On Tuesday, January 15th, the main contents of today’s headlines are as follows:
Media name front page headlines
China Securities Journal capital market reform is expected to advance in three ways
Two ministries and commissions of Shanghai Securities News: reasonably reducing the level of local railway freight rates
The cancellation of the first day increase limit of new shares by the securities times is conducive to enhancing market liquidity
Securities Daily lowered the reserve requirement to release 750 billion yuan of the central bank’s tendency to “lock short and release long”
People’s Daily’s sharing economy needs to develop more healthily
China’s new round of science and technology development plan accelerated brewing
21st Century Business Herald asset shortage reappears: bond issuance is hot, and institutions sigh that “it seems to be back in 2016”
China Securities Journal ( zone )
capital market reform is expected to be promoted in three ways
The National Conference on Securities and futures supervision will be held soon. Many experts believe that the expectation of capital market reform in 2019 is becoming more and more clear. Under the general direction of marketization, legalization and internationalization, building a fully participated, active trading and reasonably priced capital market lies in system construction and environmental optimization. Specifically, the capital market reform is expected to advance in three ways, including accelerating the promotion of the science and innovation board, so as to increase high-quality targets, reduce transaction costs, improve transaction activity, and introduce incremental funds.
The net profit of 34 A-share securities companies decreased by more than 27% in 2018, and the net profit of the two securities companies increased by
At present, the financial reports of 34 A-share listed securities companies in December have been released, and the annual performance has surfaced. Throughout the year, the overall performance of 34 listed securities companies showed a downward trend, with only Founder Securities Co.Ltd(601901) and Shenwan Hongyuan Group Co.Ltd(000166) both revenue and net profit increasing. Analysts pointed out that a loose liquidity environment has been formed; With the continuous promotion of short, medium and long-term reforms such as repurchase, private enterprise rescue, M & A and science and innovation board, the brokerage business will usher in opportunities.
in 2018, automobile sales decreased by 2.8%, and the sales of new energy vehicles maintained rapid growth
According to the data released by China Automobile Industry Association on January 14, the automobile sales volume in 2018 was 28.081 million, a year-on-year decrease of 2.8%. The sales of new energy vehicles continued to maintain rapid growth. The annual sales volume of new energy vehicles was 1256000, a year-on-year increase of 61.7%. The Automobile Association of China estimates that the sales volume of new energy vehicles will be 1.6 million in 2019. Insiders pointed out that plug-in hybrid vehicles deserve attention, and fuel cell vehicles or new energy vehicles have become the key development direction.
Investment Service Center: does st Xinmei restructuring fully consider relevant risks
On January 14, at the media briefing on St Xinmei’s major asset restructuring, CSI small and medium-sized Investor Service Center asked whether the transaction valuation fully considered the policy risk and the risk of decline in gross profit margin, the competitive advantage of the target company and the rationality of the pricing of issued shares. The Investment Service Center believes that in the long run, the photovoltaic industry is significantly affected by policies, and it is difficult for enterprises to achieve long-term sustainable growth. The investment service center requires to explain whether the profit forecast and valuation fully consider the impact of cyclical fluctuations in the industry caused by policy risks.
Shanghai Securities News (special area)
two ministries and commissions: reasonably reduce the level of local railway freight rates
This year, the market-oriented reform of railway freight rates will go further. The national development and Reform Commission and the State Administration of market supervision jointly issued a notice on the 14th, requiring to further clean up and standardize the fees related to railway freight transportation, including reasonably reducing the level of local railway freight rates. Previously, China Railway Corporation has also released the signal of railway passenger transport price reform, which said it will explore the construction of a flexible and controllable high-speed railway fare adjustment mechanism, deepen the feasibility study of one price per day and one price per vehicle, and select the opportunity to pilot.
securities companies scrambled to raise convertible bonds in Shanghai market by more than 45 billion yuan
According to the latest convertible bond position data in Shanghai stock market, in 2018, various institutions increased their holdings of convertible bonds by up to 45.2 billion yuan. The purchase amount of general legal persons, funds and social security is more than 5 billion yuan, which has become the absolute main force of increasing holdings. However, in December 2018, the increase in the main social security funds chose static braking, slowing down the pace of fund-raising. The securities companies increased the allocation of funds, and more than 4 billion yuan of funds poured into the convertible bond market in a single month. Insurance funds are more stable. They slowed down the pace of increasing holdings in November last year and made more articles through accurate bottom reading.
