Li of CSRC: The delisting is unprecedented. In the past two years, the number of delisting companies has doubled compared with the previous six years.
Xie Geng, National Stock Transfer Company: Deepening the Reform and Innovation of the New Third Board
Market review
Market comment: In the afternoon, the brokerage changed, and the decline of the index narrowed.
Coal mining and dressing industry: the rising price of thermal coal has led to an improvement in performance, and we are optimistic about the valuation of coal stocks.
New stock tips
Polaroid, purchase code 300 905, purchase price 49.32 yuan;
Futures information
Metal energy: gold 402.92, down 0.66%; Copper 52200, down 0.46%; Rebar 365 1, down 0.05%; Rubber 14875, up by 0.44%; The PVC index was 6745, up by 0.07%; Zheng Chun 2084, down 0.33%; Shanghai Aluminum 14725, down 0.24%; Shanghai Nickel 1 19830, down 0.44%; Iron ore was 793.5, down 0.38%; Coke 2 142, up 0.26%; Coking coal 1364.0, up by 0.22%; Brent oil 42.44, up1.70%; Glass 17 12, up by 0.35%; Liquefied petroleum gas 3720, up 0.03%; Rubber board 193.25, down 4.99%; Soda 1632, up 0.12%; PP 77 17, down 0.61%;
Agricultural products: soybean oil 7 170, up1.99%; Corn 2577, up 0.08%; Palm oil 6 150, up 2.30%; Zheng Mian 14630, up by 0.86%; Zhengmai 27 16, down1.42%; White sugar 5356, up 0.87%; Apple 7962, down1.53%; Jujube 10060, down 0.49%; Bean art 4730, up 0.04%; Rapeseed 5402, down 2.28%;
Exchange rate: Euro/USD 1. 18 19, down 0.35%; USD/RMB 6.6722, up 0.44%; USD/HKD7.7501,down 0.00%.
(The above futures data are from Shanghai Futures Exchange, Dalian Commodity Exchange and Zhengzhou Commodity Exchange)
Main recommendations
1, CSRC Li: The delisting is unprecedented. In the past two years, the number of delisting companies was twice that of the previous six years.
10 10 On October 22nd, at the annual meeting of the 2020 Financial Street Forum, Li, director of the Market Department of the China Securities Regulatory Commission, said that the basic system of the capital market had made a breakthrough and the whole market was undergoing profound changes. For example, the inclusiveness of technology-based enterprises is enhanced, and listing is more efficient, transparent and predictable. He also said that the current delisting is unprecedented and has promoted the survival of the fittest in the market. According to statistics, since last year, 24 listed companies have been forced to withdraw from the market, twice the sum of the previous six years.
Source: Securities Times Network
Comments: In the past two years, the number of listed companies delisted was twice that of the previous six years. The risk of "stepping on thunder" of junk stocks with poor investment fundamentals has increased significantly compared with a few years ago, the attention of blue-chip white-horse stocks has increased significantly, and the proportion of fund investment in the investment choices of ordinary investors has gradually increased. In the future, junk stocks will be marginalized, and the trend of blue-chip white horse stocks and growth stocks being sought after is expected to continue.
(investment consultant? Jin Cai? Certificate number of registered investment consultant: S02606 1 1090020)
2. National share transfer company Xie Geng: Deepen the reform and innovation of the New Third Board.
On the 22nd, Xie Geng, Chairman of the National Stock Transfer Company, introduced the working ideas of the New Third Board for continuous reform and serving small and medium-sized enterprises at the Financial Street Forum. He said that this reform is only under the framework of the new Securities Law, and the New Third Board is built as the basic institutional framework of the on-site and open markets. Facing the opportunities and challenges of the capital market in serving the innovation and development of small and medium-sized enterprises, the reform and innovation of the New Third Board will be a deepening process.
Xie Geng said that the national share transfer company will introduce mixed trading and margin financing and securities lending systems to further optimize the number and structure of investors and improve market risk management tools; Continue to optimize financing M&A system, enrich financing M&A tools, focus on improving financing M&A efficiency and reducing costs, and enhance regulatory transparency; Continue to improve the vertical and horizontal information disclosure supervision system, optimize the market exit mechanism, and consolidate the quality foundation for the sustained and stable development of the company's market; Accelerate the implementation of the transfer system, build an organic connection between multi-level capital markets, and reduce the cost of market selection; Leading the improvement of service efficiency with the application of science and technology, and constantly enhancing the sense of gain of market participants.
