The reporter learned from the Shanghai Stock Exchange that as of August 31, 2023, all 1,685 listed companies on the Shanghai Main Board had completed the disclosure of their 2023 semi-annual reports. Overall, companies listed on the Shanghai Stock Exchange have overcome multiple adverse factors, maintained stable operating performance, and played a significant role in stabilizing employment and protecting people's livelihoods. Technological innovation has emerged as a driving force, and the consumer side has accelerated repairs, showing that the effects of various policies introduced this year are being continuously released. , also intuitively reflects the huge development resilience and potential of China's economy.

1. The overall performance remains stable and the loss area narrows significantly

In the first half of 2023, the Shanghai main board companies achieved a total operating income of 24.93 trillion Yuan, a year-on-year increase of 2%; net profit was 2.32 trillion yuan, and net profit after non-exclusion was 2.23 trillion yuan, a slight decrease of 2% and 1% respectively year-on-year. Compared with the same period in 2019, the above three indicators increased by 31%, 16%, and 21% respectively, with an average annual compound growth rate of 7%, 4%, and 5%. Among them, entity companies achieved operating income of 20.32 trillion yuan in the first half of the year, a year-on-year increase of 2%; net profit was 1.08 trillion yuan, and net profit after non-exclusion was 0.99 trillion yuan, both down 7% year-on-year. Looking at the quarterly analysis, it has gone out of the curve of first falling and then rising. Compared with the first quarter and the second quarter, the three indicators increased by 9%, 5%, and 6% respectively. What is even more gratifying is that the business operation capabilities of enterprises have significantly recovered. In the first half of the year, real companies achieved a net operating cash inflow of 1.28 trillion yuan, a year-on-year increase of 22%.

From a profit and loss perspective, in the first half of 2023, 1,427 companies remained profitable, accounting for nearly 90% of them. Among them, 746 companies achieved year-on-year growth in net profit, and 116 companies turned losses into profits. Compared with the same period last year A total of 80 companies were added, and the number of companies with a year-on-year decline in net profit decreased by 69 compared with the same period last year. In terms of loss-making companies, 258 companies suffered losses in the first half of the year, a decrease of 6 and 22 respectively compared with the same period last year and the first quarter of 2023. The total losses narrowed significantly by about 50% compared with the same period last year. The number and amount of loss-making companies were both It has improved significantly and the losses have narrowed significantly.

2. The role of stabilizing employment is prominent and the momentum of promoting consumption is strong

While stabilizing the economy and growth, the Shanghai Stock Exchange main board companies continue to play a role in stabilizing employment and promoting consumption. It plays a key role in protecting people's livelihood and stabilizing the employment foundation at a point-by-point basis. As of the end of June 2023, the Shanghai Main Board companies have employed a total of about 17 million people. Calculated as a proportion of GDP, it is expected to indirectly drive 200 million people in employment; in the first half of the year, a total of 2.16 trillion yuan was paid to employees, a year-on-year increase of 7%. Among them, the salary of employees in high-tech industries represented by medicine and biology, electric power equipment, and national defense and military industries increased by 15% year-on-year. The effect of technological innovation in promoting high-quality employment has begun to appear. In addition, Beidahuang, Suken Nongfa, Nongfa Seed Industry and other grain production enterprises have stable supply and effectively ensure food safety.

With the implementation of a number of policies to expand domestic demand, the market¡¯s consumption potential continues to be released. Offline consumption scenes have accelerated their recovery, and contact and cluster consumption has picked up significantly. The net profits of the hotel, catering, tourist attractions, and movie theater industries have all achieved significant year-on-year losses, close to the same period in 2019. Offline department stores' net profits have increased significantly year-on-year. 46%. In terms of travel, the passenger flow of air and railway transportation has recovered significantly, the losses of aviation and airports have narrowed significantly by 80%, and there has been a significant improvement in the second quarter compared with the first quarter, with revenue and net profit growing at 20% and 38% respectively. Correspondingly, the net profit of railways and highways increased by 73% year-on-year, and also showed a continuous improvement trend. On the end consumer goods side, consumption of goods and services such as food and beverages, beauty care, and household appliances continues to improve, with net profits increasing by 15%, 59%, and 14% respectively year-on-year. The automobile industry grew by 3% year-on-year in the first half of the year, and by 41% year-on-year in the second quarter. , a month-on-month increase of 40%.

