Comments on the Economic Governance of the Conference platform of the Central Deep Reform Commission: financial science and technology supervision emphasizes the return of business to its origin and supports platform enterprises to serve the real economy more.

The 26th meeting of the Central Deep Reform Commission was held on June 22nd. President Xi Jinping stressed that the construction of the data basic system is related to the overall situation of national development and security, and it is necessary to safeguard national data security and protect personal information and trade secrets. we will promote the efficient circulation and use of data, enable the real economy, comprehensively promote data property rights, circulation and transactions, income distribution, and security governance, and speed up the construction of a data basic system. It is necessary to promote large-scale payment and financial technology platform enterprises to return to their origin, improve regulatory rules, make up for institutional deficiencies, ensure the safety of payment and financial infrastructure, prevent and resolve systemic financial risks, and support platform enterprises to play a greater role in serving the real economy and smooth domestic and international circulation.

Li Keqiang presided over an executive meeting of the State Council to determine the policy of increasing support for automobile consumption.

Premier Li Keqiang presided over an executive meeting of the State Council on June 22 to determine policies to increase support for automobile consumption. The meeting pointed out that consumption is the main driving force of the economy and an important starting point to promote economic operation back to the right track. It is necessary to further release the potential of automobile consumption: first, activate the second-hand car market and promote the renewal of automobile consumption. For small non-operating second-hand vehicles, the immigration restrictions on vehicles that meet the national five-year emission standards will be completely abolished from August 1, and automobile sales enterprises will implement separate endorsement management and issue temporary license plates when applying for transfer registration on October 1. The second is to support the consumption of new energy vehicles. The vehicle purchase tax should be mainly used for highway construction, etc., considering the current actual research on the extension of the new energy vehicle purchase tax policy after it expires at the end of the year. Get rid of the local protection of the new energy vehicle market. The third is to improve the policy of parallel import of cars, develop car financing leasing in an orderly manner, and support the construction of parking lots. The implementation of the policy is expected to increase automobile and related consumption by about 200 billion yuan this year.

Investment viewpoint:We believe that with a focus on China's Internet sector, confidence in the expected improvement of the platform economy is expected to continue to increase, and this week's meeting of the Central Deep Reform Commission may send a more positive signal.In the short term, we will focus on the progress of landmark issues, including the rectification and reform of financial business on large platforms, the progress of network security review projects, and so on. Since June 29 in Shanghai, there has been no social epidemic in the risk-free areas within a week, and the streets and towns have opened their restaurants in an orderly manner, which is conducive to the recovery of offline food and beverage. On June 24, the CSRC announced that traded open-end funds were officially included in interconnection, enriching investment varieties and helping to increase the attractiveness of long-term funds. In terms of audit supervision of Chinese stocks, it is suggested that we should continue to pay attention to the progress of the H.R.4521 Act, such as the United States Senate and House of Representatives determine a consistent version, including whether the observation period of the trading ban should be shortened from 3 years to 2 years.On the whole, although we do not rule out short-term disturbances in the external environment, we expect the return trend of the value of "high-quality Internet assets" to continue. We are optimistic that under the resonance of the improvement of macro and regulatory factors, the growth momentum of platform enterprises is expected to be repaired gradually.

Last week, Li Auto Inc. unveiled a new generation of SUV model L9, with more than 30000 subscribers paying 5000 yuan within 72 hours. We expect this model to continue the ideal ONE position as the company's next generation of popular models. Recently, the State Council issued a support policy for new energy vehicles, and we believe that it is expected to continue to boost the purchase demand of the new energy vehicle industry. At the same time, it coincides with the launch of blockbuster models of new power brands in the second half of the year, which may promote sales of related new models to exceed expectations.

Recommended concerns are as follows:Those who are expected to benefit from accelerating corporate financial reform on large platforms, such as$BABA-SW (09988.HK) $、$Tencent (00700.HK) $Platforms on which fundamentals are expected to be repaired after the local epidemic weakens, such as$Meituan-W (03690.HK) $、$JD.com Group-SW (09618.HK) $、$Pinduoduo (PDD.US) $、$KANZHUN LIMITED (BZ.US) $A platform on which fundamentals are expected to rebound at the bottom, benefiting from stable domestic growth and loosening of real estate policies, such as$KE Holdings Inc.-W (02423.HK) $Etc.; the supply of the game industry has improved under the low base, pay attention to$Heart Company (02400.HK) $、$NetEase, Inc-S (09999.HK) $The online advertising industry expects demand to improve and accelerate in the third quarter, focusing on platforms that may generate structural market share growth or significant cost reduction and efficiency gains, such as$Kuaishou Technology-W (01024.HK) $、$Bilibili Inc.-SW (09626.HK) $Etc.; Internet diagnosis and treatment policy is on the ground, focusing on platforms with sound fundamentals that are expected to gain more online retail share, such as$JD Health (06618.HK) $Wait. The new energy automobile industry suggests to pay attention to the mainframe manufacturers with key models on the market in the second half of the year, such as$Li Auto Inc.-W (02015.HK) $、$XPeng Inc.-W (09868.HK) $、$NIO Inc.-SW (09866.HK) $等。

Risk hints: domestic economic growth slows; policy stimulus is ineffective; local outbreaks affect local life, e-commerce and advertising; and the United States is in the cycle of raising interest rates.