National Social Security to be invested equity fund CDH Yih. .
DAI Xianglong: it is recommended that the Industrial Development Fund and private equity funds consolidated into "equity fund".
Dai, chairman of the National Social Security Fund Council yesterday in "The Second China International Private Equity Forum," said the National Social Security Fund have decided to CDH and Hony two private equity investment. He also suggested that the national authorities can private equity funds, industry funds specifically for the unity of "equity." .
He believes that the current trends in the international flow of capital to the private equity investment has brought the development opportunities and foreign private equity investment funds and industrial investment fund basic content is the same, and should step up the formulation of this stage the domestic equity investment fund management and investment funds law regulations, improving the proportion of direct financing.
Dai suggested that the State Council's relevant departments to speed up the Fund for approval, to expand the pilot equity investments, and pay close attention to research and clear with the relevant departments of China equity investment fund registration, administration, trade and tax issues. "In the registration should not be mandatory, should choose a company, principal system or limited partnership way." He said. Furthermore, it should speed up the training fund management talent, speed up the approval of joint venture fund management company. .
He stated that the proposed to Tianjin gradually built our equity investment funds distribution, management, trade, information and training centre and Northern securities markets and public company trading on the market. "Tianjin is the economic centre of the North, Shenzhen, Shanghai and later a promoting regional development, economic growth, it should be in the national unity, respectively, played several roles in big cities in China to jointly promote the development of modern finance. "He said.
Dai predicts that by 2010, the National Social Security Fund will total 1 trillion, there will be 100 billion yuan to invest in private equity investment funds. He said that according to relevant regulations, allowing businesses Di direct investment up to the National Social Security Fund's total capital of 20%. At present, a total of 150 billion yuan pension fund equity investments can be. .
He said that recently a lot of domestic and international investment banks in the Council and the national social security fund, will in future business development strengthen exchanges and cooperation, the national social security fund and investment fund for the promotion of international capital in China ordered, bi-directional flow, and mutually beneficial.
It is understood that CDH and Hony Capital investment will be set up for registration in the territory of the RMB fund size is expected to issue five billion yuan. Such as the successful completion of placement, the two funds would be for foreign private equity fund manager launched the largest ever raised and the RMB funds. Hong Yi and Ding Hui two yuan set by the Fund will be registered in Tianjin. .
In 2006, the national social security fund has invested in Bohai industrial Fund.
Tang barrier lake rescue decisive victory. .
Priority areas of Sichuan Provincial Committee Secretary said.
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According to Xinhua electricity yesterday 17 o'clock, tangjia Shan Lake discharge chute height from 720 m to 721 m. Sichuan Provincial Committee Secretary Liu qibao in Lake: tangjia Shan emergency headquarters, this marks the tangjia Shan Lake rushing to win a decisive victory.
Tang barrier lake rescue headquarters, experts say could reach the bottom discharge tank 720 meters high, decided to rescue quake lake Tangjiashan success. This is mainly for the following reasons:. .
One is the discharge tank bottom up to 720 m, tangjia Shan Lake storage capacity will be reduced from 2.5 billion cubic meters to 1.2 billion cubic meters, on downstream threats to reduce the risk involved, the dam's population from 130 million people reduced to less than 5 million people.
Second, it helps the upstream water runoff and water balance. Up to 720 meters in accordance with bottom discharge process, he may discharge 120 million cubic meters. Dammed lake is equivalent to the original discharge slot flow through the flow of river mouth, the basic guarantees to how much water how much water to go. .
Third, the discharge tank bottom up to 720 metres under a rock solid structure, compare the water flow is relatively slow, dam failure occurred in..
News from the rescue headquarters Tangjiashan quake lake expert consultation meeting was informed that, in order to completely remove dangers, experts have three scenarios. .
One is to continue to take structural measures (excluding blasting), the discharge tank bottom of elevation drops to 710 meters; second, if the project measures difficult, dam structure comparison by surveying firm, there is not much to downstream, can be considered in the rainy season in the dam to reinforce measures; and third, you can consider the dammed Lake and on the basis of the construction of a reservoir. All these ideas, and other water flow stability after Dam for geological survey, to obtain the detailed information, after much study and determine the solution.
Shanghai and Shenzhen stock markets tumbled assembly was bad. .
Most of the major stock market decline in the Asia-Pacific region.
Securities Times. .
Who is affected by many factors, empty stock fell yesterday, which deliver stock index fell 257. .34, plunge deep into a 968. .06 points, respectively, $ 7.8. .73% and .25% respectively from last year's record of 4 June and 27 February since the largest decline in a single day.
The Dragon Boat Festival holiday indeed been bad. Last Friday, again in New York crude oil futures prices shot up above 139 U.S. dollars in intraday trading Mogao, by this attack U.S. stocks plummeted reproduction, the Dow Jones Industrial Average fell 394. .64 Points to close at 12,209. .81 Points, a record eighth-largest single-day decline in history. Affected by the Asian stock markets fell sharply this week, a general, which, with the Nikkei down more than 300 points, or more than 2%. In China, last Saturday the central bank announced the increase of RMB deposit reserve ratio by 1 percentage point to 17. .5% Magnitude was unexpected, and further increased market uncertainty. .
Who is affected by the number of empty, and Shanghai market deliver skip empty yesterday low after go low, to the close of the two cities only 32 stocks rise, and the remaining stocks declined, while limiting the number of over a thousand units. With the stock index fell sharply, two of the city, trading volume significantly enlarge. Market of the long-awaited intraday kinetic energy to the major stock indices are set in the year closing low.
As the backbone of the market, blue chip plate yesterday escape the same fate. 20 large cities of the former heavyweight, China Aluminum, Daqin Railway, Industrial Bank, Shanghai Pudong Development Bank, China Merchants Bank, China COSCO and so six stocks to limit-reported income, the first heavyweight PetroChina are more than 6% decline , while Bank of Communications, CITIC Bank, China Petrochemical, China Unicom, Industrial and Commercial Bank of China, Ping and other stocks fall more than 8%. Industry, major industry index tumbled across the board, communication, finance, construction, utilities, real estate, paper Deng Jun fallen by more than 9. .6%. .
Perimeter's stock market, international oil prices, as well as investors worried about inflation and Economic Outlook, most of the major stock market yesterday by the Asia-Pacific region.
Hong Kong stock market plunged yesterday, more than a thousand points, and close to the lowest closing day. Hang Seng Index closed at 23,375 points, down 10.26 points, or 4.2%, turnover 82.1 billion Hong Kong dollars a day. China Enterprises Index fell 723 points, or 5.4%, closing at 12,789 points. .
Tokyo stocks Nikkei 225 stock average price index fell by 160.21 point yesterday to 14021.17 points, 1.13 percent; China market-weighted index fell 217.96 points at 8370.00 points, 2.54%; Australia Sydney stock main stock index fell 154.6 points at 5437.5 points, 2.8 per cent. (More news see A2 Edition).
The effect of high price-earnings ratio issued a press created "a break" embarrassing. .
Securities times.
I recall last year's IPO on the first day of the scenery at every turn a few hundred percent increase, compared to the first day IPO gain today continued falling even below the issue price of individual stocks bleak, now the newly listed companies and stock investors have lamented that her "life wrong time. " .
Data show that since the IPO restart, as of yesterday, two cities with a break of a unit has 6 only, namely the CITIC Bank, construction Bank, China Petroleum, CSCL and China Pacific insurance and Wei Hua Co., where the closing price of China's railway station than yesterday, the issuing price decrease up to 28%; .34. CSCL yesterday's closing prices compared with the issue price, and also "shrink" by nearly 20%. In addition, yesterday the market also was born in the year the first unit for small and medium-sized board game, may 29, just login and small plates of Riverside estate in yesterday's opening soon fell after the issue price, fortunately at the close of the increase in the end to avoid closing price break embarrassing situation.
In fact, China Pacific Insurance was the first time since last bull market correction is only "break" of individual stocks. Earlier, shares issued in the past two years, only China, Air China had a "break" record. August 18, 2006 Air China IPO was priced at 2. .8 Yuan, due to such factors as the prevailing market turmoil order, Air China has the lowest probe to 2. .74 Yuan. Since then, follow the broader market rally, Air China shares end up the way to break away from destiny. .
Since 2006 recovery IPO with bull-in-depth development, primary market release earnings continue to rise, the basic 30 times that of the individual stocks or even close to 100 times. Although the Chinese economy, sustained high growth performance of listed companies, A-share market price-earnings ratio compared to the international market has a certain premium but compared to the average international mature market 12 times to 15 times earnings, the stock market since last year, an average of 50 A number of times the price-earnings ratio is very unhealthy. . If this argument is valid, then the high price of new shares issued times but to break the high price-earnings ratio over the past issue, listing the formation of a large bubble and necessary amendments to the value of return, time shares break teams will continue to expand there is less surprise that. From this point of not only The new shares issued to those high price-earnings ratio, market price is too high, investment returns have been poor varieties may be coming into the break in the ranks. However, some industry sources, the current A-share market has entered a reasonable range of the overall price-earnings ratio, new shares issued does not mean that the market break Bulls and conversion. .
In addition, the stock market game for a long time of fried new shares of non-rational behavior, will play a role of the inhibitor. In fact, since the beginning of this year, new shares listed generally unremarkable, not only on the first day of the new shares increase rendered recursively go lower than even the new receipts of the Bank, plus the sword hanging top stocks break threat, you can expect new shares will be fried in..
A stock crash induced by two factors. .
The trend in subsequent judgments..
Securities Times. .
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Yesterday, A shares occurred since December 14, 1996 Limiting the system since the implementation of the eighth largest single-day drop. This fall, the general view is that domestic institutions: central banks to raise deposit reserve ratio by 1 percentage point and soaring international crude oil prices is the most direct cause. .
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Crash caused two bad. .
"Why plummeted, primarily two factors caused by bad. "A unit of plunged yesterday, guangfa securities policy analyst tour wenfeng analysis said that the market itself in a vulnerable point in time, the two big bad generated resonance — the Bank increased by one percentage point in the deposit reserve ratio and international oil prices soared.
You Wenfeng's views are consistent with other agencies has been recognized. Southern Fund, Wang Xuan, chief investment strategist believes that international oil prices soaring, the central bank is expected to increase over the deposit reserve ratio, coupled with the U.S. stock market plunge last Friday, leading to the A shares of the feast day of the crash. .
Christina Wang believes the market to raise deposit reserve ratio is a bit much. In his analysis, preliminary market on monetary policy easing Psychic illusions, especially after the Wenchuan earthquake, many people predicted that launched last October by the tightening of monetary policy may have eased, but now this illusion..
Fortune Securities chief strategist Huang Kaijun that the central bank raised deposit reserve ratio, U.S. stocks fell, oil prices rose under the influence of obvious "herd behavior" led to yesterday's stock market fell sharply. Market expectations for monetary policy may be relaxed, in his view, is impossible. "Disaster relief, are implemented through fiscal policy can not be implemented through monetary policy. Even so, Ye Jin Xian in the disaster area, for Fei hit Xu Geng Jia tight monetary policies implemented since the scale of disaster recovery may increase Touzi . ". .
Yingda Securities Institute Lee clouds were of the view that, in addition to the above factors, the trend of the market itself is vulnerable is also fell yesterday as another incentive. Lee Hsiao believes that by early related policy supporting the market so far has been very weak, if you want to go up, you need another good policy support.
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Subsequent trend of judgement are differences.
While domestic institutions determine the reasons for drop in line, but the trend in the follow-up to judge the differences have emerged. .
Wang Christina believes that the overall economy upward or downward trend is not yet clear, this marketing trend of the subsequent is also uncertain. If you fall too much, a unit of underestimating reappear, will resources go in, but overall not yet appear to underestimate. Wang Christina believes that long-term 2800 points up and down is the best point in investing. "3500 is reasonable, then decreased to 2500 points, that is the whole underestimated.".
You Wenfeng believes that she needs to follow the trend of macro data in May. But he predicted that the Olympics had given the possibility of collapse is small, the overall market may be in shock state. "3000 can Jiancang, because the overall macroeconomic situation will not deteriorate further, nor will there be extreme devaluation of the currency in Vietnam did.". .
Lee clouds the, currently clear pattern of very weak, adjust the time or space is not in place, the atmosphere also influence the market is still relatively weak. Investors for offense to defense from.
However, these analysts generally believe that the crisis in Vietnam have limited impact on China because of Vietnam's overall economy is relatively small. Wang Xuan even believe that the Vietnamese market crisis on the Chinese market is a buffer, because of reduced demand for its follow-up, which is a disguised form of relief in China. .
Institutional point of view.
Day rule Fund:. .
Lower blind shadie not desirable.
High oil prices will inevitably have a greater global economic growth inhibition, short term, international oil prices pushed up still further the possibility. But with the decline in international consumer demand, alternative energy, the rise of the dollar rises, oil prices peak in a matter of time. In addition, Asian countries and compared to the 1997 financial crisis, financial strength is very different, even if the real financial crisis in Vietnam, other Asian countries has the ability to cope with the effects. .
From domestic macro conditions, this week will introduce a series of macro-economic data, the expected CPI for the month of may will be dropped to the level of .8% 7., 6 month will further decline, this is the most common point of view. The current overall valuation of A stock market is still 20 times reasonable regional, market continue to plunge in space is not significant. . (Chang). .
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CCB Fund:. .
Reserve ratio by does not affect future trends.
As the "4.24" EADS were mixed the day the market can not be normal, as yesterday's Pudie also state in the short term trend stocks will rise division should remain committed to looking for performance support, stability, growth, and over-reaction was invest in undervalued companies. .
The collapse of the Central Bank can be directly attributed to fuse the deposit reserve ratio by 1 percentage point. Central Bank this policy demonstrates its continuing tight attitude on the part of the market that comes from this. However, only from upward reserve ratio itself, and should not be on the market so much shock, because this increases the deposit reserve ratio objective or hedge out recent foreign exchange reserves and the amount of commercial is about to expire. In other words, the policy on the market, the main range, rather than a trend, and have an impact on the trend of lies of changes in the macroeconomic situation. (Xin water).
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Boshi Yulong Fund.
Unfavorable macro-surface to be digested. .
Boshi Yulong Fund Manager believes that the Kremlin forces from the current perspective, in the past, after each time the published CPI adjustment policies will only be issued, without this being released to the public before the announced CPI adjustment programmes that show regulators tighten monetary policy stance. At present, the macroeconomic fundamentals disadvantage to be gradually digesting, Viet Nam has entered the edges of the economic crisis, China's economy. Currently must pay careful attention to the Government on the CPI measure, in the external environment, there is no significant change in circumstances, the market will continue to run shocks.
Investment opportunities from the market perspective, investors may choose to benefit sections of inflation, such as new energy, to pass down the price of small chemical, pharmaceutical Bufen such sub-sectors; price distortions in certain industries such as petrochemical and power industries, if the future The sectors of the market price will therefore bring some investment opportunities. In addition, assets can be concerned about the large central enterprises and the overall market into the investment opportunities arising. (Du Zhixin). .
From the result of weak stock market manipulation in the grasping ideas..
Yu Kai. .
In international oil prices, Bank of America's plummeting stock market and increase the deposit reserve ratio and other had an empty action, Shanghai and Shenzhen stock market yesterday, no suspense drastically low open, after all the way to go down. In strong sell under pressure into a unit of area, close to two thousand of fallen stock, stock index fell the most invasive of one year, the index "4. .24" tax gap closure, morphological point of view, the island-flip is clearly visible. Moreover, at the end of the policy are also faced with a great threat, market confidence was heavily damaged.
Although yesterday's market plunge, stock performance terrible, but we found a small part of the performance of individual stocks and sectors is commendable, if the market outlook, the decline has slowed down, these species may be structural hot spot. .
First, the assets reorganization — eternal theme. Yesterday, a large collapse of stocks, but we still see Waigaoqiao and Guangzhou cooler two units on the daily limit, which is so tragic for the market. While these two common features of a unit is the assets reorganization. In fact, aside early profoundly uncoordinated market appearance, we find the assets reorganization topics like an undercurrent of quietly flows. . .
Secondly, high oil prices of investment opportunities. In the current situation, have benefited from the surge in international oil prices, the domestic coal price commensurately, coal stocks generally optimistic about the market. While the coal industry the other day there was obvious adjustments, but international prices then hit an all-time high, and no doubt will allow people to rethink the value of coal stocks, even though oil prices have dropped considerably, but is unlikely, therefore, for the poor and rich in coal, oil, coal, China Petroleum alternative energy sources, and the long term. Other solar energy, wind energy, biomass energy and other clean, renewable alternative energy is worth long-term bullish and dig.
Third, inflation of consumer topics. International economic downturn, so that exports are affected, from the tight monetary policy has inhibited investment in fixed assets, to make the economy stable and stimulating consumption has become an inevitable choice. While the market crash yesterday, can be found in retail, food and beverage in the alcohol and the overall performance of the relative plate defensive medicine, which is a noteworthy phenomenon, the weak cyclical industry is likely to become the focus of the market. .
In summary, crash has occurred, no excessive panic, it is taboo for investment, on the one hand, the weak, we evade risk adjustment, and also to cool analysis of the causes of decline, hold down the opportunity. (Author: justwin investment).
A further emergency stocks hit 3000 points. .
Shenzhen stock index fell yesterday reached 7. .73%, and 8., .25 percent more than a thousand unit limit.
Securities Times. .
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Yesterday, the central bank last week by raising the deposit reserve ratio, the international oil prices soaring, and many other negative factors, the Shanghai and Shenzhen exchanges opened sharply lower, after which stocks almost across the board plate down, down limit area also expanded. Shanghai Composite Index fell 257 final. .34 Points, Shenzhen Component Index plunged 968. .06 Points, a drop of 7. .73% And 8. .25%, Respectively, a record June 4, 2007, and February 27, 2007 the largest single-day decline since. Round collapse, not only declared "4. .22" Rally the end, also once again on the Shanghai Composite Index approaching 3,000 points mark an integer. .
"Islands" in May.
In classic technical analysis system, there is an important turning point signals a trend - an island reversal, the shape once formed, tend to form a larger wave of magnitude up or down market. With the Shanghai and Shenzhen stock market yesterday and fell sharply after both Tiaokongdikai, a clear island-type also in front of us, just in time because of its convergence by the end of April, early June, which may be called "May islands" . .
24 April, approved by the State Council, the Ministry of finance and the State decides to include in the securities (stocks) transactio by 3 percent to 1 percent. In this positive stimuli, and Shanghai stock market rebound, ushered in the Shanghai composite index and the deep into a substantial jump started the empty, rose 9 percent, almost all in stock trading.
In exactly 30 days, the two cities once again staged a sharp Gaps market, although this time the Gaps is a downward direction. Experience in a sort of a small stock of reincarnation, the prices of many stocks already are beyond recognition. .
Statistics show that from the Shanghai composite index previous approximation of April 18, two city decline in more than 20% the number of units over 130 only, but exceeds 20% of the units are as high as 87 only.
Among them, the HTC stock has gone from April 21 to 72. .18 Dollars all the way down to 23 yesterday. .79 Yuan, a drop of up to 67%. In addition, Tianyi Science and Technology, XJ Electric, Sun Development, Pu-resistant stock, the three wrestlers, Chihong Zinc and Germanium, Kinder development, ST Sinopharm, Australia and Western science and technology, broadcasting information, Zijin Mining, Ott Xun, China's Bao of 13 only stocks also decline more than 40%. .
While this unit within the meaning of life, also emerged in many star units. As the highest or the top of the city, Yunnan province, on 18 April the share price of $ 13. However, the recent .92 closing prices are flashed to 27. $ .68, almost double the price. In addition, guotong, haitong securities, open pit coal, Zhongwei guomai, Waigaoqiao Free trade zone, Sichuan Emei, day party pharmaceutical, Jinzhou port, * ST-new, shenguoshang, longpinggaoke, sinolink securities, etc. 18 only in the price of a unit than April 18 by 40 percent.
Up less or more favorable to lighten up the pretext. .
Only to large blue chip, this round of stock market indices are still turning up fewer dropped more fully showed good mainstream institutions lend it is advisable to jiancang action ideas. Statistics show that over the same period of the previous permit 50 Index constituent stocks of only 50, only 9 units increased, and the remaining 41 only stocks declined, a decline of more than 10%, there is only 24. According to the great wisdom TOPVIEW, 24 April, one day, a large fund companies through 139 seats (date of the transaction of the seats) total net sell 52. .65 million, but this does not include deep, trading, and rented A prefix of the seats.
Since entering June with a further increase in market uncertainty, the Fund sold the pace quickened again. TOPVIEW data show great wisdom, the Fund from May 28 to 30 continuous net inflow, respectively 4. .56 100 000 000, 12. .31 100 000 000, 37. .4 Billion, turn into a row in June showed a net outflow of funds is, 2 to 4 June 7, respectively, the net amount sold. .49 100 000 000, 44. .21 100 000 000 and 15. .24 Billion. .
The market is the decline in space.
In accordance with the K-line theory, island-type general long-term or medium-term trend in the top or bottom, and thus a trend reversal. In the face of "May islands", I believe many investors will have such confusion: After the 6000 crash points to 3000 points, the market will have much to fall. .
Compared to the price-earnings ratio of stock index, the index will be better able to measure the market valuation of the level. Statistics show that as the index of the current two consecutive declines in average price-earnings ratio of only 23. .18 x at the end of last year, representing 41. .78 times decreased substantially, even in history, this is a lower number. However, on the other hand, the current domestic and international situation remains serious in the context of increasing the sustainability performance of listed companies, has become one of the great plague market mysteries.
China Railcom, China Mobile, into the supervision of the SASAC companies adjusted to 150. .
Securities times.
SASAC announced yesterday by the State Council, China Railway Group Limited into China Mobile Communications Corporation as its wholly owned subsidiary. It is reported that SASAC has issued the two companies re-notified. Prior to the May 23, China Mobile has announced the CRC to become the first company of his son. May 24, three ministries issued a "Notice on Deepening Telecommunications Reform", China's telecom industry restructuring this opened the curtain. .
It is reported that China Mobile has total assets of more than 7000 billion scale, the number of users up to 3. .7 billion. And China railcom current 424 billion in total assets, total number of employees is approximately 7. .2 million. According to figures released by the China railcom, 2000 years after three years, the company revenues maintained at an average growth rate of 37%, fixed number of users has doubled every year. By merging the China tietong, China Mobile will be provided with a telephone network covering the whole country.
China Railcom, China Mobile, into the post, the SAC will perform the function of the company adjusted to 150 151. Integration of the central level, the central enterprises bigger and stronger has been one of the important work of the SAC, in the early days of 2003, the SASAC, the number of households are 196 central enterprises. SAC's goal is to 2010, restructuring and reorganization of central enterprises to 80-100, of which 30 to 50 furniture with international competitiveness. .
Securities Association of China's Investor Education Web page.
Securities Times. .
Since the beginning of this year, Securities Association of China continues to vigorously carry out investor education. Recently, the Association for investor education Web site for the revision of the garden. Xinhuanet investor education corner including stock market knowledge, risk, global vision, FAQ, legal institutions, online surveys, such as securities, as the game Association, investor education work better Windows and platform.
It is reported that this revision draws on international experience in investor education, an increase of the Securities games section. This section attempts to game the form of increased basic knowledge of the securities to investors, making learning fun is the association of investor education for innovative ways and means of a bold attempt, first of its kind in China. Association will also promote this form in the industry, constantly sum up experience, and the IT sector, to develop knowledge of the game rich variety of securities. .
New investor education corner also increased online survey, focus on hot and difficult markets, key issues for online surveys directly listen to understand investors on stable development of capital market views and attitudes so pertinently investor education activities, while providing the relevant policies and self-regulation rules provide an important reference.
Suning: Olympic payment environment to do all the work. .
Securities times.
Olympic payment environment construction leading group held a meeting recently in Beijing, Bank of China Deputy Governor Su Ning attended the meeting, stressed that the Olympic payment environment construction work has entered the final reckoning, we must carry forward the continuous fighting, indomitable fighting spirit, confidence, make persistent efforts to leak to fill a vacancy, go all out to ensure that the Olympic Games to pay the full realization of environment goals. .
Meeting, as at the end of March 2008, six of the Olympic city of cumulative development special 18. .5 million, special coverage up to 60%, for a cumulative installed 34. .05 million POS machines, 2. .2 million ATM, ATM accepting foreign cards of up to 60%. Which, in January 2007 to March 2008, six new special 6. .5 million, POS 11. .5 million units, ATM machines, 4500, respectively, accounted for 30% of the amount of new, 31% and 18%. . .
Suning, Olympics payment environment construction work and the intended target and there are still some gaps existed outside the cards market in small and medium-sized businesses develop hysteresis, underpowered, currency exchange service is not convenient, payment systems and emergency drills are not sufficient. In response to these issues, he called on all parties to strengthen their sense of responsibility and urgency, properly resolve, perfection, and spare no efforts to make the Olympics payment environment-building stage of the work.
CBRC: there are four current bank card business risk. .
Securities times.
With the rapid expansion of bank card business and the competition becomes more intense throughout the bank card complaints and disputes, the case frequently, the risk of bank card business in multiple, high-incidence season. To this end, the CBRC on the current bank card business risks of a special investigation and analysis, and the corresponding preventive recommendations. .
The CBRC believes that currently bank card risks can be divided into four categories:.
First, the risk of external fraud. Risk of various types of bank card, external fraud risk is the most serious and most damaging of a category of risk. To realize the purpose of fraud, there are three main channels: ATM cash withdrawal machine, POS machine cash (consumption) or network (phone) transfer. Means to see from the fraud, mainly counterfeit cards fraud, direct reimbursement of funds and use of three types of ATM machine card fraud. .
Second, the intermediary transaction risks. Intermediary transaction risks mainly refers to special illegal transactions or illegal operations by the cardholder or the card issuer risk of financial losses. Intermediaries of the exchange risk mainly into two categories: one category is part of the unscrupulous merchants ?? transactions for the purpose of committing crimes of implementation provides a channel for raising transaction risk; the other intermediary agencies or individuals not spec (or even illegal) credit card marketing risk behavior.
Third, the internal operational risk. Internal operational risk is the bank personnel or operational errors caused by illegal operations, the loss of bank funds, or who, taking advantage of his position, and lawless elements colluded with criminals, causing financial losses issuing bank or the customer's risk. And external fraud risk and transaction risk compared with intermediaries such cases is not universal, but because it is an internal professional criminals, more subtle means, the impact on the bank's reputation more seriously. .
Fourth, it is the cardholder's credit risk. The current lines of credit for the development of the quality scale, light weight, cannot effectively distinguish between potential customers, customer credit not be strict, issuing the object has extended to high-risk groups, over-consumption, overdraft such high risk events occur. In addition, many banks to income groups (including fixed-income youth and students, etc.) issued by credit card, but also the larger risk hazard. These are reflected in the part of the quantity of commercial blind pursuit of applicant status review is not strict, or lower the threshold issue.
For the four categories of risk, banks from the six aspects of the proposed deal, including: improve the bank card business internal control system, improve the system of executive power; strengthen links issuer risk management, strictly control the source of the relevant risk; strengthen acquiring part of risk management, prevention transaction risk; enhance ATM machines and other self-service equipment management, fraud risk; strengthen the awareness of risk prevention; strengthen collaboration, establish and improve cooperation mechanisms to prevent the risk of bank card. .
Jiming HA: the deposit reserve ratio is still room for upward adjustment.
Securities Times. .
CICC Chief Economist jiming HA yesterday wrote a research report predicts that the deposit reserve ratio is still room for upward adjustment, will gradually approaching 20%.
Ha Jiming report analysis, the deposit reserve ratio rise faster than the market had expected, and may soon have a negative impact on the market, while the banking system (especially the excess reserve rate to 1. .3% of the joint-stock banks) will inevitably impact on liquidity. .
