Investment Rating - The report does not explicitly state an investment rating for the insurance industry Core Insights - The insurance industry has seen a continuous growth in underwriting business scale, leading to an increase in investment asset scale, with a total investment balance of 30.87 trillion yuan as of June 2024, representing a year-on-year growth of 9.62% [2] - The recent release of the "Insurance Asset Risk Classification Measures (Draft for Comments)" aims to enhance the risk classification standards for insurance assets, thereby improving risk management and regulatory oversight [2][4] - The new draft revises the asset classification standards to better reflect the actual risk and quality of assets, addressing the inadequacies of the previous 2014 guidelines [2][4] Summary by Sections Investment Asset Scale - As of June 2024, the investment balance in the insurance industry reached 30.87 trillion yuan, a 9.62% increase from the end of the previous year [2] - The investment structure has become more complex, with a broader range of investment products being utilized [2] Risk Classification Standards - The draft introduces a more comprehensive risk classification system, including fixed income, equity, and real estate categories, with adjustments to the classification criteria [4][5] - Fixed income assets now include term deposits, structured deposits, and large certificates of deposit, with a five-level classification system for risk assessment [4][6] - Equity and real estate assets have shifted from a five-level classification to a three-tier system, categorizing them as normal, risk, or loss assets [6][7] Management Responsibilities - The draft establishes a three-tier mechanism for risk classification management, clarifying the responsibilities of the board of directors and senior management in overseeing asset risk classification [8] - It emphasizes the importance of external oversight, requiring insurance companies to incorporate risk classification procedures into their internal control audits [8]

Revenue Insights - General public budget revenue decreased by 2.6% year-on-year in July, with a narrowing decline compared to previous months[2] - Non-tax revenue grew by 12.0% year-on-year, reaching a historical high of 18.0% of total public budget revenue[4] - Tax revenue fell by 5.4% year-on-year, with major taxes like corporate income tax and value-added tax showing declines[3] Expenditure Trends - General public budget expenditure increased by 2.0% year-on-year, but the completion rate was only 54.45%, the lowest in three years[5] - Social security and livelihood expenditures remained a focus, accounting for over 40% of total expenditures, despite a slight decline of 0.5%[6] - Infrastructure and technology spending saw an increase, with growth rates of 8.2% and 3.8% respectively[5] Fiscal Challenges - Overall fiscal revenue fell by 5.3% year-on-year, with a completion rate of 53.9%, indicating significant pressure to meet annual budget targets[7] - Government fund budget revenue dropped by 18.5% year-on-year, with land transfer income at a historical low of 84.95%[5] - Debt servicing costs accounted for 4.58% of total expenditures, highlighting ongoing fiscal sustainability concerns[6]

| --- | --- | |-----------------------|--------------------------------| | | | | CPI、PPI | 双双回落，通胀压力处于可控范围 | | 12 月价格数据点评及 | 年展望 ,2022 年 1 | | 12 日 | | | --- | --- | |--------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------| | 1 2024 2024 年 年第 8 月 45 27 期 日 | 月价格数据点评 通胀水平延续回落、物价稳中 工业企业利润数据点评 宏观经济 | | | 低基数支撑企业利润小幅回升， 利润率偏低与流通偏慢制约仍存 | | 作者 : 中诚信国际 研究 ...

