China Stock Market Research: May 2011

Friday, May 20, 2011

China, the world's highest stamp duty charges only two-way.

: Http:// hearing, the securities transaction tax, the vast majority of countries around the world are all one-way charge. .Securities transaction tax in the collection of the 20 countries, only Australia, China (including Hong Kong, China) Two countries, two-way charge for the securities transaction tax. . >>> What is the stock (securities) the stamp duty? - United States: Securities transaction tax has been set, in order to improve market liquidity, stock market boom, the Clinton .The Government inherited the Reagan administration's tax reform policy, in the last century the last 10 years, gradually abolish the securities transaction tax. . Korea: the seller is only levied on securities transactions of securities transaction tax of 0.3%. . Japan: Japan's tax laws, securities transaction tax, the proportion of the differential tax rate, one-way charge, the maximum tax rate of 0.3%, the lowest was 0.01%, on the bond and stock types of transactions, exchange traded and OTC .the differential rate of transactions, to limit the OTC, securities constitute a reasonable, on government bonds is tax free. .In addition, the Japanese tax law also provides that the Securities and Exchange links have imposed a securities transaction tax, it also imposed a stamp duty, stamp duty, the differential fixed tax of 500 million yen 200 yen for the collection, 1,000 million yen .Zheng 1,000 yen, 5,000 million yen 2,000 yen levy, levy 100 billion below the 10,000 yen, 20,000 yen more than collection. . Spain: the seller of the securities does not exceed 0.11% levy of securities transaction tax, but also provides the corresponding threshold, that is only part of more than 200 million pesetas charge; Belgium: Government bond 0.009% of the tax levy, non-government bonds is 0.014%, 0.035% of listed stock trading tax levy; Italy: 100 thousand liras for each stock to pay 50 .-75 lire stamp duty, that is 0.05 ~ 0.075 ‰, 10 lire lira bonds to pay stamp duty of 20-30 per 100,000 liras government bonds pay 2.5 liras stamp duty; Singapore: the transaction .buyer's cost of collection changed hands 0.2%, while 0.1% stamp duty levied; France: the current stock transaction tax paid in proportion to the amount of the transaction, the transaction amount is less than € 153,000 to pay 0.3% of turnover .more than 153,000 euros were paid 0.15%. .In addition, the stock market transactions have to pay capital gains tax. .In 2005, the French government has lifted the market value of less than 1.5 billion euros of SME stock transaction tax. . >>> the first half of the stamp duty tax increase by a record amount of impressive .

A booming mainland shares listed on the secondary real estate brewing.

