1, Wen: to maintain stability in financial markets and the securities market
Xinhua Beijing Sept. 20 Xinhua: Hu Jintao, Premier Wen Jiabao at the party the morning of the 20th-depth study of the scientific concept of development activities to mobilize Congress and provincial and ministerial level Seminar of the major leading cadres made The primary objective of promoting scientific development. This is the economic development in recent years the most difficult year. complex and changing international economic situation, the international financial turmoil, the global economy slowing down markedly, and may further exacerbate the situation. the impact of these changes can not be underestimated in China . the domestic economic operation also many outstanding problems, not to alleviate upward pressure on prices, growth in some regions and industries decline.
we have to correct the direction of macroeconomic regulation, intensity and rhythm, to seize the key, focused, differential treatment, to maintain pressure and improve control effectiveness, relevance, flexibility, in particular, to grasp the stable and rapid economic growth and inflation in balance, to maintain macroeconomic stability, maintain financial market stability and maintaining security market stability.
【Comments】 U.S. subprime crisis triggered by the global financial market turmoil, even including China, 9 Chinese banks involving a total of $ 658,000,000 funds for the purchase of the held by banks involved in the impact, but has aroused the vigilance of our government, Presumably, in order to achieve the Supplementary Provisions of shares repurchased (draft)
Commission website: Listed companies should fulfill their reporting in the following cases, notice obligations: 1, the listed company should buy back shares at the first public announcement the day after the incident occurs; 2 repurchase of shares of listed companies accounted for the proportion of the total share capital of listed companies increased by 1%, it shall be the date of occurrence of that fact shall be announced within 3 days; 3, a listed company should buy back during the regular reports on progress in the repurchase announcement, including the number and percentage of shares repurchased, the purchase of high and low, the total amount paid; 4, buy-back period or the buy-back program has been implemented, the listed company shall make public the total amount of repurchased shares, the purchase of high and low, and the total amount paid.
price of the shares of listed companies shall not repurchase stock day trading restrictions increase the price.
listed company may not repurchase shares of the following transaction time: 1, Open call auction; 2, half an hour before closing.
listed company may not repurchase shares in the following period: 1, periodic reports of listed companies, performance notice 10 days before the announcement of results of Letters; 2, since the likely price of our stock significant impact on the occurrence of major issues or decision-making process, to 2 trading days after the disclosure law.
listed companies announced share repurchase program in the date of repurchase of shares until 30 days after the date of completion shall be published or implementation of the cash dividend.
【Comments】 Commission's of the operation, but it fully reflects the stock market's powerful groups listed companies, there is not a serious problem of information, particularly in the circulation time, industrial capital of the holding position, make it easy to buy shares in the existence of insider trading and price manipulation problems, plan ahead and take preventive measures conducive to stable and healthy development of securities markets, if the supplementary regulations before the September 18 officially implemented, will announce Huijin repurchase shares of three banks situation. (the long-term good news for the market)
3, the City Commission again IPO firms from the bear market of agricultural firms suspended
Economic Observer review: Now, from mid-September meeting the Commission sponsor the training materials have been in the major brokerage investment banking spread. exclusive reporter learned that this material shows that all types of companies on the current IPO regulators new attitude: to tighten.
A share listed like to be the controlling stake back to the territory, as long as the shares move in or out of the procedure is legal, compliance, actual controller has not changed, no significant changes in key management, does not affect the audit. investment bank said.
meeting for shareholders of a limited partnership of the IPO audit, also made strict rules. Class listing. the number of shareholders, at present the Ministry of Finance is developing policies to suspend review. will issue new shares and the controlling shareholder of the enterprise, partners to be clear, the number of shareholders to comply with relevant regulations, to avoid the market after the issue one way or another, this is another relevant sector governance, a strong stock market measures. (the message is market long-term good)
4, central bank Deputy Governor Su Ning: China is confident of maintaining financial market stability
China news agency, Shanghai, September 20 -: on the 20th here at the Fifth China International Finance Forum ability to respond to various challenges, maintain financial market stability.
