In the first half of the performance assessment a mixed growth rate hit the lowest level in 09 years 月丘うさぎ

In the first half of the performance evaluation of A shares: mixed growth rate hit the lowest level in 09 years Sina App: Live on-line blogger to listen to expert guidance on forest stock selection Jiepan Niugu tournament Author: Wang Hanfeng Li Qiusuo on the first half of the performance review: growth performance of lowest level since 09 years comparable figures of 2016 the first half of A shares profit rose -4.1%, the lowest level since 2009. Where the financial sector by the first half of last year, the impact of high base growth of -7.9%, the overall performance of the drag significantly; non-financial enterprises grew by 2.4%, lower than the first quarter of this year, but better than the same period last year. Excluding the impact of oil and other energy sectors, non-financial performance growth of 11.5%, relatively robust (chart 1). Small board (excluding financial) and gem (excluding individual large market capitalization) in the first half increased by 34.5%, respectively, 30%. Single quarter, the two quarter of the overall growth of -6.8%, of which the financial sector in the single quarter year-on-year growth of -11.3%, the non-financial sector single quarter growth of -0.3%. Sub industry perspective, the international environment and domestic supply side reforms under the joint action of part of the first half of raw material prices rebounded significantly, iron and steel, coal in the first half earnings growth rebounded, benefited from the recovery cycle of agriculture and some chemical sub sectors also appeared high growth performance; computer, communication and consumer related food tourism, medicine, household appliances, automotive, food and beverage industry to maintain relatively stable growth; the high base by the formation of capital market in the first half of last year and the prosperity of the first half of this year, especially the capital market fluctuations in the first quarter, the insurance brokerage and negative growth performance; in addition, highway and railway port and shipping logistics, petrochemical, electric power, machinery and other industries in the first half earnings growth also in decline (chart 7). Growth in the first half of the performance in line with the previous year, we have released in July 11th this year, the results of the outlook. We believe that the two quarter of this year, or the performance of listed companies grew low. 1H16 was expected to focus on gold stocks rose -4.8%, consistent with the actual situation of the current results. There are bright spots, there are worries, expected the overall performance of Listed Companies in the second half with a slight rebound in A stock market in the first half of this year the overall performance of the doldrums mainly from the financial sector on non-financial performance although relatively stable. Semi annual report in a "happy" "worry": highlights: (1) profit margins continue to improve: affected by the overall low price in the upstream and downstream industry to enhance the degree of concentration and other factors, non financial sector net interest rate of 4.7%, the highest since 2011. Non financial gross margin reached 16.9% in the first half of this year, the best level since 2009. The profit rate is improved mainly due to the following two aspects: cost rate is lower and lower effective tax rate: low interest rate environment and the listed company cost control measures make the sales expense ratio, management fee rate, financial cost rate is the first quarter of this year, the overall decline; replacing business tax with value-added tax(VAT) tax relief policy may be achieved, in the first half of non the financial effective rate of 22.1%, compared with the 1 quarter and the same period last year declined. (2) cash flow continues to improve: benefit theory相关的主题文章: