新發佈的公司財報顯示，新技術已經成為中國經濟增長的核心。雖然中國經濟增長放緩，但新能源汽車和5G通訊設備銷售商的表現尤為突出。通信運營商正在大力推動5G，5G有望在將來帶來強勁的收入。

汽車

汽車製造商最近發佈了年報。結果顯示，由於傳統車企表現疲軟，整體市場未能繼續在高峰運行。中國汽車工業協會稱，今年乘用車的銷量預計與去年大體持平。長安汽車去年的營業收入同比減少17.14%，歸屬於上市股東的凈利潤下降155.37%。另一方面，北汽集團凈利潤同比翻番，其中大部分利潤是來自它的合資品牌北京奔馳。華晨中國總營收同比下滑17.5%，雖然凈利潤增長了33%（主要來自寶馬）。

另一家合資企業上汽集團也表現出色。它的三大主要合資品牌上汽大眾、上汽通用和上汽通用五菱佔到集團總銷量的87%，集團自有品牌榮威和名爵的銷量則分別增長32.18%和34.45%。汽車銷量中還包括新能源和互聯網汽車。排在上汽大眾、一汽大眾和上汽通用之後的吉利汽車，其年銷量同比增長20.3%。在推出熱銷的新車型之後，吉利的總營收增長15%，凈利潤增長18%。該公司的汽車金融部門凈利潤比2017年猛增352%。

新能源汽車銷售表現良好。比亞迪、北汽藍谷（北汽新能源）和長城4月份創下銷售紀錄。北汽新能源的總營收增長43%，雖然凈利潤虧損7.29億元人民幣。比亞迪的表現則好得多，這家電動汽車製造商的盈利能力超過特斯拉，今年第一季度利潤同比增長632%。政府補貼對盈利有幫助，比亞迪獲得補貼約20.73億元人民幣。由於中國對電動汽車的需求持續上升，比亞迪預計公司將繼續增長。第一季度，新能源汽車的銷售同比增長147%，超過了傳統車輛，這使政府得以減少一定的補貼規模。隨着電動汽車越來越受人們的歡迎，新能源汽車市場前景可觀。

通信

對華為等通信設備製造商來說，5G已經被證明是重要的發展領域。華為的營收表明，公司並未受到來自美國和其他國家政治壓力的影響。今年第一季度，華為收入同比增長39%，智能手機出貨量5900萬台，截止3月底已經獲得40份5G商業合同。美國堅稱華為是國家安全風險，但它未能成功說服德國和英國等國家阻止華為進入它們的5G通信系統。事實上，英國打算允許華為參與其5G網絡建設，而Orange聯合華為完成了西班牙第一個5G手機商用驗證。

由於尚未全面推出5G平台，與設備製造商相比，電信運營商已經滯後。不過，該領域前景光明。中國聯通和中國電信都召開了5G大會。中國聯通發起成立“5G應用創新聯盟”，以資助5G項目；中國電信則發佈三個主要5G業務平台，以及十大5G行業應用，如智慧交通、智能製造。中國移動已於2018年啟動旨在加快5G網絡應用的5G戰略。雖然這三家運營商的運營收入都略有下降，但中國電信和中國聯通歸屬於股東的凈利潤分別上漲4.5%和24.8%。

新技術成為亮點

在新技術應用領域開展業務的公司是中國低迷經濟中的亮點。華為和比亞迪等公司的表現遠遠好於萬達電影和西水（天安財產保險）等公司。雖然經濟景氣指數正在改善，但中國經濟仍繼續受到全球需求疲軟和持續對美貿易戰的影響。中國政府已經通過使用貨幣與財政政策，對經濟進行干預，在確保資金到位的同時控制風險、減稅，並支持基礎設施的增長。在這種環境下，對傳統行業的熱情也許有起有落，但新技術很可能成為持續的增長點。

Newly released earnings reports show that new technologies are at the center of China's growth. Despite China's slowing economy, new energy vehicles and 5G communications equipment sellers performed especially well. Communications operators are expanding into 5G, which promises to provide strong future revenues.

