Daily strategy analysis
The market was hit hard again, the stock index returned to around 4500 points, and the transaction between the two cities was enlarged. On the disk, the number of households falling below the limit exceeded 800, and the market panic spread. The US and Hong Kong markets fell sharply, which affected the already fragile A-share market. Investor confidence has been shaken in this round of plunge, which is estimated to be difficult to repair in the short term. After this decline, policy has become the focus of attention. The author estimates that the market may rebound around 4500 points when the policy picks up. In the medium and long term, China's economic fundamentals are still good, corporate profit growth continues, and the overall decline of the stock market does not conform to the fundamental status quo. (Analyst: You Wenfeng)
Comments on important information
catalogue
★ A brokerage firm's power industry tracking report of June 5438+ 10 shows that the benefits of thermal power are declining and the short-term valuation is on the high side.
★ A brokerage company issued a six-country chemical tracking report. It is estimated that the EPS in 2007 and 2008 will be 0.45 yuan and 0.70 yuan respectively.
★ A brokerage company published "Borui Communication: Advertising for Chengdu TV Station" analysis: The company's current share price implies a dynamic P/E ratio of 40 times (relative to recurring profits), and the media sector has the lowest valuation, reaffirming the "recommended" investment rating.
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★ A brokerage firm's power industry tracking report of June 5438+ 10 shows that the benefits of thermal power are declining and the short-term valuation is on the high side.
Key points: The data of 2007 came out, and the electricity consumption increased by 14.4%. In 2007, the electricity consumption of the whole society increased by 14.4%, which was in line with our previous judgment of "high before and low after". The installed capacity increased by 100090 MW in the whole year, and the installed capacity increased by 14.4% after the small thermal power was shut down. The national utilization hours were 50 1 1 hour, down by 3.6%; Among them, thermal power was 53 16 hours, down by 5.3%, which confirmed our previous expectations. However, the profitability of the industry has obviously decreased, that is, after deducting the scale growth, the comparable profit of the whole industry has only increased by about 4.3%, of which the comparable profit of thermal power has been negative, and the profit space after the scale growth has been swallowed up by the increase in coal prices. The "coal-electricity linkage" failed in a short period, the debt was high, and the thermal power benefit was lower than expected. CPI is high. Electric power and refined oil, as a few industries with controllable prices, share social responsibilities. After the the State Council executive meeting, the overall adjustment of electricity prices failed within half a year, and it is expected that it will be eased after the "two sessions". However, after updating the profit forecast, we found that even if the electricity price was raised by 4% in the second half of 2008 (equivalent to a 2% increase in the whole year), financing methods such as corporate bonds offset the impact of the interest rate increase, and the performance of most key companies in 2008-09 was still 20-30% lower than the original forecast. Project development is endless, rebounding in hours or "utopia". Not going to the project is backward, because the newly approved large units have good benefits, but competing for the project often leads to the irrationality of the group. Coupled with the rumor that the number of groups is "53", each family takes scale expansion as the primary goal, which leads to the scale of new investment exceeding expectations every year. When there was a power shortage, we predicted that the probability of a sharp rebound in 2008 ~ 10 was almost zero. Public opinion's hatred of power generation needs to be changed urgently. 1, power generation is no longer a monopoly industry; 2. Industry profit growth should be considered together with scale growth; 3, the industry profit growth should also be split according to the structure of hydropower. Downgrading the industry rating to "weaker than the market". At present, the market implies the risk of being too optimistic about the performance of thermal power and the fact of overestimation, and thermal power is the main body of the power generation industry, so the industry rating is downgraded to "weaker than the market". Continue to be optimistic about hydropower, new energy and short-term opportunities for asset injection and overall listing.
Comments: Agree with the researcher's point of view, the medium-term fundamental situation of the power industry is not optimistic, and it is suggested to use the rebound to lighten the position. (Analyst: Chen Jie)
★ A brokerage company issued a six-country chemical tracking report. It is estimated that the EPS in 2007 and 2008 will be 0.45 yuan and 0.70 yuan respectively.
