the purchase of ETF indexes to earn roses
the redemption of ETF 5 shares and the sale of their shares for purchase.
Shanghai Stock Exchange announced the approval of the State Council, China? China's Securities Regulatory Commission has officially approved the Shanghai Stock Exchange to launch a transactional open index fund (ETF).
The person in charge said that SSE and SSE ETF Group were established in 23. Since then, SSE has conducted feasibility studies and market research for many times to complete the product solutions and technical design of ETF.
The responsible ETF launched in time will not only help solve some problems encountered in the development of China's fund market, but also have a positive and far-reaching influence on the developed spot market of China securities. He said that in the future, the SSE will do all the preparatory work carefully, step up the preparation and debugging of technical systems, formulate specific business rules for exchange trading index funds, and further improve the risk monitoring system to ensure the smooth launch of open-end index funds for the first transaction.
ETF is simple and highly recognized by the market. Since it first appeared in the United States in 1993, it has developed rapidly around the world. In the past 1 years, 12 countries (regions) around the world have launched more than 28 ETF with asset management scale exceeding 21 billion US dollars.
The research shows that the broad market prospect of ETF in China not only helps to attract the savings of insurance companies, QFII institutions and individuals to enter the stock market, increase the proportion of direct financing, but also trades with an active secondary market, increasing the depth and breadth of the market. Xinhua News Agency
strictly prevents a new financial risk point-the financial audit issued a warning
In the case of false personal consumption loans, the affiliated enterprises defrauded loans and committed bill fraud. It is revealed that this year, from last year, the case of defrauding China Construction Bank Fangcun Sub-branch's mortgage loan in recent two years was audited, and the case of "private enterprises defrauding loans of 74 million yuan in Foshan City, Guangdong Province"-the financing disclosed in the audit in 28 was significant and shocking.
"At present, we clearly guard against audits focusing on financial risks." Fan Peng, director of the Financial Audit Department of the National Audit Office, said: "Exposing problems is a breakthrough, revealing some outstanding problems in the financial field, which are obviously illegal on the basis of audit recommendations on policies, systems and management.
Finding out "Caida" from the simple inspection of financial income and expenditure
"Since its establishment, the audit committee and financial audit work have made a remarkable achievement in exposing the illegal operation of financial institutions and the concern of financial institutions with major risks from the authenticity of financial institutions, financial expenses and asset quality, and the outstanding problems have experienced three stages of influence. "Fan Peng said:" After more than 2 years of development, it is irreplaceable to gradually play the role of financial auditing in financial supervision. "
With the development of national economy, the deepening of financial system and the ever-changing financial audit in China. After the audit was established in 1984, the following year, the "Notice on Financial Audit of Audit" was promulgated, which started the audit and supervision of financial and insurance institutions.
in p>1995, the financial audit was the main goal, which was to maintain the state's fiscal discipline, mainly focusing on the inspection of financial institutions, fiscal revenue and expenditure, and did not involve the implementation of the credit plan. "Many people believe that, because it is a one-sided understanding, financial audit is just like the financial inspection in the past, just look at the financial expenditure of the bank. The credit scale control, that is the people's Bank of China and other departments to do. "Fan Peng said.
Until the early 199s, the fiscal revenue and expenditure accounts were checked. The real change is the "Audit Law" promulgated and implemented in 1995, which points out that according to the law, the audit department's "real, legitimate losses and effective audits of the assets, liabilities and profits and losses of the central bank and state-owned financial institutions. In this way, no matter from the audit scope, audit content, the actual content of financial audit will have great changes, especially after the Asian financial crisis in 1997, the quality of assets, the authenticity of financial audit, exposing problems and trying to find clues to major cases have become a broad and comprehensive feature from the point of view of audit scope and audit content. The level and quality of financial audit work has reached a new level.
After p>22, with the further deepening of financial system reform, financial auditing and further auditing aims to prevent risks, promote management efficiency, and vigorously promote computer technology, financial auditing and risk auditing.
Financial risks put forward many new signs
Finance is the core of modern economy, and financial risks often bring irreparable damage to the social and economic order. Especially after China's accession to the World Trade Organization, when the foundation of the stability of our financial system changes, we can have more independent financial operation and financial stability, and we can't rely too much on the support of national credit and the protection of administrative measures.
"In the past two years, a new form has sprouted constantly, which reflects the outstanding problems of colluding with banks and enterprises to defraud loans, financial bills and fraud, and starting to build loans and consumer credit risks in cities, which should arouse the vigilance of financial institutions and regulatory authorities. "Fan Peng said.
