China Securities Journal ( zone )
high probability “rich” A-share investment breeds new logic
At present, the A-share market focuses on whether FTSE Russell will include A-shares in its index system on September 27. With the lesson of A-share “entering Morocco”, brokers expect that FTSE Russell will have a great probability of being included in A-share this time. In the initial stage, referring to the “entering Morocco” standard, it is expected to bring an increase of 10 billion US dollars. However, based on the experience of “entering Morocco”, from the announcement of inclusion on June 21, 2017 to the implementation in June 2018, the window period for A-Shares to enter the rich may be nearly one year, with limited impact in the short term. Private placement sources said that with the accelerated process of foreign investment embracing a shares, the investor structure will be closer to the mature market. The mature market will bring more mature ideas. In the future, the A-share market will gradually reduce the impact of emotional impact, and the investment logic is expected to change accordingly.
inter ministerial joint meeting: establish and improve the long-term mechanism for the standardized development of trading places
The CSRC announced on September 25 that on September 13, 2018, the inter ministerial joint meeting on the clean-up and rectification of various trading places organized a special meeting on the clean-up and rectification of trading places in Beijing. The meeting briefed on the overall situation and major problems faced by the clean-up and rectification of various trading places, listened to briefings on the clean-up and rectification work in key areas, and made discussions and arrangements on the key tasks and work measures for the next step of the clean-up and rectification work. Liu Shiyu, convener of the joint meeting and chairman of the CSRC, made a speech.
U.S. stocks hit new highs and institutions frequently warned of risks
Last week, the Dow Jones Industrial Average hit new highs for two consecutive days, and the longest bull market in US stocks continued. However, on the future trend of US stocks, both long and short sides hold their own opinions. Some institutions expressed the hidden worry of bearish. Although the US stock index continues to create “new highs”, bearers on the bull market have increased recently. Recently, Michael Hartnett, chief investment strategist of Bank of America Merrill Lynch, said that with the increasing uncertainty of economic growth, rising interest rates and high debt, this round of “bull market” in the United States has come to an end.
LETV received an inquiry letter from the Shenzhen Stock Exchange asking for clarification. Sun Hongbin took over the rumor
LETV received the inquiry letter from Shenzhen Stock Exchange on the evening of September 25. According to the letter, LETV disclosed that the new equity of its holding subsidiary Lerong was auctioned by the judiciary, and the shares held by Jia Yueting were passively closed, reduced and released, and the Pledged Shares may be disposed of. In addition, there are media reports that sun Hongbin will take over LETV in an all-round way. The Shenzhen stock exchange is concerned about this.
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Shanghai Securities News (special area)
institutional arrangements for bond market opening are in line with international standards, and domestic bond issuance by overseas institutions is more standardized
The reform and opening up of the bond market was further deepened. The reporter learned yesterday that the people’s Bank of China and the Ministry of Finance recently jointly issued the Interim Measures for the administration of bond issuance by overseas institutions in the national inter-bank bond market (hereinafter referred to as the measures), which further clarified the conditions and application registration procedures for overseas institutions to issue bonds in the inter-bank bond market on the basis of summarizing the early pilot experience and drawing on international experience, At the same time, it standardizes information disclosure, issuance registration, custody settlement, opening of RMB capital account, capital exchange, investor protection and other matters.
the important time point of 5g technology application is approaching trillion yuan, and business opportunities in the industrial chain have come
On September 28, at the 2018 China International Information and Communication Exhibition, the imt-2020 (5g) promotion team will release the test results of the third stage of China 5g technology R & D test, which means that the technology is not far from commercialization. With the large-scale application of 5g technology, several trillion yuan of business opportunities will be brought to the industrial chain in the next 3 to 5 years. China’s 5g technology R & D test is guided by the Ministry of industry and information technology and implemented by the imt-2020 (5g) promotion group. 5g phase III test, as the last link of 5g technology R & D test, will prepare for 5g scale test and pre commercial in 2019.
bank stocks continued to operate at a low level, and funds quietly increased their holdings in the North
Although the valuation is still hovering at the bottom and the stock price has not improved greatly, bank stocks have been continuously “loved” by funds going north. According to the statistics of the reporter of Shanghai Securities News, since the third quarter, the overseas funds (northbound funds) through Shanghai Stock connect and Shenzhen Stock connect have continued to buy bank stocks, and some leading bank stocks are the main increase objects. In the five trading days last week, the net inflow of funds from northbound into A-share bank shares was about 4.162 billion yuan.
viap shareholders apply for property preservation Chongqing Zaisheng Technology Co.Ltd(603601) the actual controller takes the initiative to freeze the shares
Chongqing Zaisheng Technology Co.Ltd(603601) has made the latest progress in the merger and acquisition of “luoshengmen”. The company announced today that it had recently received the notice on judicial freezing and judicial transfer of equity (2018 SZ No. 309) issued by China Securities Depository and Clearing Co., Ltd. Shanghai Branch. The property preservation of some of the company’s non tradable shares held by the controlling shareholder Guo Mao was sued. It is reported that the Suzhou intermediate people’s Court of Jiangsu Province (hereinafter referred to as “Suzhou intermediate people’s court”) plans to freeze 40 million shares held by Guo Mao, accounting for 7.40% of the total share capital of the company.
