In the face of the continued sluggish downstream demand, the steel industry is stepping up mergers and acquisitions in order to obtain new students in the industry. At the same time, the steel industry, which is also facing poor demand and falling orders, is also collectively thinking about change. Even if there is passive acceptance, there are active search, but all aspects of the steel industry chain are thinking about how to survive in this complex and ever-changing environment. The property market is changing the price into a trend. High debt ratio, huge inventory, severely differentiated performance levels, coupled with the overall correction of the macroeconomic side, real estate companies are facing huge capital and sales pressure. First of all, the increasing inventory pressure has become a huge hidden danger for the future development of housing enterprises. According to data from the Central Plains Real Estate Research Center, as of the end of March, 48 A-share listed real estate enterprises that have published annual reports achieved a total operating income of 223.395 billion yuan in 2011, a year-on-year increase of 26.4%; operating costs of 128.634 billion yuan, an increase of 22.2%; The overall operating profit margin of A-share housing enterprises has increased. Secondly, the inventory digest cycle of each housing company has also been significantly extended. According to statistics, the inventory of 48 A-share listed real estate enterprises at the end of 2011 totaled 590.674 billion yuan, a year-on-year increase of 45.8%, and the inventory digestive cycle reached 4.6 years. This means that at the end of 2011, the inventory turnover days of A-share housing companies increased by more than 9 months. Third, the pressure on funds will not decrease. Huge inventory pressures mean a slowdown in the rate of return of funds, which is undoubtedly a huge shackle for the real estate industry, which relies heavily on capital to operate quickly. Feng Lianlian of the chain real estate market research department believes that the large-scale housing enterprises intensive financing in the first quarter reflects the large scale of capital demand of real estate enterprises in 2012. Under the general situation of continued regulation this year, housing enterprises will inevitably worry about the situation of capital withdrawal this year. At the same time, the increasingly high debt ratio has become the new pressure on the capital chain of housing enterprises. Real estate trusts and bank credits that have gradually expired have become financial problems that housing enterprises must face and solve. According to the statistics of the Chain Real Estate Market Research Department, in 2011, the total liabilities of the four benchmarking enterprises of Vanke, China Merchants, Shoukai and Shimao increased by 41.8%, 43.2%, 53.5% and 27.4% year-on-year. The housing enterprises that have already been burdened with higher debts will carry out large-scale financing, and the risk of increasing the debt service burden will undoubtedly increase further. Finally, the decline in macroeconomic growth, the tightening of credit, the constant changes in the source structure of housing funds, and the continued decline in real estate investment have all affected the situation of “tight money†in housing enterprises. Yang Hongxu, deputy dean of Shanghai Yiju Real Estate Research Institute, predicts: “Integrated with multiple indicators, it is expected that the capital situation of real estate development enterprises in the first quarter of 2012 may be close to or lower than the full-year level of 2008. In the case that the external financing environment is difficult to improve significantly Real estate companies are still the main way to ease the pressure of funds through price reduction promotion.†Zhang Dawei, director of the research department of Zhongyuan Real Estate, said that in order to get rid of huge financial pressure as soon as possible, it is an inevitable trend to exchange prices. The transformation of the machinery industry to a heavy quality Since 2011, the growth rate of China's machinery industry has dropped significantly, indicating that the period of rapid growth of China's economic aggregate has gradually passed, and the whole industry must adapt to the shift in market demand from heavy “quantity†to heavy “qualityâ€. trend. It is understood that until the first half of 2011, most of the machine tool enterprises are still booming in production and sales, but since the second half of last year, the growth of industry demand has slowed down significantly, and the economic benefits have gradually become more severe. Last year, the total output value of China's machine tool industry increased. The rate dropped from nearly 39% at the beginning of the year to 32.5% at the end of the year, and the profit growth rate dropped from 57.5% at the beginning of the year to 29.8% at the end of the year. In 2011, the import and export deficit of China's machine tool industry reached US$13.4 billion. In this regard, Cai Weici, vice president of the China Machinery Industry Federation, said that the huge import and export deficit indicates that the demand for high-end machine tool products in China still exists objectively and will continue to grow rapidly. If the Chinese machine tool industry can convert excess low-end production capacity In order to adapt to the demand for "high-end" production capacity, especially in the basic product areas such as functional components and CNC systems, and to shorten the gap, the competitiveness of China's machine tool industry will be significantly improved. He said that as long as the whole industry accelerates the transformation and upgrading, the prospects will remain bright. It is expected that the production and sales of China's machine tool industry will still achieve steady growth this year. Although the sustained rapid growth of China's machinery industry has undergone major changes since last year, the growth rate has dropped significantly. However, the total output value of China's machinery industry last year increased by 25.06% compared