Jiming HA pointed out that the expected CPI rose in may by the impact on food prices will slow down to .7 percent — 7.8.1%, PPI is the transmission of international commodity prices will remain high as 8. .3%; slowdown in foreign demand will continue to make the export growth rate dropped to .6 percent, 19. imports will grow strongly .6 percent 25. trade surplus 226 million (compared to the zero-growth); industrial added value for exports slowed down and seismic factors continue to be weak, is expected to grow 15. .7 percent. Retail sales of consumer goods and investment in fixed assets is expected to be stable, respectively, an increase of 21% and 25 .6.. .5 percent. . .
For the reform of China's oil prices, the report analyses indicated that the Government in a short period of time still difficult to make up your mind control energy prices. But if the coming months, inflation, and energy shortages, and other countries substantial increases in oil prices is not in the event of a serious social unrest, China may raise oil prices.
Ha Jiming also reported on the balance of payments this year were predicted. The report said, China's international payments imbalance is expected this year, initial improvement, while Wei pressure to improve the imbalance in international payments, reduce financial risk, Zheng Fu will continue to take capital "Yan Jin, Kuan Chu" in practice. For example, continue to support the QDII overseas investment, Kuo Tai the Subjects, investment amount and investment areas; to permit foreign institutions to issue RMB bonds Rongzi after the purchase of foreign exchange remittance; Yanjiu conduct foreign companies to issue RMB stocks. .
Goldman Sachs: 's CPI growth may be reduced to 7. .7 percent.
Securities Times. .
Goldman Sachs has research report finds that in the month of may the economic growth of Chinese entity likely to remain strong, industrial added value rose from April 15. .7% to 18%; the CPI .0. probably dropped to 7.7%, but growth will increase to PPI 8. .5 percent.
This year from January to April, total national industrial value added growth rate of 16. .3%, Down 1. .7%, Economic growth will further slow down attracted wide attention. Goldman Sachs is expected in May year on year increase in fixed asset investment may be from April 25. .3% To 26. .5%; Nominal retail sales rose by the fall of inflation from April 22. Slightly to 21 .0%. .6%; Exports may rise year on year increase of 26%, while imports may rise year on year increase of 33%, trade surplus will be in April of 166. .77 Billion dollars rebounded sharply to 230 billion U.S. dollars.。.
On the level of price increases, Goldman Sachs is expected May CPI growth rate might drop to 7. .7%, But the producer price index (PPI) increased from April 8. .1% To 8. .5%, As iron and steel, coal, crude oil prices continue to hit new highs. Currently, there are many agencies in May CPI is expected to fall to 8. .0% Of SW 7. .5%, JP Morgan 8. .0% 7 CICC. .7% -8. .1%, Morgan Stanley 7. .7% -8. .0%. .
Goldman Sachs is expected to be 5 months of monetary and credit growth will be in April. M2 rose May 17. .0%, foreign currency loans rose might be 16. .0%. 5 month count RMB loan to 2500 billion. 4 month and the month of may the total of the loan may be accounted for in the second quarter of the loan amount of 66%.
For the follow-up policy direction, Goldman Sachs that, while CPI growth fell back in May, but the strong economic growth and rising inflationary pressures upstream and did not give the central bank to relax monetary policy to bring the space. Control of bank lending is unlikely to ease in the short term, the central bank may still need to frequently raise the deposit reserve ratio to tighten the excess liquidity. .
Five factors of economic growth this year.
State Council Development Research Center:. .
Five factors of economic growth this year.
Securities Times. .
Yesterday, the State Minister Yu bin, the Research Department "in commemoration of the 30th anniversary of reform and opening up of China's enterprise strategy and Development Forum" said that China's economy running not only inflationary pressures, there may arise the depth of the landslide of economic growth.
Yu Bin said the five factors that will affect China's economic growth this year.。.
Yu Bin said that taking into account the impact of economic growth this year, a number of factors, may lead to economic growth this year, there was a substantial decline. If 10% of economic growth, then China's economy may be a virtuous circle, while also stimulating employment. He suggested that, from a macroeconomic policy point of view, on the one hand the implementation of sound fiscal policy, on the other hand close attention to changes in macroeconomic indicators. Once the depth of decline, it is necessary to adjust the focus and direction. .
ICBC Hong Kong banks set up was.
Securities Times. .
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Today, China Industrial and Commercial Bank of China announced the bank to set up wholly-owned investment bank to be approved. .
Notice 2008-5-27, industrial and commercial bank of China Limited is a wholly-owned subsidiary in Hong Kong Chamber of Commerce and the international finance co., Ltd. successfully incorporated wonderful international finance co., Ltd., and issued by the Hong Kong SFC-class 1 and 6 types of investment banking licence. Prior to this, the application has been approved by the Hong Kong Monetary Authority.
In addition, ICBC also announced, Mr. Wang Weiqiang in the sixteenth row of the first Supervisory Board meeting to offer his resignation, stepped down from the line supervisors, and Supervisory positions. .
China Pacific insurance per share distributed dividends of $ 0. .3.
China Pacific Insurance said today's announcement, the company's 2007 profit distribution plan for the school found Jinhong Li RMB 0 per share. .3 Yuan (tax included). .
This dividend to China Pacific insurance 77 million total share capital, the shareholders of the company to distribute a dividend for the year 2007, earnings per share were discovered gold bonus RMB 0. $ .30 (including tax), totaling $ 23. .1, the remaining unallocated profit carried forward to 2008. (Wu Ching-hua).
Agency news. .
Shanghai Bao era has announced.
May letters of complaints. .
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Yesterday, the Shanghai Insurance Regulatory Bureau announced in May of letters of complaints: 5 months, the insurance company for a total of 179 letters and telegrams received letters, which letters 12, visit 3, call 164; life insurance companies accept the petition letters and telegrams were 186, of which 37 letters, visiting 22, call 127. .
In the letters of the insurers, PICC, branch visits 46 anbang property and casualty insurance company, Ltd. Shanghai Branch 37 letters, China Pacific property insurance co., Ltd. Shanghai Branch letters 16 's, respectively; life insurance company Ltd., Shanghai Branch letters 54, ping an life insurance co., Ltd. Shanghai Branch letters 47, Xinhua assurance letters 16 pieces of life insurance, respectively, the first three letters. (Sun).
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Allianz China Life. .
To enter the Chinese market.
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Upon completion of the Changjiang Delta and Pearl River Delta and the layout in Central Germany Allianz continues its national expansion strategy. Yesterday, the German Allianz Beijing Branch was established formally, marking the company settled in Northern markets. Prior to this, German Allianz in Shanghai, Guangdong, Zhejiang, Jiangsu, Sichuan, Shenzhen and other places of the branch. (Sun).
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MSL. .
Beginning economies of Zhejiang Taizhou.
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Recently, Manulife officially established, Taizhou city, Zhejiang Province Taizhou sales service centre Manulife. Manulife's Chairman, Mr. Stirling, Taizhou as a modern port city, the healthy development of the insurance industry, the company expects in this emerging coastal city as a community to provide specialized products and services. (Sun).
Financial institutions in Shanghai by the end of May. .
3. deposit balance was $ .31 billion.
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Securities Chang to bin.
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Bank of Shanghai headquarters yesterday announced the monetary credit report shows that in the month of May and foreign financial institutions RMB deposit year-over-year increase in savings deposits sustained and stable growth, financial organizations RMB loan growth is stable, foreign exchange deposit, loan sync faster growth. At the same time, the unofficial survey also shows that the expected China at the end of may of broad money supply M2 rose .0% 17., exceeded the early development of the Central Bank. This to some extent as the Central Bank at the weekend to substantially increase the deposit reserve ratio paving.
Data show that in May the overall smooth running of monetary credit, Shanghai, sustained and rapid growth of the deposits, the loan growth steady. 5 At the end of foreign financial institutions in Shanghai and foreign currency deposits in 3.3054 trillion yuan, up by 21. .9%, An increase of more than 4, up 2 late. .5 Percentage points. Foreign currency deposits increased by 341 this month. .3 Billion, up by more than 623. .5 Billion. In foreign financial institutions and foreign currency loans 2.3404 trillion yuan, up by 18. .2%, An increase of more than four end up 0. .4 Percentage points. Foreign currency loans increased by 167 this month. .8 Billion, up by 85 more. .8 Billion.。 Among them, the Chinese financial institutions, foreign currency loans increased 10. .1 billion, an additional 8. .8 million, representing an additional 9 million last month, mainly policy Bank foreign currency loans increased 7. .6 billion, an additional 7. .5 billion.
It is noteworthy that in May the Chinese-funded financial institutions in Shanghai Total 2189 cash receipts. .8 Billion in total cash expenditure of 2204. .1 Billion invested cash balance net 14 rolled arrived. .3 Billion, up more than 46 running. .8 Billion, since 1999, broke in May each year the net cash repayment of the practice, primarily with the holiday shortened lead to product sales significantly reduce the cash income. .
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QDII products.
Risk diversification appear. .
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Securities Times reporter Zhang Ruobin. .
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Although the global capital markets since the beginning of many different degrees of decline, but Brazil, Russia and other emerging markets so far this year still recorded positive returns in May's gains, respectively, 11% and 16%. This makes the risk diversification effect of QDII products to appear. One financial experts believe that the investment in emerging markets, long-term prospects Zhide optimistic, "spread" is the most overseas investment in key strategies Touzi Zhe Yingdanggoumai Baohanbutong Shi Chang and asset classes of investment Valet Jing Wai Chan Pin. .
In this regard, China Merchants Bank Personal Finance Division product manager Valet Zhao Zhen Yi pointed out that emerging markets have good growth factors, including the domestic power, infrastructure and natural resources, and so on, so the medium to long term development opportunities worth the look.
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JP Morgan Chase Frank Gong recommendations:. .
Shall promptly release the oil price.
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Securities Times reporter sunxiaoxia.
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"As the world's second largest oil consumer, if the price of petrol China brave, diesel price plus 20%, to send a signal to the international market, international oil prices is likely to drop. "JPMorgan China market research director Gong in an interview yesterday. He repeatedly stressed the mechanism as a national strategic development objectives, without looking for launch time. More stay more released, will become an excuse for the international speculator.
He said that JP Morgan on the next 6 to 18 months in the Chinese stock market bullish, but now the limit in some areas to take measures and government intervention in prices for resources, the institution of the market trend of the next three months turned more cautious . "Temporary and partial price control difficult to achieve. Coal, iron and steel industry, many private enterprises, limit the direct result is a limit on the lack of a limit to generate a lot of smuggling. If 8, September CPI back down to 6 % or less, we believe that oil prices are likely to implement the merger. ". .
In this context, he considered that focusing on post-disaster reconstruction of infrastructure, cement, steel and coal industries will be safer. And the price formation mechanism of petrochemical and the oil industry is likely to be high risk and high return on this year's industry.
Equity market private equity program under development. .
Securities times.
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The Director of the high mountains tianjinchanquanjiaoyizhongxin interview interview yesterday revealed that the Centre is planning to establish the first private fund equity trading market of specific programmes. It is learnt that the establishment of private equity transactions for applications have been approved by the Tianjin Municipal Government, aimed at private equity flows provide dedicated platform.
Gao Luan said that at present, the establishment of private equity fund market and the establishment of "two non-two-high" (non-listed non-public companies and high tech enterprise park) equity market programs are being intensively developed, and has into the financial reform of Tianjin Municipal Committee of 20 priorities. .
High mountains in the 2nd Tianjin harmony will make during the period. He said, well during the 26 country property rights institutions over 170 projects, projects involving funds $ 41 billion, including chemicals, electronics, medicine, agriculture, building materials industry enterprises. Through property rights centre strives to achieve equity and private equity funds. But this meeting also attracted more than 500, with the participation of various types of funds, including foreign investment funds.
Gao Luan said the Tianjin Property Rights Center in the future from a single general trading services and gradually improve the service functions to provide financing. He said, centers are, and a size of 2 billion yuan to the U.S. Fund for negotiation Xiang Mu, the Centre is responsible for identifying suitable in Guonei the project, after ownership reorganization such as a complete set of Liuchengzuizhong achieve Guifan of Jing Wai listed, it is learned that the Fund initially Touzi is expected to reach 1. .5 Billion. .
Yesterday afternoon, "Institute of Tianjin Binhai property also proclaimed." This is the first professional market research institutes. The Institute brings together SASAC, national development and Reform Commission macroeconomic research, a famous scholar, a large team of experts.
Renewed the insurance intermediary industry consolidation wave. .
China insurance group will launch a second round of acquisitions.
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Securities times.
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Just realizing overseas listing of fanhua insurance services group (hereinafter referred to as the group, Pan-Chinese), being generous investment insurance assessment areas, intends to launch a new round of acquisitions. At the same time, including the international financial community, a number of overseas insurance intermediary frequently olive-funded agencies. There are indications that the insurance industry was a new wave of consolidation.
Recently acquired Shanghai-day value of Global China Insurance Appraisal Co., Ltd. - the largest insurance intermediary industry, formally announced the deal to complete. Related Global China Group told reporters, "This does not mean the end of this Global China M & A work," Global China Group not to give up the next round of acquisitions. Earlier, Global China Group has acquired the prescription insurance assessment, Guangdong, Shenzhen Fukuni Insurance Assessment, Shanghai and three days, the largest value for insurance assessment companies will integrate the three companies set up after the assessment of Global China Group Company. .
Fanhua is headquartered in Canton, in October 2007, succeeds in NASDAQ, become domestic first insurance agency unit. The company currently has approximately 30 companies throughout Guangdong, Sichuan, Shanghai and other places. "Loss assessment is currently focused on China insurance group development areas. "According to an insider," also a lot of public assessment has been made by the company to have the cooperation intention fanhua expression. Fanhua group commitment to funding at least 1 .2 billion RMB driven. "combined". It is reported that approximately 10% from Shanghai, Shenzhen and other places of insurance appraisal company is working with China Group to different levels of contact.
At the same time, although the insurance broker to the international insurance giants have not yet fully open, but foreign investment is still quietly to the insurance intermediary industry launched the "curve" offensive. International financial community recently passed its first Chinese consulting firm securities, cash purchase of five million yuan Wo letter Shenzhen 100% stake in insurance brokerage. International financial community believe that this acquisition is a good opportunity, can make use of the letter of the existing insurance brokers Ann licenses and customers to enhance their business in the insurance industry, to expand the company's insurance brokerage business to China. .
"Now that some overseas investment agencies were also conducted with many intermediary company contacts. "An insurance intermediary company officials told reporters that these institutions are trying to acquire domestic insurance intermediary company, curve to enter the Chinese market of insurance intermediaries.
HNA system incorporated East Silver futures. .
Securities times.
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Around acquisitions of financial institutions in Hainan Airlines Group, and then tap Next. Recently, the headquarters in Shenzhen bot futures officially changed its name to the Navy, bot futures co., Ltd. has become a new Member of the Navy Department.
This time, the Hainan Airlines Group, Changjiang Leasing Co., Ltd. through its subsidiary entered the East Silver futures. According to informed sources, Shenzhen, introduced futures industry, "HNA silver futures to shareholders than a year of negotiations." Last year in August, China Securities Regulatory Commission approved changes to a registered capital of the East Bank of futures - from 30 million yuan to 70 million yuan; shareholders to change the Yangtze River Leasing Co., Ltd., Shenzhen City Investment and Development Co., Ltd. Pan Silver, Yangtze River Investment Holdings Limited. Among them, the Changjiang Leasing Co., Ltd. under the Hainan Airlines Group, is a member of one of the HNA Group. Industry estimates, the Hainan Airlines Group, the East Silver futures more than 50% stake. .
Shenzhen futures industry insiders said the foregoing, the Navy Department charged with this stock futures companies, in addition to creating financial holding platform, there are also use futures tool cost control needs. It is understood that in order to control costs, airlines need to use fuel oil futures hedging, in holding that after the BOT Futures Group can take advantage of the research and development and BOT futures trader's talent.
The industry believes that naval systems may also aim at another target of the future of the stock index futures. It is understood that Hainan Airlines has been holding an open-source security systems, but also shares Yintai Securities, had also interested in holding the western stock. Meilan Airport and its subsidiary will spend 7 billion acquisition of United News securities about two-thirds stake. IB business in the future after the opening of stock index futures, a subsidiary of Hainan Airlines brokerage system will be possible for the HNA East Silver futures provide a lot of customers. .
Data show that, as was founded in 1993 by veteran futures companies — bot futures, is headquartered in Shenzhen, Shanghai, Beijing, Dalian, Suzhou, Zhengzhou, five with sales department. In 2007, the company's net profit to $ 237 11 Home futures in Shenzhen, the net profit the company ranked No. 8-bit.
Pushing public trust regulators have launched. .
Securities times.
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Recently, the CBRC promulgated on encouraging trust company carrying out charitable trust business support reconstruction work, encourage trust business law carrying out charitable trust. This initiative has attracted enthusiastic response of a trust company. Recently, the country's first "post-disaster reconstruction for purposes of public trust" has been established. At present, there are many companies that will be introduced in accordance with the provisions of the public trust.
To encourage public trust, a trust company expressly permitted by the notice, publicity through the media to expand the influence, breaking the trust had plans are private property - that is not through the media tradition. Notice clear that public trust in the principal may be a natural person, institution or other organization established by law, their number and the amount of unrestricted delivery of the Trust. Trust should be opened in commercial bank accounts public trust property, and can be announced to the public account of the special account. .
In addition, the notice also trust through the management fee charged by a charitable trust, the trust assets from investment limits. Trust management and monitoring of people's trust, annual total remuneration shall not be higher than the total amount of charitable trusts property holds. Charitable trust property can only be invested in liquidity, liquidity of bonds, policy-based finance debt and invest in the China Banking Regulatory Commission allows other low-risk financial products. Charitable trusts of property and income, should be used for public service, shall not be used for non-commercial purposes, not for yourself or others to seek personal gain.
Introduced in the public trust, the Xi'an trust come out on top. The company launched the "5.12 Earthquake Relief Charitable Trust Scheme" trust fund has been raised 10 million yuan, will be targeted for primary and secondary schools in Shaanxi earthquake damaged school reconstruction, or reconstruction of new schools and other public welfare projects of hope. Sources of funds collected evidence for the Shanghai Investment Management Ltd., Chun Tai Investment Co., Ltd., Shenzhen, Xi'an International Trust Company, Shenzhen Sike Tai Technology Co., Ltd.; the former two are Xi'an Trust shareholders. .
It is understood that the function function, help to rebuild trust and more than one company in Xi'an. At the end of May this year, Lianhua trust President Li Xiaodong said, actively seeking trust company for the disaster area to contribute effectively to bring trust, and trust of real estate management UMC advantages for post-disaster reconstruction work to open up new financing channels. The next stage, Lianhua trust will work with the Government of Sichuan province, to take further communication trust for the expansion of post-disaster reconstruction financing scale, improve the ability of Government to the Bank financing, and promote the work of post-disaster reconstruction efforts. Previously, Ningbo nanyuan trust-in-charge that will issue a public trust.
A trust company manager said the establishment of public trust, not for profit, however, the ratio of trust companies can charge a lower management fee, to avoid operating at a loss. In addition, the introduction of public trust products to help the disaster areas, but also as a trust company can win a good reputation in the market, and expand influence. This is a warm and launched more than trust the main reason for public trust. .
Securities companies to apply for new sales enthusiasm at an all-time high.
Now conforms to the conditions of the new business department of about 10-15 brokerage house, is hoping the Regulations issued. .
Securities times.
Recently, the China Securities Regulatory Commission issued a "Further specification of the provisions of the securities business department network", many brokers said the new business department will be the broker to re-layout of the importance of brokerage business opportunity. It's about, now meets the brokerage business department established throughout the country to around 10-15, of which the broker has been ready Taibu Fen, Jiang Xiangguanshishi the regulators issued after details were reported. .
By virtue of a bull market, securities brokerage and reaped the profits, sales to become the main factor in making money, importance was obvious. Whether it is a subsidiary of fewer than 10 home business outlets of securities dealers, or outlets with hundreds of securities companies on new sales piece of "fat" have long coveted.
The issued a "Further specification of the provisions of the securities business department network," said a nationwide internal point, brokers need to satisfy "the previous year, net income securities trading company agent in the top 20 industries, and average securities business department Net operating income from securities trading agency of not less than the industry average; or sale of the securities business department of the securities business net income of the average agent in the industry, the top 3; recent Securities Class B category rating categories above (including B) "and other hard conditions . Accordingly, industry analysis, to meet the relevant indicators of the number of securities companies to around 10-15. .
In accordance with the provisions of the law, comply with the conditions set in national securities company, once the application for establishment of the securities business must not exceed 5; meet the conditions in the region in the presence of securities companies, once the application for establishment of the securities business must not exceed 2. This reporter has learned that currently meet the criteria of security companies are actively preparing to apply for the establishment of a sales department at least, there are several dozen more. Shenzhen a large broker business unit said, after nearly two years of research and screening, at present the company's nationwide have 30 sales candidate addresses, prepared in the implementing rules after the first time introduced by batch submitted.
It is reported that two major Pearl River Delta and Yangtze River Delta region is the new business department brokerage site of major "positions." Better economic development in these areas, less competitive compared to other coastal cities, the market likely to open up. Also, because at this stage most of the brokerage business outlets scattered in the coastal and provincial capitals, thus, the second-tier provincial cities as most brokerage of choice for the new business department goals. .
A Shanghai securities holders believe that new business in addition to the brokerage business development have a more direct role in promoting, brokerage business. According to the official introduction, the company's sales department number and not a lot, and geographical distribution in Central and eastern coastal areas, therefore, the company aims to increase the establishment of the sales department in the West, further expanding the brokerage business, achieving balanced development.
The head of Shanghai brokerage also said regulators has been encouraging brokers and Make, the company will use the new business opportunity for the Department, supplemented by the acquisition means to achieve this goal. .
The supervisory authority for regulating securities sales outlets of the rule, there is a desire to "abuse" of securities companies. A few people in the industry, can only be set within the zone may be stock company "curve" mode to take to achieve the purpose of the national presence, that is, within the region to apply for a new business, the old domestic sales migrate to other regions.
For such a "method", a regulation made it clear that this idea can not make the trip, regulators will be issued in the next implementation details on a number of issues to refine, to show impartiality. .
China Merchants Bank disclosure of takeover Wing Lung Bank details.
Ma Weihua said it acquired a controlling stake, or even 100% equity acquisition. .
Securities times.
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Following the China Merchants Bank on Tuesday announced at HK $ 156. .5 acquire Wing Lung Bank 53. .12% stake in a row yesterday for the first time disclosed details. China Merchants Bank official said Wing Lung Bank's final offer, considering the many relevant factors, including historical share price performance in the past, the related transactions, the Bank's expected future performance, as well as potential sources of synergies.
Wing Lung Bank in Hong Kong, a medium-sized old bank with total assets of local banks in Hong Kong ranked No. 4, No. 10 Hong Kong-listed banks. .
It is understood that, according to the results of the due diligence, the Bank uses the dividend reduction algorithms, analysis of comparable transactions precedent and holding the right premium by method and other methods on the Wing Lung Bank carried out a valuation method according to the above findings, and after extensive research, careful consideration and repeated negotiations, China Merchants Bank decision final offer per share $ 156. .5, i.e. the Wing Lung Bank at the end of 2007, the net assets of 2. .91 times. The quote is somewhat lower than with synergy low-end discount dividend method, and also below the analysis of comparable transactions precedent law valuation coverage.
The acquisition of Wing Lung Bank's strategic considerations, China Merchants Bank president Ma Weihua said in an interview said: First, the Hong Kong market is the Merchants Bank of overseas operations bridgehead, the acquisition of Wing Lung Bank will help China Merchants Bank to expand our market further promote the internationalization strategy is the Merchants Bank is committed to in international development is an important milestone; second, Wing Lung Bank business diversification, the end of 2007 non-interest income accounting for more than 36. .3%, M & Wing Lung Bank China Merchants Bank to adjust business strategy and maintain the retail banking business advantages have a positive effect, help to optimize the business structure of China Merchants Bank, to promote the business strategy adjustment; third, contribute to the accumulation of experience in mixed, speed up integration the pace of business.。 Wing Lung Bank mergers and acquisitions will contribute to the Bank to take the lead in the market for mixed operation target for a comprehensive integrated management reserves talents, experience, strength; fourth, helps to enhance synergies, play the linkage between Hong Kong and the Mainland. China Merchants Bank, Hong Kong Branch is currently limited to wholesale business, opened five years without any branch, China Merchants Bank and Wing Lung Bank outlets of complementarity, the complementarity of the business and customers are very strong; fifth, the chance of acquisition. This is a controlling stake acquisitions, may even be the acquisition of 100% of the equity. In Hong Kong market, very few such opportunities, will be less. . .
It is not difficult to find and internationalization, integrated management of strategic significance, this choice is the China Merchants Bank. After the merger and how it is a great way to consolidate and really bring synergy is the key to successful mergers and acquisitions. It is understood that, at present, the Bank has set up specialized consolidation group. China Merchants Bank, China Merchants Bank acquisition is completed, will be in the Mainland and Hong Kong regulatory system allow within the framework of the steps taken to secure the systematic consolidation of Wing Lung, further improving yonglong corporate governance structure, expand the target customer base, active development of their business.
Landslide in the beginning of another broker in the first half performance. .
Securities times.
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Although most of the data in the first quarter, the performance also remains optimistic, an increased, but after the second quarter of the first two months after the securities 2008 performance downhill trend actually arise.
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Brokerage income up 16. .38% reduction.
According to newspaper statistics, in January 2008 to May, Shanghai and Shenzhen stock and fund transactions amounted to 15. .57 Trillion, down about 16. .38%. Among stocks in Shanghai and Shenzhen in May this year, the Fund's turnover is diminished by 50% year on year. .
In accordance with 0. .15% industry average Commission calculations, the first five months of this year, the Security agent stock trading fund business income of $ 233. .55 compared with the figure of $ 279. .3. At the same time, the first five months of this year's cumulative turnover of 2. .97 million billion, an increase of .68%. 73. According to 0.01% Commission rate, certificate of the previous five months as securities contributed 2. .97 million, compared with the figure there are 1. $ .71.
In the industry say, in June the market's performance could be also quite dull, brokerage business income generally Liucheng contribution to business from the broker, brokerage into a downturn Suizhuo, this year shrank Shangban Nian Ji Cheng Ye Ji broker certainty. Expected third and fourth quarters, the Shanghai and Shenzhen's turnover will still be a substantial decline over the previous year. .
In addition, yesterday the connection dropped .7% 7. shenyinwanguoyanjiusuo analyst-Herbert said, despite yesterday's crash was due to some bad news for stimulation. But in fact the market weakness has existed for a long time, have long been considered a great fall. Now the good that has been almost, and market there are many bad expected, the majority of investors ' confidence has bottomed, warmer in the second half of the expected market in..
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Mark Sachs appeared.
Self-supporting brokerage business is another important business performance. From the broker of the 2007 Annual Report can be seen, the average realized investment gains each broker 9. .9 Billion, accounting for 28% of revenues. But entering 2008, the brokerage's own business has begun to turn the profit into Fukui. In the broader market continued to decline in the process, almost all brokers are self-employed sector is difficult to avoid the market spread. .
It is understood that the first quarter of this year, 8 listed securities to the fair value changes in the price of a large mark-a total of 31. fair price $ .13 value losses.
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Investment banking on brings warmth to the wind.
Although self-service brokerage business and has the early frost, the brokerage's investment banking or to maintain a relatively stable growth. It is understood that the first 5 months of this year, Shanghai and Shenzhen IPO and refinancing of listed companies raised a total amount of 2517. .11 Billion, while last year the figure was 1556. .26 Billion in brokerage revenue in the business year increase of approximately 60%. .
