China Securities Journal ( zone )
the asset allocation roadmap of insurance capital in 2019 appears. Continue to overweight alternative investment and aim at phased opportunities in the stock market
A number of insurance companies recently told the China Securities Journal that in 2019, the insurance industry, especially life insurance companies, are facing overall business transformation, and there are new changes in the term and type of insurance products, which puts forward new requirements for the term category, risk category and income category of the asset side. A number of insurance companies told the China Securities Journal that insurance funds may actively adjust their investment allocation strategy in 2019. In other words, the asset allocation of long-term stable cash flow and short-term huge cash flow is quite different. How to find the matching assets of ultra long-term liabilities is the main problem discussed by the insurance industry at present.
scientific innovation board “head goose effect” gradual mechanism to explore potential targets
Under the expected influence of the science and innovation board, all parties have increased their support and investment in science and innovation enterprises. It is understood that at present, many local governments are actively selecting enterprises to land on the science and innovation board, and more incentive policies are expected to be introduced. Institutions actively pursue relevant potential targets and become a bright color in the primary market. Market participants believe that the details of the science and innovation board are still being improved. The market should treat it calmly, guard against excessive speculation, give all parties enough time to make full preparations, and can not rush forward blindly.
the fourth batch of pilot projects for the mixed reform of state-owned enterprises launched the expansion of “two types of companies” and stepped into the fast lane
It is reported that on the basis of the first three batches of mixed reform pilot of 50 state-owned enterprises, the fourth batch of mixed reform pilot has been launched. Several central enterprises such as Dongfeng Automobile Co.Ltd(600006) and CGN are expected to be shortlisted. Some enterprises are reporting plans, and the mixed reform at the group level such as China salt has also begun. The pilot reform of “two types of companies” has also stepped into the “fast lane”. Insiders believe that the mixed reform of state-owned enterprises will enter the accelerated landing period next year, and the “capital management” with state-owned capital investment and operating companies as the main platform will become the main theme. It is expected that the operation of state-owned investment will be an important driver of state-owned enterprise reform for a long time in the future.
Beijing Philisense Technology Co.Ltd(300287) behind the freezing of the controlling party’s equity is “luoshengmen”
Beijing Philisense Technology Co.Ltd(300287) behind the freezing of the shares of the controlling shareholders and those acting in concert, a “luoshengmen” drama is being staged. Ping An Trust applied to the court for pre litigation property preservation on the ground of contract dispute and frozen all the shares held by the controlling party. China Securities Journal reporter found that the two sides hold their own views on key details such as whether the minimum guarantee agreement is mandatory, whether the excess freeze meets the regulations, whether the stock price is maliciously smashed, and whether the reduction of holdings requires letter phi.
Shanghai Securities News (special area)
Shanghai Stock Exchange: efficiently and steadily promote the establishment of science and innovation board and pilot registration system
On the morning of December 18, the conference to celebrate the 40th anniversary of reform and opening up was grandly held in the Great Hall of the people. The Party committee of Shanghai Stock Exchange organized all employees to watch the live broadcast of the conference. The Shanghai Stock Exchange said that it would take studying and implementing the spirit of the general secretary’s important speech as an important political task, fully implement the general secretary’s important instructions on establishing a science and innovation board and pilot registration system in Shanghai Stock Exchange, and efficiently and steadily promote the major reform project of establishing a science and innovation board and pilot registration system under the unified deployment of China Securities Regulatory Commission, Show the world the new strength and image of China’s capital market reform and opening up in the new era.
a new round of ecological and environmental protection supervision will be launched next year to include state-owned enterprises in the scope of supervision
Li Ganjie, Minister of ecology and environment, revealed at the annual meeting of China ecological civilization forum held in Nanning recently that the Ministry of ecology and environment will start a new round of central ecological and environmental protection supervision next year for four years. The first three years will be regular comprehensive supervision, and the last year will carry out “looking back”. Liu Changgen, deputy director of the State Environmental Protection Supervision Office, previously disclosed that for the second round of supervision from 2019, relevant departments and state-owned enterprises will be included in the scope of supervision and overall arrangement.
premium income is not light in the off-season, and listed insurance companies send a strong signal of fundamental reversal
November and December are usually the off-season for the insurance industry. During this period, insurance companies will focus on preparing for a “good start” in the coming year. However, from the November premium report card handed over by listed insurance companies this year, there is a new scene. The latest announcement shows that the premium income of the four listed insurance companies has improved significantly in November this year. Behind the off-season is the further confirmation that “the signs of premium recovery in China’s life insurance industry are becoming clearer”.
masked placards and many favorite cases continue to ferment. Is there a mystery behind the “out of control” of guoya financial holding?
DUOXI announced on the evening of December 19 that part of the equity held by the company’s shareholder guoya financial holding was forcibly closed by Chinalin Securities Co.Ltd(002945) Guishan Road business department on the same day, and the number of closed shares was 5263800 shares, accounting for 2.58% of the company’s total share capital. After the passive reduction, the number of preferred shares held by guoya financial holding decreased to 1717800 shares, accounting for 0.84% of the total share capital of the company. Market participants said, “no matter what the truth behind the scenes is, if the illegal cost is too low, more institutions may follow this method to help the makers escape from high positions in the future. At that time, only ignorant small and medium-sized retail investors will be injured.”
