Four major newspapers: new third board starts again, capital market reform opens up three-dimensional pattern

category:Finance
 Four major newspapers: new third board starts again, capital market reform opens up three-dimensional pattern


Xinhua news agency, Beijing, July 26 (Xinhua) from rapid development to encountering growing pains, and then to the breaking of the reform situation, the reform of the new third board started from a new starting point has exceeded expectations, marking another important breakthrough in Chinas capital market reform. So far, the three-dimensional market pattern has become increasingly clear. Adhering to the orientation of serving innovative, entrepreneurial and growing SMEs, the new three board is becoming an important platform for capital market to serve SMEs and private economy.

The financing difficulty of small and medium-sized enterprises is a worldwide problem. Under the general trend of Chinas economic transformation and upgrading, the key to solve the problem is to give better play to the function of the capital market and increase the direct financing proportion of this enterprise group, which is also the key problem to be solved in the structural reform of financial supply side.

Two vote system affects revenue and expenses, Dabo improves product line and improves market share

On the evening of July 24, Dabo Medical Co., Ltd. issued an announcement to reply to the inquiry letter of the exchange. According to the announcement, the companys distribution sales scale in 2019 has a large growth year-on-year, increasing from nearly 4.77% in 2018 to 27.64% in 2019, with a year-on-year increase of 300 million yuan. Affected by this, the companys corresponding companys market development and technical service fees have also increased significantly, affecting the sales expenses.

A person in the industry who did not want to be named told the Securities Daily that the change of the data conforms to the change of the companys regional sales mode under the two ticket system (that is, the drugs are sold from the pharmaceutical factory to the first-class dealer to issue an invoice, and the dealer sells to the hospital to issue an invoice again), and is consistent with the changes in the same industry.

Nearly 80% of the listed banks stock prices have broken through the net, and the 40 directors, supervisors and senior executives have increased their holdings by more than one million yuan in the past year

Increasing the shareholding of directors, supervisors and senior executives is an important means for listed companies to convey their confidence to the outside world, especially for commercial banks which have been breaking the net all the year round. Securities Daily reporter statistics found that, as of July 24, 36 A-share listed banks, 28 banks share prices fell below the net value, breaking net ratio as high as 77.78%.

However, since this year, major shareholders and executives of many banks have stepped forward to increase their insured value. According to the statistics on the public information of Shanghai and Shenzhen stock exchanges, the reporter of Securities Daily found that since this year, 40 directors, supervisors and senior executives (or their close relatives) of 8 listed banks have increased their shares in their own banks through the secondary market, increasing their holdings by 3.395 million shares, and spending about 52.9943 million yuan (excluding the trading behavior of lightning increase and decrease, which did not lead to substantial changes in the number of shares held, and dividend distribution) The investment per capita is 1324900 yuan.

[Securities Times

Greenland presses Shanghais state owned assets reform acceleration key: 17.5% shares transferred by shareholders of two countries

It is disclosed that in order to further deepen the reform of state-owned assets and state-owned enterprises, optimize the structural adjustment of state-owned assets and improve the equity structure of Greenland, Shanghai real estate group and Shanghai Urban Investment Group intend to transfer part of the shares held by Greenland holding group through public solicitation of transferees. The total proportion of shares to be transferred shall not exceed 17.5% of the total share capital of the company.

The price of the shares to be transferred this time shall not be lower than the higher of the following two: the arithmetic average of the daily weighted average price of the 30 trading days before the announcement date and the audited net asset value per share of the latest accounting year.

It is understood that both Shanghai real estate group and Shanghai Urban Investment Group are important state-owned enterprise groups wholly owned by the state owned assets supervision and Administration Commission of Shanghai Municipality. The state-owned assets shareholding adjustment will further optimize the equity structure of Greenland holdings and further marketization of its management mechanism.

Failed to meet the new regulatory requirements, AoXiang Pharmaceutical Co., Ltd. re declared the termination of fixed increase plan

On the evening of July 26, AoXiang Pharmaceutical (603229) issued an announcement to terminate the previous non-public offering of shares, withdraw the application documents and re declare.

Aoxiang pharmaceutical said that the subscription objects of the schemes non-public offering did not meet the relevant regulatory requirements for strategic investors in the documents issued by the CSRC on March 20. According to Aoxiang pharmaceuticals new fixed increase plan, the listed company plans to raise 420 million yuan. In addition to the actual controller Zheng zhiwai, no other subscription object has been identified.

According to the data, Aoxiang pharmaceutical is mainly engaged in the R & D, production and sales of characteristic API and pharmaceutical intermediates, as well as providing customized production and R & D business for customers. At present, Aoxiang pharmaceutical products are mainly divided into eight categories, namely liver disease, respiratory system, cardio cerebrovascular, high-end fluoride products, prostaglandins, antibacterial, gout and anti-tumor.

