--Analysis of Hangzhou Vertex Finance No. 2 Branch
Industry Hot Spotlight:
In the early morning of December 1, U.S. stocks**, Pinduoduo (PDD.)NASDAQ)** has a market capitalization that surpasses Alibaba (BABA.).NASDAQ), becoming the largest stock in the U.S. and China concept stocks by market capitalization. According to Bloomberg, this is a "watershed" for China's internet industry, "and also marks the rise of a generation of upstarts from Pinduoduo to ByteDance, who are disrupting the traditional areas of social networking and e-commerce".
Key takeaways:
Previously, the State Council Information Office held a press conference on the national economic movement in the first three quarters, and for the future consumption growth trend, Sheng Laiyun, deputy director of the National Bureau of Statistics, believes that consumption in the fourth quarter will continue to recover in the first three quarters.
First, in the first three quarters, both goods and services consumption, as well as household consumption expenditure, maintained a sustained stable and positive trend. In the first three quarters, retail sales of services increased by 18 percent year-on-year9%；The proportion of per capita service consumption expenditure in per capita consumption expenditure increased by 2 percentage points year-on-year.
Second, the effect of consumption policies continues to emerge. This year, to stabilize growth and expand consumption, relevant departments have introduced a series of policy measures to promote consumption, and various localities have accelerated their implementation, and the policy effect will continue to be released.
Third, the consumption base of residents has been consolidated. Consumption ultimately depends on income to support, the employment situation has improved overall this year, and residents' income has actually increased by 5 in the first three quarters9%, maintaining a steady growth trend, which has laid a good foundation for the sustainable recovery and growth of consumption in the future.
Fourth, affected by the epidemic in the fourth quarter of last year, the base of consumption-related indicators was low. For example, the total retail sales of consumer goods in the fourth quarter of last year fell by 2% year-on-year7%, the base effect is conducive to the improvement of consumption data.
Based on these four reasons, I can answer with certainty that household consumption will continue to recover in the fourth quarter. Sheng Laiyun said that China's consumption potential is relatively large, the population size is relatively large, and China is in the critical stage of upgrading the consumption structure, as the economy continues to recover and improve, China's overall consumption trend will be good.
Investment opportunities
Looking forward to the future, Liu Aihua, spokesman of the National Bureau of Statistics, chief economist and director of the Department of Comprehensive Statistics of the National Economy, said that in the next stage, on the one hand, it is necessary to see that the current consumption potential of residents is still subject to some constraints, mainly because residents' consumption capacity and willingness to consume need to be further improved, on the other hand, with the continuous recovery of the economy, the continuous improvement of the employment situation, the steady improvement and optimization of market supply, coupled with the effectiveness of the pro-consumption policy, the foundation for recovery and expansion of consumption will continue to be consolidated.
Disclaimer
Investment Adviser Commitment:
The author of this report has the professional qualification of investment consulting granted by the China ** Industry Association, and issues this report independently and objectively with a diligent professional attitude. This report clearly and accurately reflects the authors' research views. To the extent that the author knows, the company has no interest in the ** evaluated or recommended.
Important Disclaimer: The views in this article are edited by Wang Jiejun (practice number: A0380620040006) and Chen Fang (practice number: A0380619120001). The above views do not constitute any operational advice, ** there are risks, investment should be cautious. This report is prepared on the basis of the principles of independence, objectivity, impartiality and prudence, and the information is based on public information, and the Company does not guarantee the accuracy and completeness of such information. The content and opinions in this report are for informational purposes only and do not constitute an offer to buy or sell the said symbols, and under no circumstances do the information or opinions expressed in this report constitute investment advice to any person. Except for the responsibilities that must be assumed by law or rules, the Company and its employees shall not be liable for any direct or indirect losses arising from the use of this report and its contents.
Information Provided:
Hangzhou Vertex Financial Network Media *** Certificate No. 913301087996770893].
Editor: Center for Strategic Studies.
Main article: Center for Strategic Studies.
Practice ID : Chen Fang A0380619120001
The content views are for reference only, historical performance does not represent a commitment to future performance, **There are risks, investment needs to be cautious!