Editor's note: In early trading on Friday, the Shanghai and Shenzhen stock markets opened slightly higher. The Shanghai Stock Index fluctuated upward after the opening. It shot higher and fell back around 10 o'clock. Near midday, the Shanghai Stock Index fell and turned green. Th

Editor's note: In early trading on Friday, the Shanghai and Shenzhen stock markets opened slightly higher. The Shanghai Stock Index fluctuated upward after the opening. It shot higher and fell back around 10 o'clock. Near midday, the Shanghai Stock Index fell and turned green. The GEM failed to hit 2,800 points intraday. On the market, theme stocks were active, aerospace concepts led the gains, non-ferrous metals broke out, and the brokerage sector led the decline, with more than 60 stocks in the two cities hitting their daily limits. The concept of high-send transfers bucked the market trend and surged, with more than 10 stocks hitting their daily limit.

[Market Review]

The central bank sent an important signal to protect the market, and the market may have a more violent earthquake (this page)

[Hot Recommendations]

[Main Trends]

The central bank sent an important signal to protect the market, the market may have a more severe earthquake

The recent market The fluctuations were large. First there was a high and a fall on Tuesday, then a plunge and a fall on Wednesday, and then a rebound on Thursday. Such wide fluctuations made many investors confused and afraid to easily build positions. However, Good Stock Interactive believes that under the central bank's important signal to support the market, investors can focus on structural market conditions based on the index.

The reason why the market has jumped up and down this week is closely related to the current financial situation. The IPO will restart next week, and the increase in supply will inevitably divert funds on the market. At the same time, the position of open-ended equity funds is 84.69%, and the position of stock funds is as high as 90.11%. The high fund positions have caused a lack of power from many parties, and foreign capital has passed Shanghai-Hong Kong Stock Connect has also continued to see outflows in recent months, and the capital side of A-shares has undoubtedly been tested. However, as the new policy is approaching, social liquidity has fluctuated, and short-term interest rates have increased. The central bank has strengthened SLF as the upper limit of the interest rate corridor, and it is more meaningful to protect the capital signal. This will significantly offset the lack of A-share capital, and the short-term market may fall deeply. Less sex. Therefore, we should not worry too much about the index. We can hold stocks boldly and should not blindly kill stocks with large performance increases, deep main players, high transfers, and complementary increases.

With the central bank releasing liquidity and IPO restarting capital diversion, short-term market fluctuations will inevitably be huge. However, as long as the market does not fall deeply, the current strong earthquake is an opportunity for us to adjust our positions and exchange stocks. In terms of position adjustment, we believe that stocks with two-wheel drive of strategic emerging industries and favorable policies are more likely to be favored by funds and continue to rise. For example, good stocks interact with the following three main lines.

1, the terrorist attacks in Paris, pushed counter-terrorism to the forefront of the market; ISIS killed Chinese hostages, making counter-terrorism the focus of attention of the people across the country, including the top leaders. The hype in the anti-terrorism sector is expected to extend in depth.

2, the Export-Import Bank of China will provide 500 billion credit lines to China Railway Corporation. The market had no expectations for this benefit before, but the news shows that the internal resistance of high-speed rail's "going out" has further reduced. The market will expect that its process is expected to accelerate, and the high-speed rail sector is expected to continue to strengthen.

3, the implementation of my country’s air pollution prevention and control action plan requires a direct investment of 1.84 trillion. With "strengthening the construction of ecological civilization" included in the five-year planning goals for the first time, the environmental protection industry will undoubtedly usher in historic development opportunities. Market enthusiasm for related sectors is expected to be ignited again.

On the whole, with the central bank sending signals to protect the market, high fund positions and the restart of IPOs, the short-term market will still be strong, and the sustainability of individual stocks' rebound will also be tested. Therefore, at present, we should have more ideals and less impulses, guard against risks on the above three main lines, and then choose the opportunity to make bold arrangements for bargain hunting. (Guangzhou Bandung)

Technical Analysis: The technical aspect issues important instructions

From a technical point of view, the market as a whole is in an upward channel. Although the market has encountered early selling pressure from the hold-up market in recent days, bulls are more willing to enter the market, 3550 There is plenty of support near the point. Yesterday, the two cities closed higher, confirming that the market is strong again in the short term; as the market selling pressure continues to be digested, the market outlook is expected to continue to fluctuate upward.

Judging from the news, the People's Bank of China decided to lower the interest rate on the Standing Lending Facility (SLF) of branches and branches starting from November 20, 2015. For local corporate financial institutions that meet macro-prudential requirements, the overnight and 7-day standing lending facility interest rates are adjusted to 2.75% and 3.25% respectively.

Operation Recommendations

The market is generally optimistic, and the market outlook is expected to fluctuate higher, and investors will buy on dips.

Short-term shocks are still the main theme. Building a support platform will help break through

. After a stable opening on Thursday, the stock index showed a sideways narrow range shock pattern in early trading. In the afternoon, as bullish sentiment rebounded, the stock index started a volatile upward trend.Although the heavyweight sectors such as banking, real estate, coal and oil were weak during the session, which dragged down the stock index upwards, the strong rise of many concept sectors such as virtual reality, smartphones, and online education ultimately led to the strong strength of the "stocks", with the Shanghai Composite Index above It rose 48.59 points to close at 3617.06 points, an increase of 1.36%.

today mainly has the following information worthy of investors' attention:

1, China Securities Network news, maybe you have had such an experience: when the market was very good, you missed the rise because the stocks you held were suspended for a long time; The market plummeted, and the dream of making profits suddenly came to nothing. Recently, as the Shanghai and Shenzhen stock exchanges have successively announced rules for regulating suspension and resumption of trading, the cleanup activities of "zombie stocks" that have been suspended from trading for a long time have also quietly begun.

2, China Securities Network News, on the evening of November 19th, the central bank announced that it would lower the interest rate of branch standing lending facilities (SLF) on November 20th. For local corporate financial institutions that meet macro-prudential requirements, overnight and 7-day interest rates will be reduced. The SLF interest rates were adjusted to 2.75% and 3.25% respectively. Before that, the interest rates of the two were 4.5% and 5.5% respectively.

3, China Securities Network reported that the 23rd APEC Leaders’ Informal Meeting was held in Manila, Philippines on the 19th. President Xi Jinping attended and delivered an important speech entitled "Deepening Partnership and Jointly Promoting Prosperity in the Asia-Pacific", emphasizing that the Asia-Pacific is the locomotive driving the world economy.

