Main recommendations
The coverage of inclusive finance's targeted reduction of the deposit reserve ratio has been expanded to help the development of small and micro enterprises.
The national development and reform commission held a symposium to promote the development of general aviation industry.
Market review
Market comment: As the policy warms up, the market is expected to brew an oversold rebound in the short term, and the operation is cautiously optimistic?
Macro-perspective: the central bank announced the expansion of targeted reduction of the deposit reserve ratio, and it is expected that the release of 700 billion liquidity will be fully lowered.
New energy automobile industry: waiting for flowers to bloom, assembling the future, and the valuation to be repaired.
Futures information
Metal energy: gold 290.55, up 0.99%; Copper 47330, down1.15%; Rebar 3430, up1.84%; Rubber 1 1490, up1.55%; The PVC index was 63 10, down by 0.94%; Zheng Chun 2439, up1.54%; Shanghai Aluminum 13350, down1.07%; Shanghai Nickel 88390, up1.40%; Iron ore 50 1.0, up1.01%; Coke 1934.0, up by 2.65%; Coking coal 1 19 1.0, up1.19%; Brent oil was 56.22, up 1.4 1%.
Agricultural products: soybean oil 5508, up1.89%; Corn 1875, up by 0.59%; Palm oil 4628, up1.58%; Cotton 14855, down 0.20%; Zhengmai 24 1 1, down 0.33%; White sugar 4679, down 0.47%; Apple 10465, down 3.74%.
Exchange rate: Euro/USD 1. 14, up by 0.47%; USD/RMB 6.87, up 0.16%; USD/HK$ 7.83, down 0.03%.
Main recommendations
1, inclusive finance lowered the deposit reserve ratio and expanded its coverage to help the development of small and micro enterprises.
Event: The People's Bank of China announced at 65438 on June 2nd that the loan assessment criteria for small and micro enterprises in targeted cuts to required reserve ratios and inclusive finance will be adjusted from "single-family credit of less than 5 million yuan" to "single-family credit of less than100000 yuan" from 20/0/9.
Comments: This adjustment has two meanings: First, it can increase the credit scale of the original preferential credit enterprises from the maximum of 5 million yuan to the maximum of 6.5438+million yuan, thus increasing the credit line of single-family small and micro enterprises and better meeting the business needs of small and micro enterprises. Second, the inclusion of small and micro enterprises that were not within the scope of preferential policies will help expand the scope of banking services for small and micro enterprises and benefit more small and micro enterprises. According to the previous evaluation criteria, the implementation of targeted cuts to required reserve ratios policy in inclusive finance can cover all large and medium-sized commercial banks, about 90% city commercial banks and about 95% non-county rural commercial banks. With the lowering of standards, small and micro loans with a single credit of less than 6.5438+million yuan can be included in the assessment scope, which will undoubtedly cover more banks, and the number of banks enjoying the preferential treatment of the second targeted reduction of the deposit reserve ratio is expected to increase. This will help to expand the coverage of inclusive finance's preferential policies and reduce the deposit reserve ratio, guide financial institutions to better meet the loan needs of small and micro enterprises, and benefit more small and micro enterprises. On the one hand, the relaxation of the assessment criteria for directionally lowering the deposit reserve ratio will release more liquidity from the deposit, which is conducive to the stability of funds and the continuation of the previous broad monetary policy; On the other hand, it is conducive to consolidating the results of the previous decline in interest rates, keeping the yield of interest rate bonds at a low level, and may encourage further decline in interest rates, which is conducive to reducing the financing costs of entities; Considering that the Central Economic Work Conference has comprehensively stabilized growth, monetary policy easing is likely to run through the whole year of 20 19, and more RRR interest rate reduction measures will be introduced in the future.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
2. The National Development and Reform Commission held a symposium to promote the development of the general aviation industry.