The audit shows that at present, commercial banks and financial crimes show more cases, and the amount and means involved by new and high-level people are more hidden. The reason is that according to the legal consciousness, the internal control of some branches' banks is not perfect, especially the management and supervision of the weak "top leaders", and they attach great importance to the need to attract regulators and commercial banks.
Senior auditors, most of the major cases of fraudulent loans are the result of collusion between government and business. In Fengming Zhang's case, for example, if Fengming often colludes with the bank staff in China Nanhai Sub-branch, ICBC adopts the reverse procedure for examination and approval, the examination and approval authority and various irregularities, Fengming often fails to lend a high loan of 7.4 billion yuan.
Some staff members of financial institutions go to seek the benefits of the bank, which violates the "bank's eyes". As long as they have money, they will lose anything. "Financial institutions must operate in compliance with the law to prevent power from getting out of control." Fan Peng said: "Although violations may not be lost every time, violations are easy to exploit loopholes for the bad guys. If they succeed within the allowed time, they will bring significant harm."
more importantly, the internal control mechanism of financial institutions is not available, but it is often not implemented. "Although the loan procedure is an execution procedure, it is only a form." Fan Peng said: "The supervision and restriction mechanism of power has not kept up, and the internal control mechanism is ineffective, which is an important reason for causing financial risks."
Early disclosure, early initiative and early treatment
Fan Peng said: "At present, we will announce typical cases with potential warnings to remind financial institutions to pay attention to financial cases such as prevention, in order to promote the safe, harmless and efficient operation of financial mechanisms."
early disclosure, early initiative and early treatment. The financial risk exists objectively, and almost all governments take it as an important task to prevent and resolve the financial risk. When some risks are unavoidable, you must be a typical case of sincere disclosure to play the role of winning trust, which is what we have confidence in? Ability to prevent and reduce risks.
Facts have also proved that in recent years, financial audit announcements have typically sprouted financial majors, and revealed the outstanding problems reflected as a breakthrough, which has played a positive role in promoting macroeconomic health, preventing and defusing potential financial risks.
For example, in the audit of China Bank in 21, it exposed some prominent problems such as financial institutions using a large amount of commercial bank funds to invest in the stock market management loopholes, and urged the People's Bank of China to rectify the bill market and squeeze the stock market bubble, which was passed in 22 to expose false mortgage loans to defraud bank funds and create false and prosperous real real estate outstanding real estate developers. And promoted the effective management of the state sector's real estate market in 23, exposing some outstanding problems such as local governments, regardless of their own financial resources, using bank loans, and vigorously building cities, which the state has attached great importance to.
Few people question that it is difficult to investigate financial crimes in all cases. The mixed development trend of the financial industry, China's financial risks, and shows a new form of expression, financial crime means more hidden new challenges, in the current financial risk prevention, so as to ensure early detection and early treatment, in which financial risks are eliminated in the bud. Xinhua News Agency
Cao Fengqi said: The listing of the four major banks will lead to a "blood loss"
Cao Fengqi, director of the Peking University Finance and Securities Research Center, recently said: "The four major state-owned commercial banks in the domestic market must be cautious." Whether the current securities market environment in China is good or not not not not only raises this question, but also may further harm the securities market and lead to blood loss in the securities market.
Regarding the listing of the four major state-owned commercial banks, Cao Fengqi called for caution, "because there are no conditions for the listing of the four major state-owned commercial banks."
Cao Fengqi believes that the reform of state-owned commercial banks has reached a certain level and must be. It is an ideal choice to reform the mode of establishing financial holding companies in state-owned commercial banks. (Three Bell Classics) Sichuan Financial Investment News
2. For urban institutions:
"Low" reproduces the coming of a clear bottom
From a historical perspective, every adjustment in the Shanghai and Shenzhen stock markets is due to deep-seated institutional innovation, and this trend is particularly obvious recently.
