Tonight, with the consent of the CPC Central Committee and the State Council, the outline of Guangdong-Hong Kong-Macau Greater Bay Area's Development Plan (abbreviated as "the outline of the Plan") was made public, with a total of 27000 words and 11 chapters, defining Guangdong-Hong Kong-Macau Greater Bay Area's program for cooperative development at present and for a period in the future. planning for the near future to 2022, long-term prospects to 2035, rich in content and great weight The state requires that Guangdong-Hong Kong-Macau Greater Bay Area should be built into a dynamic and internationally competitive first-class bay area and world-class urban agglomeration, and a model of high-quality development.

A commentator's article entitled "seizing the Great opportunity to build the Greater Bay area" published by People's Daily pointed out that the Greater Bay area was built under the conditions of one country, two systems, three customs zones, and three currencies, and there is no international precedent. Pay attention to the use of the rule of law market-oriented way to coordinate and solve the problems in the development of cooperation in the Greater Bay area, so that the power of innovation is fully flowing, and the vitality of the main body of the market is fully demonstrated.

Key point one: the debut of nine cities in the Pearl River Delta, national strategic positioning

Guangdong-Hong Kong-Macau Greater Bay Area includes the Hong Kong Special Administrative region, Macao Special Administrative region and Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing (hereinafter referred to as the nine cities of the Pearl River Delta). With a total area of 56000 square kilometers and a total population of about 70 million at the end of 2017, it is one of the most open and economically dynamic regions in China. It has an important strategic position in the overall situation of national development. In 2017, the total economic volume of the Greater Bay area is about 10 trillion yuan.

The goal of the outline of the Plan is to build the region into a dynamic world-class urban agglomeration, an international scientific and technological innovation center with global influence, an important support for the construction of "Belt and Road Initiative", a demonstration zone for in-depth cooperation between the mainland and Hong Kong and Macao, and a high-quality living circle suitable for living, industry and tourism.

A person in charge of the office of Guangdong-Hong Kong-Macau Greater Bay Area's Construction leading Group said that promoting Guangdong-Hong Kong-Macau Greater Bay Area's construction is a major policy decision made by the party Central Committee with Comrade Xi Jinping at the core, and a national strategy personally planned, deployed, and promoted by Xi Jinping. It is a new measure to promote the formation of a new pattern of all-round opening up in the new era, and a new practice to promote the development of the cause of "one country, two systems."

The person in charge of the office of Guangdong-Hong Kong-Macau Greater Bay Area's leading group for construction said that he will actively perform the duties of the office of Guangdong-Hong Kong-Macau Greater Bay Area's leading group for construction, comprehensively and accurately implement the principles of "one country, two systems", "Hong Kong people ruling Hong Kong", "Macao people ruling Macao" and a high degree of autonomy, act in strict accordance with the Constitution and the basic Law, and work closely with Guangdong, Hong Kong and Macao and relevant departments to do a good job in all tasks. We will promote the implementation of the beautiful visions in the planning blueprint, and welcome all sectors of the community to actively participate in the construction of the Greater Bay area, and jointly build Guangdong-Hong Kong-Macau Greater Bay Area into a world-class bay area and a high-quality living area suitable for living, industry and tourism, so as to enhance the people's livelihood and well-being of Guangdong, Hong Kong and Macao, and become a demonstration for solid promotion of high-quality development.

Key point 2: medium-and long-term goals for 2022 and 2035

The outline of the Plan clearly defines Guangdong-Hong Kong-Macau Greater Bay Area's development goal, that is, by 2022, Guangdong-Hong Kong-Macau Greater Bay Area's comprehensive strength will be significantly enhanced, the cooperation between Guangdong, Hong Kong and Macao will be more in-depth and extensive, and the driving force for endogenous development in the region will be further enhanced. the framework of the international first-class bay area and world-class urban agglomeration with full development vitality, outstanding innovation ability, optimization of industrial structure, smooth flow of elements and beautiful ecological environment has basically taken shape.

