Main recommendations
The new securities law will take effect on March 1 next year.
The second batch of countries organized the centralized procurement and use of drugs to start.
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Market review
Market comment: The news is intertwined over the weekend, so it is difficult for risk appetite to pick up quickly, and the operation is cautiously optimistic.
Macro view: heavy! The trillion-dollar wealth management market is changing, and products such as banks will welcome the new regulations.
Chip industry: The policy dividend has been released continuously, and the industry leaders have benefited significantly, and the valuation still needs to be improved.
Futures information
Metal energy: gold 344.36, up 0.44%; Copper 49790, up 0.26%; Rebar 3545, up1.00%; Rubber 12860, up by 0.94%; The PVC index was 65 15, up by 0.23%; Zheng Chun 2 192, up1.39%; Shanghai Aluminum 14080, down 0.25%; Shanghai Nickel 109850, down 2.03%; Iron ore 643.0, up1.02%; Coke1855.5; Up by 0.38%; Coking coal 1 153.5, up by 0.22%; Brent crude oil was 65. 15, up 0%.
Agricultural products: soybean oil 6748, up 2.43%; Corn 1906, up 0.11%; Zheng Mian 13645, up by 2.25%; Zheng Mai 2465, up 0.16%; Sugar 5504, up1.23%; Apple 8063, down 0.60%; Jujube 10880, up by 0.42%; Palm oil 6282, up 3.87%;
Exchange rate: Euro/USD 1. 12, up 0.66%; USD/RMB 7.00, up 0.04%; USD/HK$ 7.79, down 0.0 1%.
Second, the key recommendation
1. The new securities law will take effect on March 1 next year.
Event: On the morning of February 28th, 65438, the 15th plenary session of the 13th the National People's Congress Standing Committee (NPCSC) deliberated and passed the newly revised Securities Law. The revised Securities Law will come into force on March 1 2020. The newly revised Securities Law, which lasted more than four years and passed four deliberations, was passed at the closing meeting of the 15th session of the 13th the National People's Congress Standing Committee (NPCSC) on February 28th, 2008. The promulgation of the "upgraded version" of the securities law marks another key step in the marketization and legalization of China's capital market. As the fundamental law of the capital market, all parties are looking forward to completing the overhaul of the Securities Law to directly attack the market pain points and difficulties, bring profound changes to the market ecology, and better escort the reform and development of the capital market.
Comments: The revised Securities Law has been greatly revised in promoting the registration system in an all-round way, increasing the illegal cost of securities and reforming investor protection, which is expected to have a far-reaching impact on the market ecology. After the A-share system is gradually improved, the market is expected to gradually change from a weak efficient market to a strong efficient market. Paying attention to investment value and reducing speculative games will probably become a new consensus among investors.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
2. The second batch of national organizations started the centralized procurement and use of drugs.
Event: On February 29th, 65438, the Joint Procurement Office of the National Drug Centralized Purchase and Use Organization issued the national drug centralized procurement tender, and the second batch of drug centralized procurement and use organized by the state was officially launched. After expert argumentation, the second batch of drugs organized by the state selected 33 varieties, covering the treatment fields of diabetes, hypertension, anti-tumor and rare diseases, involving more than 0/00 pharmaceutical manufacturers. According to the data submitted by various alliance regions, the purchase volume base is 65.438+0.24 billion pieces (bags/sticks), and the agreed purchase volume of each variety is 50%~80% of the purchase volume base, which is determined according to the number of selected enterprises. According to the centralized procurement arrangement, the bid will be opened on June 5438+1October 65438+July 2020, and the second batch of selected drugs will be used by patients nationwide in April next year.
Comments: Under the influence of quantity procurement, the profitability of generic drugs declined due to the obvious price drop. Judging from the impact of the first round of quantity procurement, it will have an impact on the main body of generic drugs in the short term. It is suggested to pay attention to areas that are not affected by the negative policy, including innovative drug industry chain targets and medical service leaders who benefit from consumption upgrading.
(investment consultant Zhong Yanling registered investment consultant certificate number: S02606 13020024)
Third, the market review
Market comment: The news is intertwined over the weekend, so it is difficult for risk appetite to pick up quickly, and the operation is cautiously optimistic.
Last Friday, the market surged back, and the rapid diving of brokerage stocks dragged down market sentiment and stock index in the afternoon. At the close, the Shanghai Composite Index reported 3005.04 points, down 0.08%, the Shenzhen Component Index reported 10233.77 points, down 0.68%, and the Growth Enterprise Market Index reported 1767.58 points, down 1.45%. The plate differentiation on the disk is obvious, with nonferrous metals, daily chemicals, agriculture, forestry, animal husbandry and fishery among the top gainers, and securities, network software and computers among the top losers. Weekend news is intertwined, and short-term market risk appetite is difficult to rebound quickly. It is expected that the market will remain volatile in the short term. In operation, it is suggested to be cautious and optimistic, flexibly control the participation of positions, pay attention to varieties with reasonable growth in valuation on dips, and focus on sectors such as nonferrous metals, infrastructure, home appliances, new energy and chemicals. The stock market is risky, so you need to be cautious in investing.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
Macro view: heavy! The trillion-dollar wealth management market is changing, and products such as banks will welcome the new regulations.
Event: On February 27th, 65438, the China Banking Regulatory Commission and the People's Bank of China issued the Notice on Regulating the Management of Cash Management Financial Products (Draft for Comment) to strengthen the supervision of cash management financial products and set up a one-year transition period to prevent banks from selling assets centrally before the end of the transition period. The Notice makes it clear that commercial banks and bank subsidiaries should carefully set the redemption amount that investors can get on the day when they submit their application for redemption of cash management products, and set the upper limit of the redemption amount of a single product held by a single investor in a single sales channel on a single natural day not to exceed 6,543,800 yuan.
Comments: The publication of the Notice means that the unique advantages of issuing cash management products by banks will be weakened in the future, ensuring the consistency with the regulatory standards of similar products such as money market funds, promoting fair competition and preventing regulatory arbitrage, and the market will return to rational development. But at the same time, the yield and scale growth of cash management products may also be affected to some extent. From the news analysis, the overall market is relatively neutral and slightly positive.
(investment consultant? Where's Gu? Registered Investment Consultant CertificateNo.: S026066 1 1020066)
Chip industry: The policy dividend has been released continuously, and the industry leaders have benefited significantly, and the valuation still needs to be improved.
Chip industry: domestic chip substitution has just begun, and the policy dividend space is huge. With the support of major downstream customers, the performance of related companies is expected to continue to be released. It is expected that 5G mobile phones will accelerate the popularization of smart terminals, and the prosperity will be further enhanced. It is recommended to pay attention to the leading companies in the chip industry.
(Investment Consultant Gu registered investment consultant certificate number: S026066 1 1020066)