2021.09.01
■ The Central Committee For Deepening Overall Reform passed several policies on 30 Aug 2021 that indicate the medium-term policy direction.
■ We believe that it will: a) release supportive or easing measures, and b) tighten some sectors.
■ We believe that names benefitting from policies such as localization (both hardware and software), carbon trading (CCERs and MRV), waste treatment and renewable energy, and key raw materials will remain the key focuses of the market.
■ We reiterate that it is time to turn more positive on internet names, as we are approaching the end of 3Q 21, when several policies will be implemented and the market may have sufficient information to evaluate the impact.
■ This analysis is based on industry and macro figures and may differ from the views of individual analysts, in some cases.
