The Chinese economy in the financial report ｜ In the first half of 2022

21st Century Business Herald reporter Yangping Shenzhen Report

With the end of August, the A -share listed company was officially ended.

According to Wind data, as of August 31, 4883 listed companies in Shanghai, Shenzhen and North Stock Exchange disclosed the semi -annual report in 2022.

In the first half of the year, the A -share A -share achieved stable performance growth. Total total operating income of 34.47 trillion yuan, an increase of 8.48%year -on -year, and a net profit of 3,000 billion yuan, an increase of 3.34%year -on -year. In addition to excluding finance and two oils, the overall performance of the A -share performance has been further relaxed. All A -share companies with non -financial oils achieve operating income and net profit of 25.96 trillion yuan and 1.61 trillion yuan, respectively, with a synchronous increase of 7.75%, respectively. , 2.77%.

In terms of quarterly, the second quarter was affected by factors such as epidemic and geopolitics. The performance growth rate was lower than the first quarter. The overall net profit growth rate was only 1.84%, and the performance growth rate of listed companies in the first quarter was 4.93%.

"In the first half of the year, due to the factors of super -expected factors, the economic growth rate has fallen significantly. The growth rate of GDP in the second quarter is only 0.4%. It can be obtained under the epidemic. Uncertainty. "Yang Delong, chief economist of Qianhai Open Source Fund, pointed out.

The highest growth rate of science and technology board performance

From the perspective of the division, the performance of the science and technology board in the first half of the year was the highest, and the growth rate of operating income reached 33.27%. The growth rate of revenue was only 7.29%.

In terms of profitability, the science and technology board also led the net profit of 19.74%, and the GEM has increased negative growth, and the net profit attributable to the mother has fallen by 1.24%year -on -year. The net profit growth rate of the motherboard and the Bei Stock Exchange was 19.69%and 3.23%, respectively.

"In recent years, my country has developed a new economy, replacing the old kinetic energy with new kinetic energy and promoting the high -quality development of the economy. The enterprises of the science and technology board are biased towards start -ups. Most of them are high -tech enterprises. The start -up enterprise has a better future development space, so the growth rate of science and technology boards is strong for granted. Of course, this also shows that my country's registration system is successful and provides favorable capital support for China's new economy industry. "Zhejiang University University The joint director, researcher Pan and Lin of the International United Business School Digital Economy and Financial Innovation Research Center said.

From the perspective of the industry distribution, the 21st Century Economic Herald reporter noticed that the performance of listed companies was seriously differentiated. The bright performance of A -share interim reports was mainly contributed by a few high -growth industries such as coal oil and gas, basic chemicals, and new energy. The performance growth of most industries has declined significantly.

According to Wind data, of the 4883 listed companies, 2582 companies have increased their performance negatively, accounting for more than 53%, and 1036 companies have increased their performance between 0-30%, accounting for 21.22%; only 563 companies' performance growth rate exceeded 100 more than 100 companies. %, The proportion is 11.53%, most of which are upstream raw material companies, such as Tianqi lithium industry and polyfluoro.

Specifically, thanks to the high companies in the global commodity and oil prices, listed companies in the energy industry have continued the growth momentum of performance in 2021. The growth rate of energy profitability ranks first in the industry, as high as 72.23%, and the revenue growth rate is 50.77%. Essence

In terms of subdivision, the revenue growth rate of the power equipment sector mainly based on new energy equipment reached 40.99%, and the net profit growth rate was 66.15%; petroleum petrochemical revenue increased by 32.78%, and net profit increased by 43.10%; The growth rate was 26.50%, and the net profit growth rate was 96.66%.

In addition, the net profit growth rate of semiconductors, healthcare and telecommunications services is also high, with 65.23%, 16.18%, and 13.99%, respectively.

But on the other hand, the weak sales of commercial housing dragged down investment and started, affecting the performance of real estate, industry, service industry, tourism, catering, and aviation industry. Affected by the repeated disturbance of the epidemic, the profit growth rate of the real estate industry was -64.47%, and the profit growth of social services also reached -301.02%. %, -22.92%.

"In the context of the epidemic and the context of geopolitics, the rise in commodity prices should be said to be caused by a special background. For example, if the price of fuel and natural gas commodity rises, it will benefit from related upstream industries. In addition, new energy sources In China, it is currently showing a trend of explosive expansion. At present, China has indeed seized the opportunity of the development of new energy, so it may still perform well in terms of revenue and performance. However, in a complex environment at home and abroad, my expectations for the global economy are relatively Pessimism, these industries are a beautiful landscape. "Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, said an interview.

Manufacturing cost pressure relief

It is worth mentioning that although the current economic recovery is facing certain pressures, from the perspective of listed companies, under the influence of factors such as tax cuts and fees, interest rate reduction, etc. The impact of the industry cost is gradually weakening.

According to data released by the China Listed Companies Association, benefiting from the State Council's policy measures for the State Council to stabilize the economy, in the first half of 2022, the listed company received taxes and fees by 468.9 billion yuan, an increase of 162%year -on -year. The flow has improved, and it is expected to have a positive impact on the performance in the second half of the year. According to Wind data, in the first half of 2022, the net cash flow of all A -share operating activities was 6.59 trillion yuan, and the value of the same period last year was only 2.74 trillion yuan; during the same period, the net increase of all A -share cash and cash equivalents increased by 21,700 It was 100 million yuan, and the value of the same period last year was only 1.25 trillion yuan.

The asset structure of listed companies in some industries has also been optimized. As of the end of June 2022, the average asset -liability ratio of Shenwan Real Estate industry decreased from 79.27%in the same period last year to 79.03%. 7.12, 6.92, 2.13 percentage points; the asset -liability ratio of manufacturing industries such as home appliances, communications, food, beverages, and electronics also decreased by 0.78, 0.98, 1.43, and 2.71 percentage points from the same period last year.

In addition, with the downlink of PPI, the impact of the high price of upstream raw materials on the cost end of the manufacturing cost is gradually weakening.

For example, the gross profit margin of the Wind steel industry has narrowed significantly. In the second quarter of 2021, the third quarter of 2021, the fourth quarter of 2021, the first quarter of 2022, and the second quarter of 2022, the gross profit margins were 13.81%, 11.35%, 6.82%, and 9.09 %, 8.30%.

The gross profit margin of the machinery and equipment industry has improved after quarterly declined in 2021. In the fourth quarter of 2021, the first quarter of 2022, and the second quarter of 2022, the gross profit margin of the machinery and equipment was 21.24%, 21.70%, and 22.02%, respectively, showing stability stability Relief.

"With the fluctuations in global commodities, especially the Fed's entry into a tightening cycle, central banks from various countries have followed up, reducing liquidity water levels to a certain extent. , Also due to the capacity of capacity, the price decline in the upstream supply chain, the decline in the overall product price of the upstream supply chain is (middle and lower reaches) the main reason for the increase in gross profit margin or narrowing. The demand side has begun to steadily, but the current decline in gross profit margin is still possibly possibly. "Pan and Lin said.

Zhang Yusheng, an analyst of Everbright Securities Strategy, also pointed out that the future A -share performance is still in a state of pressure. "Although the A -share interim report has a good performance, it is mainly contributed by the upstream sector. With the downlink of the PPI, the future performance growth rate of the upstream sector will grow growth in the future. Or it will also face downward pressure. But other sectors may get out of the impact of the second quarter epidemic, and have improved from the previous month. However, the economy in the third quarter is still facing significant pressure. In July Below the dry line, the profit of economic and A shares is still facing significant pressure. "

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