The hottest interest rate cut is good for the real

2022-08-13
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Cutting interest rates is good for the real economy, machinery and railway equipment benefit greatly

cutting interest rates is good for the real economy, machinery and railway, and individual varieties in individual regions have declined slightly. Equipment benefit greatly

China Construction machinery information

Guide: less than one month after the first interest rate cut by the central bank on June 8, 2012, the central bank has cut interest rates asymmetrically for the second time since July 6, and the benchmark one-year deposit interest rate of financial institutions has been reduced by 0.25 percentage points, The benchmark interest rate of one-year loans was reduced by 0.31 percentage points. The interest rate cut is also the third consecutive cut by the central bank since the end of 2011

less than one month after the central bank cut interest rates for the first time on June 8, 2012, the central bank cut interest rates asymmetrically for the second time since July 6. The benchmark interest rate of one-year deposits of financial institutions was reduced by 0.25 percentage points, and the benchmark interest rate of one-year loans was reduced by 0.31 percentage points. The interest rate cut is also the second time that the central bank has launched an interest rate cutting tool since the central bank lowered the deposit reserve ratio for three consecutive times at the end of 2011

the above measures show that the state guarantees "stable economic growth" by loosening monetary policy and squeezing bank profits, but hopes to avoid the inflationary intention caused by the possible rise in real estate prices. Haitong Securities believes that this interest rate cut takes into account both "stable growth" and "promoting transformation". A decrease of 0.31 percentage points in the loan interest rate is directly conducive to stimulating the economy. Further increasing the marketization of interest rates will make bank profits flow into the manufacturing industry in the long run, adjusting the unfair distribution of social interests, which is obviously beneficial to the manufacturing industry that uses a lot of loans. Among the machinery, the railway equipment and construction machinery sector with high debt has the greatest impact

construction machinery needs to use bank credit to sell products, and the interest rate cut will improve the downstream purchasing power, which is conducive to the release of demand; The debt ratio of the railway transportation industry is high and its solvency is weak. The interest rate cut will reduce the debt repayment pressure of the Ministry of railways, and is likely to obtain more preferential loan interest rates. From the perspective of infrastructure investment, low-cost funds are needed for the construction of railways, infrastructure in the western region, water conservancy and affordable housing. The interest rate reduction is conducive to expanding investment. The construction machinery industry with large performance flexibility and pre cycle is easily recognized by the market in the interest rate reduction environment, and is expected to replace the existing non degradable general plastics in many fields. In addition to reducing the debt repayment pressure of construction machinery enterprises themselves, due to their high demand for credit leverage in sales, they can enjoy the benefits of interest rate reduction

taking advantage of the interest rate cut, the rebound of high debt railway investment is expected. The investment in fixed assets of railway in January was 129.7 billion yuan, down 41.1% year on year; Among them, the infrastructure investment was 105.5 billion yuan, a year-on-year decrease of 46.9%. In May, the railway fixed asset investment in a single month was 40.056 billion yuan, a year-on-year decrease of 14.56%; Among them, the capital construction was 33.8 billion yuan, down 20%, and the investment in renovation and locomotive purchase was 6.3 billion yuan, up 44%. Since 2012, the decline of railway infrastructure investment has been reduced month by month. The debt ratio of the railway transportation industry is high and its solvency is weak. The interest rate cut will reduce the debt repayment pressure of the Ministry of railways, and it is likely to obtain more preferential loan interest rates, which can greatly enhance the investment energy of the Ministry of railways. It is an inevitable measure for China to deal with energy security. Compared with the 516billion yuan railway investment plan of the Ministry of Railways in 2012, 386.3 billion yuan is still waiting to be invested. The next seven months are expected to increase by more than 5% over the same period last year, and the rebound of railway investment is expected

in addition, the listed companies in the construction machinery and railway equipment industries have the highest asset liability ratio, and the impact of the injection pressure and pressure retaining pressure on the interest repayment ability will disappear at a low level, and the impact of interest rate reduction on their performance elasticity will be more obvious

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