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Investment opportunities What to do with the savings in inflation?

Status: 22.06.2021 12:28 p.m.

Even in times of rising prices and zero interest rates, many Germans have their money in savings books or call money accounts. But if you want to protect your savings from inflation, you need alternatives.

From Lothar Gries, tagesschau.de

Consumer prices in Germany rose by 2.5 percent in May – more than they have been for almost ten years. At the same time, there is practically no more interest on overnight and fixed-term deposits, the most popular form of investment among Germans. Cash is also in great demand. The value of the notes issued by the Bundesbank rose by 9.5 percent last year. A similarly high growth rate was last seen in 2014. At the end of May 2021, banknotes issued by the Bundesbank to the value of 839 billion euros were in circulation, 52 billion or 6.6 percent more than a year earlier. But if you want your money to grow, you have to consider other investments than hoarding cash or putting it on savings accounts. There is no shortage of alternative investment opportunities. The long lucrative federal bonds are no longer one of them. The yields on these securities have fallen below zero since August 2019. Investors who lend money to the German state have to pay for it – a turning point, as they still got a return of five percent at the beginning of the millennium. “Today federal bonds have no place in assets that are designed to maintain or increase in value,” explains Ulrich Kater, chief economist at Deka-Bank, which is part of the savings bank group.

No prospect of rising interest rates

Investors should also not give in to the hope that consumer prices, which have recently risen again, will lead to higher interest rates. Inflation is likely to accelerate further until the end of the year, but the European Central Bank (ECB) has repeatedly emphasized that it will adhere to the zero interest rate policy. The priority is to stimulate the economy again after the corona crisis, said ECB boss Christine Lagarde. In addition, the current rise in inflation is only temporary.

Investments that are considered to be risk-free, such as savings books and fixed-term deposit accounts, no longer offer any prospect of positive returns for the time being. In order for the saved to experience growth, stocks in particular offer themselves as a way out. Fund savings plans, for example, are a good way to get started. Investors pay regular amounts, in many cases from 25 euros upwards, into an investment fund in which various securities are bundled and which is managed by professionals. Alternatively, of course, investors also have the option of taking their money into their own hands and buying shares in individual companies on their own. In the past few years, you couldn’t go wrong when buying technology stocks.

Alternative ETF?

If you don’t dare to do this, but still want to invest in stocks, you can invest your money in a so-called Exchange Traded Fund (ETF). These funds replicate a stock market index (often with so-called derivatives). This can be the German share index (DAX) or other indices such as the US leading index Dow Jones. The performance of an ETF is closely linked to the respective index. As a result, the fees are usually lower than with other funds. Investing in the stock market is of course not without risk: If the index behind an ETF falls because the stocks in it fall, the fund also loses value.

Nevertheless, ETFs are enjoying growing popularity. According to industry experts, there are almost 7,000 of these funds. This is also due to the low interest rate phase. It ensures that more people invest their money in funds than before. Many have done well with this strategy and have achieved better returns than they would have achieved on a call money account. For example, an ETF on the DAX alone has generated a return of 55 percent in the last five years – provided that you kept your nerve at the beginning of the pandemic and did not sell when the markets collapsed by a third in spring 2020.

Gold and open real estate funds

A popular investment, especially in times of crisis, is gold. The corona pandemic has confirmed this again. By early August 2020, the price of a troy ounce (31.1 grams) had risen to an all-time high of $ 2,063, around a third more than at the beginning of the year. But then things went downhill again, to $ 1,684 in March. It is currently $ 1,775. In fact, gold is extremely volatile because the price is mainly driven by demand, because it has no “intrinsic value” like companies do. The precious metal is therefore not considered a reliable investment. There is also the often unsafe storage of bars or coins.

Those who shy away from the capital market and don’t believe in precious metals can also invest their money in real estate funds. They collect capital from investors and invest it in offices, shopping centers, residential buildings or logistics centers. The so-called open real estate funds are particularly popular with private investors. The income from such a fund, i.e. the rental income after deducting costs, is distributed to the owners as profit. With well-managed funds, an annual return of four to five percent can be achieved, a little more than the inflation rate.

Sometimes there is a risk of total loss

But the system has a catch. A minimum holding period of 24 months applies to open-ended real estate funds. An investor must also announce the return of his money to the fund company. Then he will get his system back after twelve months at the earliest. So if you have to get your money at short notice at any time, you should refrain from such investments.

The examples show that there is no shortage of alternatives to the savings book or a federal bond. But if you want to increase your money, you also have to be prepared to take risks. In some cases, for example when purchasing shares, there is even a risk of total loss, as the example of Wirecard recently showed. A look abroad – especially the USA, where far more people own shares than in Germany – shows that long-term wealth can only be built up with investments in the capital market

The 2020 annual report shows that Tongyu’s main business is communication antennas and radio frequency devices, optical communications, and new energy electrical cabinets, accounting for 79.37%, 15.53%, and 5.1% of revenue respectively.

The chairman of Tongyu Communication is Wu Zhonglin, male, 54 years old, Chinese nationality, no permanent overseas residency, master degree, engineer, assistant engineer, professor, former assistant engineer of Guangdong Sanshui Southwest Communication Equipment Factory, Zhongshan Post and Telecommunications Bureau, Guangdong Province Mobile branch engineer, visiting professor of Zhongshan Vocational and Technical College, etc.

Daoda (1997) “Individual Stock Trend” reminder:

1. In the past 30 days, Tongyu Communication’s holdings of northbound funds have decreased by 530,200 shares, and the proportion of shares in circulation decreased by 0.32%;

2. No organization has conducted research on Tongyu Communication in the past 30 days.For more key information, please search for “Dao Dahao”.

   Every Jing Toutiao (nbdtoutiao)——You lose 200,000 yuan if you get out of the column! How long will the low price of the pig cycle go sideways in the second half?The industry predicts that the turning point will come at this time

   (Reporter Zeng Jianhui)

   Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before use. According to this operation, at your own risk.

   Daily economic news

There are 91 daily limit. Although I seem to never get along with the daily limit, it doesn’t affect my mood. What kind of style determines what kind of ending, I play for the medium and long-term stability, and even the semi-equity index fund ETF is destined to be insulated from the daily limit, but it is constantly rising.

Some people say that the water used for food brewing has plummeted. Isn’t it a good thing? A small T on the disk can regain the blood, reducing the cost and being naughty again. If you evaluate it objectively and it falls, where will the market get better? Which time did it not directly crash the Shanghai Composite Index, but also brought the index to rise again.

The temper of securities is to rise and fall. They dare not pull up and are afraid that they will not be able to suppress the madness of the index. They can only let consumption rush to the front. Only the water energy brewed by grain is the only side of consumption.

On Tuesday, you can expect to accelerate the rise

On Monday, the trend was perfect. It bottomed out twice, and many people were washed out, and they were short of 3,500 points. There has never been a peak that retail investors can foresee. When they are all on the run, please bear with me. If you breathe more than anyone in the end, you will win.

This dishwashing technique is too familiar, with 3,500 points as the psychological point, repeated shocks between the communities, without losing chips, boiled the green baby in warm water, and left people off the car. Things that can’t be done sideways at 3,600 points, fall back to 3,500 points, then it’s easy to do.

However, the main funds have never been worried that the return will be less than 3,600 points. Only the panicked retail investors worry that they will not return. Securities fully adjusted, a big positive line, they will chase in again, and their emotions will see 4000 points again.

The people who are short of 3,000 points here are the same group of people who were brainwashed by 4,000 points of speech. They are the eternal gods of wealth in A shares, and of course they are the kind who send warmth.

Some things you missed, forget it Say it again, all high-quality long-term tracks are not your short-term naughty place. Taking profits to fight for profits and chasing high to enter the game are two different things. One detail determines your final outcome. In the event of a big drop, those who chased the high were complaining besides panic, while those who held it happily did T for nothing. What is the mentality? It is not just learning to have it, but the confidence, what is the confidence, it is the thick floating profit, when your costs are all negative, do you still have the idea of ​​panic when you encounter this kind of plummet? I said that my trading system is to start holding at a low position and operate in a floating position until the cost drops to a negative number one day. Then you will be more calm. If you increase your profit, you can decrease your number of shares. You can play for a few years. greasy. For example: medicine, military industry, when you call back, you just ignore it, and you didn’t even notice that the two bottoms of the medical aesthetics were even yang. You may only notice after reading Xiaofan’s article. Why did you happen to be there when the price rose? Final summary There is nothing to say about the market, that’s it, let it be naughty for a while. If you are bearish, please be bearish forever. These are also good things. If you don’t play, you win! Because short positions can outperform 80% of retail investors, just don’t help being lured by the big Yangxian too much.

