SIM selected and Comments (June 23)

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Xinhua: According to the Ministry of Finance issued the first 5 months of state-owned and state holding enterprises nationwide economic performance report, the first 5 months of the national state-owned and state holding enterprises realized total revenue 11535350000000 yuan, up 44.5% in May compared with April the chain growth of 2.3%. the first 5 months,UGGs, the state-owned enterprises realized profits of 749.29 billion yuan, an increase of 65.8%, but in May than in April were down 1.2%. central enterprises amounted to profit of 523.44 billion yuan, an increase of 50.4% in May than in April were down 1.6%; local state-owned enterprises realized profits of 225.85 billion yuan, an increase of 1.2 times, in May than in April were down 0.3%.
【 Comments】 This year, both state-owned enterprises operating income or profits of the year on year growth rate witnessed a gradual downward trend, we believe that growth is slowing mainly caused by the two factors. On the one hand, China's overall economy last year, showing out after the former high-low trend, last year's first quarter economic growth rate of only 6% in the fourth quarter, but rushed a 8.7, so a substantial increase in the base became a major factor. On the other hand, China's economic rebound this year to better continuous consolidation of the situation, in order to curb inflation, tightened monetary policy significantly over last year; the same time, the transformation of economic growth in order to achieve emission reduction targets, this year, China increased the backward production capacity, two high and one asset sector and the capacity excessive regulation of the industry was severe, and state-owned enterprises is the responsibility and role to become the main target control measures. subject to the above two factors, the state-owned enterprises operating income and profits will inevitably reduced, and most likely continued to decline from high to low or will become the main features of this macro. (This message is bad for the macro)
debt crisis in Europe is now gradually after the July export growth will slow down
Shanghai Securities News: According to recently released export data, business Ministry spokesman Yao Jian pointed out recently that overall exports in May or the first 7 months of continuation of the recovery growth trend, which is the market gradually restore normal performance. But the next few months, the European debt crisis on China's exports adverse effects may gradually appear, in July will be flat after the overall export growth down.