Key points: In previous reports, we have repeatedly mentioned that diammonium phosphate is the only product in all mainstream fertilizers that does not enjoy state subsidies but is subject to state price control. In the past three years, the prices of main raw materials have risen, and the production capacity has been put in too fast. The whole diammonium phosphate industry has been hovering at a low point. At the beginning of last year, with the continuous expansion of international demand, the supply and demand of diammonium phosphate reversed and the international price soared. The current international FOB price is 550-650 USD/ton. The cancellation of diammonium phosphate value-added tax by the state should be "widely expected", which is believed to be the result of continuous lobbying and communication between diammonium production enterprises and relevant state departments for many years, which is beneficial to the industry. Judging from the current situation, the fact that "diammonium phosphate industry is out of the trough" mentioned in our report at the beginning of last year has been confirmed by facts. Liuguo Chemical is a leading enterprise in diammonium phosphate industry, with standardized management, perfect sales network and strict cost control. It is an obvious example that the company can still maintain profitability despite the losses of the whole industry in the past few years. In the process of the gradual warming of the industry, the growth elasticity of the performance of Guoliu Chemical is very large. Every time the price difference between the main products and raw materials increases by 65,438+000 yuan/ton, the company's earnings per share will increase by about 0.65,438+06 yuan. It is estimated that the earnings per share in 2007 and 2008 will be 0.45 yuan and 0.70 yuan respectively, so the investment rating of overweight will be maintained.
Comments: The stock index has plummeted recently, and its strong resilience is even more striking. Due to the sensitive factors of product price, the stock is more flexible and the chemical industry is more cyclical. Therefore, according to the principle of prudence, the report gives 0.7 yuan a forecast of its performance in 2008, and the actual situation may exceed expectations. (Analyst: Sun Junbo)
★ A brokerage company published "Borui Communication: Acting as an Advertising Agency for Chengdu TV Station". Analysis shows that the company's current share price implies a dynamic P/E ratio of 40 times 08 (compared with recurring profits), and the media sector has the lowest valuation, reaffirming the "recommended" investment rating.
Key points: 1. From a strategic point of view, the above announcement well reflects the development orientation of the company as a "traditional media operator and emerging media content provider", and also conforms to our long-term judgment on the company. In the foreseeable future, the company will further integrate the cultural media resources of Chengdu Media Group, the controlling shareholder, including newspaper advertising operation, TV advertising operation and cable network resources, and become the main catalyst for the company's investment value. 2. Quantitative analysis shows that the above business will accelerate the growth of the company's performance, and the estimated impact range is about 10- 15%. As our profit forecast model in 2008 has already reflected the expansion of the company in outdoor advertising, only considering the profit contribution of TV advertising, there is room for upward adjustment of 5- 10% in 2008, and the earnings per share is expected to surpass that of 0.8 yuan. (Note: The company's non-recurring profit and loss including stock investment in 2007 exceeded 50 million yuan, but our profit forecast for 2008 did not reflect any investment income, so the profit forecast was at a low level in the market. Investors are advised to pay attention to recurring income). 3. Borui's advertising analysis on behalf of Chengdu TV Station: Chengdu TV Station 1 (news comprehensive channel), 3 (life channel), 4 (film and television literature channel) and 5 (public channel) are the mainstream TV channels in Chengdu. However, as we analyzed in previous industry reports, due to the multi-level impact of CCTV, inter-provincial satellite TV and provincial TV stations, the competitive pressure of China city TV stations is enormous. From what we have learned, there is a clear gap between the competitiveness and revenue level of Chengdu TV Station and Chengdu Daily Newspaper Group (including Chengdu Daily, Business Daily and Evening News). The agency cost of Borui advertising in the first year is only 32 million yuan, which reflects the revenue scale of Chengdu TV station from one side. Although the profit contribution is only 5- 10%, Borui Communication can enter the operation of radio and television media for the first time, which shows the strategic positioning of Chengdu Media Group as a business asset integration platform.
Comments: All research institutions have expressed positive opinions on the advertising event of Borui Communication Agency for Chengdu TV Station. These two days, the stock price has not been affected by the market decline. The author believes that on the basis of the stable development of print media, entering the field of TV advertising has undoubtedly broadened the company's profit space, and the company is expected to become the most influential listed media enterprise in Southwest China. It is recommended to configure from the midline angle. (Analyst: Chen)
Comments on the information of important research reports
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★ According to the research report of Ke Hua Bio (002022), the conservative profit forecast for 2007-2009 is 0.55 yuan, 0.85 yuan,1.9 yuan, and the neutral forecast is 0.55 yuan, 0.99 yuan, 1.40 yuan. Steady investors can actively "overweight" at the current price.
