China Securities Journal ( zone )
several central enterprises are expected to be shortlisted in the second batch of “two types of companies” pilot state-owned capital investment and operation reform
The pilot reform of state-owned capital investment and operating companies is further accelerating. State power investment and other central enterprises are expected to be shortlisted in the second batch of “two types of companies” pilot projects. At the same time, the investment and operation of local state-owned assets platforms are frequent. Industry insiders believe that the “two types of companies” play a key role in accelerating the reform of state-owned enterprises. With the improvement of the system and the pilot expansion, the speed of a series of market-oriented operations will be further accelerated to inject new momentum into the capital market.
machinery sector shows medium-term opportunities in three Lianyang and two sub fields
Affected by many factors, the machinery sector has continued to adjust this year, and there are few trend opportunities as a whole. However, some market participants said that the investment opportunities in multiple segments of the machinery sector were relatively certain. From the perspective of valuation, the overall valuation premium rate of the sector has been the lowest in recent five years, and has a certain margin of safety.
the policy is continuously favorable, and the head securities stocks have significant advantages
Recently, the brokerage sector has ushered in multiple profits. The analysis points out that with the continuous improvement of policy expectations, the brokerage sector is still an important sector worthy of attention in the medium and long term, and the valuation repair is expected to continue. However, due to the large increase in this round of rebound, we should actively pay attention to the marginal changes in policy and market in the short term and select high-quality stocks with low valuation.
the capital chain is tight and many major projects have been shut down Beijing Orient Landscape & Environment Co.Ltd(002310) the sequelae of the hurricane in the PPP field remains to be solved
In May this year, Beijing Orient Landscape & Environment Co.Ltd(002310) a “coldest bond issuance in history” announcement knocked down a series of dominoes and triggered a sharp drop in the company’s share price. China Securities Journal reporter recently went to many places to conduct field research and found that due to the tight capital chain, Beijing Orient Landscape & Environment Co.Ltd(002310) individual projects have been suspended for several months. A number of Beijing Orient Landscape & Environment Co.Ltd(002310) employees revealed that on November 28, the company had just paid the salary that had been in arrears for three months, but the reimbursement advanced by employees and last year’s bonus were still in arrears.
Shanghai Securities News (special area)
three rescue schemes have been implemented, and the route of 10 billion funds from securities companies to rescue private enterprises has emerged
At present, there are many reasons for the slow implementation of relief fund projects, mainly due to the cautious selection of projects and determination of targets. Generally, the fund is led by local governments to rescue local high-quality private listed companies with high proportion of equity pledge of major shareholders. At present, the prevailing rescue mode is that the fund provides financial support to enterprises, which is specially used for listed companies to repay high interest bank loans, handle equity re pledge at the same time, and transfer the equity originally pledged by the company’s shareholders to the bank to the rescue fund according to a certain proportion.
debt fund managers hold convertible bonds
Although the bond bull market continues, many fixed income fund managers have begun to be wary of the possibility of market reversal, and have shortened the duration and improved liquidity in operation. In the above context, the convertible bonds adjusted for nearly a year were “picked up” by fund managers again as a sharp tool to thicken the income.
PD-1 monoclonal antibody R & D catch up with each other. Which pharmaceutical companies will take the lead in “rushing the line”?
On December 4, the review progress of treprizumab (js001) updated Shanghai Junshi Biosciences Co.Ltd(688180) by the State Drug Administration was “under approval”, which means that treprizumab will become the first domestic PD-1 antibody approved for marketing. In recent years, monoclonal antibody drugs have been widely used in tumor, immunotherapy and other fields by virtue of their unique advantages such as significant therapeutic effect and low side effects. Chinese enterprises are competing to invest in the R & D of monoclonal antibody drugs.
I like the two shareholders to cover their heads and buy illegal placards
In the morning of December 4, duofan announced that the company had won two shareholders’ placards at the same time. On the same day, many of the previous abnormally high favorite opened sharply lower and finally closed at the limit. Behind the abnormal trend is the above-mentioned shareholders’ hooded buying and the illegal raising of cards triggered by it.