I’m Xiaofan, thank you everyone for liking and following comments and sharing, light up the little thumb, little rocket, little star below, thank you for meeting… The stock market is risky, investment needs to be cautious!Personal opinion, do not make investment advice

Produced | Sohu Finance

Author | Zhang Ying

On the morning of June 15th, Suning.com issued an announcement stating that Suning Appliances passively reduced its holdings of 10 million shares on June 11, and it is expected that Suning Appliances may reduce its holdings of Suning.com by no more than 384 million shares in the next six months ( (Accounting for 4.12% of Suning Tesco’s total equity).

Since June, Suning Appliance has repeatedly reduced its holdings of Suning Tesco’s shares.

On June 2, Suning.com disclosed that Suning Appliance intends to transfer 520 million unrestricted shares of Suning.com (accounting for 5.59% of the company’s total share capital) held by Suning.com to the new retail fund, with a total transfer price of 3.182 billion yuan.

On June 10, Suning Appliance received a supervisory letter from the Shenzhen Stock Exchange. The regulatory letter pointed out that Suning Appliance reduced its holdings by a total of 19.50 million shares through centralized bidding, accounting for 0.21% of the total share capital of listed companies due to the default clauses of the agreement triggered by some stock pledge repurchase transactions. Suning Appliance did not announce the relevant shareholding reduction plan 15 trading days before the first occurrence of the shareholding reduction event.

In addition, on the morning of the 15th, Suning.com also issued an announcement stating that Zhang Jindong’s 540 million shares were judicially frozen by the Second Intermediate People’s Court of Beijing, accounting for 5.80% of Suning’s total share capital and 27.68% of Zhang Jindong’s holdings. .

A week ago, Suning Appliance Group Co., Ltd. added a piece of information about the person to be executed, case number (2021) Jing 02, No. 837, and the execution target was over 3.082 billion yuan. Zhang Jindong, Suning Real Estate Group Co., Ltd., and Suning Appliance Co., Ltd. Executor.

On February 28 this year, Zhang Jindong and his concerted person, Suning Holding Group, etc., planned to transfer 23% of Suning Tesco’s shares to Shenzhen International and Kunpeng Capital to introduce state-owned shareholders.

After the completion of the share transfer, the listed company will be in a state of no controlling shareholder and no actual controller.

This year, Suning.com has “continuous crises.”

The 2020 annual report previously disclosed by Suning.com showed that Suning.com’s 2020 operating income reached 252.296 billion yuan, a year-on-year decrease of 6.29%. In 2020, Suning.com’s net profit attributable to shareholders of listed companies was -4.275 billion yuan, a year-on-year decrease of 143.43% from 9.84 billion yuan in 2019. This was also the worst year for Suning.com since its listing.

Sohu Finance also learned that Suning Real Estate and Suning Appliance, which were executed this time, were also involved in a loan lawsuit with the leading real estate company Sunac.

Anhui Sunac Real Estate Co., Ltd. and Suning Real Estate, Suning Appliance, and Xuzhou Suning Real Estate related loan contract disputes will be heard on July 19, and Suning will be the defendant.

According to public reports, Suning Real Estate had previously cooperated with Suning Real Estate to develop real estate projects. During the development process, Suning Real Estate borrowed a sum of funds from Suning Real Estate, and Suning Real Estate failed to repay the arrears on time.

As of press time, Suning.com reported 5.65 yuan per share, down 9.02%.

Produced｜Sohu Finance

Author｜Wu Ya

On June 15, the first trading day after the Dragon Boat Festival holiday, China Evergrande (HK:03333) opened a high of 11.34 Hong Kong dollars per share, up 1.06%; since then, China Evergrande’s stock price has fallen all the way, with a minimum of 10.98 Hong Kong dollars per share. The decline amounted to 2.14%, and the total market value was about 145.4 billion yuan. As of press time, China Evergrande reported 10.94 Hong Kong dollars per share, down 2.5%.

Prior to June 11, China Evergrande purchased approximately 2.69 million shares of its own at a price of 11.14 to 11.38 Hong Kong dollars per share, valued at 30.2 million Hong Kong dollars.

Since June 7, 2021, to June 11, China Evergrande has spent approximately HK$529 million to repurchase approximately 46.1 million shares in just five days.

Among them, China Evergrande had spent HK$336 million to repurchase 29.084 million shares on June 7, at a repurchase price of HK$11.08-11.84 per share. On June 9, China Evergrande announced that it will be released on June 9, 2021. 12.2 million shares were repurchased on a daily basis but not yet cancelled. The issued shares accounted for 0.0921% of the existing issued shares before the issuance of the relevant shares. The price per share was HK$11.20-11.60, and the total amount paid was HK$139 million.

In addition, on June 10, Evergrande repurchased 2.111 million shares for a total of 23,699,600 Hong Kong dollars.

Stock price information shows that since March this year, China Evergrande’s stock price has declined overall, from a high of 15.7 Hong Kong dollars per share on March 30 to 11.22 Hong Kong dollars per share on June 11 (the closing price of the last trading day before the Dragon Boat Festival holiday). Shares, fell 28.53%, and the total market value shrank by more than 48.9 billion yuan.

Since May, China Evergrande has repeatedly been caught in turmoil. On June 7, China Evergrande issued a statement, and responded positively to various rumors about the sale of houses at discounted prices, Evergrande’s operating conditions, and capital chain.

China Evergrande stated that the company’s production and operation are all normal, and malicious rumors will be held accountable in accordance with the law.

It said that the annual “May 31 House Buying Festival” was held recently, and the staged extra-large preferential measures introduced are limited to products such as large units, bottom and top floors, shops and other products that have a single-building sales rate of more than 95%. No adjustments have been made to the selling prices, discounts and payment methods of all conventional products.

In view of the fact that a very small number of commercial bills were not redeemed in time by individual project companies, it expressed great importance and arranged for redemption. In addition, regarding the financial business carried out with Shengjing Bank, Evergrande Group stated that they are in compliance with relevant national laws and regulations.

It also emphasized that “the company’s production and operation are all normal, and there has been no case of late payment of loan interest or overdue return of principal in the past 25 years since its establishment.”

In addition, Xu Jiayin, Chairman of the Board of Directors of Evergrande Group, revealed at the Evergrande Group’s annual strategic partner exchange meeting on June 3 that by the end of this month, Evergrande’s interest-bearing liabilities are expected to drop from last year’s highest of 874.3 billion yuan to Below 600 billion yuan, at least one of the three red lines will turn green.

However, on the evening of June 9, China Chengxin International stated that it maintained the subject credit rating of Evergrande Real Estate Group Co., Ltd. as AAA, and maintained “15 Evergrande 03”, “19 Evergrande 01”, “19 Evergrande 02”, and “Hengda 02”. “20Hengda 01”, “20 Hengda 02”, “20 Hengda 03”, “20 Hengda 04”, “20 Hengda 05” and “21 Hengda 01” debt credit rating is AAA, but they will The entity of Evergrande Real Estate Group Co., Ltd. and the credit ratings of the aforementioned debts are included in the credit rating watch list.

China Chengxin International stated that it will continue to pay attention to the implementation progress and effects of Evergrande Group and Evergrande Real Estate’s debt reduction strategy, as well as the negative impact on the company’s operations and debt repayment that a very small amount of commercial bills are not paid in time. And timely assess the impact of the above matters on the company’s credit status.

1. Due to the slump of financial stocks, there is no doubt that today’s Northbound funds will flow out of the Shanghai Stock Connect. The Shenzhen Stock Connect has not been affected much. In the afternoon, it was a net inflow. Although the volatility of the A-share market is not large, but I did not expect that the undervalued sector was thought to be incapable of falling, but in fact there is still a bottom! The southward funds have not been affected much. Hong Kong stocks fell more than A shares in early trading today. The drop in the afternoon was smaller than that of A shares.

   

2. The market closed down 33 points today, or 0.92%, to close at 3556 points. The transaction volume was 444.7 billion yuan. The turnover of the two cities is just over one trillion yuan. There were only 514 gainers and 1408 losers. The net outflow reached 28.08 billion yuan. There are 61 daily limit stocks and 27 daily limit stocks. There are many stocks with large daily limit. Semiconductor technology stocks performed well on the disk, while non-ferrous tourism and financial stocks fell sharply. The concept of Hongmeng rose sharply in the intraday and fell back!

