129770966754531250_152This week, the message looks like a warm wind blowing, but the data is not too optimistic, the Shanghai composite index also fell for 3 weeks. On March 19, 100 billion yuan in Guangdong Province formally contracted with the National Council for social security fund pensions, discretionary investment on March 20, oil price hike 600 Yuan/ton, on March 22, published March, HSBC of HSBC China manufacturing p48.1 MI preview index, a 4-month low. On March 22, the information Office of the State Council (hereinafter referred to as new) held a press briefing, people said when answering a reporter's question, significant rise in oil prices, excessive impact on short term price stability, monetary policy loose space will be affected. In addition, the SFC Chairman Mr Guo this weekPrimary research new trends disclosed, that taxation on securities market is actively communicating with the relevant departments. For recent publications of the policy, macro-analysis divisions of sinolink securities and wealth management center Sun 翀 pointed out, is the bark as a whole, does not have a material impact on the stock market, as billions of old-age pensions, hot discussions, market funds have not seen, but expected in the managementBefore the policy has not reached, the new policy will remain focused on these points, such as SFC calls for blue-chip stocks value investing. New/State/country: rising oil prices affect monetary policy loose space on March 22, new Office held a news briefing. Five meetings against the recent session of the national people's Congress approved the Government work report, the State Council development researchMacro-economic research department, Yu Bin, a researcher at the Centre and Minister of social development of the State Council Development Research Center, researchers Ge Yanfeng two further interpretation. But then a reporter, we are focusing more on the rise on oil prices this week. CPI expectations 4% or can be realized on March 20, our gasoline and diesel prices per ton of 60 per cent$ 0 from the last price, has in the past 40 days, thus, domestic fuel prices into the "8" era. And the expected reform of refined oil pricing mechanism does not appear in the trade. Experts say that under the influence of various factors, recent volatile international oil prices, the current is not a pricing mechanism reform programme introduced by the best time. Unexpected is that oil price hikeOne of the new focus of press briefings. Xinhua News Agency reporter, how big is the impact of rising oil prices on price? Said Yu Bin, specially measured, is still very great impact. "The key is how to determine this year's trends in commodity prices in the international market. In our view, this appears high commodity prices, including oil shocks of the situation, significantRise is unlikely. In determining this year's 4% when the CPI about control objectives, also taking into account the commodity prices in the high domestic prices of production factors such as rising labor costs, impact on the CPI. Overall, around 4% this year's CPI expectations is attainable.
"Yu Bin said. However, in subsequent issues relating to monetary policy, Yu BinThat, along with the reduction of inflationary pressures, to maintain steady and fast economic development, there is a certain room for adjustment of the monetary policy. If, as the recent rise in oil prices substantially, too much impact on price stability in the short term, China, monetary policy easing in space would also be a certain impact. Reports from GF securities said, the oil price hike on inflation from the directEffects at around 0.1%, CPI proportion of oil prices at around 1.5%, therefore the CPI from the direct effects of the 0.1%. In addition, the oil price hike to push up the prices of industrial products also have a certain impact, taking into account the effect on the overall price, the final effect may be greater than the direct effects. In addition, the negative impact on economic growth. Expect thisAnnual GDP growth of about 8.5% in the briefing, said Yu Bin, if not a global financial crisis, the domestic real estate market generally stable, China's economic growth this year could still reach about 8.5% 's high level over the next 10 years, the average annual growth of China's economy is likely to remain 7%~8%, this is a reasonable level. While it is stillSee, relative to the growing economy
tera gold, China's economy will surpass the 50 trillion this year, 7%~8% 's growth is very high. Market concerned run the risk of China's economy in the second quarter, Yu Bin think, faced two major pressure, internationally, the pace of the economic recovery in the world brought China's export growth slowed down, to economic growthHealth effects. The impact from the end of last year has begun to reflect. In December, China's export growth this year, only 6.9%. Is the second on the adjustment of the domestic real estate market, the impact of investment and consumption, the property market has been adjusted for two years, and its impact on China's economy is actually a process of sustained release. In addition, State-owned enterprise reform, more than斌 said the Government work report points out that, in railways, energy, urban development, education, health care, and many other areas to encourage private capital entering, which involves the basic orientation of the reform of State-owned enterprises. State-owned enterprises, and withdraw from others, where, back somewhere, this is related to the key issues of the current and the next step for China's economic development. From the entire StateMobility of capital should keep it and let it play a role in some important areas, and