Macro

[After the reference to the front page: in the short to medium term, the economy can maintain a stable and good direction]

The real challenge for the economy is mainly in terms of investment. The tightening of local government liabilities may affect infrastructure investment. Even if the growth of real estate investment slows down, the trend is difficult to change. Although the investment in manufacturing is rising but the magnitude is small, it is difficult to make up for the infrastructure. The gap left by real estate investment. On the whole, based on stable consumption and good foreign trade, the investment and financing environment will not deteriorate significantly. It is expected that the overall performance will remain stable in the second half of the year, and there is no suspense in overcaping the economic growth target set at the beginning of the year. (Economic Information Daily)

[Multi-site accelerated establishment of state-owned investment operation platform]

Local state-owned state-owned enterprises are accelerating the deployment of state-owned capital investment and operation platforms. In the second half of the year, state-owned capital investment and operating company pilots are expected to continue to expand under a series of policies. It is understood that 21 of the 37 provincial-level SASACs have reorganized 52 state-owned capital investment and operation companies. At present, a number of provinces have introduced specific plans, and a number of state-owned capital investment and operating companies with strong capital strength and strong market competitiveness have already arrived or are about to land. (Economic Information Daily)

[Shangzheng: Shanghai's new property market near "sleep"]

Since July 18th, there have been no pre-sale permits for several commodity-free housing projects in Shanghai, and no projects have been opened in the form of a lottery. According to relevant data, Shanghai only expected 13 projects to enter the market in August, which is mainly concentrated in the vicinity of the outer suburbs, and some popular projects will eventually obtain pre-sale licenses. (Shangzheng Daily)

the company

[Jia Yueting brothers 250 million yuan assets were frozen, LeTV said that they are understanding the situation]

After Jia Yueting’s personal shareholding in LeTV was frozen, his brother Jia Yuemin’s assets did not escape the frozen fate. On July 24, CCB Beijing Guanghua Sub-branch applied to the court for property preservation, requesting the seizure, seizure or freezing of Leshiwang, Jia Yueting, Leshi Holdings and Jia Yuemin with a total value of RMB 250 million. LeTV public relations responded that because this incident involves Jia Yuemin, further understanding is needed, and the company is currently understanding the relevant situation (Securities Daily)

[Fortune China Top 500 is on the list and the 10 billion LeTV network is still on the list]

In 2017, the Fortune China Top 500 list was released, and SF was on the list for the first time. LeTV was still on the top 500 list, which was an increase of 113 places from the previous year. According to the industry, the Fortune China Top 500 list should be based on 2016 data. At that time, LeTV was at the peak of development, achieving annual revenue of approximately 21.951 billion yuan, which was not affected by subsequent events. (New Beijing News)

[Volkswagen scandal fermented Porsche or deactivated diesel 20,000 Cayenne will be recalled]

The crisis of confidence caused by Volkswagen’s “emission door” incident that erupted in 2015 and has been fermented has become the introduction of diesel cars’ “out of favor”. Porsche CEO Oliver Bloom said recently that he has begun to consider abandoning the fuel engine and decide within a decade whether his latest generation of diesel engines will be its last generation. The latest news shows that the German Ministry of Transport officials confirmed that about 2,150 Porsche Cayenne's 3.0L diesel version is equipped with special devices to cheque through the European emission test, the government will cancel the certification of these vehicles, Porsche must recall all involved vehicles; Volkswagen The Touareg SUV is suspected of installing similar cheats, and the German government is investigating. (Securities Daily)

[A number of foreign milk powder on the quality inspection bureau of the Black List Nestlé 10 tons of milk powder is prohibited from entering the country]

On July 31, the General Administration of Quality Supervision, Inspection and Quarantine issued a food and cosmetics information that was not allowed in June 2017, and many milk powder brands were blacklisted. The list of non-admissions includes adult milk powder and infant formula such as Nestle, Binbo, Wei Aijia and Mi Jiale. The reasons for the ban on entry mainly include unqualified labels, inconsistent cargo certificates, detection of live insects, excessive use of nutritional supplements such as vitamin B2, vitamin B6, vitamin B12, failure to provide certificates or certification materials, and total number of bacteria. According to the disclosed data, Nestlé's milk powder, which was not allowed by the AQSIQ, totaled 10.13 tons. (Securities Daily)

[Wanda's US AMC cinema is expected to plummet more than 26% after the second quarter of the big loss]

AMC Entertainment Holding Inc., the largest US theater company in Wanda, plunged more than 26% in after-hours trading in the US stock market on Tuesday, as the theater chain operator announced a cost reduction plan and said it The company is expected to turn a profit in the second quarter. According to the Market Watch website, AMC expects the company's second-quarter revenue to be between $1.2 billion and $1.204 billion, with a net loss of $174.5 million to $178.5 million and a loss per share of $1.34 to $1.36. In comparison, the earnings per share for the same period last year was 24 cents. (Phoenix International)

market

[Li Xiaojia: Innovation board will not become a shell stock market]

Li Xiaojia, chief executive of the Hong Kong Stock Exchange, published the latest blog and pointed out that just because listing is relatively easy, the listing status itself will not become a valuable "shell" for trading or manipulation. At the same time, if the parties in the market agree to launch an innovation board, the regulator should also consider designing stricter compliance obligations in subsequent rule refinements, including maintaining minimum market capitalization, minimum volume, etc., making the sector “easy to enter and easy. Retired, those who fail to meet the target will be forced to withdraw from the market, and the initial board of the innovation board will never become a 'zombie stock market' that only some market participants are worried about. (Shangzheng Daily)