Securities Times (special area)
the transaction of the real estate market in key cities rebounded and the regulation policy entered a stable period
In November, the biggest feature of real estate policy was the tightening of restrictive policies. Some analysts believe that the obvious slowdown in market growth is the main reason for the reduction of restrictive policies. There is no market foundation for the real estate market to bid farewell to the high fever and tighten real estate regulation. In the future, the supply of first tier and second tier cities will continue to grow. With the pressure of year-end performance, real estate enterprises will take measures such as “entering the market at a low price” and “discount promotion”, and the transaction in each tier city is expected to pick up.
the overall pressure of the automotive industry, heavy trucks and new energy vehicles become highlights
According to the “inventory early warning index survey of Chinese auto dealers” released by China Automobile Circulation Association in November, the inventory level of Chinese dealers in November has reached a rare high in history. Under the background of the decline of vehicle sales, the industry inventory problem continues to intensify. We should be vigilant against the large-scale price war caused by high inventory and the risk of sharp decline in industry profits. However, from the perspective of market segments of the automobile industry, there have been frequent highlights recently. Looking forward to 2019, the organization said that the annual sales volume of the heavy truck industry is expected to maintain a boom high of 900000-1 million vehicles. The early implementation of national VI and the accelerated elimination of national III are expected to become potential factors for the sales volume of the heavy truck industry to exceed expectations. In addition, with the rapid development of new energy vehicles, the sales volume has maintained a high growth year after year and has an accelerating trend.
beware of goodwill impairment in the annual report of the automobile industry
With the deceleration of the development of the automobile industry, the risks masked by the rapid development have been gradually exposed. Recently, the provisions of the CSRC on goodwill impairment have triggered a series of financial risk discussions in the A-share market. If we only consider the automobile industry, the market has often used “cold winter” to describe the automobile market in 2018, and consider many enterprises that rely on the subsidy policy of new energy vehicles for profit, the goodwill impairment risk contained in the 2018 annual report of the automobile industry can not be underestimated.
Yonghui Superstores Co.Ltd(601933) major adjustment of Zhang brothers’ agreement on lifting concerted action
The adjustment of retail giant Yonghui Superstores Co.Ltd(601933) (601933) may be greater than expected. On the evening of December 4, the company announced that it planned to take over 1.5% equity of Dalian Wanda business management group with RMB 3.531 billion. Meanwhile, it is proposed to sell 20% equity of Yonghui yunchuang technology to Zhang Xuanning, vice chairman of the company, at the price of RMB 393 million, and Yonghui yunchuang will no longer be included in the consolidated statements of listed companies. In addition, Yonghui Superstores Co.Ltd(601933) founders Zhang xuansong and Zhang Xuanning brothers dissolved the unanimous action agreement, and the company became no controlling shareholder and actual controller.
Securities Daily (special area)
occupational pension has made new progress in the market, and A-Shares meet the long-term capital again
On December 4, the research group of the CPPCC National Committee carried out a special research on “giving play to the important role of commercial old-age insurance in the old-age security system” in Shanghai. It was revealed at the meeting that Shanghai started the implementation of the real account accumulation of occupational annuity paid by public institutions in 2015. With the promotion of the investment and operation of occupational annuity, it recently started the real account accumulation of occupational annuity paid by government organs and participating public institutions. It is planned to fully implement the occupational annuity fund by the end of this year and ensure the funds at the two levels of urban finance. At the same time, the investment and operation of Shanghai occupational pension fund is advancing in an orderly manner. It is expected that it can be actually put into operation next year to maintain and increase its value.
the two major trends help the prosperity of the textile and garment industry. The valuation advantages of 6 annual report pre hi stocks are highlighted
Since December, the textile and garment sector has performed well as a whole. Analysts pointed out that the recent good performance of the textile sector may continue in 2019. With consumption upgrading promoting industrial upgrading, the textile and garment industry will show two major trends in the future. In terms of business performance, 37 listed companies in the textile and garment industry have disclosed the performance forecast of the 2018 annual report, and the number of performance prediction companies has reached 29, accounting for nearly 80%.
Shenzhen Stock connect net bought more than 260 billion yuan in two years, and four blue chips with excellent performance were the most favored
Today marks the second anniversary of the official opening of Shenzhen Hong Kong stock connect. According to statistics, the reporter of Securities Daily found that over the past two years, the cumulative net purchase of Shenzhen Stock connect funds has been about 266.961 billion yuan. Analysts said that as a “smart fund” generally recognized by the market, the research on the individual stock preference of Shenzhen Stock connect funds over the past two years will provide an important reference for investors to select a shares.
the controlling shareholder of glass reduced its holdings for 16 consecutive times, owed 253 million yuan to the company but did not pay back
On the evening of December 4, Agras issued a reduction announcement, saying that due to its own capital needs, the actual controller of the company and its persons acting in concert plan to reduce a total of no more than 55.3469 million shares by means of centralized bidding and block trading, accounting for 3% of the total share capital. Interestingly, Dragon Holdings is busy reducing its holdings while defaulting on the accounts of listed companies. Some analysts said that among the assets sold by glass, there are a large number of accounts receivable and raw material expenses. The delay of Dragon Holdings in non payment will not affect the profit statement of the listed company, but actually cause harm to the company’s cash flow.
