General Plan of Shenzhen Comprehensive reform issued (with beneficiary unit)

As the window of reform and opening-up, Shenzhen's development orientation has attracted much attention. Just approved by the State Council, "Shenzhen comprehensive package reform overall plan" for the Shenzhen development reorientation, proposed that Shenzhen should contend for the scientific development of the demonstration area, the reform and opening-up of the first area, independent innovation, leading areas, modern industry agglomeration area, Guangdong, Hong Kong and Macao cooperation in the pilot zone, the model area　　Strengthen the National Economic Center City and the national innovative city status, speed up the construction of international cities and Chinese characteristics of the socialist model city target positioning. Policy orientation: Change from emergency policy to strategic layout 1, the policy direction gradually from contingency plan to strategic layout. Since the outbreak of the financial crisis, the government has issued 4 trillion consecutive investment, the top ten industrial revitalization planning, and now within one months have announced the "Shanghai Two centers" and "Shenzhen Five Center" construction layout.　　From the order of policy, it can be found that the current policy is no longer limited to the growth, but gradually through the restructuring of the strategic layout. 2, regional economic integration led the country. At present, two centers in Shanghai, Shenzhen Five centers, the Western Strait economic Zone, Tianjin Binhai New area, Chengdu-Chongqing Special Zone, Wuhan City Circle has formed a number of "SAR".　　Regional economic integration may have become the main mode to promote the development of national economy, and will also change the existing market and capital distribution pattern in China. 3. Shenzhen is facing great opportunities. Based on the existing special economic zones, Shenzhen has become a veritable "national comprehensive reform pilot zone".　　This is the Shenzhen August 1980 by the NPC Standing Committee approved the establishment of special economic zone, another significant development opportunities. System reform, first try according to the idea of "plan", Shenzhen will do "four first try first", the main performance in the system reform first try. The programme expresses the need to strive for new breakthroughs in key areas and key sectors such as economic system reform, social reform, administrative system reform and institutional mechanism of independent innovation, and carry out comprehensive reform, and take the lead in forming the institutional mechanism of scientific development in about 2015 years, To create new experiences for the development of socialism with Chinese characteristics. In the aspect of economic system reform, Shenzhen will deepen the reform of fiscal system and local tax system, carry out the pilot of local tax system reform, give local tax legislative authority and greater local tax administration right, and explore the combination of individual income tax system of integration and classification; In the aspect of investment and financing system, Shenzhen will strengthen Speeding up the establishment and improvement of the system of approving and filing social investment projects, and further opening up the social investment field, establishing the comprehensive experimental zone for financial reform and innovation, launching the gem, exploring the establishment of domestic foreign currency bonds, tasting the property market and so on, forming a multi-level capital markets, And actively try Guangdong, Hong Kong and Macao goods trade renminbi settlement, etc. in the reform of the social field, mainly for the comprehensive reform of education and medical and health system reform; The plan puts the administrative system reform at the head, and one of its key reforms is to further transform the government function, perfect the management system of large departments andLeather and so on. Shenzhen listed companies in the 1 quarter profit is better than the national average level in Shenzhen comprehensive reform of the overall plan issued, we should also be listed in Shenzhen local companies operating conditions to analyze. From the overall profitability of listed companies, Shenzhen A-share listed companies (excluding financial and real estate listed companies) in the 1 quarter of 2009 profit is better than the national average level, attributable to the parent company's net profit to achieve a quarter-on-quarter rebound. But it is also noted that the Quarter-on-quarter pick-up in profits is not the result of improved income, on the contrary, operating income is still in the downward trend. The recovery of profits is mainly caused by 3 aspects: 1, Shenzhen listed companies to the middle reaches of the industry, the decline of raw material prices, Shenzhen listed companies benefited more, which can be reflected from the level of gross margin; 2, 2009 1 quarter companies to deal with the economic crisis slashed costs, Among them, sales cost and management cost reduction is the largest; In addition, to benefit from the central bank's policy of interest rate cuts, the financial costs of listed companies have also declined; 3, 2008, the 4 quarter of the listed companies accounting for the largest loss of assets, which is the main reason for the 4-quarter "inventory", with "to inventory" of the　　"Ended with a sharp drop in asset impairment losses in the 1 quarter of 2009. From the risk point of view, the Shenzhen listed company's operation is more stable, the profit volatility is small, this from the Shenzhen listed company low balance of debt ratio level, and the more stable ratio of interest protection, asset yield level, investment income, and net profit level, these 5 aspects can be seen. Although the Shenzhen listed company 2009 1 Quarter profit situation improved, also better than the national average level, while operating also more robust, but there are certain risks, mainly reflected in two aspects: 1, Shenzhen listed companies to the middle-midstream industry, in the current global quantitative easing of monetary policy in this context, The possibility of higher raw material prices in the future, this will be adverse to the overall gross profit level of listed companies in Shenzhen; 2. Shenzhen's industrial structure has led to a lower overall inventory turnover and total asset turnover, and if future demand remains sluggish, listed companies may face a second "go-to-stock", when inventory prices will fall again,　　The impact of asset impairment losses will rebound again, which will comprehensively affect overall profit levels. Overall, the Great Wall Securities believe that the Shenzhen non-financial and real estate listed companies in the quality of earnings better than the national average, but the 2009 1 quarterly earnings recovery is not sustainable, the future depends on external demand and whether domestic demand can be improved.　　