China Securities Journal ( zone )
a number of standardized development policies will be issued, and the regional equity market will enter a new stage
At the Symposium on the standardized development of the regional equity market recently organized by the CSRC, people in the industry generally expected that after ten years of honing, the regional equity market, as the “tower” of the multi-level capital market, would enter a new stage of standardized development. They suggested that the legal and institutional environment for the development of regional equity market should be improved and optimized, and the legal status and expression of regional equity market should be further clarified; Strengthen the connection with the new third board and other markets; Encourage and support the business innovation of regional equity market within the framework of regulatory rules.
1167 third quarter performance forecasts were released, and nearly 70% of them were expected to be happy
As of the time of publication on September 2, a total of 1167 listed companies in the two cities had issued performance forecasts for the third quarter. In addition to 41 uncertain companies, there were 772 pre hi companies (including continued earnings), with a pre hi proportion of 66.2%. On the whole, steel, building materials, mining and other industries have high certainty of upward performance in the third quarter and even the whole year. Market participants pointed out that the performance of the third quarter has an obvious directional effect on the performance of the whole year. At present, A-Shares still face great uncertainty, but after continuous correction, the valuation of the leading target with stable performance growth returns to the bottom position, has a high margin of safety, and there are certain investment opportunities.
starting from the bulk commodity business model of financial institutions
In recent years, financial institutions such as securities companies, banks and public and private funds have continuously increased their layout in the field of commodities, resulting in diversified business models. Insiders said that financial institutions have comparative advantages in capital strength, risk control ability, information collection and professional investment ability. Their orderly participation in bulk commodity business has a positive significance for improving the efficiency and liquidity quality of the futures market.
In August, the organization conducted intensive research on technology companies
According to statistics, since August, a total of 302 A-share listed companies have been intensively investigated 434 times by institutions. The industry distribution is mostly concentrated in science and technology industries such as electronic components, equipment manufacturing, biotechnology and software information services, especially the electronic information industry. Among the investigated listed companies, the listed companies most concerned by institutions are Shenzhen Inovance Technology Co.Ltd(300124) and Wus Printed Circuit (Kunshan) Co.Ltd(002463) , Shenzhen Inovance Technology Co.Ltd(300124) has been investigated three times in a month, and Wus Printed Circuit (Kunshan) Co.Ltd(002463) has been investigated seven times by institutions.
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Shanghai Securities News (special area)
many large securities companies started the application for market making qualification of Shanghai Luntong
Last weekend, the CSRC issued the regulations on the supervision of the interconnection of depositary receipts business between the Shanghai Stock Exchange and the London Stock Exchange (for Trial Implementation) (Draft for comments). At present, securities companies have begun to actively prepare for the Shanghai Luntong. The reporter learned that recently, large securities companies have submitted applications to the Shanghai stock exchange for the qualification to participate in the market making business of Shanghai Luntong.
in August, the net financing amount of local bonds hit a two-year high, and the capital flowed into infrastructure projects
In August, the local government bond issuance market was hot, and the issuance scale and net financing reached a new high in recent two years. Statistics show that in August 2018, the total issuance of local government bonds reached 882.97 billion yuan, the highest since July 2016; The net financing amount reached 765.485 billion yuan, the highest since September 2016.
wave after wave of share repurchase by listed companies
Since this year, the tide of share repurchase of listed companies has really been wave after wave. At the beginning of September, six A-share companies threw out repurchase plans, of which Oriental Energy Co.Ltd(002221) was the most popular. The company planned to repurchase no more than 1.05 billion yuan. In addition, a number of companies have intensively disclosed the latest progress of share repurchase in the past two days. Among them, Midea Group Co.Ltd(000333) disclosed that as of August 31, the company had repurchased about 39.33 million shares at a total cost of about 1.8 billion yuan.
the semi annual report of the new third board disclosed that the closing performance increased steadily
The disclosure of the semi annual report of the new third board company in 2018 has been completed. Statistics show that as of August 31, a total of 10976 companies had to disclose the 2018 semi annual report, and 10685 had completed the disclosure. Except for the companies that have submitted the application for termination of listing, 162 companies failed to disclose the semi annual report on schedule.
