The State Council briefing: Monetary policy has not been tightened or relaxed. The outside world misread the Politburo meeting.
Four departments: qualified pollution prevention and control enterprises collect income tax at a reduced rate of 15%.
Market review
Market Comments: The market will once again usher in "Black Thursday", and the market may face a rebound after continuous adjustment.
Automobile: The retail sales of passenger cars decreased 12% year-on-year in March 20 19, and the sales growth rate in February was 48%.
Futures information
Metal energy: gold 280.7, up 0.23%; Copper 48720, down 0.98%; Rebar 3730, down 0.37%; Rubber 1 15 10, up by 0.22%; The PVC index was 6950, down 0.00%; Zheng Chun 2440, down 0.73%; Shanghai Aluminum 14220, down 0.04%; Shanghai nickel 97520, down 0.23%; Iron ore was 623.5, up 0.48%; Coke 204 1, down 0.34%; Coking coal 1357.5, up by 0.70%; Crude oil was 500.9, up 0.22%;
Agricultural products: soybean oil 5392, down1.10%; Corn 1906, down 0.42%; Palm oil 4528, down1.09%; Cotton 15630, down 0.45%; Zheng Mai 2433, down 0.33%; Sugar 5255, down1.07%; Apple 82 16, down 0.65%;
Exchange rate: EUR/USD 1. 1 133, down 0.18%; USD/RMB 6.7505, up 0.24%; USD/HK$ 7.8439, up 0.02%.
(The above futures data are from Shanghai Futures Exchange, Dalian Commodity Exchange and Zhengzhou Commodity Exchange)
New stock tips
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Main recommendations
1, the State Council briefing: Monetary policy has not been tightened or relaxed. The outside world has misunderstood the Politburo meeting.
Is the macro easing policy over? This is misinterpretation and misreading.
When analyzing the economic situation in the first quarter, the Political Bureau of the Central Committee demanded that the monetary policy should be pre-adjusted and fine-tuned in time according to the changes in economic growth and price situation, but did not propose to change the orientation of monetary policy. "On April 25th, Liu Guoqiang, deputy governor of the People's Bank of China, stressed when talking about the latest macro policies at the the State Council policy briefing.
Liu Guoqiang pointed out that at present, the monetary policy orientation is steady, the operation method is camera choice, pre-adjustment and fine-tuning, and the operation goal is moderate tightening. Therefore, the central bank has no intention of tightening monetary policy, nor does it intend to relax monetary policy.
Comments: Worried about the shift of monetary policy is a fundamental reason for the continued volatility and decline of the A-share market this week. Although Vice President Liu Guoqiang emphasized that the monetary policy has not turned, the monetary policy in the first quarter did not reach the level expected by the market. In addition, after a quarter's rise, the profit-taking disk is quite rich. Therefore, once the market enters adjustment, it is not easy to turn again.
(investment consultant? Jin Cai? Certificate number of registered investment consultant: S02606 1 1090020)
2. Four departments: qualified pollution prevention and control enterprises shall collect income tax at a reduced rate of 15%.
According to the website of the Ministry of Finance, in order to encourage the professional and large-scale development of pollution prevention and control enterprises and better support the construction of ecological civilization, the four departments jointly issued the "Announcement on the Income Tax Policy for Third Party Enterprises Engaged in Pollution Prevention and Control", clarifying that qualified pollution prevention and control enterprises are subject to income tax at a reduced rate of 15%.
Comments: This news is good for environmental protection stocks. It is expected that environmental protection stocks will be stimulated and active by this news. However, due to market reasons, the strength of environmental protection stocks is difficult to continue. It is not recommended to chase up and participate.
(investment consultant? Jin Cai? Certificate number of registered investment consultant: S02606 1 1090020)
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Market review
1, Market Comment: The market will usher in "Black Thursday" again, and the market may rebound after continuous adjustment.
On Thursday, April 25th, the two cities continued to adjust, and fell unilaterally all day. The Shanghai Composite Index fell below the 30-day moving average, the Growth Enterprise Market fell nearly 3%, and nearly 80 stocks fell. Hot plates have been adjusted back, and only the breeding concept stocks closed slightly. Although the intraday aquaculture, brokerage, banking and other sectors showed abnormal performance, they failed to drive the market to rise and soon fell back. At the close, the Shanghai Composite Index closed at 3 123.83 points, down 2.43%. The GEM index closed at 1669.98, down 2.84%. The total turnover of the two cities was 733.4 billion yuan, which was larger than that of the previous trading day.
This week's market adjustment is expected. Today's market crash is related to the sudden announcement by the Hong Kong regulatory authorities that "a recent coordinated on-site inspection of a bank and a licensed company owned by a subsidiary of a mainland banking group found that the group conducted a series of complex transactions through private equity funds and other entities". The analysis believes that complex transactions may involve fund-raising, and the regulatory authorities have cracked down on illegal fund-raising at present. This news will more or less affect the enthusiasm of funds going north. In the medium term, we are not pessimistic about the market prospects. The big logic of the medium-term bull market slowdown is not bad, and the phased adjustment has a bottom. Investors need not worry too much about the continued decline of the market. In operation, holding shares is the mainstay, and it is not recommended to continue to follow suit in the short term. After the short-term market goes down, there may be a backlash. Investors should pay attention to the strength of counter-pumping before considering whether to further reduce their positions.
(The investment consultant has registered the investment consultant certificate number: S02606 130900 15)
2. Automobile: The retail sales of passenger cars decreased 12% year-on-year in March, and the sales growth rate in February was 48%.
According to the data of the Federation, the retail sales of passenger cars decreased by 12% year-on-year in March 20 19, and the sales growth rate in February was 48%. 20 19 in the first quarter, the national retail sales of passenger cars reached 5.078 million, down 10.5% year-on-year. In terms of vehicle types, all major vehicle types declined to varying degrees in March, including SUV decline 10.7%, car decline 12.0% and MPV decline 20.2%. In terms of models, luxury cars maintained a positive growth in the early stage, with the growth rate of 7.5% in March, the mainstream joint venture brands decreased by 12.3%, and the independent brands decreased by 15.7%. Generally speaking, Japanese brands perform better than German brands. In March, the wholesale sales volume of new energy vehicles was 1 1. 1 10,000 vehicles, a year-on-year growth rate of 100.9%. In the quarter of 20 19, the total wholesale sales volume of new energy was 254,000 vehicles, with a year-on-year growth rate of 1 17.8%, which maintained the strong growth in the previous period.
Investment Comments: After the Spring Festival, the overall sales of automobiles have begun to pick up, and the sales of new energy vehicles continue to be beautiful. It is expected that April will continue to improve compared with March. At the same time, since April 1, the manufacturing value-added tax rate has been lowered by 3 pct, and import tariffs have also been lowered to varying degrees, which has formed policy support for luxury car consumption. Recently, the Sino-US trade war has eased, corporate tax has been lowered, and the government has successively introduced automobile consumption stimulus policies, which will slowly promote the recovery of the automobile consumption market. It is expected that the auto market will stop falling and rebound in the second half of the year, and investors can arrange leading car companies and high-quality parts car companies on dips.
(The investment consultant has registered the investment consultant certificate number: S02606 130900 15)