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★ According to the research report of Ke Hua Bio (002022), the conservative profit forecast for 2007-2009 is 0.55 yuan, 0.85 yuan,1.9 yuan, and the neutral forecast is 0.55 yuan, 0.99 yuan, 1.40 yuan. Steady investors can actively "overweight" at the current price.
Key points: 1. The company's main business includes diagnostic reagents and medical devices. 2007 is a very important year for the company's development. The company changed the sales model and effectively controlled the channels by participating in the agency company. The developed series of medical devices have achieved good growth; 42 kinds of biochemical reagents and 3 kinds of medical devices in foreign markets have passed EU CE certification, and overseas markets are expected to become new growth engines. The company's main business extends from diagnostic reagents to medical devices, and from domestic to foreign countries. In the next three years, we will realize the development strategy of keeping pace with reagents and instruments and flying with me at home and abroad. 2. The sales channels of the company are stable, and the operating expenses of supplying the reserve price to the agents are stable, and the main expenditure is R&D investment. The gross profit generated by new income will basically be converted into profits, and the net profit rate is expected to increase from 29% to 36% in 2007-2009. From the historical data of the company, the gross profit margin was relatively stable from 2003 to 2007, but the level of net profit margin was constantly improving. We believe that companies with increasing net profit margins are rare in the A-share market.
3. Our conservative profit forecasts for 2007-2009 are 0.55 yuan, 0.85 yuan, 1.65, 438+0.9 yuan, up by 55%, 54% and 40% year-on-year. The more neutral forecasts are 0.55 yuan, 0.99 yuan and 1.40 yuan. According to our conservative profit forecast, the forecast P/E ratios of the company in 2007-09 are 68 times, 44 times and 365,438+0 times respectively. From the perspective of business development space and growth, there is no bubble in valuation. In 2008, the company will continue to strengthen the overseas market certification of medical devices, and it is expected to promote the domestic blood screening market in the second half of the year. Meria's joint venture project began to bear fruit in 2009, and the market capacity of the three major businesses is considerable, which is expected to bring about a leap in 2009.
The compound growth rate of the company's net profit in the next five years may exceed 50%, with strong profit certainty and high correlation with medical reform. It is a relatively safe product on the market at present, and all employees hold shares to solve the internal mechanism. We believe that stable investors can actively "overweight" at the current price. From the market point of view, the company's share capital is small and it is possible to expand; The launch of the Growth Enterprise Market is expected to drive the small and medium-sized board stocks to be active, and the small and medium-sized board stocks are the driving force to catalyze the stock price rise.
Judging from the predicted performance level, the current valuation of the stock is still attractive in the biomedical sector. On Tuesday, the stock price fluctuated strongly against the market, and the adjustment focused on value. (Luo) According to
Dongguan Securities:
The panic decline reappeared across the board.
Disk judgment:
American economic recession and subprime mortgage crisis have enveloped global stock markets. Not only did the Asia-Pacific stock market plummet on Monday, but the European stock market, which began to feel the lethality of the subprime mortgage storm, also plummeted in recent days. Black Monday appeared in global stock markets, including China stock market.
There was no good news on policy on Tuesday. Affected by this, the Shanghai and Shenzhen stock indexes opened sharply lower on Tuesday. Driven by the collective killing of heavyweights for half an hour at the opening, there was panic selling in the market, and the Shanghai Composite Index fell sharply. There are only five red plates in the session, and other stocks are terrible. After that, the market rebounded strongly, and many stocks in the session turned red. However, driven by the panic that Hong Kong stocks closed down 2000 points in early trading, the Shanghai Composite Index fell all the way and will rebound in early trading. At the close, the Shanghai Composite Index reported 4559.75 points, down 7.22%, while the Shenzhen Composite Index reported 15995.9 points, down 7.06%. Nearly a thousand stocks fell, and the turnover of Shanghai and Shenzhen stock markets was about 230 billion, which was a bit heavier than yesterday.