3. Central state-owned enterprises play the role of "ballast stone", and the marginal improvement trend of private enterprises is obvious

Looking at different types of ownership, state-owned enterprises have withstood the pressure and given full play to their role. It plays the role of "ballast stone" in stabilizing the economy. In the first half of 2023, the operating income of state-owned enterprises in Shanghai increased by 2% year-on-year, and net profits were basically the same year-on-year, with increases of 30% and 16% respectively compared with the same period in 2019. In the first half of the year, the return on net assets was 5%, which was higher than the overall market level. Short-term profits of private enterprises are under pressure, but the marginal trend is improving. In the first half of 2023, the operating income of private enterprises on the Shanghai Stock Exchange increased by 1% year-on-year, and net profit fell by 9% year-on-year. However, in the second quarter, operating income increased by 8% month-on-month, and net profit after non-deductions increased by 6% month-on-month, and many operating indicators were restored. , and the month-on-month growth rate is faster than that of state-owned enterprises. What is even more gratifying is that the operational quality and efficiency of private enterprises have also continued to improve. In the first half of the year, net operating cash inflows increased by 17% year-on-year. In the second quarter, cash flow improved significantly month-on-month. The asset-liability ratio at the end of the period dropped by 0.56 percentage points from the beginning of the year.

4. The upstream and downstream profit differentiation has converged, and the high-tech industry has shown good growth momentum

Under the influence of the continued recovery of consumption and the fall in commodity prices, the upstream and downstream profits have The structure has been adjusted. The upstream mining industry has rotated through cycles, and the operating performance of coal, non-ferrous metals, petroleum and other industries has turned from increase to decrease, with net profits falling by 29%, 24% and 7% respectively year-on-year. Driven by the decline in raw material prices, the performance of the thermal power industry has rebounded significantly, driving the overall net profit of the utility industry, which focuses on power generation, to increase by nearly 30%. In terms of mid-stream and downstream industries, with the gradual transmission of upstream prices, although the net profits of the papermaking, chemical fiber, rubber and plastics industries declined year-on-year in the first half of the year, they improved quarter-on-quarter in the second quarter, increasing by nearly 6 times, 3 times and 3 times respectively compared with the first quarter. 51%. In addition, it is worth noting that the growth rate of real estate turned positive in the first half of the year, with revenue and net profit increasing by 4% and 2% respectively year-on-year. The growth rate in the second quarter was obvious, which led to the decrease in net profit of building materials in the second quarter narrowing.

As a core industry that stabilizes the industrial chain and supply chain, the equipment and equipment manufacturing industry maintains a rapid growth rate. The net profits of mechanical equipment, power equipment, national defense and military industries and other industries increased by 8%, 13%, and 24% year-on-year. . Among them, high-tech manufacturing has shown strong development momentum and has gradually become a new engine of economic growth. The net profit growth rates of rail transit equipment, aviation equipment, communication equipment and other industries increased by 10%, 29%, and 15% respectively. The modern service industry is also growing well. As digital development continues to deepen, the demand for information services continues to expand. The net profit of the information transmission, software and information technology service industry increased by 10% year-on-year. The three major operators' industrial digitalization, cloud and other new businesses grew rapidly. , the total revenue in the first half of the year exceeded 981.2 billion yuan, and the net profit exceeded 101.7 billion yuan, a year-on-year increase of 7% and 9% respectively. In addition, the demand for high-level scientific and technological services also continued to increase, and the net profit of the scientific research and technical services industry increased by 9% year-on-year.