4, China Securities Network news, the reform of the new stock issuance system has taken a substantial step. Recently, the Shanghai Stock Exchange, Shenzhen Stock Exchange and China Securities Depository and Clearing Co., Ltd. have drafted implementation details for the online and offline issuance of new stocks and solicited participation from securities firms and other participating institutions. Comments, and agencies are asked to provide feedback by November 27. The most noteworthy thing is that investors can make new investments through lottery first and then pay, without having to freeze huge amounts of new funds.

5, China Securities Network news, the increasingly fierce competition between emerging Internet financial institutions and traditional banks has gradually surfaced. How to hold on to their share in the existing market structure and obtain greater business benefits in the future market, various institutions are planning their layouts.

6, China Securities Network News, China’s Special Representative for Climate Change Xie Zhenhua revealed at a press conference of the State Council Information Office on the 19th that China has launched 7 provincial and municipal carbon emissions trading pilots, and all have been online transactions, and strives to launch a national carbon emissions trading pilot in 2017. Carbon emissions trading market.

Recently, the market has been fluctuating repeatedly in the area around 3500-3700 points, rising and falling and falling and rising. As of Thursday, a horizontal consolidation platform has basically been formed. Recalling the author's previous article records, when the market's upward trend slowed down last week, it was proposed that in the short-term market, when the stock index fell back from 5178 points, the stock index had rebounded twice in the area near 3600-3800 points, causing accumulation in this area. As the hold-up increases, the short-term stock index will find it difficult to rise. It will either fluctuate sideways to form a platform support, or it will gradually fall back during the shock. The recent horizontal consolidation of the stock index is exactly in line with the first expectation. Then when the later platform is completed, the stock index will also launch a tentative upward breakthrough, and there is room for hope in the later period. Of course, this refers to the mid- to long-term directional trend, and this Friday is the delivery day of stock index futures, and the market has just established a prototype platform, so there may be repeated fluctuations in the short term.

Code Investment Zhang Hansen

The market is in shock, preparing for an offensive

[Disk Brief]:

The Shanghai and Shanghai markets maintained a narrow range of fluctuations in early trading, fluctuating slightly around the previous closing price. On the market, online travel, Gaoshuan, glyphosate, national defense and military industry, virtual reality, graphene and other theme stocks rose by more than 2%. Securities stocks led the decline, while charging piles, steel, agriculture, etc. performed sluggishly. Overall, the market had clear support at 3550 points yesterday, and is gathering momentum around 3600 points today. It is expected that the Shanghai Index will hit 3800 points after repeated shocks. Investors are advised to remain cautiously optimistic and build positions on dips. Operationally, focus on growth stocks that benefit from the 13th Five-Year Plan and the annual report.

[Sector]:

[News]:

1. Xi Jinping: Build the Asia-Pacific Free Trade Area as soon as possible to promote the blueprint for interconnection.

APEC 20th Three informal leaders' meetings were held in Manila, Philippines on the 19th.President Xi Jinping attended and delivered an important speech entitled "Deepening Partnership and Jointly Promoting Prosperity in the Asia-Pacific", emphasizing that the Asia-Pacific is the locomotive driving the world economy. We should be based on the present and face the future, use APEC as an important platform to promote win-win cooperation, and let the Asia-Pacific continue to lead global growth.

2, Wu Xiaoling suggested accelerating the revision of the Securities Law and launching the registration system

Wu Xiaoling, member of the Standing Committee of the National People's Congress and deputy chairman of the Finance and Economics Committee, said at the "Finance" annual meeting 2016: Forecast and Strategy on the 19th that the stock market fluctuations should be summarized On the basis of experience and lessons, we will speed up the revision of the Securities Law. Launch a registration system, improve the responsibilities of all relevant parties in stock issuance, clarify the respective responsibilities of listed companies, law firms, and accounting firms, determine information disclosure requirements based on the number of investors and the principle of investor suitability, and distinguish between different levels of the market . Promote the innovative development of the securities industry and implement license-based management of securities business activities to suit the trend of comprehensive operations.

3. Enthusiasm for gaming picks up and the pattern of net capital inflows reappears

The market fluctuated and rebounded yesterday. According to statistics, the Shanghai and Shenzhen stock markets had a net inflow of 12.142 billion yuan yesterday, ending the previous eight consecutive trading days of net outflows. Most industry sectors achieved net inflows, with the electronics, computer and media sectors leading the list. The real estate sector, which attracted strong gold on Wednesday, experienced large-scale net outflows, highlighting the short-term speculation of funds. Analysts pointed out that the reappearance of the net inflow pattern reflects the recovery of market caution and the rebound in gaming enthusiasm, but the shrinkage of excess energy reflects the wait-and-see mood. It is expected that under the coexistence of pressure and support, shock will still be the main tone, and the rotation of hot spots will further accelerate.

[Jufeng’s View]:

The Shanghai and Shanghai markets maintained a narrow range of fluctuations in early trading, fluctuating slightly around the previous closing price. On the market, online travel, Gaoshuan, glyphosate, national defense and military industry, virtual reality, graphene and other theme stocks rose by more than 2%. Securities stocks led the decline, while charging piles, steel, agriculture, etc. performed sluggishly.

The concept of virtual reality continues to be strong. Baofeng Magic Mirror, a joint-stock company of Baofeng Technology, released two new virtual reality products on November 18: Baofeng Magic Mirror all-in-one machine "Demon King" and Baofeng Magic Mirror 4. This news has become the trigger for another surge in virtual reality concept stocks. On Friday, Aishide, Shenzhen Tianma A, Crystal Optoelectronics, and Jinli Technology opened at the daily limit. Goertek, Zhengye Technology, OFILM, and Changying Precision were among the top gainers. .

The high-speed rail sector has skyrocketed across the board: Jinyi Industrial and Century Riel have rapidly hit their daily limit. Jinxi Axle, Gaomeng New Materials, Shenzhou High-speed Railway, Taiyuan Heavy Industry, etc. have all shot up more than 6%. On the news, the Export-Import Bank of China gave China Railway Corporation 5,000 100 million yuan in credit. This is a huge stimulus to the entire high-speed rail sector.