However, the industry believes that regulators for maintaining market stability to the refinancing of the IPO and approval will be rigorous and issued by a beat. In such cases, the investment banking business in the second half of this year will continue to grow is still unknown.
China's economic impact on post-disaster reconstruction geometry. .
In spite of the Wenchuan earthquake to hit the economy had a serious effect, but has not changed the basic macroeconomic trend. Analysts noted that with the advance of post-disaster reconstruction, new needs and new investments will spur growth in related industries.
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Post-disaster reconstruction investments growth.
In the past month after the earthquake, the earthquake relief work gradually into the reconstruction phase. Recently released "Wenchuan Earthquake Restoration and Reconstruction Ordinance" made specific arrangements for restoration and fund-raising and policy support to make arrangements. .
Under the Ordinance, countries located earthquake disaster recovery rebuilding funds, earmarked for reconstruction of the earthquake disaster recovery. Funds from budget funds and other financial resources. Prior to this, the Ministry of Finance has indicated that the central financial arrangements before this year, 700 billion in 2003 to continue to make appropriate arrangements.
Jun Ma, chief economist for Greater China at Deutsche Bank believe that in the next three years, the economies of scale reconstruction is expected to more than 500 billion yuan. Sichuan Province in 2007 the figure was about 51% of GDP and fixed asset investment in 2007 to 96%, or 2007 national GDP (gross domestic product) of 2% and 5% of fixed asset investment. .
Majun considers that, although direct losses caused by the earthquake, but the loss of most of the existing assets of damage, it is expected that due to the stock losses brought about by the decline in production and supply capacity is very limited, but from a demand perspective, measured by the GDP is a new creation needs, it will be under reconstruction expenditure increase of pulling.
Therefore, the Deutsche Bank in 2008 and 2009 respectively, China's economic growth forecast to increase by 0.7 and 0.4 percentage points to 10.7% and 9.7%. .
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Substantial investment focused on infrastructure sectors. .
Substantial funding will eventually be reflected in some of the industry's growth. "Infrastructure, particularly on housing reconstruction will be the focus of post-disaster reconstruction, which is near the local cement, steel and other building materials industries bring certain positive effect. "Sinolink securities analyst yangfan thinks.
Experts analyzed that, due to relatively serious disaster, the scale of the reconstruction will be very large infrastructure business over the next disaster area for a long period of time will be relatively large, which will promote the infrastructure, building materials, steel, machinery and other industries to enhance the company's performance . .
Haitong securities report found that construction companies will receive numerous engineering contracting business, while the gross profit margin, not promoted, but the business volume expansion will increase business performance. And electric power equipment and communication equipment for earthquake losses, area, power infrastructure damaged, the loss of communication, in the aftermath of this demand is also driving-related equipment manufacturing performance.
Although the investment will boost the growth of some industries and enterprises, but that does not mean that all businesses will benefit. Cement, for example, Guotai Junan report that the earthquake will change the short-term supply and demand of cement, but because the cement industry is a regional product, transportation of 300 km radius of the earthquake on the cement did not affect other regions. From the national standpoint, this is not a short-term decisions to increase the demand for development of the industry's key variables, more a concept than real psychological impact. .
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Vigilance by the "reconstruction" short-term speculation. .
In the face of post-disaster reconstruction possible investment opportunities, expert advise, in securities markets, investors should be specific to a careful analysis of listed companies to avoid borrowing with short-term speculation speculation.
In fact, as early as the time of the earthquake just happened, the market had appeared on the "reconstruction" theme hype phenomenon. Sichuan's two cement producers * ST Sichuan Golden Summit Double horse and then resumption of trading in the suspension after the earthquake consecutive daily limit, but the recent stock price falling, of which two-horse * ST has been less than the level before the earthquake. Sichuan Road & Bridge, Chongqing Road & Bridge, also staged a similar trend. .
Expert advise, stock investment value is determined by many factors, it is necessary to take into account the macro-policy level, but also to consider the fundamentals of listed companies themselves. In the current stock market trends are relatively weak, market confidence, post-disaster reconstruction possible investment opportunities should be treated with caution. (According to the Xinhua News Agency).
[Exclusive] Bank of prominent "heavy hand" take precautions prevent the impact of international hot money. .
June 10 rising CPI for the month of may, the Central Bank has not been released, suddenly announced the day before the Festival once again raised the deposit reserve ratio and an increase of 1 percentage points. In gold, research institutions, the Central Bank's "heavy hands, take precautions to prevent the influx of international hot money to the impact of China's financial system.
This year, the central bank has raised deposit reserve five times that rate. In addition to first announced in January raised outside, after CPI data are released three times after. .
11 March 2 month CPI statistics released on March 18, the Central Bank announced that since March 25 the date held rate 0. .5 percentage points. Since then, the Central Bank action is promptly, on 16 April and 12 may CPI data published on the Central Bank announced held, respectively, the rate of 0. .5 percentage points. Due to early CPI data successively, the Central Bank operations are also expected in the market.
However, through the peak, the number of agencies have predicted that the May CPI will be lower, it is likely to fall below 8%. With the CPI down, tightening or is likely to relax. But the central bank reiterated that continue to adhere to a tight monetary policy, they also have to highlight "heavy hand", announced a substantial increase in reserve ratio, this is undoubtedly contrary to market expectations, and led to today's stock market crash. Many research institutions, the central bank would not primarily for the CPI and inflation, but a huge roll of hot money. .
According to Deutsche Bank's latest research report, accompanied by the appreciation of the renminbi and subsequent revaluation expected, a large number of international capital is entering China. The report estimates that the actual size of the flow of hot money even more than four months before this year's official foreign exchange reserves reached an incremental, 3700 billion.
CICC that since the expectation of RMB appreciation and higher interest rates on deposits, since the beginning of 2008, there are a lot of hot money inflows. Especially in April, the total increment of hot money accounts for the proportion of foreign exchange reserves as high as 67%. Originally expected in 2008 gold deposit reserve ratio will be raised to 16 ~ 17%, but the hot money than expected this to raise deposit reserve ratio of the pressure. .
Essence securities also expressed the view that inflationary pressures are unlikely to constitute a reserve ratio of this increase. It is only possible in the near future liquidity growth has accelerated, forcing banks to adopt a more aggressive pace.
Day care to vote with the view that the central bank announced the increase of the unusual timing, obviously intended to address the financial turmoil. From the domestic environment, the central bank raised the deposit reserve rate to stabilize inflation expectations in the role, but a fundamental governance facing our country, high inflation risks remain limited. The financial crisis in Vietnam after the withdrawal of international capital flows have, the next target of international capital is a great possibility. .
Although the Central Bank increases reserve rate led to the collapse of the stock market today, but in the days of gold and were of the view that the Bank's Board voted to highlight the "hand" would exacerbate market short-term shocks, but does not change the market trend.
Although this raised the reserve ratio increase than expected, transfer the signal sustained macro-tightening, but not gold that the recent introduction of more stringent monetary policy, compared with other industries, banks higher earnings uncertainty, valuation is more low. Taking into account the interim results and the CPI will be lower in coming months, if the market on the statutory deposit reserve ratio rise overreact, the payment proposal Buying. .
TX Gu vote also said that this time held there will be no reduction in the rate of market growth increment. Run from the current market, because of the macro-economic decisions on securities market of the long-term trend of present market oscillations largely based on the current real economy under the "home" and last year's fall expected market highly callback, and overdrawn size of non-lifting of the ban on market structure constituted by the impact. (/Cao Yu).
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[Futures] reserve ratio by bad metal zinc is still downward in Shanghai and space.
June 10 Dragon Boat Festival holiday period information, the central bank raised reserve ratio to guard against inflation exacerbated by the redevelopment, but the money supply tight, metal processing industry, the demand for capital is very large, so analysts believe that the late metal prices is limited . Holidays abroad only short-lived rebound in metal plate, for domestic metal prices boost today is very limited. Shanghai copper greater decline in the afternoon and eventually fall off 60 thousand yuan. As sulfuric acid prices and production of copper smelting and processing fees have not started due to the low rate is less than the contrary, China's refined copper output this year, still maintain a relatively fast pace of development.。.
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Shanghai aluminum is today a unique collection of red varieties. Analysts believe that the present Shanghai aluminum prices, supporting strong, after all, close to the costs, and higher electricity prices. But the fundamental aspect of aluminium is still weak, it will continue to dominate the lower aluminium prices consolidation.
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Hu-shock of zinc in the afternoon, continue to be disadvantaged, spares in most contracts limit. Analysts believe that spot prices plunge, a direct result of the futures price reported. Enterprise cost break down is the fact that only take a hedging strategy to minimize the damage. Analysts expected short term zinc prices will continue with the copper turbulence in the vicinity of $ 15000 downlink, or support.
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Shanghai copper 0808 opening to $ 60580, on low $ 59780, see $ 60660, sink 59960, $ 1.610 or .01 percent increase 6036. position.
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Shanghai-opening in the whole aluminum 0808 low $ 18830, see $ 19005, sink 18910, up $ 35 or 0. .19 per position minus 472..
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Shanghai-opening in the whole of zinc 0808 high 16700 on low 16070 sink 16085, 655 $ .91% 3., 1974 additional positions. (/Lei Chen).
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[Exclusive] five Fund perspective trend three comprehensive interpretation of plummeting "bad".
June 10 hearing in the multi-hit by negative factors, A-share market suffered another setback today with the Shanghai Composite tumbled all day 7. .73%, To history, the eighth largest one-day drop to scale new round of adjustment low (closing price of one). Comments from the market point of view, last Saturday the central bank suddenly raising the deposit reserve ratio significantly, the international crude oil caused U.S. stocks rose sharply Friday Biao fell, and the Vietnamese economic crisis led to collapse of the reason for A shares. In the fall, the major funds were given the first point, on the troubled market and made three bad analysis, and the A shares are given to predict future trends. .
This Fund is a Fund Manager of the company accounted for Army believed that the Sun from the macroeconomic fundamentals, sudden increases in last Saturday's Central Bank reserve ratio 1 percentage point, which indicates that the tightening of monetary policy remained unchanged; oil prices reach new highs 139 u.s. dollars/barrel, stock; at the same time, the market shares of China construction 400 billion financing project starts, the market shares of landing allows A-share market has been tight funds face.
View of the future trend of the market: the macro fundamentals of the negative factors to be gradually digested, Vietnam has entered the edge of economic crisis on China's economy has warning. Government should pay close attention to the current CPI governance measures, no major changes in the external environment, the market volatility will continue to run. .
Investment opportunities from the market come to see: in the current energy prices continued to record high, national CPI high scenario, investors can choose to benefit from the block, such as inflation, new energy, to be able to pass the price of a small part of the chemical, pharmaceutical and other sub-sectors; prices have some distortion in the industry, such as the petrochemical and power industry, if the future of this industry to market pricing, you will therefore bring a certain level of investment opportunities. In addition, the Directorate has accelerated trends of restructuring, so you can focus on large Directorate in future assets and overall market investment opportunities.
Bo Zhang Yong of cash income fund manager, said the central bank raised the required reserve ratio by 1%, adjusting the timing and magnitude to some extent beyond the market expectations. This is expected to increase with the recent global inflation, the Vietnamese financial crisis to the government sounded the alarm, the future should be regulated to prevent inflation top priority. U.S. economic trend remains unclear, the market or will continue the trend shock. .
Cathay Pacific Fund, said that the three major causes sudden increases in last Saturday's Central Bank reserve ratio 1 percentage point (1) hedging foreign exchange reserve growth is too fast for RMB passive investing. (2) inhibits the growth of the loan. It is understood that in May compared to April, loan growth clearly accelerated. After the earthquake in Sichuan province, the call for an increase in the loan request. (3) the Central Bank has held rates, further implementation of tight monetary policy commitment, but also to the prevention of the investment may rebound.
Cathay Pacific funds that market expectations of monetary policy may be relaxed after the earthquake will temporarily fall, which is the short-term stock market movements have a certain negative impact on the bond market will have some negative impact on bond yields in the next two weeks could rise. National Bureau of Statistics announced this week will be a series of important data in May, CPI data will be most concerned about the market, but the CPA funds that the decline of the CPI can not be too optimistic. .
China nature Fund indicated that, although the market plunge today, but investors low bit blindly shadie undesirable. They pointed out that in the last two days of international and domestic capital markets, the main negative factors derived from the domestic bank reserve ratio for the fifth year, international oil prices, as well as Vietnamese economic crisis, etc. The Central Bank still controls the liquidity in the first place, to prevent inflation further upstream, the future will be held as a contraction of the fluidity of normality. At the same time, this eliminates the possibility of short-term interest rates, but on small and medium-sized joint-stock Bank have a greater impact.
Days of treatment fund that high oil prices will inevitably have a greater global economic growth inhibition, short term, international oil prices pushed up still further the possibility. But with the decline in international consumer demand, alternative energy, the rise of the dollar rises, oil prices peak in a matter of time. In addition, the stock market, inflation and other factors to be considered as Vietnam will have to or are based on the financial crisis. Day rule the Fund believes that the high rate of inflation is the main problem lies, but this is a global problem.。.
Days of treatment fund that from the macro point of view, this week introduced a series of macroeconomic data, expected May CPI will drop to 7. .8% Level, in June will further decline, which is most of the institutions of the common view. Overall valuation of the current A-share market is still about 20 times a reasonable area, the market continued to plunge the space is not large.。.
Morgan Investment Fund, on the view that the raising the deposit reserve ratio by 1 percentage point than the market expected, the freezing of funds of about 400 billion yuan, changed the market that the CPI tends to decline after the central bank tightening policy will continue to expand even some loosening of expectations, while, foreign exchange increased the deposit reserve ratio is also raised an important reason for increased strength. .
Fund Morgan on the vote, said that the deposit reserve ratio by indicating that regulatory layer for the current macro-form and inflation still worry about judgment: Although the current CPI data eased, but the PPI data may remain high, have to continue to provide the possibility of CPI conduction; Secondly, in the international oil price increases, the market is also worried about the rise in oil and electricity prices will push up the reform of the CPI data. Overall, the Central Bank select start in the CPI continued to shrink down time, demonstrating the Government's liquidity for curbing inflation target reached of confidence.
Morgan said the investment, after the collapse, A-share market's overall price-earnings ratio has fallen to 20 times the enterprise valuation at the lower levels, coupled with before the Olympics, Zhengfuhuoxu Buhuixiwang big fluctuations, Zhishuojixu down the Space is limited. Currently there are macroeconomic and corporate earnings uncertainty, the market will continue for a range of oscillation patterns, and be accompanied by the emergence of structured investment opportunities. .
Investment Fund optimistic that weekend 1% of the deposit reserve ratio by rate than the market expected, but the increase was due mainly to the substantial foreign exchange reserves and maturity instruments of passive liquidity recycling; despite high oil prices under the impact of the Vietnam market crises, but is based on our substantial foreign exchange reserves, in the event of impact.
China Merchants Fund also pointed out that the recent disclosure of economic data will likely better than expected, May CPI index may be more substantial decline, its market valuation will be partially alleviated repression; other economic data may be disclosed effectively alleviate market concerns, China's macroeconomic performance in the short term tend to cautious optimism, on the 2-quarter results of listed companies are expected to remain good; Olympics market on the policy level is also expected the positive side.。 (/).
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[News] New York Federal Reserve agreed credit default swap market improvement.
June 10 hearing in New York Federal Reserve and the Bank agreed to credit default swaps (credit-default swaps) market improvement. .
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New York Federal Reserve said Monday after talks is that banks, Morgan Stanley, Deutsche Bank, Goldman Sachs and other financial institutions, 17 banks, will establish a system to the transaction clearinghouse. Through this mechanism, if there are problems with market makers will be able to limit risk. .
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New York Fed said that a central counterparty, more automated trading and settlement, and other mechanisms to improve the system when problems arise in an organization's processing power. .
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[News] The total market value of the two cities fell to 20. 1 .13 trillion single-day evaporation. .7 Trillion. .
June 10 rising according to exchange the latest data show that as of this Monday (June 10), the Shanghai market capitalisation as of market close to 162229 billion, circulation market value to 48193. average earnings $ .77 as 23. .14 times; deep market for 39042 billion in circulation market value $ 19614 billion. Market for 201271 billion, compared with the previous trading day evaporating 17057 billion. (/LU zehong).
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[Futures] Shanghai gold futures rose cartridge reducing analysts expected, to maintain the shock.
June 10 hearing outside the plate during the holiday period because of rising oil prices boosted gold by the emergence of a more robust rebound in domestic gold futures today, boosted by the high open session to maintain the high and volatile. Significant fall afternoon trading, while prices remain above 198 yuan, but into the position greatly reduced over. Show investors the fundamentals of gold is not clear in the case, select the rallies to lighten up, stay on the sidelines. Analysts believe the dollar's rebound and oil's drop lead to the gold rally disrupted pattern of short-term volatility of gold is still hard to get out. But there are also optimistic about the U.S. dollar analysts look down upon, that the gold in the long term gains remain unchanged. .
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In news, the world's largest gold ETF-StreeTracks Gold Trust6 holdings of gold on 9 0. .18 To 597 tons. .55 Tons. U.S. Commodity Futures Trading Commission (CFTC) data, closing the week of June 3, held by non-commercial net long position in COMEX gold fell to 170,211 hands a week ago to 191,512 hand. .
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Gold opened at 198 0812. .50 Yuan, Tandi 197. .60 Yuan, see high 198. .85 Yuan, to close at 198. .40 Yuan, up 1. .35 Yuan, or 0. .69%, Hand positions by 2938. (/ Lei Chen). .
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[News] Fed said the economy has gradually reduced the risk of decline. .
June 10 rising Monday, Fed Chairman Ben Bernanke said the US Economic Outlook than a month ago has been upgraded, the Fed will strive to maintain public confidence in the stability of prices, will reduce the expected inflation has risen considerably.
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Ben Bernanke the fed in Boston 52 Anniversary Conference on the economy, said the u.s. economy into a more substantial decline in the risk has been reduced to one month ago. The Federal open market Committee will strive to prevent the interference of long-term inflation expectations.
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The real estate market prices continued to decline in energy prices, making the economy faces downward risks. On economic growth also has several advantages, including federal tax return, the reduction of interest rate, export situation better, etc..
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The Fed's goal is to prevent the economy slowing down deep sites, while inflation has risen considerably. The current benchmark interest rates down to 2%, the Fed said it would reduce inflation.
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New York Federal Reserve President Gassner, currently face a complex equilibrium, that is, the lower the interest rate to reverse the economic downturn, while avoiding inflation increases. In April, the u.s. CPI rose by 3 per cent per annum. .9%, while inflation expectations are also on the rise.
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The u.s. unemployment rate may reach 5. .5%, the 20-year high. In September 2007, the benchmark interest rate from 5% to .25.2%. The market is of the opinion that the Fed will likely increase the interest in the fastest possible interest rate in the month of August will be 0. .25 percent. The Fed's June 24-25 meeting.
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Inflation remains high, mainly due to the global trading of commodity price increases. And raw material costs to other products of conduction process was limited, due in part to the decline in domestic demand in the United States.
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Ben Bernanke said the economists need to be found on the labour market, industrial production and other data, such as better measurement indicators. Policy makers in judging the inflation is short-term or long-term, also face challenges.
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Ben Bernanke said the correct judgment inflation, monetary policy has an important significance. Policies should be based on the medium-term inflation, this is not the same as the level of inflation.
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The three-day Conference will end on 11 June, a member of the talks, including the Fed Vice Chairman Kohn, a member of the European Central Bank's stark, etc..
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[A H] A unit on the h-share premium rate is 30. .53 per cent to a record low levels.
June 10 News Today, the Hang Seng AH Premium Index closed at 130. .53 Points, down 3. .71 Points, or 2. .76%, Indicating that the current average A share price premium than the H share price of 30. .53%, A record since early July release AH Premium Index closing level of the lowest. Among them, the Conch Cement, China Railway Construction, China Ping An, China Bank of Communications and iron were negative premium, a negative premium of the largest Conch Cement has reached -16%. .
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Today, shares of both AH sharp sell into corrections, last Saturday announced that China's central bank suddenly raising the deposit reserve ratio by a substantial 1 percentage point, the international crude oil prices approach 140 dollars mark last Friday, coupled with last Friday Meiguchongcuo nearly 400 points fight against the common factor between the stock market. A-share market was up only 25 stocks, including limit-down of non-ST stocks up 943, or more than 9% of the units is up to 1107, eventually closing the Shanghai Stock Index tumbled 7. .73%; Major H shares across the board sell into corrections, Chinese telecom stocks fell an average of 6. .76%, Chinese financial stocks on average fell 4. .91%, An average of three Chinese-funded oil stocks down 4. .. .35 per cent. Data show that today's Hang Seng AH shares A H index of addressee 2284. .56 fell 6. .27 percent; Hang Seng AH shares A index of addressee 2423. .20 points, fall in .97%; 7. Hang Seng AH shares sink 2125. H index fell 5 .31. .34 per cent.
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As of close of business today, premium rate their top ten units include: ST kelon 553%, * ST Laurent glassy yihua in 468% S, entrepreneurship, environmental protection, 332% 325%, Nanjing Panda 320% beiren co., Northeast electrical 301% 273%, Xinhua pharmaceutical 244% 242%, Eastern Airlines, Jingwei textile machinery 219%.
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Premium rate after the first ten units include: conch cement-16%, China railway construction-12%, China Ping'an-7%, Bank of communications-7%, China railway-3%, China life 6% 10%, China Merchants Bank, China Construction Bank, ICBC 11% 11%, 12% wantong high speed & high speed. (/LU zehong).
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[Futures] simulation period refers to the total frustration after the collapse of the collective is advisable to jiancang, unidentified investors.
June 10 hearing with the afternoon still fell Stock Index, the CSI 300 stock index of the afternoon there was once decreased more than 300 points, below 3,200 related support, late fall back slightly to close at 3200 points at the top, reported close at 3206. .56 Points, down 282. .94 Points, or 8. .11%, As from February 27, 2007 the largest single-day drop since. Index futures contracts afternoon also followed the downward acceleration. This month contract IF0806 there Budie, closing more than 8 percent decline. The premium also has 222 points around midday substantially reduced to 131. .44 Points.。.
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IF0806 opening to 2615. low point, .8 3301. .2, see high-3619, sink 3338 points 8.305 points or, position minus .37 percent 334 hands.
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IF0807 opening at the point of low 3743 3420 points, see high-3763, sink 3531 points 240. .6 or 6. reduction of the .38% 1133. position.
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IF0809 opening at the point of low 4347 4011, see high-4350, sink 4119 points 276. .4 or .29% 6. reduction of 578 hand positions.
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IF0812 opening to 4800., low .2 points, see high 4482 4802, sink 4550 points 321. .6 or .60 percent, 6. reduction of 82 hand positions. (/Lei Chen).
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[Block] industry index line make ink limiting financial real estate indices near.
June 10 hearing multiple bad blow, the A-share market suffered heavy losses today, stock index hit a round of price adjustment of the biggest single-day drop, easily covering tariff reduction gap. Gone with the Wind is also a full range of green industry index, financial and real estate market two blocks almost hit bottom. .
Upward reserve ratio, the financial brunt of real estate stocks are affected. Today, China vanke real estate shares collective madness, fallen stock number. Financial stocks in Shanghai Pudong Development Bank, China Merchants Bank, China, small and medium-sized banks share the full amount of the fallen, China Construction Bank, Bank of China, industrial and commercial bank of China and other "magnates" is also in decline of 8%. Financial indices fall .71% 9., deep decline in real estate indices also reached 9. .61%, Shanghai real estate index was down 9.01%.
In addition, communication, utilities, construction, paper, utilities, e index lost over 9%. .
Coal stocks become today's early trading, the result of a lot of coal stocks have turned red, mining index was down 3%, 300 .6. energy indices decline 4., .49 per cent only decreases in no more than 5% of the industry index. (/Cao Yu).
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[Review] B means tumbled 7. creating the current round of adjustment .45 percent, the third largest one-day decline.
June 10 accident inquiry announced by the central bank last Saturday raising the deposit reserve ratio by 1 percentage point impact of the austerity policy, and the gloomy prospects for the U.S. economy caused the surrounding market adjustment, together with Vietnam exacerbated the crisis out of control inflation worries, Shanghai and Shenzhen stock markets Tuesday tragically hit , the cities A share index closed record low since the current round of market adjustment, both the Shanghai and Shenzhen B refers to heavy volume down 7. .45%, The highest since the third round of adjustment of one-day drop. .
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B Share Index tumbled the day 18. .27 Points, or 7. .45%, To 227. .02 Points. Down the Shenzhen B-41. .13 Points, or 7. .45%, To 510. .74 Points for this round of adjustment has the third largest single-day decline, the other two is Jan. 22 B share index fell 9. .27%, The Shenzhen B-or 8. .73%; March 18 B share index fell 9. .04%, The Shenzhen B-or 8. .51%. .
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Today's Shanghai B market turnover 4. .77 Billion, Shenzhen B market turnover 4. .57 Billion transactions a total of 9 cities. .34 Billion, a record close on June 5 record turnover of nearly 7 weeks 9. .57 Billion. .
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B 1 cities only Gujing stocks rose, rose 3. .82%, A total of 101 months fell down. In addition to st * ST stocks and shares, the shut down limit of the Shanghai stock market has hit bottom, including approaching 20, there are 13 in Shenzhen. Including Vanke B, Shen Shenfang B, Park B shares and some other property stocks hit bottom, in addition to shares of financial stocks tumbled across the board, Hoi Yan B shares and B shares of the public almost daily limits on the sentiment against large. .
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As the A-share market index has been in the current round of adjustment to a new low, on the economic challenges facing the outside, the size of non-reduction impact of unfavorable factors such as market confidence in the slack is also bound to transfer to the B shares, if no new bright spot support to bottom more likely. .
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[Fund] Shanghai-based refers to heavy volume fell 8. .32%, A record second-day drop. .
June 10, rising from a stock market crash in the re-emergence of dramatic impact, and Shenzhen fund index shuffle today low, close and will reduce the gap mouth full of stamp duty. Stock fund index at 3713. .86 fell 8. .32 per cent, which is a closed-end Fund plate since last February 27, the largest decline since, in contrast, the Shanghai composite index at 3072. tumbled .33, .34 257., 7. $ .73%. Overall, closed-end fund large plate again ran disk.
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Two city jizhi early trading significantly low open, opening after the upheaval, 10 points during a six, without a decent rebounding, falling in the afternoon, to close the two cities was over jizhi 8% below 4000 points hujizhi continuous, 3900 and 3800 points three gates, the fall also shenjizhi 3900, 3800 points and three gates, 3700 point Fund of Vienna, Dr. downtrend.
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Hujizhi opening to .90 3907., low open 143. .13 points to 3713. .86 points 337. .17 point or 8. .32 per cent; in shenjizhi opening 3869. .21 dots, low open 117. .68 points to 3656. .13 points 330. .76 point or 8. .30%. Fund turnover throughout the day as a 24. .97 million, turnover to 1586. .9 million hands.
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From the disc surface, opening trading closed-end funds a full 32 only fell and was over 4%. Raifu enterprising and fund both limit and become hongyang declined the most, two closed-end funds, other decreases in their fund funds fell 9. handsome .93 per cent fall 9. Fund Jinghong .62% Fund fell 9. pufeng .38% Fund xinghe fell 9%, Fund .27. Tongsheng fell 9. King of the Fund .26% 9% fall., Pratt and Whitney .23 dropped 9% of the Fund .13. Wah, funds Valley, the result of the Fund's performance, leading the decline in the last three digits, respectively 4. .42%, 5% or 5 .59.. .71%.
