It is highly recommended that
Shanghai and Shenzhen Stock Exchanges improve the stock pledge repurchase mechanism to resolve business risks
CEIBS: A-share index derivatives will be launched in the offshore market
Market comments
Market comments: the 5-strength index will stand on the 6-day line, and the market will continue to increase its volume if it breaks through 2,6.
macro perspective: the Ministry of finance implements the inclusive tax reduction and exemption policy for small and micro enterprises.
Communication: Ren Zhengfei, 5G can't be as sweeping as 4G.
Futures information
Metal energy: gold 283.75, down .49%; Copper 4815, up 1.9%; Rebar 3669, up 2.3%; Rubber 117, up .3%; The PVC index was 649, up by .78%; Zhengchun 254, up 2.67%; Shanghai aluminum 13575, up 1.34%; Shanghai nickel 9526, up 1.99%; Iron ore 536.5, up 2.88%; Coke was 262.5, up .44%; Coking coal 1236, down .8%; Crude oil was 437.5, up 2.8%;
Agricultural products: soybean oil 5598, up .65%; Corn 1831, up .22%; Palm oil 4694, up 1.8%; 15,325 cotton, up .36%; Zheng Mai 2413, up .8%; White sugar 594, up 3.75%; Apple 9976, down .8%;
exchange rate: EUR/USD 1.1363, down .22%; USD/RMB 6.827, up .36%; USD/HK$ 7.8433, up .1.
new stock tips?
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Key recommendation
1. The Shanghai and Shenzhen Stock Exchanges improve the stock pledge repurchase mechanism and resolve business risks
In order to implement the relevant requirements of the the State Council Financial Stability and Development Committee on preventing and resolving the stock pledge risks of listed companies, and encourage and help market participants to actively resolve risks, with the approval of the China Securities Regulatory Commission, the Shanghai Stock Exchange issued the Notice on Matters Related to Stock Pledged Repurchase Transactions on January 18, 219, which has been officially published since the date of promulgation. The contents of the Notice mainly include two aspects: First, optimize the arrangement for the extension of the default contract, and make it clear that when the acquirer defaults and it is really necessary to extend it to relieve its credit risk, if the cumulative repurchase period has expired or will expire for three years, the cumulative repurchase period after the extension can exceed three years through negotiation between the two parties, so as to relieve the repayment pressure of the acquirer by stock extension. Second, specify the special arrangements for new transactions aimed at solving the contract breach. For the newly-added shares pledged for repurchase are all used to repay the debts of the breached contract, the provisions of the current stock pledged for repurchase business measures, such as the upper limit of the pledge ratio of a single lender and the whole market, and the asset management plan not being allowed to participate as a lender in the pledge repurchase restrictions and the upper limit of the pledge rate of shares with performance commitments, can be exempted, so as to alleviate the liquidity pressure of the acquirer by adding new transactions. At the same time, the Notice requires members to carefully evaluate the credit risk and performance ability of the participants and continue to do a good job in risk management of stock pledged repurchase.
Comments: This Notice aims to actively support the implementation of relief measures by relevant parties, and will play an important role in resolving the risk of stock pledged repurchase. It is good for listed companies with a high proportion of shareholder pledge. At the operational level, it remains to be seen how far the Notice can be implemented.
(investment consultant? Cai Jin? Registered investment consultant certificateNo.: S2661192)
2. CEIBS: A-share index derivatives will be launched in the offshore market
On January 18, 219, the second Sino-German high-level financial dialogue was held in Beijing and the Joint Statement was issued. Both China and Germany agree on the important market position of China Europe International Exchange (hereinafter referred to as "CEIBS"), and have reached a series of understandings on cross-border securities issuance and supervision cooperation, offshore market construction of A-share index derivatives, capital market interconnection and other related topics.
in the joint statement, the Chinese and german governments indicated that they supported their respective securities regulators to sign a memorandum of understanding on bilateral cross-border derivatives supervision and cooperation to support A-share index derivatives listed in Frankfurt.
