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[macro news]
Local state-owned enterprise reform line is clear and the central enterprise reform is in step
As an important subject in the process of national economic development, state-owned enterprises have a far-reaching impact on the economic transformation and development. In 2017, as a year of effective reform of state-owned enterprises, both the central enterprise level and the local state-owned enterprise reform process are advancing in the depth direction. "Overall, in the first half of the year, in terms of promoting the reform of state-owned enterprises, speed, intensity, breadth and depth have been significantly accelerated, and they are characterized by the pace of reform of central enterprises."
China Banking Regulatory Commission: In-depth rectification of chaos and chaos
On the morning of July 17, Guo Shuqing, secretary of the Party Committee and Chairman of the China Banking Regulatory Commission, presided over the expansion of the party committee to convey the spirit of the National Financial Work Conference. The meeting held that since the 18th National Congress of the Communist Party of China, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core, China's financial industry has made new major achievements. The National Financial Work Conference is a very important meeting held at a very important moment.
The economic growth rate in the second quarter exceeded expectations and completed the full-year growth target.
The Chinese economy continued to maintain strong momentum in the second quarter, and GDP growth was steady at 6.9%, exceeding expectations. This is mainly due to the joint efforts of the troika that stimulated economic growth: consumption growth climbed to an 18-month high in June, overall investment growth was steady, private investment and manufacturing investment growth continued to rise, and exports to the economy The contribution rate turned to positive pull.
In the second half of the year, the manufacturing and infrastructure investment will be able to stabilize the economy and stabilize the situation.
According to data released by the National Bureau of Statistics on the 17th, the economic growth rate in the second quarter exceeded expectations. Experts believe that the stable and stable economic situation will be consolidated and the macro policy will remain flexible and forward-looking. Although the real estate market adjustment will bring downward pressure on the economy, manufacturing investment is expected to hedge the impact of real estate. At the same time, the capital construction investment in the second half of the year has a greater probability than the first half of the year. In the context of the financial support of the real economy, the future economy is expected to operate within a reasonable range.
[Stock Market News]
A-shares unexpectedly fell sharply, and many private placements still tend to "performance and leading the king"
On Monday, the A-share market unexpectedly suffered a large-scale slump in recent months. However, while small and medium-sized enterprises suffered heavy losses, bank stocks continued their strong position since last week. The white horse blue chip sector, which has continued to fluctuate and rises throughout the year, has also shown obvious resilience characteristics. For the overall operating pattern of the current market, a number of private equity funds on Monday still expressed widespread recognition of the undervalued blue chip sector. In the small-cap growth stocks, while mainstream private placements continue to be optimistic about leading stocks, they still expect the differentiation of individual stocks to continue.
Xu Ming, general manager of the Investment Center: will improve the work of holding shares in three aspects
Xu Ming, general manager of CSI Small and Medium Investor Service Center, revealed that preliminary statistics show that in the past year, the investment service center has held 541 shares of exercise rights, practicing shareholding exercise from five dimensions, and effectively protecting the legitimate rights and interests of small and medium investors. . He also revealed that the investment center will improve the practice of holding shares in three aspects, and better protect the rights of small and medium-sized investors. In the next step, the investment center will hire experts and professionals to form an expert committee for holding shares, and formulate corresponding management measures for the expert committee of shareholding exercise.
Biomedical companies get together IPO VC/PE exits into the "fast lane"
Since the beginning of the year, the biomedical enterprise IPO has ushered in an outbreak period, and an average biopharmaceutical company has successfully listed every ten days. In addition, many companies have come to the next level and chose to “overtake the curveâ€. The backdoor listing and mergers and acquisitions have become an important option. VC/PE is one of the most direct beneficiaries of this wave of listings. The most direct performance is that the equity held for many years has finally been withdrawn. Different from the past, behind the VC/PE heavy gold plus code, the investment cycle is shortened and the investment format changes.
M&A cases increased by 60% year-on-year.
According to the statistics of the Shanghai Stock Exchange, in the first half of this year, A-share listed companies initiated a total of 109 overseas mergers and acquisitions. The number of cases increased by 68% year-on-year, involving a transaction amount of 100 billion yuan, an increase of about 10%. While the number of M&A cases has increased significantly, the M&A process has slowed down. As a result, the number of cases of completing mergers or failures has declined. In the view of M&A experts, the overseas mergers and acquisitions of listed companies are gradually returning to rationality from the irrational state of the previous two years. In the future, there will be more and more overseas mergers and acquisitions around the industry and the real economy.
Sancheng GEM's performance fell, the electronics industry became a bright spot
The results of the 2017 interim report of the GEM companies were all unveiled. The overall performance of the sector was positive, but the overall profitability level has dropped. During the period, more than 180 companies' net profit declined, accounting for nearly 30%. On the evening of July 17, the GEM company Zhonghengtong Technology 300374, the stock bar, Kangtai Biology first disclosed the semi-annual report. Judging from the semi-annual report disclosed, the consolidation is still an “important parameter†for the performance of the GEM. At the same time, the chain effect brought about by the cooling of mergers and acquisitions is obvious.
