Financial News
Li Keqiang presided over a forum of experts and entrepreneurs on the economic situation
The Standing Committee of the Political Bureau of the Central Committee of the *** Central Committee, the Premier of the State Council, Mr. Li Keqiang presided over a forum of experts and entrepreneurs on the economic situation, analyze the current economic situation, and do a good job of the next step of the economic work to listen to suggestions. The next step in the economic work to listen to the views and suggestions.
Li Keqiang pointed out that the first half of the implementation of a larger tax cuts, directional reductions and other measures to cope with external challenges, stabilize the economic operation has played a key role. To adhere to the implementation of active fiscal policy, prudent monetary policy and employment priority policy, timely adjustments, the use of good counter-cyclical adjustment tools. It is necessary to effectively deliver on the commitment to cut taxes and fees by nearly 2 trillion yuan for the whole year, and stabilize the expectations of enterprises. We will unclog monetary policy transmission channels and lower financing costs for small and medium-sized enterprises. We will do a good job of providing employment services, expanding the number of higher education institutions, adapting to flexible employment and improving social security, and taking multiple measures to stabilize and expand employment.
State-owned Assets Supervision and Administration Commission (SASAC): It has sorted out a number of central enterprises that can be declared on the KTB, and 14 of them have been accepted
Peng Huagang, spokesman for SASAC, said at a conference held by the State Council Information Office on July 16th, that China Communications Corporation (CCC) will be a member of the first batch of listed enterprises on the KTB. At present, SASAC has sorted out a number of science and technology innovation strength, market recognition of the high degree of enterprise declaration of science and technology innovation board listing, China Electrical and other 14 enterprises to apply for science and technology innovation board materials have been accepted, the future will also be ripe for one to promote a, hope that there are more central enterprises active figure appeared in science and technology innovation board.
State-owned Assets Supervision and Administration Commission (SASAC): the next step to promote the strategic reorganization of equipment manufacturing, shipping, chemical and other fields
SASAC spokesman Peng Huagang said on the 16th, the next step to steadily promote the strategic integration of the central enterprise group, focusing on promoting the strategic reorganization of the field of equipment manufacturing, shipping, chemical and other fields. In addition, it is necessary to accelerate the integration of central enterprises homogenized business, is studying the power, non-ferrous metals, iron and steel, offshore equipment, environmental protection and other areas of specialization integration.
Development and Reform Commission: steady progress in China's economy in the long term
National Development and Reform Commission spokesman Meng Wei said at a conference on July 16, since this year, China's economy has a "steady" and "progress". Despite the complexity of the environment at home and abroad, the fundamentals and general trend of China's economy in the long term have not changed and will not change. By "stable", I mean that the main economic indicators remain within a reasonable range. The so-called "progress" refers to the continuous optimization of the economic structure and the increase of positive factors to promote high-quality development.
Fiscal revenue in the first half of the year increased by 3.4% year-on-year, and the stamp duty on securities transactions increased by 17.1%
Data from the Ministry of Finance shows that in the first half of 2019, the national general public **** budget revenue of 107,846 billion yuan, an increase of 3.4% year-on-year, of which 76.9 billion yuan of revenue from the stamp duty on securities transactions, up 17.1% year-on-year. 17.1%. The national general public **** budget expenditure of 123,538 billion yuan, an increase of 10.7%.
Pan Gongsheng: Continue to Promote the Opening of Domestic Financial Markets to Facilitate Overseas Investors to Use RMB to Invest in Domestic Bonds and Stocks
Pan Gongsheng, Vice Governor of the People's Bank of China (PBOC) and Director General of the State Administration of Foreign Exchange (SAFE), recently wrote an article in China Finance, pointing out that 2019 is the 10th anniversary of the pilot of cross-border trade renminbi (RMB) settlement and the launch of RMB internationalization. The tenth anniversary of the pilot of cross-border trade RMB settlement and the launch of RMB internationalization.