In the case that the main board is below or close to the issue price of new shares, the high-positioned small and medium-sized enterprise departments are confused in judging the value of investors, and it is difficult for the chaotic positioning system to form an effective and healthy market. Of course, this is a short-term behavior of the mid-term and long-term stock price positioning, and the greater impact comes from the full circulation expectation, and the "double Q" (QFII, QDII) system in the process of internationalization. Full circulation is always an expectation, but the internationalization of "Q" is actually very real. At the same time, the share prices of A-share and H-share listed companies are compared: on June 13, 23, December 31, and April 3, 2 and June 21, 21, the share premium is 238%, 18%, 171% and 179%, respectively. Although in different markets, different investment preferences, the relationship between supply and demand, but driven by the price effect of equal rights, A-share stock hub will inevitably continue to downward QDII forecast such standards to increase strength.
at the same time, don't underestimate the negative impact caused by structural defects of institutional investors. The number of securities investment funds has accelerated since 23, and it has become the absolute main securities investment institution, but it also has some negative effects in the process of extraordinary development.
non-standard, as well as a single concept, will increase the volatility of the market. Empirical research shows that institutional investors who have obvious "follow the crowd" behavior in domestic stock market are more likely to follow the crowd, buy stocks and sell stocks. In addition, open-end funds, social security funds, insurance funds and enterprise annuities belong to a long-term institution, and institutions that are active in the short term, such as securities firms and private equity funds, are obviously at a disadvantage. The abnormal structure of institutional investors strengthens the risk of institutional game. What kind of major capital determines the stock market? We believe that for a long time, the Shanghai Stock Exchange and Shenzhen Stock Exchange still show the typical characteristics of "unilateral market", which is a unilateral rose and a unilateral decline.
however, in the short term, the market cost of the ups and downs of the stock market has a more direct relationship with the historical trend. When comparing the average stock price with the historical, profit and book value, we can clearly find that in the historically low areas of Shanghai and Shenzhen markets, before the beginning of "5.19", the market price at 149 was a stable structure, while in 5 yuan, the price structure of 5-9 and over $9 was an olive shape with two small parts and a big part in the middle. According to the law of history, this is a low-risk investment field. Their efforts to reproduce the characteristics of historically low regions often exceed people's expectations, but the rebound may be unilateral.
judging from the short-term trend, there are already many signals of "turning over the battle". The number of the first rebound positive line exceeded the rebound positive line from April 7 to May 1. On May 11th, June 28th, the rebound line lasted for 2, and since June 29th, it was the first time that there were four candles. The number of rebound positive lines has increased, reflecting increased confidence. Second, the number of days that continued to rise began to increase and rebounded (at the end of the month), lasting only five days, which broke. Last year, the intensity of "quantity" was significantly increased, and failure meant air power. What's lacking is that we haven't found a booming market, which has made a breakthrough.
Guangdong Securities News, "shanghai securities news"
News of listed companies:
The A-share market, which is second only to Japan's stock market, is competing for Rongshida Sanyo. The texture is worrying
The only "foreign securities", Ningbo Dongmu's high cash dividend, has not been completed, and Japan Sanyo has landed in the A-share market, doing so. Yesterday, Hefei Rongshida Sanyo Electric Co., Ltd. issued a prospectus, which will issue 85 million A shares on July 12. Therefore, the first foreign stock in the A-share market is "Japanese stock."
Dominant share of Japanese enterprises
According to the "Prospectus", Rongshida Group, which is directly or indirectly controlled by Japan Sanyo Company and its affiliated companies, holds 49.16% of the total issued share capital, while China Company holds 5.24% of the holding position, and China Company seems to be in the enterprise. In fact, the company's leading products, washing machines and microwave ovens, are the trademarks of Sanyo in Japan: Sanyo and SANY. Although the company is not exclusive, because the company was established in February 1994 and the production technology was imported from Sanyo in Japan, the company "will continue to import Sanyo from Japan, and there is no guarantee that the Japanese side will introduce new technologies in the future, not a third party and the Japanese side will continue to provide technologies; Since the formation of Rongshida Sanyo Sanyo Japan has been dominant in the company's main things.
The profitability is worrying
In recent years, the "Brothers" and Korean products have been squeezed out in China, and the business of Sanyo in Japan is exhausted. Other companies such as Sony and Panasonic have great influence in Japan. The quality of Rongshida Sanyo Company is hard to compliment.
In the case of the problem of Rongshida Sanyo, it is rare that its capital stock of up to 8.5 billion shares is the only one that can raise funds of 2,916,5 yuan, A shares, with such a large capital flow and weak ability to raise funds. Its issue price is 2.6 yuan/share, which is the lowest after China Unicom, but the price-earnings ratio of the problem is not low, which is 18.18 times of the total share capital before the issue. In fact, it is related to the following factors, Rongshida Sanyo, to meet the listing standards: the tax department of VAT refund,