Jufeng Investment Consulting believes that the market this week has undergone a belated adjustment due to the flight of profits and the restart of new stocks. On Thursday, the market bottomed out and rebounded, and the short-term low-buying window of 3550 points may have been closed. In the future, the market will continue its slow bull journey. The market has had a strong money-making effect recently, but to achieve a breakthrough, heavyweight stocks need to make a difference. In terms of operation, buying low and investing in blue-chip stocks that benefit from the 13th Five-Year Plan and growth stocks with high annual reports are still the main strategies at present.

Jufeng Investment Consulting

interprets the new stock subscription model and recommends investing in three types of stocks

In the past, before the issuance of new shares, the market fell more and rose less, but when the funds were unfrozen, the market rose more and fell less. But this time it should be completely different. Subscription does not freeze funds, as long as there is market value. Therefore, both institutions and investors need to add more positions, because the greater the market value, the greater the opportunity to subscribe. This trend should intensify on Thursday and Friday, and this week's stock index futures delivery day is likely to be a carnival.

According to the new new share subscription model, A-shares should rise more than they fall before subscription, and should fall more than they rise during the payment period. However, because the difference between the payment amount and the previous frozen subscription amount is too large, the impact on the market will be relatively small. If the first batch of new stocks continues to perform a continuous daily limit trend after the first batch of new stocks are listed for trading, then the future trend will be more prominent.

’s new new stock issuance model is equivalent to giving away lottery tickets. Why do you say that? Subscription does not require funds, which gives small and medium-sized investors, especially small investors, great opportunities.Although the winning rate will be significantly lower, at least the vast majority of people will have the opportunity to participate. Once you win the lottery, it is equivalent to winning a small prize. The previous subscription for new shares cost 10,000 yuan, and in the end only benefited 100 yuan. Of course, the funds will still be returned to you, but the amount of temporarily frozen funds is often several times or even hundreds or thousands of times the final winning funds. That kind of game is clearly out of place.

As the saying goes, "One is cheap and ten people love it." But in the A-share market, "One is cheap and everyone loves it." Why not participate in the free subscription? If you had idle funds in the past, you can subscribe for new shares to increase your chances of winning the lottery. It is a waste to have idle funds now. Only when the market value increases can there be an opportunity to subscribe. Compared with having no chance and having a lower winning rate, I believe most people will choose to increase their chances.

The next question is which stocks are both safe and profitable in terms of market value?

is first and foremost a low-priced heavyweight stock. Although the growth rate of heavyweight stocks is not very good, because their valuations are low and they are the market's anchor, safety is relatively high under the current market conditions, and investors' first choice is safety.

The second is medicine. Pharmaceutical stocks have always been the best defensive species in the market. The risks are a bit higher than that of heavyweight stocks, but the profit opportunities are also higher than that of heavyweight stocks. When the market environment is good, it is likely that new shares will be purchased and profits will be made from the market value.

is finally a strong theme stock. They are stocks that have received good news recently and have been actively involved in market capital. The risks and returns of these stocks are greater than those of the previous two sectors, and they are more suitable for investors with strong speculative nature.

Public Securities News Author: Chu Feng

The third wave of rebound is on the way again, and we are rushing to lay out the next leading sector

After several twists and turns, yesterday the Shanghai Stock Index once again reached 3600 points and stood above the annual line, stepping on the 5th and 10th lines. From now on Judging from the situation, the market is basically consistent with what we judged in the previous two days. The fall from the high on Tuesday and the fall on Wednesday were just for the purpose of washing the market, rather than a real decline. However, it is too early to establish the beginning of the market's upward trend. After all, the volume throughout the day is still shrinking. For the market to truly establish the beginning of an upward trend, it still needs a process of heavy volume breaking through 3660 points. Friends who have been paying attention to my views in the past two days should still remember that I mentioned several key points in my views on the 18th. :

I am not surprised that the market can return to 3600 points and cross 3610 points, because the pressure on the market before 3610 points is not great at all, and it is easy to rebound even if there is no heavy volume, because between 3560 points and 3600 points The support at this time is too strong, and the pressure before 3610 points is very small. As long as the main force pulls up slightly, the market will easily rebound. Returning to the annual line, it can only be said that the third round of market rebound is expected to restart, but has not been officially established. The point where the market is truly established is 3660 points. Once the market heavy volume breaks through 3660 points, then the third wave of market rebound will be It is officially established that the next target point is not just 3700 points, but the half-year line. Judging from yesterday's decline, it will drop to around 3764 points today.

current market analysis:

yesterday’s closing point was 3617 points, the 5-day line was 3595 points, the 10-day line was 3613 points, and the annual line was 3612 points. The short-term downward support point for the market is between 3595 points and 3612 points, which is a strong support. The position is still between 3560 and 3600. The first pressure position is 3560 points, followed by the pressure of 3700 points, and then the pressure of the half-year line.

From the perspective of activity, the smart window belts (mainly driven by the concept of virtual reality), Internet of Vehicles, Internet education, Tesla, security, 3D printing and other sectors were active yesterday. The leading sector in this round of market, securities firms The sector also ended its adjustment yesterday and started to rebound. My personal view on the market outlook for the brokerage sector is still not over. The market for the sector where the main force has made in-depth arrangements will not end easily until the overall trend of the market ends. This is This is also an important reason why I don’t think brokerage stocks will fall deeply after their plunge on Wednesday.The banking sector has always been the most stable and relatively stable. The stability of the market yesterday morning was basically supported by banks. As one of the sectors where the main funds are deployed in the early stage, banks still have room for upside. The real estate market that rose strongly on Wednesday fell slightly yesterday, but did not break the position, so we can think that this is a short-term correction, and the subsequent start of the market is still worth looking forward to.

Analysis of the possible trend of the market outlook:

First, choose to increase the volume to break through 3660 points to establish an upward attack pattern. This is what we most want to see, but whether the volume can fully satisfy the market today and Friday still needs to be answered by the market. Once the heavy volume breaks through, we will mainly hold shares and wait patiently for the market to move upward.

Second, although the market has rebounded upward, its energy has not been fully released. At this time, we need to pay attention. It is very likely that there will be another shock adjustment near 3660 points. When adding positions at low levels, you need to consider whether you need to reduce positions at high levels.

Third, the market continues to adjust and falls below the annual line. Although this possibility is unlikely to happen now, we must also consider that if the market fluctuates again, dips will still be an opportunity to buy and add positions. Shocks The range may be between 3580 points and 3660 points.