[Themes stocks]
1. The cement industry's de-capacity action plan will release the price increase has begun
It was learned from the website of China Cement Association that China Cement Association decided to hold the “Cement Industry De-capacity Self-discipline and Benefit Improvement Conference and the Sixth Session of the 7th China Cement Association†on July 25-27, 2017 in Hailu Group, Wuhu City, Anhui Province. The conference will release the “Cement Industry De-Capacity Action Plan (2017-2020)â€.
In fact, recently, more than 20 cement companies such as Conch Cement 600,585, Jidong Cement 000401, and stock bars have collectively issued price increases. Industry-related listed companies include Huaxin Cement 600801, stock bar, Shangfeng Cement 000672, shares it, etc.
2, the car self-driving sports camp development plan released self-driving camp into a tourism outlet
The National Tourism Administration and the State Sports General Administration recently jointly issued the "Car Self-driving Sports Camp Development Plan" to jointly work on the construction and management of automobile self-driving sports camps and promote the development of motor sports. The "Rules" mentioned that in 2020, 1,000 auto-driving sports camps will be built, focusing on creating a number of high-quality auto-driving sports events, cultivating a group of highly specialized auto-driving sports clubs, and launching a number of distinctive car sports routes. , a group of influential automobile self-driving sports camp chain enterprises.
OCT A develops the OCT International Auto Camp project in Linzhi, Tibet; Sanmu Group 000,632, China's Wuyi 000797, which is invested and developed by the stock market, and 875 mu of self-driving camps.
1. The share price of CCL faucet soared and the industry continued to be booming next year.
On Monday morning, the global CCL leader Jianye Laminate (1888.HK) rose 4.4%, a record high. The company's share price has risen 14% since July and has risen nearly 50% year-to-date. The company has the production capacity of copper clad laminates and supporting copper foil, fiberglass cloth and other raw materials, which will benefit the copper foil-clad laminate-PCB price increase in the second half of last year. Recently, as the industry leader, the company once again raised the unit price of CCL by 10 yuan/sheet, which opened the curtain for the price increase in the second half of the year.
The profit of copper foil and copper clad laminates of NORD shares, Shengyi Technology 600183, and stocks are expected to exceed expectations.
2. The manufacturer will once again raise the polyester price industry's profitability will continue to improve
On the 17th, mainstream manufacturers in East China raised the price of polyester filaments again, ranging from 100 to 200 yuan per ton. The price of semi-light POY75D/72F was about 9610 yuan/ton, and the price of 150D/48F was about 8660 yuan/ton. At present, the production and sales of polyester filament yarn manufacturers are relatively stable, and the agency expects that the price of products in the market will continue to rise in a narrow range. Recently, the price of upstream PTA continued to rise in the tight supply and demand situation, and the current price is about 5,400 yuan. The price of polyester chips has also been raised. At present, the market price of polyester chips is about 7,300 yuan/ton.
With the expansion of domestic PX capacity, the bargaining power and profitability of the PX-PTA-polyester industry chain will gradually shift to the more concentrated PTA-polyester industry. Tongkun shares 601233, shares, Rongsheng Petrochemical 002493, shares, etc. Industry leader.
3. Ministry of Agriculture: pork market will gradually pick up in the second half of the year
Wang Ping, deputy director of the Department of Market and Economic Information of the Ministry of Agriculture, pointed out that in June, the price of live pigs began to show signs of stabilization. According to the Ministry of Agriculture, the price of live pigs in the fourth week of June was 13.90 yuan per kilogram, up 2.3% from the beginning of January. In the 400 monitoring counties of the country, the live pigs in May decreased by 1.5% from the previous month, down 3.4% year-on-year, and the number of able-bred stocks decreased by 5.8% from the previous month, down 3.0% year-on-year. It can be seen from this number that the current pig production capacity has not yet fully recovered. In the second half of the year, with the arrival of the peak season, the pork market will gradually pick up. Recent rains in the north and south will also have a certain impact on pork transport, and pork prices will continue to rise for some time.
Related concept stocks include Luo Niushan 000735, stock bar, Longda meat 002726, shares it).
4. The relationship between supply and demand has effectively improved the PTA price increase in July.
Since July, PTA prices have continued to rise. According to business data, on July 14, the reference price of PTA (East China) was 5,373.64 yuan / ton, which was 11.3% higher than that on July 1. The main contract of Zhengshang PTA has risen synchronously since July, with a cumulative increase of 11.13%. On July 11, it was closed at the daily limit.
Among the listed companies, Rongsheng Petrochemical is China's leading PTA enterprise; Tongkun Jiaxing Petrochemical Phase II PTA has a planned production capacity of 1.5 million tons/year and is expected to be put into operation at the end of the third quarter of 2017.