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LOF traded, opening transactions fell by 26 funds full and were more than 4%. 8. power down penghua .41% decline in the first, the other was a blend of cninfo fell 8.300% .17, harvest fall .12% 8. guangfa small pandie 7. .88% rise in the South fell .83%, 7. the Bank of China fell 7.000 .69% 7 public. .51% fall, falling 7. penghua value .45 percent, rich guotianhui .39% drop; 7. ABN AMRO efficiency performance result, closing down 4%, a decline of .49. minimum.
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All ETF, and decreases were dropped by more than 8%. On the card fall 8 .48 50ETF. 2%, reported.; $ .482 180ETF fell on the card 8. .42%, reported $; 7. .136 stock dividend ETF drop 9.2%, reported .52. .718 Yuan; 9 szse 100ETF. .40 per cent fall, reported $ 3. .305; small and medium-sized Board ETF drop 9.00%, reported $ 2. .011. (/).
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[News] the Chinese Government is worried that the outflow of funds crisis or incentives in Vietnam.
June 10, Tianjin Vice Mayor Cui Jindu hearing Tuesday in the "China International Private Equity Forum" that, last Saturday the central bank suddenly raised financial institutions of RMB deposit reserve ratio by one percentage point, reflecting the Chinese government worried that speculative sudden outflow of capital in China. .
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The second session of "China International Private Equity Forum" by the Tianjin Municipal Government, the National Federation of Industry and co-sponsored by American Enterprise Development Association, 2008 June 10 to 12 held in Tianjin. .
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Analysts believe that in the May CPI growth is likely to occur down the situation, China's central bank suddenly raising the deposit reserve ratio significantly and may be subject to Vietnam's recent economic crisis, the Chinese government may fear, similar to 1998 Asian financial crisis once again come, there will be a lot of international hot money out of Asian markets. .
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Since 2000, Vietnam's economy average annual growth rate of 7. .5%, Which is Asia's fastest-growing economies. But then, the Vietnamese consecutive seven-month inflation rate reached double-digit level, equivalent to an annual rate of inflation in May of this year as high as 25. .2%, Which raise the local large-scale strike. Invest in gold as investors turn to the stock market has collapsed, fallen by 58 since the beginning of this year. .5%. From foreign exchange forward market prices, investors expect the next 12 months VND devaluation will be 40%. .
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July 2, 1997, the Asian financial crisis hit Thailand, the baht devaluation day, 17%; Since then, financial storm swept across Malaysia, Singapore, Japan and South Korea and other places, reversing the trend of rapid economic growth in Asia. Asian economic powers faced serious economic recession, East Asian countries in general from 1997 years more than 5% growth Biancheng 1998's negative growth or even the strongest economies of Japan also has a large number of banks and securities firms closed down, most countries plunged into economic difficulties, the political situation in some countries started to fall into chaos. (/ Luze Hong). .
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[Review] small board that tumbled 8. .33%, The second largest single-day record drop. .
June bank holiday 10 rising suddenly announced during short held rate by one percentage point, the International crude oil prices also resulted in u.s. stocks tumbled nearly 400 points. Many had air combat, today Prev close at their tax gap, szse SME index also plummeted 8. Merchant .33%, a record decline in the second largest one-day record.
Small plates that bad against a lower opening in 4416. .19 Points, after opening to maintain a balanced posture stock short, but very soon down again and the afternoon is losing ground, easily break 4,200-point support, the minimum fell to 4183. .24 Points, late have stabilized, to close at 4202. .51 Points, down to 8. .33%, The second largest single-day drop in history. Small plates KLCI opened 4162. .01 Points, below 4,000 mark for the session, the minimum fell to 3938. .81 Points to close at 3955. .55 Points, or 8. .38%, To create the second largest single-day drop in history. 65-day volume of medium and small plates. .。.
Stock is in a pathetic state, limit-down stocks more than 140, or more than 5% of the units to 220, total number of companies accounted for nearly Jiucheng small plate. Only nine stocks gains across the board, which just north of listed shares (002,246) rose, long joint development gains have more than 6%. Riverside Group today below issue price, since the first IPO to become tradable only "break" the small board stock. (/ Cao Yu). .
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[E] right postganglionic welcome City "Black Tuesday" negative premium varieties reproduce. .
June 10, rising up by Holiday Central Bank reserve ratio as well as the surrounding the collapse of the stock market, two of the factors in plunge in today, a record eighth Hu. A unit is less than 30 rise, while limiting non-ST-unit close to one thousand. Warrant market also ushered in the section "black Tuesday", all species have been exhausted, most varieties were two digits, the negative premium warrants reappear.
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Close to the last trading day of deep-fat SFC2 became the focus of the crash. Early in its transaction exceptions were traded during the week for the third time the temporary suspension. After the resumption of its transient decrease in more than 15%, then always shocks downlink, as before, the rare weipan sealing full-time into the die, some 30. .79%. Although its premium rate by 25% or so quickly dropped to 16. .50%, but still no row right value. Rizhao CWB1 become the result of today's trend of most varieties, full-time, three quarters of the trading hours, which are simply hongpan 14 point appears only if the final decline only sell low, 4. .85% exchange rate as high as $ 342. .78%. . .04%. It has also become the first premium rate of return of negative purchase rights, the negative premium rate of 2. .28%. Purchasing power decline in the late part of the narrowing, Kang U.S. CWb1 and deep decline in high CWB1 were closed at 10%. However, the right to purchase the remaining species are also decline more than 10%, or more than 15% of the purchase as much power as many as six. .
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China Southern JTP1 early rising again by losing more than 4%, rising to up over 6%, but then it quickly into decline. Tumbled all day, face cut prices to close down about 52. .69%. Huatai Securities today and the East China Sea are the hands of the remaining 95 million and 86 million copies were put China Southern Airlines canceled. Thus, the creation of brokers, only CITIC Securities still hold 2. .98 Million copies of the creation of the Southern put. China Southern currently outstanding, has been put back to 16. .98 Million copies. .
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248 warrants were traded today, the two cities. .73 Billion in the five previous week by Jin Sicheng violence. Doomsday speculation warrants a comprehensive low tide, and the warrant of the weaker market environment, making the popularity of last week gathered to dissipate quickly depleted. (/ Lei Chen). .
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[Review] main stock index plunged 7 day. .73%, The eighth largest single-day record drop. .
June 10 rising suddenly last Saturday's Bank of China announced a drastic increases in the deposit reserve ratio by 1% compared with last year, the International crude oil prices on Friday approaching 140 $, plus the last Friday in the US stock market tumbled nearly 400 points, many had empty blow a stock market suffered the second this week. Bank stocks and real estate stocks take the lead in diving, almost all types of units, thereby limiting the impact overall slow connection easily kill "technology gap" 424, up three more in even the loss of 100 points after making 3000-point mark, eventually closing prices 257. .34 point or 7. . .
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Shanghai Composite Index closing at 3072 today. .33 Points, or 7. .73%, Closing 624. .16 Billion; Shenzhen Stock Index to close at 10,765. .91 Points, or 8. .25%, Closing 294. .85 Billion. A total of 919 transactions between the two cities. .01 Billion, five-year surge in Jinsi Cheng previous week. In addition, the small plate means to close at 4202. .51 Points, or 8. .33%; CSI 300 to close at 3206. .56 Points, or 8. .11%; On the card 50 to close at 2480. .76 Points, or 8. .18%. .
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Observed from the disk, Shanghai stock market fell before the 20 major heavyweight comprehensive, with an average drop of 7. .86%, China Merchants Bank, the Datong-Qinhuangdao railway, China Ocean Deng Jun shut down limit. Overall, only 25 cities rose stocks, including non-ST stocks were limit-up 943, or more than 9% of the units is up to 1107. From the industry index performance, index of major industry across the board suffered setbacks, communication, finance, construction, utilities, real estate, paper Deng Jun fallen by more than 9. .6%. .
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Market participants believe the central bank suddenly announced that raising the deposit reserve ratio by 1 percentage point, its timing and magnitude of increases are far beyond the market by surprise, investors had expected on the money supply are dashed, the market suddenly seem to have lost any reason to do more. .
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Analysts said the central bank raised the deposit reserve ratio by 1 percentage point, to make short-term interest rate the central bank are likely to reduce the possibility of rate hikes in the second half but still significant, but may also increase beyond the market's expectations outside. Vietnam's economic crisis has to some extent, the vane of the Asian economic significance, no doubt its completely out of control inflation caused tension within the country, some analysts believe the Chinese government's control policies will be affected, the possibility of future regulation of very low relaxation . .
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From the historical data, the experience continued to decline, the broader market's rapid rise or fall rapidly lead to open-end funds are a large number of redemption, but also speed up the lock-in disk dispersal. Markets that today both the Shenzhen and Shanghai stock index hit a closing low of heavy volume, the confidence of investors holding collapse, so that once again tested the Shanghai Stock Index 3000. (/ Luze Hong). .
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[E] deep fat SFC2 rare limiting China Southern Airlines company limited call warrant being 1 peace talks.
June 10 Stock Index declines with increased information, warrants market to continue to significantly increase the losses of all varieties. The only gains across the board had finally sunshine CWB1 high head low, transient decline in more than one percent. Thus, today all the warrants are more than double-digit decline in species. .
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Especially the deep-fat SFC2 and Southern JTP1 two tragic end of the decline warrants. The former rarely sealed in Limits, down 30. .79%, While the latter is encountered today cut the price by four or more hair, hair falling around the two, or more than 50%. .
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Huatai Securities today and the East China Sea are the hands of the remaining 95 million and 86 million copies were put China Southern Airlines canceled. Thus, the creation of brokers, only CITIC Securities still hold 2. .98 Million copies of the creation of the Southern put. China Southern currently outstanding, has been put back to 16. .98 Million copies. (/ Lei Chen). .
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International Financial financial news. .
Foreclosure surge pushing i? accelerated exploration base.
Securities Times. .
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According to the National Association of Realtors (NAR) released data Monday, the United States into a housing contract in April compared with March sales index rose 6. .3%, To 88. .2, Creating the highest level since 6 months. .
"Housing agency sales on the rise in house prices are falling sharply, especially in the areas of price declines in 10 per cent of the market, there are a large number of bargain buys to enter the market. "NAR chief economist Lawrence Yun in interpreting this · helped the cause is expressed.
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Lender is big hit housing price war.
In this wave of house prices plunge, with a large number of foreclosure real estate inventory (by the housing foreclosure) of the lenders play an important role behind the promoter. .
Since the second quarter of 2006, the u.s. housing market began to cool down significantly. With house prices falling, buyers are difficult to sell the House or by mortgage financing. Affected by this, many mortgage borrowers missed payments, loss of foreclosure rate is increased significantly, foreclosure real estate more and more, last year alone in Bank lending business in the hands of the foreclosure real estate number more than doubled. According to statistics, as of the end of last year, housing loans in all, approximately 2% to enter foreclosure process over the past 28 years, the average level of growth. . In April this year, the number of such properties from last year's 254,000 units to 660,000 units. At the same time last year, foreclosure real estate sales increased by only 4. .4%. To get rid of the hands of the housing stock as soon as possible, they hesitate to trigger a price war. .
Moody's economy network Chief Economist mark · praise di, foreclosure real estate sales-driven part of the market, including auction is the most efficient way, but through the sale of real estate auction average discount 56% and normal selling discount 40%.
Lenders foreclosures triggered a price war for some of the potential property buyers and investors, individuals, and perhaps it is bargain-hunting opportunity. .
A new round of foreclosure wave approximation.
Many people think that in times when the credit crisis is coming to 过去, some experts Fachu warning: in April 2009 hundreds of thousands of adjustable rate mortgages (ARMs) Jiang face interest rate resets, which is bound to bring a new round foreclosure wave. .
According to Credit Suisse, the United States has issued in the amount of up to $ 500 billion ARMs. Interest rates, monthly payments are expected to be from April 2009 start acceleration, reset the top 50 billion monthly payments, to January 2010 will rise to $ 1 billion. Currently some ARMs have begun to reset, which in 2006 released the reset period is 18 months of ARMs, 13% of borrowers for 2 months in arrears.
Although the Federal Reserve Board Governor Randall Kroszner has pointed out that the number of foreclosure rose urgent issues facing the Fed. But one thing should be certain that, ARMs borrowers from the U.S. government is planning to implement the program of assistance. In May this year, the White House adopted a motion to reduce foreclosures, the bill would allow the Federal Housing Administration loans in the new 300 billion U.S. dollars to provide security to help face foreclosure risk borrowers.。.
The U.S. housing market is close to the bottom Though not conclusive, but the deterioration of the housing market has been leveling off is what we all like to see. Lens Cloud said recently that the U.S. subprime crisis experienced real estate market heading in the direction of a reasonable and healthy development. .
Bush has taken the form of force was Paulson Ben Bernanke strong US dollar.
Market in 24 to 25, the Federal Reserve interest rate meeting on interest rates is expected to increase. .
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Securities Times. .
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Following last Tuesday released a strong U.S. dollar against inflation, the remarks regarding the Bernanke Fed's meeting yesterday in Boston Fayan said again that the recent energy prices aggravates inflationary on the upside risk, Meilianchuqiang "firmly resist" Zhang Qi Tongzhangyuqi Chuxianbianhua . .
Due to the weakening of the USD continued impact on inflationary expectations may become one of the factors in this speech, Ben Bernanke, the Fed is concerned about the dollar change on inflation and inflation expectations, and develop policies to prevent double task any part of the possible risks. Ben Bernanke also said that the economy significantly weaker risks have been declining over the past few months, the deterioration of the real estate market began to flat. While the previous day's Ben Bernanke has expressed a similar view in his view, although the United States's second-quarter economic activities may still weak, but it was in the "serious recession" of risk in the past month or so. . .
US Treasury Secretary Paulson said Monday that American CNBC interview that, in order to maintain stability in the Forex market, the United States Department of the Treasury does not exclude any potential measures, including intervention in the foreign exchange markets and in close cooperation with the Federal Reserve to ensure market stability. He stressed that never exclude any policy choices, including intervention in the Forex market. Paulson's statements to the afternoon of the US dollar against the euro exchange rate of rebound.
At the same time, U.S. President George W. Bush in the White House acknowledged Monday, in the case of energy prices, people generally worry about the U.S. economy into recession, but he said the United States will strive to maintain a strong dollar, the U.S. national interest, but also the interests of the global economy. .
For u.s. officials recently about the dollar turns of speech, analysts believe that this shows that the United States foreign policy will be a major change. But in the actual intervention policies before officials of oral intervention was to prevent the dollar continues to decline.
Bernanke's speech did not mention the two dollar exchange rate, but reiterated the position against inflation and downside risks to weaken the view Jingji, still makes the dollar continued to rebound after the strong performance overnight. Asian foreign exchange markets yesterday morning, the dollar rose against major currencies fully, the dollar break through 106 yen. .60 A key resistance level, creating nearly 4-month high. The euro fell below a dollar. .56 Mark, to 1. .55 Percent; sterling against the U.S. dollar fell nearly 1. .9700; Australian dollar has fallen to 0. .9500 Level. .
China urges us to take measures to stabilize the dollar.
According to Xinhua News Agency, Chinese Permanent Representative World Trade Organization, Sun Zhenyu, 9, said the weak dollar on the world economy and trade, serious adverse effects, WTO members also caused widespread concern, the United States should take swift and targeted measures to stable U.S. dollar. .
He said that as the main currency of international settlement, a weak U.S. dollar has severely affected the exports of other countries, especially those weak, economy depends heavily on exports of developing countries, reducing their further development and Jiejue domestic social issues is . In addition, the dollar is the main currency for international reserve, the sharp depreciation of the reserves in many countries severely diminished, leading to reduced social welfare. .
Sun Zhenyu pointed out that the United States is the world's major economic growth drivers, China wants us to be able to take rapid and targeted measures to promote the stability of the dollar.
Rothschild Asset Management business in Hong Kong. .
Securities times.
Yesterday, 巴黎爱德蒙 de Rothschild Bank, a wholly owned subsidiary - Edmond de Rothschild Asset Management Inc. announced the formal establishment of its Hong Kong office to the company closer to the Asian market, and development in the region more stable customer base. .
Based in Hong Kong looking Asian.
Edmond de Rothschild Asset Management Hong Kong Limited in Hong Kong recently for the Securities and Futures Commission issued a license in asset management business and professional investors with securities trading business. Hong Kong Limited and the current head of investment by the Mr. Tang Yi, deputy director of the leadership. .
Soup Yap-October 2007, from Paris to Hong Kong to establish Edmund have n m Rothschild Asset Management subsidiary of Hong Kong. At present, the subsidiary in Paris of the Asian and emerging markets teams of analysis and investment services to China A-share market and greater China equity portfolio has a strong research investment strength.
Edmond de Rothschild Asset Management, Mr. Chairman Philippe Couvrecelle: "set up in Hong Kong Ban Shichu You Zhuyu Women increased understanding Bingle Jie Asian market in particular to enhance on Zhongxiaoqiye cognition, Wei Women's stock selection provide important added value concept. ". .
Optimistic about China's A-share market.
巴黎爱德蒙 de Rothschild Bank in 2006 in Shanghai set up its first Asian bank representative offices. The bank successfully qualified foreign institutional investors license, be the first allowed to invest in Shanghai and Shenzhen A-share market of private banking. So far in 2006, the group in Asia (including China market stocks) of assets under management of more than 20 billion euros (three billion U.S. dollars). According to Tang Yi, currently Edmond de Rothschild Asset Management's investment in A shares at 400 million U.S. dollars. Tang Yi that After a period of adjustment of the current A-share market has appeared in a number of investment opportunities, particularly in the Shanghai Composite Index fell below 3,000 Dianzhi Hou.。.
Edmond de Rothschild Asset Management in fund management in Asia a long duration. Since 1993, Saint-Honore Asian Opportunities Fund, (Saint-Honore Asie Opportunites Fund), the company has focused on the Chinese market, the stock management in the region. Launched in 1998 to focus on the Chinese market, Saint-Honore China Fund (Saint-Honore Chine Fund).。.
[Wall Street] The Dow opened down involvement in the trade deficit rose and oil prices rebounded. .
June 10, rising us April trade deficit increase higher than expected rebound in oil prices on the market are more worried about the Economic Outlook, dragged u.s. stocks fell on Tuesday opening.
21:50 GMT, the Dow Jones Industrial Average fell 21. .00 Points, or 0. .17%, To 12,259. .3 Points. The Nasdaq Composite Index 2444. .81 Points, down 14. .65 Points, or 0. .6%. Standard & Poor's 500 index was at 1355. .75 Points, down 6. .01 Points, or 0. .44%. .
The u.s. Department of Commerce, the United States announced on 10 April trade deficit correction value from 3 months (initial value to 582. .1 billion) to $ 564. .9 climbing 7. .8% to $ 609 million. Higher than the previous analysis is anticipated deficit of 600 million.
Strength of international oil prices Tuesday, NYMEX-7-month crude oil futures rose more than 2 U.S. dollars intraday to 136 a barrel. .4 Dollars. .
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A8 Broadcast Adversity and the IPO was oversubscribed 128 times. .
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Although the stock deposit reserve ratio by domestic and international prices of repeated on a new, higher negative news affected plunge yesterday appeared, but did not affect investors in the new A8 superiorities of IPO shares so that well despite superiorities "A8".
It is reported that combined digital music company, A8 Digital Music (00800.. HK) today announced the offering in Hong Kong, the results were obtained from the market subscription 11. .64 Million shares for 910 million shares available for subscription of 127 shares. .94 Times! Reflect the market's warm, so the company started back mechanism activated, the number of shares of public offering of shares by the 910 million gift to 4550, earnings per share 1. .9 Financing contract for a dollar. .21 Billion. The stock will be June 12 at the Hong Kong Stock Exchange listed Subscription 1 lot (2000 shares) and the success rate of 10. .01%. .
IPO market aimed at the "listing".
Previously, A8 Digital Music announced the offer price range of between 1. .66 Yuan to 2. .38 Per hour, raising the scale up to more than 300 million Hong Kong dollars. Compared Kingsoft (6 billion), Alibaba (1.5 billion U.S. dollars) last year and so have Hong Kong-listed mainland enterprises in the financing of the scale is too small, A8 Digital Music LIU Xiao-song, Chairman and CEO, said this response , "A8's financial good health, not in a hurry and so money." He also said that the purpose is to seek public listing, and to achieve convergence with the capital markets, financing, how many need to consider the various combination of factors. .
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According to the group's prospectus information, the company's fundamentals are good. A8 operated a8. . Com music download site ,2005-2007 net profit was 4184. .2 Million yuan (RMB, same below), 3986. .3 Million and 5527. .4 Million, turnover of RMB 2, respectively. .33 Billion, 2. .68 Billion and 2. .86 Billion. LIU Xiao-song for listing optimistic about the prospects, he thought the CD media of music distribution market has been gradually fading out, while digital music will represent the future trend, A8 is made of products conform to this trend. .
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Public financing will be used for acquisitions. .
It is learnt that the A8 since its inception in 2000, the second year profits. Even the most experienced industry recession period, A8 performance can still maintain growth. In the words of the song with Liu is that company "found proven profit model" listing for A8 is..
A8's Digital Music business model, through the UGC (original music) interactive platform, as well as other international and domestic record labels for music content. A8 Digital Music via the mobile operator's wireless network and the Internet to promote the music content and music content into ringtones, ringback tones, interactive voice response after the form of music available to mobile phone users in China. According to information, the company the proceeds of the financing, 36. .6% Of the funds will be used for potential acquisitions. Acquisition targets will be locked in two main areas: music content providers or mobile applications related to the company, its business model that will meet future development needs. .
News links: Hang Seng Index plummeted 1026 points.
Hong Kong shares record biggest one-day drop in three months. .
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Tang Sheng Securities Times reporter. .
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Due to the mainland People's Bank announced a drastic raising the deposit reserve ratio by 1 percentage point, as well as international oil prices approaching 140 U.S. dollars mark last Friday, dragged down nearly 400 points, and so Meiguzhongcuo suppression of multiple bad, after Hong Kong stocks in the Dragon Boat Festival holiday plunge in first trading day, the Hang Seng Index plummeted 1026. .66 Points, the largest in nearly three months, one-day drop since. Significantly enlarge the market turnover reached 821. .59 Billion. .
From the stock, because people suddenly announced a phased held 1%, further monetary tightening, six lines of the "three guarantees" as the representative of the Chinese financial insurance unit in the complex city back sharply decline in 3. .32 .2% to 6.%, dragged down by Chinese stock plate and China enterprises index downward. In addition, the Fed hinted that there are add-on, a local real estate shares fall as a whole.
See mood strong Warrants turnover shrinking. .
Macquarie Securities (Asia).
Yesterday, the mainland A shares and Hong Kong stock market are having the resumption of trading after the holidays more selling pressure, the Shanghai Composite Index and Hang Seng index closed down about 7 respectively. .7% And 4. .2%, The overall blue chips, H shares generally decline, the market see mood darker, the market recorded a total turnover of about more than 820 billion Hong Kong dollars, warrants market turnover fell to more than 130 billion Hong Kong dollars, accounting for less than the market transactions two percent. .
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Transactions from the situation warrants, the Hang Seng Index warrants and China Mobile (00941.. HK) warrants were recorded yesterday, 55. .9 Billion and 12. .7 Billion, the two have accounted for a total turnover of warrants traded on the proportion of about five percent. In addition, the New York oil futures last Friday turned up more record high of 139 U.S. dollars, the Asian trading session yesterday, it dropped slightly to 134 U.S. dollars level, Chinese oil stocks warrants, the China National Offshore Oil (00883.. HK) Warrants and PetroChina (00857.. HK) warrants to the market yesterday traded warrants one of the top five, respectively, recorded turnover of about 7. .9 Billion and 8. .3 Billion. .
Hong Kong stocks fell at the end of trend continuation on.
First Shanghai strategy analyst Yeshang Zhi. .
Yesterday was the stock after the Dragon Boat Festival weekends, a trading day, the market plummeted — China and countries means plunge 4. .2% .3%, and 5.. Due to the international stage oil prices surged again last Friday, the stock market fell significantly in Europe and America, and at the same time, the Mainland of the people's Bank increases the deposit reserve ratio by 1%, which are detrimental to the stock. As we pointed out earlier, the stock is currently in that cash out of the "courage", resulting in a force plate and more modest when adverse negative messages coming at this time, the market's decline will often be more anxious world.
At present, the Hang Seng Index and the country that have been dropped past the 24,000 points and 13,000 points mark, the index fell again be open space, Hong Kong stocks vulnerable to further increase is expected to repeated downward trend has continued. With the Hang Seng Index, for example, earlier in the range of 24,000 points to 25,000 points, lingered for two weeks, yesterday finally appeared broken off the end of the trend, in the new wave of short-term or Long before the case started, investors at the present level market risk is relatively high. .
In fact, the big bang occurred yesterday, turnover increased to $ 821 million, this is not a good signal. On the other hand, the large amount of selling, proliferate to 99. .5 billion, accounting for the proportion of the overall turnover reached 12%, the recent first rose to more than 10%, indicating great potential in selling pressure is starting to accumulate, it will be detrimental to the development of the stock market.
From the stocks performance, the weight of a plate stocks also fell across the board. Heavy stock and foreign exchange control (00005.. HK) fell in 130 dollar mark, see intraday low of 127. .1 Dollar, financial stocks in the United States hit a new low, dragged down by one after another, I believe that HSBC's share price is still a strong downward trend. Recognized weakness in HSBC, the broader market stability will be a severe blow. In addition, China Mobile (00941.. HK) representation gap down, single-day stock price fell nearly 4% average in the fall of 250 scale, the expected stock price will continue to bottom. It is noteworthy that, even with oil prices a positive correlation of CNOOC (00883... $ .1, the decreased by 2%, this situation shows that the market is now the pressure is really not light.
As the Mainland once again raised the deposit reserve ratio substantially, market sentiment has been further damage, the Shanghai Composite Index fell 7. .7%, Or near to low of 2990 points already. If management does not introduce a new round of stabilization measures, I believe the Shanghai Composite Index has broken the bottom of the opportunity, the situation will cause a drag for the H shares. Mainland financial stocks, including banks and insurance section, there are down across the board, estimated short-term pressures have not disappeared, not to the now bargain-hunting time. .
In the fertilizer: continued support for big shareholder stock holdings.
Dao Heng Securities Zhang Junjie. .
The parent company of fertilizer in the April 22 from 5 May to 5 per share. the price of buying HK $ .69 4412 million shares, May 30, and again at 5. .961 dollar price to buy 300 million shares its shareholding from 71. .31% to 72%.. .74.
In the April 18, the National Development and Reform Commission announced in the middle peasants and sales of imported potash fertilizer should not exceed 3% operating margins and sales to fertilizer manufacturers operate no more than 5% of operating profit. Affected by this, since from April 18, the stock price has been 25% correction;, the whole in May, up and down price oscillations around 6 Hong Kong dollars. .
At the same time, because of the high inflation rate increasingly serious, the State Council on 17 April bulletins from 20 April to 30 September on urea export then additional charge 100% of the export tariffs, fertilizers export tariffs have reached 135%. As a result of China's export of urea trade volume has accounted to the international trade of 20% urea prices fell at the international and, since April has been since mid-390-US dollars per ton ($ Yuan per ton 2,730) surge 55% to us $ 606 per ton ($ Yuan per ton 4,240). At the same time, domestic exports, domestic prices remained at $ 2100 per ton. . .
We think that the share prices of fertilizers have fully reflects the control potash sales operating profit margin of a negative impact on the Bank to maintain confidence in its future development. In the fertilizer's CEO, Mr. Yang Grand, although 2008 sales of potash fertilizers declined, the company's sales and net profit will be increased by at least 20%. As an industry leader, the current domestic market share of 20%, up more space will be the company's future growth.