On Tuesday, the fund released its report for the fourth quarter of 2007. Judging from the average position level of funds, the average stock position of 345 funds in the fourth quarter of 2007 dropped to 78.42%, which was 1.27% lower than that in the third quarter. In the past six quarters, the average position of the fund has only fallen twice, one of which occurred in the first quarter of 2007, and the average position of the fund fell by 0.8%. Considering that it was at the peak of fund issuance at that time, a large number of new funds that had no time to open positions diluted the average position of existing funds, which was a passive reduction. In the fourth quarter, the average position of the fund actively decreased, indicating that the fund has always been cautious about the market outlook, which is the deep-seated reason for the failure of this round of market. From the perspective of industry allocation, securities, insurance, non-ferrous metals, steel, real estate and other sectors have suffered from fund reduction, while the industries that have increased their holdings are mainly concentrated in food and beverage, petrochemical plastics and information technology industries, which coincides with the recent hot features of individual stocks. Non-metallic metals and real estate industries, which were substantially reduced by the Fund, entered a deep adjustment in the fourth quarter, becoming the "hardest hit", while the food, beverage and chemical sectors, which were substantially increased by the Fund, have been in a strong trend recently, hitting record highs. It is worth mentioning that China Ping 'an was the first one to reduce its holdings in the fourth quarter. If Ping An's domestic large-scale refinancing plan is successfully implemented according to the previous share price, it will reach one-fifth of the total A-share financing scale in 2007, exceeding the sum of China Shenhua and China Petroleum. In 2007, the stock market peaked under the impact of the IPO of these two major aircraft carriers. The scale of China Ping An's refinancing is so large that it will naturally cause market panic.
On the face of it, there has been a serious panic in the market under the attack of internal and external troubles. There was an obvious irrational selling behavior on Tuesday. The release of this systemic risk cannot be completely completed by the market in a day or two. Bank of China, a listed company most affected by the US subprime mortgage crisis, also suspended trading on Tuesday. If trading resumes on Wednesday, it will bring further impact to the market. In the short term, there will be a technical retaliatory rebound after the market inertia falls, but the Ping An incident in China exposed the China stock market. Investors are advised not to blindly kill the market, pay close attention to whether the policy can save the market in the short term, such as approving the issuance of new funds, and don't rush to rebound when the policy is unclear, just wait and see.
Trend forecast:
There may be a retaliatory rebound after the market inertia falls, but whether it can really stop falling depends on the policy.
Operational recommendations:
Investors are advised not to blindly kill and continue to wait and see.
Hotspot Focus Moderator: Zheng Gang
A shares trapped in the "global stock market crash"
On Tuesday, the Shanghai and Shenzhen stock markets continued their sharp decline on Monday. The Shanghai Composite Index broke through 4,600 points in early trading, down more than 6%. Few stocks rose in the session, and the market was terrible. Although the intraday stock index once rebounded, the market was depressed and the market turned down again in the afternoon. A number of blue-chip stocks with little decline in the previous period made up for the decline, which aggravated the short-term panic selling pressure in the market. There were no hot spots in Tuesday's session, and the varieties that could rise were all low-priced theme concept stocks. Except for the heavyweights warmed up by institutions, the total number of the two cities did not exceed 30. Judging from the major indexes, the Shanghai Composite Index has been broken due to the existence of PetroChina, while the Shenzhen Component Index and the Shanghai and Shenzhen 300 Index have retreated to the low point of last year 10/65438+. Although it showed a pattern of high volatility, the plunge in just six trading days also made the previous low support relatively fragile.
The market crash since Monday was triggered by financial stocks, and the continuous decline of the stock market on Tuesday was also related to the negative performance of financial stocks. Bank of China was closed on Tuesday, and the company announcement has not been announced. There are rumors in the market that Bank of China will increase its provision for US subprime assets, which will lead to a sharp decline in its fourth quarter performance. This bad news will naturally spread to other state-owned listed banks. China Industrial and Commercial Bank once fell, and the share price of China Construction Bank also hit a new low since listing. In particular, ICBC's adjustment space was limited before, and this compensatory increase also announced the disintegration of the market bull camp.
