China Securities Journal ( zone )
emerging market opportunities emerge, and the volatility of risky assets increases
Although the global market is still choppy and downward, Wall Street investment banks generally believe that it is too early to talk about risk aversion. They suggest investing in risk assets, but they hold a cautious view on investment in 2019, pay more attention to the quality of investment assets, and suggest considering portfolio diversification and carrying out appropriate risk hedging. It is noteworthy that although the uncertainty of global economic growth has increased, investment banks are unanimously optimistic about the performance of emerging markets in 2019.
make efforts to “make up for weaknesses” and the investment growth rate next year is expected to exceed 7%
Looking forward to the next stage, a number of experts said recently that the downward pressure on the economy will increase next year, and the importance of stabilizing investment will further strengthen. With policy support, investment growth is expected to rebound to more than 7%. On the one hand, with the increasing downward pressure on the economy, it is still necessary to maintain a certain investment growth rate for steady growth, especially to strengthen investment in infrastructure construction in the field of “making up for weaknesses”; On the other hand, the change of investment structure also needs attention, including cultivating new kinetic energy growth, consolidating the diversified pattern of investors, and leveraging the participation of private capital by opening monopoly industries, encouraging private enterprises to enter emerging industries, and establishing big data centers.
, adding a continuous net inflow of Baijiu liquor, some billion private placement, and
Data show that in the past month or so, Baijiu continued to net inflow of more than 49 billion yuan, and actively adjust the stock exchange, holdings of large financial sector and some white horse stocks, and even some liquor leading stocks against the market. At the same time, some public private placement agencies have also taken actions to adjust their positions in the weak market and constantly optimize their portfolios. On the whole, high-quality stocks with partial growth style are more favored by institutions.
has been included in the list of “Laolai” for many times Baota Industry Co.Ltd(000595) the debt of controlling shareholders
On November 28, Baota Industry Co.Ltd(000595) announced that due to contract disputes, 405 million shares (53.05% of the total share capital of the company) held by Baota petrochemical, the controlling shareholder, were frozen by Urumqi Railway Transportation Intermediate Court for 36 months. According to the financial report of pagoda group, as of the end of September 2018, the total liabilities of the group amounted to RMB 34.056 billion. Among them, the current liabilities are 25.935 billion yuan, accounting for 76.15%, and the short-term debt repayment risk is high.
Shanghai Securities News (special area)
the strength of stabilizing consumption will not be loose, and the consumption situation will not be bad next year
The concerns about consumption degradation have not been dispelled. In October, the consumption growth rate hit the second lowest in the year. The transaction volume of “double 11” hit another record high. Can it drive the recovery of consumption growth? What will the consumption situation be like next year? Many analysts said that policies such as tax reduction and fee reduction and urban agglomeration development will gradually take effect next year. The consumption growth rate will not be poor next year, and the growth rate is expected to remain stable.
with a total investment of more than 100 billion yuan, we have stepped up the construction of a number of key projects
Near the end of the year, many places have entered the final sprint stage of the annual objectives and tasks of major project construction. The reporter found that in addition to holding investment promotion meetings for key projects one after another, a number of key projects with a total investment of more than 100 billion have also started in the near future.
demand increased, and the price of environmentally controlled cement reached a new high in the year
Affected by the superposition of demand growth and environmental protection and production control factors, cement prices continue to rise in the near future. The reporter learned from the industry on the 28th that since November, the national annual cement price has been refreshed again, reaching 460 yuan / ton, up 44 yuan / ton from January. Experts said that 2018 has become a year of high cement price, and most enterprises have made a lot of money. How to “stabilize the price” next year will be the theme.
the plan of changing the owner is piecemeal to accelerate the promotion. Why is the receiver of Qunxing toys in a hurry
At present, Wang Sanshou and Qunxing investment are striving to complete the change of control when the stock price of Qunxing toys is high (the stock price of Qunxing toys has increased by 112.01% in the past month). Some market participants said that “because the share price is higher, there is room for pledge financing”.
