Li Keqiang presided over the symposium of economic situation experts and entrepreneurs.
The Politburo Standing Committee (PSC) and Li Keqiang, Premier of the State Council of the People's Republic of China of the Communist Party of China hosted a forum for economic situation experts and entrepreneurs to analyze the current economic operation and listen to opinions and suggestions on doing a good job in the next economic work.
Li Keqiang pointed out that in the first half of the year, measures such as tax reduction and fee reduction on a larger scale and targeted reduction of the deposit reserve ratio were implemented, which played a key role in coping with external challenges and stabilizing economic operation. We must adhere to a proactive fiscal policy, a prudent monetary policy and an employment priority policy, make timely pre-adjustment and fine-adjustment, and make good use of countercyclical adjustment tools. It is necessary to earnestly fulfill the promise of reducing taxes and fees by nearly 2 trillion yuan for the whole year and stabilize the expectations of enterprises. Clear the transmission channel of monetary policy and reduce the financing cost of small and medium-sized enterprises Do a good job in employment services, enrollment expansion in higher vocational colleges, adapting to flexible employment, and improving relevant social security, and take various measures to stabilize and expand employment.
State-owned Assets Supervision and Administration Commission (SASAC): It has accepted a number of central enterprises 14 that can declare science and technology innovation board.
Peng, spokesman of the State Council State-owned Assets Supervision and Administration Commission, said at the press conference of the State Council Office on July 16 that Hao Tong, China will become one of the first listed companies of the science and technology innovation board. At present, the State-owned Assets Supervision and Administration Commission (SASAC) has sorted out a number of enterprises with strong scientific and technological innovation strength and high market recognition to apply for listing on the scientific and technological innovation board. The application materials of 14 companies including China have been accepted, and 1 company will be promoted in the future. I hope more central enterprises are active in the science and technology innovation board.
State-owned Assets Supervision and Administration Commission (SASAC): The next step is to promote strategic restructuring in the fields of equipment manufacturing, shipbuilding and chemical industry.
Peng Jun 16, spokesman of the State-owned Assets Supervision and Administration Commission, said that the next step is to steadily promote the strategic integration of the central enterprise group, focusing on the strategic reorganization in the fields of equipment manufacturing, shipbuilding and chemical industry. In addition, to speed up the integration of the homogenization business of central enterprises, we are studying the professional integration in the fields of electric power, nonferrous metals, steel, offshore equipment and environmental protection.
Development and Reform Commission: China's economy has been improving for a long time.
Meng Wei, spokesman of the National Development and Reform Commission, said at the press conference on July 16 that since the beginning of this year, China's economy has made progress steadily. Despite the complicated domestic and international environment, the fundamentals and general trend of China's long-term economic improvement have not changed and will not change. The so-called "stability" means 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.
In the first half of the year, fiscal revenue increased by 3.4% year-on-year, and stamp duty on securities transactions increased by 17. 1%.
According to the data of the Ministry of Finance, from 2065438 to the first half of 2009, the national general public budget revenue was 107846 billion yuan, up by 3.4% year-on-year, of which the stamp duty revenue from securities transactions was 76.9 billion yuan, up by 17. 1% year-on-year. The national general public budget expenditure was 1.23538 billion yuan, a year-on-year increase of 1.7%.
Pan: We will continue to open the domestic financial market and facilitate foreign investors to use RMB to invest in domestic bonds and stocks.
Pan, deputy governor of the People's Bank of China and director of the State Administration of Foreign Exchange, recently wrote in China Finance that 20 19 marks the 10th anniversary of the pilot RMB settlement of cross-border trade and the beginning of RMB internationalization.
On the one hand, actively and steadily promote the internationalization of RMB and enhance the confidence of overseas entities in holding and using RMB; On the other hand, it is necessary to guard against risks in opening up and ensure that the internationalization of the RMB is stable and far-reaching. Adhere to the market-driven, expand the cross-border payment and settlement of RMB, explore and implement a higher level of trade and investment facilitation pilot, and focus on promoting the cross-border use of RMB in trade and investment. Expand the international monetary function of RMB, and gradually expand the use of RMB in cross-border investment, financial market transactions and reserves. Continue to promote the opening of domestic financial markets and further facilitate foreign investors to use RMB to invest in domestic bonds and stocks.