We believe that there are three main reasons for the sharp decline in this market: First, the high valuation level leads to a rational return trend of stock prices. Although the blue-chip bubble of 5438+ 10 in June last year was gradually resolved under the administrative intervention of the management, the theme stock market at the end of June 5438+065438+ 10 once again raised the average valuation level of the market. Despite the news of performance growth, due to macro-control expectations, overseas economic slowdown and market operation strategies, blue-chip stocks showed a favorable market. The continuous suppression of blue-chip stocks has reduced the space for theme stocks to operate bubbles, leading to the return of stock prices. Second, the US subprime mortgage crisis spread to the China stock market. It should be said that the proportion of overseas funds participating in China stock market is relatively small, and China stock market and foreign capital market lack effective arbitrage mechanism. Therefore, it is unlikely that the A-share market will fall directly because of the shortage of funds, but more because Public Offering of Fund is bearish on the market outlook and the psychological factors of the market. Third, the large-scale financing plan of blue-chip stocks and the pressure of lifting the ban. China Ping An's over-100-billion-level refinancing plan is obviously intended to maximize the money-circling activities. However, the market reaction is obviously not conducive to the adoption of its financing plan. Since the announcement of financing news, the stock has experienced two consecutive daily limit, and whether its financing plan is rejected may be good for the market. In February and March, the lifting of the ban on financial stocks also had a negative impact on the market. However, if the stock market continues to be depressed, the motivation for non-cashing may not be as serious as expected.
Moderator: Yi Shixiong
Shenyang Xinkai (600 167):
On Tuesday, the stocks with the largest amplitude in the two cities reached 20%, closing down 9%, and the turnover rate was 14.7%. The profitability of the company is poor, and the earnings per share in the third quarter of 2007 was only 1 cent. The company has announced plans for private placement and capital injection. However, the increase in the short-term 7 days was nearly doubled, which was obviously caused by short-term speculation of hot money. It is recommended to avoid risks.
Xinlong Holdings (000955):
Tuesday's amplitude 19.38%, up 6%. The turnover rate is 29.76%. This company specializes in producing non-woven fabrics. Losses in the third quarter of 2007. One of the reasons for the recent surge in the market is an article entitled "The King of Potash in the Future" published by a certain media, but the company has clarified the relevant contents. But the clearer the stock price, the higher the price. Behind it is nothing more than the hype of some hot money. It is suggested to avoid this kind of variety show with strong gameplay.
Ke Hua Biology (002022):
On Tuesday, the amplitude was 17.47%, closing up 2.96% and the turnover rate was 5.66%. The company mainly deals in biochemical reagents, and its earnings per share in the third quarter of 2007 was 0.43 yuan, up 57% year-on-year. The fund has heavy stocks. Judging from the stock's anti-market dividend and low turnover rate, Tuesday's sharp shock may be caused by a few institutions cashing out, but the chip stability is very good. The market outlook suggests continuing to hold shares.
Fudan Hua Fu (600624):
On Tuesday, the amplitude was 17.34%, closing up 4.39% and the turnover rate was 29.76%. The company's profitability is average, and the concept of venture capital has been copied for two consecutive trading days in the past two trading days. Helpless, the market turned sharply, and the funds involved in speculation could not come out, so we had to bite the bullet and lift barbells. The game is very strong, and it is recommended not to chase after the heights.
CITIC Jiantou:
Information Overview: Today's Highlights
The Shanghai Composite Index plunged 1000 points on the 6th, which brought a phased buying point: from the highest point of June 65438+1October 65438+May to the lowest point of yesterday's session.
45 1 1.95 points, the Shanghai Composite Index fell by 993.08 points at most in just six trading days, with the largest decline of 18.04%, with an average daily decline.
3%。 Although the subprime mortgage crisis has severely hit the global stock market, it is still impossible to accurately judge the extent of the negative impact, but it can be expected that
However, the stock market that continues to plummet will usher in a staged rebound sooner or later. However, it is still difficult to accurately judge the general trend, and the rebound is only a stage.
On the premise of good stock price elasticity, we should "grasp small and enlarge" the investment target. To make up for the decline, there is a color of "fast, hard and fierce"
Color, the decline often exceeds market expectations. However, market participants believe that it is precisely because of the above characteristics that A shares plummeted in the short term and quickly.
