The economic recovery policy warms the capital market and has a solid foundation for stable operation
2023-03-09
Continue to deepen the reform of the capital market, improve the multi-level capital market system, improve the functions of the capital market, and increase the proportion of direct financing; Strengthen the main position of enterprise innovation, and promote more high-quality enterprises to land on the science and technology innovation board; Steadily promote the institutional two-way opening of the capital market... The Report on the Implementation of the 2022 National Economic and Social Development Plan and the Draft 2023 National Economic and Social Development Plan (hereinafter referred to as the "Plan Report") is written in many places, further releasing a clear signal to promote the reform and development of the capital market. Market participants believe that the fundamentals will be gradually restored, the policy will be warm, and the comprehensive reform will continue to deepen, so as to jointly boost confidence in the development of the capital market. The steady recovery of the economy is the cornerstone of the steady and healthy development of the capital market. At present, consumer demand, market circulation, industrial production and enterprise expectations are improving, and economic growth has stabilized and rebounded, providing the guarantee and confidence for the stable development of the capital market. The government work report puts forward the main expected development goals for this year, with GDP growth of about 5%. "About 5% of the expected targets (economic growth) are in line with the trend of economic operation and the law of economic development. It is also conducive to guiding all sectors to pay more attention to improving the quality and efficiency of economic development, accelerate the construction of a new pattern of development, and promote high-quality development." Zhao Chenxin, deputy director of the National Development and Reform Commission, said at the press conference of the National Development and Reform Office a few days ago that China's economy is resilient and has sufficient potential, and the good trend of sustained and healthy economic development has not changed, The fundamentals of long-term economic growth have not changed. Liquidity remains reasonable and abundant, and is expected to support the stable operation of the market from the valuation side. The plan report proposes to maintain reasonable and sufficient liquidity, give full play to the dual functions of the total amount and structure of monetary policy instruments, meet the actual needs of macroeconomic operation, stabilize market expectations, and prevent and control financial risks. "Considering that the reduction of reserve requirement is relatively effective in providing long-term liquidity, reducing the capital cost of financial institutions and supporting the real economy, there is still room for the reduction this year to create a suitable monetary and financial environment for high-quality economic development," said Wen Bin, chief economist of China Minsheng Bank. "In the framework of China's equity investment, core assets have very good growth in the medium and long term, and can outperform the market in terms of investment returns," said Wang Ying, chief China equity strategist at Morgan Stanley, "These sectors and investment opportunities complement the long-term interests of national economic development. With the continuous improvement of profits, China's stock market, including A-shares, still has room for improvement." The foreign capital, known as "smart money" in the market, has targeted the opportunities and has already started. According to the latest data from the State Administration of Foreign Exchange, foreign investors actively participated in the domestic stock market in January, and bought US $27.7 billion of domestic stocks, a record high in a single month. The report on the development opportunities of the science and technology innovation board proposed to strengthen the dominant position of enterprises in innovation and promote more high-quality enterprises to enter the science and technology innovation board. Up to now, more than 500 companies on the science and technology innovation board have disclosed their performance in 2022. The performance of the science and technology innovation board companies has steadily increased, more than 80% of the companies have achieved profits, and 70% of the company's operating income has increased. Market participants believe that in the complex and volatile internal and external situation, it is very difficult for science and technology innovation board companies to produce such annual report cards, which fully demonstrates
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：China Secruities Dairy
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