Foreign media: The weight of the RMB included in the IMF currency basket may be lower than expected

China Securities Network News According to foreign media reports on the 19th, people familiar with the matter said that the International Monetary Fund (IMF) is considering adjusting the Special Drawing Rights (SDR) currency. As the basket is designed to better reflect financial liquidity conditions, the yuan may be included in the currency basket, but the weight may be lower than previously estimated.

IMF policymakers are expected to include the yuan in the SDR basket later this month. The Chinese government has made many efforts in the past to make the RMB on an equal footing with currencies such as the US dollar, euro, pound and yen.

The inclusion of the RMB into the SDR currency basket will be the biggest change since 1980, when the IMF reduced the number of 16 constituent currencies. IMF policymakers are considering adjusting the way it calculates the weights of currencies in the basket, making export volumes less important and financial liquidity more important, according to two people familiar with the discussions.

Although China is the world's largest exporter, it lags behind other countries in financial transactions. Such an adjustment would result in the RMB’s share in the SDR currency basket being lower than calculated under the current formula.

It is widely believed that including the RMB in the SDR currency basket is equivalent to acknowledging China's political and economic importance and recognizing China's economic reforms. This move may not have a major impact on the financial market.

According to calculations by IMF officials in July, the RMB accounted for approximately 14-16%; HSBC estimated that the weight calculated according to the current formula would be around 14%.

A person familiar with the matter said those estimates were "too high." Another official from a major Asian country suggested the weight could be closer to 10%. The official, who saw the report submitted by IMF staff to its executive board, said "this ratio is barely in the double digits, just the lowest level of double digits."

The IMF's executive board, which represents the organization's 188 member countries, will The composition of the SDR currency basket will be decided on November 30, which may support the proposal of the RMB inclusion in the basket endorsed by IMF researchers and President Lagarde. The Executive Board will also discuss adjustments to the currency weights in the basket.

IMF declined to comment.

China Securities Network

The Legend of Miyue is more than just a palace fight, it may bring benefits to listed companies (shareholding)

At the end of November, Empress Sun Li is coming back with "The Legend of Miyue"! I didn't get enough of the palace fight scenes between the empress and the harem in "The Legend of Zhenzhou", but I can get enough of it in the new drama this time. In addition, from a capital perspective, the listed companies related to "The Legend of Mi Yue" are also worthy of attention.

The annual drama "The Legend of Miyue" is produced by Dongyang Huaer Film and Television Culture Co., Ltd. (hereinafter referred to as "Huaer Film and Television"), which made a lot of money from "The Legend of Zhenzhou" in the past few years. This company was voted by LeTV in 2014 Therefore, it can be assumed that the ultimate beneficiary of "The Legend of Miyue"'s popularity will be LeTV.According to the acquisition draft when LeTV acquired Huaer Film and Television, a simple calculation can be made for Huaer Film and Television: "The Legend of Miyue" as a large-scale drama has a single episode income of about 4.5 million-5 million, while the cost investment is 200-200 million. 2.5 million per episode; based on the length budget of 60 episodes of "The Legend of Miyue" (81 episodes were actually broadcast), the profit contribution of "The Legend of Miyue" to Huaer's profit from light channel revenue is around 120 million. This profit figure does not include income from second-round sales of copyrights, as well as potential gains such as fame and reputation earned. A breakdown of the TV series invested and released by Huaer Film and Television over the years, from "Happiness is Like a Flower" and "Golden Wedding" to "The Legend of Zhenzhan" and "The Story of the New Editorial Department", have all made them famous, and director Zheng Xiaolong The golden signboard was built step by step in this way.

Huaer Film and Television should be positioned as a content producer in the LeTV ecosystem, providing content guarantee for downstream terminal businesses, thereby forming an ecological closed loop and generating synergistic effects. According to LeTV’s 2014 annual report, Huaer Film and Television’s net profit was 104 million, while LeTV Group’s net profit for the whole year was only 129 million. This proportion is enough to illustrate the pivotal role of Huaer Film and Television for LeTV.

However, the impact of "Mi Yue Zhuan" on the stock price of listed company LeTV may be limited. As of November 19, LeTV’s market value was about 95 billion. The effect of an invested film and television drama is not enough to trigger a surge in the market value of the entire listed company. Therefore, we need to look rationally at the money-making effects brought about by "The Legend of Miyue".

In addition to traditional film and television drama income, a good IP will inevitably develop games to maximize profits. Linekong Interactive (8267.HK), which is listed in Hong Kong, has won the exclusive rights to operate the mobile game "The Legend of Miyue". Linekong Interactive has previously successfully commercialized mobile games adapted from many well-known IPs such as "One Hundred Thousand Cold Jokes", "The Legend of the Harem" and "The Legend of the White-haired Witch". According to its third quarterly report for 2015, Linekong Interactive The number of registered interactive game players exceeded 1.968 million, a year-on-year increase of 18.5%. As of September 30, 2015, the average monthly active users (MAU) reached 3.606 million, and the average monthly paying player revenue (ARPPU) was RMB 189.5. Linekong Interactive does not want to be a simple mobile game development company. This can be gleaned from its investments over the past year: In March 2015, it announced an investment of 23 million in Yongle Ticketing and a US$5 million investment in Xingmei. Holdings (0198.HK). In addition, Wang Feng, the actual controller of the company, also set up a new console game company, Ax Technology. This new company should not only make game consoles, but may also involve VR, AR and other hardware fields in the future, which can be said to be extremely ambitious. So far, Linekong Interactive has painted an ecological map for investors to design the layout of the entire industry chain including game hardware, software, development, and content. "The Legend of Miyue" has not yet been launched, and its revenue is unknown for the company's performance. It may still need to be based on the popularity of the TV series. In any case, Linekong Interactive’s ability to gamify IP cannot be underestimated.

