Matter:
The premier of the State Council, Li Keqiang, chaired the standing meeting of the State Council in July 23rd, and deployed the role of financial and financial policy better, supported the expansion of the internal demand adjustment structure to promote the development of the real economy, and determined the measures to promote effective investment around the short board, the increase of strength and the benefit of the people's livelihood.
In July 20th, the banking, the Banking Regulatory Commission and the SFC issued separate supporting rules for the "new regulation on information management". The first rule is to further determine the investment scope of the public offering asset management products. It is clear that the public offering asset management products can appropriately invest in non standardized bonds (i.e. non standard), and the two is to allow financial institutions to issue new assets in old products. The introduction of this rule has supported the non standard return table and relaxed the supervision of non-standard stock disposal.
Comments:
The government often proposes that the proactive fiscal policy should be more active. In the second half of this year, the construction of infrastructure projects will be accelerated. The implementation of the construction projects is guaranteed to be implemented smoothly by the country's capital construction projects, and the attitude of the construction projects should not be continued before the first half of the year's policy has not been established, thus avoiding further delay in the delay of the project, the good track and construction machinery of the mechanical plate, and the construction machinery.
Construction machinery - stock projects are guaranteed and construction machinery business cycles are extended. The huge engineering stock makes the quantity of construction machinery still have an upward space, overlay and update the demand, and it is expected that the business cycle of construction machinery will be extended. And since the beginning of the year, industry sales have been overexpected, industry chain related companies' earnings forecast will be raised in varying degrees, the overall leading company valuation is only 12-13 times, is expected to usher in the valuation of the market. Related targets: Sany, Xugong machinery, Liugong, Hengli hydraulic and so on.
Rail transit - the worst period is over, and deliveries in the second half of this year are expected to accelerate. In the subway, the number 52 of the subway lines down the red line, the construction projects are not affected by the impact determination to push forward; the transfer of iron to promote the new demand for locomotive and freight cars; high speed rail intercity EMU bids have been started. The worst period of the rail equipment industry chain has passed. With the recovery of the project progress in the second half of the year, the progress of vehicle delivery is also quicker than the first half of the year. The marginal improvement and the whole plate adjustment range are deep, and the "recommended" investment rating is given. Related targets: China Zhongqi, China railway industry, Zhonghe technology, Yong GUI appliance, Connie electromechanical and so on.
Risk warning: financial deleveraging has exceeded expectations; active fiscal policies have not been implemented or implemented as expected.