   

3. In fact, there hasn’t been much fluctuation in the periphery recently. Last night, the Nasdaq Index was only one step away from a record high. Both the Nikkei Index and South Korea Index are mainly shocks! Only the big A shares performed quite weakly. A shares fluctuated at around 3600 points for a long period of time, and there was no upside for a long time, indicating that the pressure above is quite large. It is not as easy as some experts think 4000 points. It’s so difficult at 3600 points, let alone 4000 points.

5. There was a rare surge in core assets last year. And a little bit regardless of the fundamentals, regardless of performance, as long as the core assets will rise. But this year is different. This year’s core assets must have real materials in order to rise. In other words, only core assets with outstanding performance in a quarterly report will rise. The core assets that performed in a quarterly report have been lying low. In the past few days, low-level core assets continue to break down. Ping An of China and Vanke A are the most obvious examples. Therefore, do not think that these underestimations are very cheap and stable. But it was unambiguous to fall. This is the difference between this year’s core assets and last year.

1. The next market is becoming more and more professional. Basically, the agency has the final say. Of course, some hot money will also have some opportunities. Organizations are based solely on performance, and different organizations have different understandings of performance. Therefore, institutions that did well last year may not do well this year. Regardless of the amount of hot money, the Hongmeng concept of the past few days has also been profitable. However, if you want to catch up, you may not be able to make money. Those who can survive in the market are human beings. It’s not easy to cut anyone!

   

2. Although the market performance is very weak, I don’t think it should be too pessimistic. According to A-share stocks, if they cannot rise, they have to fall before they can rise again! Therefore, if the recent market only steps back to about 3500 points, it will basically bottom out. Look at the A50 actually fell not so tragically! It’s just that the fall of financial real estate is really unbearable! The differentiation of individual stocks is too serious! Core assets are also looking at performance. When the semi-annual report is coming, it is better to avoid the stocks with mediocre performance!

Lead: Tomorrow, Wednesday, A shares will welcome a “heavy rain”?

Let me talk about the key points first: The central bank launched a 7-day reverse repurchase operation of 10 billion yuan today. Because there is a 20 billion yuan reverse repurchase expiration today, a net return of 10 billion yuan was realized on the same day, and liquidity was recovered; Tuesday, the first transaction after the holiday. Today, the two markets ushered in adjustments. Among them, the Shanghai and Shenzhen Index fell below the 20-day line, and more than 60% of the stocks closed down. It can be seen that the adjustment is relatively strong.

First, let’s take a look at the other major indexes. Overnight, US stocks were mixed, and the S&P 500 index hit a record high. The Nikkei 225 index opened higher and oscillated, and finally closed up 0.96%, the Korean Composite Index rose slightly by 0.2%, and European stocks showed a general upward trend at the opening.

The market contracted on Tuesday, and the total turnover of the Shanghai and Shenzhen stock markets exceeded 1,000 billion yuan, with active trading. From the overall perspective of the disk, the opening conditions of the three major stock indexes were different. The Shenzhen Component Index opened slightly higher, and then quickly dropped after a short period of consolidation. After that, it bottomed out and stabilized and began to pick up. The rebound speed is relatively fast but the volume is not large. Strong, Shenzhen Component Index retreated to step on the 30-day line in early trading. In the afternoon, the two cities are focused on consolidation, and the small inflows in late trading can be enlarged. In the end, the three major stock indexes all closed down, with a drop of about 1%.

Say a certain chance

In May, Runhe Software (300339), which started to take everyone’s layout, increased by 178.76%, and Heribo Fashion (603196) increased by 109.52%, and it has doubled since then! This is enough to prove the strength of the author.

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On the whole, the index ushered in a strong adjustment, and individual stocks fluctuated accordingly. The number of stocks in the two cities and the concept were green and red. The number of daily limit stocks still reached 67, and the number of down limit stocks was also quite large, with the number exceeding 20; , Quantum Technology, and the general aviation sector are relatively strong, bringing certain support to the market. The Hongmeng concept, non-ferrous smelting and processing, steel, paper, and pork sectors have undergone adjustments.

At present, today and the last trading day before the holiday, the market has seen a downward trend, mainly due to the recent sideways consolidation of major indexes and the differentiation of weighted stocks. Among them, the SSE 50 index once fell by more than 1.5. %. However, it is not obvious from the fact that the lower limit and the larger decline of the two cities are not obvious. Most individual stocks have shrunk and the number of daily limit stocks is still large. It shows that the current long-short-term consolidation market has not changed the overall stability of the market. situation.

In the short term, in the absence of effective resonance in terms of capital and the willingness of the market to go long, the market will still be organized accordingly. In addition, the Shanghai stock index has stepped back to near the 30-day line. Coupled with the support of the previous bottom structure below, the downside space is limited.

Tomorrow, Wednesday A shares will welcome a “strong rainfall”?

To sum up: the market generally adjusted on Tuesday. The Shanghai stock index opened lower and lowered and fell below the 20-day line during the intraday session, and finally closed the shrinking mid-yin line. The Shenzhen Component Index and the ChiNext Index also experienced strong adjustments. On the whole, the market has accumulated some momentum and external factors during the holiday, so today’s early trading speed is faster, and the amount of energy is also relatively large.

Finally, from a technical point of view, there was a slight rebound in late trading, and the volume was slightly enlarged. The ChiNext index closed above the 5-day line, and the market’s long momentum showed signs of being stimulated little by little. Therefore, on Wednesday or a process of oscillating and rebounding after digesting short-term kinetic energy, the intensity of “heavy rainfall” is limited.

In terms of sectors, the electronics and automotive sectors bucked the market and rose, while the leisure services and non-ferrous metals sectors fell by more than 3%.

After the Dragon Boat Festival, the rainy season rained and wet the A shares. The high shock before the holiday was “inspiring”, and the plunge after the holiday was “sad”. On June 15, the first trading day after the Dragon Boat Festival, the performance of A shares was “unsatisfactory.” The two markets traded over one trillion yuan, and large market value stocks plummeted significantly.

What is the main logic of the A-share market opening on the first day after the holiday? From the perspective of fundamentals, valuation, liquidity, etc., what is the expected A-share market in the second half of the year? How to choose between large, medium and small market value and sectors?

“International Finance News” reporter interviewed several industry insiders. In their opinion, the current A-shares do not have the conditions for the index to rise sharply, and the hotspots collectively fell again, and the index continued to wash up and gather momentum. The upward momentum of the economy is still weak, liquidity is restricted, and equity market valuations are not low. In the second half of the year, income expectations should be lowered.

The first day after the holiday market “green fat red thin”

On June 15th, the three major A-share indexes rebounded slightly after falling in early trading, and then maintained a low and volatile trend, and the decline narrowed. As of the close, they all fell by about 1%. The Kechuang 50 Index bucked the market and opened higher and then fell back to close up.

In terms of sectors, the electronics and automotive sectors bucked the market and rose, while the leisure services and non-ferrous metals sectors fell by more than 3%. The performance of individual stocks was “green, fat, red and thin”, with 1351 individual stocks rising and 67 daily limit stocks; 2913 individual stocks falling, and 27 falling limit stocks.

In terms of popularity, the turnover of the two cities exceeded one trillion yuan, a slight decrease from the last trading day before the holiday. The net outflow of Beishang capital was 5.2 billion yuan, mainly reducing its holdings of WuXi AppTec, Zijin Mining, Ping An, etc., each of which exceeded 500 million yuan; Beishang capital also “started” Yanghe shares and BYD, and the net sales were about approximately 300 million yuan.

In the first half of the year, a total of 208.3 billion yuan of net inflows of funds from the north, including 88.8 billion yuan in Shanghai Stock Connect. Since June, the net inflow of funds from Beijing to Beijing is 1.5 billion yuan, of which Shenzhen Stock Connect has a net inflow of 1.4 billion yuan.

What is the main reason for the market decline after the holiday?

Qianming Asset Management Fund Manager Bai Yi analyzed to a reporter from the International Finance News that today’s market’s hot cyclical stocks and the concept of Hongmeng fell collectively, and the bull market trend sector securities also appeared to sell off. The deep-seated logic is that there are currently no conditions for the index to rise sharply, and the hotspots collectively fell again, so the index continues to wash up and gather momentum.