Interface

Cleaning up the securities market Iron-blooded will and thunderbolt means

The rescue game after this year's stock market crash has stimulated the Chinese government to add a new content to the anti-corruption campaign - cleaning up various gray spaces in the financial market. In our view, although the leading factor in the stock market crash cannot be solved by a few rat warehouses or a group of brokers, the phenomenon of insiders committing crimes discovered during the rescue process undoubtedly shocked the central government - not only did it hedge the central government's The effect of the bailout operation has also been the formation of several interest groups that oppose national policies. Therefore, this stimulated the decision-makers to make up their minds to take this opportunity to completely "clean up" the financial market, even if it temporarily reduces the number of market participants and activity. This is the direct reason why the government sent powerful departments to intervene in the securities market in a high-profile manner and even led the investigation of the securities market.

is different from previous anti-corruption campaigns in that it not only involves the "transfer of illegitimate interests" by financial regulators, but also digs out various market participants that violate regulations. Judging from the actions of relevant departments so far, they are indeed vigorously cleaning up the market.From strictly prohibiting illegal shareholding reductions to cracking down on blackmailers in the stock market; from severely punishing "super bull" Ye Fei, to the arrest of "private equity legend" Xu Xiang; from the exposure of the "nest case" of CITIC Securities, to the arrests of Zhang Yujun and Yao Gang , the regulatory storm in the capital market has escalated rapidly, not only targeting those being regulated, but also targeting the regulators themselves. The latest information from

shows that there are signs that, in addition to the above-mentioned regulatory storm, the China Securities Regulatory Commission’s inspection department has focused its crackdown on public institutions—including public funds and possibly individual securities companies. Domestic media revealed that the current audit work is still in the early stage of collecting evidence on illegal activities of public equity institutions. When the progress reaches a certain stage, the supervisory authorities will announce the opening of an investigation. Some people familiar with the matter revealed that it is expected to officially announce the investigation of several public funds this month, and a large-scale inspection is expected to close the network before the year.

Some market participants asked, is this large-scale inspection aimed at insider trading and market manipulation that "taken advantage of the situation" during the early rescue process? Or is it aimed at public funds joining forces to speculate on small and medium-sized enterprises in the first half of the year? Or is it aimed at the long-standing problem of "market makers manipulating the market" in the A-share market? In our view, raising these questions fails to grasp the core intention of this round of securities market consolidation, and therefore may also miss the scope, targets and rhythm of the consolidation. This purge is not aimed at individual problems in individual areas, nor is it a "hard crackdown" on local problems. Rather, it is an opportunity to clean up the "room" of the entire securities market and remove all the garbage accumulated in the past and the mosquitoes that breed.

President Xi Jinping recently pointed out at the 11th meeting of the Central Financial and Economic Leading Group that it is necessary to prevent and resolve financial risks and accelerate the formation of a stock market with complete financing functions, solid basic systems, effective market supervision, and fully protected investors' rights and interests. According to incomplete statistics, Xi Jinping talked about the Chinese stock market at least five times in about 50 days. In our view, after experiencing the stock market crash in the first half of the year, senior decision-makers have reiterated the reform and construction of China's stock market. Under China's political ecology, this is an important signal for the capital market to accelerate reform and re-development.

It is not difficult to understand this. The development of capital markets is one of China's reform directions. The development of the real economy, the upgrading of industrial structure, the promotion of innovation and entrepreneurship, etc. are all inseparable from the open, transparent and long-term stable and healthy development of the capital market. If systemic risks in the stock market cannot be effectively contained within the legal framework, promoting the reform of the capital market system and attaching importance to protecting the rights and interests of investors will become empty talk.

observes the pace of reform in the domestic securities market and can roughly divide it into three stages: First, the period of problem occurrence, including the previous sharp fluctuations in the stock market and the failure of the national team to rescue the market, which shocked the decision-makers. The second is the strong investigation and punishment period, which means investigating and punishing both the supervised and the supervisors at the same time for all kinds of corruption and improper profit transfer in the capital market. We are currently in this period, and its purpose is to conduct a general cleaning of the capital market. The third is the market restructuring period, that is, after cleaning up the "bad guys" in the market, resources will be re-prepared, the market management mechanism will be improved, market confidence will be guided, and the market will be promoted to a stable and upward development. This is the next step from now on.

From this point of view, China’s rectification of the stock market is intended to clean up violators and clear out the gray space in the market in accordance with the will of the government. After this, the domestic stock market will enter a market correction period.

Investment Times Author: Anbang Consulting Chief Researcher He Jun

Those who violate the regulations and then buy stocks can be lightly punished and severely punished, and join the redemptive increase.

Sustained] In recent times, shareholders involved in listed companies have successively received letters of administrative penalty decisions, among which fines of one million yuan have become normal. The China Securities Regulatory Commission has issued multiple fines in the tens of millions in November to punish violators for their actions. Pay a high price.

In recent times, shareholders involved in listed companies have successively received letters of administrative penalty decisions. Among them, fines of one million yuan have become normal. The China Securities Regulatory Commission has issued multiple fines worth tens of millions in November to make violators pay for their actions. High price.Two months ago, a spokesman for the China Securities Regulatory Commission said that shareholders who illegally reduce their holdings and then increase their holdings may be given lighter punishments as appropriate. Reporters from Dazhong Securities News and Caixin.com found that most of the shareholders involved who were severely punished had already completed the increase in their holdings.

Ten million-level fines are common

The higher the amount of illegal reduction of holdings by the shareholder involved, the higher the amount of the fine issued by the China Securities Regulatory Commission.

On November 10, Meiyingsen disclosed that shareholders who illegally reduced their holdings were fined a total of 30.4 million yuan by the China Securities Regulatory Commission. According to the investigation, the shareholders involved are mainly the company's largest shareholder Wang Haipeng and the second largest shareholder Wang Zhijun, and the two are brothers. At the same time, Wang Haipeng's sister and parents, acting in concert, also participated in illegal shareholding reductions. From July 25, 2013 to January 22, 2015, the above-mentioned five parties, mainly Wang Haipeng and Wang Zhijun, reduced their holdings by a total of 76.5235 million shares through block transactions, accounting for 12.52% of the total share capital. Among them, the amount corresponding to the illegal reduction of holdings is 740 million yuan.

The Securities Regulatory Commission imposed penalties: Wang Haipeng and Wang Zhijun both committed excessive reductions in holdings without disclosing them and reduced holdings during the transfer restriction period. They were fined 18 million yuan and 12.4 million yuan respectively, for a total of 30.4 million yuan.

In addition to Meiyingsen, the fines imposed on illegal shareholders of three companies including Kingsignal, Jinyun Laser, and Sunwanda were 21.4 million yuan, 13.2 million yuan, and 12.1 million yuan respectively. Among the remaining companies, shareholders of Jinlitai, Hubei Jinhuan, Xinzhu Co., Ltd. and other companies were fined between 1.1 million yuan and 4.8 million yuan. Shareholders of Meijin Energy and Yimikang who illegally reduced their holdings were fined 800,000 yuan and 45,000 yuan respectively. Ten thousand yuan.

