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The general report of this book pointed out that the widespread global spread of the new crown virus in 2020 has caused the world economy to suffer the most severe impact since the “Great Depression”. The economies of many countries were forced to press the “pause button”, and the global financial market was panicked. As developed economies such as Europe and the United States continue to restart their economies in the second quarter, the global economy has bottomed out and stabilized. However, as the resumption of work progresses, the number of new cases in the United States and some emerging economies is also rising rapidly, which is beneficial to the recovery of the global economy. Formed a drag. In the case of domestic adherence to prevention and control and the promotion of resumption of work and production, the year-on-year growth rate of China’s economy in the second quarter turned from negative to positive, and it is expected that the economy will maintain a growth of more than 2% throughout the year. If you look at the micro-subjects of listed companies, you will find that the market value creation ability of listed companies has begun to decline from 2018 to 2019. The sudden natural crisis has formed a new and greater impact on the value creation ability of listed companies. And this kind of impact is very heterogeneous in the industry. From the perspective of the innovation and transformation of listed companies, the current innovation activity in the computer, defense and military industry, medical and biological industries is among the top. With the continuous deepening of capital market reforms, companies with high innovation activity have performed better in the secondary stock market. It will play a positive role in optimizing the allocation of financial resources.
Sub-report 1 of this book further evaluates China A shares and Hong Kong Chinese stocks from the perspective of value creation ability. In the short term, in order to hedge against the impact of the epidemic, the short-term policy increases, and the relative abundance of liquidity has driven the rise of market conditions. After entering the second quarter, with the initial control of the epidemic and the acceleration of the resumption of work and production, the fundamental restoration and growth brought about by performance have become the key to dominating the future market trend. From a long-term perspective, the long-term and “certainty” of innovation and the improvement of corporate governance structure will bring about opportunities for valuation upsides. The continuous and firm reform and opening up policy of China’s capital market has brought about incremental capital inflows and investment style switching. It has promoted the improvement of the value creation ability of China’s high-quality listed companies and the healthy development of China’s capital market. Based on this background, the report, based on the 2019 value evaluation model, further refines, adds, and updates multi-dimensional measurement indicators, and finally forms a five-dimensional value evaluation model, which fully takes into account industry differences and company heterogeneity characteristics. And use the public data of the annual report to evaluate and comprehensively rank the listed companies of China A shares and Hong Kong Chinese shares by industry, and select listed companies with higher value by industry to form a “beautiful 100” investment portfolio, which is back-tested The effect is good, and the portfolio has a higher return after risk adjustment. This also suggests that the portfolio has gathered relatively high-quality micro-entities from various industries in China, and is a microscopic reflection of China’s macroeconomic situation. Sub-report 2 studies the opportunities and challenges of China’s capital market from the perspective of globalization. The report believes that thanks to the strategic opportunity period for the international transfer of industries provided by the second economic globalization, especially the full participation in vertical specialized production and the construction of global value chains, the emerging economies of East Asia have achieved a transition from the geese model to the integration of East Asia. Feiyue quickly shortened the gap with developed economies in the international competitiveness of manufacturing. It is precisely because of the underestimation of the potential for offshore producers to acquire knowledge spillovers, a considerable part of the market created by knowledge innovation in advanced economies represented by the United States has spilled over to emerging economies in East Asia, and has already damaged the innovation ecology of advanced economies. The completeness of the system jeopardizes the corresponding degree of innovation potential. Therefore, the United States requires that the original globalization strategy be adjusted in accordance with the principle of reciprocal responsibility and institutional convergence, trying to shift free trade from quasi-public products to club products, and realize knowledge spillover in clubs that follow common property rights protection and stakeholder governance rules. Redistribute within members. The adjustment of the US globalization strategy will inevitably greatly limit the ability of emerging East Asian economies as offshore producers to acquire knowledge spillovers from the world economy, forcing China to adopt a national development strategy of innovation and innovation, and effectively enhance its own market creation capabilities, and propose corresponding measures. Capital market development and investment strategies. The two special reports reviewed the development of China’s bond market and the risks and opportunities faced, as well as the accumulation of human capital in China’s listed companies, which have important reference values for understanding the future trend of the bond market and the distribution of human capital in China’s listed companies.