ã€Market analysis】
CITIC Securities 600030, the stock bar pointed out that the financial work conference may have an impact on the bank's long-term business model, normative constraints and long-term development is the meaning of the title, the quality of the bank with a stable business style is more in line with the main tone of the future. The financial industry's top-down regulation and bottom-up mode have undergone long-term changes, and the banking industry's reporting logic has changed, which has led to changes in the logic of bank stock selection: from growth to stability is the main line of thinking, management capabilities and customer resources. The potential business capability is the key to valuation premiums.
CITIC Securities pointed out that the banking stock market will be better than the first half of the year in the second half of the year. The main reasons are: First, the end of financial de-leverage, the policy will ease the negative impact of financial deleveraging on the banking industry and the real economy. The rise in capital interest rates is the main drawback of financial deleveraging. Banks are squeezed and entities are negatively affected by rising financing costs. In the third quarter, liquidity was better than that in the first half of the year, which resolved the impact on the bank's debt side. Last week, the central bank injected another 360 billion yuan in liquidity. In the fourth quarter, liquidity was better than that in the third quarter, and the social financing cost rate will gradually decline. Second, the scale of off-balance sheet financing will drop significantly, and the factors that constrain bank valuation will be eliminated again, raising the sector valuation. In addition, A-shares are included in the MSCI index, and the formal establishment of a new financial regulatory framework also raises sector valuations from the perspective of liquidity and systemic risk reduction. In the second half of the year, shareholding banks and city commercial banks will perform better than and be larger than state-owned banks.
Industrial Securities 601377, shares it believes that in the stock selection, it is recommended to focus on commercial banks with leading edge in the asset/liability sector. We will focus on large banks with obvious advantages in traditional businesses, as well as banks with certain first-mover advantages in consumer finance and corporate credit.
[Listed company]
Directly hit LeTV 300104, shareholder shareholder Sun Hongbin: "New LeTV" funding is not a problem
On Monday, the A-share market unexpectedly suffered a large-scale slump in recent months. However, while small and medium-sized enterprises suffered heavy losses, bank stocks continued their strong position since last week. The white horse blue chip sector, which has continued to fluctuate and rises throughout the year, has also shown obvious resilience characteristics. For the overall operating pattern of the current market, a number of private equity funds on Monday still expressed widespread recognition of the undervalued blue chip sector. In the small-cap growth stocks, while mainstream private placements continue to be optimistic about leading stocks, they still expect the differentiation of individual stocks to continue.
Natural person Li Song buys 100 shares of Yaoji Poker
The announcement shows that on July 7, Li Song passed the block trade to transfer the company's 70,495,500 shares at 15.18 yuan/share; on July 17, it bought 100 shares of the company at 13.23 yuan/share bid, twice. The total transaction holding ratio was 1.775%, and the use of funds was about 107 million yuan. In fact, in June this year, Li Song increased his holdings of the company's shares by 12.80 million shares, and increased the price range between 12.6 yuan and 15 yuan per share. He has already held 3.225% of the company's shares. From this point of view, Li Song’s placard is called “speedyâ€.
Ziguang Guoxin terminated the acquisition of refinancing projects facing adjustment
Suspension of the license for nearly half a year, "Ziguang Department" chip platform Ziguang Guoxin announced on the evening of July 16, due to the immature conditions, the termination of planning to acquire the Yangtze River storage. After the resumption of trading yesterday, Ziguang Guoxin appeared a word limit. In addition, Ziguang responded to the e-company reporter's follow-up plan of 80 billion yuan, saying that the company is working with the intermediary to evaluate the follow-up adjustment or change plan of the project, and does not rule out the possibility of major adjustment or termination of the project.
HKUST Smart 300222, shares were reduced by shareholders, 14 million shares of Cai Jianhong, nearly 300 million yuan
According to the data, the main business of HKUST is the R&D, production and sales of distribution automation and power automation systems, as well as the use of electrical automation engineering and technical services; the design, product development and system implementation of intelligent integrated solutions for industrial production. Technical Services. As of July 17, 2017, the number of shareholders (households) of the company was 49,783, an increase of 18,927 compared with the previous statistical day.
ã€international News】
Trump sent a tweet saying that this week will do a lot of work in terms of trade and security.
US President Trump’s “Made in America†policy, the White House launched the “Made in the USA†on the 17th, which included the display of featured crafts in 50 US states.
According to the schedule announced by the European Union, the second round of the British "Brexit" negotiations opened on the 17th at the EU headquarters in Brussels, Belgium, and ended on the 20th.
President Trump’s approval rate hit a record low and became the president with the lowest support rate in American history. Polls show that only 36% of Trump’s president’s performance is supportive, down by 6 percentage points over Trump’s 100-day support rate – the lowest among all presidents in the history of polls at the time. of.
According to the media, the European Central Bank is considering launching a ownership control program for Deutsche Bank's largest shareholder, which is an assessment of HNA and Qatar's royal family.
(Editor: Li Xingwang HF015)
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