The results of the A-share 2018 mid-year report ended, and the performance of 90% of listed companies was red and exciting. Look at the trend of A shares, huh, huh...

Since the last time the investors "run fast", the Shanghai stock index has been yin for many days. Today, the trading volume continues to shrink, and the number of stocks falling is nearly 3,000.

The performance is so good that the stock price falls to doubts about life. The two are so far behind: Is the stock price a liar or a performance in the pit?

After analyzing the interim report, I came to a sad conclusion: nothing wrong!

Wind statistics show that in the first half of the year, 3,538 A-share listed companies achieved a total operating income of 20.79 trillion yuan, a year-on-year increase of 12.37%; net profit of 1.95 trillion yuan, an increase of 14.06%.

Behind the seemingly good, the profit distribution is indeed seriously imbalanced.

Shanghai A-share company's net profit was 1.56 trillion yuan, a year-on-year increase of 13.73%; Shenzhen City A-share company's net profit was 193.461 billion yuan, an increase of 18.63%. The growth rate of net profit of small and medium-sized board companies that should be high growth is only 13.57%, and the GEM is the bottom, only 8.08%.

More exaggerated is that SSE 50 achieved a net profit of 0.9 trillion yuan, accounting for 56% of the overall profit of Shanghai Stock Exchange, accounting for 46% of the total profit of A shares. Among them, ICBC won the A share with a net profit of 160.424 billion yuan. The average daily earning is 886 million yuan.

That is to say, nearly half of the money has been earned by dozens of companies.

There are more than 700 companies on the GEM, and the amount of money earned is less than the fraction of ICBC. The total profit of more than 700 companies in the small and medium-sized board is only 148 billion, and the number of people is still 10 billion.

From the perspective of the chemical industry, it is even more terrible.

According to the data of the semi-annual report, the “three barrels of oil” net profit for the first half of 2018 totaled RMB 94.2 billion, equivalent to an average daily profit of 520 million yuan. The year-on-year growth was 68.1%. Among them, Sinopec's profitability led the way, achieving a net profit of 41.6 billion yuan in the first half of the year and earning 231 million yuan a day. The total net profit of the other seven companies on the list is only 17.8 billion yuan, which is a huge difference from the total net profit of the "three barrels of oil".

Although the chemical industry has repeatedly reported good news, the chemical industry is cleverly celebrating the chemical industry, while the small and medium-sized enterprises in the chemical industry are constantly changing their policies. The road ahead has become long and arduous. “Money has been earned by big companies.” This is the industry’s most commentary and inner cry for help.

What is worrying is that for SMEs, this may not be the darkness before dawn, but the beginning of a long night.

Pearl River Delta meets trade war

The latest data shows that both export and import orders have fallen, and export orders have shrunk for the third consecutive month. Export orders are one of the indicators for measuring future economic activity, which has fallen to 49.4 from 49.8 in July, the lowest since February.

Since the beginning of the reform and opening up, "foreign trade has been a big contract", Guangdong has always been at the forefront of opening up. In 1986, Guangdong, the “one step ahead” reform of the foreign trade system, was listed on the “throne” of the country’s total foreign trade import and export volume, and there was no translocation in the next 32 years.

National trade depends on Guangdong. This time, Guangdong does not look really good!

On September 1, the Guangdong Provincial Economic and Information Commission released data showing that the manufacturing PMI of Guangdong Province in August was 49.3, down 0.9 percentage points from the previous month, down 1.6 percentage points from the same period last year (50.9), and also since March 2016. Since the index fell for the first time to the line of glory (50.0).

The data shows that among the five weighting indexes that determine the PMI index, 4 in August fell from last month! Among them, the production index with the highest weight and the new order index fell sharply by 1.5 and 1.7 percentage points respectively from the previous month, while the export orders have been under the glory for three consecutive months, showing a contraction trend.

In 2017, the import and export of goods in Guangdong Province was 6.82 trillion yuan, accounting for 24.5% of the national total; among them, the proportion of mechanical and electrical products exports was 67.80%, and that of high-tech products was 33.86%.

In the list of tariffs announced by the United States, mechanical and electrical products account for half. According to estimates, after the US$50 billion commodity is levied with a 25% tariff, the economic growth rate of Guangdong Province may be reduced by 1 percentage point, and the high-tech manufacturing center, Shenzhen, is also the hardest hit.

Of course, the biggest damage to the trade war is still small and medium enterprises. At present, the number of SMEs in Guangdong exceeds 7 million, accounting for about 95% of the total size of the province's enterprises.

The trade war has escalated, and the days of SMEs in the Pearl River Delta have become more difficult.