“The Shanghai Index fell below the 20th line on the first day after the Dragon Boat Festival, which exceeded most investors’ expectations.” Liu Youhua, head of research on private equity rownets, also told reporters that in terms of popularity, the turnover of the two markets still exceeded one trillion yuan. , The market is still hot, but structural opportunities are more difficult to grasp. In terms of liquidity, over-issuance of foreign currencies has led to global inflation expectations, while the continuous appreciation of the renminbi has led to continued inflows of foreign capital. This expectation will still exist in the second half of the year. From the perspective of individual stock fundamentals, the profitability of most individual stocks has improved, and the semi-annual report will be the focus of the market.

Wang Jiang, general manager of Yuanrong Investment’s stock department, said in an interview with a reporter from the International Finance News that the market tends to choose the direction of least resistance in the short term, which has a certain degree of randomness. On the macro level, the market focuses on US employment data. If employment is weak, the expected contraction of the balance sheet will be delayed, which is conducive to the stability of the valuation level. However, as time goes by, the window of desensitization of inflation data and employment data has not yet recovered is being consumed, and as the Fed’s interest rate meeting approaches, the market will inevitably be worried. “As far as the second half of the year is concerned, there are macro variables, and the current equity market valuation is hardly cheap, and it is reasonable to reduce income expectations. In terms of sectors, the optional consumption branch in the increase in penetration rate and the disturbance of raw material prices The sub-manufacturing sectors that have little real impact can be paid attention to.”

How to switch between large and small market capitalization opportunities

In the first half of the year, the Shanghai Composite Index rose more than 4%, the ChiNext Index rose more than 11%, and the Shanghai and Shenzhen 300 Index and the China Securities 1000 Index both rose more than 2%. Since June, there has been a significant gap in the index of individual stocks representing large, medium and small market capitalization. The Shanghai and Shenzhen 300 Index fell nearly 1% during the year, the Shanghai 50 Index fell more than 3%, and the CSI 1000 Index rose 2.5%.

How to choose large, medium and small market capitalization stocks in the second half of the year?

“Currently, large blue chips and Baotuan stocks are at historical highs, and the probability of shock adjustments in the second half of the year is relatively high; but small market capitalization, second-tier blue chips, and the financial sector are again in the historical underestimation range, and there is an upward trend in the second half of the year. The biggest opportunity in the second half of the year. The risk is the valuation of U.S. stocks, which severely restricts the rise of the big blue chips of A shares.” Bai Yixiang “International Finance” reporter estimated that in terms of liquidity, the central bank is expected to continue to implement moderate monetary policy, and foreign capital will continue to flow into A shares. tendency. On the whole, the index fluctuated more in the second half of the year. Focus on the upside opportunities of undervalued companies. On the sector, it is recommended to pay attention to TMT, domestic substitution, and post-epidemic sectors such as tourism, airports, ports, etc.

Lang Chengcheng, director of the research department of Furong Fund, bluntly stated to the reporter of “International Finance” that the market was mainly high and volatile last week, and structurally small and medium-sized market capitalization companies rose at the top. In fact, since May, from the rotation of large market value companies to small and medium market value companies, both types of companies have seen a certain degree of rise. The core logic is to restore the pessimistic expectations of liquidity. “As the semi-annual report and the 100th anniversary of the founding of the party approach, the round of rising prices may have reached the middle and late stages, and market volatility will increase. Small and medium-sized market value companies under the catalysis of the theme should be treated with caution.

“In the short-term, it is recommended to moderately control the investment rhythm, and be optimistic about low-value banks and some cyclical leaders; in the medium and long term, performance growth is still the core main line, and we are optimistic about the high-period cycle of electronics and electronics.” Lang Chengcheng further analyzed, economic fundamentals. Financing data reflect that the upward momentum of the economy is still weak, the scale of new social financing has fallen sharply year-on-year, and the year-on-year growth rate of the stock of social financing has also continued to decline. The South China Industrial Products Index has risen to a high level again. Last week, the US CPI rose by 5% year-on-year in May, exceeding expectations and setting the largest increase since August 2008. However, the yield of Treasury bonds has continued to decline since then. Compared with inflation, the Fed pays more attention to employment and economic recovery, focusing on the Fed’s interest rate meeting this week.

Institutional view: not overly optimistic in the second half of the year

In terms of sectors, cyclical stocks such as steel, mining, chemical, non-ferrous metals and other cyclical stocks ranked first in the year’s component range (total market value weighted average), with a rise of more than 14%; non-banking finance, defense and military industry, and household appliances all fell more than 11%.

In terms of price-to-earnings ratio PE (TTM, holistic approach), science and technology sectors such as computers, national defense and military industries, transportation, communications, electronics, and medical biology exceed 50 times, of which media, leisure services, and integrated sectors exceed 240 times. The lower valuations are steel, mining, non-banking finance, etc., less than 20 times, and banking, building decoration, and real estate sectors are less than 10 times.

How to choose sector investment in the second half of the year?

Chen Li, chief economist of Chuancai Securities and director of the research institute, predicts that in the second half of the year, sector rotation will become more frequent and structural differentiation will continue. Unlike last year’s single valuation drive and the dominant performance drive in the first half of this year, the market in the second half of the year will no longer be a competition among various industries, and more inclined to comparisons within the industry, with low internal valuations and growth rates. The fast company will become the leader, and vice versa, it will continue to fall. For example, the growth of mid-to-high-end liquor in the liquor industry is expected to have strong certainty; under the background of “carbon neutrality”, the new energy industry is expected to diverge, focusing on both the technological path and cost advantages; Pay attention to the three links.

Looking ahead to the second half of the A-share market, the strategy team of Ping An Securities predicts that the overall market will fluctuate upwards in the second half of the year, and will lay out structural opportunities for growth styles. The economy is basically facing the upward pressure of the market, and there are corresponding constraints on liquidity. However, continued favorable policies and funding levels in the second half of the year are expected to continue to increase risk appetite. Equity valuation is not overly optimistic from the perspective of equity-bond yield ratio and earnings expectations. . It is recommended to pay attention to the proliferation of new energy vehicles, new energy, semiconductors, new chemical materials, biomedicine and other industries, as well as the proliferation of investment opportunities for more companies in the high-prosperity industry chain.

Northeast Securities bluntly stated that the leading factor in the market in the second half of the year will be the topping of profits, and the overall market valuation will be difficult to increase, and low-value and high-prosperity industries will prevail. The market fluctuated in the second half of the year. From the perspective of profit calculations, the profit growth rate in the second half of the year is decreasing quarter by quarter. In terms of funding, the US Taper expectations and the decline in domestic credit entering the second half of the year led to tight macro liquidity in the second half of the year; the stock market remained neutral in the second half of the year, mainly due to the increase in the issuance of new funds at the inflow side and the slowdown in foreign capital inflows. The outflow-end IPO fundraising rose, and the lifting of the ban fell. In terms of valuation and sentiment, the advantages of small and medium-cap valuations are obvious and the position of individual stocks is still low; Sino-US relations and credit risks may still suppress risk appetite.

The medical beauty business is growing fast, and women’s clothing is still the company’s largest business

Longzi shares three major business segments: fashion women’s clothing, medical beauty and green babies and children. Thanks to the popularity of medical beauty concepts, since 2020, the stock price of Langzi shares has risen by as much as 600% in the last 250 trading days. Langzi shares believes that this is related to the rapid growth of the company’s medical beauty business and the gradual increase in its contribution to the company’s overall profit.

The annual report of Longzi shares shows that in 2020, the company will achieve operating income of 2.876 billion yuan, a decrease of 4.35% from the same period of the previous year; net profit of 142 million yuan, an increase of 141.65% from the same period of the previous year. At a time when the revenue of women’s clothing and other businesses has declined due to the impact of the epidemic, the net profit of the medical beauty business, which is the second largest in revenue, reached 68,867,900 yuan, which contributed nearly half of the net profit of Langzi.

In its reply, Longzi shares stated that as of the end of 2020, the company has 19 medical aesthetics institutions, and the medical aesthetics business sector is also the key development direction in the near future, but it still needs long-term continuous intensive cultivation. The executives of Longzi shares also stated in investor relations activities that medical aesthetics is a long-term, heavy investment industry, and you must be patient with returns. The company will not change its long-term development strategy due to short-term market fluctuations. The development direction and strategic layout of Longzi Medical Beauty is very determined, that is, it adheres to the combination of endogenous growth and extensional expansion to implement the brand expansion plan.