Investment Rating - The report indicates a stable outlook for the engineering machinery export sector, despite a slowdown in growth rates due to high base effects and demand fluctuations [2][9]. Core Insights - The export volume and value of China's engineering machinery have slowed down in 2024, but the current export scale remains at historical highs, with significant growth potential in overseas markets [2][3][9]. - Domestic engineering machinery companies are increasingly relying on exports to compensate for declining domestic demand, with overseas sales contributing significantly to their revenue [2][3]. - The international competitiveness of Chinese engineering machinery is improving due to advantages in cost-effectiveness, supply chain efficiency, and enhanced product quality [2][3][9]. Summary by Sections Export Performance - In the first half of 2024, excavator exports decreased by 13.80% year-on-year, while loader exports grew by 5.32%, indicating a mixed performance across different machinery types [3][9]. - Exports to "Belt and Road" countries increased by 4.22% to $12.4 billion, accounting for 48% of total exports, while exports to BRICS countries rose by approximately 10% to $7.1 billion [5][9]. Market Opportunities - The global engineering machinery market is projected to exceed $200 billion by 2028, with significant growth opportunities in regions like Russia, the U.S., and Indonesia [3][5][9]. - The report highlights that the demand for engineering machinery in Russia is expected to remain stable due to strong fixed asset investments and a favorable geopolitical environment [6][9]. Competitive Landscape - Chinese brands have gained market share in Russia, with exports increasing by 66.5% to $6.058 billion in 2023, largely due to the exit of Western competitors [6][9]. - However, the market share of Chinese brands in North America remains low, at less than 10%, indicating substantial growth potential [6][9]. Internationalization Efforts - Leading Chinese companies are expanding their international presence through overseas manufacturing, partnerships, and local market adaptations [11][12]. - The report notes that the internationalization of Chinese engineering machinery firms is still lagging behind established competitors like Caterpillar and Komatsu, particularly in market share and operational depth [14][18]. Future Outlook - Despite the current challenges, the report suggests that overseas sales will continue to be a crucial growth driver for the engineering machinery sector, with significant potential in emerging markets [18].

CPI、PPI 双双回落，通胀压力处于可控范围-- 12 月价格数据点评及 2022 年展望,2022 年 1 月 12 日 CPI、PPI 双双回落，通胀压力处于可控范围-- 12 月价格数据点评及 2022 年展望,2022 年 1 月 12 日 010-66 需求边际改善 PMI 小幅回 升，经济持续弱修复 428877-281 市场跟踪 房地产行业 1 月价格数据点评 通胀水平延续回落、物价稳中 www.ccxi.com.cn "地王"久违重现，保障房收储提速 ——2024 年 8 月房地产市场跟踪 作者: | --- | |---------------------| | 0755-82969261 | | tjiang @ccxi.com.cn | | 0755-82969261 | | sshi @ccxi.com.cn | | --- | |------------------------------------------------------------| | 上海时隔 8年重现高价地王，向市场传递积极信号，一定程度上体 | | 现出政府将定价权重还市场、助力行业修复的决心，对于增强重 ...

Issuance Overview - In July 2024, a total of 132 corporate asset-backed securities (ABS) were issued, with a total issuance scale of 1,081.66 billion yuan[2] - Compared to the previous month, the number of issuances increased by 20, while the issuance scale decreased by 9.87%[2] - Year-on-year, the number of issuances increased by 36, and the issuance scale rose by 48.91%[2] Market Distribution - Of the total issuances in July, 97 were from the Shanghai Stock Exchange, amounting to 908.96 billion yuan (84.03% of total), while 35 were from the Shenzhen Stock Exchange, totaling 172.70 billion yuan (15.97% of total)[2] - The top five original equity holders accounted for 24.53% of the total issuance, with a combined scale of 265.30 billion yuan[2] Asset Types and Financing Costs - The main asset types involved in the issuances included personal consumption finance, REITs, financing leases, accounts receivable, and supply chain finance[8] - The financing cost for AAA-rated securities was between 1.89% and 2.39%, with a median decrease of approximately 7 basis points month-on-month and 74 basis points year-on-year[8] Secondary Market Activity - In July 2024, there were 3,073 transactions in the secondary market, with a total transaction amount of 677.45 billion yuan, reflecting a 25.79% increase in transaction count and a 17.15% increase in transaction amount compared to the previous month[10] - The Shanghai Stock Exchange accounted for 81.80% of the transaction amount, while the Shenzhen Stock Exchange accounted for 18.20%[10] Upcoming Maturities - As of the end of July 2024, there are 166 ABS maturing in August, with a total scale of 393.94 billion yuan[12] - The main asset types for the maturing ABS include supply chain, accounts receivable, and specific non-monetary debts, accounting for 33.78%, 22.21%, and 19.83% respectively[12]