Automobiles

Annual reports of auto manufacturers were recently released, and results indicate (link in Chinese) that the market as a whole is not functioning at its peak due to weaknesses among traditional automakers. According to the China Association of Automobile Manufacturers, passenger car sales this year are predicted to remain at about the same level as last year. Changan Automobile showed a year-on-year operating income decline of 17.14%, while net profit attributable to listed shareholders declined by 155.37%. On the other hand, BAIC enjoyed a year-on-year doubling of its net profit, most of which came from Beijing Benz, its joint venture brand. Brilliance China experienced a year-on-year decline in total revenue of 17.5%, although net profit increased by 33% much of which was due to profits from BMW.

SAIC Group, another joint venture, also performed well. Its three major joint venture brands, SAIC Volkswagen, SAIC-GM, and SAIC-GM-Wuling accounted for 87% of total sales. SAIC Group's brands Roewe and MG sales were up 32.18% and 34.45% respectively. Sales included new energy and Internet vehicles. Coming in just behind SAIC Volkswagen, FAW-Volkswagen and SAIC-GM, Geely Automobile's annual sales rose 20.3% year-on-year. Geely's revenue increased by 15%, and its net profit rose by 18% after it launched new models that experienced strong sales. The company's auto finance arm experienced a net profit surge of 352% from 2017.

Sales of new energy vehicles have been performing well. BYD, Beiqi Blue Valley (BAIC New Energy) and Great Wall had the highest sales this month. BAIC New Energy gained a total revenue increase of 43%, although it suffered a loss of 729 million RMB. BYD did much better- the company is an electric car maker that has outperformed Tesla in terms of its profitability. The company reported an increase in profits of 632% in the first quarter, year-on-year. Government subsidies helped its profitability- its subsidy amounted to 2.073 billion RMB. BYD expects growth to continue, as demand for electric vehicles continues to rise in China. Sales of new energy vehicles were up 147% in the first quarter year-on-year, and outpaced the sales of traditional vehicles. This has allowed the government to reduce the scale of subsidies to some extent. The new energy vehicles market shows great promise going forward, as electric cars have gained in popularity.

Communications

For communications equipment makers like Huawei, 5G is proving to be an important area of expansion. Huawei's earnings showed that the company has not been kept down by political pressure from the US and other countries. The firm reported a 39% year-on-year increase in its first quarter revenue. Huawei shipped 59 million smartphones over this period, and had signed 40 commercial contracts for 5G with top global carriers by the end of March. The US has contended that Huawei is a national security risk, and has unsuccessfully attempted to persuade countries like Germany and the UK to prevent Huawei from entering their 5G communications systems. In fact, the UK plans to allow Huawei to participate in construction of 5G networks, while Orange worked with Huawei to complete the first commercial verification of 5G mobile phones in Spain.

Communications operators lag behind equipment makers, as they have not fully launched 5G platforms. However, this area shows promise. Both China Unicom and China Telecom have held 5G conferences. China Unicom launched the 5G Application Innovation Alliance to fund 5G projects, while China Telecom has released three major 5G platforms and 10 Big 5G businesses, such as intelligent transportation and smart manufacturing. China Mobile's 5G strategy was launched in 2018 to accelerate application of 5G networks. Although operating income declined by a small amount for all three operators, both China Telecom and China Unicom experienced an increase in net profit attributable to shareholders, of 4.5% and 24.8% respectively.

New technologies as bright spots

Firms operating in areas in which new technologies are being implemented are bright spots in China's otherwise lagging economy. The performance of companies like Huawei and BYD is far better than that of firms like Wanda Movies and Xishui (Tianan Property Insurance). Although economic sentiment is improving, China's economy continues to suffer from softer global demand and the ongoing trade war with the U.S. China's government has intervened in the economy through the use of monetary and fiscal policy, ensuring the availability of funds while controlling for risks, cutting taxes, and supporting infrastructure growth. In this environment, enthusiasm for traditional sectors may rise and fall, but new technologies will likely to prove a consistent source of growth.