On the one hand, it is necessary to actively and steadily promote the process of RMB internationalization, and enhance the confidence of foreign subjects in holding and using RMB; on the other hand, it is necessary to do a good job of risk prevention in the process of opening up, so as to ensure that the internationalization of RMB is stable and far-reaching. The company's main goal is to expand RMB cross-border payment and settlement, explore the implementation of higher-level trade and investment facilitation pilots, and focus on promoting the cross-border use of RMB in trade and investment. Expand the international currency function of the RMB, and gradually expand the use of the RMB in cross-border investment, financial market transactions and reserves. We will continue to promote the liberalization of the domestic financial market and further facilitate foreign investors to use RMB to invest in domestic bonds and stocks.
4 KVM companies to disclose the results of the issue: heart pulse medical online investors abandoned subscription of 368,900 yuan
KVM companies to be listed on the KVM board heart pulse medical, South micro-medicine, rainbow soft science and technology, the western superconductor disclosed the KVM board IPO issue results on the evening of July 16: heart pulse medical online investors to give up the subscription of 7,979 shares, the amount of 368,900 yuan, abandonment of the subscription. Amount of 368,900 yuan; South micro-medicine online investors to give up subscribing to 17,300 shares, the amount of 909,900 yuan; rainbow soft science and technology online investors to give up subscribing to 10,078 shares, the amount of 291,100 yuan; western superconductor online investors to give up subscribing to 11,077 shares, the amount of 166,200 yuan.
The first half of the establishment of the largest mixed fund second-quarter report came out stock position 29%
The first half of the establishment of the largest mixed fund Qianhai open source high-quality growth mixed fund released second-quarter report. The second quarterly report shows that as of the end of June, the stock position accounted for 29.46%. April 9 since the establishment of the layout of the Shandong Gold, GF Securities, Gree Electric Appliances and so on. According to the second quarterly report, as of the end of June, Qianhai Open Source Quality Growth Mixed Fund stock investment accounted for 29.46% of the fund's total assets. However, the fund's build-up period is six months, and as of June 30, 2019, the build-up period has not yet ended.
Company Focus
Chengxing Stock: Clarification after five consecutive boards
The company said that: the rise in the price of yellow phosphorus is a phase, and there is a greater uncertainty as to how long it can be sustained; the company produces yellow phosphorus The company's production of yellow phosphorus is mainly as the company's production of phosphoric acid supply of raw materials, foreign sales accounted for a relatively small; the company's phosphoric acid products due to market factors, the price increase is much lower than the yellow phosphorus price increase.
Tianmu Pharmaceuticals: the Great Wall Group does not have a plan to transfer control (four consecutive boards)
Tech Data Xunfei: the completion of 108 million shares of the increase in the national industry fund subscription
Taihe Health: controlling shareholders held 101 million shares were judicially frozen
AVIC Capital: controlling shareholders, such as an aggregate of 49.99 million shares in exchange for shares of the ETF
Guangxi Radio and Television: controlling shareholders, such as an aggregate of 49.99 million shares of ETF
Guangxi Radio and Television: controlling shareholders, such as the ETF shares of the ETF
Guangxi Radio and Television: the controlling shareholder intends to transfer 18.81% of the company's shares to the Guangxi Investment Group*ST Yida: suspended from July 19
Botian environment: proposed acquisition of 60% of the shares of the environment of the high green level resumption of trading today
Xingpu medical science: the company's securities abbreviation changed to "Yingkang Life "
LONGi: Signed a silicon wafer sales contract with Vietnam Battery Technology and Shanghai Yize New Energy
Meijin Energy: 180 million yuan of capital increase in Guohong Hydrogen Energy holds a 9.09% stake to further improve the layout of the whole industry chain of hydrogen energy
Company Performance
Ping An of China: the first half of the cumulative original insurance contract
Ping An of China: the first half of the cumulative original insurance contract premium income totaled 446.24 billion yuan
China Taipao: the first half of the cumulative original insurance business income of 138.427 billion yuan and 68.598 billion yuan of Taipao life insurance and Taipao general insurance
China Construction: the first half of the total amount of new contracts signed 14,360 billion yuan, an increase of 6%
Hangke Technology: Net profit of 179 million yuan in the first half of the year, up 22.94% year-on-year
Haoxian: net profit of 127 million yuan in the first half of the year, up 22.94% year-on-year
BaoTi: net profit of 110 million yuan in the first half of the year, an increase of 223.53% year-on-year
JiuHua Tourism: net profit of 80.6 million yuan in the first half of the year, up 33.77% year-on-year
China Construction: new contracts totaling 143.6 billion yuan, up 6 33.77%
Golden Seed Wine: expected to lose 30-36 million yuan in the first half of the white wine revenue decline
*ST Fangu: first half of the net profit of 69.328 million yuan
repurchase and increase or decrease in holdings
Jingfang Technology: 12.47% shareholders of the EIPAT intends to reduce its shareholding of more than 10 percent within six months.