Among them, the regional development is more coordinated, the development pattern of urban agglomeration with reasonable division of labor, complementary functions and misplaced development is basically established, the collaborative innovation environment is more optimized, innovation elements are accelerated, and the original ability of emerging technologies and the transformation of scientific and technological achievements are significantly improved. The supply-side structural reform has been further deepened, the transformation and upgrading of traditional industries have been accelerated, the core competitiveness of emerging industries and manufacturing has been continuously enhanced, the digital economy has grown rapidly, and the development of modern service industries such as finance has been accelerated; the supporting capacity of transportation, energy, information, water conservancy and other infrastructure has been further enhanced, and the capacity of urban development and operation has been further enhanced. Green, intelligent, energy-saving and low-carbon production and life styles and urban construction and operation models have been initially established, residents' lives are more convenient and happier, the construction of a new open economic system is accelerated, and the level of market connectivity between Guangdong, Hong Kong and Macao is further improved. the flow of various resource elements is more convenient and efficient, and cultural exchange activities are more active.

By 2035, the Greater Bay area will form an economic system and development model mainly supported by innovation, with a substantial increase in economic and scientific and technological strength, and a further enhancement of international competitiveness and influence; the high-level interconnection of markets in the Greater Bay area will basically be realized, and all kinds of resource elements will flow efficiently and conveniently; the coordination of regional development will be significantly enhanced, and the ability to lead and lead the surrounding areas will be further enhanced; and the people's life will be more affluent. The degree of social civilization has reached a new height, the soft power of culture has been significantly enhanced, the influence of Chinese culture has become more extensive and in-depth, and multiculturalism has been further exchanged and integrated. The level of conservation and intensive utilization of resources has been significantly improved, and the ecological environment has been effectively protected. The international first-class bay area suitable for living, industry and tourism has been completed in an all-round way.

The third key point: clear urban positioning and the construction of four central cities.

Optimize and upgrade central cities in accordance with the outline of the Plan. With the four central cities of Hong Kong, Macao, Guangzhou and Shenzhen as the core engines of regional development, we will continue to give full play to our comparative advantages and enhance our radiation-driven role in the development of the surrounding regions.

Hong Kong.Consolidate and enhance the status of international finance, shipping, trade center and international aviation hub, strengthen the status of global offshore RMB business hub, international asset management center and risk management center, promote the development of finance, trade, logistics and professional services to a high-end and high value-added direction, vigorously develop innovation and technology, foster emerging industries, and build an international legal and dispute resolution service center in the Asia-Pacific region. To build a more competitive international metropolis.

Macau.We will build a world tourism and leisure center and a service platform for business cooperation between China and Portuguese-speaking countries, promote moderately diversified economic development, and build an exchange and cooperation base with Chinese culture as the mainstream and multiculturalism.

Guangzhou.We will give full play to the leading role of national central cities and comprehensive portal cities, comprehensively enhance the functions of international trade centers and comprehensive transportation hubs, cultivate and enhance the functions of science, technology, education and culture centers, and strive to build an international metropolis.

Shenzhen.We should give full play to our leading role as a special economic zone, a national economic center city and a national innovative city, speed up the construction of a modern and international city, and strive to become an innovative and creative capital with world influence.

We will support Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen, Zhaoqing and other cities to give full play to their advantages, deepen reform and innovation, enhance their comprehensive strength, and form important node cities with distinctive features, complementary functions and competitiveness. Enhance the coordination of development, strengthen interaction and cooperation with central cities, promote the development of surrounding towns with characteristics, and jointly improve the development quality of urban agglomeration. Develop towns with special characteristics. Give full play to the advantages of a large number and large volume of characteristic cities and towns in the nine cities in the Pearl River Delta, and cultivate a number of charming towns with unique advantages.

In terms of urban transport, the Planning outline points out that it is necessary to enhance the international competitiveness of the Pearl River Delta port cluster, build a world-class airport cluster, and promote the construction of railway projects such as Ganzhou to Shenzhen, Guangzhou to Shanwei, Shenzhen to Maoming, and Cenxi to Luoding, and strive to achieve one-hour access between major cities in the Great Bay area. We will promote the operation of inter-city passenger transport in the Greater Bay area, and promote "one-ticket" and "one-card" services. We will build a modern freight logistics system and speed up the development of hot metal, public rail, air rail, river-sea intermodal transport and "one-order" intermodal transport services.