Securities Regulatory Commission: Any further increase in holdings will result in a lighter punishment

It is worth noting that on September 18 this year, the spokesperson of the China Securities Regulatory Commission said regarding the illegal reduction of holdings by shareholders holding more than 5% of the shares, concerted actors and actual controllers: " We have noticed that recently some major shareholders and actual controllers who have reduced their holdings in excess of proportion have responded to the requirements of the China Securities Regulatory Commission and taken remedial measures to increase their shareholdings through various channels to maintain the stability of the stock prices of listed companies. The proportion of increased holdings of some companies has exceeded "

The spokesperson said that we will consider this kind of proactive elimination or mitigation of harmful consequences during the trial, and adhere to the following principles: First, the behavior of increasing holdings does not affect the violation of the law. Qualitative behavior. Second, when the actual increase in holdings reaches a certain proportion, it can be deemed to be in compliance with the provisions of Article 27 of the Administrative Penalty Law and a lighter punishment will be imposed. To this end, a unified and graduated range of lighter punishment shall be implemented based on the actual increase in holdings of the parties involved. Third, lighter penalties only affect the amount of fines for illegal reduction of holdings and do not affect the penalties for illegal information disclosure by the parties involved.

Shareholders were severely punished for increasing their holdings.

Against this background, the shareholders involved began to increase their holdings of "shares of the company that had been reduced."

Among the above-mentioned shareholders involved, the two founders and controlling shareholders of Meiyingsen were fined 30.4 million yuan. The company’s controlling shareholder increased its holdings of 15.0249 million shares of the company through the established asset management plan only one month after the announcement of stability maintenance. The additional holding amount is 200.0522 million yuan. Xinwangda shareholder Wang Mingwang was fined 12.1 million yuan. On October 28, he increased his holdings of 1.6077 million shares of the company, with an increase of 42.3892 million yuan.

Kingsignal shareholder Zhang Tian and his spouse Xiao Donghua, who were fined 21.4 million yuan this time, plan to increase their holdings of the company’s shares within six months from July 9 through securities companies, fund management companies, directional asset management and other methods. , the total amount of increased holdings is not less than 520.52 million yuan. Two months after the release of the plan, from September 16 to September 17, Xiao Donghua increased his holdings of 2.5913 million shares of the company's shares through Beixin Ruifeng Fund's No. 1 Asset Management Plan, with a transaction amount of 47.6 million yuan. On September 18, Xiao Donghua continued to increase his holdings by 378,600 shares, with a transaction value of 7.4584 million yuan.

In addition, the shareholders involved, including Wu Guozheng, the controlling shareholder and actual controller of Jinlitai, and Sun Yizheng, the controlling shareholder and actual controller of Yimikang, have completed their shareholding increase plans.

Public Securities News Author: Zhang Zhao

Financing balance rose by 13.844 billion yuan, financiers rushed to raise these 20 shares (list attached)

[Financing balance rose by 13.844 billion yuan, financiers rushed to raise these 20 shares] Oriental Fortune Network reported on the 20th, transactions The latest data from the institute shows that as of November 19, the financing balance of the two cities was 1.209322 billion yuan, an increase of 13.844 billion yuan from the previous day.Among them, the financing balance of the Shanghai Stock Exchange was 723.678 billion yuan, an increase of 5.550 billion yuan; the financing balance of the Shenzhen Stock Exchange was 485.644 billion yuan, an increase of 8.295 billion yuan. The latest data from the

exchange shows that as of November 19, the financing balance of the two cities was 1.209322 billion yuan, an increase of 13.844 billion yuan from the previous day. Among them, the financing balance of the Shanghai Stock Exchange was 723.678 billion yuan, an increase of 5.550 billion yuan; the financing balance of the Shenzhen Stock Exchange was 485.644 billion yuan, an increase of 8.295 billion yuan.

Northern Ventures had the most net financing purchases

In terms of 0 bonds, Northern Ventures had the largest net financing purchases on that day, with a net financing purchase amount of 547.0545 million yuan. The top 20 bonds with financing net purchases are as follows:

Financing net purchases Enter the first 20 securities

Data source: Oriental Fortune Choice data

Xin Securities financing net sales were up to

In terms of bonds, CITIC Securities had the largest net financing sales on the day, and the net financing purchase amount was -271.4157 million yuan. The top 20 bonds sold under the net financing were as follows:

The top 20 bonds sold under the net financing

Data source: Oriental Fortune Choice data

300ETF financing balance up to

as of 19 On the day, 300ETF has the largest financing balance.The top 20 coupons with financing balance are as follows:

The top 20 coupons with financing balance

Data source: Oriental Fortune Choice data

Banks enter the private equity market: rely on channel advantages to seize the market

The biggest advantage of banks lies in 'channels'. Before there was a license, banks used their channel advantages to cooperate with various securities institutions, insurance institutions and trusts. Now banks can set up funds themselves, which will inevitably seize a large part of the private equity fund market.

"The bank's private equity fund management license has been approved. With this qualification, we can initiate and establish partnership funds, and we can invest in all kinds of private equity," said a bank asset manager who did not want to be named and has been approved for a private equity license. A source from the Ministry of Finance told reporters, "Although this does not mean that banks can use their own funds to invest, they can charge management fees as fund sponsors and truly realize mixed operations."

According to data from the Fund Industry Association, as of the end of October , the registered private equity fund management scale reached 4.89 trillion yuan, an increase of 387 billion yuan from the previous month; the number of private equity institutions with more than 10 billion yuan reached 85, an increase of 10 from the previous month. It is worth noting that not only trusts, but also banks, which have always been known as “channels”, have also joined this team.

On November 4 and November 5, Bank of Jiangsu and Huishang Bank completed the registration of private equity fund managers. Information released by the Asset Management Association of China shows that in the past five months, 10 banks, including these two banks, have obtained private equity fund manager qualifications.

Regarding banks applying for private equity licenses, bank officials believe that “after obtaining this qualification, banks will be able to raise funds from investors in a non-public manner to establish funds and directly invest in multiple markets such as stocks, equities, futures, debt, etc. It will better expand the scope of asset management business and reduce investment channels; it will also help promote the investment and loan linkage that combines 'stocks + debts.'