The selection layer will ring the bell to open the market today, and 32 shares collectively accept the vote of market funds

The boom may not last long. Some institutional sources pointed out that the first batch of 32 companies will go out of the differentiation market, and investors should choose the best among the best, focusing on the individual stocks of public funds or strategic investors.

China Securities Journal

Market volatility increases, quantitative hedging strategy advantage highlights

Since the beginning of this year, the funds profit-making effect has driven the enthusiasm of investors. Under the background of frequent fund explosion, the discussion about bull market is endless. However, since the middle and late July, affected by the epidemic situation and external environment, the A-share market has shown the characteristics of industry and theme rotation in the market, and investors floating profit has appeared a certain degree of correction. In the current volatile market environment, quantitative hedging products with absolute return characteristics are recognized by more and more investors because they can realize the effect of diversifying investment and hedging risks.

Quantitative hedge funds select high-quality individual stocks to construct the stock spot portfolio through quantitative model, and then use the short positions of stock index futures to hedge the systematic risk of the market, so that the performance of fund products mainly comes from the excess return of stock selection, and will not be affected by the rise and fall of the market.

Beijing automobile rental group expands travel area

A few days ago, Shenzhou Youche announced that it plans to transfer no more than 443 million shares of Shenzhou car rental Co., Ltd., a participating company, to Jiangxi Jinggangshan BAIC Investment Management Co., Ltd. or its designated third party at the price of HK $3.1 per share. Subsequently, BAIC also plans to acquire 171 million shares from ambergem, a car rental shareholder in Shenzhou.

If the above transaction is completed, BAIC group will indirectly hold about 28.91% of the shares of Shenzhou car rental, and formally enter into the owner of Shenzhou car rental. Some analysts said that from the perspective of user operation, taking the ownership of Shenzhou car rental is conducive to improving the strength of BAIC group in the C-end car rental field and expanding the travel business map.

Service upgrading, dish innovation, Quanjude embraces the catering plus era of houlang Funeng

Quanjude is a business card of Beijing roast duck. Nowadays, roast duck has become the standard menu in Beijing. Brands such as Dadong, Siji Minfu and Heijin are developing strongly. Quanjude, a century old brand, is facing unprecedented competition. Innovation mode, introduction of e-commerce and food industry have become important starting points for Quanjudes transformation and change.

July 26 is Quanjudes 156 year old birthday. Quanjude held a birthday party tasting party. Zhou Yanlong, general manager of Quanjude less than a year ago, told the media: when we look at our social positioning calmly, we find that we really cant do without the support of Beijing people and the people around us.

Shanghai Securities News

The scale of structural deposits has declined, and the margin space of more than one trillion yuan has been significantly compressed

According to a report recently released by the fixed income research team of CICC, the pressure drop rate of structural deposits is higher than expected, and it is not difficult to achieve the set pressure drop target by the end of September. The team has previously said that according to regulatory requirements, structural deposits may face greater pressure drop during the year, and the scale of pressure drop may reach trillion yuan or even higher.

Panoramic scanning of the first batch of selected enterprises

According to the official data of the national stock transfer system, the 32 high-quality enterprises growing up in the new third board are mainly private small and medium-sized enterprises. Among them, 28 are private enterprises, accounting for 87.50%; 27 are small and medium-sized enterprises, accounting for 84.38%; at the same time, 32 advanced enterprises are concentrated in the industry distribution, and 25 family members strategic emerging industries, modern service industry and advanced manufacturing industry account for 78.13%.

Is it time to increase the position of partial stock funds?

On July 16 and July 24, a shares experienced a sharp shock, and the Shanghai stock index fell by 4.5% and 3.86% respectively. When the market uncertainty increases, the first problem that many funders consider is whether the partial stock fund needs to be redeemed. In the view of the industry, fund investment often requires a longer holding period, and it is not appropriate to repeatedly apply for redemption. Although good timing ability can further improve the investment return on the basis of the existing performance of the fund, from the actual results, the return rate of most fund investors lags behind the product yield.

In order to measure the timing benefit of investors, Shanghai Securities Fund Evaluation Research Center has done a data research. In order to avoid the disturbance of short-term data and mini funds to the analysis results, the Shanghai Securities Fund Evaluation and research center selects the fund products which have been established for three years and the average scale of that year is higher than 200 million yuan as the analysis samples. Then these products are divided into five groups: active investment fund, partial stock mixed fund, flexible allocation fund, stock index fund and ETF The following conclusions: first, the rate of return of investors of most products lags behind that of products. Second, the more complex the market environment, the lower the success rate of timing. Third, the positive return level created by timing is far less than the performance drag caused by timing. Fourth, the positive return level created by timing is far less than the performance drag caused by timing. Fifthly, products with better liquidity do not improve the timing efficiency of investors. They are more affected by the market environment.

Source of this article: Yang Qian, editor in charge of Securities Daily_ NF4425