Securities Times (special area)
the central bank created tmlf to strengthen financial support for small and micro enterprises and private enterprises
On December 19, the central bank announced that in order to increase financial support for small and micro enterprises and private enterprises, it decided to create targeted medium-term lending facility (tmlf) to provide long-term stable sources of funds to financial institutions according to the growth of loans to small and micro enterprises and private enterprises. The term medium-term lending facility interest rate is 15 basis points lower than the medium-term lending facility (MLF) interest rate, which is currently 3.15%. Analysts believe that the launch of tmlf is an operation of “targeted interest rate reduction”, which may also indicate that the space for reverse repurchase, RRR reduction and other operations will decline in the future.
because the urban implementation policy is the main basis for the regulation and control of the real estate market in the future
Recently, many people in the industry expect that the property market regulation may be relaxed next year. In the current sensitive period of property market regulation policies, the news of property market policy adjustment in Heze City, Shandong Province was interpreted as the first shot of property market policy relaxation and was strongly brushed. This public opinion effect exceeded the expectations of the local government. From the response of government departments, it can be seen that urban policy is still the main tone of future property market regulation. No matter how the local government adjusts, it can not cross the red line of “no speculation in housing”. Under this premise, due to urban policy and accurate regulation, the ultimate goal is to maintain the stable and healthy development of the real estate market and let all people live.
A-Shares continued to shrink and adjust to turn losses. Concept stocks showed resistance to decline
The A-share market continued to shrink and adjust yesterday, with a relatively low trend. There are few hot spots on the disk, and the overall market lacks profit-making effect. In the weak market conditions, the loss turning concept stocks showed resistance to decline, and some stocks showed active performance, especially the loss turning st stocks. Market analysis shows that the increased volatility of the A-share market since 2018 has made investors pay more attention to the performance of listed companies. It is suggested to pay appropriate attention to the individual stocks that make up the loss in the forecast annual report, but at the same time, avoid some themes that may be less than expected in the annual report and some growth stocks with excessive valuation.
resurgence of civil war in revitalizing biochemical industry
In recent years, the phenomenon of “double headed shareholders” secret war of listed companies is common, and Zhenxing biochemical (000403), which once fell into the dispute over control, has “infighting” again. Recently, Zhenxing biochemical disclosed the latest resolution of the board of directors (interim meeting), and all jiazhaoye people listed in the company’s senior management were dismissed. It is reported that Zhejiang min investment party’s surprise removal of senior executives from jiazhaoye is not without reason. Previously, the two sides had differences over the revitalization of the management right of Guangdong Shuanglin, an important subsidiary of biochemistry.
Securities Daily (special area)
the deficit ratio may be raised to 3% next year. Experts expect the scale to reach 3 trillion yuan
The central economic work conference will be held soon. The market is looking forward to a more active fiscal policy. Experts believe that it is necessary to increase the deficit rate to 3% in 2019 and further reduce the value-added tax rate. Zhang Lianqi, member of the Standing Committee of the National Committee of the Chinese people’s Political Consultative Conference and managing partner of Ruihua certified public accountants, told the Securities Daily that the fiscal policy in 2019 will be more active and efficiency should be increased. The budget deficit ratio, the scale of local bond issuance, greater tax reduction and more obvious fee reduction will all be greatly improved.
the central bank has invested 400 billion yuan of liquidity in reverse repo for three consecutive days
On December 19, the people’s Bank of China announced that the people’s Bank of China further increased its liquidity investment, and the market liquidity was reasonable and abundant. On the same day, the central bank invested 60 billion yuan in liquidity through the open market reverse repurchase operation. Since this week, it has invested 400 billion yuan in net, maintaining a reasonable and abundant market liquidity, the total liquidity of the banking system has increased, and the trend of market interest rates has been stable.
the three operators accelerate the 5g layout, and the annual profit of the four companies is expected to exceed 1 billion yuan
Since the Ministry of industry and information technology issued 5g system test frequency license to basic telecom operators on December 10, China’s three major operators have also accelerated the pace of layout recently. Analysts pointed out that the recent frequent actions of the three major operators and increasing investment in 5g R & D, base station test and terminal planning will drive the downstream industrial chain into a long business cycle. Relevant listed companies are expected to benefit from it, and the investment opportunities of relevant themes are expected to stand at the outlet again.
Le Rong’s new “solo flight” was officially released from LETV
Lerong Zhixin’s statement from LETV has finally been determined. On December 19, LETV announced that from the disclosure date of the announcement, lerongzhixin, the former holding subsidiary, will no longer be included in the consolidation scope of the company’s financial statements. The announcement shows that in the first three quarters of this year, lerongzhi’s new net assets were – 510 million yuan, while LETV’s net assets were – 360 million yuan. In the first three quarters, Lerong Zhixin achieved a total revenue of 550 million yuan and a net loss of – 590 million yuan. After lerongzhi’s new statement, the listed company still has the risk of negative net assets in 2018 after audit.