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Securities Times (special area)
overseas semiconductors return to the tide, and the “snake swallowing elephant” group of A-share companies bid for
After the rapid acquisition of Chinese capital in the early stage, intensive capital operation has been started in the secondary market recently, and the return of overseas semiconductors has set off an upsurge. The total transaction value disclosed in the plan of the board of directors of the semiconductor industry (buyer) in 2018 has exceeded 140 billion yuan. Different from the targeted acquisition of Listed Companies in the past, these “returnees” semiconductor targets encountered multiple pursuits in this round. Whether Anson semiconductor or Howell technology, these giant semiconductor targets triggered group bidding of listed companies. The leading investment of industrial funds and the landing of China’s leading enterprises have become the mainstream model. Under the background of strict policy supervision and market fluctuations, Industrial funds also need to strictly control the actual control power, carefully design the transaction structure and deal with risks such as secondary market and supply chain.
panda bond issuance meets the reform again, accounting standards are relaxed and institutional obstacles are cleared
The issuance system of “Panda Bonds” has ushered in reform again. On September 25, the central bank and the Ministry of Finance jointly issued the Interim Measures for the administration of bond issuance by overseas institutions in the national inter-bank bond market. On the basis of summarizing the early pilot experience and drawing on international experience, the measures further clarify the conditions and application registration procedures for overseas institutions to issue bonds in the inter-bank bond market, and regulate information disclosure, issuance registration, custody settlement, opening of RMB capital account, capital exchange, investor protection and other matters.
the issuance of local bonds increased sharply and the willingness to allocate public funds was strong
Affected by factors such as the deadline for replacement bonds in August and the issuance plan of special bonds of local governments, the issuance of local bonds has soared since August, and last week it hit the highest weekly issuance in a year. A number of bond based managers said that the acceleration of local bond issuance will greatly increase the issuance of the bond market, form a phased disturbance to the bond market at the supply level, and put pressure on the trend of the bond market in the short term. However, public funds have a high allocation intention for this variety, but there are some differences in the timing of allocation.
Iflytek Co.Ltd(002230) trapped “AI simultaneous interpreting”, the two sides voicing no false confirmed
Because of the query articles of simultaneous interpreting on social networking sites, Iflytek Co.Ltd(002230) (002230) has recently been trapped in the vortex of “AI simultaneous counterfeiting”. Now the incident is winding down after the communication between the two sides. On the late night of September 24, the above simultaneous interpreter “broke the news” updated the website and issued a document to explain the misunderstanding, indicating that he recognized that “iFLYTEK did not take the initiative to make fraud”; On September 25, Iflytek Co.Ltd(002230) official wechat also sent a letter to all Xinfei people: “real gold is not afraid of fire”, emphasizing that “there is no fraud”.
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Securities Daily (special area)
the central bank’s reverse repurchase of 60 billion yuan yesterday is expected to cross the quarter smoothly
Analysts believe that the central bank may launch a policy combination of “raising interest rates and reducing reserve requirements” in the fourth quarter. Yesterday, the central bank announced that considering that fiscal expenditure at the end of the quarter and the return of legal deposit reserves by financial institutions can partially hedge the impact of factors such as the maturity of the central bank’s reverse repurchase and the payment for the issuance of government bonds, in order to maintain the reasonable and abundant liquidity of the banking system, the people’s Bank of China launched a reverse repurchase operation of 60 billion yuan by means of interest rate bidding on September 25.
trillion yuan consumption infrastructure weakness patch PPP will work in seven areas
The CPC Central Committee and the State Council recently issued several opinions on improving the consumption promotion system and mechanism and further stimulating residents’ consumption potential, which proposed to optimize the investment mechanism for infrastructure construction in the field of consumption. The opinions pointed out that we should give full play to the guiding role of financial funds, further attract social investment, accelerate the construction of infrastructure in short board areas such as modern circulation, information network and service consumption in central and western regions and rural areas, and improve the quality and efficiency of investment. Encourage and support social forces to participate in infrastructure construction in the fields of culture, tourism, sports, health, elderly care, housekeeping and education through government social capital cooperation (PPP) mode and special bonds of industrial enterprises in the social field.
nearly 70% of the company’s third quarterly results are expected to double 131 stocks
September is coming to an end, and the disclosure of the performance forecast of the third quarterly report of listed companies has accelerated. According to the statistics of the market research center of Securities Daily, as of yesterday, a total of 1186 listed companies in Shanghai and Shenzhen had released the performance forecast of the third quarterly report. Among them, 795 companies are expected to have good performance, accounting for 67%. Further combing, it is found that 131 stocks are expected to double the performance of the third quarterly report while doubling the net profit of the interim report. Analysts said that the third quarterly report of listed companies is expected to become the focus of market attention, and high growth stocks will receive more attention. Today’s Japan daily specially combs and analyzes the above 131 blue chip stocks from three aspects: performance, market capital and institutional rating for readers.
Dea General Aviation Holding Co.Ltd(002260) apology will be accused of “making a show”. The management responded: give the opportunity to correct
Since it was exposed that the bank loan was overdue in March this year, Dea General Aviation Holding Co.Ltd(002260) has been in trouble one after another. On September 20, Dea General Aviation Holding Co.Ltd(002260) issued an announcement on the overdue debts of the company. The company failed to repay the loan of 100 million yuan on schedule. Just three days ago, Dea General Aviation Holding Co.Ltd(002260) and some of its executives had just been publicly condemned by the Shenzhen Stock Exchange. On September 21, Dea General Aviation Holding Co.Ltd(002260) held a public apology meeting. However, some investors pointed out: “the company has not answered the investors’ questions for more than a year. What’s the use of pretending to apologize now?”
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