Category: Money Tips Date: 2006-09-05
â…?sector investment thesis
Since 2004, investment growth accompanied by volatility in the profits of many industries, like changes in the same roller coaster ups and downs, experienced a "overheating" and a "hard landing panic", it may be moderate and sustainable growth is the real investment value. The following industries the opportunity to cause for concern.
Monopolistic nature of the consumer industry. In 2006, when the people's incomes continue to increase, cars, housing, tourism, culture and leisure, and other new consumption hot spots will be east to west, from large cities to the further proliferation of medium-sized cities. Consumer demand will remain steady rise since 2005 the trend, consumption will become the main driving force of China's economic growth. Steady increase in consumer demand, under the premise, and eat, with the associated food and beverage, textile and garment industry, market demand will remain stable growth, while consumption structure upgrading the tourism, culture, leisure and other industries will be a long-term stability and development opportunities . However, the consumption rate of the rise is a long-term, slow process, related industries it is hard for explosive growth, with their surplus production capacity of the serious constraints to enhance the performance of these industries and steady growth of consumer goods industry, the future development of the main tone. Among them, a monopolistic nature or a higher degree of market concentration in consumer industries such as tourism, beverages and other industries will get more steady growth in profits.
To benefit from the price adjustment type of service industry. In 2006, to adapt to the establishment of conservation-oriented society and the environment-friendly society's needs, the state will bear the businesses and residents within the full advantage of the current favorable opportunity to lower the price level, and gradually straighten out the resources, products and utilities products prices, due to release the pressure of rising crude oil prices, improve the coal price linkage mechanism and a plan for systematic adjustments to water, gas, public transport prices and municipal solid waste, sewage treatment fees, thereby changing the declining rate of profit growth in these industries momentum to improve the level of performance in these industries. Thus, in the context of appropriately adjust the price of water supply, gas supply, urban transport and other infrastructure sectors will be a price adjustment to benefit the industry, sustained profitability is enhanced. With monopoly pricing power of the ports, airports, highways and other industries. Ports, airports, highways listed companies, although the class will also be the impact of the overall decline in demand, but because such enterprises have strong pricing power, and thus the decline in traffic growth at the same time, the price subject to shocks to a lesser extent, corporate profits still able to maintain relatively stable growth in corporate profits decline in the overall circumstances, is an ideal defensive varieties.
Growth prospects and stable chemical industry. In the oil, coal and other basic raw material prices decline, the future cost of the chemical industry will further improve the situation, and in the government "promote agriculture through the" in support of fertilizer represented by the chemical industry still has a stable growth prospects, we expect the fertilizer industry in 2005 and 2006 respectively, the total profits are expected to achieve 80% and 25% year on year growth in corporate profits as a whole declines, chemical fertilizer, pesticide industry's profit growth is relatively more prominent. A total of 3 1 [2] [3]
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