In addition, in December last year, bought from the parent company of Salt Lake Potash (000792.. SZ) 18. .5% Stake in the international price of potash fertilizer prices, it also will be earnings per share in the production of fertilizer larger contribution. From acquisition of assets of the Group also further advance the process, the plan to further the acquisition of chemical fertilizers, Sinochem International held 23. .5% Stake in Qinghai Salt Lake Group. .
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In summary, the Bank for the time being to maintain the company's 2008 earnings per share for 2009 were 0. .32 Hong Kong dollar and 0. .42 Hong Kong dollars, the growth rate were respectively 50% and 31% expected. Corresponding to 18 times the current price earnings ratio in 2008 and 14 times 2009 price-earnings ratio ,2008-2009, compound annual growth rate of 40%. While maintaining "buy" rating, a 12-month target price of 8 Hong Kong dollars, equivalent to 25 times the 2008 price-earnings ratio. .
Hong Kong stocks steepened railway sell round worth noting.
Liang Yuan. .
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From the Federal Reserve recently announced the employment data shows that the United States is still at a weak Jieduan 经济, the confidence of investors to suppress self-evident, Er enterprises continuously pushing the oil prices, Gengweiquanqiu economy brought inflationary pressure. .
On the other hand, also in the near future and then out of the austerity measures, the Mainland and Hong Kong stock market and the thick clouds. Holiday after the first trading day, in Shanghai, a stock market crash 257. .34 point drag pricing also plunged, investor confidence is extremely low, early trading yesterday, the Hong Kong open over 713 points lower. With short, Bull defensive into retreat, stock shock to fall before the close of the morning at 23600 gate, in the afternoon, as A unit to the Mainland, Hong Kong stock market panic broke out again, this enhanced campaign for mere opportunity to suppress the closing stock index, to the Hong Kong stock fell 23400, sink 23375. . .66 Points, down 723 state-owned shares. .34 Points, closing at 12,789. .87 Points. From Hong Kong stocks to analyze the trend, both within and outside Hong Kong stocks fall under the dual pressures of intensified further following the recent test 23,000 points level may be. .
As one of the three infrastructure unit of China Railway (00390. .HK), the recent tendency is extremely low, near the start of HK $ 8, shocks. But the company's fundamentals remain sound, the problem is that the market forecasts in the face of the Mainland of macro-policy pressures, company-related infrastructure projects, investment or a decrease in the future profitability of the company or as a result, at the same time compared to other mainland by two major infrastructural units, many international lines and railway sell ratings more sluggish stock price.
From a technical point of view the trend, now is a downward path of iron which, while the RSI technical indicators are just entering oversold territory, and the trend of further decline is expected within a short iron or a test of 6 Hong Kong dollar may be near. If the bearish trend in the iron, the same time, investors interested in warrants attention to 9353, Pakistan issued by the Law of November 17, 2008 expiration of the iron standard put option, the exercise price of 8. .68 Hong Kong dollars, to provide a. .59 Times the lever 68 extended volatility. .95%. .
(Note: the author is a licensee of the Hong Kong SFC. The enormous investments risks, can cause total loss of capital, an investor should make a stop in place only. ） 。.
To larger ratings. .
See more Chinese NGAN maintain overseas.
Deutsche Bank issued a research report, the maintenance of China Overseas (00688.. HK) "buy" rating and target price to 19. .7 HK. The bank said that tightening credit conditions in the mainland, the small and medium sized developers to buy land and buildings will reduce the completion, but large developers, the market provides the opportunity for expansion. In addition, mainland residents in the Sichuan earthquake, appears to focus more on the quality of property, and the Chinese mainland from overseas in the number of second and third tier cities Junyou quality of construction projects completed, the Deutsche Bank expects the company to profitability in 2008 and 2009 up to 57 . .8 Billion and 83 billion. .
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Cathay Pacific Credit Suisse reduced its target price. .
Oil prices have soared on Friday 11 dollars per barrel to $ 139, Credit Suisse research reports released by maintaining the Cathay Pacific (00293. .HK) "neutral" rating, but the target price from $ 17.16% .6 downward to $ 14. .8. Credit Suisse reported that due to the increase in oil prices, the 2008-2010 aircraft fuels forecast 42% and 51%, 125-140 USD. Although the Cathay increases fuel surcharge in order to offset the impact of oil price brings, but the row that failed to fully offset the price of Cathay Pacific Airways brings cost increase factors.
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Citigroup increases fangxing target price.
PRC Citigroup research report released to maintain a "buy" Franshion Properties (00817.. HK) rating, target price by 5. Dollar up .39 9. .3% To 5. .89 Dollar to reflect the acquisition of Jin Mao Group will facilitate the development. Citigroup reported that Franshion to 11 billion yuan acquisition of Jin Mao Group, will make Franshion net asset value per share (NAV) increased by 2. HK .52. In addition, because the acquisition increase revenue enough to offset the issuance of new shares arising from the dilution effect, with the balance sheet Franshion sound, with net debt to equity was 20% to 25%, will help to make more acquisitions Franshion. .
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Big Mo recommendations "holdings" Chinese food.
Morgan Stanley research report published for the first time Chinese food (00506.. HK) "overweight" rating, target price of 5. .4 HK, mainland residents because of increased spending power, the stock will benefit. Report that the Chinese food in the Mainland for leading consumer brands, has diversified portfolio of consumer spending power in the mainland increased urbanization of the case, will increase the turnover of stock, will benefit. Morgan Stanley expects the stock considerable room for growth, profitability from 2008 to 2010 compound annual growth rate as high as 34%. .
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DBS Vickers recommends a "buy" Henderson. .
DBS Ballas research reports released by maintaining Henderson (00012. .HK) "buy" rating, the target price from $ 66. slightly higher .5 0. .7% to HK $ 67. Henderson announced earlier, the President Lee's family trust have two items-Tin Union Hospital side residential site of 100% interest, and is located in the Western half mountain road 39, residential site of 60% interest, at a valuation discount 25% of the price into the Henderson serves under somebody's banner. DBS Ballas estimated that if the two projects in the 2009 sold 50 per cent before the end of the year, the year's profit forecast increase of 17%. (Free culvert).
[European] pan-European Dow Jones fell 600 Barclays shares fell. .
Tuesday, June 10, rising European stock markets fell in early trading, market central banks might be expected to raise interest rates in response to inflation. Barclays Bank and other financial stocks to go down. The US stock market index futures fell sandp 500.0 .7 percent.
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?? — ???? — ?é — ' 16: 08, 600 European Dow Jones pan-European indicators 0. .94%. The German DAX index, and the French CAC 40 index declines of 1%, British FTSE 100 index decreased by 0. .8%.
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Bank stocks to go down. Barclays Bank fell by 3%, UK .3. Joint Leicester Bank decreased 4. .5 percent. Generale 1 .3 percent decline in.. Fortis Group fell by 4%. Fed Chairman Ben Bernanke said the US Economic Outlook than a month ago has been upgraded, the Fed will endeavour to avoid the public's confidence in the stability of prices, the reduction would reduce inflationary expectations.
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Some analysts say that central banks to calm markets. Current markets are more concerned about inflation, the slowdown in economic growth, the company's profitability also changes.
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Buys the company fell by 3%, the companies indicated that due to the decline in consumer spending, sales growth is slowing down. The world's largest interbank trading broker ICAP company's stock price fell by 3. .8%.
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The UK's second largest building, param Simon company fell 5. redero .8% company (Redrow) .2% decline in 8., the two companies ' ratings.
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And Kazakhstan mining co. stock price 5. .4%.
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[Hong Kong] closing the Hang Seng Index plummeted nearly 1026 points to create the largest one-day decline in March.
June 10 News last Saturday that China's central bank suddenly raising the deposit reserve ratio by a substantial 1 percentage point, the international crude oil prices last Friday mark approaching 140 dollars, plus nearly 400 points last Friday Meiguchongcuo, multiple bad blow Hong Kong stock market this week, two in China stocks led the retreat, the three major indices are close to the lowest closing day, the Hang Seng index closed the final fall 1026. .66 Points, is close to three months, the biggest since the one-day drop since May and a record round of price adjustment since the low. .
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713 Hang Seng Index opened lower today. .02 Points, or 2. .92%, Intraday low, see 23343. .19 Point opinions 23,741. .09 Points to close at 23,375. .52 Points, or 1026. .66 Points, or 4. .21%, Closing 821. .59 Billion, compared with the previous day surge Yu Sicheng year; red-chip index lower opening 125. .81 Points, or 2. .42%, Intraday low, see 4976. .37 Point opinions 5080. .48 Points to close at 4976. .37 Points, down 219. .46 Points, or 4. .22%; China Enterprises Index lower opening 472. .73 Points, or 3. .50%, Intraday low, see 12697.72-point takami 13067. .27, closed the 12789. .87 points 723. point or 5 .34. .35 per cent.
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43 only blue chip without rising China Netcom crash 9. .57% decrease in the first Sino Land, China Unicom has fallen by more than 8%. Hang Seng real estate index tumbled 5. .01%, the weakest performance of the industry classification index, as investors worried about international capital outflow in Asian real estate and stock market; defensive unit of relative the result of the local public, the Hang Seng index fell only public classification 2. .33 per cent. Affected by the Chinese Central Bank substantially tighten liquidity, Chinese stocks clearly run transmission performance of the local unit in Hong Kong the Hang Seng Index dropped 4 mainland. .74%, the Hang Seng index fell only Hong Kong 3. .41%.
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Major Chinese stock plate full shadie. Among them, the average Chinese Telecom shares dropped 6. .76%, the average Chinese financial stocks plunged .91% 4., three major Chinese oil stock average fell 4. .49%, China shipping stock average fell .09% 6., Chinese aviation unit dropped an average of 5%, Chinese .51. power unit average dropped 6%, Chinese .55. coal stock average fell 3. .53%; Chinese real estate stocks austerity policies hit, most of the units were more than 5 per cent, with agile, shimao property examples, are down more than 8%.
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Today, the stock market turnover in the first ten units include: HSBC Holdings fell 2. .67%, China Mobile 3. .92% fall, industrial and commercial bank of China fell 4. .72%, China's oil fell 5. .45 percent, construction Bank, falling 4. .93%, China life fell 5. .20%, CNOOC .09% fall 2. Sinopec fell 5. .94%, Nikkei down 4. .32%, SHK fell 4. .74%. (/LU zehong).
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[News] German wholesale prices in may inflation pressure increases.
June 10 hearing in Germany in May wholesale prices, or is 26 years the largest increase in inflationary pressures. .
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German wholesale prices in May increased by 8 over a year ago. .1%, Or is the largest since 1982; monthly rate of increase than April 1. .4%. .
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European Central Bank on June 5 said the ECB may raise interest rates as early as July. In Germany, as crude oil and food prices higher, to promote the May inflation of 3% in April import prices rise more than expected. .
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Some analysts said that due to rising commodity prices, price pressure is still large, which makes keeping up the momentum of inflation. .
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Germany, in April, producer prices rose by 5. .2% In March of data by 4. .2%. .
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German import prices in April compared with a year earlier 5. .7% More than the market expected. .
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[Hong Kong stock] decline in the Hang Seng Index tumbled more than 1000 points, nearly 9% of China Netcom. .
June 10, rising A-share market decreased by continuing to accelerate, the Hong Kong stock market following the dives, the Hang Seng index fell 1058. maximum of .99 and low see 23343. .19 points reported 23400. .47 points or 1001. .71. .11% 4. At the same time, the red-chip indices are reported to 4999. .49 points 196. .34 point or 3. .78%; China enterprises index is now at 12770, 743. .21 dots or 5. .50%. 43 only blue chips only a narrow range rises in Sea oil, China Netcom tumbled nearly 9%, Sino, Hang Lung properties limited, China Unicom, China petrochemical and other blue-chip have fallen by more than 7%. . .
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[Asia Pacific] The Nikkei fell to two-week intraday low of 14,000 points broken. .
June 10 rising Japanese stock market closing prices fell Tuesday 1. .13% to two-week low debt level, because investors worried about the prospects for the financial industry, and inflation fears drag real estate stock performance, weakening the disk at the beginning of the yen lower export shares positive boost function.
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Nikkei index opened today at 14281. .3, rising 99. .92 point, or 0. .07 percent, due to the US dollar against Japanese Yen touches to 3-month high, supporting export shares rise, but the financial and real estate stocks weak side lacks inspires people of highlights, once fell in the tray at 14000 mark, minimum to 13983. .56 points. Nikkei index all-day shoudie .21 dots to 160.14021. .17, 5 since 28. minimum charge.
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Dongzheng stock price index fell by 1%, as of market close to 1383. .20 points.
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News company news.
News. .
Lanzhou Huanghe River.
Yellow Group creditors to change. .
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Securities Times reporter Maggie Zhou. .
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Lanzhou Huanghe (000 929) today disclosed Holding Group Co., Ltd. Jiangsu Huijin will Lanzhou Huanghe Enterprise Group 1. .66 Billion special claims and all rights under all were transferred to Hunan Investment Group Co., Ltd. Xin Yuan, 2008 March 5 Sunrise transferee have entered into a "special contract of assignment of claims" and entered into force. Lanzhou Huanghe Group is the controlling shareholder of the Yellow River in Lanzhou Yellow River Investment Co., Ltd. Sheng's two new shareholders, the company was March 10, 2008 received the "special notice of assignment of claims," but inadvertently failed to notify the Yellow River in Lanzhou. .
It is understood that the claim has already been changed hands several times. Amount of debt the original yellow group in the agricultural Bank of China, Gansu branch 1. .66 billion of overdue loans, 30 April 2002 approved by the authorities in accordance with the policies and regulations to special claims transferred to AMC name. November 2007, the great company you have them transferred to Huijin holdings.
According to the announcement, such as the Yellow River Group is unable to discharge the particular claim, Hunan Xin Yuan Sheng will become the new Yellow River the second largest shareholder. Hunan Xin Yuan was established in 2001, is engaged in urban infrastructure construction investment, high-tech investment, real estate investment, development and management of private enterprises with registered capital of 80 million yuan, the controlling shareholder Tan Yuexin individual holding 58% of registration Great care Tianxin District Changsha, Hunan, Pioneer Village, the town, the legal representative of Tan Yuexin. As of the end of 2007, the company has total assets of 12. .6 Billion, net assets 0. .9 Billion, asset-liability ratio of 92. .86%, Net profit of 23.34 million yuan. .
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Shanghai RAAS. .
Online Roadshow held yesterday.
Student's wearing soldiers. .
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Shanghai RAAS (002 252), held yesterday IPO roadshow online, company executives and investors in-depth exchanges. 4,000 shares to be issued on the RAAS, is expected to raise funds 5. .12 Billion. .
Roadshow meeting with investors asked to Shanghai Raas how to maintain and improve competitiveness, the company chairman Cheng Yue said, the company plans based on the traditional competitive advantages of blood products, and actively develop new products, plasma-derived further develop recombinant blood products, and improve the products of the production scale and market share. In the next two to three years, the company plans to research and development of recombinant factor VIII, high-density lipoprotein, special high-purity of coagulation factors and immunoglobulins and other innovative products that further enhance the company's products with high technology content and the expansion of the product categories, increase the value and enhance the company's technological competitiveness.
When asked about the lack of national background plasma raw materials are more a company to how to ensure that raw material supply, the RAAS Ho, general manager of the autumn, said the company has taken to ensure the supply of three kinds of ways: First, to tapping the potential of existing pulp station, and second, new plasma collection station, the three is to expand the current plasma collection area. .
Small and medium-sized Board this year two new stock market game.
Wei Hua yesterday Riverside Group and their respective shares have fallen below 20. .31 Yuan / share, and 15. .70 Yuan / Unit issue price, as the first two this year, below the IPO issue price of small boards. There are also fears of new shares or the recent small panel will appear broken damp. .
Company news.
China Unicom. .
To 28 billion invested post-disaster reconstruction.
Securities Times. .
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Reporter yesterday from China Unicom (600050) noted that China Unicom plans to invest 2.8 billion yuan for Sichuan reconstruction, rebuilding capacity after the telecommunications network services will be better than the level before the earthquake. .
In order to fully restore the Sichuan earthquake, according to the relevant parts of the request, in accordance with the "were repaired, rehabilitation, reconstruction," three-step strategy for China Unicom of post-disaster reconstruction programmes: OK, 6 basic disaster recovery by network communications capacity, population coverage and network capacity to pre-disaster; June 27, before the stable operation of network security, network quality and service capabilities to achieve the level of pre-disaster; August 27 recently launched network optimization, network quality and service capacity superior to pre-disaster level.
In accordance with the redevelopment plan, China Unicom plans to invest 6. .1 Million for the rehabilitation of the construction phase, planned to resume construction of 956 base stations, to restore the length of 6300 km optical cable, set up a total area of 800 square meters of temporary operating room more than 130 sets of plates; post-disaster reconstruction to start in August to 12 month, plans to invest 2.2 billion yuan for post-disaster reconstruction, reconstruction of 70,500 km cable, reconstruction 3200 base stations, new business space and 38,800 square redevelopment coverage than pre-disaster level will raise about 15% network coverage. China Unicom, the funds for the rehabilitation and reconstruction of total investment will reach 2.8 billion. .
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China railway.
New 5.0 billion railway project successful. .
Trainee journalist Zhao Dan Qin.
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China Railway (601390) today announced that June, the subsidiary group co., Ltd. won the tender for new railway hub-related engineering, Nanjing bid at $ 50. .92 billion China railway 2007 main business income 2. .84%.
Notice showing that the Bureau of the winning four iron works, including: to 24. .26 Billion in the price new railway hub of Nanjing, Nanjing South Railway Station Station site and related engineering works NJZQ-1 Lot; to 26. .66 Billion in the price Dashengguan new railway hub of Nanjing Yangtze River Bridge, Nanjing South Station and Associated Works NJ-3 Lot. .
Where major projects including NJZQ-1 section of Beijing-Shanghai high-speed line, Shanghai-Chengdu railway line, ning'an-Hangzhou City, inter-city, the cent Western contact line, Shanghai Han Jung on high-speed communication lines, fixed-Hangzhou contact line, vehicle line, Nanjing South Station (station 156 metres), 668 calendar days. NJ-3 section is located in Nanjing, Jiangsu Province, North dashengguan South Bridge, South to qinhuai River Bridge bridge group Shanghai-abutment, the project duration end to 42 months.
China Railway Group said it would after receiving the winning notice within 30 days of signing the construction contract. It is understood that the quality of these two projects are in line with national requirements and acceptance criteria for the quality of the current Ministry of Railways and other relevant standards, and requirements for an acceptance rate of 100%. .
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Shenneng co. Shanghai electric power.
1 million kilowatts units in commercial operation. .
Securities times.
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7 June, Shanghai Waigaoqiao third power co., Ltd. 2 100 million kilowatts of ultra-supercritical coal-fired generating units successfully passed the 168 hours of continuous full load test, officially put into commercial operation. Shenneng co. (600642) and Shanghai electric power (600021) held the third generation company of 40% and 30% of the shares, including shares in the holding, shenneng..
According to public information, the third generation companies first one million kilowatts supercritical coal-fired generating units on March 26 passed the 168 hours of continuous full load test, has been officially put into commercial operation. In the third-generation company two 100-kilowatt generator set is representative of the world the highest level of thermal power technology ultra-supercritical coal-million-kilowatt generating units made, the Shanghai "during" the focus of energy saving projects. Shenergy and Shanghai Electric Power Company had expected third-second 1 million kilowatts will be ultra-supercritical coal-fired generating units and power generation during the first half of 2008. .
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Huayang technology.
Clarify the blog rumors. .
Securities times.
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Recently, with the number of listed companies to report data problems on famous bloggers "summer grass" article to clarify, clarify the article of your blog. Today, huayang technology (600532) also joined the ranks.
Huayang Technology, said recently, with a renowned personal blog site Zibo Mining Group Takeover rumors Huayang Technology, Inc. for the content of the article to clarify that the relevant statement. As of June 10, Huayang Technology Zibo Mining Group has not received any offer to acquire the relevant information; Huayang with the company's controlling shareholder group contact, Huayang Group Zibo Mining Group is not with any form, including restructuring, including cooperation, contacts, Zibo Mining Group has not received any notice of the offer acquisitions; current production and business as usual. .
CSCL.
Unit 5. .6 Billion U.S. dollars to buy new vessels. .
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June 10, CSCL (601 866) owned China Shipping Container Lines (Hong Kong) Co., Ltd. and Shanghai and China Southern signed a shipping and trade in Shanghai 8 4250TEU container ship order contract with a total of about 5. .6 Billion. .
According to the contract, in Hong Kong and Shanghai Jiangnan and China shipping trade further agreed on China released by the Bank of the dollar against exchange rate fluctuations of the renminbi and adjustment costs. Each contract reference exchange rate 1 US dollar $ RMB 7. .1763. If the appreciation of the Renminbi, the price will rise, and vice versa. It is understood that these eight container ships will be October 2011 to 2012 between successive delivery in June. . .
(APB).
Air China claims focus on the partial transfer of the main industry. .
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Yesterday, Air China (601111) wholly-owned subsidiary, CNAC industrial co., Ltd. and China Airlines (Group) co., Ltd. signed agreement and share transfer credit transfer agreement, transfer amount equals 8. .5 billion Air China 2007 annual net assets 2. .7 percent.
Share transfer, the China National Aviation Company of the value to 3. .63 Billion in aircraft is limited to the sale of its holdings of Fly Top Limited100% stake in Air Logistics Co., Ltd. 100% owned and Jardine Airport Services Limited 50% stake. Assignment of claims, China National Aviation Company of its aircraft on the Fly Top and in the total logistics enjoy 4. .87 Billion of debt transferred to the aircraft is limited. .
Air China, said that by selling the CNAC of food, airport ground services, logistics services, the aviation industry and other related business, Air China will be more focused on air passenger and cargo transport activity management, and more fully utilize existing financial and human resources to improve the company's core competitiveness and shareholder in the best interests of the whole.
Notice show, Fly Top and in the major business aviation logistics are investment holding. One, Fly Top Southwest Air Catering Co., Ltd. holds a 60% stake in Beijing Air Catering Co., Ltd. 60% of the shares, Lufthansa Catering Services (HK) Limited 20. .2% Stake in Air Logistics Tradeport Hong Kong Limited holds 25% of the shares. The Jardine Air Service's main business is in Hong Kong International Airport to provide airport ground handling services for airlines. .
Because development is a wholly-owned subsidiary of Air China, China Aviation limited to Air China National Aviation holding company of the controlling shareholders, its wholly-owned subsidiary, Air China 11. .26% shares, and thus such transactions constitute associated transactions.
Fresh Air Hainan Airlines re-accelerate the integration of assets. .
Securities times.
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Recently, Hainan Airlines (600221) intends to Hainan Airlines flights to transfer food holdings co., Ltd. Beijing Xinhua Airport Aviation food co., Ltd. 51% stake. It is reported that China shipping food 1. registered capital .2 million, the transfer price of approximately $ hang 7060 food holdings will be paid in cash. The acquisition is completed, the airport food holdings will hold 100% of food, Xinhua routes. But this transfer seems to be corroborated previous rumors of Hainan Airlines Group Xi'an Minsheng (000564) and Po ' group (000796) of restructuring programmes.
After the news, Hainan Airlines Group, two listed companies on the restructuring of Shaanxi idea is: Po Commercial Group's business assets into Xi'an Minsheng, Hainan Airlines Group, Air food type business group assets into treasure. Public information, Hainan Airlines Hainan Airlines Group, which owns Food Co., Ltd., 3 Yahan Sha Air Catering Co., Ltd., and the transaction involved and the new China Airlines flight food food and other holding companies. In fact, before this transaction, Hainan Air China Air Fresh food and three Yahan Sha food has become a controlled subsidiary of Air China. Upon completion of the transaction, therefore, clear that HNA Group will further enhance the aviation assets of the concentration of food is conducive to the operation of possible future assets. .
As of the end of 2007, Hainan Airlines catering company total assets reached $ 6.7 .11, subordinate subsidiaries, of which 5 are the air catering company, there is a drinks companies and restaurants. Public information displays, the new terminal of equity was originally composed of Hainan Airlines subsidiary China's Xinhua aviation co., Ltd. holds. Xinhua hang food as the net assets at the end of the year 2007 is about $ 1. $ .3, net profit to $ 150. Hainan Airlines, the traded primarily aimed at further improving the company's investment in efficiency, improve quality and optimize the operation of the assets of the company's asset allocation, better support and enhance the company's main business.
In addition, for the development of business in Beijing and the presence of more personnel stationed in Beijing, Hainan Airlines has decided to finance the purchase of at least 600 million yuan fixed office space. To this end, on June 3, Hainan Airlines and Beijing Yida Real Estate Co., Ltd. signed a sales contract and supplemental agreement, agreed to sell its Yida real estate development and construction projects in Beijing San Yuan center, transaction amount of 600 million yuan, Price has been completed by about 1 part of the construction area estimation. .4 Million / square meter. Also under the supplemental agreement, if Yida real estate sale contract is signed in 5 months, raised floor area ratio for the completion of the administrative approval procedures, making the program capacity rate from the current 3. .0 Adjusted to 4. .. .5 billion. It is learnt that the Shengyuan Centre project has a total area of approximately 4. .2 million square meters of sales area, about 3. .7 million square meters; the land area of about 1 million square meters.
Energy saving power from slogans into action. .
Securities times.
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Energy conservation and emission reduction, but also just slogans, but with the rising costs of production, energy-saving emission reduction and gradually began to become the enterprise cost savings. When the energy-saving emission reduction into the enterprise market discipline essential, its effect is far better than to rely on the Executive order and severe penalties of..
Reporter visited two weeks ago in Sichuan listed companies, I learned that Chuanhuagufen (000 155), and Sichuan Meifeng (000 731), the two listed companies in fertilizer production, they were talking to energy conservation as a major cost control. The two company's main raw material is natural gas, although a substantial increase in energy prices, natural gas prices will remain stable, the two companies will continue to energy conservation as a top priority. .
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Sichuan Meifeng energy saving idea is to play cause the company's core competitiveness. Deputy General Manager of Sichuan Mei Fung, secretaries to directorate Shu Shaomin introduction, the company leadership from the board to attach great importance to primary energy saving and emission reduction, listed companies and their subsidiaries have set up corresponding to emission reduction and institutions responsible for implementing appropriate energy conservation program, thereby reducing the corresponding cost of raw materials companies. .
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The Chuanhuagufen idea is that energy conservation not only reduces the cost of production can also reduce security costs. Chuanhuagufen secretaries to directorate Yong believes that with the deepening of energy conservation, the company's production costs will fall. Meanwhile, the emission reduction work can also reduce security costs for the company. Because when the range of emission control at the appropriate time, it will not lead to an unnecessary suspension of production, it will not bring about environmental issues for the company's troubles. .
In fact, according to the reporter general understanding of the modern chemical enterprises through technology innovation continues to reduce the cost of capacity has been mining. And because costs continue to rise, through energy-saving emission reduction to reduce the cost of production is becoming more and more enterprise priorities.
Can be seen, the two companies are in their own interest while taking a positive attitude towards energy conservation. While the interests of shareholders to maximize the sole responsibility of listed companies and contains no significant environmental content, but apparently through energy saving, gained a degree of unity between the two. .
At present, international and domestic environmental pressures, our energy as the representative of the price system is still not straighten out, various energy prices far below international prices, energy subsidies caused "China" in the world. Regardless of industry or observers, believe that China's energy prices would gradually straighten out, this would mean that the domestic energy prices will face a more substantial increase.
Under real conditions in which, particularly for domestic companies listed company shareholders Yunzhuan of course much more Xuyaozhuchong cost Kong Zhi, the moment, the most direct is the most effective way Jiushijieneng emission reduction. The cost of this movement as "by-product", the pressure of environmental protection will also be greatly reduced. .