Key point 4: develop manufacturing industry and strengthen emerging industries

The outline of the Plan makes it clear that it is necessary to speed up the construction of a manufacturing power, promote the deep integration of the Internet, big data, artificial intelligence and the real economy, vigorously promote the transformation, upgrading and optimized development of the manufacturing industry, and strengthen the division of labor and cooperation in the industry. we will promote in-depth cooperation between the upper and lower reaches of the industrial chain, and build an advanced manufacturing base with international competitiveness. Take Zhuhai and Foshan as the leaders to build the advanced equipment manufacturing industry belt on the west bank of the Pearl River, and take Shenzhen and Dongguan as the core to build world-class advanced manufacturing industrial clusters such as electronic information with global influence and competitiveness on the east bank of the Pearl River. Give full play to the advantages of Hong Kong, Macao, Guangzhou and Shenzhen in innovative R & D capabilities, dense operation headquarters and complete industrial chains in Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing to strengthen industrial docking in the Greater Bay area and improve the level of collaborative development. We will support cities such as Dongguan to promote the transformation and upgrading of traditional industries, and support Foshan to carry out a pilot comprehensive reform of the transformation and upgrading of the manufacturing industry. We will support Hong Kong in exploring "re-industrialization" in its advantageous areas.

We will speed up the restructuring of the manufacturing industry. Promote the intelligent development of the manufacturing industry, focus on robots and their key components, high-speed and high-precision machining equipment and intelligent complete sets of equipment, vigorously develop intelligent manufacturing equipment and products, and cultivate a number of intelligent manufacturing backbone enterprises with system integration capability, intelligent equipment development capability and R & D capacity of key components. We will support the strengthening and refinement of advantageous industries such as equipment manufacturing, automotive, petrochemical, household appliances and electronic information, and promote the extension of the manufacturing industry from processing and production to R & D, design, brand, marketing, remanufacturing and other links. We will speed up the green transformation and upgrading of the manufacturing industry, focus on promoting the green transformation of the traditional manufacturing industry, developing green products, and building a green supply chain. We will vigorously develop the remanufacturing industry.

In terms of strategic emerging industries, the outline of the Plan clearly relies on the advantages of scientific research resources and the foundation of high-tech industries in central cities such as Hong Kong, Macao, Guangzhou and Shenzhen. give full play to the role of national new areas, national independent innovation demonstration zones, national high-tech zones and other high-end factor agglomeration platform, and jointly create a number of strategic emerging industrial clusters with perfect industrial chain, strong radiation driving force and international competitiveness. Strengthen the new momentum of economic development. We will promote the development and growth of a new generation of information technology, biotechnology, high-end equipment manufacturing and new materials into new pillar industries, and cultivate a number of major industrial projects in key areas such as new display, new-generation communication technology, 5G and mobile Internet, proteins and other biomedical equipment, gene testing, modern traditional Chinese medicine, intelligent robots, 3D printing, Beidou satellite applications and other key areas. We will implement a number of major projects in strategic emerging industries around key areas and key links such as information consumption, new health technologies, marine engineering equipment, high-tech service industries, and high-performance integrated circuits. We will foster and strengthen industries such as new energy, energy conservation and environmental protection, and new energy vehicles, and form an industrial agglomeration zone with energy conservation and environmental protection technology research and development and the headquarters base as the core. Give full play to the leading role of leading enterprises, actively develop the digital economy and the sharing economy, and promote economic transformation and upgrading and social development. We will promote cooperation in digital creative industries such as animation games, online culture, digital cultural equipment, and digital art displays, and promote the application of digital creativity in convention and exhibition, e-commerce, medical and health care, educational services, tourism and leisure.