key industry, and in most areas, by lowering barriers, encouraging private capital entering into competition, improve the efficiency of the economy as a whole. /Securities/Mr Guo: stock market tax problems are communication in the near future, regulation of the securities market remains high strength.In the investigation, "Sichuan Dong Hefeng illegally using others account for the sale of securities" and "Jing-Bo holding illegal" after this week, SFC Chairman Mr Guo also rushed to the Zhejiang research, grassroots network, understand the rectification progress of various trading venues. The daily economic news reporter found that when communicating with investors, he revealed on the stock market taxesThe problem, said the Commission was active communication of relevant departments. In addition, the SFC is looking at products such as private debt, government bond futures, small and medium enterprises, to increase the investment market. Investors to reduce transaction costs "SFC tolerance, without fear of criticism. "Mr Guo, communicating with investors, said this week that, as its new wisdom. March 18, Guo ShuClear grassroots network research, understand the rectification progress of various trading venues, has visited the futures company, securities business departments. Then, in a securities business outlets and some individual investors and institutional investors on behalf of the Forum. It was on this forum, he revealed the new trends of the Securities and Futures Commission is currently working. Investors currently in stockTaxes, small and medium-sized investors to invest in high cost, proposed to waive dividend tax, or turnover tax levied will now change to capital gains tax. Mr Guo said, tax issues relating to securities markets, active communication with the relevant departments. The daily news reporter learned that, Treasury budget 2012 stock transaction stamp duty of $ 45 billion, than the 2011 increase the implementation ofAdd 2.472 billion yuan, an increase of 5.8%. Stamp duty change in 2008 after the unilateral imposition, as a stock market downturn, this year's "two sessions," which some members propose to abolish the stamp duty, it has also become a key stock market tax problems. However, market sources said, and on capital gains need to be aware, impact on the market is not necessarily a good thing, inhibition by investors was setFull circulation of original shareholders cashed in the background, but it may also attract more rapid rates of tax avoidance. "Value investing" is still the policy focus in the late? But investors are concerned about taxes issues, Mr Guo also means that the Commission is actively studying private debt, government bond futures, small and medium enterprises, and other products, increasing marketing investments. In addition, dividends of listed companies, in respectOperate autonomously on the basis of the company, encouraging guide sustained by listed companies, clear and transparent decision-making mechanisms and the dividend policy, said investors also want to know why not dividends. Macro-analysis divisions of sinolink securities and wealth management center Sun 翀 told the daily news reporters, regulators have repeatedly called for investors to blue-chip stocks value investing, has repeatedly stressed the need to develop more long-term funds andInstitutional investors, has repeatedly offered to investors of appropriate research, the purpose of which is to change the overall situation of market speculation
tera gold, hype, at the early stage after a series of regulatory policy, if desired results are not achieved, then late-regulatory policy will focus on focus on value investing. CIC Advisory analyst Yang Wenliu said later most notable regulatory policy is mainly concentrated in a few, Is introducing a new tax preferential policy of second stock market continued tracking mechanism, trading trading rules of responsibility to the people; third, long-term capital, in the pensions market after the pilot, the next step is likely to be a provident fund, and the new share distribution system reform and perfection of delisting system implementation. Run macro data//the latest economic data not optimistic about relaxing the regulation expected to increaseTop news this week seem to be blowing warm air, but the latest release of a series of economic data are not so optimistic. On March 22, the HSBC launched HSBC China Manufacturing PMI preview March index 48.1 per cent, down from February's Manufacturing PMI values, a 4-month low. Last October, 50 wing on the station after the dry lineHSBC China Manufacturing PMI index so far is below the line for 5 months. November 2011 47.7 per cent of the 32-month low. From the breakdown, HSBC China March output index initial of 47.9, than the February decline in value also has a certain level, and create two months minimum. In this regard, Chief China Economist at HSBCQu Hongbin, external representation, index display 4-month low new orders weakened demand at home and abroad, the new export orders index is still contracting, suggesting that domestic demand may slow faster. Decline of the March PMI initial value passed with the expected slowdown of industrial production in the near future the same signal, economic growth could fall further in the future, policy makers should increase the intensity of policy easing in stabilityGrowth. Economists believe the economy is going through "stock" process, in March, new orders accelerated atrophy, inventory and production were shifted from expansion to contraction, confirming the judgment of economic growth is slowing, if further decline in March industrial production and investment in fixed assets, policy