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The market once again showed that it was a magic, which makes the interests of shareholders and the public good reconciliation. Energy subsidies in the past to some extent contributed to the development of high energy consumption industries, so that development and the environment into a pair of contradiction. Today, energy prices makes the company the means of production to the natural balance between development and environment together, we have reason to believe that the future will have more companies to join the ranks of energy saving to. .
Tcl TCL holdings in subsidiaries from multimedia.
Fully redeemed through the private placement of convertible bonds. .
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Securities Times. .
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TCL Group (000,100) is expected by TCL Industries Holdings subsidiary, Holdings (Hong Kong) Limited holdings of TCL Multimedia (HK. .1070). TCL Multimedia aggregate principal amount to be redeemed in full 1. .4 Billion in convertible bonds, and plans to include TCL Industries, TCL Multimedia management and independent third-party investors, including investors, directed issue of shares to raise about 12. .06 Billion for the full redemption of convertible bonds. .
According to the announcement, the convertible bond to 12 July 2007 by TCL multimedia to Deutsche Bank to issue 5-year convertible bonds. As of 2008, 25 March, because TCL multimedia stock 30 consecutive trading days with arbitrary 20 trading days daily closing price of at least less than the price of convertible bonds swap (0. .65 per share) of 30%, this situation has met the conditions of redemption of convertible bond. As of now, TCL multimedia has obtained all bond holders agree to full redemption of principal amount of $ .4 million 1. convertible bonds.
TCL Multimedia's release under the program, the subscription price of shares in TCL Multimedia The notice issued by the average closing price ten trading days after 85% and not more than 0 per share. .315 Hong Kong dollars, not less than 0. HK .25. Which, TCL Industries to be no more than 10 subscription. .14 Billion shares, of which cash subscription 8. .96 Billion shares. Meanwhile, TCL Multimedia to TCL Industries Holdings issued a total of 1. .175 Billion shares in TCL Industries replacement of part of the loan. Upon completion of the Subscription Shares, TCL Industries Holdings shares held by the proportion of TCL Multimedia from 39. .49% To 55. .. .14%.
TCL Group considers, TCL Multimedia is the Group's core business, and are at the early stage of restorative growth, good prospects for the future, the share subscription TCL 多媒体 Wancheng You help improve the competitiveness of groups also can be the core of Chan Ye Jin Yibu Gonggu multimedia Kong Zhi Zai the right to help improve long-term shareholder value. The redemption of convertible bonds to reduce the overall financial cost of TCL Multimedia, liabilities and asset liability ratio, termination of its convertible bonds under the financial covenants, to offset the fair value of convertible bonds of their financial data, and can promote their financing activities, the Group through the integration of its internal assets, substantially increase the operational efficiency of assets. .
TCL Group predicts that TCL multimedia convertible bond does not implement fair value gains on TCL Group profit impact 9137 million respectively and 5593, TCL multimedia full redemption of convertible bonds, the unrealized fair value gains in the second quarter of 2008 shall be returned to rushing. TCL multimedia rushed back to the expected to the unrealized fair value gains on TCL Group 2008 second-quarter profit impact of approximately $ 1. .43 this adjustment on TCL group operating performance without any effects, but full redemption of convertible bonds to save part of the financial costs. . TCL Group will remain semi-annual results for 2008 operating profit forecast significant growth year on year. .
Notice that TCL industry will apply to the Hong Kong SFC full exemption "offer." If the Commission agreed to exempt from this release involves related issues also need to be reported to the TCL multimedia special general meeting of shareholders by independent shareholders voted to approve.
China Shipping Development 4. .28 Billion dollars buy eight bulk carriers. .
Securities times.
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June 10, development (600026) and the China State shipbuilding Corporation cssc and Jiangnan shipbuilding (Group) co., Ltd. has signed an agreement for the construction of eight 7. .6 million-ton bulk carrier, the price to $ 4. .28.
In addition, China Shipping Development and Baosteel Resources Co., Ltd. joint venture shipping companies have made new progress in the matter. June 10, China Shipping Development and Baosteel Resources signed the "joint venture contract" and "Supplemental Agreement." Under the agreement, the joint venture's name for Hong Kong Treasure Shipping Limited, registered in Hong Kong, as private companies. The joint venture's total investment of about 700 million U.S. dollars. Among them, the registered capital of 800 million U.S. dollars, China Shipping Development of the investment ratio of 51%.。 At the same time, the development will take in the sea and Baosteel to 26 January 2007 and 21 February this year signed a contract of 5 copies of the COA or transferred to the joint venture, a joint venture of the specified single-shipping company.
Ya sea is medicine to the pharmaceutical and intention to reach a joint venture. .
On 8 June, haizheng medicine (600267) and Alpharma API Hong Kong Limited company in Zhejiang Ningbo has signed a letter of intent of the joint venture. The friendly consultations, to jointly invest $ 50 million to establish joint venture company, the registered capital of 2430 million, of which the company land, plant, equipment financed 1191 occupies 49% of the registered capital; Alpharma to physical assets and cash capital contribution 1239 million, accounted for 51% of the registered capital. The joint venture will mainly engaged in the Vancomycin, raw materials production and sales, is tentatively scheduled for 30 years.
Public information, Alpharma registered in Hong Kong, are elegant to the pharmaceutical bulk drugs sector companies, mainly engaged in investment in pharmaceutical products. Ya to (Taizhou) Pharmaceutical Co., Ltd. Alpharma now a wholly owned subsidiary in China, registered capital of 5 million U.S. dollars, the main raw material drug vancomycin production and sales. Said the two sides reached a preliminary joint venture only intention to further negotiate the details are still being. .
(APB).
Xinmao Science and Technology, industrial wind turbine blades. .
Securities times.
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2008 June 10, xinmao science and technology (000836) subsidiary of xinmao Xin wind energy technology co., Ltd and Beijing Jun da energy investment co., Ltd. signed the contract for the sale of a wind vane, marking the company's wind turbine blade manufacturing test from research to industry for the development of significant change.
According to the announcement, Junda has in Inner Mongolia, Hebei and so on signing more than 500 million kilowatts of wind power development projects, the investment of the Inner Mongolia Autonomous Region Fortuna beam Zhuozi County Wind Farm 4. .95 Million kilowatts a project approved by the regional Development and Reform Commission, currently under construction, and strive to put into operation before the end of the year. Xin wind up the company be scheduled for King provided XF24. .0 Type 750KW wind turbine wind turbine blades 20 sets, XF37. .5-Based wind turbine generator 1500KW wind turbine blade 23 sets. Contract is expected to be completed first half of 2009 to fulfill all, when the company will be able to achieve 50.8 million yuan sales revenue, gross margin is expected to not less than 30%In view of the contract subject matter of the ongoing construction of the wind farm development, such as works smoothly, the contract was expected to be part of this year's contribution to the company's performance. The smooth discharge of the contract will be on sale later in the wind power blades to positively promote and contribute to generate better business performance.
Xinmao Science and Technology, said Xin wind company after a year and a half to complete a 750KW leaves R & D, product trial, the wind field test, already has an annual output capacity of 300 sets; 1500KW independent research and development company also in 2008, leaf mold completed by mid-June and plans to end sales. The contract is established, marking Xin Gong Si wind power wind from the blades to achieve the development and testing to the industrialization an important change, Ye that leaves the company Zai product design, manufacturing and mass production and services capacity has among the industry forefront. .
China heavy truck sales are expected to be a smooth transition.
Country, three standards for the full implementation of next month. .
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Country, three standards on July 1 will be fully implemented its China Heavy Duty Truck (000 951), it might be not in the industry estimated that serious. .
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According to reporter learned from China's heavy truck the latest situation of Chinese heavy truck in May has already received orders in July, according to current orders, sales in the first six months accounted for 60% of sales. In ordinary years, this proportion is usually 55%. This means, and compared with normal years, the implementation of country, three standards, the company sold despite the impact of the declining trend, but not very clear, China's heavy truck is expected to achieve a smooth transition. .
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Some analysts had estimated, due to the country after the implementation of the three standards, heavy truck prices will rise substantially in the second half of China's heavy truck sales will decline, the proportion of total annual sales would be less than one-third. .
Guangfa securities Lai Wei Qing said that the third criterion, heavy truck replacement engine costs will rise to $ 2 million, in addition to the price increase, the maintenance is also a big problem, there are a lot of maintenance also does not have the repair capability, and related accessories follow-up also needs a process that many consumers choose to purchase a second ahead of standard cars, improving the company's sales in the first half of the year and the proportion of.
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China National heavy duty truck Group staff, heavy truck and car consumption are significantly different, heavy truck is the means of production, as long as the market needs and requirements will be released, and not because of the price increase as a result of declining consumption.
It is understood that in response to 1 July started the third phase of the national emission standards Sinotruk Tuichu two to three standard engine Guo, a kind of electronically controlled high pressure common rail technology is the engine, the other is the electronically controlled EGR engine. CNHTC staff said, EGR for the last 4 years Sinotruk investment 3. .5 Billion in self-developed patented products, and electronically controlled high pressure common rail technology compared to the lower cost of technology, matching the price of the car engine is only up 1 million. .
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Market analysis, according to the first half of this year re-Katy price situation, vehicle prices increased 4-5%, may not have a major impact on sales. .
Great Wall securities Lu Lei believes that as China National heavy duty truck, China industry leader, its performance and overall demand in the market. In his view, the heavy truck market, driven by the expansion of the scope of the toll, heavy truck in a long-haul freight cost advantage, so this would like to purchase card consumers turn to the purchase of heavy trucks. With the recent provincial highway toll of the simulation run, toll route will be to promote, this will help to ensure that the new requirements of heavy trucks.
Lu Lei also said that economic development in rigid requirements remain, and other highway mileage increased year by year, heavy truck life cycle of 3-5 years will also boost consumption of heavy trucks. He estimated that the next few years, heavy truck industry will maintain annual growth of 8% -15% rate, the Chinese heavy truck the next few years to maintain 15% growth rate should not be difficult, at least not reproduce similar to "high growth in 2004 negative growth in 2005 "kind of scenario. .
Company news.
Sun Paper. .
Investment of $ 3 million trees in Laos.
Sun Paper (002 078) decided to set up the Lao province of Savannakhet "China Sun Paper Co., Laos", "Sun Lao company" primarily engaged in the construction of nursery and demonstration forest, a total investment of 3 million U.S. dollars. .
"The Sun" is now Laos company made Laos Savannakhet Province Government-issued business license, tax registration certificate, the certificate and the approved investment in agriculture and forestry industry approval certificate. Also requires the company to foreign economic and Trade Office in Shandong province apply and for the record, then to the Chinese Embassy in Laos for the record.
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Tianqi shares.
And Nissan signed a 58.26 million contract. .
Trainee reporters to the South.
Days Church shares (002,009) and Japan's Nissan Body Co., Ltd. signed a "mechanical export contracts," by the company for the Nissan body Nissan Kyushu Co., Ltd. to provide assembly line, the total contract amount of yen 9. .0 Billion, equivalent to 58.26 million yuan. .
The project period from the date of the contract until 2009, the final acceptance date of November 2009.
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PermaNet shares.
In the first half forecasted to go up 130% constant state shares (002 237) Notice is expected in the first half net profit rose 100% to 130%. 4951 company net profit a year earlier. .63 Million and earnings per share 0. .74 Yuan. .
The companies indicated that, in the first half of the performance is due to changes in market prices rose significantly in sulfuric acid. As of May 31, the company has an average price of sulphuric acid, about 1270 Yuan/ton (not including tax) in the first half of last year, far higher than the average price 239. sulfuric acid .09 Yuan/ton (not including tax), the company proceeds with products of sulfuric acid. In addition the company majority-owned subsidiaries in the first half of last year, Humon Chemical Co., Ltd all rights reserved power by Weihai loss profit in the first half of this year, but also to company performance growth influence.
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Kehua bio.
Bearing debt absorber consolidated subsidiaries. .
Trainee journalist Yu-Sheng liang.
Kehua Bio (002022) on June 10 decided to wholly owned subsidiary of China Biotechnology Co., Ltd. Shanghai Branch to implement the overall absorption-type merger bearing debt. After completion of the merger, Section Chinese technology companies independent legal status will be canceled. .
Kehua technology company is one of the largest Diagnostics reagent production in vitro immunity, this merger is completed, kehua technology company existing fixed asset, assembly line, manufacturing, and managers all incorporate biological.
The end of 2007, Section 1, the total assets of Chinese technology companies. .29 Billion, net assets of 8839. .47 Million in 2007 operating income of 1. .22 Billion, operating profit 5386. .38 Million, net 4711. .03 Million. .
Kehua bio said that this merger is conducive to the further integration of diagnostic reagents company product resource for companies on the rational distribution of production resources and product lines that enhance the company's overall productivity and in the field of in vitro diagnostic reagents, in favor of manufacturing capacity of adjustments, reduce the management level, and improve management efficiency, reduce management costs.
New and into vitamin A, E significantly raise prices again. .
Rates are $ 80 per cent and 40, analysts believe that there is a certain price in space.
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NHU (002 001) if the market is expected to eventually raise prices again. Corporation today announced, vitamin E, A 40% price increase with immediate effect, respectively, 80%. Analysts believe that the expected product price increases will continue this year, the company will achieve earnings per share 4. .7 To 5 yuan. Last year, the company earnings per share has only 0. .23 Yuan. .
New and today announced that since the company announced on February 21, vitamin E, vitamin A price increases, the market prices have been rising. According to the latest domestic and international market situation and the vitamins business, the company decided to increase from the immediate effect of vitamin e and vitamin A in external quotations.
The price increase, the vitamin E 50% powder feed grade new offer and on February 21 announced the price when compared to an increase of about 40%, vitamin A new offer and on February 21 announced the price when compared to an increase of about 80%. .
"The fact that market prices had increased, the price increases, price and market of vitamins. "Investment securities analyst zhourui analysis, new and vitamin e price increase, will reach $ 224 per kg, the current price on the market for $ 220-230; vitamin A price increase, will reach $ 333 per kg, the market's current price is $ 350.
This is a new and announcing the price increase into the second time this year - 2, 21, announced that vitamin E into a new and more price increases on October 20 last year, about 120%, vitamin A than the price increase on December 4 last year, about 60 %. .
More than just new and into a House announced price increases, on 31 May, Zhejiang pharmaceutical announced that vitamin A series of products, the export price on the basis of the existing uniform prices 50%. At that time, the market is expected to become the new and will soon announce the price increases.
"This price increase is not leading domestic enterprises, foreign enterprises is the first price increase, and transmission over the." Zhou Rui analysis said that after eight years of low long-term trend, the current high concentration of vitamin industry, both domestic vitamin Production companies are the major export overseas, domestic and foreign prices high correlation. .
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Zhou Rui analysis, the vitamin manufacturing enterprises then be able to enjoy price increases to bring the case of profits, not Hui rashly yield, while new entrants are also to be considering opportunity costs because vitamin Xing Ye Yi Cixing 投入 larger, and two years before we have product out to market changes of the time knowing. .
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Analysts expect this price increase will not be the last time this year, due to accumulation of years of concentrated demand for the release of the industry boom of the vitamin will increase. .
[Company] China railway subsidiary winning projects totals $. 50. .92.
June 10 Reuters China Railway (601 390) Notice shows, a subsidiary of China Railway Bureau awarded four two railway projects, the total price of 50. .92 Billion, accounting for the company's two core business revenue last year. .84%. .
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It is understood that the winning project first new railway hub of Nanjing, Nanjing South Railway Station and related engineering field station works NJZQ-1 sections, the price is RMB 24. .26 Billion, duration 668 calendar days, the major projects include the Beijing-Shanghai high-speed Lot of line, the Shanghai-Wuhan-Chengdu Railway Main Line, Nanjing Hangzhou Inter, Ning Intercity, Sian West contact line, the Shanghai-Wuhan-Chengdu high-speed contact line , Nanjing-Hangzhou contact line, moving truck going southbound, Nanjing South Station station. .
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Another project for the new rail hub Dashengguan Nanjing Yangtze River Bridge, Nanjing South Station and Associated Works NJ-3 tenders, the price is RMB 26. .66 Billion for the 42 months period, the tenders in the territory of Nanjing, Jiangsu Province, north ChangJiang Bridge South Approach, New River Bridge south Qinhuai group of Shanghai-side bridge abutment end. .
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[Company] chenming paper H shares price as listed on the Hong Kong dollar next Wednesday 9.
June 10 News Chenming Paper (000 488) Notice show's initial public offering overseas listed foreign shares (H shares) to determine the issue price of 9. .0 HK H shares are expected to be 6 月 18 日 (Wednesday) morning at the Hong Kong Stock Exchange trading. When the company will become the first company with A shares, B shares, H shares traded shares of three companies. .
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Said that this issue H shares in the company's existing shareholders to fully consider the interests of the premise, according to international practice, orders and bookkeeping filing by Lei Ji, reference Tonglei company in the international capital market valuation, and through access to international roadshow capital market conditions and orders, ultimately determine the H share offering price per share of 9. .0 Million (plus 1. .0% Brokerage fee, 0. .004%, SFC transaction levy and 0. .005% Hong Kong Stock Exchange trading fee) for a few days ago the initial offering price range set 9 . .00-11. .80 Low dollar. .
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[Company] TBEA SEO 1 .2 million applications., SFC-approved.
June 10 hearing TBEA (600 089) announced that the company issuing A shares for the 10th were reviewed by committee of the CSRC. .
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TBEA is the first listed company of China transformer industry, the core of China's major equipment manufacturing industry key enterprises, the largest transformer, wire and cable business. The issuance of not more than 1 program. .2 Million shares, raising funds of 19. .46 Billion, and fund-raising to be used to invest in additional transmission and distribution equipment in the field as well as additional working capital in six projects, including finance 2. .72 Billion acquisition of Hengyang Transformer Co., Ltd. TBEA 1. .41 Million shares. .
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Hengyang Transformer Co., Ltd. TBEA last year, operating income of 19. .64 Billion, net profit 1. .77 Billion. 2008 balance change plans realized main business income of 3.0 billion, total profit 2. .4 Billion. .
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Small and medium-sized Board this year two new stock market game.
Securities Times. .
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Wei Hua yesterday Riverside Group and their respective shares have fallen below 20. .31 Yuan / share, and 15. .70 Yuan / Unit issue price, as the first two this year, below the IPO issue price of small boards. Small board-listed shares recently, after the listing of most of them presented in a continuous downward trend of the market are concerned that the recent small panel will appear broken new shares or get wet. .
The star of "securities" and, since January 2008, there were only small and medium-sized Board 44 IPOs, 25 only on the first day of the new shares increase in more than 100%, the total amount of newly listed companies accounted for 57%. One of the 11 companies on the first day of the risen 200%, 4 companies rose more than 300%. The biggest rise in mean long first day up 403. .53 per cent. This situation obviously cold compared to last year, last year the new listing of 100 only small and medium-sized Board stock, the first day of the rose in the 100% following only 17 only.
Small plate of new shares this year, the first day of gains, while lower, but also most of the listing shows the trend of continuous decline. As of now, since the small plate IPO decline in more than 40% of 16, accounting for newly listed companies 36% of the total. Hai Liang in which shares fell more than 60%. And, sea bright shares and southeast Asia from the issue price of shares has been less than the distance of a daily limit. Only five small plates of newly listed companies to maintain slightly higher levels at which diving medical, iFLYTEK, UOB shares also holds 12% -20% gain. .
Some analysts believe that the issue of pricing too high is a new unit prices continued to fall after listing. Data show that last year's total of small and medium-sized Board 15 only IPO price at more than 15 Yuan/unit, and this year the issuing price of shares in 15 Yuan/more new shares have been 11, binjiang group, Wei Hua Co., Nanyang shares are in more than 15 Yuan/unit. Previous studies of Changjiang securities, said the Group's offering price along with the industry average PE level compared to the relatively high, already reflect the company's valuation premium.
Meanwhile, the results below expectations also affect the price of new shares lower. Wei Hua shares this year's net profit for the 1654 quarter. .82 Million, down 2 from a year earlier. .12% In the enlarged share capital, the company earnings per share is 0 from the same period last year. .18 Yuan fell to 0 after the release. .05 Yuan. Nanyang shares due to higher raw material prices, resulting in gross margin was gradually to low. .
Index skip empty tumbled new shares or differentiation.
Century Securities million Wen Yu. .
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Adversely affected by the recent news of multiple effects of the first trading day after the holiday fell A shares market, the market appears Tiaokongdikai the main index, present-day unilateral downward trend. In this context, the KLCI yesterday Tiaokongdikai 3 small plates. .6%, And the opening point and become the highest point and the date of the index since the index plate all the way down to a maximum drop of 8. .77%, When the index closed down by 8. .38% For the index since the creation of the second-largest single-day drop. Transactions, yesterday's turnover increased by 8% from last week 5. .
The index has plummeted yesterday, in the case of small and medium-sized Board 246 companies have received Red 9 companies and deep 700 companies in only 14 companies, small and medium-sized Board received Red result company relatively more. From corporate gainers, deep city has a total of 3 companies closing daily limit, including small and medium-sized Board listing only the 3-day # 1, beihua shares a strong feature of the obvious, the same day unit exchange rate as high as $ .91% 56., the former three transactions daily exchange rate 178. .5 percent. 6. . In addition, the small plate that day there Zhiguang electrical, Yanhua Smartech two companies more than 6%, of which nearly three days Yanhua Smartech cumulative increase to 24. .03%. From the industry perspective, there is no common species up yesterday contrarian; performance, there are also blue-chip companies are loss making companies. .
The decrease in the standings, a total of 157 homes has fallen, the ratio of up to 64%, the share of large and medium-sized banzongzhi into making an average of some 8. .56%, according to statistics, yesterday there were small and medium-sized plate 33 companies stock price record low, which concern is 5/29/listing of Riverside group, unit yesterday in a minimum of $ 19. .53 prices far below $ 20. .31 the issue price, the company has also become the first year, small and medium-sized Board only break new shares.
With the rapid index fell by a small plate to-earnings ratio is about 40 times last week dropped to around 36 times the level, taking into account the overall performance of this small plate will remain higher than the growth of the Main Board, medium and small plates in the overall valuation relatively reasonable in the region. However, short-term technical perspective, yesterday's market sell into corrections heavy volume, technical face the market still has not been fully fixed short release does not appear in the index case of effective signs of stabilization, the proposed operational market still avoid systemic risk main. .
[Company] new and substantial: upward price again.
June 10 hearing on the market and vitamins A, E prices have continued to improve, new and cost (002,001) decided to raise immediate effect, the two leading products for external offer, which is the company announced on February 21 this year, VE, VA price increase again after a substantial price increase. .
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The price increase, the vitamin E 50% powder feed grade new offer and February 21, 2008 notice, the price increased by about 40% compared to vitamin A new offer and February 21, 2008 when notice compared with the price increase of about 80%. .
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NHU is the largest vitamin E, vitamin A manufacturing base, is the world's largest ethoxyformyl fork manufacturers. Benefit from vitamin products in short supply driven price increases, significantly improved gross margins this year, a quarter of gross margin from 12 a year earlier. .3%, A significant jump to 52. .9%, Results into the rapid growth period, this price increase will further thickening performance of the company, achieving significant growth for the full year basis. .
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[Company] huayang technology denies Potencial group takeover rumors of the company.
June 10 hearing of the recent release of a web blog Zibo Mining Group Huayang Technology Takeover rumors, Huayang Technology (600532) to clarify the announcement released this evening said the company had not received any offer Zibo Mining Group acquired the relevant information. .
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The company's contact with the controlling shareholder of Hua Yang Group, confirmed that ended June 10 Huayang Group Zibo Mining Group is not with any form of cooperation, including restructuring, including contacts, Zibo Mining Group has not received any tender offer such notifications. At present all the normal production and management company, the board does not exist without the disclosure of information should be disclosed. .
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[Companies] Asia Po medicine is expected to increase over the medium-term results of 50%. .
June 10 rising Asia Bao pharmaceutical (600351) publish notices, it is expected that the company's results for the 2008 interim realized net profit will increase by more than 50%, compared with net profit of $ .50 for 1891.. Specific financial data will be in the company's interim report 2008 in the detailed disclosure.
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[Shares] Backgammon Online 8117 to freeze funds. 0 .5 million, the allocation rate. .09%. .
June 10 rising step by step (002251) released the first online purchase and success rate announcement. Notice that the success rate of only 0. .08996 percent over-subscription to 1112 times.
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The company issued this online pricing valid households subscribing to an effective purchase 348757 households, number of 31,125,439,500 unit. According to the issue price of $ 26. .08/share, online for the freezing of funds of 8117. .5 billion, access the following the freezing of funds, a total of 587 billion total freeze 8704. .5 billion.
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Bubugao commercial chain co., Ltd. This release 3,500 million shares, of which, net of placing a quantity of 700 million shares, representing the number of this release by 20%; online pricing release 2,800 million shares, representing this release 80% of the total.
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[Shares] online purchase of Ocean Electric unveiled a total of 51 200 signed numbers. .
June 10, rising oceans motor (002249) today held in Shenzhen shakes the pricing issue online, by check, generate, 51200. Where the participation in the online purchase company stock held by investors, mantissa and purchasing with following number the same; otherwise, check numbers, each number can only buy 500 shares.
Specific ballot numbers are as follows:. .
At the end of the "3": 057.
The end of "4" digit: 2202; 7202. .
At the end of the "5" digits: 69242 19242 05182.
The end of "6" digits: 695 495; 195 495. .
At the end of the "7": 8986422.
The end of "8" digit: 14055992; 31728687. .
Ocean issued this online pricing motor A unit 2560 million shares, representing this release 80% of the total, the success rate is 0. .1232%, according to its issue price 25. $ .60/share, net to the freezing of funds, the amount of $ .75 5318...
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[IPO] Lianhe chemical technology announced online purchase in the check number total 51680.
June 10 Union of Telecommunications Technology (002,250) held in Shenzhen today, the Internet pricing issue Yaohao draw, and a total number 51 680 in the ballot. Who participate in online purchase company stock holdings in the purchase, with numbers ending with the following numbers the same, compared with the ballot number, each number can only subscribe for 500 shares of the Company. .
Specific check-in numbers are as follows:.
At the end of the "three" digits: 482. .
At the end of the "four" digits: 4862.
The end of the "five" digits: 47429 724,299,742,922,429. .
At the end of the "six" digits: 163818 288818 413818 538818 663818.
788818 913 818 038 818. .
At the end of the "seven" digits: 2754962 4004962 5254962 6504962 7754962.
90049621504962 02549625619033. .
At the end of the "eight" digits: 15119664.
Alliance of Technology this number through the online pricing for the 2584 shares issued, the success rate for 0. .1149%, According to their issue price of 10. .52 Per / unit basis, the online content of 236.6 billion yuan frozen funds. .
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[Roadshow] Wisesoft: market share topped the country for five consecutive years. .
June 10 Aug-great outsmart (002253) held this morning in IPO road show, the company mainly Internet executives through network shares on this matter and investors. Company Vice President Chih-Yu Shen expressed, amongst the Roadshow outsmart the Sichuan China air and ground traffic management with independent intellectual property rights to the software and the major equipment suppliers, the last five years, the company (ATC) major software and equipment market share ranks the first domestic enterprise.
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Swim Chi-sheng in Roadshow speech, Sichuan great Zhisheng was established in 2000, is China's air and ground traffic management with independent intellectual property rights to the software and the major equipment suppliers. In the high-end technology-intensive fields of air traffic management, the company independently developed large-scale real-time software, system integration, the formation of the ATC automation systems and air traffic control simulation and training systems of the two series of major technology and equipment, and gradually replace similar imported equipment. The company has been the product of a national science and technology progress award, two national science and technology progress second prize. The last five years, the company (ATC) major software and equipment market share ranks the first domestic enterprise.
