China Securities Journal ( zone )
infrastructure investment has been boosted again. New regulations encourage banks to underwrite local bonds
The reporter learned on the 3rd that the China Banking and Insurance Regulatory Commission recently issued the notice of the general office of the China Banking and Insurance Regulatory Commission on matters related to commercial banks underwriting local government bonds. The circular points out that local government bonds refer to national bonds and policy financial bonds and do not apply the relevant provisions of the notice of the CBRC on strengthening the risk management of bond underwriting business of commercial banks. Industry insiders believe that after the notice is issued, banks will enhance their willingness to underwrite local bonds. The strength of local bonds, especially the accelerated issuance of local special bonds, will boost infrastructure investment. Subsequent infrastructure investment may stabilize and rebound slightly after changing the previous decline.
the shell market is active and the “state-owned assets system” has become an important force
Since this year, the transfer of control rights of A-share companies has gathered, and the transfer methods have shown a diversified trend. At the same time, the “state-owned assets system” has become an important force in the shell Market. According to statistics, since this year, the subject of “State-owned Assets Department” is participating in or has completed the control transaction of more than 20 A-share listed companies. State owned capital, especially local state-owned capital, has become an important force in the A-share shell Market.
start the brand and make great achievements in the digital transformation of overseas traditional publishing industry
Facing the digital wave, China Publishing & Media Holdings Co.Ltd(601949) , Jiangsu Phoenix Publishing & Media Corporation Limited(601928) , Chinese Universe Publishing And Media Group Co.Ltd(600373) and other listed companies in the publishing industry, on the one hand, use new technologies for digital transformation and expand diversified development modes; On the other hand, strengthen copyright export and speed up the pace of “going out”.
Shenzhen Stock Exchange 21 asked Zhonghong semi annual report
On September 3, Shenzhen Stock Exchange issued a semi annual inquiry letter to Zhonghong shares, with 21 questions directly referring to the company’s assumption of sustainable operation, a & K’s revenue, asset quality and the progress of related transactions. The semi annual report of Zhonghong shares shows that during the reporting period, due to the shortage of funds, the company’s real estate projects under construction were basically suspended, and a large number of debt principal and interest overdue and litigation (Arbitration) matters could not be solved, so the company’s main real estate business was facing difficulties.
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Shanghai Securities News (special area)
overall investment growth of infrastructure development force or bottom rebound
The main macro data for August will be released next week. With the introduction of a series of measures to ensure the capital demand of key investment projects and accelerate the issuance of local special bonds, the market generally expects that the growth rate of infrastructure investment is expected to rebound from January to August, thus driving the overall investment growth to hit the bottom and rebound. Since this year, the growth rate of infrastructure investment has continued to decline, and the cumulative growth rate from January to July fell to 5.7%. This situation is expected to improve in August.
the trading volume of the real estate market in August was mixed. Cities may further differentiate
In August, property market transactions were mixed. The reporter learned from a number of institutions on the 3rd that on the whole, the property market in the first and second tier cities improved and the trading volume increased upward in August; The downward trend of trading volume in third and fourth tier cities is still strengthening. In this regard, some experts believe that under the background of increasingly stringent real estate regulation policies, the differentiation of the real estate market is expected to be further strengthened.
the new accounting standards force insurance funds to “favor” high dividend yield stocks
Recently, the market has been talking about “high dividend yield stocks”, and mainstream investment banks have strongly recommended them on the grounds of “a wise choice with both attack and defense”. In addition to the good voice of the market, the objective existence of a “hard factor” is forcing insurance funds, one of the main forces of institutions, to “favor” high dividend yield stocks.
suspension and fruitless restructuring in March Orient Group Incorporation(600811) close the inquiry letter of Shanghai Stock Exchange
The Shanghai Stock Exchange issued an inquiry letter to Orient Group Incorporation(600811) on September 3, asking the company to explain the prudence of early suspension, reducing acquisition targets and changing transaction methods. It is reported that after a continuous suspension of trading for up to three months, the company announced on August 31 that it would terminate the issue of shares to purchase assets, and planned to reduce the acquisition targets. At the same time, it would implement the acquisition by cash payment, which would no longer constitute a major asset restructuring.
