Guangdong, Hong Kong and Macao Dawan District planning is finally landing! What are the investment opportunities in the three key points?

On the evening of the 18th, with the consent of the Party Central Committee and the State Council, the "Guangdong, Hong Kong and Macao Dawan District Development Plan" (referred to as the "Planning Outline") was officially announced.

The "Planning Outline" clarifies the program for cooperation and development in the current and future period of the Greater Bay Area of ​​Guangdong, Hong Kong and Macao. The plan is to be 2022 in the near future, and the long-term outlook is 2035. It is rich in content and extremely weighty, and it is required to be Guangdong, Hong Kong and Macau. It will become a dynamic and internationally competitive first-class bay area and a world-class city group, creating a model of high-quality development.

Source: China Government Network

Guangdong, Hong Kong and Macau Bay Area includes Hong Kong Special Administrative Region, Macau Special Administrative Region and Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing (hereinafter referred to as the Pearl River Delta) With a total area of ​​56,000 square kilometers and a total population of about 70 million at the end of 2017, it is one of the regions with the highest degree of openness and strongest economic vitality in China, and has an important strategic position in the overall development of the country. In 2017, the total economic volume of Dawan District was about 10 trillion yuan.

The goal of the "Planning Outline" is to build the region into a dynamic world-class urban agglomeration, a globally influential international science and technology innovation center, an important support for the construction of the “Belt and Road”, and a deep demonstration zone for cooperation between the Mainland and Hong Kong and Macao. A quality living circle that is suitable for living and suitable for travel.

Source: "Guangdong, Hong Kong and Macao Dawan District Development Plan"

The most concerned about the "Outline" is the content of the financial capital market opening policy, industrial support policy and transportation planning policy. By sorting out the above three major policy points, Xiaobian takes you through the three key points of the "Planning Outline".

Financial capital market opening policy

1. Promote financial open innovation, expand offshore account (OSA) functions, and actively explore the effective path of capital account convertibility by drawing on the Free Trade Account System (FTA) of the Shanghai Pilot Free Trade Zone. Explore the establishment of an account management system that is compatible with the development of Guangdong, Hong Kong, Macao and Dawan District, and conduct pilot tests on cross-border capital management, cross-border use of RMB, and convertibility of capital projects to facilitate cross-border trade and investment and financing settlement facilitation.

2. Vigorously expand direct financing channels and build a platform for scientific and technological innovation financial support based on the regional equity trading market. Support Hong Kong private equity funds to participate in the financing of innovative technology companies in Dawan District, allowing qualified innovative technology companies to enter the Hong Kong-listed fund-raising platform and develop Hong Kong into a high-tech industrial financing center in Dawan District.

3. Support Hong Kong to develop more offshore RMB, bulk commodities and other risk management tools. Support the mainland and Hong Kong and Macao insurance institutions to carry out cross-border RMB reinsurance business. Continuously improve "Shanghai-Hong Kong Stock Connect", "Shenzhen-Hong Kong Stock Connect" and "bond-pass". Support qualified Hong Kong and Macao banks and insurance institutions to set up operations in Shenzhen Qianhai, Guangzhou Nansha and Zhuhai Hengqin.

4. Gradually expand the scale and scope of cross-border use of RMB in Dawan District. Banking institutions in the Greater Bay Area may conduct cross-border RMB lending, RMB forward foreign exchange transactions, and cross-proxy sales of RMB-related derivatives and wealth management products in accordance with relevant regulations.

5. Support Shenzhen's development of the capital market with the Shenzhen Stock Exchange as the core, and accelerate the promotion of financial openness and innovation.

6. Support cooperation with Hong Kong and Macao financial institutions, jointly develop offshore financial services in accordance with regulations, and explore the construction of innovative insurance factor trading platforms such as international shipping insurance.

7. Research and exploration Establish the Guangdong, Hong Kong, Macao and Dawan District International Commercial Bank in the Guangdong Pilot Free Trade Zone to serve the construction and development of the Dawan District.

8. Support the Hong Kong Stock Exchange's Qianhai Joint Trading Center to build a commodity trading platform for domestic and foreign customers, and explore a new model for serving the real economy.