He said the People's Bank of China highly concerned about the U.S. subprime mortgage crisis caused by financial instability, high degree of vigilance the international market financial turmoil and weakening external demand and China's domestic market may have adverse economic impact. parties will strengthen macro-control measures more proactive, flexible, and strengthen the economy and weaknesses in key areas of support, strengthen monetary policy and fiscal policy, industrial policy, coordination, focus on promoting economic restructuring and development pattern. At the same time will further deepen the reform of financial enterprises, promote the establishment of modern enterprise system, improve risk management capabilities, establish and improve the financial safety net
【Comments】 as the People's Bank of China Deputy Governor Su Ning's speech on behalf of the Central Bank treatment because of U.S. subprime crisis has triggered a global financial market turmoil could result in China's financial, macroeconomic maintenance of some of the negative impact of confidence in China's financial market stability, and this confidence comes from China and has wide leeway market, from domestic demand, especially consumer demand, the role of economic growth, from the CPI has been effectively controlled.
5, Wu Xiaoling: no cut reserve ratio is room
China Securities News the current rate has not lowered the reserve room. , the current monetary policy is only room for fine-tuning.
Wu pointed out that no need to appeal to lower the reserve ratio, because only the central bank's foreign exchange eat less than the year when demand for base money only with the conditions for reducing the reserve ratio.
【Comments】 If you can not cut the deposit reserve ratio, Bank's monetary liquidity problems are difficult to solve, the amount of foreign loans only to maintain the current status quo. (The bad news for the industry)
6, the Shanghai SASAC: support for state-owned holdings of shares in listed companies
Shanghai Securities News: 19 May, the Shanghai SASAC held a special meeting to study the regulatory unit to promote its investment holding company listed on the work. Shanghai SASAC, said support and supervision of state-owned enterprises to encourage investment, in line with policy and regulations under the premise of in accordance with the requirements of the capital market, according to their own business activities, its holdings of listed companies holding shares in companies holding regulatory capital to support repurchase of shares of listed companies.
Shanghai SASAC also said that in order to promote stable and healthy development of capital markets , SASAC supervision of state-owned enterprises invested in a certain period of time without reduction of listed companies held by the supervision of state-owned enterprise investment committee listed holding companies should set an example of a capital market.
【Comments】 Shanghai, China's stock market has always been a pioneer of reform and practice. Before, the state-owned enterprises in Shanghai to encourage and support integration and restructuring of the overall market, and broken sword ax to implement; Today, holdings of shares in listed companies to support state-owned enterprises, and that no reduction in a certain period of time listed companies held by the development, attention to the local state-owned shares of Shanghai. (The good news for the market and the plate)
7, the eve of T-Huijin shot sneaked into the banking stocks
Army Daily News: Overall, begins Sept. 11 Bank stocks plummeted, out of a total of more than 7 billion yuan; which institutional funds on Tuesday to sell 4.7 billion, a net outflow of the largest, is 33 billion; the day of the whole banking sector has fallen 9.49%, more than just banking stocks hit bottom.
Fund Who's selling access to it? buying of bank shares from the main seat of view, an insurance-based T-seat is the main buyer of the first account, almost all of the financial sector to get involved. If the Bank of China bought the first Tuesday, Wednesday The three accounts are the T-head; usually sector participation in more than CITIC Bank, during a slump in the T-head account also appears in the top ten in the bid; In addition, Bank, China Ping An, Industrial Bank, also appear in the T-account to buy seats in the head. In general, once the top of several successful escape prefix T accounts, this has will be the beneficiaries of this policy change, the rally will also promote the broader market rebound. But the rescue package does not cover the risks faced by banking stocks. There researcher noted that the international financial market turmoil persists, the market outlook is not optimistic; the macro- economic uncertainty, the real estate market trends will lead to greater quality of bank assets test, and macro-control policies in what changes will occur in October, is also uncertain. All these will affect the future trend of bank shares .