Some people in the industry believe that in fact, several private equity companies that have obtained licenses in the past still focus on channel business. Master, the impact of banks obtaining licenses still depends on the specific practice.

Professor Xi Junyang of Shanghai University of Finance and Economics said, "Currently, banks have obtained private equity fund management licenses that are not legal entities. In fact, for banks, it adds a fund management The department has increased its business, which is very beneficial. The top priority for banks is to improve their fund management capabilities and require a professional fund management team. In addition, it is still very difficult to realize investment-loan linkage at present."

Although applying for a private equity license has many benefits for banks, new questions have also arisen. In the face of uncertain market trends, where should banks start to develop new investment banking businesses? As we all know, private equity requires It is a professional team. What type of private equity fund managers should the bank choose now? How to conduct a comparative evaluation among the same types of private equity fund managers? In addition, do banks have specific implementation plans for this? are all registered by private equity fund managers. How should regulatory authorities supervise this innovative approach?

Private equity funds have introduced new forces.

According to statistics, since June 11, 2015, supervision of private equity funds has been restricted. After the opening of fund business, 10 banks have successively obtained the qualifications of private equity investment fund managers. On June 11 this year, the Asset Management Department of Everbright Bank registered as a private equity fund manager. In August, Ping An Bank and Zheshang Bank, and in September, Guangxi Beibu Gulf Bank of China, Bank of Ningbo, Baoshang Bank, Nanchang Bank, and Minsheng Bank all obtained private equity licenses, and in early November, Bank of Jiangsu and Huishang Bank obtained licenses.

Bank’s application for private equity licenses was accelerated, which has the potential to popularize the entire banking industry. However, according to Xi Junyang, more banks will definitely have this qualification in the future, but this does not mean that every bank will have it. There are two reasons. First, the regulatory authorities will have a threshold. Second, if a bank already has a trust license and the trust company has applied for private equity fund manager qualifications, it does not need to apply for private equity fund manager qualifications. For example, Shanghai Pudong Development Bank has Shanghai International Trust, and Industrial Bank has Industrial Trust. , China Construction Bank has CCB Trust, Bank of Communications has BOCOM International Trust, etc. Such listed banks have indirectly obtained private equity fund manager qualifications.

However, as of now, the above 10 banks that have obtained private equity fund manager qualifications have not yet managed private equity. Fund products appear. Moreover, the main fund categories submitted by each bank when filing are also different. Information published by the Fund Industry Association shows that China Everbright Bank, Zheshang Bank, Guangxi Beibu Gulf Bank, Baoshang Bank, Bank of Jiangsu, and Minsheng Bank filed. The main category of funds is "securities investment funds"; Bank of Ningbo declares equity investment funds; the other three are other investment funds.

A private equity person in the industry said that due to the relatively large fluctuations in the stock market some time ago, the promulgation of relevant national policies. Trust projects have been greatly reduced, and the state has allowed contract funds, which also gives banks a clear direction.

According to data from the Asset Management Association, the registered private equity fund management scale reached 4.89 trillion yuan by the end of October, an increase of 387 billion yuan from the previous month. The number of private equity institutions with over 10 billion yuan reached 85, an increase of 10 from the previous month. Private equity has become an important force in the capital market.

In fact, not only banks, but also trust companies have accelerated their registration to become private equity fund managers in the past year. Here, nearly half of the 68 trust companies have become "private equity fund managers." According to insiders, insurance institutions are also arranging private equity fund managers and are expected to become the next industry to obtain this license.

Banks have entered the era of "big asset management"

Xi Junyang believes that "banks are accelerating their application for private equity fund manager licenses. The final result that this may bring is the end of the era of banking separation and the acceleration of the mixed operation pattern. In the future, banks will We must rely on our own advantages to enter the era of 'big asset management'."

becomes a private equity fund manager to issue private equity funds. Banks can no longer rely on trusts, securities companies or fund subsidiary asset management channels, and open up the capital side and the asset side through direct financing channels. In the future, banks may become the biggest competitors of trusts, securities firms and other institutions.

"Banks, as issuers, have certain advantages in managing funds. They have strong customer resources and sales channels, which will have a certain impact on private equity. It may have a certain impact on the source of private equity customer funds. This is private equity. This is a common prediction in the industry,” Zhong Haibo, President of Qianhai Ark Capital, said in an interview.

Xi Junyang also agrees with this view, "The biggest advantage of banks is 'channels'. Before there were no licenses, banks also used channel advantages to cooperate with various securities institutions, insurance institutions and trusts. Now banks can set up funds themselves, which will inevitably seize private equity." Funds account for a large part of the market. "

" applying as a private equity fund manager adds business categories, increases sources of income, and moves further away from mixed business operations. This is an absolute benefit, but the professionalism of managing private equity funds Very strong. Whether it is equity investment, securities investment, futures options and other derivative investments, they are all highly professional investments. Whether they can successfully manage private equity investment is one of the challenges banks currently face. To be a successful private equity manager, you must have Without a professional management team, its business volume will shrink," Xi Junyang said in an interview with a reporter from International Finance News.

Zhang Yunyi, general manager of Shanghai Hongyi Investment, believed in an interview that banks should intervene through MOM (manager of managers), that is, managers of managers’ funds. Banks are responsible for selecting outstanding entrusted fund managers and tracking and supervising these entrusted funds. The performance of managers and replacement when necessary is a development opportunity for excellent private equity funds.

The above-mentioned unnamed person from the asset management department of a bank that has been approved for a private equity license told reporters, "With a private equity license, a bank can invest in the form of equity, which will add a channel and method to the bank's investment banking business. In the future, the entire financial industry will Carry out license management, break the current separate supervision model, and continue to develop towards a comprehensive operation model.”

In fact, banks are developing investment banking business and asset management in the context of accelerating interest rate liberalization and the economy entering a new normal. The inherent demand and motivation for the business are also very sufficient, especially the performance of small and medium-sized banks is more positive.

It is worth noting that most of the banks that obtained licenses this time are joint-stock banks and city commercial banks. Some analysts believe that this is mainly because these banks are relatively active and their capital constraints are relatively large. Investment banking and asset management businesses The demand and motivation for comprehensive operations are relatively sufficient, especially as interest rate liberalization continues to accelerate, banks' business models have changed, and asset management and investment banking businesses will be an important support for banks' future profit growth.

