[Important Data] [Zhitong View] 1. Recently, investors seem to be immune to external positive factors. Yesterday, Ministry of Commerce spokesperson Gao Feng said that inquiries and purchases of U.S. agricultural products have recently been carried out, and a considerable amount o

[Important Data]

[Zhitong View]

1. Recently, investors seem to be immune to external favorable conditions. Yesterday, Ministry of Commerce spokesperson Gao Feng said that inquiries and purchases of U.S. agricultural products have recently been carried out, and a considerable amount of soybeans and pork have been traded. He also said that there is broad space for cooperation in agricultural products between China and the United States. There is excess pork production capacity in the United States. Expanding imports of American meat products will help control the soaring domestic meat prices. A-share pork concept stocks have fallen sharply. However, WH Group International (00288), which has benefited from the decline in pork prices, has only Slightly higher. WH Group used to be a classic target for investors to speculate on the expansion of pork imports. Under repeated changes in external information, long funds have begun to show signs of weakness, and the willingness to enter the market before the holiday has significantly reduced.

2. Property stocks all recorded good gains yesterday, driven by the surge in Yali Life Services (03319)'s resumption of trading. In terms of the basic attributes of property stocks, they have the advantages of being asset-light, non-cyclical, anti-inflation, and stable cash flow. At the same time, there are hidden concerns about the strong adjustability of profits from related-party transactions. However, in any case, based on the clear high growth rate in the next few years, Growth potential is indeed a rare and high-quality variety. Regarding property stocks, the editor has only one sentence: be brave enough to buy them if they fall, and don’t easily chase them higher if they rise too much.

[Company News]

1. Huadian Fuxin (00816) sold 6% of its shares in Huaxin Insurance to focus on its main business

2. China Agricultural Products Exchange (00149) received a 44.44% premium from Waiyuantang (00897) to acquire part of its shares through a tender offer

3. Junshi Biotech-B (01877): The company’s proposed listing application on the Science and Technology Innovation Board has been officially accepted by the Shanghai Stock Exchange. Babytree Group (01761) repurchased 266,500 shares on September 26. Beijing Enterprises Water Group (00371) authorized A total of 15.3746 million award shares were issued

6. Prudential (02378) will hold telephone and online briefings for analysts and investors

7. Pentamaster (01665) plans to acquire a Malaysian medical equipment manufacturing company

8. Zhongliang Holdings (02772) ): US$300 million in notes due in 2021 will be listed for trading on September 27

9. Yuexiu Transportation Infrastructure (01052) Guangzhou North Second Ring Expressway toll revenue increased 11.3% year-on-year to 115 million yuan in August

10. China Energy Construction ( 03996) Introducing RMB 1 billion of investment into the two subsidiaries respectively will help reduce the asset-liability ratio

11. The auditors of Boyaa Interactive (00434) added qualified conclusions in the interim report on the matter of idle cash reserves of 635 million yuan

12. Unisplendour Holdings (00365): Xinding and others, as joint offerors and persons acting in concert, have held 67.82% of the shares and will make a tender offer to acquire

13. Dianchi Water (03768) won the franchise right of the sewage treatment project in Zhaoyang District, Yunnan, involving an investment of 661 million yuan

14. China Overseas Property (02669) spent 4.661 million yuan to acquire the entire equity of Wuhan China Construction Jiecheng Property Management Co., Ltd.

15. Huaneng International Power Co., Ltd. (00902): 498 million A-share restricted shares will be listed and circulated on October 15.

16. Guangzhou Automobile Group (02238) and Toyota Motor signed a framework agreement to deepen strategic cooperation in the fields of new energy vehicles and energy-saving vehicles

17. Chongqing Iron and Steel Co., Ltd. (01053) plans to implement the second phase of the employee stock ownership plan

18. Ausnutria (01717) does not know the reason for the stock price change and plans to initially invest 1 HK$100 million in share repurchases

19. CIMC Tianda (00445) spent 31.47 million euros to acquire the remaining 60% equity of Germany's Ziegler to optimize the fire protection business

20. Xinchengyue Service (01755) said that the problem of high equity concentration has been resolved

21. Hong Kong Construction (Holdings) (00190) spent HK$1.7483 million to repurchase 315,000 shares of

22 on September 26. Fosun International (00656) spent HK$9.9169 million on September 26 to repurchase 1 million shares of