Hearing, according to http://, with the booming stock markets, even overshadowed the performance of the Hong Kong stock market hot. .Some in Hong Kong-listed mainland property companies are brewing in the secondary market on the mainland. .In their eyes, eager for more opportunities for Chinese investors to make money as a gold mine waiting for development in general. . These include: Guangzhou R & F Properties Co., Ltd. (Guangzhou R & F Properties Co., Referred to as: R & F Properties); Capital Land Ltd. (Beijing Capital Land Ltd., Referred to as: first .home) and Shanghai Forte Land (Group) Co., Ltd. (Shanghai Forte Land Co., referred to as: Shanghai Forte Land.) . total deposits in China has reached the family about 2.2 trillion U.S. dollars, however, control of capital flows in China make the investment of ordinary Chinese people almost all concentrated in the mainland market, the mainland and then continue to push up real estate and stock market .value. .Although the Chinese government announced a pilot scheme to allow mainland investors to buy Hong Kong stocks, but has not seen rain only heard thunder. . So, the mainland A share price level has long been compared with the high status of H shares should last for some time. .From the current situation, if a secondary listing on the mainland, those real estate developers listed in Hong Kong A share price of its Hong Kong stock prices higher than 40%. . analysts believe that these real estate developers will not only return to the mainland stock market could be assigned to a piece of cake, but also play a significant move up H share price, narrowing the price gap with the A role. .Will provide investors with a return to the mainland H shares to determine share price undervalued or overvalued A ruler, but also depends on how investors in their own judgments. . ads JP Morgan Chase (JP Morgan) • analyst Raymond Ngai (Raymond Ngai) recently provided a report to investors said, H share price will eventually be A shares because of the strong potential .benefit from the trend. .Well cover that shortage of land resources in China's real estate market, A shares and the subsequent secondary market will be a new funding source is critical advantage. .Financing for these companies between the two cities do not have to rely on debt or creating other forms of financing to raise money to purchase opportunities. . Ngai also believe that, A shares listed in Hong Kong will help to improve the image of listed companies in China and the brand recognition. .For example, in Shanghai or Shenzhen in the second-tier real estate companies can provide a stronger foothold in the city, the real estate in prime locations of these cities, the competition is fierce. . Beijing North Star Company Limited (Beijing North Star Co. Ltd., Referred to as: North Star) will be the success stories of these real estate companies have to follow the target. .Beijing North Star Company is a real estate developer under the Government in 1997, listed in Hong Kong last October in Shanghai listing. .Since then, the H share price rose 140%, while the A share price increase is as high as 385%. . North Star will be available to raise funds for the purchase of Beijing and a series of second-tier cities, including Changsha, including the land, its share price gains so strong, to some extent is related with the use of these funds. .The company spent 9.2 billion yuan (1.23 billion combined) bought a mixed commercial and residential land in Changsha, which is the mainland in the land auction will be one of the maximum amount of the transaction. .The first time in the company to buy land outside Beijing there is such a generous, after the announcement of its A shares and H shares should be the sound up. . However, these developers defected to A shares, but also vulnerable to the volatility in A-share market of (A shares, but also affected the oscillation Recently the Hong Kong equities). .Although the A shares and the mainland real estate market is now flourishing, but who does not know what day the bubble will burst. .Shanghai Composite Index this year, the cumulative gains of 107%, Hong Kong's Hang Seng index also rose 48%, but on Monday both A shares and H shares fell sharply. . China's real estate market in the country's economic environment of sustained high growth, the trend has been predicted that real estate and bad-mouthing the opposite direction. .CB Richard Ellis (CB Richard Ellis) last week in a quarterly report on China's real estate said that although some people worry that the market is cooling and the government intervened to curb market overheating, but the mainland real estate market "fundamentals remain good" .. .According to the Hong Kong Institute of Macquarie Securities (Macquarie Equities Research) of Eva Lee estimated that in 2008 China's real estate prices also rose 5% to 20%. . return to R & F Properties is interested in the mainland A shares of real estate developers. .This is both a developer has also developed residential projects with a national real estate company. .The company said it has A-share market in the secondary market in the final stages of preparation. . the same as the first listed in Hong Kong and Shanghai Forte Land is also brewing return to A shares. .First home buyers in August this year, said its board of directors through the issuance of A shares has been 1.4 billion yuan financing plan, Shanghai Forte Land is also speeding up plans to return to A-share market. . but the listing plan, on the one hand to get regulatory approval, we must also depend on whether the conditions of these companies listed on the mature judgments. .But now seems that Hong Kong investors in reaction to such programs is encouraging. . this year in February when the Shanghai Forte to issue A shares in Shanghai and announced plans, the H shares rose 7.5% in heavy volume. .R & F Properties in April announced plans for its H shares a similar trend is also true, the stock rose 4.5%, while the first home buyers announced the return of A shares on the day, the stock also rose by 5.8%. . Shanghai Shanghai Forte Land as the most powerful developers, land supply will be tight and the A shares listed on the second biggest beneficiary. .A share listing to raise new funds will be for the company in Shanghai, the most thriving city real estate acquisition of more land to provide support. . according to CLSA Asia-Pacific Markets (CLSA Asia-Pacific Markets) of the data, completed in 2007, the amount of real estate projects in Shanghai is the lowest since 2002, only 63% in 2006. .In this case, the Shanghai real estate market will remain in short supply situation, and then push up real estate prices. . CLSA Asia-Pacific real estate market, industry analysts Stephanie Lau in an analysis last month that it expects the Shanghai real estate market will maintain the current trend. .Upcoming issue of A shares will accelerate the development of Shanghai Forte Land and expansion, and trigger a new stock rating adjustments. .Stephanie Lau complex in Shanghai's stock rating to "buy", target price HK 8 per share (U.S. $ 1.03), compared with Tuesday's closing stock price of 5.80 Hong Kong dollars higher than 38%. . Stephanie Lau added that Forte should be in Shanghai A-share market during the year, she estimated that this would provide for 510 to 670 million U.S. dollars in land acquisition funds. ..

"Shock fix": the main theme of the second quarter of the stock market.

Xinhua: A growing share the full show long-term investment value.