Minsheng Securities released a research report that this phenomenon means the opening of a new chapter in the mixed operation of banks, and bank equity investment has become a reality. Previously, banks could only act as agents for private equity funds. However, after obtaining manager qualifications, banks can directly carry out private equity fund management business such as securities, equity, and venture capital funds as issuers. Liao Zhiming, a banking researcher at Minsheng Securities, said that under the pressure of asset quality and narrowing of net interest margins, large asset management is the transformation direction of commercial banks. After being approved for a private equity license, private equity funds can be issued to qualified investors. This is another breakthrough in the large asset management business of commercial banks, which will help increase the proportion of non-interest income and transform into light capital.

investment and loan linkage speed up?

Some analysts commented, "Leave aside breakthroughs in banking business, follow the trend of comprehensive banking operations and accelerate transformation, and it can be seen that obtaining a private equity fund management license is also in line with the requirements of the China Banking Regulatory Commission to encourage banks to develop investment and loan linkages." Regarding this view , people from all walks of life have different opinions.

Minsheng Securities banking researcher Liao Zhiming said that after obtaining the private equity license, commercial banks are expected to make new breakthroughs in investment and loan linkage. Banks raise funds from high-net-worth customers through the issuance of private equity funds and make equity investments in high-tech and emerging industry companies. At the same time, loan support will be provided to companies for their subsequent financing needs. Meet the financing needs of enterprises through "equity + debt" and help enterprises become bigger and stronger.

The so-called investment-loan linkage means that commercial banks provide credit support to customers, and VC or PE provide equity financing services to enterprises, using the "equity + debt" model to provide financing for small and medium-sized technology enterprises in the start-up or growth stages.

Zeng Gang, director of the Banking Research Office of the Institute of Finance, Chinese Academy of Social Sciences, said, “This not only conforms to the trend of comprehensive operation in the banking industry, but also meets the requirements of the China Banking Regulatory Commission to encourage banks to develop investment and loan linkages.The development of investment banking business and asset management business is very important for banks to operate under interest rate liberalization. The conditions for institutional innovation such as gradually relaxing restrictions on banks' direct investment business are relatively mature. However, it is still unclear whether the regulators are selecting some banks for pilot projects or are preparing to promote it to a large scale."

Xi Junyang said that investment-loan linkage is currently impossible to achieve because of the "Commercial Bank Law" Article 43 stipulates: “Commercial banks shall not invest in real estate other than for their own use or in non-bank financial institutions and enterprises. "This means that domestic commercial banks are currently not able to directly hold the equity or warrants of enterprises. In addition, from the perspective of the West, Western countries have not realized the investment-loan linkage model.

Jiang Guangxiang, a special commentator at Tencent Securities Research Institute, said: " The State Council, the People's Bank of China, the China Banking Regulatory Commission and relevant ministries and commissions all encourage commercial banks to support innovative enterprises through innovative investment and loan linkage and other financing methods. Currently, they are selecting a number of qualified national independent innovation demonstration zones and commercial banks to pilot investment and loan linkage to accumulate experience. Later, it was promoted nationwide. This is because banks have a thorough understanding of the qualifications of enterprises in the region, so it is not difficult to link investment and loans. Now that unincorporated private equity investment fund managers appear, the operation is easier and there are fewer worries. ”

Financial supervision needs to be coordinated

According to people in the banking industry, judging from past experience, banks’ involvement in equity investment is generally through the method of “recommending customers”, that is, recommending good loan customers to securities companies or private equity funds. , initiate equity investment projects, and obtain investment advisory or financial advisory fees. After applying for the qualification of a private equity fund manager, the bank does not need to go through this detour and can directly act as a manager to collect management fees.

People also said that whether banks can serve as managers of private equity funds does not seem to be a big problem from a policy perspective, but it is not clear whether it is actually feasible. In fact, several private equity firms that have obtained licenses in the past are still using the Channel business is the main focus. The impact of a bank's obtaining a license depends on specific practices. "After all, it involves different regulatory authorities, such as how to conduct industrial and commercial registration of managers and limited partners, in what name, including opening accounts, etc. The specific operation remains to be further clarified. "

Xi Junyang explained, "The law stipulates that commercial banks are not allowed to engage in trust investment and securities operations, and are not allowed to invest in real estate not for their own use or in non-bank financial institutions and enterprises, except where otherwise stipulated by the state. Currently, banks have obtained It is an unincorporated private equity fund management license. In fact, it adds a fund management department to the bank. The private equity fund will raise funds from bank customers instead of directly participating with the bank's own funds. Therefore, it does not break through the relevant regulations. limit. "

The reporter learned during the interview that the China Banking Regulatory Commission has not yet given guidance or instructions on specific business operations to commercial banks that have passed the registration process. If a bank's direct external equity investment is involved, it must be approved by the China Banking Regulatory Commission.

The license obtained from the bank In terms of type, whether it is Bank of Jiangsu, Huishang Bank, or the previous eight banks such as China Everbright and Ping An, they have all been approved as non-corporate private equity investment fund managers, that is, the bank is an investment banking department at the head office level or This qualification is applied for by the Asset Management Department (various names).

Xi Junyang explained that this is a requirement under the current banking law that domestic commercial banks cannot directly hold the equity or warrants of enterprises. This detour can also witness a change in regulatory thinking or a loosening of local areas.

Since this year, regulators and governments at all levels have also frequently conveyed their attention to the linkage of investment and lending. In May, Zhou Mubing, vice chairman of the China Banking Regulatory Commission, publicly stated. , plans to promote research on the investment-loan linkage mechanism of commercial banks; in June, the State Council executive meeting proposed to encourage innovative investment-loan linkage and other financing methods to support innovative enterprises; in November, the new 40 items to further promote the financial opening of the Shanghai Free Trade Zone also proposed to support We will develop science and technology finance, explore pilot projects for investment-loan linkage, and promote entrepreneurship and innovation.

As the mixed financial industry continues to advance, higher requirements have been put forward for financial supervision.

There have been many suggestions from the industry and academia to strengthen regulatory coordination in various forms. Cao Fengqi, a professor at Peking University, publicly suggested that the China Financial Supervision and Coordination Commission be established as a transitional step. When conditions are ripe, the China Financial Supervision and Administration Commission with government management functions should be established to conduct comprehensive financial management and be responsible for the unified formulation of development plans for the financial industry. International Financial News