The market environment is becoming more and more stable, and the pricing logic returns to the fundamentals.

Li Keqiang: We must resolutely put an end to power cuts this year.

From June 7th to June 9th, 65438, People's Republic of China (PRC) The Politburo Standing Committee (PSC) and Li Keqiang, Premier of the State Council of the People's Republic of China visited Qujing and Kunming. Li Keqiang inspected the West-to-East Power Transmission Control Center, stressing that a stable energy supply is an important support for ensuring development and stabilizing prices. We must resolutely put an end to power cuts this year. It is necessary to dispatch scientifically, seize the favorable conditions of more incoming water, generate more electricity, complete the task of transmitting electricity from west to east, and give full play to the flood control function of water conservancy projects.

"You can save a lot of handling fees in one year!" Digital RMB entered Yiwu market for the first time, and the business experience was enthusiastic.

On May 19, digital RMB entered Yiwu market for the first time. As the world's largest commodity trading market, Yiwu has more than 265,438+10,000 small and medium-sized enterprises and rich B-side payment application scenarios, which undoubtedly provides more models for the promotion and application innovation of digital RMB. "We have to pay the premise now, and now we use digital RMB to trade, with low cost and zero handling fee. It is safe and convenient for us to do business, and we can save a lot of costs! " A shopkeeper told reporters that he had heard about digital RMB in major news media for a long time, and today he finally saw and used it. He hopes that there will be more online and offline usage scenarios in the future to make payment safer and simpler. He calculated an account for the reporter: "In the past, the third-party payment method was used to collect money, and the daily income was about 200,000. The withdrawal fee is around 200 yuan. After collecting money in digital RMB, you can save a lot of handling fees in one year. "

Xinhua News Agency: Heavy! Policy adjustment of multi-site property market

Xinhua News Agency published an official micro-article, and the People's Bank of China and China Banking Regulatory Commission issued a notice on June 5438+05 to adjust the differentiated housing credit policy. Since the beginning of this year, down payment, taxes and fees have been reduced, the scope of purchase restriction has been adjusted, and the amount of provident fund loans has been increased ... Many cities across the country have adjusted their property market regulation policies to support rigid and improved housing demand and promote the stable and healthy development of the real estate market. Since April, the property market regulation policies have been released in many places. Among them are Zhengzhou, Lanzhou, Fuzhou, Changsha, Nanjing, Suzhou and other large and medium-sized cities, as well as many third-and fourth-tier cities. Its control measures mainly focus on supporting rigid and improved housing demand and boosting housing consumption. Guiyang, Guizhou, Lianyungang, Jiangsu and Langfang, Hebei recently issued notices to implement the 20% down payment policy for the first suite. Relevant industry insiders suggest that the regulatory authorities should implement classified control over real estate enterprises and provide necessary relief protection for real estate enterprises that can achieve a virtuous circle and healthy development due to enterprise policies; Strictly supervise enterprises with poor management, blind expansion, high leverage, high debt and easy to cause social risks, prevent projects from "unfinished" and protect the legitimate rights and interests of buyers to the maximum extent.

Zhejiang Communications Group's "14 th Five-Year Plan" has completed an investment of over 500 billion yuan.

It is learned from Zhejiang Communications Group that during the Tenth Five-Year Plan period, the group plans to take the lead in investing in the construction of the 10 expressway project and four railway projects, and at the same time start reconstruction, expansion and new construction projects. The total number of expressway and railway projects will exceed 40, with a total investment of over 770 billion yuan (RMB, the same below). Among them, the investment in the "14th Five-Year Plan" exceeded 500 billion yuan, an increase of 70.8% over the "13th Five-Year Plan", accounting for about a quarter of the total investment in comprehensive transportation in Zhejiang Province, which provided strong support for stable investment and growth in Zhejiang Province.

State Grain Reserve Bureau: Raise the minimum purchase price of summer grain in an all-round way this year.

This year, the state continued to implement the minimum purchase price policy of wheat and rice in some major producing areas, and the minimum purchase price level of wheat, early indica rice, mid-late indica rice and japonica rice was comprehensively improved. According to the information released by the State Grain Reserve Bureau on June 5438+09, the minimum purchase prices of wheat, early indica rice, mid-late indica rice and japonica rice this year are 50 kg1kloc-0/5 yuan, 124 yuan, 129 yuan, 1365438 0 yuan, respectively. Wheat is the main summer grain, accounting for about 1/4 of the annual output. It is estimated that the purchase volume in the peak season is about130 billion Jin, which is roughly equivalent to the normal level. At present, wheat and rapeseed have been listed sporadically, and the acquisition work has started one after another. The acquisition of early indica rice will begin in mid-July and last until the end of September.

