新发布的公司财报显示，新技术已经成为中国经济增长的核心。虽然中国经济增长放缓，但新能源汽车和5G通讯设备销售商的表现尤为突出。通信运营商正在大力推动5G，5G有望在将来带来强劲的收入。

汽车

汽车制造商最近发布了年报。结果显示，由于传统车企表现疲软，整体市场未能继续在高峰运行。中国汽车工业协会称，今年乘用车的销量预计与去年大体持平。长安汽车去年的营业收入同比减少17.14%，归属于上市股东的净利润下降155.37%。另一方面，北汽集团净利润同比翻番，其中大部分利润是来自它的合资品牌北京奔驰。华晨中国总营收同比下滑17.5%，虽然净利润增长了33%（主要来自宝马）。

另一家合资企业上汽集团也表现出色。它的三大主要合资品牌上汽大众、上汽通用和上汽通用五菱占到集团总销量的87%，集团自有品牌荣威和名爵的销量则分别增长32.18%和34.45%。汽车销量中还包括新能源和互联网汽车。排在上汽大众、一汽大众和上汽通用之后的吉利汽车，其年销量同比增长20.3%。在推出热销的新车型之后，吉利的总营收增长15%，净利润增长18%。该公司的汽车金融部门净利润比2017年猛增352%。

新能源汽车销售表现良好。比亚迪、北汽蓝谷（北汽新能源）和长城4月份创下销售纪录。北汽新能源的总营收增长43%，虽然净利润亏损7.29亿元人民币。比亚迪的表现则好得多，这家电动汽车制造商的盈利能力超过特斯拉，今年第一季度利润同比增长632%。政府补贴对盈利有帮助，比亚迪获得补贴约20.73亿元人民币。由于中国对电动汽车的需求持续上升，比亚迪预计公司将继续增长。第一季度，新能源汽车的销售同比增长147%，超过了传统车辆，这使政府得以减少一定的补贴规模。随着电动汽车越来越受人们的欢迎，新能源汽车市场前景可观。

通信

对华为等通信设备制造商来说，5G已经被证明是重要的发展领域。华为的营收表明，公司并未受到来自美国和其他国家政治压力的影响。今年第一季度，华为收入同比增长39%，智能手机出货量5900万台，截止3月底已经获得40份5G商业合同。美国坚称华为是国家安全风险，但它未能成功说服德国和英国等国家阻止华为进入它们的5G通信系统。事实上，英国打算允许华为参与其5G网络建设，而Orange联合华为完成了西班牙第一个5G手机商用验证。

由于尚未全面推出5G平台，与设备制造商相比，电信运营商已经滞后。不过，该领域前景光明。中国联通和中国电信都召开了5G大会。中国联通发起成立“5G应用创新联盟”，以资助5G项目；中国电信则发布三个主要5G业务平台，以及十大5G行业应用，如智慧交通、智能制造。中国移动已于2018年启动旨在加快5G网络应用的5G战略。虽然这三家运营商的运营收入都略有下降，但中国电信和中国联通归属于股东的净利润分别上涨4.5%和24.8%。

新技术成为亮点

在新技术应用领域开展业务的公司是中国低迷经济中的亮点。华为和比亚迪等公司的表现远远好于万达电影和西水（天安财产保险）等公司。虽然经济景气指数正在改善，但中国经济仍继续受到全球需求疲软和持续对美贸易战的影响。中国政府已经通过使用货币与财政政策，对经济进行干预，在确保资金到位的同时控制风险、减税，并支持基础设施的增长。在这种环境下，对传统行业的热情也许有起有落，但新技术很可能成为持续的增长点。

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.