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Securities Times (special area)
contributed 24% of revenue in the first half of the year. The performance of listed securities companies depends on the self operated
The self operated business, which once became the largest source of revenue for listed securities companies last year, is still the second largest source of revenue despite a significant decline in revenue in the first half of this year. According to statistics, the self operated income of 32 listed securities companies in the first half of the year was 29.771 billion yuan, down 21.11% year-on-year, but its contribution to the total operating income was still as high as 24.41%.
head futures company’s net profit growth has declined greatly, and risk management has become the main force of income generation
With the disclosure of semi annual reports, the overall overview of China’s futures market in the first half of this year should be revealed. According to the disclosed situation, the growth rate of net profit of leading companies in the futures industry decreased significantly. Compared with the growth rate of more than 100% in the first half of last year, the net profit growth rate of futures companies this year has significantly decreased to an average of 10% ~ 20%.
era of professional supervision: hundreds of inquiry letters outline the development and changes of the automobile industry
Since 2015, the Shanghai and Shenzhen Stock Exchange has fully launched sub industry supervision, and the automobile industry, as a national pillar industry, bears the brunt. According to the statistics of the reporter of the securities times, A-share automobile companies have announced about 100 inquiry letters in the past three years. In particular, more than 40 companies have replied to inquiries in 2018, of which about one-third have applied for delayed reply for various reasons. 2018 is known as the biggest change in the automobile industry in more than a hundred years. China’s automobile policy is open, supporting the excellent and the strong, and guiding China’s automobile industry to truly move towards marketization. Those automobile enterprises that have suffered huge losses for years may be difficult to continue to survive in the market.
st Changsheng actual controller’s related party pledge violation China Galaxy Securities Co.Ltd(601881) filed an arbitration
The aftermath of St Changsheng (002680) vaccine incident is hard to disappear. Changchun Xiangsheng Investment Management Co., Ltd. (hereinafter referred to as “Changchun Xiangsheng”), the seventh largest shareholder of St Changsheng, was recently submitted to arbitration by China Galaxy Securities Co.Ltd(601881) (601881) for violation of stock pledge repurchase transaction. On the evening of September 3, China Galaxy Securities Co.Ltd(601881) announced that in August 2017, the company signed a stock pledge repo transaction business agreement with Changchun Xiangsheng, agreeing that China Galaxy Securities Co.Ltd(601881) as a financial lender and Changchun Xiangsheng as a capital integrator to conduct stock pledge repo transactions, and the underlying securities are st Changsheng.
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Securities Daily (special area)
in the first half of the year, the overall profitability of the new energy industry was good, and all power station equipment companies achieved profitability
The interim report of Listed Companies in 2018 has been disclosed. From the perspective of the new energy industry, in the first half of this year, only one of the six companies in the wind power industry suffered a loss, two of the 12 photovoltaic enterprises suffered a loss, and one of the two companies in the hydropower industry suffered a loss. The best overall situation was the power plant equipment company, and all three companies achieved profits. The growth rate of net profit attributable to the parent decreased for power equipment and machinery. In 2018, the net profit attributable to the parent company of power equipment increased by 3.06% (previous value of 8.81%) and the revenue increased by 15.03% (previous value of 17.35%); In 2018, the net profit attributable to the parent company of machinery increased by 6.40% (previous value 28.01%) and the revenue increased by 20.66% (previous value 20.44%).
the “entering the rich” of A-Shares is expected to bring trillion yuan of incremental funds
According to the previous arrangement of MSCI, the proportion of A-Shares included in the MSCI index will be increased from 2.5% to 5% from September 3. After adjustment, 10 A-Shares will be newly added with an inclusion factor of 5%, increasing the number of A-Shares included in MSCI to 236, accounting for 0.75% of the weight of MSCI Emerging Market Index. As another major index company, FTSE Russell, whether it will decide to include Chinese A-Shares in its compiled core index at the evaluation meeting in September has aroused the attention of all parties in the market. According to the current scale of FTSE Russell international index of about US $1.5 trillion, it is theoretically expected to bring us $500 billion to a shares, that is, more than 3 trillion yuan of incremental funds.
improvement of asset quality of listed banks in the medium term: nearly 80% of banks’ non-performing loan ratio decreased
At present, the disclosure of the annual reports of Shanghai and Shenzhen has been completed. The asset quality of listed banks showed obvious signs of improvement in the first half of this year, and the non-performing loans of most banks decreased compared with the end of last year. According to the data industry, as of the end of June, the non-performing loan ratio of 20 of the 26 listed banks had decreased, accounting for nearly 80%. In addition, the non-performing loan ratio of two banks was flat, while that of only four banks increased compared with the end of last year.
* the defective annual report of “big blood exchange” of St Kangda’s directors, supervisors and senior executives renewed the life of the company for 8 months
*The seventh extraordinary general meeting of shareholders of St Kangda was held on the afternoon of September 3. Xiong Wei, the new chairman appointed by Jingji group, sat in the middle of the podium as the host for the first time. According to the voting results, the proposal of Jingji group to recommend five candidates was passed, and the “big change of blood” of Dong Jiangao after Jingji group was promoted came to an end temporarily. The delisting crisis previously hanging over small and medium-sized investors was also suspended due to a defective annual report. However, at present, the items and amounts involved by the three former executives are unknown. The company must sort out the relevant data before the disclosure of the 2018 annual report in order to truly resolve the delisting crisis.
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