(Investment consultant: Lin, practice certificateNo.: S02606 15 100004)

Second, the focus of market hotspots

Market comment: The market environment is becoming more and more stable, and the pricing logic is returning to the fundamentals.

On Thursday, the market opened lower and went higher. The Shanghai Composite Index rose 0.36% to 3,096.96 points, the Shenzhen Component Index rose 0.37% to 1 125.06 points, and the Growth Enterprise Market Index rose 0.50% to 2,377.13 points. The turnover of the two cities in the whole day was 806.7 billion yuan, which was less than before. On Wednesday night, the external market fell sharply. A shares opened lower in early trading on Thursday, then gradually oscillated and climbed to close in red. Although the rebound in trading volume is not obvious, it still reflects the endogenous resilience of the current market after returning to the main line of fundamentals. The marginal attenuation of external impact force is obvious. Positive factors such as proper prevention and control of subsequent epidemic, accelerated resumption of production and work, and steady growth policy will provide a relatively stable operating environment for the market. The pricing of high-quality listed companies with low valuation may be reorganized, and there may be structural trading opportunities and investments at this stage.

(Investment Consultant Wang Huaibei registered investment consultant certificate number. :S02606 15030009)

Macro perspective: Forward-looking macroeconomic data gradually recovered.

Event: On April 25th and 27th, the coal consumption for power generation in eight southern provinces was 158.3 and1597 million tons respectively, and further increased to 1.5 and1660 million tons on May 5th and June 2nd. The data of 12 is roughly equivalent to 9 1% of the monthly average of 1.824 million tons in March, up 3.9% from the end of April. With the pace of enterprises' resumption of work and production, the enthusiasm for wait-and-see emotional procurement in the market of producing areas has also improved. According to ITU data, on May 6th-12nd, the average daily power generation of ITU coal-fired power generation enterprises decreased by1.4% (April 8th-14th, April15th -2 1 2nd). The average daily coal consumption of CEC enterprises is-7% (April 8-14, April 15 -2 1, April 29-May 5, with readings of-13.4% and-10 respectively.

Source: GF Securities Research Report

Comments: With the initial success of epidemic prevention and control, the progress of resumption of production and work in epidemic-affected areas is progressing steadily, and basically all manufacturing industries need upstream power support, so coal consumption for power generation is a more forward-looking indicator. It can be seen that the decline of coal consumption for power generation has gradually narrowed since the middle and late April. With the comprehensive resumption of production and operation, economic activities will gradually return to normal levels, and the improvement of fundamental environment will be reflected in the statements of listed companies. The listed targets with excellent performance are all worthwhile.

(Investment Consultant Wang Huaibei registered investment consultant certificate number. :S02606 15030009)

Insurance industry: short-term epidemic disturbance will not change the long-term positive trend

Event: From June to April, 2022, the original premiums of PICC P&C Insurance, Ping An P&C Insurance and Taibao P&C Insurance increased by 65,438+02.2%/65,438+00.3%/8.4%/65,438+00.6 respectively compared with those in March. From the perspective of business structure, the monthly growth rate of PICC auto insurance in April was-1.9%, which turned from positive to negative, mainly due to the repeated epidemic situation in Jilin and Shanghai in April, which led to the suspension of vehicle manufacturers and the reduction of residents' consumption. In April, the year-on-year growth rate of passenger cars in narrow sense was -35.4%, which was the lowest monthly growth rate after the first quarter of 2020, resulting in a decline in the growth rate of auto insurance premiums. The month-on-month growth rate of non-auto insurance in April was 9.6%, which was lower than that of 13.7% in March. It is estimated that the epidemic situation has delayed the bidding for some corporate business and policy business, mainly due to the decline in the growth rate of agricultural insurance and corporate property insurance.

Source: GF Securities Research Report

Comments: It is expected that the decline in property insurance data is due to the decline in new car sales caused by the epidemic, which affects the decline in new car policies. However, the disturbance of the epidemic is short-term. In the medium and long term, with the gradual emergence of epidemic prevention and control effect, new car sales will gradually return to normal level, and the growth rate of auto insurance will gradually pick up. The growth of auto insurance and non-auto insurance in the whole year is expected to continue to maintain a good momentum, and the corresponding head enterprises are expected to fully benefit. Investors can pay attention to the high-quality target of sustained profitability.

(Investment Consultant Wang Huaibei registered investment consultant certificate number. :S02606 15030009)

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