The US economy is likely to bottom out in the 2-3 quarter of this year, with an effective easing of external demand and continued observation of whether domestic demand will be driven by the government's "one-basket" stimulus policy. The profitability of listed companies in the 1 quarter of 2009 Benefit Industries and shares: China Securities believes that the comprehensive reform of the new deal, coupled with the "pearl-Hong Kong and Macao Bridge" project, not only the Shenzhen region's banks, airport ports and commercial and real estate companies in the construction of finance, logistics, Trade CenterThe process of direct benefit, and "innovation" is placed in a prominent position, which brings about two investment opportunities, one is electronic, information technology and machinery and equipment, such as traditional technology stocks are facing the upgrading of the development opportunities, and second, the emerging technology areas will be greatly promoted, including new energy, materials, energy conservation and environmental protection. At the same time, it can be foreseen that the launch of the Gem and the status of Shenzhen Innovation Center complement each other.　　In the process of promoting the construction of the five major centers, the resources integration of Shenzhen Local stocks is expected to accelerate, and the reorganization, integration and merger backdoor themes will become one of the hot spots in the market. Joint securities Also on the impact of the four major industries are analyzed: banks: The overall impact on the performance of listed companies is not large, policy catalysis can focus on deep development, China Merchants Bank. The main reason is that (1) The Hong Kong Bank's policy of opening a branch in Shenzhen may lead to an accelerated expansion of Hong Kong banks in Shenzhen, resulting in market share competition. But the problem of financial and network channels is limited in the short term. At the same time, it is difficult to further assess whether Hong Kong banks can really stand out in a relatively mature city such as Shenzhen, and what kind of market share they will eventually have. (2) The Mainland China and Hong Kong cross-border trade renminbi settlement pilot scheme may promote the economic and trade prosperity of Shenzhen. However, the settlement business in the banking revenue accounted for the lower, China Merchants Bank and deep development accounted for only one or two percentage points, the state-owned four lines higher, but also limited, how much to promote the economic and trade prosperity in Shenzhen, it remains to be seen. (3) In addition to the above mentioned reasons, it is more important that the current listing of several banks, not the main business concentrated in Shenzhen regional banks. In Shenzhen, which accounts for the highest proportion of the deep Development Bank, accounting for less than 20%, CMB is less than 10%, and several major state-owned banks less than 2%. The impact of the above, and then spread to such a share, the impact is even less.　　Of course, if there is a real impact, more business in the Shenzhen region will have greater impact on banks, such as deep development and CMB. Securities: is expected to active market turnover, good brokerage business. (1) According to the information available, the nature of Hong Kong's participation in the joint venture is limited to "securities investment consulting firm", thus, in the short term, the most important brokerage position in the domestic securities industry (70% of the industry revenue) has not yet been impacted.　　(2) The introduction of the Hong Kong equities portfolio "Trading Open-end Index Fund" will provide new investment varieties for domestic securities market, active market turnover, good brokerage business. Real Estate: Positive Shenzhen local real estate stocks, pay attention to investment real estate, Oct, China Airlines real estate. In the long run, the five central construction plan is the most important policy since Shenzhen set up the Special Administrative Region, and it has pointed out the development direction after facing the "four unsustainable" in the original development mode: Fully relying on the status and advantages of Hong Kong, and promoting the industrial upgrading and rapid development of Shenzhen through "Shenzhen-Hongkong Comprehensive Integration" This will greatly enhance the use of Shenzhen land efficiency and value, at the same time, the Shenzhen Industrial and urban upgrading will inevitably change the current "two-day clearance" pattern, the customs of the infrastructureConstruction is also expected to accelerate, and its land and housing prices will inevitably rise.　　Overall, this policy on Shenzhen local real estate stocks positive, especially in Shenzhen has a large number of land resources companies, focus on: China Merchants Real Estate, Oct, AVIC Real estate, deep wall, deep vibration industry and other companies. Logistics: Hong Kong Harbour-intensive, has been an international logistics center for many years. Shenzhen also has the world's top five of the excellent natural deepwater seaport, in recent years, Shenzhen Baoan machine tasted Shenzhen Yantian port, such as the completion or upgrade, logistics volume also increased rapidly. 2007, Hong Kong's container throughput ranked third in the world, Shenzhen followed the fourth ranking. In comparison, Hong Kong has the advantage of providing quality services with international standards, but the labour costs are high. In recent years, Hong Kong container truck companies have suffered a serious loss and the high cost of manpower is one of the reasons. And Shenzhen's manpower costs will be much lower, can complement each other. In addition, Shenzhen is close to the production base, which is not comparable to Hong Kong's advantages, but also Hong Kong is willing to cooperate with Shenzhen, the main reason for the big logistics. Hong Kong's official figures show that about 74% of the mainland container cargoes handled by Hong Kong in 2007 were goods from Guangdong province.　　Moreover, Lau, vice chairman of the Federation of Hong Kong Industries, said that with the rapid development of the mainland's port construction and logistics industry, more and more Hong Kong enterprises had opted for direct access to goods from the mainland instead of via Hong Kong.　　Shenzhen Plate Portfolio Disclaimer: This article is based on today's investment online analyst data platform for editing and collation, does not represent the view of today's investment, this article is for reference only, can not be used as the basis for investment, investors should carefully control investment risk. Source: Invest Today