It will make staged trading opportunities appear. (china securities journal)
The Federal Reserve cut interest rates by 75 basis points: The Federal Reserve Committee announced on Tuesday that the US federal funds rate has dropped by 75 basis points.
From the current 4.25% to 3.5%, the lowest level since September 2005. The Fed also lowered the discount rate by 75.
Basis point to 4%. A White House spokesman said that President Bush did not rule out the possibility of expanding the economic stimulus plan. Encouraged by this news,
After the US stock market opened sharply, the decline narrowed. As of 23: 45 Beijing time on the 22nd, the average price of 30 Dow Jones industrial stocks.
The index fell 0.92% to 1 1987, and the Standard & Poor's 500 Index fell 1.98% to 1298. European unit
On the market side, France's CAC40 index rose 0.42% to 4,764 points, while Britain's FTSE 100 index rose 0.45% to 5,603 points.
(china securities journal)
In-depth cooperation between bank and insurance started: China Banking Regulatory Commission and China Insurance Regulatory Commission signed the "China Banking Regulatory Commission and China Banking Regulatory Commission" on June 5438+1October 65438+June 6.
Memorandum of Understanding of China Insurance Regulatory Commission on Strengthening in-depth cooperation between bancassurance and cross-industry supervision and cooperation. Experts believe that this move has opened the deep layer of bancassurance.
The prelude to cooperation. In addition, allowing banks to invest in insurance companies will improve the competitiveness of commercial banks in comprehensive operation and accelerate insurance.
The insurance industry shuffled. (china securities journal)
For the first time, China Eastern Airlines and China Southern Airlines have joined hands to carry out all-round cooperation: just as the market is speculating on how China Eastern Airlines will "take over" the partner proposed by AVIC Co., Ltd..
When the case happened, China Eastern Airlines and China Southern Airlines signed a business cooperation framework agreement in Shanghai yesterday. So far, two of the three major airlines jointly launched a comprehensive merger for the first time.
Thus, a romance of the Three Kingdoms of China's civil aviation industry was staged. Liu Shaoyong, president of China Southern Airlines Group and chairman of the joint-stock company, introduced yesterday, South
China Airlines and China Eastern Airlines will cooperate in marketing, aircraft procurement, air material enjoyment and ground service. At present, Air China, China Eastern Airlines and South China
Airlines are divided into three hubs: Beijing, Shanghai and Guangzhou, which are evenly matched. As far as profitability is concerned, Air China has the strongest profitability in the first half of 2007.
In terms of fleet and passenger volume, China Southern ranked first. Interestingly, Li Fenghua, president of China Eastern Airlines Group, used to be
He was the deputy general manager of China Southern Airlines, while Liu Shaoyong, the head of China Southern Airlines, was the general manager of China Eastern Airlines. (shanghai securities news)
Celebrity issuance meets "cold current" social security 920 million lightning quilt cover: celebrity real estate, which has just implemented public issuance, rose sharply as soon as it resumed trading yesterday.
Single daily limit, the closing price 14.76 yuan is lower than the additional price 15.23 yuan, and the social security fund has invested 920 million yuan to subscribe.
Lightning quilt stock. In addition, because the winning rate is as high as 93.02%, the proportion of celebrity real estate shares held by the portfolio is as high as.
7.26% celebrities will passively go public to buy homes. Based on yesterday's closing price, the social security fund 1 12 combination subscribed for celebrity real estate this time.
The book loss was 284 1 ten thousand yuan. According to the current market performance of celebrity home buyers, the short-term quilt cover of this portfolio may be more stringent.
Heavy. (shanghai securities news)
Bank of China: The US subprime mortgage did not hinder the year-on-year increase in after-tax profits: Bank of China announced today that the relevant media may be held by Bank of China.
The second is to clarify the report that the profit in 2007 dropped sharply or even lost money. Bank of China said in the announcement that the management has initially mastered it.
The unaudited operation in 2007, and the bond impairment loss is considered as the after-tax profit of China Bank in 2007.
