The market is watching and the atmosphere is strong

US stocks performed well, corporate performance was satisfactory, and the Brexit negotiations were nearing completion, which is good for the market

As risk aversion cooled, US 10-year bond yields rose further to 1.76%, while gold prices continued to be soft. The mainland stock market has softened, and the Sino-US trade negotiations have changed. The Shanghai Composite Index has risen after many days and has lost 3,000 points. Hong Kong stocks have been consolidated. Investors are waiting to see the outside news. In particular, the Sino-US trade negotiations have progressed. The market turnover has dropped significantly. Before the new good news, the Hang Seng Index is expected to remain at 26200 points to 27000 points.

The People’s Bank of China, the Banking Regulatory Commission, the China Securities Regulatory Commission, the Foreign Exchange Bureau and other departments have recently drafted the “Standardization Rules for Standardized Debt Assets (Consultation Draft)", and are now open to the public for comments. The drafting of the rules is to adhere to the principle of rule of law, and try to avoid large market fluctuations caused by the identification of debt assets. At the same time, fully consider the market needs, provide a clear path for the identification of debt assets for all types of debt assets, and enhance the inclusiveness and inclusiveness of the bond market. The five specific conditions specified in the “Guidance Opinions” include “transaction market transactions agreed to by the State Council in the inter-bank market, the stock exchange market, etc.”.

Moody’s maintains a stable outlook for internal banking

Rating agency Moody’s issued a report earlier to maintain a stable outlook for the mainland banking industry due to stable liquidity and capital adequacy. The report pointed out that the asset quality of the mainland banking industry will benefit from the government’s supportive policies, the state-owned corporate borrowers’ generally stable solvency, and the bank’s increasing non-performing loans.

However, increased competition for deposits and fluctuations in sources of funding in the interbank market or challenges to small banks in the Mainland. The supportive policies adopted by the mainland authorities will support the quality of Chinese banks’ assets in the next 12 to 18 months, and the bank’s capital and liquidity will remain sufficient. The profitability of the mainland banking industry will be weakened due to the decline in asset yields due to looser monetary policy and interest rate reforms, as well as higher corporate leverage and slower economic growth. The overall banking outlook remains stable, but earnings performance is difficult to highlight, and there is little room for valuation revaluation.

The head of the international community is expected to 0.4 yuan

In the first half of the year, Shougang International (697)’s turnover decreased by 63.6% to 298 million yuan. During the period, it recorded a gross profit of RMB 905 million and a gross profit margin of 31.9%, a significant increase over the same period last year, mainly due to private equity management business and parking asset management operations. The proportion of business has increased significantly. Earnings increased by 38.7% to 303 million yuan and an interim dividend of 0.73 cents per share. In recent years, the Group has shifted its business focus to the management of parking assets and the management of private equity funds in the direction of urban renewal, and has gradually reduced the volume of iron ore trading business.

During the period, Shougang International’s private equity fund management business showed explosive growth, and the new fund management scale was RMB 13.9 billion. The scale of fund management has increased significantly, resulting in considerable management fee income. With the steady growth in the number and size of managed funds, it is expected that the management fee income and investment income from the provision of private equity fund management services will continue to grow rapidly. The Group also conducts investment and operation of parking lots, and has signed dozens of projects in large and medium-sized cities, with a cumulative number of vehicles exceeding 50,000. The new business will continue to contribute, and the performance is expected to continue to improve, driving the stock price trend. Can be considered at the level of 0.32 yuan absorption, up to 0.40 yuan, fell below 0.28 yuan stop loss.


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