At the same time, Longzi also clearly pointed out that as of the end of the first quarter of 2021, among the company’s three major business segments, women’s clothing is still the company’s largest business segment, and the company’s fundamentals have not undergone major changes.

Purpose of liquidation and reduction of holdings: It is to express the true meaning of supporting the children’s business

The fundamentals of Langzi shares have not undergone major changes. Since June, the stock price has changed its upward trend and has begun to fall, and it has even reached its limit for two consecutive trading days. The fuse that caused the stock price of Langzi to fall into a one-word limit is the company’s controlling shareholder, actual controller Shen Dongri and actual controller Shen Jinhua’s father Shen Bingyun’s clearance plan.

On June 4, Langzi disclosed the “Announcement on the Pre-Disclosure of Shareholding Reduction Plan for Shareholders” (hereinafter referred to as the “Announcement of Shareholding Reduction”), announcing that Shen Bingyun, the third largest shareholder of the company in the past eighty years, was based on his life It is planned to reduce all the shares held for the needs of arrangement and asset planning.

After the two lower limits on June 7 and June 8, the “Announcement on Receipt of Commitment Letters from the Actual Controller and Controlling Shareholders Acting in Concert” (hereinafter referred to as the “Commitment Announcement” According to China, Shen Bingyun promised that after the implementation of its share reduction plan, it will assist the strategic implementation of the medical aesthetics business of Langzi with no less than 500 million yuan through compliance channels and appropriate methods. In the view of the Shenzhen Stock Exchange, Shen Bingyun’s use of funds to reduce holdings is inconsistent.

In its reply, Longzi shares stated that Shen Bingyun confirmed that the real reason for the reduction was due to his advanced age and the needs of his own living arrangements and asset planning. The allocation of no less than 500 million yuan to support the development of the medical beauty business of Langzi shares is based on Shen Bingyun’s careful consideration and confidence in the company’s future development prospects and the development of the company’s medical beauty business, as well as supporting its children’s business. There is no conflict with the reason for the reduction in the real meaning made, and there is no inconsistency.

In the response, Shen Dongri, Shen Jinhua and Shen Bingyun all denied using the “Announcement of Commitment” to maintain the company’s stock price and cooperate with the share reduction.

In addition, in response to some non-compliance statements in the “Commitment Announcement” pointed out by the Shenzhen Stock Exchange, the supplementary announcement issued on June 15 by Longzi shares also clarified the performance method and time. Within 2 years of the expiry of the holding reduction period of this share reduction plan, Shen Bingyun will support the development of the company’s medical beauty business by providing loans and participating in the company’s establishment of a medical beauty industry fund. If after the expiration of the commitment period, Shen Bingyun provides the company with less than 500 million yuan in financial support, Shen Dongri promises to provide the company with the difference in financial support within one month according to the same performance method.

Longzi Medical’s 2020 performance commitment has been changed from “achieved” to “not touched on performance compensation”

In addition to supplementing some of the contents of the “Commitment Announcement”, Longzi shares also issued a correction announcement on the company’s “Expressions on the Performance Commitment of the 2020 Annual Report”.

In August 2019, Longzi shares issued shares to Shen Dongri and 4 other counterparties to purchase the remaining 41.19% of the shares of Longzi Medical and raised funds. Shen Dongri promised that the audited non-net profit of Langzi Medical from 2019 to 2021 shall not be less than 55.7 million yuan, 68.1 million yuan and 70.4 million yuan respectively. If the accumulated net profit achieved by Longzi Medical as of the current year does not reach the cumulative committed net profit as of the current year, the compensation obligation of Shen Dongri will be triggered in the current year.

In the 2020 annual report, the audited non-net profit of Longzi Medical in 2020 is 67,019,300 yuan, and the cumulative net profit from 2019 to 2020 is 133 million yuan, and the cumulative committed net profit is 124 million yuan. Longzi shares call it “Performance commitment has been fulfilled.” In its reply, Longzi changed the above expression to “the cumulative realized net profit is greater than the cumulative committed net profit, and performance compensation has not been touched”.

In addition, in view of the mismatch between the net profit and the net cash flow generated by operating activities in the first to fourth quarters of 2020, the company replied that the main reason was the impact of the epidemic, as well as the company’s women’s clothing business and medical beauty business. It is caused by the time difference between cash flow and operations, which is consistent with the company’s actual operating conditions. In addition, the fourth quarter net profit of Longzi shares was significantly higher than that of the previous three quarters, which was also related to the sales income generated by the sale of 7.14% of L&P’s equity in 2020.

As of the close of June 15th, Langzi shares closed at 45.52 yuan per share, a decrease of 1.11%, and the market value was about 20.1 billion yuan.

Beijing News reporter Wang Zhenzhen

Editor Zheng Yijia proofreads Yang Xuli

From the Financial Association (Shenzhen, reporter Zou Chenhui), Dongxing Securities has ushered in the latest progress in its fixed increase in fundraising, and this is also the 15th listed securities firm to launch a fixed increase since last year. In addition, there are already 11 brokerages that have refinanced through allotment.

The latest announcement of Dongxing Securities stated that the fixed increase application has been reviewed and approved by the China Securities Regulatory Commission, and the company will make another announcement after receiving the official documents reviewed by the China Securities Regulatory Commission.

In February of this year, Dongxing Securities issued a fixed increase plan, which plans to issue no more than 474 million additional shares, and the total amount of funds raised is expected to not exceed 7 billion yuan. In May of this year, Dongxing Securities’ fixed increase application was accepted by the China Securities Regulatory Commission.

Behind the fixed growth of Dongxing Securities is closely related to the current capital market development entering a period of strategic opportunities. Regulatory authorities clearly support securities companies in multiple channels and forms to enhance their capital strength, encourage market-oriented mergers and acquisitions and reorganization, and support the securities industry to become better and stronger. At present, the 8.5 billion fixed increase of Guohai Securities and the 8 billion fixed increase of Huachuang Yangan are on the way. The parent company of Zhongshan Securities also launched the latest fixed increase plan earlier this month.

Dongxing Securities will increase by RMB 7 billion, and invest RMB 6 billion in investment and trading business and expand the business of financing and financing

Dongxing Securities’ previously announced fixed-increasing plan announcement shows that the number of non-public issuance of A shares does not exceed 474 million shares, and the capital raised does not exceed 7 billion yuan. After deducting issuance costs, all will be used to increase the company’s capital and supplement the company’s operations. Capital, expand the company’s business scale, and enhance the company’s market competitiveness.

Specifically, no more than 3 billion yuan is used to expand the scale of investment transaction business; no more than 3 billion yuan is used to expand the scale of margin financing and securities lending business; no more than 500 million yuan is used to increase investment in subsidiaries; no more than 500 million yuan For other working capital arrangements.

Dongxing Securities said that through this fixed increase, the company’s equity capital will be enriched, total assets and net assets will increase correspondingly, and the asset-liability ratio will correspondingly decrease, the company’s capital structure will be further optimized, and the financial structure will become more stable. In addition. The company will increase the scale of net capital, accelerate the development of related businesses, and enhance the company’s overall profitability and risk resistance.

Net profit attributable to the parent in the first quarter fell nearly 20% year-on-year

As the first domestic AMC brokerage listed on A-shares, Dongxing Securities’ controlling shareholder, Orient Asset Management Co., Ltd. (holding 52.74% of the shares), is strong, and the actual controller is the Ministry of Finance.

From the perspective of recent performance, Dongxing Securities in the first quarter of this year showed that during the reporting period, the company achieved revenue of 886 million yuan, a year-on-year increase of 0.71%; realized net profit of 250 million yuan, a year-on-year decrease of 19.01%.

Last year’s annual report showed that the company achieved revenue of 5.687 billion yuan, a year-on-year increase of 27.10%; realized net profit of 1.54 billion yuan, a year-on-year increase of 26.13%. Among them, securities brokerage business accounted for 34.77%; securities investment business accounted for 24.07%; investment banking business accounted for 19.35%; other businesses accounted for 12.53%; asset management business accounted for 9.28%.

According to the ranking data of various securities firms in 2020 released by the China Securities Association, Dongxing Securities ranked 22nd in the industry last year in total assets, 25th in net assets, 23rd in operating income, 22nd in net profit, and 22nd in brokerage business income. Ranked 28th, investment banking income ranked 13th, asset management business income ranked 19th, overseas subsidiary securities business income ranked 22nd, and self-operated business income ranked 57th.