【Comments】 The message reminds us of the Tang Dynasty poet Du Fu's Thatched Cottage in Chengdu Huanhuaxi River, written by small silent Mount with Pan, was silent at hearing thunder, management issues asset managers, indicating nature of the two sources of funds, money managers in the sense of responsibility that the problem, indicating the market confidence. (the message for the market neutral preference)
8, Xinhua News Agency: Banks Crazy week, the fundamentals are still good
fell across the board from a two-day limit to 19 across the board, in the four trading days this week, A-share market segment m the first heavyweight banking stocks show the future profitability of banks is expected to be rapid growth in the current situation gradually fell, but will continue to maintain steady development and sustained growth.
experts believe that the full range of banking stocks daily limit Friday, bank stocks began to show a good start. The Early this week, bank stocks oversold, the market reflects the risk of overseas investment on China's banking sector and the earnings outlook concerns. China Banking Regulatory Commission Chairman Liu recently made it clear that the banking sector at home and abroad are optimistic about the developments these years and achievement at the same time, need be prepared.
【Comments】 banking stocks last week experienced a Dabeidaxi process consecutive limit-down bank shares, which is the first time in the history of China's securities, banking stocks without the introduction of the three good, what should be How to Romance, I believe it will rebound because the market after the overkill, it will reflect its value, will be Bank shares rebounded Monday there will be space, but still not as previously fame remains to be seen, after all, banks also face many uncertainties, how continuous rise too high, will form a new that the market turmoil will, Liu said the truth, the banking sector need to be prepared, bank shares will have a reasonable value of the space.
9,19 at the exchange rate of RMB against the U.S. dollar dropped 75 basis points
Xinhua SHANGHAI, Sept. 19 Xinhua: China Foreign Exchange Trade Center from the data, September 19 reported that the central parity of RMB against the U.S. dollar 6.8276, down 75 basis points over the previous session.
【Comments】 on the 19th of RMB against the U.S. dollar fell 75 basis points, but this week the central parity of RMB against the U.S. dollar appreciated sharply by 200 basis points, jumped to 6.82 from 6.84 the top, indicating that the U.S. financial turmoil, global financial turmoil is also the RMB exchange rate has a sharp shock trend, which is not conducive to the requirements of the renminbi stable, but we also note that the depth of the RMB devaluation of sterling against the euro, the pound is around 1 in 12 was dropped from 1 in 12.4, which can more or less conducive to China product exports to the EU. (This message temporary preference for the macro-neutral)
10, Lehman Brothers QFII in China is facing liquidation profit 300 000 000 4 years
Investor Report: Sept. 15, Wall Street was the first mm four investment bank Lehman Brothers Holdings Inc, was unable to escape the clutches of the subprime crisis, sadly announced that the U.S. Bankruptcy Code in accordance with Chapter 11 of the New York Southern District U.S. Bankruptcy Court for bankruptcy protection. Lehman Brothers is also the European subsidiary declared bankruptcy the same day. This means that Lehman Brothers International (Europe) 4 years in China, more than 300 million yuan profit QFII will face liquidation, and the QFII custodian brokerage mm brokerage CITIC Securities will also be a little involved.
bird with the August 2006 short A shares and the liquidation of the dynasty experienced asset management companies (QFII) by contrast, Lehman Brothers QFII in China's own crisis of profitability because of forced liquidation. According to Wind Data The QFII holdings, the reporter rough estimate, as of Sept. 15, Lehman Brothers QFII in China, the 4 years of earnings of about 3 million. According to Daily News statistics, as of June 30, 2008, Lehman Brothers A share also holds three stocks, namely, Great Wall Electrical, Shen Tianma A and Jinxi Axle.
impact is very limited. agent broker. pre-fulfilled.