makers may consider further easing of policy, lower reserve requirements could not completely solve the problem, cutNeed to start to rise. It is understood that national statistical offices on March 18 February 2012 prices in 70 cities according to the new trend of commercial house price in February remained down, 66 per cent from the city fell and flat, which fell to 45 the number of city. Second-hand housing, flat city and fell 59 per centDecline of 44, rose in the city or dropped 23. Research reports from haitong securities, national house prices since January after entering the stopped up stage, which still continues down trend, price stability represents the future policy will enter a stable state, continues to raise real estate the realistic basis of control has changed radically. Not hard to find, this week's HSBC PMIAnd home prices data released, allowing the market to relax the expected strengthening of the macroeconomic regulation and control. In addition, according to the February National Bureau of macroeconomic data, CPI rose by 6.2%, fell by 0.1%; 2012 year fixed-asset investment rose to 21.5% in the first two months, growth down 2.3% last year in January-February, industrial enterprises above designated sizeValue added increased by 11.4% in December 2011, representing a decline of 1.4%, fell back more. · recent policy through Guangdong pilot "pension market" scale of billions of investment bonds on March 20, said announcement of the National Social Security Fund Council, approved by the State Council, entrusted by the Guangdong Provincial Government, the National Council for social security fund investment and operation of CantonBalance of basic old-age insurance for urban workers in East province capital of 100 billion yuan, funds would arrive in batches, commissioned a tentative two-year investment period. National Council for Social Security Fund said, would adhere to the more cautious approach for new money, more configuration of the fixed-income products, ensure preserving and increasing the value of the Fund. The end of last year, he raised pensions for the first time into the stock market, and not to4 months, this is a controversial event in quietly this week fell to the ground. Period, as head of the pension fund sector, Ministry of human resources and social security, which has always been cautious. "At present, the market will" pension discretionary investment "understood to invest in the stock market, is not accurate. "The National Council for Social Security Fund and then to the a-share market to" clarify "road. "Disclosure of informationHas not been clearly demarcated, new money should be configured to more government bonds, corporate bonds and financial bonds, bank deposits and other fixed income products, describes the ratio does not invest in the stock market is very large, so for effect in the stock market is limited, more likely to be market investors psychological effects. "Guo Chunyan Changjiang securities analyst told the daily economic news reporter. Guo ChunYan also said that long time pensions are mainly used to buy Treasury bonds and Bank, yields are too low, is not conducive to preserve and increase the value of the pension, relatively wide range of investment of social security funds, including money market products, bonds, equities, securities investment funds, there are derivative financial products, from investment income is higher than the rate of inflation, pensions market, helps to improve fundingThe market efficiency, improving investor structure on the one hand, increase the proportion of institutional investors holding, help contain irrational investment behavior in the market, on the other hand in favour of promoting the development of bond markets, diversification of financial products, such as corporate bonds, local bonds, at multiple levels, and a wealth of products will facilitate market innovation. It is understood that by the end of 2011, the national$ 2.87 trillion in cumulative balances for Social Security Fund, which basic old-age insurance fund balance of $ 1.92 trillion. If the success of pension investment mode in Guangdong Province, was joined by more local governments, delegates may reach trillions of funds in the future. However, the funds into the stock market, in accordance with the provisions of no more than 40%, hundreds of millions of. Seven ministries jointly issued onCity water enterprise is "money" over the years, the construction of water conservancy investment in China is a "central heat, cold" embarrassment, which is long-term and stable returns on investment protection, improving the construction of Water Conservancy has had a negative impact. To change the status quo, on March 1, 2012, the people's Bank of China and the national development and Reform Commission, Ministry of finance, Ministry of water resources, China Banking Regulatory Commission, and the China insurance regulatory Commission for sevenMinistries jointly issued the views on the further reform of water resources development in the financial services, introducing diversified investment main body of water construction, widening the water conservancy enterprises financing channels made a lot of supportive policies. "2011 complete water conservancy investment in China for $ 340 billion, an increase of 25%, the Central investment is a major source of incremental funding, investmentBroke through the billions of Yuan, an increase of 70.5%. Corresponding to this is that local funds only increased by 15%. "Milky way securities analysts said Luo Zebing, based on these data, we can see that to achieve" Twelve-Five "estimated total investment of $ 1.8 trillion, the construction of water