Securities Times (special area)
make up for the shortcomings of the system Shenzhen Stock Exchange helps the development of private economy
As the link of the transformation of the real economy, the capital market shoulders the important responsibility of providing financing facilities and resource allocation for the development and transformation of enterprises. The relevant person in charge of Shenzhen Stock Exchange recently said that Shenzhen Stock Exchange will give full play to the characteristics and advantages of serving private enterprises, innovative enterprises and small and medium-sized enterprises, and strive to help enterprises solve financing difficulties and broaden financing channels for private enterprises through multi-level equity market and a variety of debt investment and financing tools.
real estate enterprises held the trust’s thigh in financing and reached a cooperation scale of 50 billion in four days
When the financing channels of real estate enterprises were tightened one after another and the financing costs were rising step by step, the stressed real estate companies chose to hold the “thigh” of the trust company. From November 21 to November 24, in just four days, four real estate enterprises announced that they had signed strategic cooperation agreements with trust companies, with a total cooperation scale of 50 billion yuan. It is reported that real estate enterprises are increasingly dependent on trust companies. At present, the average cost of real estate trust financing has exceeded 13%.
Hainan welcomes favorable policies and preferential fiscal and tax policies to help the construction of free trade zone
In order to implement a more open and convenient duty-free shopping policy for off Island passengers and promote the construction of Hainan international tourism consumption center, on November 28, the Ministry of finance, the General Administration of customs and the State Administration of Taxation, together with relevant departments, issued a policy to adjust some contents of the duty-free shopping policy for off Island passengers in Hainan. This is also one of a series of fiscal and tax policies to support the construction of the free trade zone.
hit Xinguang Group in the storm: the operation of core assets is poor, and the rescue funds are missing
Since the debt default of Xinguang Group on September 25, its crisis is spreading. Statistics show that the total bond balance of Xinguang Group is 12.042 billion yuan, a total of 11 bonds. So far, five bonds, including 16 Xinguang bonds, 15 Xinguang 02 and 17 Xinguang holding cp002, have reached the bond cashing date. However, Xinguang Group failed to raise sufficient debt repayment funds for cashing as agreed, and the total scale of bonds involved was 7.6 billion yuan. However, various public information shows that the recently established rescue fund in Zhejiang Province seems to have no spark with Xinguang Group, which is in urgent need of financial rescue.
Securities Daily (special area)
financial supervision “enhanced version” improves the ability to serve the real economy
An article on the front page of Securities Daily said that recently, the central bank, together with the CBRC and the CSRC, jointly issued the guidance on improving the supervision of systemically important financial institutions, which attracted the attention of the industry and was regarded as an enhanced version of financial supervision. Financial stability means economic stability. In the core position of the financial system, the stability of financial institutions is more important. The guidance strengthens the constraints on the safety and stability of core institutions, helps to urge systemically important financial institutions to form a rational corporate culture of reasonable risk-taking and avoiding blind expansion, is conducive to the healthy development of the financial industry and the smooth operation of the financial market, forms a strong joint force between financial development and supervision, and creates a good financial environment for the development of the real economy.
four places promote the market entry of occupational pension incremental funds
In recent years, the pace of occupational pension entering the market is accelerating. It is found that the construction of occupational pension system was promoted in four places in November alone. Experts said that the equity investment accounting with 10% of the current occupational pension stock scale will bring about 50 billion yuan of incremental funds to a shares. With the establishment of local custodians, this part of long-term funds is expected to accelerate the entry into the market, which will play a positive role in optimizing the investor structure of A-Shares and the formation of value investment concept.
the enthusiasm for fixed increase projects remains unchanged, and 15 projects with a scale of 10 billion yuan have been implemented in the year
According to statistics, 15 A-share fixed increase projects of 10 billion yuan have been successfully completed, of which Agricultural Bank Of China Limited(601288) has the largest fund-raising scale of 100 billion yuan. In addition, the enthusiasm of securities companies in fixed value-added projects has not decreased. At present, two 10 billion yuan fixed value-added projects have been implemented, and four listed securities companies are lining up.
In the shock, more than 46.8 billion yuan of funds went north to accelerate the admission, and 25 target stocks were piled up by institutions
With the market shock bottoming, investors’ risk appetite decreased, but the funds going north were absorbed by bargain hunting against the market. According to statistics, the market research center of Securities Daily found that since November, as of yesterday, the total net inflow of funds from northbound into the A-share market was 46.812 billion yuan, including 31.837 billion yuan from Shanghai Stock connect and 14.975 billion yuan from Shenzhen Stock connect.
