Important tips: The views and information published by this WeChat account are for reference only by professional investors of Haitong Securities. If you are not a professional investor among Haitong Securities customers, please read the disclaimer at the end of this article first.
Industrial profits are falling, and the targeted reserve requirement ratio cut is implemented, and the turning point of the bond market is in sight - Haitong Macro Bond Weekly Report
View Point
Macro Weekly Report: Industrial profits are falling, and the targeted reserve requirement ratio cut is implemented. Overseas: The US dollar index continues to fall, and Trump changes to support strong US dollar. The dollar index fell below 89 last Thursday, hitting new lows in nearly three years. Last Wednesday, the U.S. Treasury Secretary said during the Davos Forum that he would not be worried about the dollar in the short term, while Trump expressed his desire to see a strong dollar. The initial real GDP of the United States in the fourth quarter of 2017 was 2.6%, which was less than expected and was related to weak private sector inventory and net export data. Industrial profits fell. htmlIn 217, the total profit growth rate of industrial enterprises above designated size increased by 21%, a rebound from 2016. However, since the fourth quarter, the monthly profit growth rate has continued to decline, and the total profit in December fell to 10.8% year-on-year in the month. inflation expectations are doubtful. Judging from the price performance of since the beginning of the year, food prices have maintained a moderate rise, while in addition to oil prices, the prices of other means of production generally fell, which means that the prices of food and means of production will have the opposite driving force on inflation in the future, and also makes the annual inflation trend doubtful. targeted reserve requirement cut is implemented. html In 21, inclusive finance has invested 300 billion yuan in targeted reserve requirement ratio cuts, and the RMB has appreciated significantly and foreign exchange deposits are expected to turn positive. It is estimated that 's excess reserve rate will reach 1.6% in January, far higher than last year's average. Last week, the R007 average fell to 3.55%, and the R001 average fell to 2.65%. The currency interest rate dropped significantly in January, which means that currency liquidity in 2018 is expected to be better than in 2017. Increase efforts to reform and opening up. Liu He said that China will introduce new and more vigorous reform and opening-up measures, focusing on the financial industry, manufacturing and service industry, and protection of property rights, especially intellectual property rights. Financial risks are prominent, and we strive to control the financial leverage ratio in about three years.
Bond Weekly Report: The bond market turning point is in sight, and the credit spread is rising. Interest rate bond: The turning point is in sight. 's super reserve rate rebounded, and currency interest rates fell. Economic inflation has fallen, exchange rate has turned from depreciation to rise, financial supervision has been strengthened, monetary policy operations have returned to neutral from actual tightness, and liquidity in the financial market is expected to be better than 17 years. The turning point of the bond market is approaching, and high-grade corporate bonds and interest rate bonds that have been allocated within three years in the short term to enjoy the opportunities brought by short-term easing of monetary interest rates. Credit bond: Credit spreads are still rising. Liu He Davos Forum's speech mentioned that the expectations of "rigid redemption" and "implicit guarantees" have changed. The new asset management regulations are intended to break the rigid redemption of asset management products, and the standardization of local government debt is to weaken the invisible guarantee expectations of municipal investment debt. Since October 2017, the credit spread has risen by about 50BP, and the breakdown of rigid guarantees and the weakening of implicit guarantees both mean that credit risks have increased, and the upward trend of credit spreads will continue. convertible bond: both offense and defense. Last week, the CSI convertible bond index rose sharply, with more individual bonds rising than less. The current valuation of convertible bonds is still at a low level. The supply pressure was controllable before the New Year but it still needs attention. Investors with low positions can still make arrangements. It is recommended to make appropriate profits to settle some high-priced convertible bonds and pay attention to mixed equity-oriented convertible bonds that are both offensive and defensive.
Macro topic: 17 annual consumption perspective
total growth rate is new, and the leader is making rapid progress. html consumption was generally weak in 217, and the year-on-year growth rate of social consumer retail sales fell to 10.2%, setting a new low for growth since 2004. The growth rate of per capita consumption expenditure of residents across the country also fell to 5.4%, setting a record low since the data was released. But unlike the sluggish overall growth rate, the leading consumer companies have performed remarkably in 2017, and their revenue growth rate is generally ahead.
consumption structure has three changes: rural areas rise, central areas fall, and online shopping is stronger. From the perspective of consumer entities, the growth rate of rural residents' consumption increased slightly in 2017, while the growth rate of urban consumption declined.The main reason is that the poverty alleviation policies have been strengthened, which has increased the income of rural residents and driven rural consumption, while urban residents have leveraged to buy houses and overdraw their consumption capacity; From the perspective of regional consumption, , consumption expenditure growth rate in central provinces has plummeted and income is not low, mainly because high housing prices have squeezed out consumption expenditure; From the perspective of consumption methods, online consumption is gradually replacing offline consumption due to its convenience.