a large number of new shares are abandoned in the new year. Big data reveal the relationship between the abandonment rate and the market trend
On the evening of January 13, the subscription results of Chinalin Securities Co.Ltd(002945) , the first brokerage stock in the new year, were announced. A total of more than 560000 shares were abandoned online and offline. According to the issued number of 270 million shares, the abandonment rate reached 0.2086%. Shanghai Securities News has counted the abandonment rate of new shares since 2016 and found that the abandonment rate of new shares is mostly in the range of 0.1% to 0.3%. Recently, the abandonment rate of new shares has increased significantly, and the reason is worth pondering.
the ESOP caught a passive major shareholder of Oriental Ocean, accounting for more than 800 million
Oriental Ocean issued an announcement on the evening of January 14 and replied to the inquiry letter of Shenzhen Stock Exchange. The company said that because of the ESOP, the controlling shareholder of the company, Oriental Ocean Group, had occupied non operating funds. In this regard, Oriental Ocean Group faced the problem and said that it would strive to return the occupied funds within one month.
Securities Times (special area)
canceling the first day increase limit of new shares is conducive to enhancing market liquidity
The review article on the front page of the securities times pointed out that under the background of the current inactive trading in the secondary market, it is necessary to optimize the trading supervision and cancel the limit on the first day of trading of new shares, which can reduce the trading resistance, reduce unnecessary intervention in the trading links, make the market have clear expectations for supervision, enhance market liquidity and give investors the opportunity to trade fairly. A-Shares should be market-oriented and in line with international standards. It is a general trend to cancel the 44% increase limit on the first day of new shares. Indeed, if only 44% of the red line is cancelled, it is likely to return to the old problem of large increase and severe fluctuation on the first day of IPO. It is necessary to make the market give full play to its self purification and self-management functions by releasing the market pricing vitality and strengthening supervision. Only in this way can the myth of “invincibility of new shares” be really broken.
China Banking and Insurance Regulatory Commission issued a document to strengthen the main business of agricultural commercial banks supporting small credit
Yesterday, in order to promote rural commercial banks to better return to the origin of county legal institutions, focus on the main business of supporting agriculture and small credit, continuously enhance their financial service capacity, support the priority development of agriculture and rural areas, and promote the solution of the problem of difficult and expensive financing of small and micro enterprises, The China Banking and Insurance Regulatory Commission recently issued the opinions on promoting rural commercial banks to stick to their positioning, strengthen governance and improve their financial service capabilities. The biggest highlight of the opinions is that it has specially formulated a set of index system to monitor and assess the operation positioning and financial service ability of rural commercial banks.
net inflow of ETF funds from multiple stocks into the industry t + 0
Less than two weeks after the beginning of the year, many ETFs continued the trend of net capital inflow. Among them, only Jiashi CSI 300etf, China Southern Securities 500etf, e-fonda CSI 300etf and other ETFs have attracted more than 3 billion in total. In the view of many insiders, although ETF has become the core variety of investors’ asset allocation, due to the lack of liquidity, most ETF transactions are not active, or you can try to open T + 0 transactions of ETF products.
optimistic about the market performance this year, the number of private placement product records continued to rise
With the gradual recovery of the capital market, the number of private placement registration has rebounded recently. The reporter of the Securities Times noted that some private equity have become more positive about the 2019 market. According to the data, 1372 private placement products were newly filed in December 2018, up 2.53% month on month, which is the second consecutive month of recovery in the number of private placement products filed.
Securities Daily (special area)
the RRR reduction released the tendency of the central bank to “lock short and expand long” of 750 billion yuan
In early January, the central bank announced that in order to further support the development of the real economy, optimize the liquidity structure and reduce financing costs, it decided to reduce the deposit reserve ratio of financial institutions by 1 percentage point, including 0.5 percentage points on January 15 and January 25, 2019 respectively. At present, the first batch of funds released from the RRR reduction will arrive as scheduled, and about 750 billion yuan will be released.