23. Hutai Textiles (01382) On September 26, it spent HK$866,600 to repurchase 164,000 shares of

24. Xiaomi Group-W (01810) spent HK$49.9938 million to repurchase 5.624 million shares of

25 on September 26. Man Wah Holdings (01999) spent HK$10.215 million on September 26. Hong Kong dollars repurchased 2.1616 million shares

26. China Renaissance Capital Holdings (01911) canceled a total of 363,600 repurchased shares on September 26.

27. Duiba (01753) spent 2.9073 million Hong Kong dollars on September 26 to repurchase 699,200 shares

28 . SIU Urban Development (00563) spent HK$1.0114 million to repurchase 1 million shares of

29 on September 26. Tencent Holdings (00700) spent HK$36.5055 million on September 26 to repurchase 110,000 shares of

30. Standard Chartered Group (02888) in September On the 25th, it spent 3.4408 million pounds to repurchase 513,400 shares of

31. Lee's Pharmaceuticals (00950) spent 494,000 Hong Kong dollars to repurchase 117,000 shares of

32 on September 26. Dongguangguang Pharmaceutical (01558) spent 28.6708 million Hong Kong dollars on September 26. Repurchased 787,400 shares of

33. China Literature (00772) repurchased 100,000 shares of

34 for HK$2.622 million on September 26. Far East Consortium (00035) spent HK$3.1626 million on September 26 to repurchase 950,000 shares of

35. Hysan Industrial (00014) repurchased 150,000 shares of

36 for HKD 4.6677 million on September 26. Kingboard Group (00148) repurchased 50,000 shares of

37 for HKD 1.04 million on September 26. Xingda International (01899) repurchased 99.28 shares on September 26 HSBC Holdings (00005) spent HK$137 million to repurchase 2.3068 million shares of

on September 25 [Performance Express]

None

[Macro and Industry]

1. ["Investment is passing through the mountain customs" continues Fermentation: 40 billion yuan project group settled in Shenyang] The phenomenon of "investment is passing through the mountain customs" continues to ferment. The reporter learned from the Shenyang Municipal Government that on the 26th, 84 new projects from well-known companies such as Zhengwei International, Zhongshi Holdings, Inspur, Tencent, Didi, etc. were officially confirmed to form a group to settle in Hunnan District, Shenyang City, covering cross-border e-commerce, smart It covers multiple fields and formats such as manufacturing, biomedicine, new energy vehicles, and people's livelihood services, with a total investment of approximately 40 billion yuan.Shenyang also released a series of new measures to support cross-border e-commerce on the same day, promoting the old industrial base to form a new pattern of multi-point support and multi-industry development, and accelerating the conversion of old and new driving forces. (Xinhua News Agency)

2. [Coal-fired power generation on-grid electricity prices will be based on benchmarks + floating thermal power company valuations are expected to bottom out] On the 26th, Li Keqiang chaired an executive meeting of the State Council, and the meeting decided to cancel coal power prices starting from January 1 next year. The linkage mechanism will change the current benchmark on-grid electricity price mechanism to a market-based mechanism of "base price + floating up and down". Institutions believe that this policy is good for the industry, because since then electricity prices have a relatively fixed anchor and a lower limit for fluctuations, and there will no longer be expectations of electricity price adjustments that limit valuations in the short term. Institutions believe that coal prices will fall in October and thermal power valuations have bottomed out, which is worth looking at, especially thermal power companies with low marginal costs. The ROE of thermal power companies is expected to stabilize in the future. (Securities Times)

3. ["China Trust Industry Social Responsibility Report (2018-2019)" released] The "China Trust Industry Social Responsibility Report (2018-2019)" organized by the China Trustee Association was officially released on September 26. The "Report" shows that as of the end of 2018, the scale of trust assets managed by the entire industry was 22.70 trillion yuan. In 2018, the trust industry achieved operating income of 114.063 billion yuan, of which trust business income was 78.176 billion yuan, the total profit reached 73.180 billion yuan, and the per capita profit was 2.7502 million yuan. The actual tax paid throughout the year was 30.940 billion yuan, an increase of 23.98% over 2017. (China Securities Network)

4. [The Ministry of Finance issued a document to require banks with provision ratios exceeding 300% to distribute profits. These 10 banks meet the standards] The Ministry of Finance issued a draft for comments and planned to require banks with provision ratios exceeding 300% to distribute profits. According to incomplete statistics, among the 50 Chinese banks listed on A-shares and Hong Kong stocks, a total of 10 have a provision coverage ratio of more than 300%. Among them, Bank of Ningbo has the highest provision coverage ratio of 522%; Bank of Changshu is second at 454%; Bank of Nanjing is third at 416%. In addition, among the major state-owned banks, the Postal Savings Bank, the joint-stock bank China Merchants Bank, and the urban rural commercial banks Luzhou Bank, Chongqing Rural Commercial Bank, Shanghai Bank, Qingdao Rural Commercial Bank, and Huishang Bank all have provision coverage ratios exceeding 300%. (21st Century Business Herald)

