This issue's summary
Highlights
November Caixin services PMI hits five-month high, expansion evident
State is stepping up protection of intellectual property rights, future growth certainty
MarketCommentary
Market comment: operation is not aggressive to chase high, low attention to performance growth is clear, valuation is reasonable by the wrong species ?
Macro view: China's November Caixin services PMI rose to 53.8, a five-month high
Insurance industry: Liability investment marginal improvement, the plate into the configuration of the point
Futures Intelligence
Metal energy: gold 278.60, up 0.02%; copper 49370, down 1.10%; rubber 11175, up 0.86%; PVC index 6500, up 0.78%; Shanghai aluminum 13760, down 0.47%; Shanghai nickel 90900, down 0.66%; iron ore 487.0, up 2.10%; coking coal 1330.0, up 1.95%; coke 2147.5, up 1.95%; coke, up 1.95%; coke, up 1.95%. up 1.95%; wire rod 3580, up 3.05%; rebar 3524, up 3.25%; hot rolls 3452, up 3.38%; PTA index 6248, up 3.82%; fiberboard 87.50, up 3.92%; Zheng alcohol 2517,up 4.05%; Brent oil 62.04, up 0.57%.
Agricultural products: soybean oil 5470, down 0.15%; corn 1886, down 0.21%; palm oil 4402, up 0.27%; cotton 15085, up 0.13%; Zheng wheat 2552, flat; sugar 4903, up 0.10%; apple 11525, up 2.47%.
Exchange rates: EUR/USD 1.13, up 0.05%; USD/CNY 6.85, up 0.30%; USD/HKD 7.81, up 0.12%.
HighlightsRecommendations
1, November Caixin services PMI hit a five-month high, the expansion of the obvious
Event: released on December 5, the November Caixin China General Services Business Activity Index ( Services PMI) recorded 53.8, up 3 percentage points from October, a five-month high.
Commentary: The data showed that business activity in the service sector expanded significantly, the downward pressure on the economy eased significantly, the employment situation remained stable, and inflationary pressure eased further. Influenced by the "Double Eleven" promotional activities, the business activity index of postal courier, telecom, Internet software and other industries was 56.0% and above, and the total business volume realized rapid growth. In addition, banks, securities, insurance and other financial industries are located in 60.0% or more, rising to a high boom zone. With the real economy, "broad credit" to promote increased, infrastructure short board speed, the economy is expected to release the vitality of endogenous growth, GDP growth in the fourth quarter is not in danger of stalling.
(Investment Advisor Zhong Yanling Registered Investment Advisor Certificate No.: S0260613020024)
2, the country is increasing the protection of intellectual property rights, the future growth of high certainty
Event: December 4, the National Development and Reform Commission and other 38 departments jointly signed the "on the intellectual property rights (patents) in the field of serious breach of trust in the main body of the implementation of the joint disciplinary memorandum of cooperation. Memorandum of Cooperation on Disciplinary Measures for Serious Subjects in the Field of Intellectual Property Rights (Patent).
Review: According to the memorandum of understanding, the relevant serious breach of trust will not only be recorded in the credit system, serious breach of trust subject will also face the application for the issuance of corporate bonds will not be accepted; restrictions on the establishment of financial institutions; restrictions on the purchase of real estate and state-owned property rights transactions, etc. *** count 33 joint disciplinary measures. According to the annual report just released by the World Intellectual Property Organization (WIPO), in 2017, China's domestic applications for patents, trademarks, industrial designs and other types of intellectual property rights were ranked first in the world, which strongly contributed to the growth of global intellectual property applications. The intensive issuance of relevant documents by China's administrative and judicial departments this time also shows that the pace of China's advancement will be further accelerated on the issue of intellectual property protection. With the gradual transformation of the mode of economic development, innovation and development has become the main driving force of the economy, the future growth of intellectual property rights is highly deterministic, the leading standard in the plate is worth active attention.
(Investment Advisor Zhong Yanling Registered Investment Advisor Certificate No.: S0260613020024)
MarketReview
1, the market review: the operation is not aggressive chasing the high, the low attention to the performance of the growth of a clear, reasonable valuation of the varieties of the wrong killed!
By the periphery fell overnight, the impact of the U.S. stock plunge, Wednesday Shanghai, Shenzhen and create a synchronized jump low opening, and the low opening amplitude of more than 1.3%, but then the three major indexes have been higher, almost all the line back to make up the low opening gap, but near the noon close of the attack was again blocked, the whole day shocks again and again. As of Tuesday Shanghai three consecutive sun, a new high since the current round of rebound, but the volume of significantly shrinking, coupled with the overnight plunge in the periphery, the market only continue to make up for the volume of the attack to get out of the healthy trend. It is recommended to focus on the volume of cooperation, if the index multiparty attack is weak, perhaps will continue to adjust the wash; if the disk chooses to shrink back down to adjust, then the short-term bulls still have to do more momentum. At present, the Shanghai index below the gap despite the Monday high open, but there is no shortage of short-term averages of support, the overall view of the downward adjustment of space is limited. On the operation, it is recommended not to aggressively chase high, low attention to performance growth is clear, reasonable valuation was wrongly killed varieties. It is recommended to pay attention to electronics, communications, food and beverage and high-performance technology stocks, avoiding the previous high stocks and complementary stocks. The stock market is risky, investment need to be cautious.
(Investment Adviser Gu Zhixiong Registered Investment Adviser Certificate No.: S02606611020066)
2, Macro View: China's November Caixin services PMI rose to 53.8, a five-month high
Oriental Wealth Network 5, December 5 published in the November Caixin China General Services Business Activity Index (services) PMI recorded 53.8, a five-month high
Oriental Wealth Network 5, released in November Caixin China General Services Business Activity Index (services), a five-month high. PMI) recorded 53.8, up 3 percentage points from October, a five-month high, showing a marked expansion of business activities in the service sector. The expansion of the services sector and a modest rebound in the manufacturing PMI led to a Caixin China Composite PMI of 51.9 in November, up 1.4 percentage points from October's 28-month low.
(Investment Advisor Gu Zhixiong Registered Investment Advisor Certificate No.: S02606611020066)
3, the insurance industry: liability investment marginal improvement, the plate into the configuration of the point
from the point of view of the liabilities of the business, personal insurance new single premiums by the protection of the business to continue to warm up, the cumulative growth rate of the decline in the narrowing of the trend, driven by the NBV Continuous growth; considering the moderate base of NBV in the third quarter of last year, it is expected that the growth rate of NBV in the third quarter of this year will continue to improve compared with the first half of the year; the growth rate of the general insurance business is stable, and under the pressure of price wars under the reform of the commercial vehicle premiums, the cost advantage of the large companies has been highlighted after the implementation of the unification of the reporting line. From the point of view of investment business, the decline of CSI 300 narrowed and stabilized in the third quarter, and the expectation of equity investment improved compared with the second quarter; interest rates stabilized and rebounded in the third quarter, and the 10-year treasury bond oscillated around 3.6%, and the expectation of interest rate downturn moderated under the background of overseas interest rate hike, and the net investment income may still remain stable. From the point of view of profit, the negative impact of investment moderated, while the reserves into the accelerated release phase, is expected to increase the growth rate of net profit in the third quarter compared with the first half of the year.
(Investment adviser C.H. Koo Registered investment adviser certificate No.: S02606611020066)