Key point 5: develop the capital market with the Shenzhen Stock Exchange as the core and speed up financial opening and innovation

The outline of the Plan points out that we should consolidate and enhance Hong Kong's status as an international financial center and build an investment and financing platform to serve the construction of "Belt and Road Initiative". We will support Guangzhou in improving its modern financial service system, building a regional private equity trading market, building a regional trading center for property rights and commodities, and raising the level of internationalization. We will support Shenzhen in accordance with regulations to develop the capital market with the Shenzhen Stock Exchange as the core, and accelerate the opening up and innovation of finance. We will support Macao to build a financial service platform for China-Portuguese-speaking countries, establish an export credit insurance system, build a RMB clearing center for Portuguese-speaking countries, give full play to the advantage of the headquarters of Sino-Portuguese funds in Macao, and undertake financial cooperation services between China and Portuguese-speaking countries. To study and explore the construction of a demonstration zone for cross-border financial cooperation between Macao and Zhuhai.

At the same time, we will support Hong Kong in building a green financial center in the Greater Bay area and an internationally recognized green bond certification institution. We will support Guangzhou in building a pilot zone for green financial reform and innovation, and study the establishment of an innovative futures exchange with carbon emissions as the first variety. We will support Macao in developing leasing and other characteristic financial businesses, explore misplaced development with neighboring regions, and study the establishment of a RMB-denominated securities market, a green financial platform and a Sino-Portuguese financial service platform in Macao. We will support Shenzhen in building an insurance innovation and development pilot zone, promote the connectivity of Shenzhen-Hong Kong financial markets and financial cooperation with Shenzhen-Macao characteristics, carry out pilot projects in science and technology finance, and strengthen the construction of financial science and technology carriers. We will support Zhuhai and other cities to give full play to their respective advantages and develop characteristic financial services. On the premise of complying with laws, regulations and regulatory requirements, we will support insurance institutions in Guangdong, Hong Kong and Macao to cooperate in the development of innovative cross-border motor vehicle insurance and cross-border medical insurance products, and provide cross-border insurance customers with facilitation underwriting, survey, claims settlement and other services.

Key point 6: promote cross-border transactions of funds and insurance products in the Greater Bay area

The outline of the Plan clearly defines and promotes the connectivity of financial markets in an orderly manner. We will gradually expand the scale and scope of cross-border use of RMB in the Greater Bay area. Banking institutions in the Greater Bay area can carry out cross-border RMB lending, RMB forward foreign exchange trading business, RMB-related derivatives business and cross-agency sales of wealth management products in accordance with relevant regulations.

Enterprises in the Greater Bay area can issue RMB bonds across borders in accordance with regulations. We will expand the space for cross-border investment by Hong Kong and mainland residents and institutions, and steadily expand the channels for residents of the two places to invest in each other's financial products. On the premise of compliance with the law, we will promote cross-border transactions of funds, insurance and other financial products in the Greater Bay area in an orderly manner, constantly enrich the categories and channels of investment products, and establish a mechanism for the exchange of funds and products.

The outline of the Plan also points out that Hong Kong institutional investors will be supported to raise RMB funds in the Greater Bay area to invest in Hong Kong's capital market and participate in domestic private equity and venture capital funds. Support Hong Kong to develop more offshore renminbi, commodities and other risk management tools. Support insurance institutions in the mainland, Hong Kong and Macao to carry out cross-border RMB reinsurance business. We will continue to improve the Shanghai-Hong Kong Stock Connect, the Shenzhen-Hong Kong Stock Connect and the Bond Link. Support qualified Hong Kong and Macao banks and insurance institutions to set up business institutions in Qianhai, Shenzhen, Nansha, Guangzhou and Hengqin, Zhuhai. We will establish a coordination and communication mechanism for Guangdong-Hong Kong-Macau Greater Bay Area's financial supervision and strengthen cooperation in the supervision of cross-border financial institutions and the monitoring and analysis of capital flows. We will improve the mechanisms of Guangdong, Hong Kong and Macao for anti-money laundering, anti-terrorist financing, anti-tax evasion regulatory cooperation and information exchange. Establish and improve the system of early warning, prevention and resolution of systemic risks, and jointly maintain the security of the financial system.