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In addition, Sichuan great Outsmart are progressively ATC areas of advanced concepts and technologies applied to ground vastitude intelligent traffic management field, first of all vehicles in high speed automatic recognition of the important progress achieved, the core technology of "high speed vehicle license plate recognition system," the leading position in the country, the Ministry of science and technology progress second prize, based on the technical development of the automatic vehicle identification system products have been applied to Beijing, Shanghai, Shenzhen, Zhuhai, etc more than 10 cities of intelligent traffic management and monitoring.
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Company after years of exploration and practice, and gradually established a research university-based, innovative enterprise-oriented, market-oriented "," the combination of technology and innovative enterprise system. In this system, the company actively promote based on innovation and technology of new product development, application and industrialization, and the air traffic control automation systems, multi-channel digital recorder, ATC radar Simulator, program control Simulator and Tower visual simulation machine empty pipe major software and equipment. . .
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Raise funds to invest in air traffic control automation system project, the Tower Simulator project visual recognition systems and intelligent vehicle items. . The funds raised in the application of IT will enhance the company's development, testing, Sheng Chan ATC automation system's capabilities, a rich visual scene simulation machine tower Chan Pinxian, further development of the Zhongxinshuju modular processing Dan Yuan and Kuo Tai Embedded Vehicle Identification production Guimo The company's R & D capabilities and technological content of products and quality will be further enhanced, which can expand the company's products, market share, improve product's competitiveness, strengthen its ground in the air traffic management and intelligent transportation industry leading position. .
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Civil Aviation of China has become the world's second largest country, look to the future, China has become strong desire of air technology will become more intense. Wisesoft in the air and ground traffic management continue to develop high-end technology, so the Chinese use the equipment developed in China to manage their own sky and ground. (/ Thunder). .
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[Company] days odd shares: 58.26 million yuan machinery export contracts signed. .
June 10 rising Tianqi shares (002009) evening issued a public notice, the company recently and the Japanese Nissan vehicle co., Ltd. signed a machinery export contract, contract total amount for the yen 90880 million, amounting to $ 5826.
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According to the contract, Tianqi shares for Nissan vehicle co., Ltd. provides Nissan Jiuzhou Assembly production line, project construction period from the date of the contract until 2009, the final acceptance date of November 2009.
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It is understood that this is the Tianqi shares and Nissan car body group first machinery exports. Nissan car co., Ltd. was founded in 1949, the company registered capital is RMB, Yen 790,400 in 1951 joined Nissan Automobile Group, specializes in automotive research and development and manufacturing.
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[Show] Shanghai Raas: technology leading three measures to expand the production volume of pulp.
June 10 hearing on the RAAS (002 252), held this afternoon in the Internet IPO road show, company executives and representatives of the sponsor institutions and investors through the network related problems in this IPO was discussed. Hui said the company's vice president of deposition, the RAAS in the production technology in a leading position in China, the company chairman Zhengyue Wen said that at present the company has taken three measures to ensure that this investment project is put into IPO raise the amount required for plasma supply. .
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Deposition Huijie Shao said the company is currently a small number of components extracted from the plasma Ⅰ, cold glue, component Ⅱ + Ⅲ, component Ⅲ, component Ⅳ 1 +4, the six components of plasma components Ⅴ manufacturers of blood products, plasma synthesis higher utilization. Plasma separation with the company improved his charm France, the whole production process by the computer automatically monitor, products with two-step Bu Tong De Youxiao virus inactivation Cuoshi, closed pipe of the process used to ensure that production of repeatability, to avoid the Ren Wei Yinsuyinqi errors, but also to avoid cross-contamination. Advanced production techniques, purified and inactivated virus technology to make our products high quality and safety in the same industry leading level.。 General national blood products companies often only at the production of 1-2 plasma products, the human serum albumin.
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The company another Vice President Hu-soldiers added that long-term safety record; more advanced security awareness and technical level of the company and domestic counterparts over maximum advantage. Company production of human serum albumin is a two step process papanicolaou inactivated, coagulation factor products are the first to use virus inactivated including the use of 2-step virus inactivation process. Detection of plasma, product testing and intermediate control, State of the existing requirements.
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Because of this equity investment project of human serum albumin and blood clotting factor products, production line extension, the required amount has increased substantially in plasma, company chairman Cheng Yue-man said that the three measures have been taken to ensure the supply of mining and pulp. One is the increasing offer nutritional benefits of pulp; second, to expand the offering size of team efforts, and increase the shuttle for slurry point MBO, team motivation. . .
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Faced with the current industry trend of increased competition, the sponsor on behalf of Huatai Securities Deng Jianyong that Shanghai RAAS will increase the yield of plasma separation; strengthen brand building; actively explore the international market; to enhance new product development in four areas to deal with. Dengjian Yong also said the company's products are mainly raw materials and supplies of plasma. Supplies price volatility is not the last three years, the company purchasing the plasma of people were these payments since September 2007, from 90 yuan to 150 yuan per ton increase in plasma procurement costs about 100,000 yuan. As the price has remained high, estimated in 2008 the average selling price was higher than in 2007, so the rise in procurement costs on the company's performance was hardly affected. (/ Lei Chen). .
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[Roadshow] Wisesoft earthquake unscathed use advantages to help disaster relief. .
June 10 Aug-great outsmart (002253) held this afternoon at the IPO, the company mainly online Roadshow executives through network shares on this matter and investors. Company Vice President Chih-Yu Shen expressed, amongst the Roadshow outsmart the Sichuan Wenchuan earthquake is not affected by losses, but also to actively use its ATC system advantages to disaster relief.
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There are investors asked companies in 5. .12 earthquake affected, swim Chi-Sheng said 5. .12 earthquake, the company's personnel, plant and equipment are not affected by the loss.
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Swim Chi-Sheng further stated that on the night from 5. .12 corporate management and key technical personnel are critical inputs a guarantee civil-military air traffic control system to work, ensure that relief air battles. After a major earthquake, the introduction of the civil aviation shuangliu airport air traffic control system damage does not work, the airport was closed and reopened later, because you cannot see from the automation system, radar target is very thin, aircraft interval seriously affected the air transport of disaster relief. . Military aircraft in the construction of the Chengdu Military Region, the company respect the Air Force air traffic control automation system is not subject to any impact the earthquake has been overloaded to maintain high efficiency operation to ensure that every day hundreds of dozens of military aircraft flying military helicopters for disaster relief, the company returned to the Chengdu, the Chengdu Military Region Command and the four military airport near the emergency construction of the emergency air traffic control automation system or emergency command seat, the Air Force by the head of disaster relief command high praise. .
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Zhi-Sheng also a special presentation on the company's competitive advantage, he pointed out that with domestic peers's advantages are: (1) core technology strengths: R & D production CDZS Series Air Control System (ATC automation system) by 2005, annual national science and technology first prize, the core technology advantages of national identity. .
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(2) market share advantage: "15" since the company's air traffic control automation systems and related products in China by sales contract 4. .5 Billion, ranking the first domestic enterprise. .
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(3) the size advantage: more than 400 employees, R & D base 1. .6 Million square meters, of which more than 70% in ATC. The company's air traffic control and base-scale R & D team with the industry leader in the domestic. .
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(4) the institutional advantages: The company is a standardized joint-stock enterprises, other major competitors for the state-owned research institutions. Companies can quickly realize the business operation, technology, and products of industrialization. .
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At the same time relative to foreign competitors, in addition to the national policy of domestic support, pricing and service companies also has obvious advantages. (/ Thunder). .
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[Units] days a resumption of play & coaster stock exchange rate up to 66%.
June 10 sector reform resumption of the hearing today, Tianyi Science and Technology (000908) share price as "roller coaster", turnover is as high as 66%. .
Tianyi tech 24 August last year suspension for stock, stock prices up to more than $ 31, during the stock market crash in history. Today's day and technology open 9. .5, rights in more than 60%, up to 8 minimum. .7 element. But then one day began spiraling stock of science and technology, the most high to $ 17. .5, compared to the lowest going twice.
Tianyi Science and Technology stock prices gradually lower the afternoon, the last reported closing 11. .4 Yuan, the highest price decline compared to 35%. Tianyi Science and Technology Today, turnover is as high as 66. .19%, Complex power turnover also reached 52. .54%. (/ Cao Yu). .
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Stock analysts Dashiyanpan (part of this statement: In the context of which I know, I own property on the agencies and interested parties with my assessment that the securities not interested.). .
Bank stocks fall out investment opportunities.
Golden State Securities Li Weiqi. .
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Abstract. .
Not exaggerating the reserve ratio by the Bank on the market. Tightening of monetary policy, price, quantity and cost of credit and Bank Fundamentals; and currently held rate in terms of "price" or "volume" on the listed banks has no practical effect.
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Central Bank decided on 7 June once again rise 1% of the deposit, 10 day bank stocks a full range of 7% or more, we think that this decline is overshooting. This year's Bank share investment strategy should be at a reasonable valuation range trading opportunities, most of the listed Bank valuation level of only 13 x 10 x 2008PE and 2009PE, Bank stock investment opportunities fall out again.
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The number of loans due to the "control" and "quantity" has no practical effect. Theoretically, held aims to reduce the loan-deposit ratio, thus reducing the money multiplier or reduce commercial bank money creation capabilities. But since 2008 the Central Bank on the Bank's monetary credit for quantitative control, held on commercial lending ability has no effect. As from the fourth quarter of 2007, the Bank requires all commercial banks in US dollars to pay the deposit rates, banks held aimed to hedge the US dollar hot money into lower RMB invested.
Raising the deposit reserve ratio is expected to lower interest rates. Now, interest rate hike in particular is extremely asymmetric error control means, because dollar interest rates will increase hot money arbitrage space. The central bank to tighten monetary policy, the current control object should not be a commercial bank, the mainland should not be a real economy, the dollar should be hot money. Interest rates can only hurt the banking system and real economy, and let the hot money play off. We believe that the central bank will take full account of this. Objective analysis of the commercial banks because of "price" is expected to reduce the negative effects. .
On the cost of credit. The rise in the cost of credit depends on this round of judging the economic cycle. It seems at present is not confirmed and falsification. Because of this uncertainty and therefore market on the Bank's investment is not high.
Our current investment strategy of care shifted from the original positive. The following reasons:. .
Our forecast for the Central Bank's control means primarily held, such a regulation by means of the negative impact of the commercial banks. Although we cannot conclude that the interest rate, etc., control means will not be published, but judging from the logic, the interest rate expectations.
The short term, CPI continues to rise in pressure drop. May's CPI forecast at 7. .6% Or so. This gives Bank of stock trading opportunities provided a good environment. .
We expect that the Bank's interim results still maintain a high growth, it will be a short period of performance of the Bank's shares..
Charts low undertake enhanced. .
Beijing capital stock.
By raising the deposit reserve ratio and the impact of the surrounding market crash, the two cities Tuesday inertia significantly Tiaokongdikai and deep sites were significantly down trend, the market has also emerged across the board drop in the bad situation in general, only 25 stocks rose , contrarian stocks daily limit is only a mere five. But the turnover was significantly enlarged, indicating low to undertake has been improved, which plummeted after the rebound is more beneficial, in other words, inversion is difficult to set up the island, has two cities are likely to Tandi recovery trend. .
In SSE to public information, price, price limits for price or value of the deviation from the closing of 7% of the securities industry, with jinyi road, Wai Gao Qiao and linuo Sun, which only has a Jin Yi industrial establishments dedicated to buy seats seats in the second place, only $ 580 million, while five are purchased and sold at bit level are basically million turnover of funds, that is basically a tentative state intervention. But this is only the recent Gao Qiao dominant varieties although turnover reached 2. .39 billion to buy seats in the largest turnover only 314 million, to sell seats only million level. . A price daily price limit of 15% of the amplitude of the price of securities for the first three Intime shares, Shanxi Coking and Chong Hing home, of which only have an institution dedicated Yintai share of seats in selling first volume of transactions up to 8.59 million yuan, and the other seats rather than the taste of some stand out, showing that institutional money is still spare no effort to choose the lighten up. .
In deep, open information, date or deviation value reached 7% of the units have old wine, Guangzhou cooler and ST Koyo, which is an institution dedicated seats in buying and selling at the bit. Rather, amplitude reaches 15% of the securities has shenguoshang and alcoholic wine, of which only alcoholic wine has an organization dedicated to sell seats to appear in the presence of a second, but less than $ 4 million contract, the characteristics of belonging to the stragglers.
Jin 100 000 000 Industrial (601 002): an organization dedicated to buy seats in the second seat, closing just over 580 million, while the five buying, selling seats are basically one million of turnover. Although the contrarian stock rose, but when on average the pressure is still very heavy, up space is limited, short-term should wait and see. .
Tianyi Tech (000908): company Tuesday suspended over the past 10 months after the last unit into the lead on resumption, the amplitude of the two cities up to 27. .96 per cent, and in the drop down of more than 100 per cent. The four agencies specialized in selling seats, total turnover was $ 1.7% of the total turnover of 23%, compared with the purchase contract is million dollar level. We believe that the main body of the unit in delivery apace, while idle once again became the next disk, later trend worrisome.
Restricted Shares lifting the ban. .
11 June and Shanghai stock market CSG group, A total of two listed companies to sell restricted stock at the end. A dark City Board company, a home for the Shanghai company.
CSG A (000012): restricted sale of Restricted Shares held by the end of the shareholders are two, that the new Industrial Development and Industry (Shenzhen) Co., Ltd., Yee Wan Industrial Development (Shenzhen) Co., Ltd., were the third largest shareholder, the fourth largest shareholder in the proportion of the total share capital, respectively 6. .40%, 5. .72%. Yi Wan Industrial Development (Shenzhen) Co., Ltd. and the new Industrial Development and Industry (Shenzhen) Co., Ltd. are listed on the Hong Kong Stock Exchange main board of the Shenzhen International Holdings Limited (Shenzhen International Holdings Limited), a wholly owned subsidiary.. .10 per cent of the total capital ratio is 4. .27 percent. Perhaps a larger cash in pressure.
Chengshang Group (600 828): limit of Restricted Shares held by selling shareholders of the end of a, namely Shenzhen Maoye Building Company Limited, the largest shareholder of the total capital ratio of 69. .23%, For other legal entity, has not reached the level of absolute holding after thawing is not limited to selling behavior has occurred, the new thaw in the number of shares held before the circulation of A shares account for thawing the ratio of 14. .14% Of the total capital ratio of 5%. Cash pressure generally. .
(Southwest securities zhanggang).
How in the gold futures market arbitrage. .
Jinrui futures-strong heart.
Its low-risk arbitrage profit model has attracted many investors, in order to avoid arbitrage by the maximum possible risk and improve profit opportunities, we have the actual gold futures arbitrage operations need to master some basic points. .
Discover and assess opportunities for arbitrage.
From the view of the world's futures markets, gold futures price range compared to other varieties of small, according to statistics, the average volatility of gold less than 1 day. .7%, Which makes the gold futures market, arbitrage opportunities are not too many; with China's gold futures market is just starting, lack of market liquidity, in addition to other contracts traded outside the main contract small compared to other varieties of arbitrage opportunities difficult to grasp, which requires investors to assess arbitrage opportunities, then develop the appropriate arbitrage strategy. .
In assessing the profit opportunities, qixiantao arbitrage cost is the focus of our considerations, only the price difference is greater than the period of arbitrage costs can only be conducted when the arbitrage operations. Specifically, consider the sale of gold, fees, freight charges, insurance premiums and a library, traded in the futures market, gold futures transaction fees, storage fees, delivery charges and storage fees, etc; in addition, the full amount of the opportunity cost of products and the extension of arbitrage transaction varieties of deferred costs need to be treated differently. In the cross-stage arbitrage, arbitrage to focus attention on all contracts between the spread of abnormal movements, once a contract between two spreads too large or too small, it may mean that there is a cross between the period of arbitrage opportunities.
Must adhere to the same time carry out. .
For arbitrage, must adhere to the principle of simultaneous access, which is open at the same time as the buy-sell, close to both buy and sell. Arbitrage in the warehouse to buy and sell at the same time, but in preparation for some of the exit, the arbitrageur self-righteous, satisfaction of knowing that deal and continue to hold the loss of another transaction, he hoped that the market can appear reversed. In this way, the arbitrage becomes completely unilateral speculation, have lost the original intention of arbitrage, risk is a natural expansion.
Some traders also exist in the positions in case of loss, as unyielding childhood, the positions held by its reverse position is opened by "carry" to protect the loss of a single disk transaction has been, hopes to make up after the construction of positions may part of the original position loss. Although these investors, while in fact the last open, but Jiancang different times, and not formed arbitrage, and later established positions have been lost not only play an expanded role, while the previous loss positions already exist, using anti- Jiancang too late to remedy, than throw in the towel out of the market. .
Capital management is particularly important.
Is arbitrage in the period, when the futures position opposite direction of price fluctuations, it may lead to futures margin call, if additional time will not be forced open, causing failure of the carry trade; in intertemporal arbitrage, if encountered abnormal changes in the market, the spread of the adverse change will enable investors to more serious problems of inadequate margin. Note that, gold futures with delivery months near the margin percentage will be progressively increased up to 40%, much higher than other deposit mobilization rate futures contracts. Therefore, in the gold futures market arbitrage funds also need to focus on the management, control better their positions. .
In arbitrage transactions, you must also take note of the futures contract of liquidity problem, you must select the main qixiantao Lee as the hedging contracts; duration longer intertemporal arbitrage operations, a party need to select the main contract, one party should, as far as possible, choose a distance delivery month of the contract. In short, risk arbitrage transactions although smaller, but changes in the futures market is infinite, the practice is still a need to face various risks. The arbitrageur should own trading strategy carefully design, validation, thereby increasing the availability of low risk and revenue opportunities. （三） 。.
Institutions to the coal industry is still overweight rating. .
Shandong, Shanxi coal electricity price may not necessarily follow.
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Securities Times reporter, Pizzo di.
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Shandong provincial government, issued on 2 June, in the next 3 months, with power coal supply task province coal monthly total additional 256 million tons electric powered by coal, coal prices in June on the basis of $ 10 per ton reduced. More recently the Shaanxi Provincial Government require power coal does not increase the price.
By the provinces to implement the temporary intervention in the coal price impact of market fear that other provinces will take the policy limit, and then worried that the central government price controls, coal stocks last week, there has been a general fall in the market believe that the message has yet to fully digest this week . .
Assessment for the event on the effect of stock-related industry, a joint securities, huatai securities, CICC, comments on the figures. It is the other provinces to follow the trend of actions, securities between forecast slightly differences, but the three institutions consider that the limit on basic earnings forecast of listed companies has no effect. CICC analyst young dyeing is also of the view that the market gradually digesting Shandong electric coal market after the intervention of the message, the corresponding lower valuation of the coal company, on the contrary provide investors with the opportunity of the intervention.
Agencies to look first transferred to Shanxi. United Securities Roles in that Shandong and Shanxi Coal transferred and transferred out as representatives of provinces, their own interests may make two different local attitudes on the current situation and countermeasures opposite. "Shandong electricity and coal supply situation ahead of the arrival and the increasingly dire situation, is the provincial government introduced the policy limit amount, and fundamental cause." Hai-Bo Sun, said in May coal power plant in Shandong Commission stressed the common stock is only maintained at 3.02 million tons to 330 million tons, of which nine power plants less than 7 days coal stock warning level.。 "But for coal output and Shanxi province Sinotrans, it is difficult to find local Government to take the price policy. "Sun haipo inference in absence for extreme conditions, will not be introduced in Shanxi province Sinotrans coal price policy, may adopt a policy to promote increased production, but the railway capacity bottlenecks will restrict effective supply; whereas the coal into province just passed through increased production and control enterprise price part within the province to resolve their own problems and do not have the ability to influence the price of coal.
CICC HAN Yong Ren Wei, temporary price intervention measures in coal prices is difficult to reverse the Shangshengqushi, one hand terminal sales price not adjusted, the downstream industry of electricity and coal demand will not change; the other hand, because the total number of coal Chanliang is determined, the Government stressed that coal supply will be less bound to the spot market coal supply, which may lead to the contrary, the spot prices of coal. .
Huatai securities that limit are temporary, will not be long, coal price market after many years of suffering, just let go and then control equal to the Government to reject its own previous decisions; and the only power coal, coking coal, coal, coal due to the use of differentiation does not sell, give to the coal industry "holdings" rating.
The industry and investment opportunities in individual stocks, joint stock that the current coal price institutions as a result 了 companies coal price substantially Diyu Hetong current market price Niuqu, medium and long term, the company Meitan price Cun Zai Zhe Lei power and Keneng up with investment value, such as China Shenhua is worth focusing on. Huatai Securities that tight supply and transport may lead to double coking coal prices rise again, recommended Xishan Coal and Electricity, Pingdingshan Cheonan, Kailuan shares, coal gasification. .
New: high oil prices is expected to lift the waves again.
Moderator Luo Feng. .
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Investment Highlights:. .
Tuesday market fell there are many factors, one of which is the International crude oil futures price. High oil prices, the pain might rekindle new energy plate do much enthusiasm.
Substantive involvement of new energy development and industrial scale of the listed companies, will bring a better profit opportunities. Contact with a number of stages in the experimental stage and new energy stocks, it is recommended caution as well. .
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The looming shadow of high oil prices.
Moderator: Tuesday market Pudie, the new section also exemplifies the exceptional energy, compared to the plate a bit defensive, the main reason? . .
Guosheng securities Cheng rongqing: Tuesday market slump, the city has more than 1000 individual stock limit, Prev close left a 100 point gap down. The market's plunge makes plate highlights common bleak, new energy concept is one of the few bright spots, plate linuo Sun day tide, Datong coal weipan floating red, some new energy plate stocks decline, the overall performance is better than other plate unit.
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The context of high oil prices, countries around the world on new energy is becoming more and more emphasis on looking for new sources of energy and invest a lot of alternatives. This is also true in our country, which inevitably led to some new energy concept of the listed companies attracted important development opportunities, thereby enhancing the value of these listed companies are expected to make new energy stocks in the secondary market have repeatedly sought funds. And from behind city come to see, whether it is the subject of speculation, or from the concept of substantial support, has become a strong objective conditions.
Xu Chuan-Jin and Yuan Securities Leopard: The market crash, one of the reasons is the international crude oil futures prices rose sharply. As the dollar lower, and the threat of supply of crude oil and other reasons, New York crude oil futures prices in the June 6 session up 10. .75 U.S. dollars, up 139. .12 USD / barrel. .
With the renewable energy and long-term development planning on publishing, vigorously develop new energy and renewable energy has become the highlight of the national industrial policy. In the current and future period, speeding up the hydropower, solar energy, wind energy, biomass power generation, biogas exploitation has become the consensus. Our country has a wealth of new and renewable energy resources, but the present energy consumption in China, coal in occupies 2/3 of the above, the new energy and renewable energy ratio of only 7%. According to the planning of target by 2020, China's primary energy consumption, the proportion of renewable energy will be the current 7% to 16%. . Source of global energy consumption in the proportion of 30%. Clearly, industrial policy promotion, in the context of alternative energy, energy companies will usher in significant new opportunities for development, its growth potential can not be underestimated. .
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The new plates have continued to hype the potential energy. .
Moderator: recently, in the present market conditions, the new energy plate there is likely to play a strong? how do you see the plate opportunity?.
Xu Chuan-Jin and Yuan Securities Leopard: According to the "planning", renewable energy, the fastest growing wind power, solar power, biomass power generation, while the technology is more mature, and lower cost are hydropower, wind power, biomass power generation . At present, the green energy industry in the world, driven by solar energy, solar industry developed rapidly, China has become the world after Japan and Germany the 3rd largest producer of photovoltaic products. Crystalline silicon photovoltaic power generation is the main raw material, silicon solar panels expected to account for 40% of the total cost. As the photovoltaic industry, heating, huge demand on the crystal silicon caused the price is climbing, related companies will benefit. .
Secondly, the wind turbine in short supply. Wind power development in China is estimated at the beginning of the next three years the demand for a wind turbine will continue to be high growth, it is expected that the 2008 ~ 2010 respectively can achieve 361 million kilowatts, 505 million kilowatts and 657 million kilowatts, an increase of 50%, respectively, 40% and 30% three-year compound growth rate of 40%. According to the projections for the next few years in Asia and the Americas will become the greatest growth potential in the region. China wind power installed capacity will be achieved in each of the 30% growth. Our country lacks oil less electricity and oil prices soaring reality, making the price change. . However, some stages in the experimental stage and exposure to so-called new energy stocks, recommended investors cautious as well. .
Guosheng securities Cheng rongqing: Goldman Sachs company recently published forecasts, oil prices over the next two years could be as high as $ 150 per barrel to $ 200. In particular a person like my energy reserves only the world average of 1/7, with a per capita oil reserves is only 1/10 of the world's countries, exploiting new sources of energy has become particularly important. At present, many companies turn to increase investment in research and development of new energy and production. Due to the energy shortage makes it difficult to be fundamental in the short term, therefore, relieves of new energy plate has continued speculation of potential. . .
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Focus on which individual stocks. .
Moderator: so which stocks concern?.
Xu Chuan-Jin and Yuan Securities Leopard: be concerned about the pass Wei Chuan vote shares and energy. Gateway shares through the company in February of this year 1. .91 Billion acquisition of a 50% stake Yongxiang, Yongxiang, a wholly owned subsidiary - Yongxiang Polysilicon Corporation 1000 tons of polycrystalline silicon production project in June this year. Sichuan Investment and energy acquisition in January of this year Xinguang 38. .9% Stake. Xinguang construction of 1260 tons / year polysilicon project is China's largest polysilicon production projects over the year-round production, close to or meet the design production capacity of 1260 tons. .
Guosheng securities range of methods: as a new energy future is the key concept of plate, so it is worth attention mainly market imagination of larger units. Like the little Swan, Weiyuan biochemical, linuo Sun, tianwei Paul constant, Fengyuan biochemical and ltw shares adjustment in place, are concerned.
Daily Market Comment. .
Yesterday he bashed A more empty, stock market index closing are reaching a new low for the year was more than 7%, and since the record 6124 point adjustment of maximum one-day decline. Shanghai composite index close fell 3100 points pass days left on the K line graphs about 98 points jumping gaps and the "4 · 24" Fawan jumped the gap. A unit of universal and two cities together only 25 units only, of which 5 hongpan closing only non-S, ST unit closing limit up to a total of about 990 for only the stock closing price reached 10%. Total turnover in the two cities, 919 million compared to the previous trading day zoom in close to 4%.
Industry, the smallest decline of extractive industries, metal products, nonferrous metals, and real estate industries index fell more than 13 9%. (As of). .
Institutional point of view.
Short-term market is difficult to restore confidence. .
Shenyin wanguo Securities Institute: we believe that there are still short of stock index continues to adjust pressure on early lows 2990 points at stake, it may be a new low, after weak rebound, then entered the decrement finishing status. Market confidence might also need to do a short time, of course, have to pay attention to the current policy developments. In late April Shanghai composite index close to 3000 points policies appropriate continuous introduction of measures to stabilize the market caused the market bounces. Now close this bit, short-term do empty energy may be disposed of into the convergence and brewing rebound opportunities.
Reserve ratio increase, affecting short-term liquidity. Within 1 month of twice a raise deposit reserve ratio, the more rare, although the magnitude of the two add up only 1 percentage point, generally estimated to affect about 400 billion yuan of liquidity. In fact, reserve ratio increases in 2006 and 2007 stock market upturn, it does not affect the operation of market trends, but the adjustment pattern, it is clear the pressure. In the fall, the value of investments tested, very fragile market confidence. Dynamic price-earnings ratio below 20 times the number of species have joined the ranks of limit down, markets panic complex.。.
