Seven major dry goods interpretations The SFC replied to the exchange
Seven major dry goods interpretations The SFC replied to the exchange
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Seven major dry goods interpretation of the CSRC reply!
Stock exchanges and brokers are waiting for their turn. How do I get A shares open?
How are the sections configured?
Original Wang Yuanyuan February 3, A shares will usher in the first trading day after the Spring Festival holiday.
The day before the market opened, the regulatory stability of the market was somewhat obvious.
Heavy news came in advance today, and it was launched on February 3 in advance.
2 trillion yuan in open market reverse repo operations.
At the same time, the CSRC also responded to market expectations in detail through an interview with the People’s Daily.
The Shanghai-Shenzhen Exchange has been deployed before the opening of the market, and brokerages are waiting to be prepared for the market.
Investors are also welcoming the most concerned questions. After the market opens, how will A shares go?
How much is the adjustment?
Adopt an appropriate sector configuration strategy?
Image source: Tufeng Creative Securities Regulatory Commission responded to the seven major dry goods market opened on February 3?
Can you guarantee the smooth flow of securities transactions?
How to deal with the risks of stock pledge and margin trading business?
How to deal with the risks of stock pledge and margin trading business?
Will the pace of capital market reform be affected?
In response to these concerns from all walks of life, on the eve of the opening of the market, relevant persons in charge of the CSRC responded one by one when interviewed by the People’s Daily.
Dry goods 1: The market opening on February 3 is the result of weighing the pros and cons.
The China Securities Regulatory Commission said that whether the market opens on February 3 or continues to be delayed, there are advantages and disadvantages, and only the two of them can be taken seriously.
The stock market is a barometer of the economy and society, and it also has self-repairing and regulating functions.
Dry goods two: introduction and research of hedging tools to deal with possible changes after the market opens.
The Securities Regulatory Commission further disclosed that the relevant departments will remain highly vigilant about the changes in the stock market after the opening of the market, adhere to the bottom line thinking, introduce and study hedging tools to ease market panic.
In fact, waiting for the 30 pragmatic expectations recently put forward by the five ministries and commissions has released positive policy signals.
Dry goods three: Adopt off-site transactions and other methods to ensure the normal conduct of transactions after the holiday.
The Securities Regulatory Commission said that the proportion of securities transactions through network terminals, mobile APPs and other methods has exceeded 95%. In addition, early telephone entrustment is still in use, and investors’ needs for off-site securities transactions have been met.
From the perspective of the entire industry, in principle, various securities companies have suspended the on-site trading services of the securities business department to guide investors to conduct securities transactions through off-site methods such as network terminals and mobile phone APPs.
For a few customers who are not familiar with online trading, continue to provide methods such as telephone entrustment and support to ensure that investors’ trading needs are met.
Very few customers do need to handle business on the spot. Securities companies have also provided arrangements for prior appointments. According to customer applications, investors will be arranged in batches in counters.
Dry goods 4: Take measures to classify stocks and deal with business risks of the two industries.
The CSRC stated that stock pledges and margin financing and securities lending business have a certain safety margin, and the risks are generally controllable.
The stock pledge agreement expires during the epidemic prevention and control period. If the customer applies for an extension due to repayment difficulties, if the customer is in Hubei, he can apply for an extension for 6 months, and the securities company will assist in the renewal matters.The agreement is extended for 3 to 6 months.
In terms of margin trading and securities lending business, securities companies in Hubei region and other regional financing and securities lending customers who have been isolated or treated due to the epidemic situation, securities companies do not actively implement forced liquidation; for other customers, securities companies should actively strengthen as agreedCommunicating with customers, appropriately extending the time for customers to replenish collateral.
Dry goods five: Two major measures to prevent the risk of default by related companies.
During the epidemic prevention and control, the CSRC stated that it would take two major measures to prevent the risk of corporate default in order to alleviate the pressure to repay principal and interest on corporate bonds that interfered with the enterprise.