Group 1: Global Competitiveness of China's Electronic Manufacturing Industry - China's electronic manufacturing industry holds a significant global position, with a manufacturing output accounting for approximately 35% of the world's total, far exceeding the second-ranked United States at 12%[2] - In 2023, China's electronic manufacturing output represented about 31% of the total manufacturing output, ranking 6th among 41 major industries[2] - The trade volume of China's electronic manufacturing industry accounts for over 30% of the global total, indicating a strong presence in international markets[2] Group 2: Sector-Specific Analysis - The home appliance manufacturing sector leads globally, with China producing approximately 70% of the world's air conditioners and 87% of refrigerators and washing machines[4] - In the personal mobile device sector, China dominates the midstream assembly and module markets, with around 80% of personal computers and over 65% of smartphones produced in the country[5] - The semiconductor industry in China is still in a catch-up phase, with domestic production unable to meet demand; in 2023, China imported integrated circuits worth approximately $349.4 billion while exporting only about $136 billion[8] Group 3: Risks and Challenges - The home appliance sector shows strong credit quality, but the personal mobile device industry faces risks due to low bargaining power and potential industry relocation[9] - The semiconductor industry, while benefiting from policy and financial support, faces credit risks as production capacity expands and market conditions change[9] - China's telecommunications sector maintains a strong global position, with domestic companies holding a 47% market share in global 5G wireless equipment sales despite facing international restrictions[10]

Investment Rating - The report indicates a downward trend in the registration quantity and scale of innovative products in the insurance asset management industry for the first half of 2024, primarily driven by multiple factors including slow economic recovery and strict debt management policies [1][2][4]. Core Insights - The innovative products in the insurance asset management sector are experiencing a contraction in both registration numbers and scale, with debt investment plans remaining the dominant product type, accounting for over 80% of the total [2][4]. - The report highlights a significant concentration of investment in the Zhejiang region, with a notable increase in the number and scale of projects in the transportation sector, while the share of commercial real estate has rapidly declined [2][5]. - The government is actively promoting the development of green financial instruments and supporting projects related to green transformation, which is expected to create investment opportunities in green finance and urban investment transformation projects in the second half of 2024 [1][2][22]. Summary by Sections Product Operation Analysis - In the first half of 2024, the number of registered innovative products in the insurance asset management industry decreased to 220, down 17 from the previous year, with a total scale of 4,205.22 billion yuan, a decrease of 8.46% year-on-year [2][4]. - Debt investment plans continue to dominate, accounting for 80.91% of the total number of products, while asset-backed plans and equity investment plans represent 15.91% and 2.27%, respectively [2][4]. - The report notes a slight increase in the registration scale of debt investment plans, which reached 2,809.94 billion yuan in the first half of 2024, despite a decrease in the number of registered plans [4][5]. Institutional Operation Analysis - The report identifies that mid-sized asset management institutions are accelerating their business layouts, with Allianz Asset Management leading in the number of registered debt investment plans [12][13]. - In 2023, a total of 31 institutions registered 444 debt investment plans, with significant contributions from major players like Allianz Asset Management and Huatai Asset Management [12][13]. Industry Policy Review - The report outlines the government's ongoing efforts to manage and mitigate local debt risks, emphasizing the importance of strict debt management policies and the establishment of support mechanisms such as stable funds and syndicate loans [17][18][23]. - Recent regulatory changes have expanded the scope of debt management policies, allowing for the restructuring of certain types of debts and promoting the issuance of asset-backed securities and REITs [17][20][22]. Observations and Outlook - The report anticipates that the insurance asset management industry will continue to seek new growth points through innovative products, with a focus on green finance and urban investment transformation projects in the latter half of 2024 [22][23]. - The trend of declining registration numbers and scales for insurance private equity funds and equity investment plans is expected to persist throughout 2024 due to ongoing economic challenges [11][22].

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