Two main lines of consumption upgrade: tangible to intangible, quantitative change to qualitative change. : . In 2017, the national per capita medical and health care expenditure led the growth rate of 11%, service consumption generally grew rapidly, while commodity consumption performance was differentiated. We observe that consumption upgrades are focusing on two main lines: the increase in per capita GDP drives the demand for service consumption, tangible consumption gradually shifts to intangible consumption ; the per capita durable goods ownership is close to saturation, and commodity consumption shifts from quantity expansion to quality improvement .
One week scan:
Overseas: The US dollar index continues to fall, and Trump changes to support the strong US dollar. Last Wednesday, the US Treasury Secretary said during the Davos Forum that he would not be worried about the trend of the US dollar in the short term, and later changed his words. Trump expressed his hope to see a strong dollar. The US dollar index fell below 89 last Thursday, hitting new lows in nearly three years. The initial real GDP of the United States in the fourth quarter of 2017 was 2.6%, which was less than expected and was related to weak private sector inventory and net export data. At the beginning of last week, the Senate and the House of Representatives passed a temporary government spending bill, extending government financing until February 8. The European Central Bank's monetary policy in January remained unchanged, and Draghi reiterated that the policy interest rate will remain low and the probability of interest rate hikes this year is very low. QE bond purchases will be implemented until inflation enters a sustainable upward channel.
Economy: Industrial profits fell. htmlIn 217, the total profit growth rate of industrial enterprises above designated size increased by 21%, a rebound from 2016, mainly due to the continued recovery of industrial demand, the strengthening of industrial product prices, and the significant improvement in revenue profit margins. However, since the fourth quarter, the monthly profit growth rate has continued to decline, and the total profit in December fell to 10.8% year-on-year in the month. From a structural perspective, the profit growth rate of high-tech manufacturing in 2017 was 20.3%, far higher than that of other manufacturing industries, indicating that innovation is the hope for economic transformation. The economy started in January 2018. Excluding the impact of the Spring Festival effect, downstream demand was sluggish. In early January, the growth rate of crude steel output of key steel companies fell to 4.7%, and production was still tight.
Price: inflation expectations are doubtful. Last week, the food prices of the Ministry of Commerce fell slightly by 0.1%, mainly due to the decline in vegetable prices and pork prices, and the prices of poultry and eggs remained stable. It is predicted that the food prices of CPI rose by 1.5% in January, and the CPI fell slightly to 1.4% in January. Since January, the Ministry of Commerce's means of production prices have fallen for four consecutive weeks, and it is predicted that the PPI in January will fall by 0.2%, and the year-on-year increase in PPI in January will drop to 3.9%. In the past 18 years, market inflation expectations have been strong. However, judging from the price performance since the beginning of the year, food prices have maintained a moderate rise, while except for oil prices, the prices of other means of production generally fell, which means that the prices of food and means of production will have the opposite driving force on inflation in the future, and also makes the annual inflation trend questionable.
Liquidity: Targeted reserve requirement ratio cuts are implemented. last week's R007 average fell to 3.55%, and the R001 average fell to 2.65%. DR007 fell to 2.87%, DR001 fell to 2.58%, and the open market net rebate of 427 billion. The exchange rates of the US dollar against both onshore and offshore RMB rose to 6.33 last week. We estimate that fiscal contributions in January are estimated to be about 500 billion yuan, and inclusive finance targeted reserve requirement ratio cuts of 300 billion yuan, the RMB appreciates sharply and foreign exchange deposits are expected to turn positive. In January, the central bank's net withdrawal of currency will not exceed 500 billion. According to the current general deposit of more than 150 trillion yuan, the reserve rate exceeded 1.6% in January, which was far higher than last year's average. The currency interest rate dropped significantly in January, which means that currency liquidity in 2018 is expected to be better than in 2017.