5. [State Administration of Foreign Exchange: my country’s international trade in goods and services surplus on the balance of payments basis in August was 115.1 billion yuan] The State Administration of Foreign Exchange released my country’s international trade in goods and services data for August 2019. In August, my country's international balance of payments revenue from international trade in goods and services was 1,621.6 billion yuan, expenditure was 1,506.5 billion yuan, and the surplus was 115.1 billion yuan. In terms of U.S. dollars, in August, my country's international trade in goods and services revenue on the balance of payments basis was US$231 billion, expenditure was US$214.6 billion, and the surplus was US$16.4 billion.

6. [Ministry of Housing and Urban-Rural Development: Increase efforts to cultivate the housing rental market and develop shared property housing according to local conditions] On the 26th, Wang Menghui, Minister of Housing and Urban-Rural Development, introduced that the next step will be to speed up the improvement of the housing security system, speed up the solution of the housing problems of new citizens, and realize the realization of all The goal is for people to have a place to live. This includes improving the application, waiting, admission and exit mechanisms for public rental housing, and improving the level of public rental housing management services. At the same time, efforts should be made to cultivate the housing rental market, implement supporting policies, strengthen the supply of rental housing, and solve the housing problems of new citizens and other groups. It is also necessary to develop shared property housing according to local conditions, and encourage cities with large population inflows and high housing prices to develop shared property housing according to their own conditions. (Beijing News)

7. [Ministry of Human Resources and Social Security: Basic pension insurance has covered more than 950 million people] Zhang Jinan, Minister of Human Resources and Social Security, said at a press conference on the 26th that basic pension insurance now covers more than 950 million people. The number of people insured for unemployment and work-related injury insurance is over 200 million, covering most occupational groups. (China Securities News)

8. [In the first eight months, the original premium income of the insurance industry reached 3.1 trillion yuan, a year-on-year increase of 13.14%] According to the official website of the China Banking and Insurance Regulatory Commission, in the first eight months of this year, the insurance industry achieved original premium income of 3.1 trillion yuan, a year-on-year increase of 3.1 trillion yuan. 13.14%. Specifically, the original premium income of property insurance was 768.6 billion yuan, a year-on-year increase of 8.16%; the original premium income of personal insurance was 2.33 trillion yuan, a year-on-year increase of 14.78%. Data show that as of the end of August this year, the balance of funds used by the insurance industry reached 17.54 trillion yuan, a year-on-year increase of 11.65%.Among them, bank deposits were 2.51 trillion yuan, accounting for 14.31%; bonds were 6.12 trillion yuan, accounting for 34.89%; stocks and securities investment funds were 2.23 trillion yuan, accounting for 12.71%. (Shanghai Stock Exchange)

9. [Ministry of Commerce: Chinese companies have traded considerable amounts of soybeans and pork with the United States] Ministry of Commerce spokesperson Gao Feng said on the 26th that Chinese companies are currently conducting price inquiries on U.S. agricultural products in accordance with market-oriented principles and WTO rules. Purchasing and trading large amounts of soybeans and pork. He said that China has a huge market demand for high-quality agricultural products, and there is broad space for cooperation in agricultural products between China and the United States. (The country is a through train)

10. [Ministry of Foreign Affairs: China expresses strong dissatisfaction and firm opposition to the US sanctions on Chinese companies and individuals] Foreign Ministry spokesperson Geng Shuang stated at a regular press conference on the 26th that China has expressed its strong dissatisfaction and firm opposition to the US sanctions on Chinese companies and individuals. I personally express my strong dissatisfaction and firm opposition, and strongly urge the United States to immediately correct its wrong practices. Geng Shuang pointed out that China has repeatedly emphasized that normal cooperation between the international community, including China, and Iran within the framework of international law is reasonable and legal and must be respected and protected. The United States ignores the legitimate rights and interests of all parties and wields the big stick of sanctions arbitrarily. It is a gross trampling on the basic norms of international relations, goes against the trend, and is unpopular. (National Express)

11. [The "Shanghai 5G Industry Development and Application Innovation Three-Year Action Plan" released the goal of achieving "three hundred billion" goals by 2021] The Shanghai Economic and Information Commission said that the 5G Innovation Application Development Summit Forum was held today , the "Shanghai 5G Industry Development and Application Innovation Three-Year Action Plan (2019-2021)" was officially released at the meeting, as well as the "5G+ Intelligent Manufacturing White Paper (2019)" and "5G+ Smart Medical White Paper (2019)". The goal is to build a world-renowned 5G industry development highland and application innovation source by 2021. Among them, the scale of the industry has increased significantly. The city's 5G industry has achieved the "three hundred billion" goal, that is, the scale of 5G manufacturing, software and information services, and application industries has reached 100 billion yuan; breakthroughs in key links have been accelerated.

