China Securities Journal ( zone )
Commission reform boosts long-term value investment culture
One stone has aroused thousands of waves. The change of fund trading commission rate and expenditure mode, whether for the seller or the buyer, means the reconstruction of profit model and interest pattern. Therefore, the discussion around this has continued to ferment in recent days. If this change is finally implemented, it will promote the seller to improve the research quality and efficiency; For the buyer, it will also be encouraged to reduce the turnover rate and reduce unnecessary investment costs. Overall, this reform may be beneficial to improve the research and investment efficiency of the A-share market and promote the deepening of value investment and long-term investment culture.
brokerage business of securities companies is expected to stabilize and recover in 2019
In 2018, affected by the downturn of the secondary market and the continuous decline of the trading commission rate, the brokerage business of securities companies decreased significantly, which further dragged down the overall performance of securities companies. In this context, the pressure of brokerage business transformation of Chinese securities companies is prominent. Looking forward to 2019, institutional people believe that, on the one hand, there is limited room for the decline of brokerage commission rate, and the performance rate of the secondary market of the stock market is probably better than that in 2018; On the other hand, the transformation of securities companies to wealth management business will bring new growth space. Overall, the brokerage business income of securities companies is expected to stabilize and even further improve.
thousands of stocks set off a wave of repurchase, and institutions pay attention to the repurchase willingness and ability of enterprises
Statistics show that the number and amount of A-share repurchases increased explosively in 2018: the amount of repurchases implemented reached 51.7 billion yuan, an increase of 4.6 times over 2017; 7.2 billion shares have been repurchased, an increase of 4.7 times over 2017. Industry insiders believe that although the relationship between share repurchase and the short-term trend of share price is difficult to draw a conclusion, the emergence of A-share repurchase tide represents the increased willingness of industrial capital to copy the bottom. If stocks are selected in this way, first of all, we still need to pay attention to the fundamentals of individual stocks, and evaluate the company’s repurchase intention and repurchase ability.
it is difficult to fulfill the commitment of shareholders to increase their holdings and “the plan can not catch up with the change”, which has attracted regulatory attention
Failure to fulfill the commitment of increasing shareholding of important shareholders of listed companies occurs frequently. According to incomplete statistics, since December 2018, nearly 20 major shareholders of listed companies have changed or postponed their share increase plans, and more listed companies have attracted regulatory attention because they have completed less than 30% of their share increase commitments. At the same time, the situation of large-scale reduction and cash out while increasing holdings and breaching contracts has attracted more attention. Market participants believe that the punishment for breach of shareholders’ holdings commitment of listed companies needs to be further strengthened, and investors’ commitments to listed companies should also be carefully screened.
Shanghai Securities News (special area)
several officials “airborne” Hainan free trade port construction or advance
Officials from other provinces with rich experience in finance, free trade zone and other fields are constantly gathering in Hainan. In the first week of the new year, the Organization Department of Hainan provincial Party committee issued a publicity on the appointment of cadres. Chen Xi, deputy director of Shanghai Pudong New Area and deputy director of the Management Committee of China (Shanghai) pilot Free Trade Zone, is proposed to be the Party group secretary of Hainan Provincial Department of Commerce, nominated as the director of Hainan Provincial Department of Commerce and deputy director of the office of the working committee of the pilot free trade zone (free trade port) of Hainan provincial Party committee. An official said, “judging from the current preparation and construction progress in all aspects, the construction of the free trade port may be carried out ahead of the original plan.”
Shanghai, Jiangsu, Zhejiang and Anhui work together to speed up the construction of market integration in the Yangtze River Delta
Recently, Xu Kunlin, vice mayor of Shanghai, Chen Xingying, vice governor of Jiangsu Province, Wang Wenxu, vice governor of Zhejiang Province, and Yang Guangrong, vice governor of Anhui Province, jointly signed the memorandum of cooperation on the construction of market integration in the Yangtze River Delta. Wang Bingnan, Vice Minister of Commerce, and Han Yi, chief engineer of the State Administration of market supervision witnessed the signing. According to the memorandum of cooperation, Shanghai, Jiangsu, Zhejiang and Anhui provinces and cities will gradually realize unified market rules, unified credit governance and unified market supervision under the guidance of the Ministry of Commerce and the State Administration of market supervision, and jointly promote the integrated construction of market system in the Yangtze River Delta.
the capital price fell to a three-year low, and the overnight capital interest rate entered the “1 era”
The “water” of RRR reduction has not begun to flow into banks, and the loose “mood” has spread in the capital market. In the first two trading days of this week, dr001 was as low as 1.4%, which surprised market participants that the overnight capital interest rate has entered the “1 era”.
aixu technology priced at 6.7 billion yuan, backdoor st Xinmei Shanghai stock exchange quickly sent an inquiry letter
Due to the high valuation of the underlying asset, the risk that the performance commitment cannot be realized, the industry in which the underlying asset belongs and other relevant risk factors, the Shanghai Stock Exchange made a quick inquiry on the restructuring plan just disclosed by St Xinmei the night before on the evening of the 8th. According to the plan, St Xinmei plans to take Cecep Solar Energy Co.Ltd(000591) battery manufacturing leader aixu technology into its arms by means of asset replacement and issuing shares to acquire assets at a price of 6.7 billion yuan. The performance promisor promises that the net profits of the underlying assets in 2019, 2020 and 2021 will not be less than 438 million yuan, 740 million yuan and 900 million yuan respectively, with an increase far greater than its historical performance.