[Floating profit is not as good as loan interest rate, set aside for arbitrage feast]

In the past two months, the average floating price of the new pricing standard (that is, the first day of the issuance period) was implemented. The average floating profit of the participants was only 3%, which was lower than the benchmark interest rate. According to analysts, the introduction of new regulations for refinancing and new regulations to reduce the number of arbitrage opportunities that have existed for many years has almost disappeared. (Shangzheng Daily)

[27 banks refinanced 528 billion fixed-priority stocks have different emphasis on convertible bonds]

From the perspective of 39 listed banks with A shares and H shares, except for state-owned banks, Hua Xia Bank and new listed banks this year, most of them announced or completed refinancing plans this year, with a total financing of 528 billion yuan. Among them, the new refinancing is mainly completed through preferred shares, convertible bonds, and non-public issuance (fixed increase). Overall, H-share listed banks and A-share sub-new-capital commercial banks are more enthusiastic about the issuance of preferred stocks; A-share newly listed rural commercial banks and stocks that are still in a net state are preferred to convert convertible bonds; A-share early listed city firms And part of the PB share line more than 1 times, more than through the fixed increase to supplement the core capital. (Securities Times)

[Shanghai Securities Regulatory Bureau officially awarded the first batch of seven provincial-level investment bases]

On August 1, the Shanghai Securities Regulatory Bureau held the awarding ceremony for the first batch of provincial-level investor education bases in the jurisdiction, Haitong Securities, Debon Securities, Dianzhang Media, Dongfang Securities, Hengtai Futures, Shanghai Huaxin Securities, and Securities Co., Ltd. Seven investor education bases were awarded the “Shanghai Securities Futures Investor Education Base”. (Shangzheng Daily)

[Foreign lightening financial stocks favor blue chip stocks with technical background]

In July, in addition to continuing to increase the overall blue-chip stocks through Shanghai Stock Connect and Shenzhen Stock Connect, the attitude towards the subdivision sector suddenly changed. Foreign investment in the traditional dominant sector – financial stocks began to turn cold, and individual large-cap financial stocks suffered a net sell. For blue-chip stocks with technical backgrounds such as Hikvision and Huichuan technology, they will continue to increase their positions. In addition, foreign investment in alcohol stocks and home appliance stocks continues. (Shangzheng Daily)

[The brokerage bond financing during the year was 331.56 billion yuan, a year-on-year increase of 72%]

The data shows that since the beginning of this year, 44 securities companies have issued a total of 131 bonds (corporate bonds and subordinated bonds), with a total issued amount of 331.56 billion yuan, up 82.9% and 71.5% respectively. Among them, brokers issued subordinated debts of 112 billion yuan, accounting for 33.8%. (Securities Daily)

International

[Apple's earnings report exceeded expectations, iPhone 8 postponed release concerns and reduced share price hit a record high]

In the second quarter of this year, Apple's revenue growth rate was the fastest in the seven quarters, and net profit increased by 12% year-on-year, the second consecutive quarter of growth, but the Chinese market sales continued to decline for the sixth consecutive quarter. The media believes that Apple's next quarter revenue guidance suggests that the iPhone 8 will not be postponed. After the earnings report was released, Apple's stock price rose more than 6% after the close. (Wall Street sees)

[European and American stock markets rose collectively: the Dow approached 22,000 points and the German stocks rose more than 1%. Gold hit a six-week high]

The Dow is close to the 22,000 mark and closed at a new high for the fifth consecutive day. The panic index Vix fell, once fell below the 10 mark. Tesla confirmed today that battery technology director Kurt Kelty has left. The company's share price closed down 1.2%. Oil prices fell more than 2%. The GDP growth rate of the euro zone hit a six-year high, European stocks rose, and German stocks rose more than 1%. COMEX December gold futures closed up $6.00, or 0.5%, to $1,279.40 per ounce, the highest since June 8. (Wall Street sees)

[Oil price fell more than 3% WTI lost $49 mark and oil dropped from a 10-week high]

US stocks in midday on Tuesday, oil prices fell more than 3%. WTI fell below the $49 mark, temporarily reporting $48.53/barrel, and Brent reported $51.13/barrel, both falling from a fresh ten-week high. In addition to being hit by OPEC's July production or a new high in the year, Goldman Sachs bearish on the positive impact of US sanctions on Venezuela's oil prices, making it difficult for oil price technology to maintain its recent gains. (Wall Street sees)

[OPEC crude oil production rose to half a year, the new high market once again questioned the production reduction action]

Oil prices have plummeted from a two-month high, and investors once again questioned whether OPEC can implement the production cut resolution and solve the global crude oil supply problem. Increasing production has made the efforts of OPEC members headed by Saudi Arabia to appease market sentiment almost in vain. Recent Reuters surveys show that OPEC crude oil production has reached a new high since December last year, which makes the market more worried. (Wall Street Journal)

[Silicon Valley property market Taihuo technology company frustrated Google, Facebook investment room]

Facebook plans to invest in affordable housing projects before the fall, with an investment of $75 million. Earlier, Google’s parent company reported that it bought apartments for employees for $30 million. The media said that this stems from the unusually high price of renting and selling houses. According to local media, an annual income of $100,000 is a low-income family in San Francisco and is eligible for housing. (Wall Street sees)

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