1.Under the effect of losing money for several consecutive years, investors' willingness to continue to allocate A-shares in 2024 has dropped significantly, and the strength is insufficient; On the other hand, the Spring Festival is the peak season for cash demand, and the superimposed 2023Q1 Tianliang credit supply will expire one after another (2023Q1, China's new RMB loans will be 10.7 trillion yuan, a record high), many investors had to sell assets cheaply to raise funds. At the beginning of the month, the non-controlling shareholders of many listed companies issued ** announcements to sell at the floor price, which should be the main reason for alleviating liquidity pressure.
2.On February 5, the central bank cut the reserve requirement ratio by 0The 5 percentage point officially came into effect, which will release trillions of low-cost funds to the banking system. These funds will not flow directly into the real economy**, but only in the form of debt. With credit fund support, the real sector does not have to sell assets to repay debts at a low price, which will help to improve liquidity pressures.
3.Since neither China nor the United States has released specific data for 2023, we will use 2022 as a reference. The primary industry in the United States accounts for 105%, which is a very low percentage. The United States is the world's largest agricultural country, but its agricultural population is only about 2.6 million, less than 1% of the total population. China still has about 500 million agricultural population, accounting for 36 percent of the country's total population11%。Of course, in comparison, our agricultural level is much lower than that of the United States.
4.Among the construction central enterprises, the static valuation of China Railway Construction is temporarily at a low level, and if the dividend ratio of China Railway Construction in 2022 is about 14%, compared with the requirements of the State-owned Assets Supervision and Administration Commission, China Railway Construction's dividend rate has greater room for improvement. Not long ago, China Railway Construction Group, a major shareholder of China Railway Construction, said that it would increase its holdings by no more than 025% of the shares, which has been increased by 004%。