conservancy during the next 10-year goal of water with a total investment of about 4 trillion yuan, with fiscal discount interest, creditHolders of financial instruments, such as the introduction of multiple investors entering is necessary. Luo Zebing this summed up as the opinion of four aspects, is to support the public water enterprise through open, directional add-issuance, the issuance of additional debt refinancing of listed companies, encourage the public water enterprise restructuring through mergers and acquisitions, private placement and other means to achieve the overall market; the second is to strengthen and enhance the financial institutions on waterLee credit support services project; and third conditional places to play the financial, banking, taxation, and other policy resources together to support water conservancy reform and development, and water is encouraging insurance companies insurance, risk protection features of an active insurance. Luo Zebing said: "this move will further guarantee the long-term demand of water conservancy construction, and on the profitability of the enterprise has significantEffect, particularly on finance charges resulting from an increase in capital expenditure pressures large hydraulic engineering enterprise, I am bullish on enterprise development. "Big three" Twelve-Five "plan published in the" Twelve-Five "plan comes one after another, and three industries development plan published in the near future. On the stock market, the industry "Twelve-Five" planning of short-term effectsHave been reflected. March 13, relevant departments have published the shale gas development plan, and the "Twelve-Five" integrated transport system of planning and the development of the coal industry "Twelve-Five" of planning. The shale gas development planning for the show, "Twelve-Five", you will push for shale gas exploration and development technology in China, to compete for industrial policy and formCertain industrial scale. Coincidence is that planning release soon, oil price increases in China, reinforces the urgency of shale gas industry development. A brokerage industry researcher noted that shale gas technology development at present in planning, equipment, and other issues are targeted recommendations for promoting the development of shale gas in China, meeting the "golden decade" is helpful. In addition, forDevelopment of the transport system planning, the industry believes that railway construction in China will return to normality as a whole and to speed up recovery and investment will also speed up the progress, perhaps for years to come during the great development of China's railway transport capacity. The daily economic news reporter noted that the coal industry development planning shows that by 2015, China's coal production capacity will reach 4.1 billion tons/year,1 billion tons, four 10-ton large-scale coal enterprise, degree of mechanization of 75% or more. While merger and reorganization as a "Twelve-Five" head of the key tasks, and develop a number of internationally competitive large enterprise groups. Securities of Datong coal industry researcher macros that, according to the plan the content, almost all of large coal enterprises will benefit from, but you can focusAttention to coal enterprises in the Western region. Double supply prepared for more IPO? On March 16, China Securities Regulatory Commission published the views on further strengthening the supervision of sponsor business-related issues, which is undergoing a rapid expansion in recent years of new shares, a number of issues after exposure
tera power leveling, for 8 years the sponsor system ushered in a major reform. The economic daily news recordWho found, the views under in the most notable of, is "in two name sponsor representative people can in Board (with SMEs Board) and venture board while all is responsible for a in trial enterprise of Foundation Shang, adjustment for can while all is responsible for two home in trial enterprise", also, except sponsor representative people, other project personnel also to in issued health work report Shang under signature, and under themselves by engaged inSpecific bear corresponding responsibility. Previously, the sponsor has the right to sign is the scarcity of resources, now, or the situation will change. According to the currently official sponsor representative registration number about 2,100, and certainly there are 1000 names, that have passed the exam but have not yet registered with the China Securities Regulatory Commission's investment banking staff. Do a simple calculation, nowEach agency is responsible for enterprise after doubling the number, then the corresponding number of gem IPO is 4,200 companies, main board volume of IPO is 4,200. Taking into account the time of each generation is responsible for the company for at least 3 years, the average annual generation of supply should be the main Board and gem 1400, in fact, the 2011 gem and main BoardListing of new shares in total on 350 House. "Very simple logic, sponsor representatives responsible for expanding the number of 1 time, disguised to sponsor representatives increased by 1 time times the supply. After the IPO the company revealed a variety of issues, market questioned about baodai, but is a scarce resource. Securities and Futures Commission is to increase competition between on the one hand,Scarcity of breaking patterns. The other hand, is also prepared for more and more companies IPO, later there will be a greater degree of scalability. "Macro-analysis divisions of sinolink securities and wealth management center Sun 翀 said. (Editors: Lu Yang)
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