【Comments】 with century-old said the collapse of Lehman Brothers, not only affect Chinese banks, but also has affected other financial industries in China, even China's securities market, if Lehman in China business liquidation, and that its holdings of Chinese stock movements or will be affected, but its 4 years to see 300 million profit, from a mature investment philosophy is still worthwhile to learn from Chinese investors. (This message is market-neutral bearish)
11, the Fund sold a net 3.4 billion yuan on Friday, China Securities Journal
: stimulation of the three good, strong market index daily limit on Friday. But Flush TOPVIEW weekly data, not hot money seems determined to do more, last Friday, the Fund sold a net 3.4 billion. there is a market analysis, which the Fund were cautious on the part of the stock does not change Opening a large scale can not, therefore showing a net selling status.
on Friday, A shares, B shares and warrants are almost across the board limit, but the agency seems to have little interest daily limit to recover the goods, showing a net selling state fund. TOPVIEW data, sold off a number of industries, such as in the 4.24 massive market sell-off was Hengyuan Coal Fund to risk of further sale, reflects the degree of fund holdings, pursuit of the China South Locomotive and Friday coupons based positions also fell 4.14%; In addition, Huayi Electric, Hualian, Xinjiang and other equity securities Tianye proportion of base positions declined 3.5% or more. The volume of these stocks have significantly enlarged , higher than usual turnover nearly doubled, with a strong reluctance to sell the whole disk in stark contrast to psychology, from the side confirmed that there is big money in selling.
Flush TOPVIEW data show that the QFII has not been good at bargain-hunting seize this opportunity to hunters, and hot money is likely to dominate the market's daily limit wonders.
【Comments】 market on Friday from the volume and disk performance, the fund's stock is likely to lighten up for the high-priced shares and further adjustments requirements of individual stocks, that is still part of the market rallies to lighten up the main idea of the operation. (the bad news for the market)
12, only 60% of the Fund as a whole afternoon jiacang positions larger space
CCTV : Fund for the stock market has always been seen as an important institutional investors, the most popular in the market, the partial stock funds up to 85% of the overall position, but the latest statistics show that the Fund's overall position is currently less than 60%. widely believed , having a fund there is a large jiacang space.
statistics, 244 equity funds rose in the 19th, the daily average net growth rate of 5.97%, according to estimates, this means that the overall average position of these funds also less than 60%. which, at more than 9% growth in net worth of only four, and only 7% above 47, even day four funds with negative or zero net growth, which indicates that a few partial stock funds in the hands not stock, or to buy the bonds. and this has to a certain extent, shows that in the weak environment, the fund manager's investment very carefully.
【Comments】 industry must determine how to fund certain To buy stocks, are Ta was to buy? because the fund 60% of the positions had not illegal, it is difficult to not buy the provisions for breaches of Who? Therefore, we assume the media are always too many things to the media if the broader market fell below 3000 points to continued earnestly warned small investors, price-earnings ratio 20 times faster, and broader market bottomed out, but at great length, but the market? not even fell below 2000 points yet? Therefore, the media sometimes good intentions do wrong, but not always wrong, right? Shihai 6,000 people in the industry to see what 8,000 points and 10,000 points, in addition to be finished so dumb slip of the tongue, but who will be responsible? (the message for the market neutral)
13 , domestic banks, and CITIC Bank and other banks also announced a number of its bonds held by Lehman. As of today, Chinese banks involving a total of Lehman debt amounted to $ 658,000,000.
Construction Bank announced that as of this announcement, Company and its subsidiaries held by Lehman Brothers Holdings related bonds totaled $ 191,400,000, of which $ 141,400,000 senior notes, subordinated debt 050 million U.S. dollars. Group held holding company, Lehman Brothers-related bonds accounted for about 6, 2008 30 total assets of 0.019%, or about 30 June 2008 the Group net assets of 0.29%.
CITIC Bank announcement, the statistics, as of this announcement with the U.S. Lehman Brothers-related investment and exposure arising from transactions totaling $ 76,000,000 off the contract. Company did not hold the company's subordinated bonds. As of now, the company has yet to extract the impairment of the bonds; company will assess the risk of the bonds, according to the principle of prudent extract the corresponding impairment, be disclosed in accordance with the relevant rules.
