
In this regard, our comments: the short-term negative impact has caused the decline of economic data. We are more concerned about how many damaged industrial chains can be boosted again in the future with the strong support of policies, and the speed and extent of repair. From the recent meeting and the government's statement, it can be seen that the steady growth policy will strengthen its support for the economy. At present, monetary policy guides commercial banks to increase credit support to entities by creating new refinancing tools and strengthening deposit interest rates, so as to promote the reduction of comprehensive financing costs of enterprises. In terms of fiscal policy, the issuance of special bonds will also be added. It is expected to start with infrastructure construction, and the follow-up monetary and fiscal policies will be further strengthened. The effect of the strong policy deserves attention.
Risk warning: the data contained in this report are incomplete market statistics, which are intended to reflect the market trend rather than accurate quantity. Any suggestions, opinions and speculation contained only reflect the judgment of the company on the date of issuance of this report