Four science and technology innovation board companies disclosed the issuance results: Xinmai Medical Online investors gave up the subscription of 368,900 yuan.
Science and technology innovation board listed companies Xinmai Medical, Nanwei Medical, Hongsoft Technology and Western Superconductor disclosed the IPO results of the science and technology innovation board on the evening of June 16: Xinmai Medical online investors gave up the subscription of 7979 shares, giving up the amount of 368,900 yuan; Nanwei Medical Online Investors gave up the subscription of 6,543,800+0,730 shares, giving up an amount of 909,900 yuan; The online investor of ArcSoft Technology gave up the subscription of 10078 shares, giving up the amount of 29 1 10000 yuan; Western Superconducting Online Investors gave up the subscription of 1 1077 shares, with the abandonment amount of 166200 yuan.
In the first half of the year, the second quarterly report of the largest hybrid fund was released, with a stock position of 29%
In the first half of the year, the largest hybrid fund, Qianhai Open Source High-quality Growth Hybrid Fund, was established and released the second quarterly report. According to the second quarterly report, as of the end of June, stock positions accounted for 29.46%. Since its establishment on April 9th, Shandong Gold, Guangfa Securities and Gree Electric have all been laid out. According to the second quarterly report, as of the end of June, the stock investment of Qianhai Open Source High-quality Growth Hybrid Fund accounted for 29.46% of the total assets of the fund. However, the fund's opening period is 6 months, and as of 2065438+June 30, 2009, the opening period has not yet ended.
Company focus
Chengxing shares: clarification after five consecutive boards
The company said: the price increase of yellow phosphorus belongs to stages, and there is great uncertainty about how long it can last; The yellow phosphorus produced by the company is mainly used as raw material for the production of phosphoric acid, and the external sales account for a relatively small proportion; Due to market factors, the price increase of the company's phosphoric acid products is much lower than that of yellow phosphorus.
Tianmu Pharmaceutical Co., Ltd.: At present, Great Wall Group has no plans to transfer control rights (Fourth Board).
Iflytek: completed the subscription of 654.38+0.8 billion fixed-income state-level industrial funds.
Taihe Health: The 1.0 1 billion shares held by the controlling shareholder were frozen by the judiciary.
AVIC Capital: The controlling shareholder and others exchanged 49.99 million ETF shares.
Guangxi Radio and Television: The controlling shareholder intends to transfer 18.5438+0% shares of the company to Guangxi Investment Group.
*ST Yida: listing will be suspended from July 19.
Tian Bo Environment: It is planned to acquire 60% equity of Gaoluping Environment and resume trading today.
Xingpu Medical: The abbreviation of the company's securities was changed to "Yingkang Life Insurance".
Longji shares: signed a silicon wafer sales contract with Vietnam Battery Technology and Shanghai Yize New Energy.
Meijin Energy: 6,543.8+0.8 billion yuan of capital increase. Guo Hong Hydrogen Energy holds 9.09% of the shares, further improving the layout of the whole industrial chain of hydrogen energy.
Enterprise performance
China Ping An: The total premium income of the original insurance contract in the first half of the year was 446.24 billion yuan.
China Taibao: The accumulated original insurance business income of Taibao Life Insurance and Taibao Property Insurance in the first half of the year was 65.438+038.427 billion yuan and 68.598 billion yuan respectively.
China Construction: The total amount of new contracts signed in the first half of the year was 654.38+43.6 million yuan, up 6% year-on-year.
Aeronautical Science and Technology: The net profit in the first half of the year was 6.5438+79 million yuan, and it was listed in science and technology innovation board on July 22nd.
I miss you very much: the net profit in the first half of the year was 65.438+0.27 billion yuan, a year-on-year increase of 22.94%.
Baoti shares: The estimated net profit for the first half of the year is about 1. 1 billion yuan, up by 223.53% year-on-year.