Policy: Increase efforts in reform and opening up. Liu He said that China will introduce new and more vigorous reform and opening-up measures, focusing on the financial industry, manufacturing and service industry, and protection of property rights, especially intellectual property rights. Financial risks are prominent, and we strive to control the financial leverage ratio in about three years. The China Banking Regulatory Commission has proposed ten major tasks to prevent risks. In 2018, it will strive to curb residents' leverage ratio, vigorously rectify illegal businesses and chaos in the banking market, and severely crack down on illegal financial activities.
The turning point of the bond market is in sight
—Haitong Interest Rate Bond Weekly Report
Topic: The future trend and impact of non-standards
16 At the end of 16, the three meetings of the Bank took the lead in targeting fund subsidiaries and clearing the silver-based channel. Then at the end of 2017 and early 2018, Document No. 55 and Document No. 2 were successively issued to rectify the bank-signal channel business and entrusted loan business. Since then, the channel business has been completely curbed, and the non-standard scale will drop significantly.
Non-standard conversion to standard may become the main way out. There are two main ways to : one is through the Banking and Banking Regulatory Commission. Document No. 82 clearly stipulates that the Banking and Banking Regulatory Commission is an official channel for realizing non-standard conversion of credit asset income rights. Second, through asset securitization (ABS), non-standard conversion can also be directly realized. However, whether it is the CDC or ABS, there are many restrictions on non-standard conversion of standard standards, and the shrinkage of non-standard scale in the future is a foregone conclusion.
Under the non-standard contraction, social financing will be directly impacted. non-standard financing is an important support for social financing in 2017, and its scale shrinkage will directly lead to a decline in social financing. Although the reduction in non-standard balance sheet will bring about funds back to the balance sheet, considering the current dilemma of banks' lack of debt and capital, the credit supply pressure brought about by non-standard balance sheet will exacerbate the dilemma of banks' lack of capital and affect the credit increase in 18 years. In addition, considering that the current mortgage interest rate has increased significantly, residents' credit will also face a decline in 2018, and the growth rate of social financing will tend to decline.
Last week's market review: funds are loose, bond market rises
Primary market: good demand. Last week, 50 billion yuan of book-based treasury bonds were issued, 67 billion yuan of government bonds were issued, and no local bonds were issued, and interest-rate bonds were issued, an increase of 23 billion yuan month-on-month, with a net supply of -54.3 billion yuan. The overall subscription multiple is good, showing that the first-level demand is good. Interbank certificates of deposit were issued 552.4 billion yuan, an increase of 284.2 billion yuan month-on-month, and a net issuance of 106.7 billion yuan. The joint-stock bank's 3M certificate of deposit issuance rate fell by 2BP.
secondary market: bond market rises. Under the influence of the central bank's initial increase in capital injection and the implementation of the reduction of reserve requirement ratio, the capital side showed signs of easing. Affected by factors such as loose capital and good first-level bidding results, long-term and short-term interest rates have declined one after another. Specifically, the 1-year Treasury bond closed at 3.52%, down 4BP from the previous week; the 10-year Treasury bond closed at 3.94%, down 4BP from the previous week. The 1-year NTD bond closed at 4.27%, down 8BP from the previous week; the 10-year NTD bond closed at 5.08%, down 5BP from the previous week.
This week's bond market strategy: currency will not be tighter, the bond market turning point is expected to be
Banks have recovered over-reservation, and currency interest rates have fallen. The average monetary interest rate in html in 211 decreased significantly compared with the second half of 2017, which is not explained by the cross-year effect. The most fundamental reason is that liquidity has improved and the over-reservoir rate has seen a significant rebound. We estimate that the over-reservation rate in January was above 1.6%, significantly higher than the same period in 2017 and the annual average.
Economic inflation fell, the exchange rate turned from declining, and the currency returned to neutral. After the fourth quarter of 17, from the decline in the growth rate of imports, consumption, and corporate profits, the dive in fiscal growth, and the turning negative in the growth rate of heavy trucks and railway freight volume, the high point of economic growth has obviously passed, and the downward pressure has gradually increased. Due to the sharp decline of PPI, even if CPI rebounds moderately in the future, the overall inflation pressure represented by the GDP deflator index will still steadily decline. From the perspective of exchange rate, the RMB exchange rate has declined from declining since the beginning of the year, which means that the pressure from the central bank to follow the US interest rate hike has been greatly weakened or even eliminated, and the monetary policies of China and the United States are expected to gradually decouple in the future. With the comprehensive strengthening of financial supervision, the central bank's monetary policy is also expected to return to its main business of managing the economy and inflation operations. Therefore, we believe that the central bank's monetary policy operations have returned to neutral from actual tightening in 2018, so the liquidity of the financial market in 2018 is expected to be better than in 2017. For the bond market, this means that the rise in short-term bonds since the beginning of the year is just the beginning, and the turning point of the bond market has gradually approached.