As of June 15, Dongxing Securities’ stock price closed at 10.67 yuan, with a total market value of 29.4 billion yuan.

Many small and medium-sized securities companies are trying to increase their capital strength through fixed increase

According to a reporter from the Cailian News Agency, in recent years, regulators have implemented risk control index management for securities companies with net capital and liquidity as the core. The China Securities Regulatory Commission has successively revised the Measures for the Management of Risk Control Indexes for Securities Companies and the Risk Control Indexes for Securities Companies. The Regulations on Calculation Standards have further improved the risk control index system of securities companies with net capital and liquidity as the core, and has put forward higher standards for the risk management of securities companies.

In the face of liquidity pressure and changes in the operating environment, many securities firms are increasing their capital strength through further fixed increases, reducing liquidity risks, and improving the company’s overall risk management capabilities and risk resistance capabilities.

On June 4, Zhongshan Securities’ parent company Jinlong shares issued a fixed increase plan. This time the proposed additional issuance of no more than 264 million shares (including the number), the issue price is 12.59 yuan, and it is planned to raise no more than 3.324 billion yuan.

In March of this year, Huachuang Yang’an disclosed the fixed increase plan stated that the planned number of non-public issuance of A shares will not exceed 522 million shares, and the raised funds will not exceed RMB 8 billion (including the number). After deducting the issuance costs, it will be used for all Increase capital to Huachuang Securities to increase the capital of Huachuang Securities, supplement its working capital, optimize business structure, expand business scale, and enhance market competitiveness and risk resistance.

In January this year, Guohai Securities announced that the company’s 8.5 billion fixed increase has been approved by the board of directors. The issuance still needs to be approved by the state-owned asset management unit, the company’s shareholders meeting, and the China Securities Regulatory Commission. The 8.5 billion fixed increase, China Sea Securities plans to invest 4 billion yuan in investment and trading business.

It is worth noting that whether securities firms can successfully raise funds in full is also attracting market attention. A reporter from the Financial Associated Press previously reported that many brokerages have seen a decline in their planned additional funds raised.

On May 21, Zheshang Securities announced that after the completion of this non-public offering, the company has added approximately 264 million new shares, and the total amount of funds raised is approximately 2.805 billion yuan. Last year, Zheshang Securities announced that it planned to raise 10 billion yuan.

On April 29, Tianfeng Securities issued a fixed increase announcement stating that the company’s final fundraising amount was 8.18 billion yuan (including issuance costs). Prior to this, the company announced that it planned to raise a total of no more than 12.8 billion yuan.

On December 29 last year, China Securities Construction announced that the company had issued 110 million A shares, raising a total of 3.883 billion yuan. Prior to this, China Securities Construction Investment announced that it planned to raise 13 billion yuan in additional funds.

According to a reporter from the Financial Associated Press, some of the securities firms’ fixed increase and decrease are related to the company’s own stock price changes and capital replenishment. China Securities Investment Corporation previously stated that there are two reasons for the company’s fixed growth and shrinkage: one is that the company’s A-share share price in 2020 has risen sharply compared with January 2019, and the forecast basis has changed; the second is that the company has achieved a certain amount of profit through rollover in the past two years. Capital replenishment.

Large brokerages have also raised funds through refinancing

In addition, large securities companies have also raised funds through fixed increase, allotment and other methods. On the evening of February 26 this year, CITIC Securities announced a 28 billion yuan allotment plan, which is to be used for the development of capital intermediary business, subsidiaries, and information system construction.

In August last year, Haitong Securities planned to raise 20 billion yuan in additional funds. Specifically, Haitong Securities’ fixed increase of 20 billion this time, of which no more than 6 billion will be used to develop capital intermediary business and further enhance financial service capabilities; not more than 10 billion will be used to expand the scale of FICC investment and optimize the asset-liability structure.

Also in August last year, Guosen Securities raised an additional 15 billion yuan. The net proceeds raised this time will be used to supplement the company’s capital, working capital and repay debts to expand the business scale and enhance the company’s ability to resist risks and market competitiveness.

Economic Observer reporter Liang Ji The criminal detention did not delay the reduction of holdings. This operation by Pan Xianwen, the actual controller of Sansheng Co., Ltd. (002742.SZ), has aroused widespread suspicion, including the supervisory authorities.

On the evening of June 6, Sansheng shares announced that its controlling shareholder and actual controller Pan Xianwen was taken criminal detention by the public security authorities on June 1 for being suspected of manipulating the securities market. It is worth noting that on June 2, Pan Xianwen reduced his holdings of 150,000 shares of the company; his son Pan Chenggong also reduced his holdings of company shares from May 31 to June 2.

Investors in the secondary market “fried the pot”: Why did they make an announcement only 5 days after being detained? Why can the share reduction operation be completed during the period of criminal detention?

On June 7, Sansheng shares opened the limit lower. The Shenzhen Stock Exchange hurriedly issued a letter of concern on the above-mentioned matters on the same day. Sansheng Co., Ltd. stated in its reply announcement on June 10 that the relevant information disclosure obligors did not violate the relevant regulations on timeliness, and the aforementioned reduction was caused by the forced liquidation of the pledged stocks of the parties.

In fact, since June 2020, Pan Xianwen, the actual controller of Sansheng Co., Ltd., and those acting in concert have entered the fast lane of shareholding reduction. At the same time, Pan Xianwen and those acting in concert also had a high percentage of pledged shares held by them, and they were forced to liquidate their positions by institutions many times.

Since 2019, Sansheng shares have included a total of 16 violations involving short-term transactions by supervisors, criminal detention of the actual controller, and investigations by the Securities Regulatory Commission for violations of the company’s letter disclosure. Sansheng also stated in the announcement that the company does have internal control problems such as the actual controller overriding internal control.

In addition to the criminal detention of the actual controller, Sansheng also disclosed on June 10 that some of the company’s shares held by the actual controllers Pan Xianwen and Zhou Tinge were frozen by the judicial system; in addition, it also announced the chairman and general manager on June 1. Due to Pan Chenggong’s triggering of the default clause agreed in the Zheshang Securities Agreement, the stock may be subject to the risk of forced liquidation again, and Sansheng shares are still facing uncertainty in the future.

The actual accused triggered three consecutive questions after being detained

On June 6, Sansheng announced that the company received a notice from the family of Pan Xianwen, the controlling shareholder and actual controller of the company, that Pan Xianwen was taken criminal detention by the Chongqing Public Security Bureau on June 1 for suspected manipulation of the securities market.

Outsiders questioned the five-day time difference between Pan Xianwen’s Xingwen’s detention and the announcement of Sansheng shares.

Prior to June 3, Sansheng shares announced that Pan Xianwen reduced his holdings of 150,000 shares of the company on June 2, the day after he was detained; Pan Chenggong also added up from May 31 to June 2. Reduced holdings of approximately 2,799,500 shares, including approximately 1,905,500 shares that were liquidated.

According to the 2021 quarterly report of Sansheng Shares, among the top 10 shareholders of the company, the largest shareholder Pan Xianwen and the second largest shareholder Zhou Ting’e are husband and wife and the actual controller of the company. The third largest shareholder Pan Chenggong is the son of the two; the sixth largest shareholder Pan Xiandong He is the younger brother of Pan Xianwen, and Zhou Tingguo, the seventh largest shareholder, is the younger brother of Zhou Ting’e; the above-mentioned five persons constitute connected relationships or persons acting in concert, with a total shareholding ratio of 54.87%. As a listed company with a “family business” color, Sansheng shares are not unexpectedly questioned by investors whether the family intends to delay time in order to “precisely reduce their holdings.”

On June 7, the Shenzhen Stock Exchange issued a letter of concern, throwing out “three consecutive questions”: whether Pan Xianwen’s compulsory criminal detention measures violated the timeliness of information disclosure; Pan Xianwen was detained, and Pan Chenggong’s decision to reduce holdings In the process, whether there is a situation of “precise reduction of holdings” using undisclosed information in relevant sensitive period transactions and constitutes insider trading; whether the actual controller and persons acting in concert, directors, supervisors, and relevant insider information insiders have insider trading.

Attorney Xu Feng from Shanghai Jiucheng Law Firm told reporters that according to Article 85 of the Criminal Procedure Law, the public security organs shall, within 24 hours after detention, except for circumstances that cannot be notified or may hinder investigations. The family members of the detainee shall be notified; and after the situation that hinders the investigation disappears, the family members of the detainee shall be notified immediately.