Jiuhua Tourism: The net profit in the first half of the year was 80.6 million yuan, a year-on-year increase of 33.77%.
Golden seed liquor: It is estimated that the loss in the first half of the year will be 30-36 million yuan, and liquor revenue will decline.
*ST Van Gogh: The net profit for the first half of the year was 69.328 million yuan.
Buy-back and increase/decrease
Fang Jing Science and Technology: EIPAT, the shareholder holding 65,438+02.47%, intends to reduce its shareholding by no more than 65,438+00% within six months.
FAW Fu Wei: Yadong state-owned capital invested in Jilin Province, holding 5% of the shares.
initial public offering (IPO)
Ke Rui Science and Technology: subscription code 002957, issue price 15. 1 yuan.
Jin Jing Environmental Protection: The subscription code is 732279, and the issue price is 13.56 yuan.
Investment focus
Industry chain companies are expected to benefit from the surge in demand for MOSFET chips.
According to media reports, since the third quarter, the demand of MOSFET market has recovered strongly, and manufacturers such as automotive electronics, communication, ODM/OEM have begun to purchase chips to replenish their inventory. As early as the end of June, Infineon, ST, Anson and other international IDM manufacturers have signed orders with major customers in the second half of the year. The MOSFET production capacity of these manufacturers has already been booked out, and the order volume in the third quarter has exceeded the actual production capacity by 20%-30%. The delivery time of MOSFET in IDM factory with overcapacity has been extended again, in which the delivery time of low-voltage and high-voltage MOSFET is generally extended to 30-40 weeks, and the delivery time of insulated gate bipolar transistor (IGBT) is also 30 weeks.
It is pointed out that the upgrading of communication equipment, the increase of automobile electronic sensors and the increase of base station equipment brought by 5G infrastructure will greatly increase the usage of MOSFET. In addition, the recent surge in bitcoin has ignited the enthusiasm of miners and further promoted the growth of MOSFET demand. However, the continuous supply of the upstream 8-inch silicon wafer market cannot be improved before 2020, and it is still difficult for MOSFET to increase production capacity. At present, orders from international IDM manufacturers have already been signed. In the third quarter, orders from manufacturers in Taiwan Province increased by 5- 10%, but the production capacity is still huge, and prices are expected to continue to rise. Industrial chain companies will benefit from the recovery of demand.
Anshi Semiconductor, acquired by Wen Tai Science and Technology (600745), is a world leader in MOSFET and other fields.
Huawei Microelectronics (600360) has established a relatively complete and competitive power semiconductor device product system with high-end diodes, MOS series products and the sixth generation IGBT.
The price of NAND Flash is expected to increase by another 30%, and related companies are expected to benefit.
According to media reports, Pan, chairman of NAND Flash Control Chip and Module Factory Group, said recently that the spot price of NAND Flash has risen by about 10% since July. From a rational point of view, there is still room for growth of 20% to 30% in the future; If there is panic demand in the market, it will even increase by 50%.
Pan said that this wave has actually been brewing for a month or two. Previously, the price of NAND Flash was low, mainly due to the pressure brought by the high inventory level in the market. However, there was a traditional demand for goods in the third quarter, and the production reduction effect of 1 quarter gradually began to ferment in the second and third quarters. Pan believes that the market situation of NAND Flash in the third quarter is not bad.
The agency believes that the production capacity of NAND flash memory chips has decreased by about 3% since the Toshiba plant was shut down due to a strong earthquake last month, and the trade friction between Japan and South Korea may continue to decrease by 7% in the near future. It is expected that with the rapid digestion of inventory and the reduction of future supply, the price of NAND flash memory chips will end its decline for more than two years. At the same time, if the trade negotiations between Japan and South Korea are deadlocked again, the contract price of DRAM will also stop falling and rebound in the next quarter, resulting in the "Shuang Sheng" effect of n and and DRAM.
Beijing Zheng Jun (300223) intends to acquire Beijing silicon memory chip products, which maintain a leading position in the field of DRAM and SRAM.
Tongxin Microelectronics under Ziguang Guowei (002049) owns memory chip products such as DRAM, ECC DRAM, DRAM module, DRAM KGD and NAND FLASH.