Xinhua News Agency, issued July 28 Review of that from the beginning of this week, less than 33 trillion to 20 trillion yuan, the Shanghai and Shenzhen stock market value has shrunk sharply this year. .Behind this figure is on the part of investors to invest in the stock's huge losses. .A number of recent surveys show that in the near future a considerable number of stock investors at a loss. .People can not help wondering: have been so depressed the stock market's the attraction? . situation volatile capital markets, large investment in the stock market risk is well known now. .But the rational perspective, the stock market is because the investment risk, the possibility of the proceeds will be a corresponding increase, the value of long-term investment and investment is the true meaning of the stock market and provide investors with access to the wealth creating property income, all .One of the important functions of the stock market forever. . participation and sharing: the attractiveness of the stock market where the about the stock market, people tend to think first of their financing capabilities and resource allocation. .In fact, the realization of these functions must have access to funds, that is, provided there is investor participation. .The reason why all living things to the stock market investment, it is mainly carried out in order of increasing the value of their wealth. .From this, one has to make the investment function of the stock market corporate finance in need of funding to the capital, in the national economic system can play a more important role in optimal allocation of resources. . In fact, in any one market, property income for investors is the function of the stock market will never change. .Recalling the past decade China's stock market development process, can be found, although not a long time they have experienced many ups and downs like a stormy sea wave, although investors may be at a certain point in time, appeared more or less certain time, "Fukui ."But from a longer period, the majority of investors, in fact, gained from the stock market is still a good property income, the Chinese stock markets still reflect the overall investment of its inherent features. . of the SFC, the statistical data, with the landing of large enterprises have high A-share market and listed companies starting to focus on dividends, from 1992 to mid 2007, total cash dividends of listed companies reached 603 billion yuan, .ordinary investors by investing in the stock market actually sharing the fruits of economic growth in China. . It is because of stock market development, China's investment products the savings from the early single, extended to the stocks, funds and other financial tools, investment and financial management awareness of the masses gradually increased, the number of investor accounts by the .8.35 million in 1992 increased to well over 100 million today. .It is due to the development of the stock market, a large number of ordinary Chinese people began to care about business and macro-economic development, substantially increased its participation in national economic development. . long-term investment value: more fully apparent in the Chinese stock market Over the years, despite the continuous double-digit economic growth hit a miracle, but because of the share .Purchase and other historical issues, limiting the stock market macro-economic "barometer" of the role of the investment function to play the stock market was also severely constrained. .Into the circulation time, the market is running more and more to reflect the macroeconomic situation, although there will be a temporary deviation, but in the end will return to the same track with the fundamentals. . thicker atmosphere in the speculative market, most people tend to focus on short-term investment returns, which inevitably gave rise to greater risk. .The ups and downs ups and downs of the stock market is normal, no one can accurately predict short-term rise and fall of all the stock, so the stock market return and risk is always co-exist. . But in the long run is not the case, long-term determinants of investment income is the enterprise, industry and macroeconomic fundamentals, short-term ups and downs of the stock market will be replaced by long-term economic trends, investment in the stock market .curve will become smooth, which greatly enhanced the predictability and reduce the associated risks. .A large number of facts have proven that the average long-term investment return than short-term investments. . famous investment guru Warren Buffett has been a lot of people respect as the "stock god", careful analysis of its investment art, can be found in the "stock god" the key to success is to stick with and have long-term sustainable competitive advantage held by .stocks. .It is with this philosophy, Buffett's investment career in 50 years to get a great return on investment. . view of this, as long as the sight long-term, sustainable competitive advantage with selecting the right financial products, adhere to long-term holding, not for short-term fluctuations in the highly speculative gains may move, there must be .better return on investment. . Needless to say, as long as a country's macroeconomic maintain a rapid growth rate, the stock market will be able to support the favorable long-term upward, long-term return on investment also self-evident. . present, for the better in the long-term prospects of the Chinese economy, although the main stock index this year, about 60% experienced a decline, but the A-share market value of long-term investment also been more fully excavated, together with .show effects of macro-control policies, China's stock market value of long-term investment there is sufficient reason to be optimistic. . the efforts of regulators: for the investors to sweep clean "the room" China's stock market growth in its long history of not playing a very important role for the state-owned assets .Capital has provided a very important platform and window, and promote joint-stock reform of state-owned enterprises and establish a standardized modern enterprise system. .In recent years, China's major commercial banks and shareholding system reform through the introduction of strategic investors and listed capital adequacy ratio improved to achieve a diversified ownership structure, and improve the corporate governance structure. . in the process, many investors contributed to a broad and active participation. .In the process, create a favorable investment environment to play with the responsibility of regulators, investors are never forgotten, always put the protection of the legitimate rights and interests of small investors, as their bounden duty. . especially in recent years, regulators in the market system and rules of construction and improve the stock market investment environment, strengthen the market supervision of law enforcement to protect the legitimate rights and interests of investors, a lot of fruitful work. .Tradable share reform and the final completion of bold advance, completely rewritten the development pattern of China's stock market, for all stock market investors to create a true "right with the shares of the same" system environment, this historic breakthrough on the Chinese stock market will .the healthy development of the play a more active role in promoting. . is worth noting that, regulators, shareholders in recent years, efforts to fight against, in particular, the behavior of small shareholders, law enforcement unprecedented increase. .If investors still remember the "debts tough fight" to promote the Iron Mask by regulators, listed companies were eventually occupied most of the recovery of assets, debts basically completed the task. .Again, this year, the Commission inspection system of illegal activities on the securities market formally opened 78, 42 in the first half of investigations, the transfer of the Commission's 31 administrative penalties, the transfer of public security organs of 11 cases investigated significantly faster ... ... The .are the regulators, investors clean room, so they can rest assured access to the forceful measures. . "mountain heavy water complex crows." Can borrow the Southern Song Dynasty poet Lu You of the famous, to describe the "emerging and transitional," the China stock market development process. .Macro-economic situation in China, driven by good development, one can confidently expect, with the investment environment in China's stock market to further accelerate the positive evolution for the majority of investors to create wealth, property income will be more opportunities, but also more equitable .. ..

CIC: Tibetan Department of Health and the people than the mouth, the golden key to the appropriate government agencies.

CIC 2009 Annual Report, wash the shame of 2008. . vote according to the second annual report, CIC 2009, 58 billion U.S. dollars of new investments, and its global portfolio outside the 11.7% return. .Foreign investment return and the investment company's wholly owned subsidiary - Huijin earnings after the merger, the company's total capital investment return rate of 12.9%, net profit of 41.66 billion U.S. dollars, representing an increase of $ 18,529,000,000 in 2008, .The total assets of CIC from the 297.54 billion U.S. dollars in 2008 increased to $ 332,394,000,000. . the cast to prove he is capable of an investment company, the growth in one year alone is not enough, they must prove that years of steady growth of compound interest, with the qualification game in the global market. . compared with other sovereign funds, CIC's investment in 2009 does not work, however, but with its own performance, compared with the long-term investment returns, investment and be handed over in good responses. . last year's stock market index MSCI World Index 30.79%, Barclays Global Bond Composite Index's 5.93%, Barclays Hedge Fund Index 23.74%, and the U.S. Federal Reserve Base Rate 0.25%, respectively, multiplied by the .in the proportion of investment portfolio, should be 14.1% rate of return, the investment performance than the broader market performance. .At the same time, CIC's investment performance inferior to Temasek Holdings and the Norwegian Government Pension Fund. . changes in the investment shows its progress. .The reason why people blame the previous cast, cast because of the market trends for the 2008 World judgments completely wrong, in the crash on the eve of the inexplicable reason then set at a high level private equity fund. .This is the primary error, or even been accused of intentionally conveying the interest. . But in 2009, CIC's a huge change in investment patterns, aggressive in the second half to show their basic right to judge the market. . annual report in 2009, the disclosure of portfolio investment change, reducing the cash position, from 87.4% in 2008 down to 32% in 2009. .While significantly overweight the equity, fixed income, alternative investment positions, respectively, from 3.2%, 9%, 0.4%, up to 36%, 26%, 6%. .June 8 this year, Reuters and other media reported that the vice president Jesse Wang vote at meetings of the Federal Reserve Bank of San Francisco, citing the company's investment in the investment portfolio of publicly traded shares of 24% -25%, for the "special circumstances" or ."looking for opportunities," 18.9%, 18% fixed income securities, hedge funds 9.4%, "inflation hedge" Securities 8.8%, 7% private equity, cash 8.6%, 4.3% other assets. . can be seen from the investment portfolio, the investment although the risk increased, but the type of investment risk and security through the hedge, short-term high-risk transactions and fixed income, inflation-indexed securities investment and other more stable investment ratio of large to .rather, in general, risk can be controlled. .Clearly, the investment has been transformed into a flexible long-term investors..

