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Original Title: China Listed Companies Development Report (2020): A-share Company’s Operating Performance Is Very Consistent With Macroeconomic Trend
November 5, 2020, ChinasocietyAcademy of Sciences listthe companyThe Research Center and the Social Sciences Literature Publishing House jointly published the “Blue Book of Chinese Listed Companies: Development of Chinese Listed Companiesreport(2020) “(hereinafter the” Blue Book “).
The Blue Book found that in 2019 and the first three quarters of 2020, the total operating income of all companies listed in A shares and their parentNet profitGrand totalI andversusGDPThe cumulative year-on-year trend is converging, showing a quarter-on-quarter slowdown in 2019 and a rapid recovery after being hit by the epidemic in the first quarter of 2020.
Macroscopically, with the effective containment of the epidemic and the promotion of the resumption of production, the annual growth rate of the Chinese economy in the second quarter of 2020 will go from negative to positive. The economy is expected to maintain growth of more than 2% throughout the year. From the perspective of microscopic entities, the sudden natural crisis has had a huge impact on the value creation capacity of listed companies, but the innovation and transformation of listed companies continues to advance.computer, National defense and military industry, medical and biological industries are among the leading in innovation activity.In the long term, innovation andCorporate governanceAn improved structure creates opportunities for valuation, continuous and robust reform and openness policies provide incremental capital andinvestmentStyle Change. The backtest effect of the “Beautiful 100” portfolio is good and the portfolio has higher returns after risk adjustment.
Analysis of the Blue Book shows that important achievements have been made in the prevention and control of national epidemics.strategyAs a result, with the steady recovery in production and order of life, the Chinese economy is expected to maintain a relatively strong recovery momentum in the future. The annual economic growth rate in the fourth quarter of 2020 may reach 5.5%, and the annual economic growth rate is expected to exceed 2%. , Become the only major economy in the world to achieve positive growth If 2019 were before the epidemicChain relationshipThe growth rate is the benchmark and theRenewalMaintain a faster month-to-month growth rate and achieve growth of around 2.0%. The second and third quarter of the month-to-month growth rate will return to the 2019 level, and the fourth quarter growth rate will fall to 1.5%. In the first quarter of 2021, due to a low base, the annual growth rate may exceed 19% and the annual growth rates of the second to fourth quarters were 8.5%, 6.7% and 5.9% respectively, while the annual economic growth rate can exceed 9.0%.
The blue book believes that if according to the “China Economic Report (2020)” of the Chinese Academy of Social Sciences, without considering the impact of the epidemic, the potential growth rate of 5.93% and 5.75% in 2020 is estimated and 2021, then China’s total GDP in 2021 Volume has been reduced by 0.23% compared to the situation not affected by the epidemic, which is very close to the potentialOutput levelWith the relatively strong recovery of the Chinese economy, companies listed in A sharesPerformanceIt is expected to gradually recover in the coming quarters.
The Blue Book judges that under the impact of the epidemic, theLeverageIt will increase further, which will alleviatecompanyTemporary difficulties will help, but the average return on investment in listed companies is above average.passivecostUnder the circumstances, increasing financial leverage will further depress the company’s ROE and accumulate risk. Excluding finance,real estateIn addition to companies listed on ST and * ST, in the first half of 2020, companies listed on A sharesworkproductivityThe growth rate fell dramatically by 12.2% from the same period last year, while the asset-liability ratio rose to 57.1%, an increase of 0.8 percentage points from the end of 2019.
(Article source:ValuesDaily News)
(Editor in charge: DF537)
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