9. Construct an offshore innovation and entrepreneurship platform, allowing registration and international operations in the technology enterprise area. Support the development of bonded research and development in the special customs supervision areas where conditions permit.

10. Support the establishment of ports in Qianhai, Shenzhen, to study and strengthen the efficient interconnection with Hong Kong infrastructure.

Industry support policy

1. Promote the deep integration of the Internet, big data, artificial intelligence and the real economy, vigorously promote the transformation and upgrading of the manufacturing industry and optimize the development, strengthen the division of labor in the industry, promote the deep cooperation between the upstream and downstream of the industrial chain, and build an advanced manufacturing base with international competitiveness.

2. Promote the intelligent development of manufacturing industry, focusing on robots and their key components, high-speed high-precision processing equipment and intelligent complete sets of equipment, vigorously develop intelligent manufacturing equipment and products, and cultivate a group of system integration capabilities, intelligent equipment development capabilities and Intelligent manufacturing backbone enterprise for key component R&D production capacity.

3. Supporting the advantages of equipment manufacturing, automobile, petrochemical, household appliances, electronic information and other industries to promote and improve the manufacturing industry from processing and production links to research and development, design, branding, marketing, remanufacturing and other links.

4. Accelerate the green transformation and upgrading of the manufacturing industry, focus on promoting the green transformation of traditional manufacturing industries, developing green products, and creating a green supply chain. Vigorously develop the remanufacturing industry.

5. Promote the development of a new generation of information technology, biotechnology, high-end equipment manufacturing, new materials, etc. as a new pillar industry, in new display, next-generation communication technology, 5G and mobile Internet, protein and other biomedical, high-end medical diagnosis and treatment equipment, A number of major industrial projects have been cultivated in key areas such as genetic testing, modern Chinese medicine, intelligent robots, 3D printing, and Beidou satellite applications.

6. Implement a number of strategic emerging industry major projects around key areas such as information consumption, new health technologies, offshore engineering equipment, high-tech service industries, high-performance integrated circuits and other key links.

7. Cultivate and expand new energy, energy conservation and environmental protection, new energy vehicles and other industries, and form an industrial gathering belt with energy conservation and environmental protection technology research and development and headquarters base as the core.

8. Give play to the leading enterprises to take the initiative, actively develop the digital economy and the sharing economy, and promote economic transformation and upgrading and social development.

9. Promote cooperation between digital creative industries such as animation games, network culture, digital cultural equipment and digital art exhibitions in the region, and promote the application of digital creativity in exhibitions, e-commerce, medical and health care, education services, tourism and leisure.

10. Promote the development of logistics cooperation between Guangdong, Hong Kong and Macao, vigorously develop third-party logistics and cold chain logistics, improve the level of supply chain management, and build an international logistics hub. Support Macao to speed up the construction of food distribution centers in Portuguese-speaking countries.

11. Promote the integration of military and civilian development in the nine cities of the Pearl River Delta, and support the creation of a demonstration zone for military-civilian integration and innovation.

12. Support the construction of major innovation carriers such as Hong Kong-Shenzhen Innovation and Technology Park, Sino-Singapore Guangzhou Knowledge City, Nansha Qingsheng Technology Innovation Industrial Base, Hengqin Guangdong-Macao Cooperation Chinese Medicine Science and Technology Industrial Park.

13. Supporting the five R&D centers of Hong Kong logistics and supply chain management application technology, textiles and garments, information and communication technology, auto parts, nano and advanced materials, as well as the Hong Kong Science Park and Hong Kong Cyberport.

14. Support the construction of the development platform for the Chinese medicine technology industry in Macao. Promote the construction of partner laboratories of the State Key Laboratory of Hong Kong and Macao.

15. Promote the effective implementation of the Guangdong, Hong Kong and Macau Yacht Freedom, accelerate the improvement of software and hardware facilities, and jointly develop high-end tourism projects. Explore the construction of an international yacht tourism free port in a suitable area. Support Macao and neighboring cities to explore and develop international yacht tourism, cooperate in the development of cross-border tourism products, and develop an internationally oriented cruise market.