Comments: The introduction of A-share index derivatives in the offshore market will attract more overseas hedge funds to allocate A-shares and increase the liquidity of the A-share market. This move is good for brokerage stocks, but most brokerage stocks have accumulated a certain increase in this round of rebound, so it is not appropriate to chase after them in the short term.
(investment consultant? Cai Jin? Registered Investment Consultant CertificateNo.: S2661192)
Market Review
1. Market Review: 5 Power Index stands on the 6-day line, and breaking through 26 requires the market to continue to increase its volume.
Last Friday, the two markets opened slightly higher, then fluctuated higher, and fell back in intraday trading. In the afternoon, the Shanghai Composite Index hit a new high in the recent rebound and successfully stood on the 6-day line. The index rebounded sharply, but the demon stocks led by Dongfang Communication made up for the decline sharply. In the afternoon, the market style switched, and cyclical stocks such as coal, steel and chemical industries took over and led the gains, with weak themes and new activities. At the close, the Shanghai Composite Index rose 1.42% to 2596.1 points, the Shenzhen Component Index rose 1.49% to 7581.39 points, and the Growth Enterprise Market rose 1.45% to 1269.5 points. The previous high-end stocks collectively ebbed and fell, reflecting that there are differences in short-term funds in the current market. Foreign and domestic funds have increased their positions. Last year, white horse stocks and cyclical stocks began to stop falling and stabilize, and many stocks have rebounded to the right. However, it should be noted that the market above 26 will enter the high-pressure zone, and the persistence of the US stock rebound remains to be seen. Investors should not be blindly optimistic. In operation, chasing high is not recommended. Investors with heavy positions can reduce their positions on rallies. Steady investors can patiently observe whether there is a leading line on the disk before entering the market.
(investment consultant Zeng Zilei registered investment consultant certificateNo.: S26613915)
2. Macro perspective: Ministry of Finance implements inclusive tax reduction and exemption policies for small and micro enterprises.
The Ministry of Finance implements the inclusive tax relief policy for small and micro enterprises: small-scale VAT taxpayers with monthly sales of less than 1, yuan (inclusive) are exempted from VAT; For the part of the annual taxable income of small and low-profit enterprises that does not exceed 1 million yuan, it will be included in the taxable income at a reduced rate of 25%, and the enterprise income tax will be paid at a rate of 2%; Venture capital enterprises and angel investors who invest in start-up technology-based enterprises can deduct taxable income by 7% of their investment.
investment comments: recently, the tax reduction policy of the Ministry of finance has continued to exert its strength. This tax reduction policy is specifically aimed at small and micro enterprises, and it is expected that the owners of small and micro enterprises will benefit the most. In the first half of 19 years, the downward pressure on the economy is great, and the data in all aspects may continue to decline. The government is expected to continue to reduce taxes in order to stabilize the economy, and investors can also pay attention to the specific tax reduction efforts of the government in the later period.
(investment consultant Zeng Zilei registered investment consultant certificate number: S26613915)
3. Communication: Ren Zhengfei, 5G can't be as overwhelming as 4G.
Ren Zhengfei's speech: In the next few years, the overall situation should be less optimistic than expected. We should be prepared to live a hard life and make a correct assessment of the economic situation; 5G can't be as sweeping as 4G, and all formalistic non-value-added management should die out.
Investment Comments: 5G is one of the sectors with relatively strong recent rebound, but the greater the increase, the more investors need to keep an eye on it. This year, the downward pressure on the economy is greater. In addition, the reduction of government traffic charges has guided the three major operators. Although the three major operators will still increase their investment in the construction of 5G, they will inevitably squeeze the profits of some communication equipment manufacturers. Ren Zhengfei's speech is forward-looking. 5G is a big industry, but the profits of enterprises may not be as thick as in the 4G era, and investors need to continue to observe.
(investment consultant Zeng Zilei registered investment consultant certificateNo.: S26613915)
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