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Securities Times (special area)
rescue liquidity “state-owned assets system” bottom reading of more than 20 A-share private enterprises
Since this year, the “State-owned Assets Department” has opened a large-scale and high-frequency “sweeping mode” in the A-share market. Up to now, the subjects of “state-owned assets system”, including SASAC, local governments and central institutions, are participating in or have completed the control transaction of more than 20 A-share listed companies; At the same time, the reporter learned from research that there are still many private listed companies negotiating equity transfer or liquidity rescue plans with state-owned assets. According to the judgment of the industry, the number of cases of state-owned assets entering private listed companies will increase significantly before the end of this year.
instead of reducing the bank’s non interest income, the card handling fee has become a highlight with the new financial standards
Some listed banks took the lead in implementing the new financial instrument standards (i.e. IFRS9), and the fund dividend income increased significantly, which promoted the proportion of investment income in the bank’s non interest income to increase significantly. In addition, the vigorous development of consumer credit business has also driven the rapid growth of credit card installment and consumer income.
55 fund companies with guaranteed income in drought and flood in the first half of the year made a net profit of 11.4 billion yuan
The semi annual report of listed companies was disclosed and closed, and the operation of fund companies held by a number of listed companies was exposed in the first half of the year. Despite the poor performance of the stock market in the first half of the year, the characteristics of ensuring income in drought and flood are still very obvious, and many companies have achieved significant growth in net profit. The total net profit of 55 fund companies exposed in the first half of the year reached 11.4 billion yuan, a year-on-year increase of about 9%.
st Changsheng delayed the disclosure of the suspension of semi annual report. Previously, it once opened the limit
After once opening the limit, St Changsheng (002680) announced the suspension because it was unable to disclose the semi annual report on schedule. On the evening of September 2, the company announced that the wholly-owned subsidiary Changchun Changsheng Biotechnology Co., Ltd. (hereinafter referred to as “Changchun Changsheng”) had stalled the preparation of the company’s semi annual report due to the investigation of the rabies vaccine incident. The company could not disclose the 2018 semi annual report according to the scheduled time, and the trading of the company’s shares would be suspended from September 3.
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Securities Daily (special area)
IPO “barrier lake” has accelerated to the bottom, and the number of queues is expected to fall below 200 by the end of the year
After more than two years, the number of IPO “barrier lake” in the A-share market has decreased to 244 from nearly 700 normal pending enterprises in June 2016. According to the reporter’s statistics, as of the end of August, since this year, the CSRC has reviewed 136 initial enterprise applications (excluding companies that have cancelled the review), of which 75 have been approved, with a passing rate of 55.15%.
multi factor disturbance in September, the central bank will hedge with medium and short-term quantitative instruments
On August 31, the central bank announced that considering the large financial expenditure at the end of the month and the total liquidity of the banking system at a high level, open market operation would not be carried out on that day. This is the eighth consecutive trading day that the central bank has not carried out reverse repurchase operation. Last week, a total of 170 billion yuan of reverse repurchase expired. The central bank did not carry out reverse repurchase operation last week, realizing a net return of 170 billion yuan.
in the first half of the year, three small loan companies on the new third board were delisted, and the cumulative exit rate in four years was 21.74%
By the end of June 2018, a total of 46 small loan companies had been listed on the new third board and 10 had withdrawn (9 had terminated listing and 1 had to run for delisting), with a cumulative withdrawal rate of 21.74%. The glory of the small loan industry can only be recalled now. Since the second half of 2015, the number of institutions, employees, operating income, net profit and other main indicators of the small loan industry have been declining, and the business environment of the industry has become increasingly severe. The latest semi annual report data of 36 small loan companies listed on the new third board also support this reality.
the revenue of Qunxing toys fell by more than 80%. The controlling shareholder transferred 10% of the shares at a discount
Qunxing toys, which had failed in cross-border transformation several times, finally returned to the old business. Recently, the company handed over its first reply to return to the main toy industry. According to the 2018 semi annual report of Qunxing toys, the company’s net profit has turned from loss to profit in the first half of the year. However, the reporter found that there are many hidden dangers behind the report card. First, the revenue has declined year after year, and the sustainability of performance growth needs to be observed; Then the company plans to transfer its only subsidiary that brings huge profits; The controlling shareholder of the company also transferred 10% of the shares of the company at a discount. Various situations not only make investors worried about the future development of the company.
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