16. Build a modern marine industry system, optimize and upgrade traditional industries such as marine fisheries, marine transportation, and marine vessels, and cultivate and expand emerging industries such as marine biomedicine, marine engineering equipment manufacturing, and comprehensive utilization of seawater, and concentrate on intensive development of Linhai Petrochemical, Energy, etc. Industry, accelerate the development of port logistics, coastal tourism, marine information services and other marine services.

Transportation planning policy

1. Building a world-class airport group

Consolidate and enhance the status of Hong Kong's international aviation hub, strengthen the functions of the aviation management training center, enhance the competitiveness of the international hubs of Guangzhou and Shenzhen airports, enhance the functions of airports in Macau and Zhuhai, and promote the misplaced development and benign interaction of the airport in Dawan District. Support the construction of the third runway of Hong Kong Airport and the expansion and expansion of Macao Airport, implement the expansion and expansion of airports in Guangzhou and Shenzhen, carry out preliminary research work of Guangzhou New Airport, and research and build a number of regional airports and general airports.

Further expand the domestic and overseas aviation networks in Dawan District and actively promote the sharing of multimodal transport codes. Relying on Hong Kong's financial and logistics advantages, it will develop high value-added freight, aircraft leasing and aviation financing business. Support Macao Airport Development Regional Business Jet Business. Strengthen airspace coordination and air traffic management, optimize and adjust airspace structure, improve airspace resource use efficiency, and improve air traffic control support capabilities. Deepen the reform of low-altitude airspace management, accelerate the development of general aviation, steadily develop cross-border helicopter services, and build a comprehensive demonstration zone for general aviation industry in Shenzhen and Zhuhai. Promote the development of Guangzhou and Shenzhen Airport Economic Zone.

2. Enhance the international competitiveness of the Pearl River Delta Port Group

Enhance the international competitiveness of the Pearl River Delta port group. The supporting road transport network such as the Shenzhong Passage should also be accelerated.

Consolidate and enhance the status of Hong Kong's international shipping center, support Hong Kong's development of high-end shipping services such as ship management and leasing, ship financing, maritime insurance, maritime law and dispute resolution, and provide services to mainland and Macao enterprises. Enhance the comprehensive shipping service functions of Guangzhou and Shenzhen, further enhance the infrastructure service capabilities such as ports and waterways, and form a port, shipping, logistics and ancillary service system with complementary advantages and mutual benefits for Hong Kong, and enhance the overall international competitiveness of the port group. Focusing on the main coastal ports, we will improve the collection and distribution networks of inland waterways and port railways and highways.

3. Build an intercity rapid transit network

Relying on the rapid transportation network with high-speed railway, inter-city railway and high-grade highway as the main body, and the port group and airport group, the regional economic development axis is constructed to form a networked space pattern of efficient connection between major cities. We will give full play to the role of the Hong Kong-Zhuhai-Macao Bridge and accelerate the construction of important transportation facilities such as the Shenzhen (Shenzhen) Middle (Shan) Passage and the Shenzhen (Shenzhen) Mao (name) Railway, improve the development level of the Pearl River West Bank, and promote the coordinated development of the East and West.

What are the investment opportunities?

â—† Huatai Securities believes that with the final planning of the Guangdong, Hong Kong and Macau Bay Area, the theme of Guangdong, Hong Kong and Macau Bay Area is expected to continue to heat up. From the perspective of investment logic, the benefits of infrastructure, port logistics, finance and other related companies are relatively clear. It is recommended to pay attention to three main lines:

1) Infrastructure, according to the above, infrastructure investment comes from Guangdong and Hong Kong and Macao Unicom, including the Hong Kong-Zhuhai-Macao Bridge, the construction of the Guangzhou-Shenzhen-Hong Kong high-speed rail, and other infrastructure; on the other hand, from Guangdong Infrastructure construction in the province;

2) Port logistics, the construction of the Bay Area is expected to promote trade exports. According to the National Bureau of Statistics, in 2017, the total import and export value of goods trade in Guangdong Province was 6.82 trillion yuan, accounting for 24.5% of the national total. If we calculate the trade volume of import and export (including re-export) of about 8 trillion yuan per year in the Hong Kong Trade Center, Dawan District is expected to become China's largest import and export trade base;

3) Finance, Guangdong, Hong Kong and Macao Dawan District will take advantage of Hong Kong's international financial center, relying on Guangzhou, Shenzhen, Macao and Zhuhai to build a financial core circle of Guangdong, Hong Kong and Macao Dawan District that leads Pan-Pearl, radiates Southeast Asia and serves the “Belt and Road” .

