January 26, early financial newsletter _ Long Chunbo

QFII Taobao participation in futures only guidelines will align yesterday, the China Securities Regulatory Commission published guidelines on the qualified foreign investors participation in futures trading (exposure draft) requiring QFII involved in stock index futures can only engage in hedging transactions. SFC-related departments, and emphasized that the QFII abroad issue may make use of stock index futures in derivative products.����With the guidelines (draft) published, within the scope of current SFC's participation in futures trading business guide is out of alignment.����Comment: as QFII limited on the amount in the short term on the market does not form a substantial bad, as the market capacity enhancements will only further liberalization of the QFII participation. Three departments jointly issued water conservancy construction fund raising and administrative measures of water conservancy construction is about to usher in a new round of climax. Journalists 25th was informed that the Ministry of finance, joint development and Reform Commission and Ministry of water resources has recently introduced the water conservancy construction fund raising and administrative procedures, clear fund the construction of Central and local water sources and uses.����Central Water Conservancy construction funds, the approaches noted that, for economic and social development of the global flood control and water resources engineering-building and other construction of water projects approved by the State Council, the central maintenance of hydraulic engineering, as well as flood control emergency flood.����Comment: the next 5 years, the national water conservancy construction with a total investment of about $ 2 trillion, of which the Central invest about $ 1 trillion, there is a big investment opportunities. The Bank of drought every two weeks to inject funds nearly 700 billion funds coupled with the massive reverse repurchase zero water open market operations, the Central Bank within two weeks of a multi-pronged, emergency NET invested nearly $ 700 billion of funds to the market. High dose injection of funds, funds of "drought" signs appear, but prices remain high. Yesterday was day of open market operations on Tuesday, but the central banks continue to "rest".����At this point, to mitigate market tensions, the Central Bank has suspended three times in a row since the last week of open market operations through natural lifting of due funding, allocated $ 318 billion funding released into the market.����Comment: from today until before the Spring Festival, open market there are 124 billion to pay a fortune, if the Central Bank to maintain a zero return operations, in the net before the Chinese new year running scale will total up to 470 billion yuan, highs over the last three years, on the market will be formed to benefit. Initiative to significantly increase credit line tension parts Bank lending rates of a large bank 25th China Securities newspaper journalists revealed that credit early spurt bank credit resources unprecedented stress, generally rising in some bank lending rates, ranging from increased rate of 10% per cent. According to Department of a large State-owned bank assets and liabilities with the matter said: "now, bank credit lines have all been put on the end of the month, Head Office have been killed under command, branch lending shall not exceed the line of credit in the month of the month.����"To ensure the credit limit is not exceeded, now head office has issued the branch line to improve credit interest rates.����Comments: bank interest rates on loans occur generally float will increase profits, positive banking sector. Become damp prick bubbles in higher earnings release yesterday breaking, 5 new listings gem, 4 dipped below the issue price--it's just a microcosm. Market forecasts, breaking become damp if you continue to the "hard to fight the cold water", will likely appear first issued the suspension, and even failure case. Since the new year, new share growing momentum in the game. Statistics show that in listing 26 new listings since 2011, 13 IPOs fell below the issue price.����As of yesterday closed 26 21 companies in the company's closing price is lower than the issue price.����Comment: If breaking become damp continues, agency "new" passion along with reduced, it is possible to request object involved in the quote below the minimum requirements, which have issued the suspension of the case, which will be "forced" IPO prices come down. Three ministries and improving post first dedicated real estate mediation is forbidden to eat regulating real estate brokerage Act introduced regulations. "Eat post", assist in signing the "contract of yin and Yang" was officially included in the "prohibited acts of employees", real estate agency "black hand" era ended. Journalists 25th was informed that the Ministry of construction, development and Reform Commission, the joint life insurance Department recently promulgated the measures for the management of real estate brokers, will come into effect on April 1.����Code for this is the first specialised sectors of real estate brokerage Act and regulations.