12. [Ren Zhengfei: Sell 5G technology to American companies] On the 26th, Ren Zhengfei said in a public dialogue at Huawei’s Shenzhen headquarters that he had previously stated that he would license all Huawei’s 5G technology not to all Western companies, but exclusively. Authorization. Ren Zhengfei believes that this company should be an American company, because Europe has its own 5G, South Korea and Japan also have their own things, and the United States currently lacks 5G technology. "We should give American companies an exclusive license, and they should compete with us all over the world, not just in the U.S. market, but on a global scale." (State Express)

13. [Ren Zhengfei: 6G and 5G development are in parallel Huawei will lead 6G] Huawei founder Ren Zhengfei said that 6G is developed in parallel with 5G. 6G is millimeter wave. It is still early for our company to use 6G on a real scale. Huawei will lead 6G. (Securities Times)

14. [Ren Zhengfei: 5G is a child’s play and the biggest industry in the future is artificial intelligence] On the afternoon of September 26, Huawei founder Ren Zhengfei had a conversation with Jerry Kaplan, the “father of tablet computers” and others. Ren Zhengfei said, I think 5G is a child's matter, and the biggest industry in the future is artificial intelligence. (Yicai)

15. [The main body of Tesla’s Shanghai factory has been completed: the first body-in-white has rolled off the production line and can be put into production before the end of the year] On the morning of the 26th, reporters from the Lingang New Area of ​​the China (Shanghai) Pilot Free Trade Zone promoted intelligent network connection It was learned at the new energy vehicle industry development and key project signing ceremony that the main body of the Tesla factory has been completed, and the stamping workshop, painting workshop, assembly workshop, etc. have production capabilities. The first body-in-white has rolled off the production line and will be completed by the end of this year. can be put into production. (The Paper)

16. [Emergency ban! Massachusetts announced a 4-month ban on the sale of e-cigarettes] According to the US "Sing Tao Daily" report, on September 25, local time, Governor Baker of the US state of Massachusetts declared a public health emergency in the state, declaring that regardless of whether it contains nicotine or contains Flavors, all e-cigarettes will be banned from sale in the state. The ban will take effect immediately and will be implemented until January 25, 2020, for a period of four months.Baker said the emergency ban was issued to allow relevant authorities to work with medical experts to find out what is causing people to get sick and how to regulate these products more effectively to protect public health. (China News Network)

17. [Source: WTO will approve the United States to impose compensatory tariffs on about 7.5 billion EU products] According to foreign media reports, sources said that the World Trade Organization (WTO) has determined that the EU has illegally subsidized Airbus Group. , which will allow the United States to impose compensatory tariffs on approximately $7.5 billion in EU goods, with a final judgment expected next week. The French government expects that the United States will impose 100% tariffs on Airbus and the European Union within a month, which will ultimately endanger thousands of French jobs. Analysts said that in this tariff war between the United States and Europe, the United States was granted priority by the WTO to fire, but the WTO gave the EU a larger-caliber artillery. The ammunition in the EU's hands also goes far beyond commercial aircraft. In many previous WTO rulings, the EU still has many cards to play including coffee, tobacco, tropical fruits, etc.

18. [Latest United Nations Trade and Development Report: Global economic growth rate fell to 2.3% in 2019] The United Nations Conference on Trade and Development released the "2019 Trade and Development Report". Even if the worst downside risks are ignored, the global economic growth rate in 2019 It will also drop from 3% to 2.3%. Some large emerging economies are already in recession, while some advanced economies are just one step away from recession. As global demand weakens, coupled with the U.S. government's unilateral tariff actions, global trade growth will also severely slow down.