Saturday, May 7, 2011

Asian bull market investors still cautious.

Asian stock markets rose sharply, to promote the stock to reach 16-year high last week, and this is deepened fears: high valuations, rising interest rates and the appetite of foreign investors becoming small, may make the area a long .during the bull market ended. . analysts and investors said the Asian economic and business conditions improved in the drive, experience in the Asian stock markets rise more than 3 years, the market may be entering a period of instability. . "The best scenario is ... ... the market may in the next 6 to 9 month period rest, and showed lateral movement." HSBC Bank (HSBC) • Pan-Asian equity strategist Gary .Evans (Garry Evans), wrote in a recent report, "Asian stock market investors should be more cautious." analysts stressed that the current bull market in Asia this round proved that the regional economy and .financial sector recovery. .Earlier in the area suffered from 1997 to 1998 financial crisis, and by the Internet bubble burst in 2000 and the SARS virus in 2003 dealt a heavy blow. . their view, the Asian stock market volatility and risk reduction, and the region's strong economic performance, making plenty of money market favored by foreign investors. . "Asia has never had such a good state," Merrill Lynch (Merrill Lynch) Asia-Pacific chief equity strategist at Bai Huaishuo (Spencer White) said, "now has shares and growth opportunities .not many, but there are too many money trying to explore this opportunity. " According to the Emerging Portfolio Fund Research (Emerging Portfolio Fund Research) data, the Asian emerging markets this year has attracted 13 billion net foreign .U.S. dollars of new investment, capital flows in emerging markets more than 50% of the total. . Japan also benefited from a lot of foreign buying, as overseas fund managers began to use the Japanese economy is still in the initial stages of recovery, the stock market, Japan has attracted over 32 billion dollars in new investment. .Under the impetus of these buying, Tokyo Stock Exchange Index (Topix) earlier this month has hit a 14-year high. ..

HSI in the macro-control and interest rates under the shadow of a rebound.

Although the shadow of the mainland austerity reproduction and worries the U.S. market will continue to raise interest rates again, but Hong Kong stocks end today after days of adjustment, see a rebound in China Mobile (0941) and CNOOC (0883), driven by the stable performance of the Hang Seng Index .to close at 16,673 points, up 95 points, or 0.57%, while the state-owned enterprises are also back on the closing index level of 6,900 points or 45 points, or 0.65%. .Securities analysts said that today's China Enterprises Index Hang Seng Index and a technical rebound in the majority, expected volatility tomorrow in Hong Kong stocks within 100 points. . Tanrich Financial Investment Research Analyst London home Yiu said Hong Kong stocks have been adjusted many of the past two days, some stock drop too much, a technical rebound, while the temporary austerity measures are implemented only for some industries, .Telecoms and local banks not yet been affected, Hong Kong stocks expected to have temporary resistance at 16,800 points, but there is support at 16,500 points. . China Mobile (0941) to close at 45.7 points, up 2.7%, the Hang Seng Index fetched 74.42 points, CNOOC (0883) to close at 6.5 yuan, up 1.56%, to bring the Hang Seng Index increased 12.81 points .. .HSBC (0005) showed stabilized, to close at 132 yuan, up 0.08%. . London home Yao added that although many state-owned shares yesterday were significant rebound adjustment, but the future of the Mainland will be introduced austerity measures that delay is still unknown, there are state-owned enterprises index points in 7000 .great resistance. . great selling pressure yesterday, shares of mainland real estate, common stock prices rebounded today, China Resources Land (1109) rose 4.97%, to 4.75 yuan; Agile (3383) rose 3.54%, to 5.85 yuan; .Shanghai Forte Land (2337) rose 3.52%, at 3.675 yuan; R & F Properties (2777) rose 1.83%, to 39 yuan. . part of the resource stocks rebound in share price today, such as aluminum (2600) rose 4.79%, to 7.65 yuan; Angang (0347) rose 2.88%, to 7.15 yuan. .However, Anhui Conch (0914) continued to fall 3.83%, to 12.55 yuan; Shenhua (1088) fell 1.75%, to 14 yuan; Jiangxi Copper (0358) fell 0.57%, to 8.7 yuan. ..