Key point 7: introduce world-famous universities to create a competitive business environment

The outline of the Plan clearly supports the cooperation of universities in Guangdong, Hong Kong and Macao in running schools, encourages the joint construction of superior disciplines, laboratories and research centers, supports the construction of international education demonstration zones in the Greater Bay area, and introduces world-famous universities and characteristic colleges. We will promote the construction of world-class universities and first-class disciplines. Young people from Hong Kong and Macao are encouraged to study in mainland schools, and preferential policies such as transportation and tourist tickets are implemented for students studying in the mainland with permits for residents from Hong Kong and Macao to travel to and from the mainland. We will study and open up primary and secondary school teachers and preschool teachers from Hong Kong and Macao to Guangdong to obtain teacher qualifications and teach. We will strengthen the construction of schools, expand the supply of school degrees, further improve the policy for children of cross-regional employment to attend school, promote equal access to preschool education, compulsory education and senior high school education, and ensure that eligible migrant children smoothly participate in the college entrance examination in the places where they enter the country.

At the same time, we will create a globally competitive business environment, promote investment facilitation, promote trade liberalization, and facilitate the flow of people and goods. To further abolish or relax restrictions on qualification requirements, shareholding ratio and industry access for Hong Kong and Macao investors, reduce administrative intervention, strengthen comprehensive market supervision, and create a stable, fair, transparent and predictable first-class business environment.

Key point 8: open wider to the outside world and jointly build a platform for cooperation and development in the Greater Bay area.

The outline of the Plan points out that it will support Guangdong, Hong Kong and Macao to strengthen cooperation, jointly participate in the construction of "Belt and Road Initiative", and deepen infrastructure connectivity, economic and trade cooperation and people-to-people exchanges with relevant countries and regions. Fully participate in international economic cooperation, support Hong Kong and Macao to sign free trade agreements and participate in relevant international organizations in the name of "Hong Kong, China" or "Macao, China" or other appropriate forms in accordance with the law, support Hong Kong to play an active role in the operation of the AIIB, support Macao to join the AIIB if conditions are met, and support the Silk Road Fund and relevant financial institutions to set up branches in Hong Kong and Macao.

We will jointly build a platform for cooperation and development of Guangdong, Hong Kong and Macao, and speed up the development and construction of major platforms such as Qianhai in Shenzhen, Nansha in Guangzhou, and Hengqin in Zhuhai. We will support the construction of the Lok Ma Chau Hetao Port-Shenzhen Innovation and Technology Park and the adjacent Shenzhen Science and Technology Park, support Jiangmen's cooperation with Hong Kong and Macao to build the Greater Guanghai Economic Zone, and speed up the development of the coastal area of Jiangmen Yinhu Bay. We will promote in-depth cooperation between Macao and Zhongshan in the economic, social and cultural fields, and expand a new space for Macao's moderately diversified economic development. We will support the cooperation between Dongguan and Hong Kong in the development and construction of Dongguan Marina Bay area.

Three main lines + four major industrial chains Nuggets Guangdong, Hong Kong and Macao concept stocks

Huatai believes that with the final landing of the Dawan plan of Guangdong, Hong Kong and Macao, the theme of Guangdong-Hong Kong-Macau Greater Bay Area is expected to continue to heat up. From the perspective of investment logic, the benefit logic of related companies such as capital construction, port logistics and finance is relatively clear, and it is suggested that we should pay attention to three main lines:

1) Infrastructure, according to the above, on the one hand, infrastructure investment comes from Guangdong and the connectivity between Hong Kong and Macao, including the Hong Kong-Zhuhai-Macao Bridge, the landing of Guangzhou-Shenzhen-Hong Kong high-speed rail, and other infrastructure; on the other hand, it comes from infrastructure construction in Guangdong Province.