Hot spot data
Hengrui Pharma was sold by Shanghai Stock Connect for five consecutive days.
On Tuesday, the net transaction of northbound funds was 65.438+0.09 billion yuan. Among the active stocks traded in Shenzhen Stock Connect, Hengrui Pharma traded 300 million yuan all day and sold 83 million yuan, which was the fifth consecutive day of net selling. During this period, the stock traded 65.438+87 million yuan, with a total net sale of 534 million yuan.
Wind direction of funds
The market fluctuated within a narrow range to buy China Weitong.
The Shanghai and Shenzhen stock markets fluctuated within a narrow range on Tuesday. At the close, the Shanghai Composite Index fell 0. 16% to 2937.62 points, the Shenzhen Component Index fell 0.28% to 9283.4 1 point, and the Growth Enterprise Market Index fell 0. 1545.27 points. The turnover of the two cities was 352.5 billion yuan, a decrease of 69.9 billion yuan compared with the previous trading day.
On the disk, hydrofluoric acid, titanium dioxide, fluorine chemical and other sectors were among the top gainers; Huluntong concept, CSSC and liquor concept were among the top losers.
On the Dragon and Tiger List, the top three net purchases of business department funds are China Weitong (60 1698), Huaying Technology (000536) and Xinri Co., Ltd. (603787), with the amounts of 65438+77 million yuan, 86 million yuan and 39 million yuan respectively.
Research report gold rush
Investment background:
1, demand continues to improve, and real estate remains resilient.
According to the monthly data, the sales area of commercial housing in June decreased by 2.3% year-on-year, up by 2.2 percentage points over the previous month, and the sales area of residential housing decreased by 1.8% year-on-year, up by 2.2 percentage points over the previous month. In June, the newly started residential area and newly started residential area increased by 8.9% and 7.8% year-on-year, up by 5.0 and 2.5 percentage points respectively.
In June, the crude steel output was 87.53 million tons, up 9.9% year-on-year, and the daily average crude steel output was 29 1.77 million tons, up 1.52% month-on-month, hitting a record high continuously. The latest economic data shows that supply and demand are developing in the same direction, continuing the pattern of double prosperity. Demand is moving forward, real estate investment is strong and infrastructure is weak; After the withdrawal of supply and the relaxation of environmental protection margin, low-cost production capacity is released, and industry profits gradually return to a reasonable level between advance and retreat.
The strong demand for real estate will not change.
The generalized housing inventory environment is in the best state in 10 years, and the decline of interest rate environment and the regulation policy of "taking measures according to the city" lead to the operation cycle, which is conducive to the stability of real estate sales. In 20 19, real estate sales were still at the level of heavy volume, real estate investment continued to maintain resilience, and the front end of the structure gradually shifted to the back end;
3. Infrastructure has been restored under the care of policies.
The general idea of macro-control this year is to adjust countercyclically and stabilize the total demand. Infrastructure will definitely improve compared with last year, and the growth rate of infrastructure investment has rebounded by 0.7 percentage points since the end of last year. The recent special debt can be used as the capital of major projects, further indicating that the policy of steady growth continues to heat up;
4. The supply has greatly increased.
The increase in supply this year mainly comes from the release of blast furnace capacity brought about by environmental protection relaxation, and the net increase of steel production capacity in the whole year can reach 72.82 million tons. The supply and demand environment is likely to remain stable during the year, and the profit in the first quarter is expected to be low, and the profit in the second half is slightly better than that in the first half.
5. Profit elasticity: ore comes first, then steel.
This year, the iron ore supply gap is expected to reach 654.38 billion tons, and a large number of domestic high-cost idle mines need to be started to meet the demand. From the perspective of conduction chain, the release of blast furnace supply makes iron ore take the lead, and with the passage of time, the expansion of steel demand will gradually completely digest the negative impact of supply side brought by environmental protection relaxation.
Investment strategy:
When expectations are pessimistic, the difficulty of exceeding expectations is reduced, and the current stock price is in a favorable game position.