Concealed hundreds of millions of executives huge security * ST fined 400,000 Kejian.

* ST Kejian (000035.SZ) today announced that due to concealment of external security matters, the Commission received "prior informed written administrative punishment", a number of executives and former executives were sentenced to a total of 40 million fine. .While the actual controller called Bamboo replaced by Cao Zhong Jian. . According to the SFC to investigate, * ST Kejian signed in 2004 has secured 25 major contracts, involving a total of 990 million yuan guaranteed contract amount. .Of which 18 were single contract worth more than * ST Kejian unaudited net assets last year to 10%. .697 million yuan in the security guarantee is to provide security for the related party. .The guarantee contract, * ST Kejian no obligation to timely implementation of the provisional announcement. .In addition, * ST Kejian semi-annual report in 2004, the disclosure of the withheld foreign guarantee contract has not expired 34, involving contracts worth a total of 1.411 billion yuan. .Of these, 21 contracts are to provide security for the related parties involved in contracts worth a total of 850 million yuan. . the Commission decides on a fine of 40 million * ST Kejian, former chairman of the main persons responsible for Hou Ziqiang, the former president Hao Jianxue were given a warning and impose a fine of 10 million. .Other persons directly responsible for the original director and vice president Caochuan De, former Vice President and Chief Financial Officer He Xiaoyong were given a warning and impose a fine of 5 million. .Tao Pure directors Benedict also given a warning. . * ST Kejian also announced that the company who actually control the occurrence of transformation. .Heng Long Industrial Co., Ltd. Nanjing, the former shareholders will be held by Cao Bamboo 51% of the company's shares to natural Zhong Jian, has completed the change of business registration. .Nanjing, Nanjing, vertical and long constant is the largest shareholder. .Combined vertical and held in Nanjing * ST Kejian Kejian Group, the largest shareholder of 99% shares. .Jian Zhong * ST Kejian has become the actual control of the new people. .* ST Kejian to close at 1.95 yuan yesterday. ..

CITIC IPO options to be issued next week to review 2.3 billion A shares.

: Http:// Communications, CITIC Bank's market vision may soon become a reality. .Yesterday, the Commission issued a notice that the issuance examination committee will be held next Monday the 34th year, made the trial work conference on CITIC Bank's A share issue for review. .Published under the same "CITIC Bank Corporation Limited IPO (A shares) Prospectus (draft report)", CITIC Bank is expected to issue 2.3 billion A shares, without considering the H shares over-allotment option issued under the circumstances ., representing the proportion of the total share capital after the release of 6%. . prospectus also said that "in the A Share Issue, the Bank is being conducted outside the global public offering of H shares. Bank issued A shares and H shares are not mutually conditions of the global public offering." This .means that, if approved by regulatory authorities, CITIC Bank will be another one in Hong Kong and Shanghai-listed mainland companies. . the same day, China CITIC Bank H share prospectus also HKEx website. .Listing under the CITIC Bank plans to raise capital, H shares of the global amount of 49 million shares issued. .The bank is expected to be granted to the International Underwriters 15% of the over-allotment option, the so-called "green shoe mechanism." . an underwriter who yesterday on the "First Financial Daily" said that CITIC Bank's IPO proposal is passed at the trial in the hair, they immediately went to the United States, Japan and Singapore to start road show, " .Roadshow takes about two weeks or so. "he said. . these people also revealed that, in accordance with the original plan, China CITIC Bank will be held April 26 in Shanghai and Hong Kong also listed, from the current situation may be delayed, but still will try to .for the "May Day" holiday to complete a series of public work. .One analyst said the financial sector, China CITIC Bank may like to catch a better market environment when released. . disclosed in the prospectus, H share offering will be used in Hong Kong public offering and the International Offering a combination, and the specific circumstances of the issuing of the back between the two, while the A share issue will be taken to .Placing strategic investors, to the inquiry objects offline and online inquiry of funds placement issue a combination of subscription. .Meanwhile, A shares issued by the Hong Kong dollar and the price difference to adjust the RMB exchange rate, will be consistent with the H share offering price. . In addition, the CITIC Group, CITIC Bank's major shareholders, as promised 36-month moratorium, and the sales limit CIFH committed to 1 year. .Including not transfer or entrust others to manage it has directly and indirectly held shares in CITIC Bank, CITIC Bank, CITIC Bank does not hold shares in its acquisition. . the business of CITIC Bank has maintained a rapid growth rate. .CITIC Bank said, has been working to build and continuously improve the independent, comprehensive, vertical, professional risk management system, asset quality in recent years has been increasing. .At the institutional level, the Bank took the lead with all branches of industry concentration risk charge of delegate, the first limit on the total, branch president of the credit approval authority, an independent risk management system. .The bank's asset quality gradually improved, the poor rate of 6.3% in 2004 decreased to 2.5% last year. .Concerned about the types of loans accounted for 5.6% of 2004 decreased to 2.4% in 2006. . As of December 31 last year, CITIC Bank's core capital adequacy ratio and capital adequacy ratio was 6.57% and 9.41%, the prospectus said the China CITIC Bank 2007 earnings forecast to total not less than 56.88 .billion yuan. ..

All stocks of the real economy unprecedented media.

