In addition, Huang Yanming believes that the implementation of the ChiNext reform has also brought many new investment products to the market, which will have a great impact and changes on the active securities market transactions. This is very good for the healthy development of the capital market, including for the securities practitioners. Development oBuy stocks repurchased by listed companiespportunities.
In addition to the stock market, the fund market is also very hot at the moment, and Nikko bases are almost everywhere. According to data from Orient Wealth Choice, based on the fund's establishment date, the issued shares of new funds in July reached 5,112.3 billion (37% of which were bond funds), surpassing 5,090.7 billion in March 2013, setting a new historical record.
Editor's note: Although the Fed has implemented a preventive rate cut in July, the US economy is showing signs of peaking, and further rate cuts by the Fed seem inevitable. In contrast, my country continues to introduce various underpinning economic policies, and the economic fundamentals are relatively stable.
In addition to active partial stock funds, related ETFs also made a lot of money in the 2019 bull market of technology stocks. Data show that the Southern China Securities 500 Information Technology ETF, China Merchants Shenzhen Stock Exchange TMT50 ETF, GF China Securities All-information Technology ETF, Cathay Pacific CES Semiconductor ETF and other products have all increased by more than 50% in 2019.
On November 25, Huawei’s internal website Xinsheng Community published a Huawei Business Management Team (EMT) document, which officially adjusted the business jurisdiction of Huawei Smart Car Solution BU (IASBU) from the ICT Business Management Committee to the Consumer Business Management Committee. At the same time, Wang Tao was appointed as a member of the Consumer Business Management Committee. Huawei once again reiterated that Huawei does not build complete cars, but instead focuses on ICT technology to help automakers build good cars, build good cars, and become an incremental component provider for intelligent connected cars. In the future, whoever proposes to build a car, interferes with the company, can be transferred from the post, and find another post. The name of this document is a resolution on the management of smart auto parts business, which has been issued by Huawei founder and CEO Ren Zhengfei. (Surging)
The trading volume of A-shares is still above trillion, but it has decreased from the peak. On July 24, the transaction amount was 31 trillion yuan, compared with 22 trillion yuan the previous Buy stocks repurchased by listed companiesday. The northbound funds recurred to withdraw substantially, with a net sale of 16.3 billion yuan that day. Among them, Shanghai Stock Connect sold a net 9.3 billion yuan.
[Summary of the research report] Interim report analysis: Affected by the epidemic in 2020H1, travel demand has fallen sharply, and revenue in the transportation sector has dropped year-on-year. Taking the CITIC transportation industry as a sample, we sorted out the 2020 semi-annual report of the transportation industry. The revenue of listed companies in the transportation industry was 9905.3 billion yuan, a year-on-year decrease of 73%. 20Q2 decreased by 06%. 20Q2 revenue growth rate increased by 26pcts from the previous month. A year-on-year decrease of 119pcts was mainly due to the impact of the new crown epidemic, restrictions on residents' travel, a sharp drop in travel demand, a late resumption of work, etc., and the decline in revenue growth in aviation, railways, highways, airports, ports and other sectors. The net profit attributable to the parent company in 2020H1 was RMB 9 billion, a year-on-year decrease of 999%. In 20Q2, the growth rate of net profit attributable to the parent increased by 489pcts month-on-month and decreased by 888pcts year-on-year, showing an improvement in performance. The decline in the total asset turnover rate of the H1 delivery sector and the sharp drop in the net sales margin have resulted in a sharp drop in ROE year-on-year. In the 20Q2 delivery sub-sector, the express sector (266%), integrated logistics (20.83%), and shipping (196%) have positive revenue growth, and the airlines (-555%) and airports (-562%) have decreased revenue. , Highways (-246%), railways (-243%), ports (-17%). Among them, the revenue of the highway and port sectors has a narrower year-on-year decline than Q1. Shipping (170.90%), express delivery (111%), logistics integration (84%) in the 20Q2 delivery sub-sector with positive growth in net profit attributable to the parent sector, and aviation (-3,0983%), airport (-1356%), highways (-589%), railways (-572%), ports (-154%), of which the year-on-year decline in net profit of highways improved significantly compared with Q1. With the increase in travel demand after the epidemic resumes, the performance of listed companies such as airlines, airports, and railways is expected to continue to recover, and the performance of the transportation sector will improve quarter by quarter. This week’s core views: 1) Aviation: In July, passenger turnover improved from the previous month (+26%), inter-provincial team travel conditions resumed, Xinjiang flights resumed successively from September, and China-US routes increased. The current sector valuation and oil prices are at the bottom of the range. Low-cost airlines Spring Airlines (601021), regional airlines China Airlines (002928), which benefited from the restoration of international routes, and Air China (601111), are recommended to recover quickly and expand their fleets against the trend. 2) Airport: In the short term, it is affected by the epidemic, but in the long term, the investment value of the airport sector is prominent. With the advancement of the vaccine research and development process, it is recommended to focus on the airport (600009) and Baiyun Airport (600004). 3) Express delivery: The growth rate of express delivery business volume in July was 32%, and the volume growth rates of SF/Yunda/YTO/Shentong were 736%, 425%, 391%, and 251% respectively. Focus on top express delivery companies. 4) Logistics: The long-term imbalance between supply and demand in the hazardous chemicals industry, and the strong demand for warehousing and transportation, we recommend Milkwei (603713), and the warehousing business continues to strengthen. Market review: This week, the Transportation Index fell 41%, and the CSI 300 Index fell 53%, outperforming by 0.12%, ranking 20/28. The top five stocks with gains in the transportation sector were Feilida (300240) (284%), Xinning Logistics (300013) (299%), HNA Technology (600751) (113%), China Airlines (174%), Juneyao Airlines (603885) (110%); the top five stocks that fell were Bohai Ferry (603167) (-287%), Haiqi Group (603069) (-138%), ST Long Investment (600119) (-127%), Mi Erkewei (-112%), Yantian Port (-56%). This week’s news: Aviation: Embassy in the US: Nucleic acid testing measures for passengers going to China will be fully implemented in the US. Logistics: The logistics index rebounded in August, and the freight rate of road logistics continued to callback. Risk warning: risks of slower-than-expected macroeconomic growth, risks of RMB exchange rate depreciation, and risks of sharp rise in oil prices.
Northbound funds: The net inflow of northbound funds on the 25th was 53.6 billion yuan, marking the eighth consecutive day of net purchases of A shares. In terms of Shanghai Stock Connect, Ping An bought 3.6 billion in net purchases, and CITS bought 9.6 billion in net purchases. For Shenzhen Stock Connect, Vanke A bought a net RMB 2 billion, and Luxshare Precision bought a net RMB 7 billion.