transaction medium and short duration. During the data vacuum period, various information about credit in January was flying everywhere, and supervision will also be in a relatively stable state before the New Year. Coupled with the allocation market at the beginning of the year, the bond market has risen slightly in recent times.We still need to pay attention to financing trends and inflation trends in the future. In the short term, we can allocate high-grade corporate bonds and interest rate bonds within 3 years to enjoy the opportunities brought by short-term easing of monetary interest rates.
Credit spread is still rising
—Hai Communications Bond Weekly Report
This week’s topic: Analysis of the maturity pressure of credit bonds in 1818 year.
1. Repayment of principal and interest has increased year by year, and the pressure on corporate bonds has become prominent. 's existing credit bonds are about 3.47 trillion yuan in 2018 years. Considering that short-term bonds that are issued within the year and mature can reach 4.33 trillion yuan, which is slightly lower than in 2016 and 2017, but are still far higher than in other years. The scale of interest payments in 2018 is expected to exceed 549.5 billion, an increase of 9.4% over 2017. By type of bonds, the scale of repayment of corporate bonds may double. The scale of expiration of corporate bonds in 2018 was 423.3 billion, and 988.6 billion entered the repurchase period, and the total repayment scale may double compared with 2017; the maturity of corporate bonds and medium notes in 2018 is basically the same as in 2017, and short-term financing tends to decrease.
2. Steel and coal bonds are resolving the stock, and the pressure is still high. html In 218, the amount of steel debt repayment may be around 166.5 billion yuan, a slight decrease from 2017; the amount of coal debt repayment is about 336.3 billion yuan, a slight increase from 2017. As of the end of 2017, the amount of coal debt is close to 750 billion yuan, and the huge debt has brought great repayment pressure to the next few years.
3. Real estate bonds usher in a double peak in maturity and reselling. Among the surviving real estate bonds, the scale that needs to be paid in 2018 was 253.2 billion, a 60% increase from 2017. The scale that needs to be paid in 2019-2021 was 399.8 billion, 546.3 billion and 538.6 billion respectively, and real estate bonds will usher in a peak of maturity. In addition, the number of existing real estate bonds entering a return period in 2018 exceeded 400 billion, and 450 billion in 2019 was unprecedented in scale. This is because real estate corporate bonds often adopt a maturity structure such as 3+2 and 2+1 years. After the real estate corporate bonds exploded in 2015-16, they will enter a return period in 2018-19.
4. The amount of municipal bonds due will not decrease, and early repayment may increase significantly. The amount of existing municipal investment bonds that need to be repaid in 2018 is 1.35 trillion yuan. Considering the short-term bond issuance and maturity within the year, the actual repayment volume of municipal investment in 2018 may be the same as that in 2017 (1.48 trillion). The interest payment scale of the remaining municipal bonds in 2018 was about 258.4 billion yuan, which was significantly higher than the pressure on interest payment in 2017. In addition, 2018 is the last year of local debt replacement, and the amount of early repayment of municipal bonds may increase significantly. According to incomplete statistics, 155.5 billion yuan of municipal bonds have issued announcements to be repaid in 2017. We expect the scale of early repayment in 2018 may be around 378 billion yuan.