Event: Hong Ren pointed out that since the General Office of the State Council issued the Guiding Opinions on Promoting the Development of General Aviation Industry on 20 16 for more than two years, the relevant departments, military units and local governments have attached great importance to it, focusing on demonstration provinces and 4 1 demonstration projects, actively promoted the development of general aviation industry, made certain progress and accumulated valuable experience. At the same time, it is pointed out that the general aviation supervision ability should be strengthened to improve the safety level; Boldly explore new modes and formats other than military aviation and civil aviation; Attach importance to the construction of infrastructure such as aviation network and flight service station; We will continue to promote the construction of pilot demonstration projects and sum up experience in the implementation process, and all parties should actively support them. In recent years, China's general aviation industry has developed steadily, and the total number of general aircraft registrations, airports for obtaining evidence, navigation and flight operation time have increased year by year. By the end of 20 18 and 10, China general aviation had a total registered fleet of 3,229 aircraft, up by 16.3% year-on-year. Previously, the White Paper on General Aviation Development (20 18) issued by China Aviation Industry Corporation predicted that by 2035, China's general aviation network would be initially formed, with the annual flight hours of general aviation reaching 6 million hours and the fleet size reaching more than 20,000. With the further liberalization of policies related to China's general aviation industry, the general aviation industry will usher in the blue ocean of rapid expansion to the whole industry chain.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
Market review
1, Market Comment: With the policy warming, the market is expected to brew oversold rebound in the short term, and the operation is cautiously optimistic.
On Thursday, the Shanghai and Shenzhen stock markets continued to show a low inertia trend in early trading, and then the active performance of the aerospace military industry, securities, communications and other sectors drove market sentiment. However, when the stock index approached the previous low, it triggered funds to try to enter the market to bargain-hunting, and the oversold rebound of individual stocks spread rapidly in the session, which once showed a general upward trend and promoted the rapid recovery of the stock indexes in the two cities. However, after the stock index rebounded to the 5-day moving average, the pressure fell back, indicating that the enthusiasm for chasing funds was limited, and the market's short-term chasing mentality was still cautious. Since then, the market has basically maintained a narrow range of shocks until the close, and the overall trading volume has been enlarged. With the warming of the policy, the market is expected to brew a technical oversold rebound in the short term. It is suggested to observe the changes of market news calmly. Do it with static braking. 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)
2. Macro perspective: The central bank announced the expansion of targeted cuts to required reserve ratios, which is expected to release 700 billion yuan of liquidity.
According to the data of the National Bureau of Statistics, the national manufacturing PMI continued to decline to 49.4% in June 5438+February, down 0.6 percentage points from the previous month, and fell below the threshold for the first time in the year, which was significantly less than expected; Refreshing the low level since February 2065438+2006 indicates that the operation of manufacturing industry has slowed down obviously.
Comments: On the evening of October 2nd, 65438, the central bank announced that the loan assessment criteria for small and medium-sized enterprises in targeted cuts to required reserve ratios and inclusive finance would be adjusted from "single-family credit of less than 5 million yuan" to "single-family credit of less than 0/00000 yuan" from 20 19. This will help to expand the coverage of inclusive finance's preferential policies and reduce the deposit reserve ratio, guide financial institutions to better meet the loan needs of small and micro enterprises, and benefit more small and micro enterprises.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
3. New energy automobile industry: When the flowers bloom and the future is assembled, the valuation needs to be repaired.
New energy vehicles have turned to consumption-driven, and the electrification of automobiles has accelerated. 20 18 The new subsidy policy will guide the development of high-end cars and high-density batteries, and restrain the low-end production capacity from crowding out the market. The integral system promotes the new energy passenger car market from policy-oriented to consumption-driven, which is helpful for the industry to achieve high production and sales growth and product structure upgrading. The proportion of small and micro cars has decreased, and the number of bicycles has increased significantly. The electrification strategy of domestic traditional car companies continued to advance, and the new forces of making cars accelerated the delivery process. At the same time, overseas car companies have formulated electrification strategies, the supply has increased, and global electrification has begun to accelerate.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)