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Policy backlash or reproduction.
Guotai Junan Securities Research Institute: monetary tightening is most detrimental to the financial and property sectors, and will restrain the economy's aggregate demand, thus lowering the overall level of profitability of listed companies. Meanwhile, the monetary tightening will face further funds on the stock market caused by extrusion, to improve the overall market risk-free interest rate, lower broader market valuation. We believe that the situation of monetary tightening at least until the end of 2008, not only in the valuation of listed companies both profits and the stock market constitutes a blow to the psychological level, constitute the entire stock market has a large negative pressure. Continuing to leave the current funding is expected in the short term the economy can not rebound.。.
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Cool look at the release of negative density. .
Haitong Securities Institute: intensive bad under the pressure of large plate baodie closed the gap "stamp". However, a pessimist mood we need to calm them bad factors of a dense released. The first is the main factor in oil prices, oil prices will undoubtedly become the focus of the recent global attention, States have to beg and actively take a variety of self-help measures to address the issue of high oil prices, oil prices on the detachment in the context of their real needs in orbit deviates from the core value is too long duration is a problem, on oil prices after the record of reasonable return should have certain psychological preparation. . CPI no doubt will continue to be announced De this series of data in focus, but apart from the other data pairs we Zhangwo economic movements have also played an important role, in Guanzhutongzhang of Tongshi We should also have Naru other data of Fenxi vision. .
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Bank stocks in emerging opportunities.
IFC Securities Research Institute: the central bank decided on June 7 once again increased by 1% of the reserve, most banking stocks yesterday appeared in more than 8% fall. We did not think the exaggerated reserve ratio increases the impact of the listed banks, this decline was an overreaction. Tight monetary policy from quantity, price, and the cost of credit fundamentals of the three affected banks; and now raising the deposit reserve ratio in terms of "price" or "quantity" have no practical effect on the listed banks.。.
Our current investment strategy of care shifted from the original positive for the following reasons: we expect the central bank's control measures are mainly raised the deposit reserve ratio, which means that the regulation of commercial banks to minimize the negative impact. While we can not conclude that such control means interest rates will not be published, but judging from the logic, is expected to lower interest rates. Meanwhile, the short-term upward pressure on CPI continued to decrease. This stock trading opportunities to the bank provides a good environment. We expect interim results of banks still maintain high growth, this will be short-term performance of bank shares a catalyst. (As of the order). .
Policy also does not save the market?.
Guangzhou Bandung. .
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The data show that both the Vietnamese economy shows signs of a currency crisis. The neighboring countries are worried about Vietnam's crisis will spread to other countries, China is no exception. Many scholars have called on China to control departments of the current high CPI have adequate understanding of the grim situation. The reason why the central bank substantial increase in deposit rates in June, it is possible that the financial management of this issue the most direct reflection. .
Further tightening money market funds, stock market, the most direct impact is exacerbated by the imbalance between supply and demand of funds. The new fund raise downward, the new Fund of funds is limited. On the other hand, the size of non-empty square, the main focus is likely to accelerate the process of withdrawing funds. In fact, once a bank headed by further tightening of the monetary market, then necessarily have to present this very bad stock funds face worse.
However, we have always maintained that the tone of the policy or the current stock market to stabilize the main. However, in such a severe and complex macro-economic front, the management of the stock market policy independence would be affected, its ability to weaken and the market game. 3000 points in close proximity, this policy will not save the market? . .
From this Central Bank in the event of an earthquake and the stock market downturn of the dual factors, still take a substantial increase in the margin rate measures, at the Centre of their economic policy is to protect against the financial crisis and sustaining long-term benefits. This determines the management for the maintenance of global interest, likely to be at the expense of local capital markets. But on the other hand, we continue to believe that when the conditions permit, and after the Olympic Games is still a market crash management cannot be tolerated and may take the appropriate policy measures. Therefore, we continue to emphasize the investors should pay attention to the market will reach the bottom line, before and after the Olympics policy policy attitude change. . .
Playback of two City yesterday quanzhonggu large limit.
Zai Yu A-share market yesterday tumbled nearly 7 percent of non-S, ST stocks closed at limit-down, many of whom are weighted blue chips such as China Merchants Bank, Vanke A both limit-down yesterday, and hit their lowest level since the adjustment. .
According to statistics, yesterday's closing price declines in the market's top 20 of a total of 11 only closing limit, including the China Merchants Bank, Shanghai Daqin railway, Cosco, China aluminum industry and Industrial Bank, A deep, wanke, ST Salt Lake, midea electric appliances, TISCO stainless, overseas Chinese town, set group. Without limiting the quanzhonggu, decrease of more than 8% of industrial and commercial bank of China, Sinopec, China, peace, and wuliangye, angang steel 10 only. (%).
Three reporter observed, "Pushing Hands" into the hidden safe in a bull market based on this? . .
Sound macroeconomic, RMB revaluation, equity division reform.
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$ Securities Times reporter.
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Tuesday, Shanghai and Shenzhen stock market has experienced since 6124 point to adjust the worst. Stock index fell of addressee 3072 257 points, .73% 7.; deep into closing means 10765 points, fall 968 points, up to 8. .25 percent. Stock performance, nearly 1000 stocks at the date of the transaction limit, or nearly 6% of the shares, but to one of the closing stock hongpan, only 25 only.
Tuesday's crash is not only completely fill the Shanghai Composite Index, "424" tariff reduction gap, dispel the policy gap in the market the last trace of faith, and fell with a large area appear not resist the extremely weak and they can not help people worried about market where is he going. From Handicap to see, Tuesday to banks, real estate, colored to represent the mainstream of the performance of stocks shows that the mainstream market funds and short wait and see attitude completely. What concerns people is that this is the card index of what's happening near 3000. .
From the message, the Central Bank raised cunkuanlei financial institutions RMB deposit reserve ratio by 1% compared with last year's policy is to disclose the significant and urgency, as the direct cause of the crash on Tuesday, the last few days in international oil prices remain high and peripheral markets plummeting prices can also be regarded as a force behind. However, these are just a show, or fuse, more profound, more obscure the underlying causes of certain others.
In fact, the collapse of the necessity of early horizon, but the policy of tariff reduction so that the market stabilized for a while, let the market once again pondering the passion of the bull market. Obviously, the May 1 holiday is not tired after the market trend in the short term can be reversed. The "5.12" earthquake strong Handicap after a lot of people lost their vigilance. .
Looking back on it, once a leading stock cattle and several major factors has gradually metamorphosed into the market. It is well known that sound macroeconomic, RMB and equity division reform had been considered a 2005 three pushing the bull market. Today, comprehension of the market, these three "pushing" has become a market development worries even turned into a bull's three "killers".
First, a volatile U.S. subprime mortgage crisis, drag the world economy, its direct impact is a substantial decline in China's exports; the beginning of the snowstorm and earthquake in May of that macro-economic disaster after another; by global high oil prices, high farm imported inflation caused by listed companies is expected to shake the foundation of growth; Second, the RMB appreciation is expected to attract a lot of hot money, the sharp increase in foreign exchange reserves of liquidity risk will be placed in front of decision makers, and continuously rising on the deposit reserve ratio Financial, real estate constitutes a direct threat. RMB appreciation from the good into bad.。 Only in this regard, we face the market environment seems to have taken place in a 180-degree reversal, in which certain aspects of the moment simply do not see the signs and symptoms of the change. Therefore, rendered in front of us is doing a lot of expectations and do empty reality intertwined. The market downturn appears both in the sense, but in logic..
However, the contradiction is obvious the market: one is the continuous decline; the other hand, the value of investment from the perspective of the value of many stocks already fallen into the area. On this basis, the market believe that the market is probably being extremely pessimistic toward one end, its manifestations are often down and the market price over the extreme climate of despair. In this regard, the market may be in the pre-dawn darkness. .
At the end of the policy needs to re-examine the fragility of the valuation.
Shanghai Composite Index yesterday, the lowest probe 3045. .06 Points, one step away from the 3000 point mark. .
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Zhe Jiang Lijie Sun Hao. .
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Szse new bubble behavior.
Week 2, Wei Hua shares closed at 15. .33 Yuan, has been below its IPO issue price of 15. .7 Yuan, a new from the old since the first one below the IPO issue price of small boards. Meanwhile, the tower card group, Anne shares of small and medium board meeting of new shares are close to break. All along, the small plates are investors as high-growth, high-return stock concentration camps, why now would appear a few days after listing on the break today? Objectively speaking, this is the recent broader market continued to adjust the not unrelated, but I think a deeper reason is probably the small board in recent years the high valuation. .
Since 2006, due to the small and medium-sized Board stock plate is small, the unit of live features, listing on the first day of the extremely vulnerable to idle speculation, considerable gains. Lured by the huge residential capital in the primary market, the level of market supply and demand imbalances resulting in IPO price-earnings ratio of sesame. Data show that in 2006, the circulation of listing the average 66 new stock issuance price-earnings ratio of only 22 times, beginning in 2007, szse new shares average price-earnings ratio is nearly 30 times, coupled with an excess of mass at the listing on the first day, "fried" in marketed some varieties have been price-earnings ratio is as high as 100 times the level. If the price-earnings ratio for the sanlux release 29. . .39%, While share prices sharply down since, but price-earnings ratio is still as high as 91. .5-Fold. Price-earnings ratio of listed companies small foam board already appear. .
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Market valuation need to revisit.
If there is a better view of the small plate growth stocks may give a certain valuation premium, then the large cap issue the same high price-earnings ratio is the market we have raised concerns about high valuations. The two cities after the first heavyweight PetroChina H shares only 1 yuan more than the issue price of HK, A stock issue price is as high as 16. .7 Dollars, issued more than 22 times price-earnings ratio, while the international oil price-earnings ratio is generally between 12 times to 15 times; another new shares of Zijin Mining is favorably compared to the oil, the issue of price-earnings ratio actually more than 40 times, to know the international price-earnings ratio of such stocks are generally lower than 15 times.。 At the moment IPO process and high earnings, high issue price of phenomenon has attracted a great deal of market, new stock issue therefore is considered to be the "birthplace of the stock market bubble" and the processing plant.
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Foam extrusion process will continue. .
Although China's economy continues to be more than 20 years of high growth, increasing the performance of listed companies will be able to support A-share market price-earnings ratio compared to the international market has a certain premium but a mature market relative to the international average of 12 to 15 times earnings, a stock market sustain high p/e ratio is very unhealthy.
Although since last October, the biggest decline in more than 50% index, the market has squeezed the valuation bubble, but small board meeting, including new shares issued after another break, took to the road of return value is warning investors: A stock market bubble extrusion process continues. On the one hand, a large number of companies with high price-earnings ratio issue is still listed, the market bubble has not been cut off the source. Interpretation of the bull market in 2007, so that people invest in the stock market's enthusiasm for rapid expansion, even if the market is adjusting the current cycle, there are still a lot of money willing to buy securities products, listed companies are still very easy to raise more money, still a high price-earnings ratio distribution, market bubble is still expanding.。.
Comprehensive view, when rapid growth can not be to gradually eliminate the stock market bubble, it will only come through the stock price fell Jigan bubble, and while the A-share market practice, this process is often an overkill of features. .
Recommended stock units (this column the author stated: in my knowledge of the context, to which I belong, agencies and property of the interested person and my assessment of the securities is not interested. ) 。.
Qinghai Salt Lake Potash (600 722). .
Rating: recommended.
Rating agencies: CICC. .
In response to the national development and Reform Commission request, the annual production of potash salt will plan from the beginning of the year 2008 of 200 000 tonnes to 220 million tons, we sell from the original 185-190 thousand tons to 200 tons. 2008 Salt Lake potash production capacity is expected to achieve the rights and interests 121 million tons, Salt Lake group rights capacity of 91 million tons in 2009, the interests of both companies to increase yield by 10 million tons. We estimate that the average cost of production of potash increased by 400 million. Salt, potassium and Chief Financial Officer is of the view that the cost increase after the pre-tax total cost should not exceed 1000 Yuan/ton. . Salt Lake Group's governance structure will not change the long-term trends, we believe that Salt Lake Potash performance sound, undervalued, the market is still relatively scarce varieties of potash resources, maintain the "recommended" rating. .
Jiaoda onlly (600530).
As the health industry leader, its health products gross profit margin is always maintained at a high level of close to 70% higher gross margin performance will not only steady growth for the company to lay a solid foundation, while the company also relies on its strong scientific research strength , into the field of anti-cancer drugs, and has made great success, as early as 2004, the company has successfully developed a new cancer drug "injection of recombinant mutant human tumor necrosis factor (rh-TNFaD3a)", and get A New Drug certificate. .
Data show, Shanghai Jiaotong University information investment co., Ltd. in December 2006 by Shanghai Municipal SASAC completed the venture capital business for the record, as Shanghai is also permitted to record of venture capital firms.
(Nanjing Securities). .
Oriental zirconium (002167).
Company products are mainly used in nuclear power zirconium energy, special ceramics, optical communication devices, solid fuel cells, and weapons and aerospace, ceramics color glaze, high refractory materials, artificial stones, and many new materials and new industries. It is noteworthy that the company's high-purity zirconium dioxide, zirconium oxide composite and other new products, quality specifications and injection molding production of new technology such as zirconia structural ceramic products, new process identified by the experts have reached the international advanced level, comprehensive competitive advantage obvious.。 The unit has a steady, moderate magnification, strong trading volume features quite obvious, is expected to continue after the city was attacked, investors may concern. (Beijing capital stock).
China Aviation Optical (002 179). .
In the domestic optical device market segment leader, electrical connectors have the 200 series, 60000 multiple varieties, optical device 80 series, 10000 multiple varieties. Company military customers include China Aviation Industry Corporation, China Aviation Industry Corporation II, subsidiary and affiliated companies, such as domestic military and civilian customers include enterprises; Huawei Technologies co., Ltd., ZTE Corporation, Emerson Network power company and NOKIA, and other well-known manufacturers. The secondary market, which the market is falling by-wave, the largest decline up to 55%. . Low in front near the due attention. .
(Jiuding Desheng-way).
Yanzhou Coal Mining middle promising business growth. .
Merchant securities chenyongchao.
By the central bank raised the deposit reserve ratio by 1 percentage point and the external factors affecting the stock market crash yesterday broader market slump, Shanghai and Shenzhen exchanges opened sharply lower on continued lower after the final Shanghai Composite Index plunged 7. .73%, The Shenzhen market plunged 8. .25% Close. Disk speaking, finance and property, almost hit bottom plate, heavyweight fell across the board, the stock was nearly closed in the down limit only stock index also hit a year, the biggest one-day drop.。 In this circumstance, investors should look at least fixed positions should pay due attention to could lower some benefit from empty factors affect small and strong performance had supporting variety, for example, Yanzhou coal mining (600188) is a good variety.
In the current international crude oil prices continued to rise in background, energy prices continued to rise, and as our basic energy sources, coal demand is driven by China's economic development stimulus, even the supply and demand tension, therefore, the coal's high prices situation will continue. On the other hand, crude oil prices also led to the development of coal chemical industry, coal chemical project to bring more investment opportunities. In this case, the company as the largest coal enterprises in Shandong Province, will fully benefit from the strong demand for coal.。 In addition, the company's upcoming production of coal chemical industry projects, of which 10 million of Shanxi be tons of methanol project enters the pilot stage, will be put into production in the second quarter of 2008, Yulin can of 60 000 tonnes of methanol project is the key equipment installation and commissioning phase, will be put into production in the second half of 2008. With methanol prices rebound, industry boom indicator is starting to warm up, plus the raw materials for the company's self-sufficiency, the cost was less than industry standards, the future will become the company's new profit growth point.
Secondary market, the stock price after dropping to near the line have been in support, compared to the broader market slump, the stock performance of a relatively strong, central line remained a concern. .
Xiangyang bearing bearing giants the result of the trend.
Equal Opportunity of the people's livelihood securities. .
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First of all, the restructuring of the company assets rather imagination. Xiang Axis Group 2. .79 Yuan / share the company's 41.91 million transferred to the days of state-owned legal person shares wins bearings, Tin Shing bearing the registered capital 100 million yuan, is a multinational company, the product is aimed at high-end overseas markets, with a healthy overseas sales channels bearing products for the world top 500 enterprises directly supporting. Although the SAC is still waiting for the approval and other departments, if the asset reorganization, if successful, has a mature international sales channels will greatly shorten the days of winning the White buyers from Europe and the United States market, the company's time, the company will usher in a new round of development opportunities . .
Secondly, the automobile bearing giant industry position is outstanding. The company is one of the largest automobile bearing manufacturers professional. The company can produce 12 type 2000 multiple varieties of metric bearings and bearings for inch Cone, with an annual production capacity of more than 3000 million sets, is one of five base bearing exporter, dongqi company products are always specified vehicles of xiangzhou supply. . .
Third, the equity investment income is expected to boost performance. Quarterly Bulletin, the company held an initial investment of $ 150 137 Changjiang securities. .5 million shares of restricted stock, restricted stock by the end of the book value book value of $ 2497, more than 15 times. This year, a quarterly bulletin, the company's net profit rose 81. .34%, the equity investment income has been reflected in the results.
Secondary market, the crash is often an important criterion for purity test units. At yesterday's market decline in almost tragic, and the stock fell only slightly, long lower shadow shows low disk capacity to undertake a strong, clear signs of financial operations. Once the market to pick up, these funds are expected to come to the fore the most guarded of individual stocks may be due attention to the movements of the stock. .
Coal energy treasure in the era of high oil prices.
Stock selection reasons: after the recent skyrocketing oil prices, despite yesterday's drop, but still running at a high level, high oil prices for the coal chemical business provides an excellent investment opportunities. Therefore, a reasonable value of investment opportunities in coal stocks higher. .
WINS Golden: coal energy (601898). According to the analysis, as coal, coal energy main income comes from the coal industry, will benefit from domestic to industrial processes as well as countries on energy control. From the Asia-Pacific region demand due to major coal exporters subject to various factors, as well as China to become a net importer of coal, coal prices in the Asia-Pacific region surges as China's largest exporter of coal, coal energy also benefit from a boom in international markets.
Secondary market, the stock continued to fall after the recent past, the stock several times approaching the issue price, the current share price has returned to reasonable regional location. Every market is among the terrorist air around, people see is the negative factors, eyes full of panic look of despair, not knowing the value of investment in the region with the market turning point is at hand. The time of collapse, the proposed Buying waiting opportunity. (Huatai Securities). .
Mao Shihua energy concepts of policy support.
Stock selection reasons: continued high international oil prices running and oil resources in the supply and demand situation the entire world's sights are concentrated in the energy issue, China as the biggest energy consumers, the energy market Ye 成为 focus of global attention. .
WINS Golden: Mau of Shihua (000637), has a very prominent energy concept. Company after ten years of building development in the oil processing, gas industry, fine chemical and plastics processing has formed a relatively independent perfect line-up, accumulated talent and technology, petrochemical processing industry Foundation, great prospects. The company's business scope is a national industrial policy priority support, encouragement, "oil, gas, chemical industry.
Company announcement shows that in 2007 earnings per share 0. .28 Yuan in the first quarter, revenue grew 33 Main. .20%, Net profit rose 53. .91%, The company management is to maintain high growth. .
The secondary market, the unit has been fully adjusted and is now in the relatively low level, as opposed to reasonable valuations, after nearly phase of strong, low-turbulence can be expected to form a breakthrough technology, is expected to commence after the municipal market, it is recommended that you try to pay close attention to the investors.
(Century Golden Dragon). .
Pan Yu titanium industry: the overall stock market support.
Stock selection reasons: the integration of central enterprises which become the focus of the economic sector, some companies listed on the pace of overall speed quietly, which is fast and strong state owned sector companies to enhance the core value of the securities market an important means of, the relevant stocks of concern. .
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Selected gold stocks: Pan Chongqing Titanium (000 515). Company as the world's most important industrial base of titanium, vanadium and titanium Panzhihua region where the resource reserves of the world, with over 90%, 35% of the world's titanium resources, monopolistic advantages are quite prominent, and powerful Panzhihua Iron and Steel Group White, makes the company more rapid development momentum, resources and advantages will become more prominent. Although Yin Wenchuan earthquake on the impact of the underlying assets and other factors yet to be evaluated, Panzhihua Steel and Vanadium is not expected to meet all State-Panzhihua Steel and Vanadium on the issues involved in the reorganization of assets related to property assessment records to confirm the results, but in general the overall market is bound to have strong support for the current stock price,.
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The stock listed stocks as a whole, the market fell yesterday, dragged down by some adjustment there, but the comparison of their defensive reflect significant technological stage since April at a low price, but the volume significantly higher than the first three On amplification, indicating a certain degree of financial bargain hunting signs, once led the market is expected to become a stronger leader. .
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(Hangzhou New Hope). .
Broker rating.
China Merchants Bank (600036). .
Rating: neutral.
China Merchants Bank intended to purchase a total of 19.3 billion HK Wing Lung Bank in Hong Kong 1. .23 Million shares, or about the total share capital of Wing Lung Bank 53. .12% On the Wing Lung Bank will have to implement "full tender offer." Our acquisition of Wing Lung Bank's strategy for the company to give some positive, but the high purchase price will be long-term company performance and shareholder return on the formation of dilutive, and we believe that the current market valuation of companies listed than other domestic banks remains high. .
This acquisition is expected to be the company will pay the 363 billion cost of acquisition, point 10. .38 HK acquisition cost recovery stress. The company acquired NG family shareholding 1. .23 billion shares, shareholders will be provided to other mandatory takeover proposals, according to the price paid by the company, the company acquired all the shares of the Bank to pay HK $ 363. .33. Assuming that the long-term discount rate of 10%, if the five-year cost calculation, the point is, the need is 2. profitability .74 billion; the ten-year cost calculation, the annual profit points are required for 1. .69 billion. Wing Lung Bank over the past five years the average point of net profit to 0. . .
This acquisition also diluted the existing shareholder returns. To maintain this right company return on equity diluted, the formation of Wing Lung Bank expected profit in 2008 reached 112 billion required; even consider not taking the Wing Lung Bank profitability in 2008 will not be lower than 90 billion can not form on an existing shareholders of diluted, compared with the end of its 13 07. .72 billion net profit is clearly more difficult to complete. Based on the Wing Lung Bank 2009 earnings to grow explosively, coupled with the high price of purchase, long term company ROA and ROE will be due to the acquisitions. Therefore we are the company's rating to "neutral".
(Galaxy Securities Zhang Xi). .
Waigaoqiao injection of highlighting the advantages of real estate resources.
Guotai Junan Securities Research Institute, Sun Jianping. .
June 2, at the end of the programmes and plans for comparison.
We are the company the latest, the final assessment of the asset injection plan and the plan in February after comparing the results obtained are as follows:. .
(1) injected into the underlying asset remains unchanged, but the assessment of the value downward. February to inject equity assets estimated value of $ 63. .42, June professional institutions evaluated pricing is $ .8.44. Including wailianfa shares of 30% of Shanghai Waigaoqiao Guildford is currently in the defunct state ownership, equity value of zero.
(2) into the assets of the land reserves and plans for higher than rental properties. Previous plan estimated that 1.8 million square meters of building area of high-quality rental properties and 200 million square meters area of land reserve, the end result is a new 2.2 million square meters of building area of rental properties and 270 million square meters area of land bank. One reason is that the final assessment of the professional bodies to the Sun disc company level, an increase of real estate resources. .
(3) the issuance of shares from the original not exceeding 4 .2 million reduction. ' 2. .657 billion shares. Existing shares 7. .45 million shares, capital expansion, increased 36% of the total share capital after 10. .107 million.
(4) major shareholder and non-associated Fang Dongxing Waigaoqiao Group investment companies to subscribe for all of the assets into the private placement of shares, the subscription price of 16. .87 Yuan remains unchanged. The subscription price remain unchanged and higher than the current secondary market price, for listed companies, reducing the issued share capital, reducing the additional dilutive effect of equity on the performance; for large shareholders, the company delivered a bullish confidence in prospects ; for the limited sale of non-tradable shareholders, the interests are well protected. .
Injection of high-quality assets to improve the company's fundamentals this injection Waigaoqiao group, thanks to a total investment of 80% of the equity of outreach, Waigaoqiao group 59. .17 percent stake in the new development, 80% of the equity of three UNDAF, three companies, representing the end of 2007 the total assets of the group, Waigaoqiao 66%, 100% of the net assets, the main business income of 82%, after completion of the capital injection, listed companies outside the company will own 100% wailianfa, new development of 79%, 100% of the shares être. Therefore, the assets into the equivalent of the Group overall. Gao Qiao.
Additional shares in recent years, poor profitability and growth prospects. The outreach into the hair, the new development, triple the profitability and the company issued three profit was higher than that of foreign shares, will greatly improve the growth prospects of foreign shares. The end of 2007 into the target company's ROE of 8% above. Into the three levels of the company's net profit is far more than the listed company, the last 3 years net profit of each company to maintain in between 75 million to 110 million, total net profit stable at 2. .5 Billion from top to bottom. The last 3 years net profit of listed companies are less than 20 million. .
Wailianfa, new developments and the injection of equity of UNDAF, the carrying amount of the net assets of $ 15. .9, differences, $ 44. .8 192% of the premium rate. Complete the following companies on the net assets per share is removed from the existing $ 2. .11 to increase after 10. .107 million of $ 3. .48, ROE from negative to 6. .03 percent.
After the completion of injection to complete the outstanding real estate resources into the listed company after the main business in real estate will have the following advantages: (1) with scale. Listed company after the completion of injection will have an area of 600 square meters construction project reserves and 279 million square meters leased premises; (2) land cost is low. After the completion of injection, the listed companies from the UDC, the new project development and triple fat reserves to get interest and rental property building area of 490 square meters, 44. .8 Million shares priced into the corresponding cost only 910 yuan per square meter, has a strong cost advantage; (3) location.。 In the rental property, the head of the industrial plants, representing more than reached 54%; Secondly, warehousing, accounting for more than 34%, second together accounted for more than reached 87%. (5) the great majority of the injection is moreover, only a few blocks further on. Disadvantage because Moreover much less so in projects, you can sell or rent of houses on the growth performance over the past two years, have an impact.
Valuation and investment grade companies to disclose the pro forma net profit is 3. .78 A million, the corresponding additional 2. .657 After the 10 million shares. .11 Billion in new equity, diluted EPS is 0. .37 Yuan forecast pro forma results is consistent with our forecast. 2009 UDC, new development, business and triple-fat form, Suniland Waigaoqiao project a complete real estate sales, new in May 2008 revealed the land sales revenue in 2009 is expected to be integrated core business revenue increased to the scale of 11.5 billion, up 32%; net profit 5. .9 Billion, up 57%, according to private placement 2. .657 After the ceiling of 10 million shares. .. $ .58. Under the public disclosure of financial information, is a quarterly bulletin, outside the company's net debt (34. .93 billion) and net assets (15. .44 billion), new development, outreach, and three UNDAF annual report 2007 of net liabilities (40. .64 billion) and the assessment of the net assets (63 billion), according to the following 10. .11 billion total equity resulting RNAV is $ 17.7.
Currently in development zone and let the dynamic PE class companies in 2008 was 30 times 22 times in 2009, after taking into account the assets held by the Company into the reserves and rental property project size, cost and geographic advantages, a wealth of product type, can accept above the industry average, in 2009 a reasonable PE of 22 times the target price by 12. .76 Yuan. .
In our 28 February the Waigaoqiao: group assets into vulnerable to resource from the resource advantage "report, we have the advantage of reflecting corporate resources to performance and rapid growth still needs time to analyze and judge, therefore, a reasonable valuation method is a combination of RNAV and PE valuations, $ 17.6 and 12. $ .76, the mean value of the target price of $ 15. .23 to maintain neutral investment rating.
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