会议指出，有关政策出台以来，各地方、各部门、各金融机构健全工作机制，加强协同配合，细化工作措施，加快实现清单内企业和项目融资对接“全覆盖”，贷款签约和投放规模不断扩大，政策落实取得阶段性成效。截至11月15日，银行累计与1737个企业和项目签订贷款合同近4000亿元，有力支持了初创期、成长期科技型企业首贷和重点领域大规模设备更新。The central bank and nine departments jointly held a meeting to promote loans for technological innovation and technological transformation.
With the approval of the State Council and the arrangement of the State-owned Assets Supervision and Administration Commission, China Guoxin issued 300 billion yuan in special bonds to stabilize growth and expand investment, and China Chengtong issued 200 billion yuan in special bonds for the same purpose, both aimed at key support for ‘two heavies’ and ‘two news’ project investments, mainly including major equipment updates and technology transformation investments, major technological innovation project investments, and major strategic xinxingchanye investments, promoting high-quality development of central enterprises and assisting the continuous and healthy development of the national economy.
On November 21, the People's Bank of China, together with the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Agriculture and Rural Affairs, the Ministry of Transportation, the State-owned Assets Supervision and Administration Commission, and the Financial Regulatory Administration held a meeting to promote loans for technological innovation and technological transformation.
The meeting pointed out that since the introduction of relevant policies, various local governments, departments, and financial institutions have improved work mechanisms, strengthened coordination, detailed work measures, and accelerated financing connections for enterprises and projects included in the list to achieve ‘full coverage’. The scale of loan agreements and disbursements has continuously expanded, and the implementation of policies has achieved phased results. As of November 15, banks have signed loan contracts totaling nearly 400 billion yuan with 1,737 enterprises and projects, effectively supporting initial-stage and growth-stage technology-based enterprises' first loans and large-scale equipment updates in key areas.
According to Zhitong Finance APP, morgan stanley released a research report stating that the mainland government recently launched a series of measures to boost the economy, exceeding market expectations. The bank pointed out that the government has introduced pro-growth actions, but the effectiveness of the policies still has uncertainties, suggesting investors increase shareholding in high-quality industrial capital goods companies, particularly those with strong balance sheets and cash output capabilities.
morgan stanley fund stated that to some extent, equipment companies have a sense of ‘recession’ microeconomically, and the equipment manufacturing industry is under pressure in terms of performance due to cautious downstream expansion. Looking ahead, focus on the pace of interest rate cuts, as the export chain has experienced significant overselling, and if interest rate cuts begin, it may be possible to transition from recession trade to interest rate cut channel trade. Overall, the equipment manufacturing sector currently remains focused on stable, high-certainty assets, including the ship sector, rail transit sector, and construction machinery sector. It is suggested to continue to pay attention to the equipment update field, particularly in subsidy areas with funding disbursement and central enterprise equipment updates, as well as future new qualitative productivity technology and siasun robot&automation fields.
The industrial chain related to equipment updates:
Transportation sector: CRRC Corporation (01766), China Railway Signal & Communication Corporation (03969), etc.;
Construction machinery sector: Zoomlion (01157), Lonking (03339), First tractor (00038), Sany Int'l (00631), Zhengzhou Coal Mining Machinery Group (00564), Sinotruk (03808), Weichai Power (02338), etc.