Hearing, according to http://, when the domestic "national stock" and the Chinese Stock Market with "global voice" and argue when we have seen the fact, that is, global interest in China .the stock market. . Hong Kong's Phoenix Satellite TV, hot spots, "a tiger Yixi Tan" has done for the domestic stock market fever on the second heat, the British "Financial Times" as the Chinese stock market presented a "Titanic" prophecy, " .Economist "magazine reporter in Beijing Beijing's major business in the Department of the shuttle, while the United States," The Wall Street Journal, "the British Reuters reporters Men Duizhong and Guo Gushi's report is timely and accurate tracking. .At the same time, Singapore's "Lianhe Zaobao," have noted another phenomenon: the Chinese stock the book in short supply. .Reported: "China National Book Fair this year, the biggest feature is particularly popular in the stock book, released almost off the hook the phone staff ... ..." course, a population of 1.3 billion "super large population," the poor .gap between rich and broke the cordon Gini coefficient, so the people who turn a blind eye on the stock market a lot of people. .But no matter what, large and small cities in China every corner of the share of the stock market can feel hot. .Latest statistics show opening this week of a new A share accounts, nearly 30 million, re-opening a new record one-day refresh. .Some media reports say that investors in the local Shunde not on the schedule because the account number, deliberately went to Guangzhou to open an account. .In Meizhou, reselling account number appeared in the case of a day, once a valid account number can be sold on the hundred dollars. . In addition, the Beijing Television reported that investors are colored vowed to predict, "4500", "5000" and even "10000" point stock index point; "People's Daily" also the first time ever in the clarification of the .published an editorial warning of rumors; government remained silent, while Cheng and other officials had predicted the bubble have also changed to that of "irrational is normal." . This is today's Chinese stock market, a fire was "to be added," the emerging and transitional capital market. .Who said it was holding the "market deepening of economic reforms," the symbol of a victory of the share reform, and the government's silence is merely in a "market-oriented," because "policy market" after all, is unpopular; Some people even believe that .such a market can we find out more market-oriented reform and development path, and the problem must also be market-oriented "development" on the way to the "innovation" of the solution. . However, this does not mean that the market did not question, officials can play it safe, you can also size up the situation, but the conscience of scholars, the media are constantly prompted with possible risks. .The problem is, how much the current market risk? .We still do not have time in the development of "innovative" manner to solve these pressing problems? . we all know, is open from the share reform of the 998 points so far, the Chinese stock market has risen a full 22 months, the stock index is turning nearly 3 times. .Meanwhile, the stock market experienced little more adjustment efforts. .More importantly, high price-earnings ratio in Shanghai and Shenzhen, Shenzhen City, the average price-earnings ratio is more than 60 times the height of the world unique. . that China's stock market gains is healthy, benevolent see benevolence and the wise see wisdom, we are leaving aside, but now the mentality of many investors, it has been hanging in the "National stock" in the head of a Dharma Cleveland .Sword of Sri Lanka. .As the legendary story of many get rich quickly spread, more and more people who hold "cash money" mentality, joined the army stocks. .Survey data show that for the "stock market bubble" burst, 32.0% of the people "do not worry", 27.8% said "no", and 10.9% of people did not know what is "bubble." .We have eaten many investors set the "market will be able to make money" concept, few will care what company performance, high and low price-earnings ratio, which like gambling rather than a rational attitude, is the "national stock," the worry lies. . should attract attention, the "national stock" has begun to affect the real economy. .In the face of China's economic macro-control the overall effect is still not ideal, is difficult to stimulate domestic demand and slow, high foreign trade dependence, and many other problems, the "national stock" is it not a bubble it! .Finally, we still have to call for the stock markets affect the normal work of the unit must be a strict discipline to be constrained, and young people should be more important to the cause. ..

Shanghai Composite Index broke 4,300 blue-chip development effort is no longer a new high suspense.

: Http:// News, Monday's iron and steel, yesterday, finance, coal, power, strength in the hair turns blue-chip sector, driven by a new high in Shanghai and Shenzhen stock index is almost within reach, Shanghai Composite Index exceeded 4,300 points big success .off from the previous high of 10 points remaining distance. . hu successful breakthrough 4300 yesterday in Shanghai and Shenzhen stock index has not been the impact of diving late Tuesday, the Shanghai Composite and Shenzhen Component Index opened slightly higher both in early trading after a brief shock vibration own run .in some of the broader market index stocks, driven by strong gains, the Shanghai Composite's performance is obviously stronger than the Shenzhen Component Index. . Shanghai Composite Index to 4,212.95 points at open, carried out early more than 1 hour after beginning the shock shock climbed, the lowest intraday only dropping 4212.23 points, late in the ICBC, Bank of China, Bank of .hair force broader market indicators such as promotion of shares, after a lapse of more than a month break after the 4300 point mark again, the highest intraday as 4,325.38 points, from the May 29 hit a record high of 4335.96 points the distance is only about 10 points, and finally .to close at 4323.97 points, the market was up 113.64 points, or 2.7%, which is also the history of the index closing at 4,300 points on the second. .Although weaker than the trend throughout the day Shenzhen Component Index Shanghai Composite Index, but also further approximation of the previous record high yesterday, the index closed at 14,403.08 points, up 1.49%. .It is worth mentioning that yesterday the SSE 50 and SSE 180 Index to 3,305.91 points and 9,464.76, respectively, the first to hit a record high point, think of the subject shares are still a lot of cheap low levels, the structural differentiation of the market can be described as a glance. . While approaching the market index rose a strong record, but the market turnover is not declined. .Yesterday, the two cities combined turnover of about 196.1 billion yuan, representing a decrease of nearly 26 billion yuan on Tuesday to reduce the rate of more than one as displayed in the index approaching record highs, the cautious attitude of investors has increased, leading to active decreased. . index is one step away from the record high, while the total market value of the two cities has been the first to hit a record high. .Shanghai and Shenzhen Stock Exchange late yesterday, according to data released by Shanghai A, B shares closed the total market value of 14.86 trillion yuan, more than 29 May 14.44 trillion yuan, hit a record high; Shenzhen A, B shares .The total market value of the closing was 4.27 billion, slightly lower than the May 29 4.42 trillion. .This total market value of the two cities exceeded 19 trillion mark for the first time, reached 19.13 trillion yuan, a record high before the broader market. .Since May 29 because a number of new shares listed, total market capitalization before the index high, mainly contributed by the new IPO market value of. . .