In terms of incremental reform, Xie Geng said that he will actively promote the reform of the registration system of the New Third Board, and take the reform of the registration system as the main line, and systematically optimize the market basic system in accordance with the principles of "establishing rules and regulations, non-intervention and zero tolerance", so that the system of serving small and medium-sized enterprises in the New Third Board will be more stereotyped and more distinctive.
Source: shanghai securities news.
Comments: Accelerating the implementation of reform measures such as the transfer system will help improve the valuation of listed companies in the New Third Board. It is expected that listed companies and brokers mainly engaged in venture capital are expected to benefit, and relevant stocks may have active performance opportunities in the short term.
(investment consultant? Jin Cai? Certificate number of registered investment consultant: S02606 1 1090020)
Market review
1, market comment: in the afternoon, the brokerage changed, and the index decline narrowed.
On Wednesday, the market indexes of the two cities fluctuated and adjusted, and the total market turnover was slightly enlarged compared with Tuesday. Specifically, the Shanghai Composite Index closed down 0.09% at 3,325.02 points. The Shenzhen Component Index fell 1% to close at 13467.9 points; Growth enterprise market index fell 1.46% to close at 2700.53 points.
On the face of the disk, insurance and banking stocks performed relatively strongly, while online celebrity economic concept stocks, sub-new shares, vaccine concept stocks and photovoltaic concept stocks all showed strong activity in the intraday trading, while the GEM stocks, which have seen huge gains recently, generally adjusted. Judging from the trend, the index has recovered lost ground for two consecutive days. At present, the market is still in the stage of gaining momentum before rising, and it is expected to go up after a short-term shock.
In operation, at this stage, the hot spots rotate rapidly, so it is not recommended to chase up the stocks with large gains on that day and avoid the stocks with high stagflation; In terms of opportunities, it is suggested to continue to pay attention to the expected Apple industrial chain, the new energy vehicle sector with deep institutional involvement, the cyclical sector with low valuation and financial stocks.
(Investment consultant Yang Dong? Certificate number of registered investment consultant. :S02606 15080007)
2. Coal mining and dressing industry: The increase in the price of thermal coal has led to an improvement in performance, and we are optimistic about the valuation of coal stocks.
Coal production in China: The overall supply in the national production areas is tight, and the production limit in Inner Mongolia is obviously reduced. In the first three quarters of 2020, the national cumulative raw coal output was 2.79 billion tons, down 0. 1% year-on-year. The shortage of supply mainly comes from the limited production in Inner Mongolia due to policies such as coal management tickets. Coal import: The policy restrictions are strict, and the import volume dropped sharply in the first three quarters. By September 2020, the cumulative value of coal imports in China was 239 million tons, down 4.45% year-on-year. Coke output: the national output decreased year-on-year, and the production capacity in Shandong was obvious. In the first three quarters of 2020, the national cumulative coke output was 350 million tons, down 0.9% year-on-year. Among them, the cumulative year-on-year decline in Shandong Province from June 5438 to August 2020 reached 32.5%. Thermal coal rose sharply month-on-month and declined slightly year-on-year. In the third quarter, the average price of thermal coal in Qinang decreased by 2.6% year-on-year and increased by 65,438+00.9% quarter-on-quarter. The prices of producing areas in Shanxi, Shaanxi and Mongolia increased by 6.5%, 3. 1% and 12.3% respectively. Coking coal decreased year-on-year and month-on-month. The price of main coking coal in Jingtang Port was-16. 1% year-on-year and -3.3% quarter-on-quarter. The average price of origin is-18. 1% year-on-year and -3. 1% quarter-on-quarter. The price of coke rose month-on-month, and the price difference between coal and coke increased significantly. In the third quarter, coke enterprises started several rounds of coke price increase. The single-season price of coke decreased by 2.6% year-on-year and increased by 6.4% quarter-on-quarter, and the price difference between coal and coke widened.
(source: open source securities).
Comments: The increase in the price of thermal coal in the third quarter led to the improvement of the performance of related listed companies. Compared with the good performance of coal enterprises, the overall low valuation characteristics of the current coal sector are still obvious. In addition, Australia's coal import ban and the "La Nina" phenomenon in the coldest winter have a positive impact on the coal sector, and we continue to be optimistic about the valuation and restoration of the coal sector.
(Investment consultant Yang Dong? Certificate number of registered investment consultant. :S02606 15080007)