FAW Fuwei: Jilin Yadong state-owned capital investment shares to reach 5%
New share subscription
Keri technology: subscription code 002957, issue price of 15.1 yuan
Jingjin environmental protection: subscription code 732279, issue price of 13.56 yuan
Investment Focus
MOSFET chip demand surge, the industry chain is expected to benefit
According to media reports, since the third quarter, the market demand for MOSFETs has recovered strongly, automotive electronics, communications, ODM / OEM manufacturers began frantically purchasing chips. The company's newest product, MOSFETs, is a new generation of MOSFETs. As early as before the end of June, Infineon, ST, ON Semiconductor and other international IDM factories have signed the second half of the order with large customers, these manufacturers of MOSFET production capacity has been booked up, the third quarter of the order has exceeded the actual production capacity of 20% -30%. Exceeding the capacity of the IDM factory MOSFET delivery time is also once again longer, in which the low-voltage and high-voltage MOSFET delivery time generally stretched to 30-40 weeks, insulated gate bipolar transistor (IGBT) delivery time also reached 30 weeks.
Analysis pointed out that the replacement of communications equipment, automotive electronics sensors, and the increase in base station equipment brought about by the 5G infrastructure will massively increase the amount of MOSFETs. In addition, Bitcoin's recent surge has ignited the enthusiasm of miners, which has further driven the growth of MOSFET demand. The upstream 8-inch silicon wafer market continues to oversupply the state of 2020 can not be improved, MOSFET want to improve production capacity is still more difficult. At present, the international IDM factory orders have long been signed, Taiwan manufacturers in the third quarter capacity orders have increased prices 5-10%, but the capacity is still a huge shortage, prices are expected to continue to rise. Under the demand recovery, the industry chain will benefit from the company.
Wentai science and technology (600745) acquired by Ansell Semiconductor in the field of MOSFETs ranked among the world's leading position.
China Microelectronics (600360) has established a high-end diode, MOS series products, the sixth generation of IGBT domestic more complete, competitive power semiconductor device product system.
NAND Flash prices are expected to rise another 30%, the relevant companies are expected to benefit
According to media reports, the NAND Flash control chip and module factory Qunlian chairman of the board of directors, Pan Jiancheng, said a few days ago that, since July, the spot price of NAND Flash has risen by about more than 10%, and rationally, there are still 20% to 30% upside in the future. The price of NAND Flash spot has increased by more than 10% since July, and rationally speaking, there is still room for 20% to 30% increase in the future; if the market panics and demand occurs, it will even go up by another 50%.
Pan Jiancheng said that this wave has actually been brewing for one or two months, the previous NAND Flash prices are low, mainly due to the pressure of high inventory levels in the market, but there is a traditional demand for pulling goods in the third quarter, coupled with the effect of the production cuts in the first quarter, which is gradually starting to ferment in the second and third quarters. In the opinion of Mr. Pan, the NAND Flash market situation in Q3 is not bad.
Institutions believe that since the Toshiba plant was shut down last month due to a strong earthquake, the NAND Flash chip production capacity has decreased by about 3%, superimposed on the recent trade friction between Japan and South Korea, the NAND Flash chip production capacity may continue to decrease by 7%. It is expected that NAND Flash chip prices will end the two-year-long downtrend under the rapid digestion of inventory and future supply reduction. At the same time, if the Japan-South Korea trade talks again stalemate, the next quarter DRAM contract price will also stop falling rebound, there will be NAND and DRAM two memory "double up" effect.