Compared with the previous year, it will continue to grow. As of the end of the third quarter of last year, the subprime-related assets held by BOC decreased by 654.38+0.7 billion US dollars compared with the middle of the year.
Rmb, about $7.947 billion. Accordingly, the Bank of China made provision for impairment of these two types of assets of US$ 654.38+860 billion (subprime mortgage debt).
Certificate) and $287 million (for CDO). (china securities journal)
Chengdu Jiantou was approved to incorporate Guo Jin Securities: Chengdu Jiantou (600 109) announcement, 65438+122 October, the company received the China Securities Regulatory Commission.
Regarding the reply, it is agreed that Chengdu Jiantou will be reorganized in accordance with the relevant prescribed procedures, and it is agreed that Chengdu Jiantou will absorb the merged country by way of exchanging new shares for shares.
Jin Securities Co., Ltd. (china securities journal)
China Ping An or shares in Aviva and Prudential: China Ping An (60 13 18) has been down for two consecutive times after the announcement of the refinancing plan.
The use of the raised funds began to appear: China Ping An is likely to raise funds for overseas acquisitions, and the target may be an established British insurance company.
Aviva and Prudential Group. The data shows that in the past year, the share prices of Aviva and Prudential respectively fell.
It has dropped by about 34% and 19% respectively, and the P/E ratio is also lower than the average level of 1 1 2 times of the general mature market insurance stocks. Aviva was founded in
1696, headquartered in London, ranked 35th among Fortune 500 companies in 2005.
The largest insurance group in China and the sixth largest in the world. Prudential was established in London on 1848. It is the largest financial and retail fund in Britain.
One of the management companies. (shanghai securities news)
Jianghuai Automobile 800 million yuan to build a medium and heavy truck project: Jianghuai Automobile (6004 18) announced that the company plans to invest 837 million yuan to build an annual output of 4.
10,000 medium and heavy truck projects, and additional investment in Hefei Jianghuai Foundry Co., Ltd. ... Jianghuai Automobile said that the company intends to use its own funds for investment.
With an annual output of 40,000 medium and heavy trucks, the total investment of the project is 837 million yuan, including 647 million yuan of fixed assets investment and liquidity 1.9.
1 billion yuan. At the same time, the company made additional investment in Hefei Jianghuai Casting Co., Ltd. with the assets of the second phase casting project of 74,647,600 yuan. Completion of capital increase
After that, JAC invested 232,743,500 yuan in Hefu JAC Foundry Co., Ltd., accounting for 98.98% of its total investment. In addition, for
In order to promote the development of passenger car marketing business, Jianghuai Automobile will set up a multi-functional automobile marketing branch of Anhui Jianghuai Automobile Co., Ltd. and
Anhui JAC Automobile Co., Ltd. Automobile Marketing Branch. (china securities journal)
Jiangxi Copper plans to issue 6.8 billion yuan convertible bonds: Jiangxi Copper (600362) announced today that it plans to issue warrants and bonds.
No more than 6.8 billion yuan of convertible corporate bonds, and the funds raised are mainly used to acquire related assets such as copper, gold and molybdenum of Jiangtong Group;
Technical transformation of Dexing copper mine to expand the scale of mining and dressing production: developing overseas resources in Afghanistan and northern Peru; Repayment of loans and supplementary funds from financial institutions
Transfer funds. It is worth noting that about 654.38+0.3 billion yuan of the raised funds were used to acquire Canada North Peru Copper Company (NPC Company).
Equity, about1200 million yuan to acquire Afghanistan Aynak Copper. (china securities journal)
Zhongyuan Expressway increased its capital by 400 million yuan. Zhongyuan Trust: The board of directors of Zhongyuan Expressway (600020) recently deliberated and passed relevant resolutions, and plans to invest 4.
1 100 million yuan in cash to participate in the capital increase and share expansion of Zhongyuan Trust Co., Ltd., with a shareholding ratio of 33.28%. Zhongyuan Trust still needs to obtain capital increase and share expansion.
Approved by China Banking Regulatory Commission. After this capital increase and share expansion, the proportion of shareholders of Zhongyuan Trust is: Henan Investment Group holds 48.42%, which is higher than Zhongyuan.
Speed Holdings 33.28%, Henan Shengrun Holdings 18.30%. (china securities journal)