One-week market review: Supply rose slightly, yields rose and fell . The net supply of the primary market last week was 34.42 billion yuan, a slight increase from the previous week. Among the 92 major types of credit bonds issued, 12 municipal bonds were issued. Trading in the secondary market increased, and yields rose and fell. Among the 1-year varieties, the yield rate of each grade rose by 5BP. Among the 3-year varieties, the AA-grade yield rate is up 4BP, the AA+ grade yield rate is up 3BP, the AA-grade yield rate is up 2BP, and the AAA-grade yield rate is up 1BP. Among the 5-year varieties, both AA+ and AA grade yields rose by 5BP, AA- grade yields rose by 4BP, and AAA grade yields rose by 3BP. Review of
One-week rating adjustment: Zhejiang Business downgrades. last week saw one credit credit debt entity rating upgrade and one entity rating downgrade. The issuer whose rating was downgraded was Zhejiang Commercial Group Co., Ltd., whose credit rating was downgraded from AA to AA-, mainly because the profits of the commercial circulation sector will be reduced after the home appliance sales business were divested. In 2016, the scale of the company's insurance business compensation expenditure expanded, and subsequent recovery was uncertain. The subsidiary Zhejiang Commercial Insurance was punished by regulatory penalties. The net profit was lost from January to September 2017, and the operating net cash flow continued to flow out. The amount involved in the lawsuit was large, and some funds faced certain recycling risks.
Investment Strategy: Credit spreads are still rising. credit bond yields rose slightly last week, and the credit spreads actively expanded. Overall, the average yield of AAA-level corporate bonds rose by 1BP, the average yield of AA-level corporate bonds rose by 2BP, and the average yield of municipal bonds rose by 3BP. How will the next step behave? It is recommended to pay attention to the following points:
1) The implementation of debt-to-equity conversion may accelerate. The National Development and Reform Commission and seven other ministries jointly issued the "Notice on Specific Policy Issues in the Implementation of Market-oriented Bank Debt-to-Equity Transfer", proposing that implementation institutions be allowed to initiate the establishment of private equity investment funds to carry out market-oriented debt-to-equity conversion. The implementation speed of debt-to-equity conversion may be accelerated. It is expected that it will be mainly carried out in the form of private equity fund docking projects, which will help enterprises reduce leverage. The conversion of equity debt is mainly bank loans and does not include bond-type debts. Debt-to-equity conversion is beneficial to the improvement of credit qualifications. You can pay attention to the trading opportunities of debt-to-equity corporate bonds.
2) The exchange launched a three-party repurchase. The Shanghai Stock Exchange launched a tripartite repurchase last week. Among the existing exchange pledge repurchase, only the newly issued bonds can be put into the warehouse with the bond AAA, the main body AA and above. The tripartite repurchase has liberalized the scope of collateral, and low-grade credit bonds and private bonds have also been included, and the discount rate setting is much looser. This move is conducive to improving the liquidity of low-grade credit bonds. However, the impact may be limited. First, there are currently pledged agreement repurchases; second, money funds and other financial subsidiaries have restrictions on low-level and private bonds as collateral.
3) Credit spreads are still rising. In the speech of the Davos Forum in , Liu He mentioned that the market expectations of "rigid redemption" and "implicit guarantees" are changing, which creates important psychological conditions for preventing and controlling financial risks. From this point of view, the new asset management regulations are intended to break the rigid redemption of asset management products, and the standardization of local government debt is to weaken the invisible guarantee expectations of urban investment debt. For example, the central government emphasized that it would not guarantee local debts, and Yunnan and other places stated at the Provincial Two Sessions that they would not pay for the debts of prefectures, cities and counties. Since October 2017, the credit spread has risen by about 50BP, and the breakdown of rigid guarantees and the weakening of implicit guarantees both mean that credit risks have increased, and the upward trend of credit spreads will continue.
both offense and defense
—Haitong convertible bond weekly report
Special topic: 17Q4 Fund convertible bond holdings analysis
Fund convertible bond positions have increased, but the overall situation is still low. 17Q4 CSI convertible bond index fell 6.65%. Due to the accelerated pace of convertible bond issuance, the market balance of convertible bonds increased from 107 billion yuan in Q3 to 169.9 billion yuan in Q4. Public fund convertible bond holdings of 29.1 billion yuan, an increase of 2.1 billion yuan month-on-month, and the proportion of convertible bond market value continued to drop to 17%. The proportion of fund convertible bond holdings in the fund's net value was 0.67%, a slight increase from 0.61% in 17Q3, but the position is still lower than that in 2013H2. Among them, the position of mixed secondary bond convertible bonds was 6.8%, a slight increase compared with 17Q3.