The Yangtze River Delta meets the company

The Yangtze River Delta urban agglomeration is the sixth largest city group in the world. According to statistics, in 2017, 26 cities in the Yangtze River Delta region achieved a regional GDP of more than 16 trillion, with a total population of about 150 million people, which contributed about 15% of the country's 11% of the population and 2.2% of the country's land. One of the economic aggregates.

With such a large economy, when the domestic economy goes down, we should first reduce taxes and reduce fees to ensure the vitality of the region and enterprises. However, our policy is that the social insurance premium will be collected and managed by the tax bureau from January 1, 2019!

You must know that the Social Security Bureau is a department that spends money. It is not his long-term income. Sometimes it is pasted. And the tax bureau is a professional collection, this is called professional things to the professional people to do!

To what extent is professional? Recently, a company in Changzhou, Jiangsu Province was sentenced to pay the social insurance for the last 10 years. The applicant is the Changzhou Taxation Bureau of the State Administration of Taxation.

Once I have paid for ten years, I will ask some SMEs to be afraid!

We strongly support the legitimate operation of enterprises, and at the same time call for the burden reduction of enterprises, but the tax burden in China is too high, and enterprises are really helpless.

In the recent period, we heard the news of tax cuts and fee reductions, but in the end, we were surprised to find that China’s tax revenue increased by 14.0% from January to July.

Strengthening the collection of social security is partly due to the deterioration of the problem of population aging in China. However, to solve this problem, it is unwise to force the wool from the small and medium-sized enterprises. It is recommended that the relevant departments still find the answer from the A-shares.

At present, the status and voice of state-owned enterprises in the national economy are constantly strengthening. I believe that this trend will continue to strengthen in the next 3-5 years.

State-owned enterprises are undoubtedly owned by the whole people. However, at present, oil and petrochemical, electric power, telecommunications, coal and other industrial enterprises with resource monopoly characteristics have a profit-paying ratio of only 20%, and others are less and unreasonable.

ICBC earns more than eight billion yuan a day. How can this money be spent? I think they all worry about it. Is it a good solution to turn over and transfer to social security?

The money that is earned by itself, the wool is from the sheep. Now that the wool is not used, it is necessary to peel the sheepskin. The SMEs must collapse inside.

Beijing-Tianjin-Hebei met with environmental protection

Since 2016, under the background of de-capacity and supply-side reforms, the majority of SMEs, including chemical industry enterprises, have become the targets of de-capacity.

 In the case of smog and pressure, SMEs were shut down in a one-size-fits-all manner. Under the environmental protection of the sword, small and medium-sized manufacturing industries have become victims, which has aggravated the collapse of small and medium-sized enterprises.

More than four years ago, almost every city in Beijing, Tianjin and Hebei was stunned by the smog. Now, the Beijing-Tianjin-Hebei joint qi is welcoming the turning point, and the squatting of the "fast-forward key".

As of the first half of the year, Beijing's city has gradually withdrawn more than 2,200 general manufacturing enterprises. Xiong'an shut down more than 9,000 scattered and polluting enterprises last year.

In the first half of the year, Shijiazhuang City shut down and banned 495 scattered and polluting enterprises. At present, a total of 1,449 scattered and polluting enterprises were found. Among them, 857 were ordered to be banned, 591 were upgraded, and 1 was relocated.

Environmental protection is a good thing, but always give more time. Many SMEs are so fast-forward, and it’s not good to live. The superposition of environmentally-friendly production limits directly leads to the madness of raw material prices, and rebar has become The thread is gold.

The rising cost of raw materials and the rising cost of environmental protection have been very serious for the traditional manufacturing profits. The environmental protection costs of enterprises have increased year by year, and some enterprises have about half of the environmental protection expenses in new costs. It's no wonder that some people will burn their own chemical plants.

Fire scene

Boss Li has to deliver a million foreign trade orders. But there is no raw material, and the goods cannot be rushed out. And this foreign trade order will pay more than one million liquidated damages if it is not delivered in time. So I wanted to find a reason to evade, and then I would ignite my textile factory. (Polypropylene Staple Fiber)

The upstream and downstream sides are squeezed, and the middle enterprise is really hard to live. (Polypropylene Staple Fiber)

In general, SMEs are indeed a long road ahead and difficult to move in the face of weakening demand, increasing tax burdens and rising costs. Those companies that do not have a "background" can survive in this situation and are also worthy of admiration! (Polypropylene Staple Fiber)

The tide of corporate closures is likely to occur in the near future. It is hoped that the management of SMEs will see the dilemma of their own enterprises and take the plight in the right way for their own enterprises. (Polypropylene Staple Fiber)

Hai'an County Qinfeng Chemical Fiber Co., Ltd. relies on first-class professional technical strength, front-end quality inspection system and perfect quality inspection system to rank among the high-quality enterprise queues in the industry, specializing in the production of Polypropylene Staple Fiber, sincerely look forward to your call us!