18/7/2018-2

6.4 billion baht goods, domestic silver reproduces 6 vy dividends, worried about the economic slowdown in the Mainland, the investment community is cautious

Mainland China’s GDP growth slowed in the second quarter. Some brokers were cautious about the economic prospects of the Mainland. The domestic banking sector, which is regarded as the mother of Baiye, also fell. It recorded a turnover of 6.4 billion. After the stock prices of the four major domestic banks weakened, BOC ( 03988) and ABC (01288) dividend yield has risen by 6%. The investment community is not optimistic about the domestic banks. Although the dividend yield is attractive, it is difficult to be strong in the short term.

UBS issued a report yesterday, arguing that the mainland economy slowed down in the second quarter, or was affected by the deleveraging policy. Taking into account external shocks such as trade wars and adjustments in mainland policies, the bank lowered its forecast for economic growth this year from 6.6% to 6.5%. . ING means that the trade war has dragged down the exporters’ profits. It is expected that the wage growth will slow down and the consumption growth will be affected. Therefore, even if the mainland continues to use the policy of lowering the RRR, it will mitigate the impact of some trade wars. It is still believed that the third and fourth quarter economic growth in the Mainland is only 6.6% and 6.5%.

Hang Seng Index falls below 10 antennas

The economic outlook for the Mainland is unclear. The Hang Seng Index fell 357 points or nearly 1.3% yesterday. It closed at 28,181 points and lost 10 antennas again (28415 points yesterday). The turnover of the main board continued to be sluggish, only 78.2 billion yuan. On the external front, US stocks reversed in the early session. As of 0:00 this morning, the Hong Kong stock market reported 28,285 points, up 91 points, taking into account the performance of blue-chip stocks in the US, which is equivalent to the Hang Seng Index rising 98 points.

Mainland banks fell to the market yesterday, and the four major domestic banks all fell more than 1%. According to the Hong Kong Stock Exchange (00388), Beishui has participated in the sale. For example, CCB (00939) recorded more than 2.4 shares in Hong Kong stocks. 100 million net selling. However, it is worth noting that after several rounds of pressure in recent months, the valuation of domestic banks has fallen sharply. The dividend yields of ABC and BOC have increased by 6.2% and 6.1% respectively.

Haitong International: It is difficult to reproduce the strength in the short term

Liang Guanye, executive director of Haitong International Wealth Management Investment Strategy, said that the economic data in the mainland slowed down last quarter, dragging down the performance of mainland banks. However, he believes that the single-quarter data may not reflect the overall economic downturn, and it is expected that the economy will remain stable in the semi-annual economy. Therefore, maintain the optimistic about the internal silver sector. Liang Guanye added that the valuation of domestic banks is attractive, and the dividend yield is also high. In addition, the earnings performance of the sector is still good. It is recommended that investors can depreciate the absorption, but stressed that the current market sentiment is still cautious, and investors are not expected to expect domestic banks. Reproduce strength in the short term.

Su Guojian, managing director and head of CCB International Securities Research, said that the mainland’s economic growth slowed in the second quarter, and some investors or worries about the bad debts of the mainland banks will pick up, so they sold the mainland stocks yesterday. He continued to point out that if the trade war has not deteriorated in the next month and a half, the market will be supported at a level of about 27,000 to 28,000, and the short-term silver plate will also develop smoothly.