The broader market rose yesterday fresh record single-day gain in the second year.

: Http:// News, Wednesday, A-share market rebounded strongly welcome the trend, the Shanghai Composite Index rose more than 4.9%, the full range of blue chip index higher up the main force for promoting the same time, also show broad based market situation. .Around the market gains, stock index futures is expected to become the driving force broader market rally, but the latter part of the market trend of blue chips remained cautious. .Daily gain during the second A-share market sharply higher yesterday. .The Shanghai Composite Index Tiaokonggaokai morning near the small shocks in 5200, Zhu Bo afternoon indexes higher, eventually to the highest point of the closing day, the day up 254 points to close at 5412 points, to 4.94% one day gain for the year .Since the second-largest single-day rise, after August 20 of 5.33%. .Shenzhen Component Index rose 607 points to close at 17,355 points. .Basic and the overall market turnover yesterday, ending unchanged, Shanghai stock market turnover 89.8 billion, turnover of 40.5 billion board market in Shenzhen. .However, time-sharing transactions from the date of view, turnover mainly in the afternoon especially the last one hour, showing a strong rebound in the market to hold up. .Along with global stock markets higher yesterday as the Asia Pacific market and the A shares generally strong appears higher, with the Hang Seng index rose more than 1360 points, or more than 4.9%. .China Enterprises Index up 1142 points, or 6.84%. .The industry said that the recent strong linkage between global stock markets, U.S. stocks posted strong gains on Tuesday, the Dow Jones industrial average rose 319.54 points, or 2.46%;-day gain in eight weeks to a new record high; Standard & Poor's 500 index rose 41.86 points, or .2.91%; the Nasdaq composite index rose 89.52 points, or 3.46%. .Which is in financial stocks led the gains, JP Morgan rose 6.3%, Goldman Sachs rose 8.5%. .A sharp rebound in U.S. stocks as global markets rebound in stocks and one of the reasons. .Oversold blue-chip stocks led broad based market rally yesterday, such as Shanghai and Shenzhen exchanges were only 16 and 20 stocks declined. .Rising stocks in general, the market oversold blue chips are the main characters. .For example, the daily limit yesterday, the 40 or so stocks, COSL, China COSCO, China Shenhua shares these views is a kind of tape, the other is Xiamen Tungsten, Baotou Aluminum, Chalco, Jiangxi Copper, Jiaozuo .Articles representative of the non-ferrous metal plate. .The movement of stocks from the limit, most of the recent continuous sharp decline in species, such as Xiamen Tungsten mid-March from 10 to 42 yuan in the vicinity all the way down, fell to 24 yuan more than the lowest short-term drop of more than 40%. .Therefore, the rise in oversold bounce yesterday, is the main driving force. .Concerned about the trend of stock index futures yesterday, the strong trend in the broader market weight in general, such as total market value of the top 20 stocks rose more than 4% over part, with China Petroleum, China Life, China Shenhua, China Ping An, China's Chalco, China COSCO and China Unicom rose .more than 6%, or significantly exceeds index. .In addition, a number of shares of company stock futures are sharply pulled Yao City, for example, shares of Philip industry, Yunnan Copper, high-tech development. .Therefore, the relevant trends in the stock index futures rise to concern investors. .Earlier, the market is expected as early as today, the management will introduce a timetable for stock index futures, over time, stock index futures weight on the broader market may still be stimulated to strengthen. .But for the most recently emerged yesterday, a strong rebound, analysts remained cautious. .Although the index rose a larger force, but the blue chips higher valuation of the state of no change in the fast rebound, the index will soon return to the vicinity of 5500, up from 6,000 points at the top of the regional space is limited. .On the whole, having a little room for a sustained rebound in the broader market, blue chip investors to be cautious on chasing the same time, after the sharp rebound, but to consider the reduction of the market likely repeated in later..

Bad hit the market five or V-shaped reversal?.

Commission awarded the Olympic Games holding stability and contingency plans for all units undergo executive ban.

