subject: Policies To Support The Three Major Household Appliances Frequent Plate To Benefit The Industry - [print this page] "TM" policy introduced on the air conditioning industry as a whole constitutes a good "energy subsidies" relative advantage of the leading companies with technology to stimulate greater.
From light industries to "
Bringing home appliances
"," TM "," government subsidies "and so, the state has introduced policies to support the related industries. Recently lowered the national capital ratio of fixed assets investment projects, raise oil prices, and start
Energy
Air-conditioning subsidies for the promotion, real estate, oil refining, air conditioning and other industries will clearly benefit.
Reduced the proportion of real estate capital
Significantly positive but not expect too much
5 28 the State Council reduced the proportion of capital in real estate development projects, will help alleviate the financial pressure on developers, boost investment in power, to maintain a stable supply industry, rapidly rising housing prices, to maintain stable development of the industry. However, analysts also believe that capital is no doubt set down good, but not too much of their hope for the time being.
The adjustment will affordable housing and common commercial housing project minimum capital ratio of 35% in 2004 reduced to 20%, back to the level in 1996, other real estate development projects in the minimum capital ratio 30%. Galaxy Securities believes that this revision will strengthen the leverage of funds to ease the financial pressure on the real estate business, real estate investment at the same time to reduce the threshold, and promoting real estate investment growth.
The same time, ROE = profit margin Total assets turnover leveraged to reduce the proportion of capital is equal to increased leverage multiples is helpful to developers of the ROE level. Shun Securities calculated in accordance with common commercial capital ratio from 35% to 20%, in theory, leverage multiple developers increased by 23%, still see ROE has increased 23%. Of course, speed up cash flow is also a concomitant inevitable choice. High leverage will erode some of their profits, wise developers leverage the same time improving cash flow will accelerate to compensate.
Although relatively positive identification, but analysts say must not expect too much. First of all, the past decade, "real estate investment capital ratio requirement" is not strictly enforced. Guoxin Securities on from 1999 to 2009 1-4 month financing real estate investment analysis, found that "their funds + state budgetary funds + FDI" and "total real estate investment funds," the ratio of average 18.5%, a rough calculation did not reach 30% -35% level.
Second, the bank decided to short-term mortgage will carefully limited effect. CICC that the major increase in the policy of good developers leverage the banks are not necessarily in accordance with the provisions in the current economic conditions, the major banks will continue to differentiate the treatment of different companies and projects, so the short term does not appear very significant increase in lending.
Finished up good oil refining company
National Development and Reform Commission issued a notice, decided at 0:00 on the on June 1 from the gasoline and diesel prices increased 400 yuan per ton, up 6.98%, respectively and the rate of 8%. This year in May, up 29.71% of international oil prices for March 1999 the biggest monthly rise since. In contrast, the oil price increase is lower than market expectations.
Hai Tong Securities analyst Yong Deng pointed out that the price adjustment in two recent rise in international crude oil prices between the 24%, so the time to keep refining margins last price adjustment, the domestic refined oil price adjustment should be in the 10 % of; while the domestic refined oil prices rise by only 7%, so the domestic refining business in June of profitability may be worse than the previous two months. Overall, however, because in April a good refinery profits, and thus the domestic refining industry as a whole in the second quarter earnings should be in the first quarter.
Finished up oil prices inevitably focus on the petrochemical industry, the company?? China
Oil
Greater impact and Sinopec. Deng Yong pointed out that the company's refining business will provide a stable source of profits, quarter by quarter crude oil prices will drive the company to enhance the performance of steady growth. As China's oil on the sensitivity of higher oil and gas prices, rising oil prices and therefore in the process, enhance its performance will become more apparent.