2) Port logistics, the construction of the Bay area is expected to promote trade exports. according to the National Bureau of Statistics, Guangdong Province achieved a total import and export value of 6.82 trillion yuan in goods in 2017, accounting for 24.5% of the national total. If the annual import and export (including entrepot) trade volume of the Hong Kong Trade Center is taken into account, the Greater Bay area is expected to become the largest import and export trade base in China.

3) Finance, Guangdong-Hong Kong-Macau Greater Bay Area will give full play to the advantages of Hong Kong as an international financial center and build a Guangdong-Hong Kong-Macau Greater Bay Area financial core circle that leads the Pan-Pearl, radiates Southeast Asia and serves "Belt and Road Initiative" based on Guangzhou, Shenzhen, Macao and Zhuhai.

GF Securities Co., LTD. proposed that at the level of theme strategy, it is suggested to pay attention to the upcoming policy window of Guangdong-Hong Kong-Macau Greater Bay Area's planning, focusing on thematic investment opportunities from the left side of the "transportation + port + real estate + finance" industrial chain:

1) Transportation industry chain. Infrastructure construction is an important prerequisite for industrial integration in the Greater Bay area. It is suggested to focus on railway, highway, shipping, airport construction and other areas, including Guangdong Expressway A, Shenzhen Expressway, Baiyun Airport, China International Marine Containers and so on.

2) Port industry chain. With the promotion of the national "Belt and Road Initiative" strategy and the continuous improvement of the level of opening to the outside world, the relevant trade ports and supply chain areas will continue to benefit, including Shenchi Bay A, Zhuhai Port and so on.

3) real estate industry chain. The construction of the Greater Bay area will improve the level of urban development in an all-round way. at the same time, the effect of population aggregation will also significantly increase the demand for inland production in the region, and the regional real estate leaders are expected to benefit as a whole, including investment in Shekou, Huafa shares and so on.

4) Financial industry chain. The Bay area will strive to expand the opening up of the financial industry to the outside world and provide innovative investment and financing services to the real economy in the region. It is suggested that we should focus on securities, financial control, Fintech and other areas. Related targets include China Merchants and so on.

Ping an Securities said that from the perspective of the direction of industrial development, Guangdong-Hong Kong-Macau Greater Bay Area's future development will mainly rely on the integration of innovation and finance, under the background of the normalization of global monetary policy and domestic structural deleveraging, the recent cases of long-term agreements exposed by manufacturing enterprises are increasing, and some companies with heavy assets and high liabilities may face greater investment risks. According to a comprehensive judgment, future technological giants may be born in new economic fields such as artificial intelligence, big data, integrated circuits, cloud computing, new energy vehicles, new energy, and biomedicine. The development of the above-mentioned industries in the Pearl River Delta will also significantly benefit from the integrated development of Guangdong-Hong Kong-Macau Greater Bay Area in the future.

What are the investment opportunities in the property market?

Ping an Securities said that in the process of Guangdong-Hong Kong-Macau Greater Bay Area's development, the integration of financial innovation will play a vital role, which will also be a key feature of Guangdong-Hong Kong-Macau Greater Bay Area in the future. Considering that both Hong Kong and Shenzhen have stock exchanges and significant financial advantages, Hong Kong and Macao have special legal status and mature market system. At the same time, Shenzhen and Guangzhou have the first-mover advantage of innovative industrial clusters, Hong Kong, Macao, Shenzhen and Guangzhou will become the core of Guangdong-Hong Kong-Macau Greater Bay Area construction in the future, Foshan, Zhuhai, Dongguan and Zhongshan will become smaller regional core cities. Huizhou, Zhaoqing and Jiangmen will become large and medium-sized cities with characteristic industries.

From the point of view of house prices, housing prices in Hong Kong, Macao, Shenzhen and Guangzhou show an obvious decreasing gradient; those in Zhuhai, Dongguan, Foshan and Zhongshan are also decreasing in turn; and those in Jiangmen and Zhaoqing are similar, both lower than those in Huizhou. From the perspective of future urban development space, Guangdong-Hong Kong-Macau Greater Bay Area's Guangzhou, Zhongshan, Foshan, Jiangmen and Zhaoqing may have good real estate investment opportunities.