Main recommendations
The central bank lowered the deposit reserve ratio and released 550 billion yuan of long-term funds.
Agricultural development bank: will continue to increase the input of pig credit?
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Market review
Market comment: The timely reduction of RRR by the central bank and the rebound of US stocks over the weekend are conducive to the rebound of A shares.
Macro perspective: On March 16, the central bank lowered the deposit reserve ratio and released 550 billion yuan of long-term funds.
Online education: affected by the epidemic, online education has been strongly supported by the state, and industry leaders have benefited significantly.
Futures information
Metal energy: gold 357. 16, down 2.97%; Copper 43680, up 0.37%; Rebar 3536, up1.26%; Rubber 10720, up1.28%; The PVC index was 6275, up by 0.48%; Zheng Chun 1887, up by 0.37%; Shanghai Aluminum 12935, up by 0.47%; Shanghai Nickel 99250, up1.08%; Iron ore was 660.5, up 2.40%; Coking coal 1283.5, up 2.15%; Brent oil was 38.3, up 3.74%; Coke 1878.5, up 3.13%;
Agricultural products: soybean oil 5328, down 0.56%; Corn 1988, flat; Palm oil 4678, down1.64%; Zheng Mai 2525, up 0.40%; White sugar 5542, down 0.43%; Apple 6720, down 2.04%; Jujube 10420, up by 0.48%; Zheng Mian 1 1955, down 3.16%;
Exchange rate: EUR/USD 1. 1 1, down 0.74%; USD/RMB 7.00, down 0.35%; USD/HK$ 7.77, down 0. 13%.
Second, the key recommendation
1, the targeted reduction of the deposit reserve ratio, the central bank released long-term funds of 550 billion yuan.
Event: In order to support the development of the real economy and reduce the actual cost of social financing, the People's Bank of China decided to implement the inclusive finance targeted cuts to required reserve ratios on March 16, 2020, giving targeted cuts to required reserve ratios, a bank that meets the assessment criteria, 0.5 to 1 percentage point. In addition, eligible joint-stock commercial banks will receive an additional directional deposit reserve ratio of 65,438+0 percentage points to support the issuance of loans in inclusive finance. The above-mentioned targeted reduction of the deposit reserve ratio released long-term funds of 550 billion yuan.
Comments: The targeted reduction of the deposit reserve ratio is in line with market expectations, which reflects the confidence of the central bank in strengthening countercyclical adjustment, and also shows that the central bank still has a large room for flexible operation in monetary policy. At present, the domestic epidemic situation has obviously improved, the policy continues to be warm, and overseas stock markets have a chance to rebound after the plunge. The market is expected to maintain structural performance.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
2. Agricultural Development Bank: Will continue to increase the input of live pig credit?
Event: On March 15, the State Council Joint Prevention and Control Mechanism held a press conference. Lin li, executive director and vice president of Agricultural Development Bank, said that since the beginning of this year, the bank has issued a total of 654.38 billion yuan of live pig loans. Up to now, the bank's pig industry loan balance has reached 20.5 billion yuan, an increase of 5.7 billion yuan or 39% compared with the beginning of the year. In the next step, we will continue to increase the input of live pig credit, complete the annual delivery plan as soon as possible, and make due contributions to ensuring the supply and price stability of live pigs and serving people's livelihood.
Comments: Although the policy continues to increase investment in pig breeding, considering that it takes a certain period for pigs to be slaughtered, it is expected that pork prices will remain high for some time to come. Coupled with the impact of the epidemic on free-range households, it is expected that the production capacity of the industry will continue to be concentrated in leading enterprises, and the head enterprises are expected to continue to enjoy the rise in volume and price in the future.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
Third, the market review
Market comment: The timely reduction of RRR by the central bank and the rebound of US stocks over the weekend are conducive to the rebound of A shares.
Affected by the re-melting of US stocks overnight, the three major A-share indexes opened lower and went higher last Friday. At the close, the Shanghai Composite Index reported 2887.43 points, down1.23%; Shenzhen Component Index reported 1083 1. 13 points, down1.00%; The Chuangzhi Index reported 2030.58 points, down 0.75%. On the face of it, UHV, land transfer and semiconductors were among the top gainers, while masks, disinfectants and medical waste disposal were among the top losers. In the context of the overseas market crash last week, A shares still showed great resilience. In addition, the RRR cut by the central bank over the weekend and the rebound of US stocks are conducive to the start of this week's A-share rebound, and the rhythm is controlled in operation to avoid chasing up and down. Pay attention to the 5G, industrial Internet, UHV, artificial intelligence, new energy vehicles and other sectors covered by "new infrastructure". The stock market is risky, so you need to be cautious in investing.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
Macro perspective: On March 16, the central bank lowered the deposit reserve ratio and released 550 billion yuan of long-term funds.
Event: RRR cut interest rates as scheduled, but exceeded expectations. Although this is a targeted reduction in the deposit reserve ratio, the scale of funds released is no less than RRR's overall interest rate cut. On March 13, the central bank announced that inclusive finance's targeted reduction of the deposit reserve ratio will be implemented on March 16, and banks that meet the assessment criteria will reduce the deposit reserve ratio by 0.5 to 1 percentage point. In addition, eligible joint-stock commercial banks will receive an additional directional deposit reserve ratio of 65,438+0 percentage points to support the issuance of loans in inclusive finance. The above-mentioned targeted reduction of the deposit reserve ratio released long-term funds of 550 billion yuan.
Comments: RRR cut interest rates as scheduled, but it exceeded expectations. Although this is a targeted reduction in the deposit reserve ratio, the scale of funds released is no less than RRR's overall interest rate cut. On March 13, the central bank announced that inclusive finance's targeted reduction of the deposit reserve ratio will be implemented on March 16, and banks that meet the assessment criteria will reduce the deposit reserve ratio by 0.5 to 1 percentage point. In addition, eligible joint-stock commercial banks will receive an additional directional deposit reserve ratio of 65,438+0 percentage points to support the issuance of loans in inclusive finance. The above-mentioned targeted reduction of the deposit reserve ratio released long-term funds of 550 billion yuan. From the news point of view, the overall effective release of monetary liquidity loose expectations, the news is obviously good.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
Online education: affected by the epidemic, online education has been strongly supported by the state, and industry leaders have benefited significantly.
Online education industry: The Ministry of Education and others jointly issued a notice on the work arrangement of "suspension of classes and non-stop learning" during the extension period of primary and secondary schools. "The national primary and secondary school network cloud platform was opened on February 17". At the same time, various provinces and cities have opened online teaching platforms, and online education-related targets will benefit. It is recommended to pay attention to the leading targets of the industry.
(Investment Consultant Gu registered investment consultant certificate number: S026066 1 1020066)