First, for corporate bonds that mature during the epidemic prevention and control period, and where the issuer’s production and operation are normal, the CSRC supports the issuance of new and old ones through measures such as establishing a green channel; second, the CSRC and the stock exchange actively guide securities companies and other intermediariesDo relevant risk 杭州夜网论坛 monitoring and market services, urge the trustees to actively perform their duties, strengthen communication and coordination with investors, actively guide investors to corporate bonds due during the epidemic prevention and control period, and reach renewal arrangements with issuers to adjust repaymentsThe principal and interest payment cycle helps the issuer to get through the difficult period.
Dry goods six: The direction and determination of capital market reform will not change. Regarding the core issue of “conflicts and fluctuations in the capital market”, the CSRC said that domestic and foreign markets have responded to the new pneumonia epidemic.
Under the strong leadership of the Party Central Committee, joint efforts from across the country will surely defeat this epidemic.
The impact of the epidemic on the market is short-term and will not change the long-term trend.
The direction and determination of the SFC to advance reforms will not change due to temporary difficulties brought about by the epidemic.
Dry goods 7: Night trading on futures will be suspended from the night of February 3.
The CSRC has decided to suspend futures night trading from the night of February 3, 2020, and supplementary notice of specific recovery time.
Stock exchanges and brokerage firms are eagerly waiting for the eve of the market opening. The exchanges and brokerage firms are actively preparing for this.
On February 2, the Shanghai Stock Exchange issued the “Notice on Fully Supporting the Supervisory Business Arrangements for the Prevention and Control of New Coronavirus Infection and Pneumonia Epidemics”
(hereinafter referred to as the “Notice”) to guarantee the review and listing of the science and technology board, stock underwriting and listing services, and listing.Company information disclosure, bond (including asset-backed securities) business services, and other measures were implemented in a stable and orderly manner.
The Shanghai Stock Exchange stated that it will waive the annual listing fee for listed companies in Hubei Province registered in 2020 and the initial listing fee and annual listing fee for newly listed companies registered in Hubei Province in 2020.
A few days ago, the Shenzhen Stock Exchange also stated that it will actively do a good job in market support services and waive the initial listing fees for 2020, annual listing fees and online voting service fees for listed companies in Hubei.Supervision is flexible and temperature-based, working with all parties in the market to help each other and overcome difficulties.
CSI Coordination Day stated that the five major investments in the securities industry have done a good job in epidemic prevention and control: strengthen the organization of epidemic prevention and control and maintain the company’s safe operation; focus on strengthening detection and maintenance to ensure the stable operation of information systems; actively improve service methods and effectively protect investorsRights and interests; give full play to professional advantages, and increase financing support for epidemic prevention and control related areas; make careful deployment, and strive to protect the health and safety of employees.
On the eve of the opening of the market, in order to ensure the smooth operation of the work, securities firms in the affected areas issued a mobilization order and a letter of appeal.
Yu Lei, Chairman of Tianfeng Securities, released the family book on February 2. “After the Spring Festival and before the epidemic crisis is resolved, the company will relocate to remote off-site offices and adjust the resumption time in an orderly manner in accordance with the guidance of local governments.
“Yu Lei mentioned:” During the Spring Festival, the company urgently arranged some work development situations, formulated a post-holiday epidemic prevention and control and operation guarantee work plan, and prepared for stable operations such as trading after the opening of the market.
Although Tianfeng Securities is headquartered in Wuhan, its business covers the whole country and there are branches overseas. The company is fully prepared for emergency operations.
“In general, securities companies continue to do a good job of explaining the market opening and guiding transactions to investors in a variety of ways, such as text messages and terminal prompts, to resolve investor questions in a timely manner.
As of February 2, according to incomplete statistics from reporters, at least more than 60 brokerage companies have sent customers guidance on how to deal with business off-site.
The head of Guotai Junan told the reporter of the International Finance News that in order to meet the needs of the market opening on February 3, under the unified command of the company’s epidemic prevention and control leading group, the company’s departments, units, businesses and management lines combined with the epidemic situation.For prevention and control, each emergency plan has been formulated.
A person in charge of China Everbright Securities said in an interview with the reporter of “International Financial News”: “The company organized all units in a timely manner to detect staff changes, focusing on employees entering and leaving the Hubei epidemic area during the Spring Festival, and making safety reminders and post-holiday work arrangements.