19. [Facebook confirmed that it is developing AR glasses to build VR/AR in the real world] Facebook confirmed that it is developing augmented reality (AR) glasses and announced a project called "Live Maps". Live Maps uses machine vision, localization and crowdsourced mapping technology to generate a shared virtual map that reflects the physical world. Facebook will use the massive amounts of data it collects from its 2.4 billion users to build Live Maps, extracting geotagged images to generate "point clouds" and create accurate virtual Earths. (NetEase Technology)

20. [ Amazon crazily released 15 products, voice assistant Alexa is fully settled] According to foreign media reports, Amazon released multiple products supporting Alexa voice assistant at the annual hardware conference held in Seattle on Wednesday. new products. The company's devices released this time do not have a clear theme, but cover a variety of devices, from new Echo smart speakers to wireless headphones to Alexa-enabled ovens.

21. [Japan plans to invest US$10 billion in global liquefied natural gas projects] Japanese Minister of Economy, Trade and Industry Kazuhide Sugawara said on Thursday that Japan’s public and private sectors will invest US$10 billion in global liquefied natural gas projects (LNG) to strengthen energy supply security. .

[Major shareholders increase or decrease holdings]

1. During the two trading days of September 20 and September 23, JP Morgan first reduced its holdings of 3.49 million shares of Hong Kong Stock Exchange (00388), and then increased its holdings of 1.02 million shares. The price per share was respectively They were HK$230.74 and HK$225.72. After the transaction, JPMorgan Chase’s latest shareholding ratio in the Hong Kong Stock Exchange reached 5.02%.

2. On September 23, Chairman Luo Jiarui of Great Eagle (00041) increased his holdings of 290,000 shares in the company, priced at HK$26.67 per share, for a total amount of approximately HK$7.7343 million. After the increase, the latest number of shares held was approximately 433 million shares, and the latest shareholding ratio was 61.12%.

3. On September 20, JPMorgan Chase reduced its holdings of 34.97 million shares of China Life Insurance (02628) at a price of HK$18.86 per share, for a total amount of approximately HK$660 million. After the reduction, the latest number of shares held was approximately 418.5 million shares, and the latest shareholding ratio was 5.62%.

4. On September 24, The Capital Group reduced its holdings of 2.72 million shares of Galaxy Entertainment (00027) at a price of HK$49.63 per share, for a total amount of approximately HK$135 million. After the reduction, the latest number of shares held was approximately 432 million shares, and the latest shareholding ratio was 9.99%.

[Major bank rating]

1. HSBC: Maintain Ping An of China (02318) with a "buy" rating and target price of HK$128

2. HSBC: Raise the target price of Zhaojin Mining (01818) to HK$8.3 and maintain a "hold" rating

3. Medium Jin: Maintain China Education Holdings (00839) with an "outperform" rating and target price of HK$14

4. Daiwa: Maintain NWS (00659) with a "buy" rating and lower the target price to HK$19.4

5. Xiaomo: Maintain New World Development ( 00017) "Overweight" rating target price of HK$10.5

6. Morgan Stanley: Reaffirmed China Biopharma (01177) "Overweight" rating target price of HK$14.5

7. Citigroup: For the first time, it gave AIA (01299) a "Buy" rating target price 90 Hong Kong dollars

8. Citi: Shenzhen Expressway (00548) highway traffic can withstand the impact of ETC discounts and raise the target price to 12.8 Hong Kong dollars

9. Citi: Maintain Xuhui Holdings Group (00884) "Buy" rating target price 6.38 Hong Kong dollars

10. Nomura: Maintain China Gas (00384) "Buy" rating target price 37.2 Hong Kong dollars

[Trading Alarm]

Offering: Xinyuan Services (01895), Taobo (06110), Master Lu (03601)

Pricing Day: FRIENDTIMES (06820)

performance announcement:

Universal Entertainment Culture (01046), Hong Kong Resources Holdings (02882), Honghui Group (00183),

Kantong Group (01059), China High Precision (00591), Detai New Energy Group (00559), Richeng Holdings (03708), Xingkai Holdings (01166), Kun Group (00924), Nuofa Group (01360), Kingwei Group (01195), China Environmental Resources (01130), ISP GLOBAL (08487), Yuman International Holdings (08212), Dali Group (00029), China Automobile (00026), Chaoda Hyundai (00682), Jinyi Group Holdings (00565), Gonggai Co., Ltd. (01421), Yiwei Group (03893)

[Disclaimer 】There are risks in the stock market, so you need to be cautious when entering the market. This information does not constitute investment advice. For more information, please follow Zhitong Caijing (http://www.zhitongcaijing.com/) or download the latest [Zhitong Caijing] APP from major app stores for easy viewing.