Sansheng shares stated in a reply letter issued on the 10th that Pan Xianwen’s wife Zhou Ting’e had obtained the detention notice on June 1. However, due to his “lack of understanding of the nature of the matter and legal significance, and unwilling to increase the psychological burden of relatives” Inform others; after consulting with a lawyer, he informed his son Pan Chenggong on the evening of June 3rd. As the chairman of the company, Pan Chenggong held a senior management meeting in the morning of June 4th (Friday) to inform relevant matters. Obtained on June 6th (Sunday) The notification document was submitted to the company’s securities department for information disclosure. The company believes that the relevant letter disclosure obligor does not violate the relevant regulations on timeliness.

The announcement also stated that the aforementioned reduction was caused by the securities companies’ voluntary liquidation of certain company stocks pledged by the parties to AVIC Securities and Zheshang Securities due to the triggering of the default clauses agreed in the agreement in the pledge special transaction unit. The self-dealing behavior of the securities firm that occurred due to the breach of contract is purely passive reduction of holdings for the parties concerned, and the amount involved is relatively small, and there is no “precise reduction of holdings” using undisclosed information and constitutes insider trading.

Sansheng shares also stated that the company’s current operating conditions are normal and the governance structure is stable. The company’s board of directors and management will ensure the normal operation of the company’s business activities and continue to promote the company’s sound development in accordance with the established strategy and business plan.

“The actual controller overrides the internal control”

The reason why Pan Xianwen is suspected of manipulating the securities market is not yet known. What is certain is that over the years, Pan Xianwen and those acting in concert have gradually fallen into a situation of pledged shares, occupied funds, and reduced their holdings.

Public information shows that Pan Xianwen served as the director of Chongqing Jiangbei Gypsum Plant and Jiangbei Special Building Materials Plant from 1995 to 2002. Jiangbei Special Materials (the predecessor of Sansheng Co., Ltd.) founded by him was established in May 2002 and restructured into a joint-stock company in March 2010. It started with the development and manufacturing of gypsum resources, focusing on concrete-based building materials business, and in 2015 Landed on the Shenzhen Stock Exchange in February. However, since 2016, Sansheng has started the cross-border pharmaceutical industry. In 2016, Sansheng Co., Ltd. spent 258 million yuan to acquire 100% of Baikang Pharmaceutical; in 2017, it again spent 538 million yuan to acquire 60% of Chunrui Pharmaceutical.

Sansheng shares were listed on February 17, 2015. Soon after, Pan Xianwen started its pledge. Multiple announcements show that as early as May 2017, the pledge ratio of Pan Xianwen’s shares has reached 94.56%; the quarterly report of 2021 shows that the pledge ratio of Pan Xianwen, Zhou Ting’e and Pan Chenggong reached 97.66%, 83.98% and 100%, respectively.

When the road to pledge financing almost hit the ceiling, Pan Xianwen began to occupy the funds of the listed company.

In March 2019, the Shenzhen Stock Exchange issued a letter of concern to Sansheng shares, requesting the latter to check whether its prepayment balance increased significantly compared with the beginning of 2018 whether it was related to the occupation of funds by related parties. Sansheng shares replied that the company did use its suppliers to pay approximately 449 million yuan in advance to Qingfeng Health, which is controlled by Pan Xianwen, which constituted a capital occupation by related parties. As of April 2019, Qingfeng Health has returned all the principal and interest of the occupied funds.

In September 2019, the Chongqing Securities Regulatory Bureau issued an “Administrative Penalty Decision”, giving Pan Xianwen a warning and fined 900,000 yuan; in addition, Sansheng and its senior executives were fined 30,000 to 900,000 yuan respectively. Sansheng shares once said that the company and related parties will learn lessons and take this as a warning to take concrete measures to prevent this kind of situation from happening again.

However, Sansheng’s funds were occupied by the actual controller twice afterwards. In 2020, Pan Xianwen and his controlling company occupied a total of 188 million yuan of funds of Sansheng Co., Ltd.; in the first quarter of 2021, Pan Xianwen and his controlling company occupied a total of 89.1 million yuan of funds of Sansheng Co., Ltd. For such matters, Sansheng’s 2020 annual report was issued by an accounting firm with an unqualified opinion with an emphasis on the matter.

Sansheng shares stated that the above-mentioned capital occupation is that the actual controller is above the internal control of the company and transfers the funds to the company controlled by the actual controller. The company has not fulfilled the decision-making process of the board of directors and the general meeting of shareholders. The relevant person in charge of the Ministry conducted an internal notification of criticism and fines.

The reporter noticed that in the 2020 internal control self-evaluation report issued by Sansheng on April 28, according to relevant standards, the company has the defect that the actual controller overrides the internal control, which causes the actual controller to pass the supplier And related parties as a capital channel to occupy the company’s non-operating funds.

Senior investment banker Wang Jiyue told the Economic Observer that the actual controllers of listed companies override internal control and illegal occupation of company funds. This is actually a stubborn illness in the securities market, and it is also a problem that the China Securities Regulatory Commission has been focusing on and monitoring. However, at the operational level, the frequent occurrence of such problems is not necessarily caused by the imperfection of the relevant system, but the implementation of the system needs to be carried out by people, but the actual controller often lacks supervision in the company, resulting in the failure of internal control. .

Pledge of equity and illegal appropriation of funds are unsustainable, and Pan Xianwen and those acting in concert have also embarked on the path of reduction.

At the end of June 2020, Sansheng shares announced that Pan Xianwen intends to reduce the company’s shares by no more than 25.92 million shares, and the proposed reduction will not exceed 6% of the company’s total share capital. The reason for the reduction is personal funding needs. At the end of July of the same year, Sansheng shares announced that Pan Xianwen planned to transfer 21.6 million shares of the company at a price of 138 million yuan, accounting for 5% of the company’s total share capital.

In March 2021, Sansheng shares once again disclosed the share reduction plan of Pan Xianwen and his concerted person Zhou Ting’e. The two men calculated that they would reduce their holdings by no more than 25.92 million shares, and the proposed reduction would not exceed 6% of the company’s total share capital.

On June 10, Sansheng shares announced that some of the company’s shares held by the actual controllers Pan Xianwen and Zhou Ting’e were judicially frozen on June 9, 2021. 3,273,800 shares.

Regarding the above matters, the reporter called Sansheng shares, but the other party said that the company is now in a sensitive period and refused to be interviewed by the media.

On June 7th, the share price of Sansheng shares fluctuated and consolidated after closing the limit at 4.62 yuan. It closed at 4.76 yuan on June 11, a 28.7% drop from the April high of 6.68 yuan.

Supervise the rain

In recent days, Pan Xianwen is not alone in the actual controller of a listed company that has been subject to criminal detention measures. On June 7, Hongda shares announced that the company received a letter from the controlling shareholder Hongda Industrial that the actual controller of the company, Liu Canglong, was taken criminal detention by the Chengdu Public Security Bureau on suspicion of breaching trust and using entrusted property. In addition, Fucheng shares, known as the “first funeral and funeral share” of A-shares, in fact, the controller Li Fucheng was investigated by the China Securities Regulatory Commission for suspected short-term trading; Shao Kai, the director and general manager of China Holding Co., Ltd., who had left his post only three days, was suspected Insider trading has also been investigated by the Securities Regulatory Commission.

A senior investment banker of a large Shanghai securities firm told the Economic Observer that if the actual controller of a listed company is subject to criminal detention and compulsory measures, it should be because the circumstances are bad and the amount involved is huge, and the criminal liability stipulated by the criminal law has been violated. At the level of administrative penalties imposed by the China Securities Regulatory Commission.

Wang Jiyue believes that the above phenomenon on the one hand shows that the supervision and law enforcement agencies are increasing their crackdowns on the illegal activities of listed companies. On the other hand, it also shows that the actual controllers of listed companies still have more violations of laws and regulations. Some may be the malicious behavior of deliberately hollowing out listed companies, and some may also be due to the limited channels for major shareholders to reduce their holdings in order to solve the debt crisis or capital chain problems to quench their thirst. In fact, the actual controller’s occupation of listed companies’ funds was once alleviated, but this round of high incidence, he believes that the restrictions on holdings reduction rules and the background of the overall financial system to reduce leverage are also important inducing factors.