����Comment: the introduction of the measures, is carrying out the important initiatives concerning the regulation of real estate, for straightening out the real estate market order, regulate the real estate brokerage Act, promote the healthy development of the real estate brokerage industry, will play an active role. Company net profit in 2010 is expected to grow substantially today, several companies publish 2010 performance increase notice. Eastern Jin Yu (19.68,-0.52,-2.57%) and hops (10.13,-0.48,-4.52%), King estates (5.72,0.03,0.53%) performance is expected to grow substantially, 3 companies projected 2010 growth in net profits were up by 400%, and 500%.����In addition, Huanghe whirlwind (11.47,-0.07,-0.61%) new and Zhejiang University Network (6.08,-0.09,-1.46%), trust (13.60,0.00,0.00%), a new 4 of Nanyang expects the net profit in 2010 compared with an increase of more than 100%.����Comments on: an active interest in annual investment opportunities, but beware of the dead. Major shareholders of listed companies, set off to increase its stake in the tide of 2.5 billion to increase its stake in capital of 80% cover industrial capital represented by large shareholders of listed companies, has always been the outside world as a model of value investing, with the market's weak in the near future, in 2008, the blockbuster "substantial shareholder to increase its stake in tide" now back again. Times Publishing (14.37,0.07,0.49%), Roland Dumas shares (4.89,-0.07,-1.41%), friends of shares today revealed that three companies controlling shareholder in Anhui publishing group, the BOT Group, friends of Ah holding January 25 through implementation to increase its stake in the secondary market on their own unit, of which Anhui publishing group to increase its stake in 75,700; BOT Group to increase its stake in 50,000 shares friends of controlling overweight40,000 units.����Comment: in addition to that their company value being underestimated in turn overweight "bottom", the large shareholders this wheel set off to increase its stake in capital in the late surge, there may be in order to prepare for the operation. "Nuclear high base" Declaration of guide or introduced in March 2011, "leading group have completed the ' nuclear Takamoto ' 2011 issue reporting guidelines developed, is waiting for a reply upper management. "Heads of the relevant Ministry revealed that declare 2011 subject guide on qualification requirements and reporting enterprises in 2010, comparable, is scheduled for 3 April introduction.����"Nuclear high base" is the core fundamentals of electronic devices, high-end general purpose chips and special fund software products collectively, at present, China's science and technology major special project plan is divided into 13 categories, "nuclear high base" is one of the most closely associated with the software and integrated circuit industries major special funds.����Comment: good news related to listed companies, "nuclear high base" attracted the participation of enterprises, with shares (24.07,-0.93,-3.72%), Tai Chi shares (43.88,-1.82,-3.98%), software (19.38,-0.14,-0.72%), kingsoft, chuanda smart, Hang Seng electronics (16.43,0.15,0.92%) of several listed companies are actively involved in the Declaration. Rare-earth-cement and other industries the entry threshold for clear in February 2010, the Ministry released the molybdenum industry access conditions (exposure draft). Exposure draft on molybdenum production enterprises save power and water recovery rate of iron, molybdenum, and other standards, strict implementation of the environmental impact assessment and environmental protection, safety equipment "three simultaneous" acceptance system. Mining enterprises and organization management system suited to the scale of production of mining and production operations and equipment, industrial sites, first stone site, supporting projects, such as tailings facilities.����Comprehensive open-pit mining and mineral processing production capacity shall not be less than the daily processing capacity of 10,000 tons of ore; pit coal mining-dressing integrated capacity shall not be less than the daily processing capacity of 5,000 tons of ore.����Comment: the entry threshold increase, favourable existing listed companies in related industries. Intensive introduction to promote structural adjustment of industrial policy Ministry announced on 24th of the polysilicon industry is necessary, just "35" first shot of the industrial structure adjustment. Sources to the China Securities newspaper reporters, national development and Reform Commission established by the 2011 edition of the catalogue for the guidance of the industrial structure adjustment, industrial adjustment policy is expected in the two sessions before and after the introduction.����Part of the industrial revitalization plan, nurture strategic emerging industries as well as the spirit of suppressing parts industry overcapacity, such as policies, are reflected in the new version of the directory. Comments: 35 period, after adjustment of market gaps will be filled by the strategic emerging industries. In accordance with the energy-saving emission reduction targets to transform traditional industries will also get an important opportunity for development. ���� ��