with 2010, achieving a profit ratio. The year has increased by 21.14%. However, the above growth rate dropped by more than 8 percentage points and more than 30 percentage points respectively compared with 2010. The latest forecast shows that from the current economic development demand potential of China, China's machinery industry is expected to continue to maintain a steady and rapid development for a long period of time. It is estimated that the total output value and sales revenue of China's machinery industry will increase by about 18% this year, and the profit will increase by about 12% compared with the previous year. The foreign trade volume is expected to increase by about 15% compared with the previous year. Railway construction bid farewell to high growth The data released by the Ministry of Railways recently showed that in February, the national railway fixed assets investment totaled only 29.932 billion yuan, a year-on-year decrease of 57.7%; of which, the capital construction investment was 20.797 billion yuan, down 67.5% year-on-year. According to industry insiders, China Railway Construction will bid farewell to the era of high growth due to the impact of the motor vehicle accident and the reduction of the country's overall investment. The completion of the main indicators of the national railway announced by the Ministry of Railways last month showed that the national railway fixed assets investment was 12.282 billion yuan in January, down 69.6% compared with the same period of last year; the capital construction investment was only 8.732 billion yuan, down 76% year-on-year. . It is not difficult to find that since 2011, the trend of slowing down railway construction has become obvious. In 2011, railway fixed asset investment and infrastructure investment completed 58.63 billion yuan and 461.1 billion yuan respectively, much lower than the previous forecast of 745.5 billion yuan and 600 billion yuan. In 2012, the Ministry of Railways arranged fixed assets investment of 500 billion yuan, of which 400 million yuan was invested in infrastructure construction, which was still a large decrease compared with last year. As the debt ratio of the Ministry of Railways climbed to nearly 60%, the issue of railway construction financing has also received increasing attention. Xu Fengxian, a researcher at the Institute of Economics of the Chinese Academy of Social Sciences and a regional economic research expert, said that the Wenzhou train accident has exposed some problems in railway construction. Now the state pays more attention to building quality rather than speed to railway construction, and appropriately compresses railway construction investment. In addition, the reduction of the country's overall investment is also a reason for the slowdown in railway investment. Since the beginning of this year, the state has reduced investment in various sectors. The autonomous car started the counterattack. In January and February, it was difficult to sway. After a slight increase in inertia, the auto market in March turned sharply. There are indications that the negative growth of the auto market in the first quarter is a foregone conclusion. The announcement issued by the National Development and Reform Commission on March 14th showed that in February, the national automobile market price was mainly reduced, and the domestic automobile price fell by 0.28%, down 0.95% year-on-year. The price of luxury imported cars fell by 3.69% year-on-year. Starting from the high diving of the Mercedes-Benz S-Class, the price cut is as fast as the acute infectious disease. With the price war of mid-to-high-end cars represented by Scorpio, the joint venture brand's mid-to-low-end models have greatly benefited, and the price advantage of independent brands has been quickly penetrated. Statistics released by the Association show that the sales volume of its own brand narrow passenger cars in the first two months of this year was 573,000, a year-on-year decrease of 14.0%. Among them, autonomous cars sold a total of 452,900 units, a year-on-year decrease of 16.92%. In terms of market share, in the first two months of this year, the market share of self-owned narrow-size passenger vehicles has dropped to 28.9%, of which the self-owned car market share is 27.86%, almost returning to the level of the 2008 financial crisis. The decline was the highest in a decade. The market share of autonomous vehicles is being gradually eroded by the growing European and American joint venture brands. Multinational auto companies have a global effort to use dilute R&D and procurement costs, coupled with brand premiums and weak self-owned brands, are not destined to be fair. With the continuous expansion of the joint venture brand product line, the pressure on independent brands is increasing. In this context, the voice of singing and autonomous is smashed. However, because I saw the bottom of the valley, I sang the decline. In turn, the bottom of the valley may be the starting point for the counterattack of the autonomous car. Even in the first two months of the sharp decline, the self-owned cars also had a 16% sales growth of Geely Emgrand, Changan Benni MINI, Great Wall Tengyi C30, and BYD S sold more than 10,000 vehicles in June. From the bus purchase to the independent car, to the resurrection of Hongqi, Shanghai, Beijing brand cars, perhaps these image projects will not have a substantial effect on the revitalization of autonomous cars, but the industry's attitude towards the development of independent cars is highly consistent and worthy of recognition. In fact, a real Jedi counterattack has quietly started. The thick and thin Geely Global Hawk launched the GC7 and GX7, and launched a new round of charge with a five-star safety design, more advanced chassis tuning performance and a high-efficiency 6-speed automatic transmission. The so-called "the narrow road meets the brave winner", the autonomous car is far from the time of singing, but the start of the boom. (Some of the information comes from Xinhuanet, International Business Daily, etc.)
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