5. The momentum of technological innovation remains unabated, and ESG concepts promote the acceleration of green transformation

Under multiple pressures, Shanghai Main Board companies continue to increase investment in research and development. Lay a solid foundation for long-term development. In the first half of 2023, the total R&D expenditures of entity companies on the Shanghai Stock Exchange were approximately 312.4 billion yuan, a year-on-year increase of 6%. Driven by high-intensity R&D, the high-tech industry has achieved rapid growth in operating performance and continuous breakthroughs in core key technologies. R&D expenditures in the national defense, communications, and power equipment industries have increased by 34%, 25%, and 17%, and net profits have increased by 24%, 9 %, 13%, achieving a positive cycle of R&D growth and performance excellence.

6. Investment in key areas has been increased, and the export performance of the "Three New Products" has been outstanding

The policy of stabilizing investment continues to be effective, and investment in fixed assets has grown steadily. In the first half of 2023, driven by a package of policies, the total expenditure on the acquisition and construction of long-term assets by entities listed on the Shanghai Stock Exchange totaled 1.32 trillion yuan, a year-on-year increase of 16%. Investment in a number of high-tech manufacturing industries that represent the direction of advanced production development has grown rapidly. Investment in computers, power equipment, automobiles, and national defense industries increased by 40%, 30%, 16%, and 16% respectively year-on-year. Infrastructure construction also maintained a steady growth momentum, with investment expenditures in infrastructure-related industries such as public utilities and transportation increasing by 38% and 33% respectively year-on-year. On the basis of overall stability, foreign trade exports have shown a new pattern with higher technological content, and the "three new items" exports are strong. Overseas revenue from the photovoltaic equipment and automobile industries increased by 40% and 33% year-on-year. Specifically, photovoltaic equipment companies Flat and Foster achieved overseas revenue of 2.2 billion yuan and 1.9 billion yuan in the first half of the year, a year-on-year increase of 53% and 14%; the vehicle manufacturer SAIC Group sold 530,000 vehicles overseas, a year-on-year increase of 40%, of which New energy sales in the European market account for more than 50%, and monthly sales have exceeded 20,000 units for 4 consecutive months; Yutong Bus¡¯s cumulative export volume of new energy buses has exceeded 3,700 units, and has been sold in batches in more than 30 overseas countries. Good operation; Huayu Automobile, an auto parts company, actively participates in the division of labor in the global automotive industry and integrates into the global automotive industry supply system. In the first half of the year, overseas revenue was 15.7 billion yuan, a year-on-year increase of 13%.

7. Mergers, acquisitions and reorganizations help improve quality and efficiency, and finance continues to benefit the real economy

The Shanghai Main Board continues to play the role of financial services entities and supports listed companies in utilizing Capital market tools improve quality and efficiency, and accelerate the transformation and upgrading of business sectors. In the first half of 2023, a total of 19 restructuring plans were disclosed, involving a total amount of 18.5 billion yuan. On the other hand, the financing scale of listed companies remains stable, and finance continues to benefit real enterprises. In the first half of 2023, the total financing scale of Shanghai main board entity companies was 6.84 trillion yuan, basically the same as the same period last year, of which the financing scale of private entities increased by 2%. In addition, more than 10 real estate companies disclosed refinancing plans, with a total planned fundraising amount of more than 50 billion yuan. Financing matters of Daming City, Poly Development and other companies have been approved. The bond market of the Shanghai Stock Exchange has played an active role. In the first half of the year, the total amount of corporate bonds issued by Shanghai Main Board companies was 403.6 billion yuan, a year-on-year increase of 31%, and the weighted average interest rate was 3.18%, a year-on-year decrease of 0.05 percentage points, of which 23.1 billion yuan was newly issued of science and technology innovation bonds. . In terms of financial profit-making entities, the balance of corporate loans and advances of banks in Shanghai totaled approximately 88 trillion yuan, an increase of 13% from the beginning of the year; the average net interest margin and net interest margin of the banking industry were 1.82% and 1.72%, respectively down 0.15 percentage points and 0.15 percentage points year-on-year. 0.14 percentage points, and the financial industry continues to increase its support for the real economy.