Everbright convertible bond ranked first, but it reduced its holdings month-on-month. In terms of the number of funds held, 254 and 177 funds listed Everbright Convertible Bonds and Sany Convertible Bonds as heavy-holding bonds, followed by Ninghang Convertible Bonds and molded convertible Bonds. Judging from the total market value of holdings, Everbright, Sany and Electric are among the top, while State-owned EB, GAC convertible bond, Guosheng EB, and Anhui New EB are among the top 4 to 7 respectively. Judging from the changes in holdings, the fund has increased its holdings of Baowu EB and Longi convertible bonds, and reduced its holdings of CNPC EB and Electric convertible bonds.
convertible bond fund positions have increased overall. html At the end of the fourth quarter of 217, the net asset value of convertible bond funds was 6.7 billion yuan, a slight increase compared with 6.12 billion yuan in Q3. The main reason is that the issuance of three convertible bond funds. Excluding three new funds, the scale of old convertible bond funds declined. The overall leverage ratio of convertible bond funds was 111%, which remained the same month-on-month. The convertible bond fund allocated 4.625 billion yuan, an increase of 80 million yuan from the end of the third quarter. The share of convertible bond holdings accounted for 77% of the fund's net value, an increase of two consecutive quarters.
Last week's market review: The volume rose sharply
Last week, the CSI convertible bond index rose 3.88%, and the daily average trading volume rose 111%; during the same period, the Shanghai and Shenzhen 300 index rose 2.24%, the SME Index rose 1.52%, and the ChiNext Index rose 5.13%. 57 individual bonds rose 4 down, 48 down, 13 down, Jiaao convertible bonds and Jiaao shares were suspended, and 4 convertible bonds were listed, the CITIC convertible bonds we recommend paying attention to ranked first (11.5%), and the foreign Guozhen convertible bonds (7.5%), Aviation convertible bonds (7.4%), Jishi convertible bonds (6.5%) and CNPC EB (6.0%) ranked first.
Two bank convertible bonds are issued. Last week, Wuxi convertible bonds (3 billion) and Jiangyin convertible bonds (2 billion) were issued. Zaisheng Technology (114 million) passed the review. Jingwang Electronics (978 million) and Henghe Mold (140 million) responded to feedback, and China Merchants Highway (5 billion) and Chiron Co., Ltd. (550 million) announced the convertible bond plan.
This week's convertible bond strategy: both offense and defense
Four convertible bonds are listed, paying attention to low-price opportunities. Dongcai convertible bond (4.65 billion) will be listed on January 29 (Monday). According to the conversion premium rate of convertible bond parity of about 119.7 yuan and about 5% on January 26, the listing price center is about 126 yuan. Dilong convertible bond (520 million yuan) will be listed on January 29 (Monday). According to the parity of convertible bonds of 93.56 yuan and a premium rate of about 8% on January 26, the listing price is between 97-105 yuan, and the center is 101 yuan. Tiankang convertible bond (1 billion) will also be listed on January 29 (Monday). At the parity of 102.42 yuan and a premium rate of about 6% on January 26, the listing price is between 102-115 yuan, and the center is around 108.5 yuan. Wanxin convertible bonds will be listed on January 30 (Tuesday). At the parity of 106.33 yuan and a premium rate of about 5% on January 26, the listing price is between 107.6-115.6 yuan, and the center is around 111.6 yuan.
both offense and defense. The convertible bond index has risen by 9.5% this year, due to the rise in the stock market, the low positions of institutional convertible bonds at the end of the year, the slowdown in the issuance of convertible bonds, the short-term improvement in the supply and demand pattern has driven incremental capital inflows, and the valuation of the convertible bond market has been restored (especially low-priced bond bonds). The current valuation of convertible bonds is still at a low level. The supply pressure before the new year is controllable but it still needs to be paid attention to (the issuance of convertible bonds of large banks issuances for a while, but large-scale public EB issuances cannot be ruled out). Investors with low positions can still make arrangements. From the perspective of individual bonds, it is recommended to make appropriate profits to settle some high-priced convertible bond targets (in the conversion period and have early redemption clauses, with absolute price around 130 yuan), and to allocate more mixed equity-oriented convertible bonds that are both offensive and defensive. It is recommended to pay attention to Ningxing, Shengyi, Lansi, Tiehan, Jichuan, Zhongxin, Linyang, State-owned Assets, Longi, and cyclical subdivision leading trading opportunities.
Risk warning: fundamental changes, stock market fluctuations, monetary policy failure to meet expectations, and risk of adjustment of price and premium rate.
This article is from Jiang Chao Macro Bond Research
For more exciting information, please come to the Financial World website (www.jrj.com.cn)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-