Environmental protection online
On January 4, 2019, the central bank announced that it would cut the deposit reserve ratio of financial institutions by 0.5 percentage points on January 15 and January 25. Considering that the MLF in the first quarter of 2019 will not be renewed, according to calculations, the RRR will release about 1.5 trillion yuan of funds, and the net long-term capital will be about 800 billion yuan.
Photography: Lao Cui
According to the analysis of the organization, once the RRR is lowered, the market liquidity before the Spring Festival can be guaranteed. The market interest rate may be in a downward trend in the short term, which will benefit the stocks and bonds. The environmental protection sector, one of the new pillars of the national economy, will take the lead in directly benefiting.
In the past year, the valuation and performance of the environmental protection sector “double kill†has greatly broken into the cold winter. The pain in 2018 was mainly due to the financial strain caused by deleveraging. In the process, the Ministry of Finance comprehensively cleaned up and rectified the PPP market, with the most profound impact.
The data shows that as of October 2018, a total of 2,428 projects were withdrawn, involving an investment of 2.9 trillion yuan, and 2005 projects were rectified and improved, involving an investment of 3.1 trillion yuan, accounting for about half of the size of the management project.
A large number of non-standard PPP projects have been cleared out, and many successful bidders that rely too much on environmental PPP projects have also fallen into debt crisis, and defaults have been exposed from time to time.
It is difficult for environmentally-friendly private enterprises to make a living in the Jedi. However, the relevant policies for improving the financing environment at the end of 2018 have appeared frequently, opening the door for recovery for many environmental protection companies. Specifically:
First, in November 2018, President Xi Jinping presided over a private enterprise symposium, proposed tax cuts, solved the problem of financing difficulties, created a level playing field, and introduced policies in various sectors. The banking system proposed new loans for private enterprises. The goal of “two-five†will greatly increase the proportion of loans to private enterprises;
Second, after the central bank proposed the establishment of private enterprise bond financing support tools, the first single bond financing support tool was completed by Bishuiyuan in mid-November, and Shanghai, Sichuan, Guangdong and other places were actively promoting private enterprise bond financing support tools. .
Third, on January 2, 2019, the central bank adjusted the single-funded credits of Pratt & Whitney Finance to reduce the standard for small and micro enterprise loans from 5 million yuan to 10 million yuan.
Fourth, on January 4, 2019, Premier Li Keqiang proposed "to further adopt measures for tax reduction and fee reduction, and use comprehensive reduction and targeted reduction tools to support private enterprises and small and micro enterprises."
Fifth, in April 2019, the central bank officially announced that it would fully establish a total of 1 percentage point on January 15 and January 25, and release 1.5 trillion yuan.
The progressive improvement of the financing environment is intensively introduced, and the latest central bank's RRR reduction is expected to hedge the financial pressure during the Spring Festival and greatly improve the financing of environmentally friendly private enterprises. However, although the policy is good, but the large-scale funds really landed, it should be after the first quarter of 2019.
Everbright Securities pointed out that in the long run, the credit transmission will effectively alleviate the financing pressure of enterprises after the RRR cut. However, due to the timing lag of the conduction effect, in the short term, more is the improvement of the emotional side, and the superimposed financing environment continues to improve. With the recovery of infrastructure investment and the frequent PPP policies, the PPP sector has certain thematic investment opportunities. At this stage, we are optimistic about Bosch, Guohao Environmental Protection, Bishuiyuan, Dongjiang Environmental Protection, and Concentration Technology.
In addition, there is a major and up-to-date news for the environmental sector. At the press conference of the State Council held on January 14, 2019, the National Development and Reform Commission stated that it will promote the development of green industries such as energy conservation, environmental protection and clean energy, promote clean heating in the northern regions, and promote the “three waters governance†of the Yangtze River Economic Belt to accelerate the realization of water. Pollution control is fully covered.
The Ministry of Finance also clearly stated that it will improve the efficiency of financial allocation, further adjust and optimize the expenditure structure, increase investment in ecological environment protection, “agriculture, rural areas and farmersâ€, poverty alleviation, and people's livelihood, and introduce a series of preferential policies to support the development of small and micro enterprises.
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