Securities Times (special area)
goodwill impairment or amortization: a debate on orientation
The 1.45 trillion goodwill of A-Shares is treated by the amortization method, which is just an excessive interpretation by the outside world, but the direction of goodwill using the impairment method or the amortization method is of great significance, which is worthy of in-depth discussion. The cause of this incident is that the Accounting Standards Committee under the Ministry of Finance issued the accounting standards for business enterprises (Issue 9, 2018) last Friday. Most Advisory members believe that goodwill amortization is more reasonable than the current goodwill impairment.
pig year embraces pig cycle layout 2019 agricultural year
At the beginning of the new year, A-Shares are first restrained and then raised, the market risk appetite has not been effectively improved, and the A-share market is expected to remain in a state of repeated fluctuations. Therefore, the overall position should closely track the evolution of relevant risk factors. From the structural point of view, we should pay attention to defense in the case of repeated risk preference, and grasp the elasticity of risk preference in the case of phased risk preference repair. The analysis shows that the current number of sows on hand will continue to decline. Although the large-scale capacity removal has not been started, the capacity clearing has entered the acceleration stage, and the pig cycle is expected to bottom out in advance and usher in an inflection point.
auto enterprises accelerate the layout of auto finance leasing and become a new favorite of capital
With the slowdown in the growth of automobile production and sales, the intensification of competition in the automobile consumer market and the continuous decline of new car sales profits, more and more automobile enterprises are looking to the increasingly mature automobile financial market. It is reported that with the change of the concept of the new generation of young consumer groups and the gradual enrichment and order of market supply, China’s auto finance market will move closer to the European and American markets, and there is still a large space for penetration improvement and industry development in the next 5-10 years.
st Changyou resumed its listing and fell sharply on the first day. The integration of China Merchants shipping plate remains to be solved
In the spotlight, St long oil (601975) returned to A-Shares on January 8, but st long oil’s share price fell sharply on the first day of return. The reporter noted that after a series of adjustments, St long oil has focused on the transportation of foreign trade refined oil and domestic trade crude oil. As the shipping business is scattered in different systems of China Merchants Group and Sinotrans Changhang, and the types of shipping business are also very diverse, what business cooperation will st Changyou and China Merchants Energy Shipping Co.Ltd(601872) have in the future deserves attention.
Securities Daily (special area)
the special board for scientific and technological innovation will promote the establishment of in the markets in the eight test areas
Recently, the general office of the State Council issued the notice on promoting the second batch of reform measures related to supporting innovation, and decided to replicate and promote 23 reform measures in five aspects, including scientific and technological financial innovation, and 5 measures in scientific and technological financial innovation, including setting up scientific and technological innovation panels in regional equity markets.
accelerating the transfer of state-owned assets to social security and promoting the reform of state-owned enterprises
The front page of Securities Daily commented that the acceleration of the transfer of state-owned assets to the social security fund will not only enrich the social security fund, but also play a positive role in promoting the reform of state-owned enterprises. From the perspective of state-owned enterprises, the transfer of state-owned assets is an important means to introduce the social security fund as a diversified shareholder and adjust the ownership structure. The social security fund will not interfere with the daily production, operation and management of enterprises, but promote the preservation and appreciation of state-owned assets. Social security funds appear in state-owned enterprises in the form of shareholders, which helps state-owned enterprises move from “dominance of one share” to diversified shareholder checks and balances. This will inevitably have a positive and positive impact on the operating efficiency of state-owned enterprises.
A-Shares of financial subsidiaries of several banks will meet the long-term incremental funds
It is only more than one month since the implementation of the measures for the administration of financial management subsidiaries of commercial banks. Up to now, the cbcirc has approved the application of China China Construction Bank Corporation(601939) , Bank Of China Limited(601988) , China Agricultural Bank Of China Limited(601288) and Bank Of Communications Co.Ltd(601328) to establish financial management subsidiaries. At the same time, many other commercial banks are also stepping up the work of applying for financial management subsidiaries. Some analysts believe that allowing public financial products issued by bank financial subsidiaries to directly invest in stocks is also a favorable factor for the A-share market. In addition to more stable funds, it can also make investor structure and preferences more diversified.
the transfer of controlling shares failed twice Shandong Zhangqiu Blower Co.Ltd(002598) . The “original heart” did not want to “enter the palace three times”
With a paper announcement, Shandong Zhangqiu Blower Co.Ltd(002598) the second transfer of the controlling interest came to an abrupt end before the door was closed in 2018. Just entering 2019, the company plans to transfer its controlling shares again. Recently, in response to the inquiry of the Shenzhen Stock Exchange, Shandong Zhangqiu Blower Co.Ltd(002598) said that the public asset company will not start the equity transfer in the near future, but it does not rule out the possibility of planning to transfer the company’s control again in the next six months. When it comes to whether the equity attribute held by the controlling shareholder will constitute a substantive obstacle to the next transfer, analysts said that it has not yet reached that step, and the specific impact is unclear. Maybe there will be a plan at that time.