QFII quota doubled, more foreign capital will “sweep away” A-Shares in the future
Recently, the policy of opening up the capital market to the outside world has become more and more intensive, which is a very good gesture. The mind of embracing all rivers attracts all heroes. With 1 / 3 of the total amount of QFII remaining after five years, the administration of foreign exchange has implemented the initiative of doubling the scale. It can be seen that the management has reserved sufficient slow-release space for the further opening of the market in the future.
NAA, the world’s three major index companies, is expected to provide 540 billion yuan of incremental funds within one and a half years
Recently, when attending the 23rd China capital market forum, Fang Xinghai, vice chairman of the CSRC, said that the net inflow of foreign capital into A-Shares reached 300 billion yuan last year. It is expected that the scale will further increase this year, and 600 billion yuan can be expected.
the announcement of freezing bank accounts of listed companies has greatly increased, and they often go to court with banks
In 2019, the bank accounts of listed companies were subject to judicial freezing. According to statistics, the reporter of Securities Daily found that since the beginning of this year, in the past nearly half a month, there have been as many as 17 announcements that bank accounts of listed companies have been frozen, with a cumulative newly frozen amount of 138 million yuan, compared with only 4 such announcements in the same period last year.
people’s daily
the sharing economy should develop more healthily
In the past three short years, the sharing economy has experienced a process from rapid rise to blooming everywhere, and then to facing some problems in progress. The popular sharing economy is now facing “growing pains”.
economic reference daily
China’s new round of science and technology development plan accelerated brewing
The formulation of a new round of science and technology development plan in China has been put on the agenda. The reporter learned from informed sources that the preliminary research work of the state on the “14th five year plan” for scientific and technological development is accelerating, and the medium and long-term scientific and technological development plan (2021-2035) is also brewing. It is reported that relevant departments will carry out the sixth national technology forecast in 2019, focusing on 16 key areas such as information, biology and energy, in order to provide support for planning. At the same time, following the publication of the application guide for “new generation artificial intelligence” of the Ministry of science and technology last year, major projects on quantum communication and quantum computer, brain science and brain like research, prevention and treatment of major diseases such as cancer, cardiovascular and cerebrovascular diseases and metabolic diseases will also be launched.
in 2018, the total foreign trade reached a new high, and the role of private enterprises became more prominent
On January 14, the General Administration of Customs released data showing that the total value of China’s foreign trade import and export in 2018 was 30.51 trillion yuan, an increase of 9.7% over 2017. The scale reached a new record and is expected to continue to maintain its position as the world’s largest country in goods trade. The reporter also learned that at present, the customs, the Ministry of Commerce and other departments are brewing support policies to ensure the stable development and quality improvement of foreign trade in 2019.
the closure of some U.S. government agencies highlights the U.S. debt crisis
According to an article on the front page of the economic reference newspaper, the closure of some government departments in the United States has set a record and has not yet ended, and its negative impact will gradually appear. For international investors, as a foreign exchange reserve instrument with good liquidity, US debt has always been favored by global central banks, but it is actually an implicit burden of countries. With the continuous expansion of the “debt balloon”, the security of debt is actually declining for all countries. Once the US economy is in danger, the world must pay for it. Holding US debt is tantamount to holding a “safe” bomb. In short, the US government’s leading policy will make the already serious public debt problem a difficult knot and weaken the ability of the United States to deal with the possible economic downturn.
21st Century Business Herald
reappearance of asset shortage: Hot bond issuing institutions sigh that “it seems to be back in 2016”
The liquidity of the inter-bank market has been abundant for a long time. Since the second half of 2018, the monetary policy has gradually become loose, but default events still occur frequently and the risk appetite of institutions in the market is low. However, after the end of 2018, institutions holding a lot of cash began to seek asset allocation opportunities everywhere. At the same time, The central bank once again announced the reduction of reserve requirements. On the other hand, the downward expectation of the economy is still. Among all available assets, bonds undoubtedly become the first choice.
how to set the GDP target in 2019? Set the interval target to set the fresh air direction of the local two sessions
What are the economic targets for 2019? Some places have made the choice of using interval values instead of setting specific values. Many institutions and experts expect that the national economic target in 2019 is also an interval value, because there is a similar situation in 2016.
