In the stock economy, there is no hello, I am good, everyone, every performance behind Changhong, is more of a lost horse.
Editor’s note: This article is from WeChat public number “Zhulou Banquet” (ID: the_great_time), author David Weng.
Before the interim season, investors were very upset.
Public relations and public speech can be blown by the sky, but it can be written in black and white.
The performance of thunder is going to be smashed by the market, and financially it’s never been so dangerous. So many listed companies have been exposed since the beginning of this year. Investors and the media have long widened their eyes, waiting to see each one. Company report.
Want to come, there are a lot of secretaries and financial directors who have bald in order to survive this financial season.
Good after all, it’s over.
From the reaction of the stock market, investors seem to be a long sigh of relief – The poor company is really bad, but the good company is getting better.
The poor company is not a performance bath can solve the problem, the real control person is arrested is the normal state; and the good company seems to break through the gravity, the stock price is higher and higher.
Welcome to this new world of polarization.
1
If you look at the index, this is another half year of singing and dancing.
More than 3,600 A-share listed companies increased their profits in the first half of the year by 6.6%, in line with GDP growth.
However, the profit growth rate in the second quarter fell to 4.0% – this is the same as everyone’s feelings. After the Xiaoyangchun in the first quarter, the economic L-type bottom has to be explored.
But under a piece of peace, it is the more differentiated.
CSI 300, the core blue chip white horse index, increased 10.8% in the first half of the year, and it was basically the same in the first and second quarters. It is a stable happiness.
CIC 500, a group of companies with a market capitalization slightly smaller than that of CSI 300, the overall profit of the first half of the year fell by 6.5%, and is still accelerating to the bottom – the profit in the second quarter decreased by 13%. .
Someone said that if you look at the constituent stocks of the GEM index, the net profit growth rate in the second quarter is still positive year-on-year. However, the GEM is greatly affected by a few big guys – Wen’s shares, a big pig producer, had a net profit of 1.38 billion in the first half of the year, a 50% increase from the same period of last year. By itself, it has boosted the profit growth of several points in the entire sector.
If you really want to see a “small” company, it is better to see that it is excluded from the Shanghai and Shenzhen 300.More than 1,800 listed companies outside the CSI 500 and CSI 1000 represent the latter 50% of the market capitalization of A-share listed companies.
The total profit of these companies fell by 16.4% year-on-year in the first half of the year, while the profit in the second quarter of the second quarter plummeted by 39.4%.
This is not over yet.
Don’t forget that if you broaden your horizons to the real economy of China, companies that can be listed on A-shares are already among the best in every industry.
The question is coming. What will happen to the real small and micro enterprises in the past six months?
“…In terms of the increase in non-performing loans, the Pearl River Delta region increased the most, to 3.858 billion yuan, and the non-performing loan ratio increased by 0.58 percentage points. Secondly, the Bohai Rim region increased by 1.126 billion yuan, and the non-performing loan ratio increased by 0.04 percentage points.
The main reasons for the change in the distribution of non-performing loans include:
One is that non-performing loans in the Bohai Rim region have been actively disposed of, and the stocks are gradually resolved. However, the structural adjustment pressures of the overcapacity industries still exist, and the risk concentration in some areas is concentrated, such as the frequent debt risk in Tianjin and Shandong, resulting in the region. Non-performing loans increased more.
Second is the private small and medium-sized enterprises in some areas, the difficulty of industrial transformation and upgrading, coupled with limited foreign trade exports, corporate pressure, resulting in pressure on the quality of bank assets…”
——Excerpt from CITIC Bank’s 2019 semi-annual report
2
The polarization is not only reflected in the traditional industry, but also in the new economic field where everyone has a soup.
For example, Alibaba. Single-quarter income increased by 42%, profit increased by 54%, and the elephant dance did not end.
In the performance report, this home appliance giant attributed it to the channel sinking-
“More than 70% of the new annual active consumers added this quarter came from underdeveloped regions
.
If you combine the performance growth rate of 169% year-on-year, you can imagine that the e-commerce giants and newcomers who have washed the retail channels of the first, second and third-tier cities are making a new round in the fourth and fifth lines and even in rural areas. “Perfect storm.”
On the other end, the new retail seems to have touched the reef.
In the middle of the newspaper, Xiaomi has closed his mouth to the “Millet House” that he once proud of. This rapid expansion of the new offline retail model has not appeared in the report once again.
Suning Tesco is also busy moving more than 5,000 Suning stores outside the listed company system, and as an important carrier of the sinking low-line market, Suning Tesco retail cloud direct stores in this half year