â—† GF Securities proposed, the theme strategy level, it is recommended to pay attention to the Guangdong, Hong Kong, Macao and Dawan District planning will soon introduce a policy window, from the "delivery + port + real estate + finance" to benefit the left side of the industry chain focus on investment opportunities:

1) Transportation industry chain. Infrastructure construction is an important prerequisite for industrial integration in Dawan District. It is recommended to focus on railways, highways, shipping, airport construction and other fields. Relevant targets include Guangdong Expressway A, Shenzhen Expressway, Baiyun Airport, and CIMC.

2) Port industry chain. With the promotion of the national “Belt and Road” strategy and the continuous improvement of the level of opening up to the outside world, relevant trade ports and supply chain areas will continue to benefit. Relevant targets include Shenzhen Chiwan A and Zhuhai Port;

3) Real estate industry chain. The construction of Dawan District will improve the level of urban development in an all-round way. At the same time, the population concentration effect will also significantly increase the demand for real estate in the region. The regional real estate leader is expected to benefit as a whole. Relevant targets include China Merchants Shekou and Huafa Co., Ltd.;

4) Financial industry chain. The Bay Area will be committed to expanding the opening up of the financial industry and providing innovative investment and financing services to the real economy in the region. It is recommended to focus on securities, financial control, Fintech and other fields. Relevant targets include China Merchants Securities.

â—† Ping An Securities said that from the perspective of industrial development, the future development of Guangdong, Hong Kong and Macao Dawan District will mainly rely on the integration of innovation and finance. Under the background of the normalization of global monetary policy and domestic structural de-leverage, the recent manufacturing industry Cases in which companies are experiencing a long-term exposure are increasing, and some high-insurance companies with high assets may face greater investment risks. Comprehensive judgment, artificial intelligence, big data, integrated circuits, cloud computing, new energy vehicles, new energy, biomedicine and other new economic fields or the future of the technology giant, the development of the above-mentioned industries in the Pearl River Delta will also significantly benefit the future of Guangdong, Hong Kong and Macao The integration of the Bay Area.

Core points >>

Guangdong, Hong Kong and Macao Dawan District Development Plan: By 2022, the comprehensive strength of Guangdong, Hong Kong and Macao Dawan District has been significantly enhanced

Outline of Development Planning for Guangdong, Hong Kong and Macao Dawan District: Deepening Hong Kong-Shenzhen and Macao-Zhuhai Cooperation to Accelerate the Construction of Guangfo City

Guangdong, Hong Kong, Macao and Dawan District Development Plan Outline: Strengthening Hong Kong's Global Offshore RMB Business Hub Status

Guangdong, Hong Kong, Macao and Dawan District Development Plan: Hong Kong, Macau, Guangzhou, Shenzhen, four central cities as the core engine of regional development

Guangdong, Hong Kong and Macao Dawan District Development Plan: Explore the construction of an international yacht tourism free port in a suitable area

Guangdong, Hong Kong and Macao Dawan District Development Plan: Study further to cancel or relax restrictions on Hong Kong and Macao investors' shareholding ratio, industry access, etc.

Guangdong, Hong Kong and Macao Dawan District Development Plan: Creating an Important Platform for Hong Kong and Macao to Participate in the Construction of the “Belt and Road”

Guangdong, Hong Kong and Macao Dawan District Development Plan: Support Shenzhen's development of the capital market with the Shenzhen Stock Exchange as the core

Guangdong, Hong Kong and Macao Dawan District Development Plan: Accelerate the construction of important transportation facilities such as the Shenzhong Passage and the Shenmao Railway

Guangdong, Hong Kong and Macao Dawan District Development Plan: Supporting International Financial Institutions to Set Up Branches in Qianhai, Shenzhen

Analysis and interpretation >>

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