Issuing shares to buy stocks of assets
The "International Finance News" reported that, as a rule, most of the reIssuing shares to buy stocks of assetsason for the illegal operation of real estate companies is that the project sold illegally without obtaining a pre-sale permit. There are many rules and regulations to obtain a pre-sale certificate, but under complicated procedures, real estate companies often can't wait.
The market expectation of local stocks to raise their daily limit again began to heat up. After the continuous rise in the previous trading days, the A-share market ushered in a day of volatility and consolidation yesterday. Although the market volume has shrunk slightly, there are no shortage of bright spots on the disk. The industry sector has mixed ups and downs, and local stocks have set a daily limit. In fact, the market’s positive signals have gradually increased, and the LPR reform and the expansion of the A-share two-financial standard have been launched. Guotai Junan described that the market is dawning and market expectations have begun to heat up from the freezing point. The new LPR formation mechanism was officially implemented. Yesterday the People’s Bank of China authorized the National Interbank Funding Center to announce that on August 20, 2019, the loan market quoted interest rate (LPR) is: 1-year LPR is 25% (previously 31%), 5 years The LPR above the period is 85%, and the above LPR is effective until the next LPR is issued. As expected by the market, the reformed 1-year LPR interest rate has ushered in a long-lost reduction. Previously, because the LPR quotation was linked to the 1-year loan benchmark interest rate, the lack of flexibility led to a sideways trading at 31% for 16 months (1-year loan Base interest rate 35%). This reduction is regarded as an important landmark event of the unification of loan interest rates, opening up space for further downsides in loan interest rates. Liu Guoqiang, deputy governor of the People’s Bank of China, explained the new LPR mechanism at the State Council’s policy briefing held on the same day, saying that the People’s Bank of China will issue an announcement on the interest rate policy for personal housing loans based on full research in the near future. The new LPR The formation mechanism will not reduce the mortgage interest rate. It emphasized that the financial industry should pay attention to the positioning of housing and non-speculation, and avoid instrumentalization of real estate. Liu Guoqiang also stated that real estate will not be used as a means of short-term economic stimulus to keep personal housing loan interest rates basically stable. What is the specific operation? The central bank will issue an announcement on the personal housing loan interest rate policy in a few days, but one thing is certain: mortgage interest rates Does not fall. Will the RRR or interest rate be cut? Liu Guoqiang said that the short-term mainly depends on the reform (improving the LPR formation mechanism of the loan market quotation interest rate). After the reform, it depends on the situation. There is room for RRR cuts and interest rate cuts. Industry insiders believe that the formal implementation of the new LPR formation mechanism will bring positive impacts on the A-share market in four aspects: First, it will clear the transmission channels of monetary policy and lay the foundation for my country's monetary policy to shift from a quantity-based to a price-based, quantitative policy. The effect of flood irrigation in China is expected to decrease. Second, the new LPR quotation mechanism is conducive to the reduction of financing costs for the real economy. Third, commercial banks may face pressure from narrowing interest margins in the short term. Fourth, the capital market is expected to enjoy a double boost in the numerator and denominator. On the one hand, after the reform of the LPR mechanism, the market risk-free interest rate is expected to decline, thereby promoting corporate valuations; on the other hand, the reduction of financing costs is also expected to increase the profits of listed companies. Institutions: After the volatility bottoms out, the market is expected to continue to rise. After the continuous Yang line of the previous trading days, the Shanghai Index fluctuated within a narrow range around the previous closing point yesterday, and finally closed back by 0.11% to 2880 points. Regarding the outlook on the market, institutional views are mostly optimistic. Guotai Junan even described the dawn of A shares, and market expectations have started to heat up from the freezing point. Standing at the present, Guotai Junan Securities believes that whether it is the guidance of financial institutions’ financing of manufacturing as emphasized by the Politburo meeting in July, or the market-oriented reform approach proposed by the State Council on August 16 to ensure that the comprehensive financing of small and micro enterprise loans is reduced during the year. The cost of 1% points to corporate financing and credit issues, and credit issues will be directly transmitted to risk appetite and profitability. The turning point of credit will drive the turning point of ERP and profitability. Pay attention to the breaking of the trend. Huatai Securities believes that, from the perspective of the internal environment, the formation of the LPR mechanism and the promotion of interest rate cuts through interest rate market reforms are expected to guide the downward financing of the real economy, and the effects of superimposed tax and fee reduction policies will gradually appear, and the pressure on corporate costs is expected to be further reduced. , The market risk appetite is expected to improve; since August, the domestic long-end interest rate has declined significantly, hitting a new low since 2017. It believes that the current valuation of A shares is at a historically low level, and the marginal improvement in the internal and external environment supports the valuation of A shares. Essence Securities believes that a series of recent external events have greatly affected the risk appetite of the A-share market. The short-term market may still need some time to absorb shocks, but in the medium term, it holds a positive attitude. Essence Securities believes that investor expectations are already at a low level and the market is basically at the bottom. In the next stage, the economy will be resilient and liquidity will remain ample. Policies will continue to optimize and exert force on the supply side, maintaining the tone of real estate regulation and breaking rigid exchanges. Conducive to the mid-term development of the capital market, when investors get out of pessimism and see positive factors, the A-share market will also experience a new round of rising prices after experiencing this stage of turbulence and bottoming.
Second, it depends on whether the stock market is the worst, not whether the economy is the worst, but the degree of panic in the market. The stock market is generally six months to one year ahead of the real economy, and the stock market is at its worst when expectations are at its worst and when it is most panicking.
On July 22, the Science and Technology Innovation 50 Index will also be launched. The Huatai strategy team believes that related index funds and ETFs may be established one after another and attract incremental capital to enter the market. At the same time, the science and innovation theme funds (as of 2020.7, the science and innovation theme funds total 41, with a total management scale of 33.5 billion yuan) can also undertake the reduction of shares after the lifting of the ban through inquiry transfers, placements, block transactions, etc., which can mitigate the impact of increased stock supply to a certain extent.
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Fifth, the protection of intellectual property rights has continued to increase. The promulgation of related intellectual property policies and the gradual standardization of related industry regulatory systems are beneficial to the optimization of the entire cultural industry environmentIssuing shares to buy stocks of assets. At the same time, the characteristics of customized development of cultural IP, earlyization and specialization of IP operation management are gradually being reflected, and new technologies will also give birth to the rapid development of new areas of the IP industry.
Essence Securities further pointed out that 2020 is a year of change, and home appliance investment also needs to integrate industry changes and follow the trend. The agency believes that real estate sales are expected to maintain a growth trend in the second half of the year, which will stimulate future demand for home appliances. It is recommended to focus on the kitchen appliance sector (Boss Electric, Zhejiang Meida, Vantage Holdings (002035)). Based on the current market valuation, in addition to the kitchen appliance sector, it is recommended to pay attention to the following investment opportunities: channel reform (Gree Electric, Haier Zhijia, Midea Group), state-owned enterprise reform (Hisense Video (600060), Hisense Home Appliances, Aucma (600336)), Qualitative changes in demand (Hairong Cold Chain (603187), Stone Technology, Xiaoxiong Electric, Joyoung, Xinbao, Supor).
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