Ren Zeping the future of financial force investment in PPP (A shares) the opportunity to explain-diamondprox

Ren Zeping: the future of financial force investment in PPP (with detailed opportunity shares) Founder Securities Research Zeping 1 macro macro Ze Ping: steady growth in the future monetary finance subsidiary, financial force in PPP in the near future we continue to recommend the PPP theme (see report "force PPP: steady growth and activation of private investment"), the main the logic is: the steady growth in the future will be to finance, monetary finance subsidiary, force point in PPP. 1.1 steady growth in the future: financial based, supplemented by the money in 2015, we put forward the economic L type judgment, the one or two quarter of this year, GDP growth of 6.7%, to verify our judgment. But L does not mean that the economy does not fluctuate or no downward pressure, just from the period of rapid decline slowly into the bottom. With the decline in real estate investment, the future of the economy is still downward pressure, the government once again steady growth demands. A new round of steady growth in the future may be different from the past. 2014-2015 steady growth through a wide range of monetary policy, but the side effects are also very obvious, that is, the stock market, real estate prices. It is expected that the central bank will soon be difficult to see the central bank issued a strong signal of easing again: 1) fed rate hike is expected to heat up, too strong easing signals will bring pressure on devaluation and outflow of funds. 2) despite the years CPI has been high, but the price of vegetable prices, the central bank still has a certain vigilance on inflation. 3) the recent housing boom, the king of the frequency, the two quarter of the Politburo meeting to suppress asset price bubble, it is likely to constitute a constraint on monetary policy. Therefore, the future of steady growth may be based on fiscal policy, supplemented by monetary policy. 1.2 financial force point: PPP in the context of a sound return to monetary policy, the second half of the steady growth is likely to rely on financial force. However, the gap between revenue and expenditure in the widening deficit this year is 3% constraints, simply relying on the financial investment space is limited, therefore, one option is for the government to stimulate private investment in infrastructure, then the PPP model will become an important starting point to steady growth. You can expect financial subsidies, preferential loans, tax breaks and other aspects of good PPP policy. The current cost of financing continues to decline, the lowest yield of 10 year bonds fell to $2.64%. With the cost of financing to reduce the attractiveness of a lot of infrastructure PPP projects increased significantly. PPP’s main force should be rail transportation, environmental protection, urban public facilities, gardens, sponge City, underground pipe network and other fields. At present, many departments to promote top-level design PPP. In 2016 June, the 19 Departments of the Ministry of science and technology, Ministry of education, Ministry of Finance jointly issued the "notice" on the organization to carry out the third batch of government and social capital cooperation demonstration project screening, marking the third batch of PPP demonstration project declared officially opened. The previous PPP projects are carried out by the Ministry of Finance in a future PPP demonstration project, combined screening by the 20 departments, greatly broaden the range of demonstration projects; quantity and amount of investment is expected to refresh the high; expand the areas of investment, the private investment is very important; the eastern coastal region of the PPP project is expected to increase the proportion of. 2 strategy Guo Yanhong: pay attention to PPP related structural opportunities in the current market we recommend focus.相关的主题文章: