In the observation of the financial reports of listed companies, the reporter found that the listed companies in Shanghai and Shenzhen are showing a "new atmosphere" such as emphasizing research and development investment, paying attention to mergers and acquisitions, and improving service consumption, which represents the "new energy" of China's economy to a certain extent, and deserves attention。

　　First, investment in research and development has generally increased, and the foundation for innovation has been continuously consolidated。As Fosun Pharmaceutical's 2017 quarterly report shows, the company's research and development expenses in the first quarter are 1.9.8 billion yuan, an increase of 37 percent year-on-year.64%。In Shenzhen, the R&D investment of Shenzhen-listed companies totaled 2082 in 2016.1.5 billion yuan, an average of 1.0.9 billion yuan, an increase of 14.74%, overall average R&D intensity (R&D investment as a percentage of revenue)2.57%, an increase of 0% over the previous year.Twelve percentage points。"Listed companies continue to consolidate the foundation of innovation and improve profitability by continuously increasing investment in research and development.。The relevant person in charge of the Shenzhen Stock Exchange said。

　　Second, attach importance to mergers and acquisitions and restructuring, and promote industrial integration and transformation。In 2016, Apex, a printer company from Zhuhai, Guangdong Province, acquired Lexmark, an American company, forming a complete industrial chain from printing copier machine equipment to printing consumables, accessories and management services。"From the perspective of the underlying assets and the business association of listed companies, industrial integrated mergers and acquisitions dominate。The relevant person in charge of the Shenzhen Stock Exchange said that the extension development model based on industrial integration, industrial upgrading and industrial adjustment has a positive effect on the performance of Shenzhen companies。

　　Third, the development of the service consumption industry is improving, and it is becoming an important driving force for economic growth。The relevant person in charge of the Shanghai Stock Exchange said that in 2016, emerging service consumption such as education and training, medical and health care, health maintenance, culture and entertainment, leisure and tourism became a hot spot of consumption, promoting the rapid development of Shanghai-related companies, and achieving a total of 3114 operating income and net profit.51亿元、184.8.4 billion yuan, an increase of 36 percent year-on-year.82%、15.73%。A number of consumer leading companies have become the "value white horse" in the eyes of investors, such as Yili shares to achieve a net profit of 56.6.9 billion yuan, an increase of 21 percent year-on-year.80%。

　　Many market participants believe that with the continuous improvement of China's capital market institutional environment, the "Belt and Road" initiative and other enterprises continue to expand the development space, listed companies will usher in a new period of strategic opportunitiesmacroeconomyProvide strong support for the stable development of China。

　　First of all, listed companies are increasingly willing to respond to the "Belt and Road" initiative, and there is huge room for performance improvement。Some leading listed companies have rich overseas experience, such as Power China Construction has signed 52 "Belt and Road" projects, China Railway Construction, China Railway, China State Construction and China Communications Construction four companies have also signed more than 10 projects, involving a total amount of about 430 billion yuan。Market researchers believe that most listed companies have a strong willingness to participate in the "Belt and Road", and with the improvement of relevant supporting facilities, some listed companies will be expected to "stride forward".。

　　Second, investor returns continue to improve, and the investment environment in the capital market is getting better。The relevant person in charge of the Shenzhen Stock Exchange said that as of April 30 this year, the Shenzhen stock exchange was 76.92% of listed companies (1,470) launched cash dividend plans, and the dividend amount reached 1,924.4.7 billion yuan, an increase of 24 percent year-on-year.99%。Li Daxiao, chief economist of Yingda Securities, said that investor returns continue to improve, conducive to the formation of a more positive investment environment, especially in the context of the overall economy is still undergoing transformation and adjustment。

　　Thirdly, the cost reduction of enterprises has been continuously promoted and the profit space of the real economy has been expanded。Under the influence of rising commodity prices and increasing operating income, the operating costs of non-financial companies in Shanghai rose by 3.23 percent, but less than 5 percent of revenue.An increase of 72%;At the same time, in terms of financing costs, Shanghai companies paid more than 290 billion yuan in financial expenses in 2016, down about 9 percentage points year-on-year。"From the overall performance of listed companies, China's economic operation has maintained a stable and good trend。Xu Hongcai, deputy chief economist of the China Center for International Economic Exchanges, believes that the future will continue to promote supply-side reform, reduce corporate financing costs, and create good conditions for the innovation and development of enterprises。