8. The market valuation structure has improved, and the transaction volume of blue-chip stocks and technology stocks has increased

Since 2023, the market valuation structure of Shanghai Stock Exchange main board companies has further improved. . The valuations of high-quality blue-chip companies have increased, with a net increase of 3 companies worth 100 billion and 12 companies worth 10 billion compared with the beginning of the year. The added companies are mainly distributed in the media, pharmaceutical and biological, computer and other industries. The valuations of central enterprises have been significantly restored. The average cumulative increase of more than 270 central enterprises in the Shanghai stock market is 10%, and the median is 8%, outperforming the market by 8.7 and 6.5 percentage points respectively.

Market transaction volume further converged towards leading enterprises and technological innovation enterprises. High-quality blue chip stocks are even more favored by the market. Since the beginning of the year, the turnover of companies with a market value of more than 100 billion and more than 50 billion has accounted for 24% and 38% respectively, an increase of 2 and 3 percentage points respectively compared with the same period last year. The ability of scientific and technological innovation has become an important support for the investment value of enterprises. Companies whose R&D investment accounts for more than 10% and 5% of operating income have accounted for 10% and 22% of turnover respectively since the beginning of the year, an increase of 4 and 2% respectively compared with the same period last year. 5 percentage points, and the proportion of turnover in industries such as computers, communications, defense industry, and electronics all showed an upward trend.

9. Buybacks and holdings increase convey confidence, and mid-term dividends have gradually become popular

Since 2023, Shanghai Main Board companies have disclosed new buyback plans 74 For each family, the total upper limit of the planned repurchase amount exceeds 40 billion yuan, and the total amount of new plan implementation is approximately 8.3 billion yuan. Recently, major shareholders, directors, supervisors and senior managers of more than 20 companies have terminated their shareholding reduction plans in advance or made announcements promising not to reduce their shareholdings, working together to stabilize market expectations.

There are new breakthroughs in the number and total amount of cash dividends in the medium term. Recently, a total of 61 companies on the Shanghai Stock Exchange launched mid-term dividend plans, with a total cash dividend of 184.6 billion yuan.

10. The trend of zigzag progress is obvious, and the foundation for performance recovery is expected to continue to be consolidated

The 2023 semi-annual report of listed companies on the Shanghai Stock Exchange shows that in the first half of 2023 In the first half of the year, the performance of some companies and industries on the main board of the Shanghai Stock Exchange was still at a low level. Among them, 258 companies suffered operating losses, and 146 companies' performance fell by more than 50%; the net profits of the steel and chemical industries fell by 80% and 52% year-on-year, and the decline in the second quarter further expanded compared with the first quarter, and the net profits of semiconductors and consumer electronics fell by 80% and 52% year-on-year, respectively. Down 67%, 4%. Nearly 600 companies that disclosed overseas income saw a combined overseas income drop of 10% in the first half of the year, with larger declines in agrochemicals, fiberglass, and textiles. In addition, although the performance of the real estate industry has improved in the first half of the year, debt repayment pressure is still high, and liquidity risks still need to be paid attention to.

Looking forward to the second half of the year, as China's economy recovers, market demand gradually expands, and the relationship between supply and demand continues to improve, there is a high probability that the performance of listed companies will accelerate and return to the track of steady growth. At the same time, various economic stabilization policies introduced in the first half of the year will also exert a greater pulling effect in the second half of the year. Based on the above-mentioned favorable factors, coupled with the accelerating pace of technological innovation and transformation and development of listed companies themselves, the foundation for performance recovery of listed companies will be more solid.

(CCTV reporter Sha Qian Dongbin)

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