【Comments】 Chinese banks involved in Lehman is over, other U.S. financial system will not be a fog, because according to the U.S. Council on Foreign Relations Ceaser economists estimate that China's purchases of U.S. securities totaled more than 1 trillion. (the bad news for the industry and the market)
14, the nation's major power plant coal storage in total record
Shanghai Securities News: Recently, the main power plant coal storage in the National 353 total close to 3,000 tons, hit the nation's major power plant coal storage a new record. In this regard, industry analysts pointed out that the weakness and the power supply and demand seasonal factors, the thermal coal market contradictions temporary relief. and if the electric power, coal market to weaken further, the state step by step to increase the possibility of coal linkage.
reporter noted that, in fact, national sales price of the future increase has been such as Previously, China Ferroalloy Industry Association, also said a charge the government will raise the sales price, the increase rate of 0.025 yuan / kwh.
According to Shanghai Securities News reported: This year, electricity consumption has continued to remain growth trend, but showed slower growth rate of the general trend of monthly .9 19, the China Electricity Council (CEC) released August 1 to run the electric power industry report pointed out that the country prior to 8 months electricity than the whole of society down the first 7 months of 0.72 percentage points. Meanwhile, the August growth rate of the national power generation chain also continued to fall.
【Comments】 rationalize energy prices is one of our energy policy, after the central The government has made it clear that coal linkage will start this year, but because the first half of the CPI rise, and so CPI decline, followed by the PPI has been rising continuously, and in high, coal linkage was shelved, although the coal within a short period the difficulty of electronic linkage is still relatively large, but energy price reform is the general trend, step by step before the test line is also possible, but also help rationalize energy prices, national energy conservation policies are truly implemented, from the news perspective, coal inventory record high, indicating that the reduction of electricity consumption, which not only shows less seasonal consumption, but also from the side that domestic industrial production is not optimistic, concerned about the macroeconomic trends. (the message for the power industry and coal industry neutral bearish)
15, the new pricing mechanism for refined oil products introduced during the year look
China Times: September 18, a relevant person in charge told the Petroleum Group, refined oil prices delayed the plan, authorities plan to launch this year a new oil pricing mechanism, it is expected that reforms will not in one step, first step is to straighten out the price, making the oil prices and international oil prices to achieve standards. < br> person in charge told reporters, international oil prices to 90 dollars in the callback after he rose, as long as international oil prices above 85 U.S. dollars / barrel, to achieve convergence of the refined oil prices will increase.
Petroleum Group is responsible for a others believe that even though international oil prices have fallen, but in the world and China's macro-economic background, refined oil pricing mechanism to adjust the difficulty is still large, in addition to the uncertainty in international oil prices, the current national economic policies by the
【Comments】 This message indicates that the state will rationalize energy prices as one of the key next step, if you do not rationalize energy prices, then the overall loss of the petrochemical industry to not completely change the situation, and to change the petrochemical industry overall losses, the first is to change the oil pricing mechanism, and the international crude oil market, the recent rebound in international crude oil prices, from September 17 to close at $ 91.15 price / barrel, rebounding to close at 20, a barrel $ 104.55, up just 14.7% in three trading days, the volatile international crude oil market, but also need to improve the domestic refined oil pricing mechanism, but the state will also consider if the opening price of refined oil, will make just on the initial success the CPI control, and then rebounded? while also preventing the two groups monopolize the domestic oil market, the price-fixing. (The good news for the industry temporarily)
16, Baosteel steel prices down again, more than the adjustment of 800 yuan / ton
Beijing Times: Following the earlier, after the October price reduction yesterday, the domestic steel prices down again, the vane mm Baosteel prices of steel products, billets, hot rolled, cold rolled down such a comprehensive adjustment is more than 800 yuan / tons. in the second half, China's steel prices over the first half of the way up, Baosteel reduced by 10 consecutive months and in November the price downturn in steel market has undoubtedly worse.