Actively contact fraternal companies and related medical production units to centrally purchase epidemic prevention materials such as thermometers and disinfectants, and properly protect employees.
The relevant person in charge of Zhongtai Securities told the International Financial News reporter that in order to ensure the company’s normal work and operating order, the company focused on organizational security, technical security, personnel security, system security, and resolutely built up the prevention and control line of epidemic prevention,Ensure that work resumes smoothly and on time after the holiday to ensure stable and normal operations.
How the A-share market resumes At present, the pneumonia epidemic of new-type coronavirus infection affects the hearts of people across the country.
During the Spring Festival, global stock markets fluctuated, and the FTSE China A50 futures index fell by 7.
What people are concerned about is that the market will go on February 3, when the market will resume?
The SARS epidemic in 2003 may be informative.
From the first case of SARS infection in December 2002 to April 2003, the Shanghai Stock Index was affected by the epidemic situation. Instead, it came out of a wave of spring turbulence. The Shanghai Stock Index gradually increased by 20% from the beginning of the year to April 15.
With the outbreak in April 2003, market panic triggered.
In the eight trading days after April 15, 2003, the Shanghai Stock Exchange Index fell sharply by 8.
8%, since then the market as a whole is in the transitional stage, until mid-June 2003, the epidemic situation was basically stable, and the sharp decline again appeared.
From the perspective of the overall securities firm, the short-to-medium-term A-share market will be affected by the relative concentration of emotions. It is expected that the market will decline significantly in the first week of market opening, and the shock amplitude will be relatively large.
But the impact of the epidemic on market sentiment and confidence is manageable.
Guo Shaojun’s strategic analyst Li Shaojun believes that after adjusting for historical large-scale influenza trends, policy hedging, fair risk premium, and the FTSE A50 trend, the index adjustment space is 5%, which will be completed quickly and enter the bottom-building stage.
In addition, the investment strategy responds to this round of epidemic situations: after the A-share market opened on February 3, the epidemic situation is still not alleviated, the pharmaceutical sector and the electronics industry, new energy vehicles, which are relatively affected by the epidemic in the early stage, are relatively limited., Media, computers have become safe havens.
When the epidemic situation is interesting, investors will think about whether the policy will be relaxed after the economy is affected. The plate that initially copied the bottom may be financial real estate cars.
As the epidemic situation further eases and the market starts to rebound, the early boom of high electronics, new energy vehicles, media, and computers will continue to be the main battlefield.
Finally, the impact of the epidemic has begun to recede, and the aviation, attractions, catering and tourism, food and beverage industries that were severely affected by the epidemic in the early stage will be re-focused.
Epidemic shock or limited So how to deal with the market adjustment brought about by the epidemic shock?
Looking at the market outlook, what do institutions think?
Hai Chao Securities’s chief macro analyst Jiang Chao (Jin Qilin analyst) believes that as a public health emergency, the duration of new pneumonia is limited, so the impact on the economy is short-lived.Due to the impact of the new pneumonia epidemic, China ‘s GDP growth rate may decline below 6% in the first quarter of 2020, but after the second quarter, if the epidemic situation is effectively controlled and the demand for post-disaster reconstruction increases, GDP growth rate is expected to return to 6?out.
”The epidemic will not have a fundamental impact on the stock market.
Jinglin Investment said that the probability of the epidemic will ease after the Lantern Festival, and it is likely to provide a very rare time window for smart investors to increase equity investment opportunities.
Guo Lei, chief macro analyst of GF Securities (Jin Qilin analyst), said that follow-up needs to focus on three key points in time: one is the inflection point of the epidemic (the number of suspected and medical observations has dropped significantly); the second is the steady growth of the policy (fiscalAnd monetary policy signals); the third is the stabilization point after the downward pulse of economic data.
CITIC Construction Investment’s strategy team believes that the current technology industry represented by electronics, computers, and communications is the direction of economic transformation and upgrading, as well as the market’s intervention industry. Investors are advised to choose machine additions.