Beijing Junzheng (300223) to be acquired by the Beijing Si Cheng memory chip products in the field of DRAM, SRAM to maintain a global leading position.
ZiGuang State Micro (002049) subsidiary Xi'an ZiGuang Tongxin has DRAM, ECC DRAM, DRAM module, DRAM KGD, NAND FLASH and other memory chip products.
Hot Data
Hengrui Medicine was net sold by Shanghai Stock Connect for 5 consecutive days
On Tuesday, northbound funds traded a net buy of 1.009 billion yuan. Deep Shanghai stock pass turnover of active stocks, Hengrui medicine all day turnover of 300 million yuan, turnover net selling 0.83 billion yuan, for the fifth consecutive day of net selling, during the period of the shares of Shanghai stock pass total turnover of 1.870 billion yuan, a total of 534 million yuan of net selling.
Money Winds
The market is narrowly oscillating, and funds are buying China Weitong
On Tuesday, the Shanghai and Shenzhen markets were narrowly oscillating. As of the close of business, the Shanghai index fell 0.16% to 2937.62 points, the Shenzhen Composite Index fell 0.28% to 9283.41 points, the GEM index fell 0.14% to 1545.27 points. The two cities *** total turnover of 352.5 billion yuan, a decrease of 69.9 billion yuan compared with the previous trading day.
On the plate, hydrofluoric acid, titanium dioxide, fluorine chemical and other plates rose; Hulun Tong concept, the Chinese ship system, white wine concept and other plates fell.
Longhu list, the business department funds net buy the top three is China Weitong (601698), Huaying science and technology (000536), the new day shares (603787), the amount of 177 million yuan, 86 million yuan, 39 million yuan, respectively.
Research Report Gold
Investment Background:
1, demand continues to be good, real estate to maintain toughness.
From the single-month data, June commercial property sales area fell 2.3% year-on-year, up 2.2 percentage points from the previous month, residential sales area fell 1.8% year-on-year, up 2.2 percentage points from the previous month, June new construction area, residential new construction area increased by 8.9% year-on-year, 7.8%, respectively, compared with the previous month, up 5.0, 2.5 percentage points.
June crude steel production 87.53 million tons, an increase of 9.9% year-on-year, the average daily crude steel production of 2.9177 million tons, an increase of 1.52%, a record high. The latest economic data show that supply and demand are moving in the same direction, continuing the pattern of double boom. Demand forward, real estate investment is strong, infrastructure weak recovery; supply backward, environmental protection marginal relaxation, low-cost capacity to be released, in and out, industry earnings gradually return to a reasonable level.
2, strong real estate demand does not change
Residential broad inventory environment in the past 10 years in the optimal state, down the interest rate environment and "according to the city policy" control policies lead to the operation cycle are conducive to the stability of the real estate sales. 2019 real estate sales is still the level of sky high, real estate investment continues to Maintain the toughness, the structure of the front end gradually to the back end of the transfer;
3, infrastructure in the policy care recovery.
The overall idea of macroeconomic control this year is to counter-cyclical regulation and stabilize aggregate demand. Infrastructure will certainly take off from last year, infrastructure investment growth has rebounded 0.7 percentage points since the end of last year. The recent special bonds can be used as capital for major projects, further indicating that the policy of stabilizing growth continues to heat up;
4, the supply increased significantly.
This year's incremental supply mainly from the environmental relaxation led to the release of blast furnace capacity, the annual net increase in steel production capacity of up to 72.82 million tons. Supply and demand environment in the year is likely to remain stable, the first quarter is expected to become a low point of profitability, the second half of the profit is slightly better than the first half.
5, profit elasticity first mine after steel.
This year, the iron ore supply gap is expected to reach 100 million tons level, this gap needs to start a large number of domestic high-cost idle mines to meet demand. From the conduction chain, the release of blast furnace supply so that iron ore is the first gain, with the passage of time, the expansion of steel demand will gradually fully digest the negative impact of environmental relaxation caused by the supply side.
Investment strategy:
In the expectation of pessimism, the difficulty of over-expectation is reduced, the current share price is in a favorable position to play.