It is understood that the reason Baosteel lowered steel prices, the root cause the domestic market demand. This reporter learned that, at present, domestic steel mills are a variety of ways cut, cut in response to the sluggish market. Among them, the Wuhan Iron and Steel is expected to begin in September part of the equipment maintenance, and Baoshan Iron and Steel side said that the current lack of orders, demand is not strong.
】 【Comments reflect the message from the side, in inflationary pressures, slow economic growth, SMEs and the real estate industry downturn, weakening demand for the downstream industry, the macro background, the steel the potential profitability of the industry significantly increased risks and difficulties, and only by cutting prices to reduce inventory, tighten enterprise funds to solve the problem of liquidity pressure, Baosteel price reduction, the industry will reduce the price. (The bad news for the industry)
17,8 Beijing in January prices unchanged from last month as the first stop of this year rose
Beijing Times: Beijing Municipal Bureau of Statistics, National Bureau of Investigation Corps Beijing released 20 January to August this year, Beijing real estate market situation. statistical data, August, the Beijing housing sales price and the previous month, the first stop for the rise this year.
situation from the real estate investment, 1-August, the city invested 102.53 billion yuan in real estate development, compared with the previous decline of 3.4% over the same period, showing the first time since 2004, the month in negative growth of .8 in real estate development and investment is only 6.87 billion, with the completion of 15.9 billion yuan last year compared to the same month, a decrease of 56.8%.
【Comments 】 Beijing real estate situation is the situation of the national real estate benchmark, with the leading role, 8 the month of the Olympics, so the price before the firm, the Olympic Games after that? the price to trend suggests that Beijing, the Beijing real estate prices have come down risk, and U.S. subprime crisis, many investment banks face the risk of collapse, foreign investors will divest from the Chinese real estate industry to achieve its purpose of liquidity to prevent the collapse, as Morgan Stanley began to quietly put up for sale earlier this year, Shanghai Property, Goldman Sachs and other foreign agencies also have similar moves. (The bad news for the industry)
18, Shen Nengyuan afraid Guimai: 20% premium to buy Shenzhen Nanshan Power
Daily News: The stock market continued to fall, would be more pick up a bargain, to the Group held 65,106,000 Shenzhen Nanshan Power's shares. While the daily limit yesterday to close at Shenzhen Nanshan, Shenzhen Energy's purchase price but still a premium of more than 20%, which means that the actual energy of Shenzhen has suffered no small loss! but Another side view, the courage to 5.17 yuan in Shenzhen Energy price for the acquisition, but also fully illustrates the power options for the recognition of the value Shennan
【Comments】 This is the industrial capital of the charm, it saw in the company's future market the position, rather than a pool of a city gains and losses, if the secondary market through the acquisition of not only a waste of time cost, there is likely to push stock prices higher, but also a range of issues raised placards to make the acquisition more expensive , Shen Nengyuan not do not understand the reason is, look at their purchase price, Shennan theory of the secondary market price of electricity at least 20% or more.
19, credit card default rates soared the U.S. financial crisis on the real economy
Daily Economic News: more terrible than the financial crisis is a sharp decline in U.S. consumption trends. 3 quarter of this year, the U.S. economy will fall into the abyss, will be sharply in Q4. In addition, if the credit crisis broke out, for real economy is the biggest, or even an instant big recession. survey showed U.S. credit card delinquencies are at double-digit rate increase, which will become the valves hit the U.S. real economy.
economists to Song Zuo said the next crisis in the United States may be reflected in three aspects. First, the small commercial banks next year will focus on bankruptcy. Second, is the CDS (credit default swaps) risk. Third, the interest rate can be regulate mortgage (ARM) crisis is imminent. well-known economist, said Cao Honghui, a more terrible is that a sharp decline in U.S. consumption trends. While this year's 2nd quarter as exports ...
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