This issue's summary

Highlights

Statistics Bureau: official manufacturing PMI at 35.7% in February

Guangzhou to restart local subsidies for new energy vehicles

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MarketCommentary

Market comment: the implementation of the new securities law for the capital market escort, the overall risk of the market is controllable, the risk of organic

Macro viewpoint: the heavyweight! The official implementation of the new securities law, ten changes affect 160 million stockholders

Brokerage industry: capital market reforms will continue to play a role in the effectiveness of the brokerage industry leaders will continue to benefit

Futures Intelligence

Metal energy: gold 370.68, down 1.24%; copper 44450, down 2.46%; rebar 3349, down 2.48%; PVC index 6255, down 0.95%; Shanghai aluminum 13145, down 2.41%; Shanghai nickel 98610, down 2.60%; iron ore 611.5, down 2.94%; coke 1789.0; down 1.81%; coking coal 1238.0, down 2.13%; Brent oil 50.18, down 2.03%; Wire Rod 3708, down 3.03%; Shanghai Tin 131760, down 3.08%; Fiberboard 1323, down 3.08%; Zheng Alcohol 2025,down 3.30%; Shanghai Zinc 15905, down 3.66%; Fuel Oil 1973, down 3.9%; Crude Oil 358.6, down 4.14%; Asphalt 2750, down 4.31; Shanghai Silver 4169, down 5.19%; rubber 10690, down 6.56%; glueboard 180.75, up 4.87%;

Agricultural products: corn 1938, flat; Zheng Mai 2522, down 0.83%; sugar 5671, down 1.31%; apples 6901, down 2.24%; jujube 10470, up 0.38%; eggs 3458, down 3.89%; soybean oil 5616, down 3.90%; Zheng cotton 12310, down 3.98%; palm oil 4968, down 4.90%; early rice 2628, up 3.06%;

Exchange rates: euro / U.S. dollar 1.10, up 0.40%; U.S. dollar / yuan 6.99, down 0.18%; U.S. dollar / Hong Kong dollar 7.79, up 0.02%.

Two,Focusrecommended

1, Bureau of Statistics: official manufacturing PMI in February was 35.7%

Event: in February 2020, by the impact of the epidemic, the purchasing managers' index (PMI) of China's manufacturing sector was 35.7%, a 14.3 percentage point drop from the previous In February 2020, the non-manufacturing business activity index stood at 29.6%, down 24.5 percentage points from the previous month, indicating that the non-manufacturing economy in general fell back significantly due to the impact of the epidemic.

Comment: the impact of the epidemic, the domestic manufacturing industry in February in a larger area of stagnation, which dragged down the manufacturing PMI in February fell sharply, but due to the impact of the epidemic, so comparable significance is not large, is expected to March PMI will be a significant rebound. The current weakness of the fundamentals of investors have been more fully expected, so the negative impact on the market is limited, the market is expected to pay more attention to the policy side as well as changes in the external environment.

(Investment Adviser Zhong Yanling Registered Investment Adviser Certificate No.: S0260613020024)

2, Guangzhou will restart the new energy vehicle local subsidies

Event: following Foshan, another city will launch the purchase of subsidies. February 27, Guangzhou Municipal People's Government, the news shows that the Guangzhou Municipal Government Executive Meeting has been considered on 26th Passed the "on resolutely win the new crown pneumonia epidemic prevention and control of the blocking war efforts to achieve the annual economic and social development goals and tasks of a number of measures". The document in the "expansion of consumption" stable growth initiatives proposed to accelerate the implementation of last year has not been used up in the work of the quota of small and medium-sized buses, used car replacement, the purchase of new energy vehicles subsidies to boost auto consumption.

Comment: After Foshan, Guangzhou will also launch car subsidies, which is expected to form a demonstration effect to stimulate auto consumption. Automobile consumption belongs to the bulk consumption, for the economic recovery has a strong pulling effect, coupled with the subsidies for new energy vehicle consumption has a great role in stimulating, is expected to constitute a favorable new energy vehicle industry chain.

(Investment Advisor Zhong Yanling Registered Investment Advisor Certificate No.: S0260613020024)

Three,MarketReview

Market Review: The implementation of the new securities law for the capital market escort, the overall risk of the market is controllable,

Market Review: The implementation of the new securities law for the capital market escort, the overall risk can be controlled. Crisis in the organic

Due to the impact of overseas epidemic, nearly a week of U.S. stocks plunged 10%, the worst weekly performance since the financial crisis in 2008. As a result, the A-shares last week resisted four trading days were not spared, and on Friday both Shanghai and Shenzhen fell heavily, the industry and the concept of the board almost all ink. Considering that last week's market has seen a certain degree of retracement. However, the current domestic policy surface to remain warm, the new securities law was formally implemented on March 1, marking the marketization of China's capital market, the rule of law to a new level. Coupled with the domestic epidemic control effect is better, is expected to usher in a short-term repair rebound this week after a rapid decline. It is recommended to pay attention to securities, infrastructure, 5G, new energy automobile industry chain and so on. The stock market is risky, investment need to be cautious.

(Investment adviser? Gu Zhixiong? Registered Investment Adviser Certificate No.: S02606611020066)

Macro Viewpoint: Heavyweight! The new securities law is officially implemented, ten major changes affect 160 million stockholders

Event: the new securities law was officially implemented on March 1st. The General Office of the State Council issued a "notice on the implementation of the revised securities law" (referred to as "notice"), the deployment of the revised "Chinese People's Republic of China *** and the State Securities Law" (referred to as the new securities law) the implementation of the work. The new securities law comprehensively implements the registration system for securities issuance, significantly increases the cost of securities violations, improves the investor protection system, further strengthens the information disclosure requirements, improves the securities trading system, presses the intermediaries to fulfill their legal duties as market "gatekeepers", establishes and improves a sound multi-level capital market system, and strengthens the supervision, enforcement and risk prevention and control, etc. The new securities law will be implemented in the future.

Review: The implementation of the new securities law marks the marketization of China's capital market, the rule of law to a new level, and the international capital market successfully converged. More importantly, for small and medium-sized investors, the new securities law will be a strong deterrent to market violations, and in class action lawsuits for small and medium-sized investors, creating a fairer and healthier investment environment for small and medium-sized investors. In the future, in addition to the Science and Technology Innovation Board, the GEM and even the small and medium-sized boards and the main board will gradually transition to the registration system. In the medium and long term, the new securities law will continue to purify the market ecology, will have a profound impact on primary and secondary investors.

(Investment adviser? Gou Zhixiong? Registered Investment Advisor Certificate No.: S02606611020066)

Brokerage industry: capital market reforms will continue to play a role in the effectiveness of the brokerage industry leaders will continue to benefit

The implementation of the new securities law, to promote the reform of the capital market policy will continue to play a role in the effectiveness of the policy is highly sensitive to the high-beta attributes of the brokerage industry will continue to benefit. The current industry valuation is at a relatively low level, the market downturn restricts the performance, but as one of the market's leading indicators, is expected to stage gains in the market improvement, it is recommended to pay attention to industry leaders.

(Investment adviser Gou Zhixiong Registered Investment Adviser Certificate No.: S02606611020066)