Capital market during the Olympic Games to ensure the information system security and stability, maintaining market stability and healthy development, the SFC issued the evening of 30 "during the Olympic Games securities and futures industry network and information security emergency plans." . securities and futures industry in the clear plan for Information Work Leading Group (hereinafter referred to as the "leading group") and its Office (hereinafter referred to as "card information to do"), responsible for the leadership, organization, coordination and command of securities and futures industry .Network and Information Security Emergency. .Suitable time for August 1, 2008 to September 30, 2008. . reporting mechanisms plan provides that the securities, futures exchanges, the China Securities Depository and Clearing Corporation, the China Securities Investor Protection Corporation, the China Futures Margin Monitoring Center, China Securities Industry .Association, the Futures Industry Association (hereinafter referred to as "9 +2 units") of important information systems that may lead to trade disruption, such as the occurrence of other technical malfunctions and failures can not be excluded within 30 minutes, the parties should be immediately reported to the marketing units, departments or agencies of the Department of futures .and report information center, and a report every 30 minutes, until the system resumed normal operation. . 1 hour if the event occurs, the system has yet to resume normal operation, the area in the event the situation should be immediately reported to the Securities Regulatory Bureau Office of the Commission, distributed by the Office of the relevant business unit and information center, with a copy .Securities Association of China or the China Futures Association, and ensure the continued follow-up information on the report. .Securities Association of China or the China Futures Association, after receiving the report, should be concerned about the securities and futures industry operators with or without other anomalies occur. . such as fault duration has reached 1 hour, party units in an appropriate manner so that investors understand the situation and prompted investors to take alternative means (telephone commission, on-site commission, venue declarations, etc.). . fault for more than 1 hour, the area in Securities Regulatory Bureau should organize accident investigation team, process and causes of the accident investigation and analysis and report card information to do; failure for more than 1 business day by the .Letter Office of the Ministry permit joint institutions, the Ministry of accident investigation futures. . handling mechanism Commission requires agencies to strictly monitor the implementation of information systems on duty system. .Person in charge of various units shall undergo during the Olympic Games, the transaction time must have someone on the real-time monitoring of all critical systems, trading hours, such as manual control is not possible, you must enable automatic monitoring system and automatic alarm system. . plan to require all relevant units and departments in network and information security incidents should immediately start the industry, the units in the region, the departmental emergency response plans, to take the relevant emergency technical measures to quickly restore .disturbed the normal operation of networks and systems. . relevant departments of the SFC, the SFC agency of the SAC or the Futures Industry Association, as the circumstances of the incident, according to their respective responsibilities, guidance, supervision and support units to carry out emergency work to deal with the parties. .CSRC agency to deal with emergencies, as the case group of experts from the industry to deploy the appropriate experts to assist in emergency response units of the parties. . party units do feel better influence the public's interpretation, ease of work, strict control of news dissemination, and prevent the public from a large-scale mass incidents derivative losses. .If necessary, ask the public security organs to assist in maintaining order at the scene. . parties should be prepared emergency response units of the relevant records, the retention of the evidence, and network monitoring to obtain the local public security sector support, and actively and steadily carry out emergency response. ..

Bear market is not optimistic the second half of the overall stock market will come soon.

On Friday and Saturday, the central bank held in Lanzhou on the work meeting. .Although the central bank's press release did not reveal too much information, but the central bank said recently that in the second half will further strengthen and improve liquidity management, with a reasonable open market operations, reserve ratio and other tools to maintain liquidity of the banking system at a reasonable .level. .This is the central bank in May, following the third time this year raised the reserve ratio again after the first time in 2 months after openly using the "reserve ratio." . the central bank is now facing a dilemma of choice, decision-making should not only fall on the second half of the Bu Zhiyu fall too fast economic growth, but also the face of rising inflation expectations (estimated July CPI rise may be down .to 3.2% or more.) .This means that the introduction of the second half is likely to once again raised the reserve ratio, or slightly increase deposit rates and lending rates remain unchanged, because the restructuring of China's economy is in transition, a drastic increase in interest rates would not only hurt the real economy, but also increase .repayment of local government financing platform pressure, the use of other methods will have to tighten liquidity much more moderate. . the first half of this year reached 4.36 trillion of credit, which accounted for 7.5 trillion yuan annual target number of 61.7%. .Set by the CBRC at the beginning of this year, the tempo of the four quarters 3:3:2:2, the current indicators of the progress of running too fast, because there are outside the banking system put 1.3 trillion in loans (such as housing loans, financing of corporate trust .), is restrained by the China Banking Regulatory Commission has been financing channels, which means that the second half of the credit, the remaining space with only the original plan of this part. .Can be expected, certainly less than the mobility of the second half of the first half. . in the second half of the central bank may raise reserve ratio to fight inflation and shrinking liquidity situation, it would certainly affect the future of the stock market. .Not only that, from a limited lifting of the ban sale of shares of the circumstances, in September to 230.6 billion yuan, was 397 billion yuan in October, November will be jumped to 1.8654 trillion yuan, with the history of lifting the ban selling of shares not yet accumulated .chips, it is difficult to imagine by Shanghai's unilateral turnover of 100 billion to support the supply. .Moreover, PMI (Purchasing Managers Index) have fallen to the edge CBBC boundaries, then the second half of the performance of listed companies, such as banks, real estate, steel and other heavyweight stocks in the second half performance will face a great challenge, the decline in exports, fixed assets .investment will fall increasingly evident, it is likely the last for a month's strong rebound days are numbered. . Although the central bank's annual working meeting of the second half extinguished the possibility of a drastic increase in interest rates, but also declared in the second half even tighter than the first half of liquidity, and stock market liquidity has .the case of reduced instead of increased, but also through November this year, such as the size of the important non-lifting of the ban Hom, A shares have to face increasingly rapid rate of new shares issued IPO, which undoubtedly also declared the second half of the overall positive market .can not be optimistic! As Vice Chairman of NPC into thinking committee said: "I do not think the bear market will soon be over." .I think the fundamentals, the financial side and the stock market cycle point of view, just round up the stock market rally, too early to say reverse! 【】 .