The national financial work conference proposed to continue to implement a proactive fiscal policy.

Main recommendations

The national financial work conference proposed to continue to implement a proactive fiscal policy.

The construction of Hongyan constellation system has been fully started, and related companies are expected to continue to benefit.

Market review

Market comment: Poor economic data will disturb the mood in the short term, and the operation is not radical. Wait patiently for the opportunity to suck low?

Macro view: In 2065438+2008, the fixed investment in railways exceeded expectations, and then exceeded 800 billion yuan.

Electronic industry: there is no end to electronic innovation, and there are accumulated opportunities in the industry.

Futures information

Metal energy: gold 288. 10, up 0.44%; Copper 47650, down1.06%; Rebar 3360, down 0.62%; Rubber 1 1325, flat; The PVC index was 6335, down1.55%; Zheng Chun 2396, up 0.50%; Shanghai Aluminum 13450, down1.47%; Shanghai Nickel 86340, down1.93%; Iron ore was 493.5, down 0.60%; Coking coal 1 163.5, down 2.55%; Coke 1875.5, down 0.66%; Brent oil was 55.44, up 1.28%.

Agricultural products: soybean oil 5440, up1.45%; Corn 1865, down 0.16%; Palm oil 4594, up 2.45%; Cotton 14875, up by 0.44%; Zhengmai 24 1 1, up 0.17%; White sugar 4693, down 0.32%; Apple 10677, down 4.23%.

Exchange rate: EUR/USD 1. 13, down 0.71%; USD/RMB 6.86, down 0.23%; USD/HK$ 7.83, up 0.03%.

Main recommendations

1, the national financial work conference proposed to continue to implement a proactive fiscal policy.

Event: 19 On February 27th and 28th, the National Financial Work Conference was held in Beijing, which summarized the financial work in 20 18 and studied and deployed the financial work in 20 19.

Comments: The National Financial Work Conference proposed to strengthen the proactive fiscal policy, improve efficiency, and implement a larger scale of tax reduction and fee reduction; Optimize the structure of fiscal expenditure, establish the idea of living a tight life, strictly reduce general expenditure, increase support for key areas, improve the efficiency of fund allocation, and effectively reduce the burden on enterprises. Significantly increase the special bonds of local governments, strictly control the hidden debts of local governments, and effectively prevent and resolve financial risks. In short, the primary task of active finance is social tax relief, so it is necessary to reduce general expenditure, focus on increasing expenditure in key areas, control hidden debts of local governments, keep the bottom line of fiscal and financial risks, substantially increase special debts of local governments, and make up for shortcomings in infrastructure construction. In addition, the meeting identified ten key tasks in 20 19, such as continuing to support the three tough battles, promoting economic transformation and upgrading, deepening the reform of fiscal and taxation system, and ensuring the sustainability of local finance.

(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)

2. The construction of Hongyan constellation system has been fully started, and related companies are expected to continue to benefit.

Event: On February 29th, 65438, Yuxing, the first experimental satellite of Hongyan constellation of Aerospace Science and Technology Group, was successfully launched at Jiuquan Satellite Launch Center with Chang/Yuan Zheng No.3 rocket, marking the comprehensive start of Hongyan constellation system construction.

Comments: The first satellite "Chongqing" is the experimental star of Hongyan constellation. Developed and produced by the Fifth Academy of Aerospace Science and Technology Group, it is equipped with L/Ka band communication load and navigation enhanced load, which can realize the on-orbit test of key technologies of Hongyan constellation. At the same time, the ground system and terminal are developed. After the satellite is put into orbit, it can test and verify the functions of satellite mobile communication, Internet of Things, hotspot information broadcasting, navigation enhancement and so on, providing strong support for the overall construction and operation of Hongyan constellation. The successful launch of the first satellite of Hongyan constellation in Chongqing marks the comprehensive start of the construction of Hongyan constellation system. According to the plan, the first phase of Hongyan constellation is expected to be completed and put into operation in 2022. The system consists of 60 core satellites, which mainly realizes global mobile communication, Internet of Things, navigation enhancement, aviation surveillance and other functions. The second phase is expected to be completed in 2025. The "Hongyan" constellation system consists of hundreds of broadband communication satellites, which can realize Internet access anywhere in the world. After the second phase of the system is completed, hundreds of "Little Hongyan" can fill the communication gap on the earth's surface and build China's independent satellite mobile communication and space Internet access system. In addition, Hongyan system also has the function of global navigation enhancement, which can further improve the positioning accuracy of Beidou navigation system in China. It is expected that when Beidou completes global coverage in 2020, "Hongyan Constellation" is expected to achieve strong alliance and mutual promotion with Beidou system. It is recommended to pay attention to companies with leading layouts in Beidou and satellite communications.

(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)

Market review

1, market comment: poor economic data will disturb the mood in the short term, the operation is not radical, and wait patiently for the opportunity of low suction.

On Wednesday, A shares ushered in the first trading day of 20 19, but the trend remained sluggish. The three major stock indexes collectively suffered a "good start", with communications, telecommunications and aerospace sectors leading the gains, while pharmaceutical manufacturing, insurance, medical care and banking sectors were among the top losers. The transaction between the two cities has further shrunk, and the wait-and-see mood is strong. According to the latest data from the Bureau of Statistics, the official manufacturing PMI in February 20 18 was 49.4, down 0.6 percentage points from the previous month, and fell below the dry line again after 29 months. Poor economic data has plagued investment sentiment in the short term, and the downward pressure on the economy has increased in operational strategies, and there is an inertial downside risk in corporate profits. It is suggested to wait and see carefully and wait for the introduction of policy hedging measures. The stock market is risky, so you need to be cautious in investing.

(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)

2. Macro view: In 2065438+2008, the railway fixed investment exceeded expectations, and then exceeded 800 billion yuan.

Yesterday, State Taxation Administration of The People's Republic of China issued the Notice on Several Measures to Further Support and Serve the Development of Private Economy. In view of the "blocking point" and "difficulty" in the development of private economy, this paper puts forward 26 specific measures in five aspects, such as "earnestly implementing and improving the policy of promoting tax reduction and burden reduction for private enterprises", to accurately help private enterprises achieve better and faster development.

(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)

3. Electronic industry: Electronic innovation is endless, and industry opportunities are accumulated.

Looking forward to 20 19 and the next few years, we can still see the continuous innovation and development in the field of electronics. Under the background that 5G is about to be commercialized, the terminal is expected to be fully intelligent. Therefore, the continuous evolution of a series of basic technologies including artificial intelligence algorithms, high-performance chips and new displays will hopefully extend the trend of electronic innovation to a series of terminal scenarios such as automobiles, home facilities and industrial manufacturing. Although the electronics industry has been disturbed by various external factors recently, in the long run, enterprises with core technologies and products will continue to grow and develop, and the long-term development and investment value of the electronics industry is still clear.

(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)