Zhou Maohua, a financial analyst at China Everbright Bank, told reporters that, judging from some cases in recent years, it is true that some listed companies have insufficient internal management systems, insufficient internal governance, and internal executive restraint and supervision. Some listed companies have “insiders”. “Illegal behaviors that damage the legitimate rights and interests of shareholders and investors are not conducive to the long-term and healthy development of the company, and are incompatible with domestic high-quality development requirements. However, for listed companies, market financing channels are unobstructed and diversified, and violations of actual controllers are more inclined to lack of corporate internal governance and fundamental issues of company development.

Zhou Maohua said that in recent years, China has deepened financial supply-side reforms, accelerated the completion of legal shortcomings in the regulatory system, promoted the sound management system of listed companies, improved corporate governance, and promoted the high-quality development of listed companies. Strict supervision and tightening of financial institution policies are forcing listed companies to regulate their operations, strengthen their main businesses, improve quality and efficiency, and achieve high-quality development.

During the “two sessions” this year, a member of the Chinese People’s Political Consultative Conference put forward the “Proposal on Further Improving and Clarifying the Scope of Legal Liability of Actual Controllers under Chinese Law to Increase Foreign Investment Confidence.” The China Securities Regulatory Commission stated that the next step will focus on continuing to cooperate with the legislature in making amendments, further improving the criminal liability provisions of the actual controller and cooperating with the revision of the “Company Law”, clarifying the actual controller’s fiduciary duty, and further improving the law on the actual controller. Responsibility regulations and other aspects were improved.

Wang Jiyue believes that the solution to such problems is that the annual audit accountant’s report and disclosure are required; the second is that if there is refinancing, the sponsor will focus on it; and the third is that local securities regulatory bureaus and exchanges will conduct routine inspections and concerns. Problems are found at multiple levels and punished promptly. However, he also said that it is still quite difficult to put an end to this situation.

On May 24, Huawei issued the “Statement Regarding Huawei Not Building Cars” stating that the company spokesperson has repeatedly clarified the false rumors about Huawei building cars. Today, we reiterate that Huawei does not build cars. This long-term strategy was clear in 2018, and nothing has changed. Huawei also stated that it will not participate in investing in any car companies, and BAIC (600166), Changan (000625) and Guangzhou Automobile Group (601238) will only serve as strategic partners and use Huawei’s solutions to help them create future-oriented car. The cooperation with Jinconcelis is also to solve the current survival problem of Huawei authorized mobile phone retail stores. On the 24th, affected by the “Huawei does not build cars” statement, Huawei’s automotive concept stocks fell across the board. Changan Automobile and BAIC Blue Valley fell by the limit. Xiaokang shares (601127.SH) plummeted by more than six points, and Guangzhou Automobile Group fell by as much as six points. 4.32%. Huawei denies building cars again In the “Statement on Huawei Not Building Cars,” Huawei said: We believe that what the industry needs is not Huawei brand cars, but Huawei’s accumulated ICT technology capabilities over 30 years to help automakers build future-oriented cars. , That is, to provide car companies with intelligent networked auto parts based on Huawei’s ICT capabilities. So far, we have not invested in any car companies. In the future, it will not invest in any auto companies, nor will it hold or participate in shares. In the future, all discussions that Huawei builds cars or participates in the auto manufacturing industry are rumours and don’t be credulous. We have chosen BAIC, Changan and Guangzhou Automobile as our strategic partners to support them in building their respective sub-brands. Cars that use Huawei’s autonomous driving solution can only use the HI logo with Huawei’s authorization, which represents Huawei Inside. Regarding the cooperation between Huawei and Jincon Sailus, a subsidiary of Chongqing Xiaokang Group, Huawei is a supplier of electric components for Celes SF5 and HiCar cockpit components. At the same time, in order to solve the problem of survival of Huawei authorized mobile phone retail stores in the situation where Huawei’s mobile phones are greatly reduced, Huawei is supporting some retail stores to sell this car, and retail stores can obtain corresponding benefits. It can be seen from Huawei’s statement that Huawei’s positioning of itself has not changed, and that it is a provider of automotive intelligent network components. Huawei will not directly enter the vehicle manufacturing industry, and rumors about “Huawei making cars” in the market are all false. Huawei said that it can help car companies build good cars. Of course, Huawei has the strength to fulfill its promises. Huawei has launched a comprehensive layout around the three core areas of “smart driving, smart cabin, and three-electricity”. On April 18, at the Huawei HI new product launch conference, Wang Jun, President of Huawei Smart Car Solutions BU, said that Huawei will release five new products, covering smart cockpits, computing platforms, radars, autonomous driving open platforms and thermal management systems. “From the perspective of business portfolio and technical solutions, Huawei’s full-stack self-developed almost all core businesses of smart cars, including hardware and software. Tesla’s advantage is the massive trip data of global users, Baidu’s advantage is algorithms, and Huawei’s However, the advantages of the company are all-round, and it can open up the upstream and downstream of the industrial chain. This kind of strength is not possessed by new car-building forces or cross-border car-building technology companies.” Industry insiders analyzed and said to reporters. “Catch up” with Huawei’s car companies Although Huawei has always stated that it will not build cars, rumors about Huawei building cars in the market have been uninterrupted. It was reported on March 9 that Huawei and GAC Group’s new energy vehicle company GAC Aian had begun to jointly develop the next generation of smart electric vehicles. Both parties invested in R&D teams of more than 100 people. After the news was released, on the same day, GAC Group’s AH shares soared collectively, with A shares rising 6.39% and H shares rising 4.26%. At the end of April, there was news that Huawei was negotiating with Xiaokang shares to acquire a controlling stake in Chongqing Jinkang New Energy Automobile, in order to produce smart cars with the Huawei brand. Subsequently, Shen Wei, the secretary of the board of Xiaokang shares, said that the cooperation with Huawei was only in business, and he clearly denied that Huawei will control or participate in Jinkang. And Huawei also said that “there is no such thing.” But even denying it will not affect the performance of Xiaokang shares in the capital market. The share price of Xiaokang shares has risen from around 23 yuan in early April to 66.54 yuan on May 18, which has soared nearly three times. Since the new energy vehicle Cyrus SF5 under Xiaokang shares entered the Huawei Mall on April 19, only one week, the order of Cyrus SF5 reached 6,000. In sharp contrast, the sales volume of SF5 in 2020 is only 732 units. SF5’s weekly sales volume is eight times that of last year’s full-year orders. On the eve of the Shanghai Auto Show on April 17, Huawei and BAIC New Energy Jihu released the first smart car jointly created-Alpha S, officially called the “global new benchmark for autonomous driving.” Since then, BAIC Blue Valley’s share price has risen from about 12 yuan in mid-April to a peak of more than 19 yuan. At the Shanghai Auto Show on April 20, Changan Automobile’s chairman Zhu Huarong revealed that he has teamed up with CATL and Huawei to create a smart electric networked vehicle platform (ie CHN). The plan for high-end smart electric vehicles is on track, and a new high-end brand name is about to come. Announced. On May 20, Changan Automobile issued an announcement to formally rename its holding subsidiary Changan Weilai New Energy Automobile Technology Co., Ltd. to Avita Technology Co., Ltd., and jointly create autonomous and controllable intelligent electric vehicles with Changan Automobile, Huawei and CATL The connected car platform (CHN) creates a rich series of smart car products. On May 21, the share price of Changan Automobile rose 8.46% to close at 25 yuan per share. In the past 40 trading days, the share price of Changan Automobile rose 76%. Although in this process, Huawei has not formally stated its position to build cars, news about Huawei’s participation in car building has been spread out one after another, which has continuously aroused the enthusiasm of the market. As long as car companies have a relationship with Huawei, the market will definitely buy it, and it will have the most direct manifestation in the stock price. And this time Huawei completely denies building a car, which can be regarded as breaking the market’s thinking about Huawei building a car. Huawei’s 2020 annual report shows that its growth has slowed sharply, with annual revenue of 891.4 billion yuan, a year-on-year increase of only 3.8%. In the previous three years, Huawei has achieved a year-on-year growth of about 19%. On April 28, Huawei announced its operating results for the first quarter of 2021. Due to the sales of Honor and the decline in mobile phone sales, operating income fell 16.9% year-on-year to 150.57 billion yuan. Huawei’s overall revenue is expected to face greater pressure in 2021. “The automotive business may be the focus of Huawei’s efforts in the next few years. Huawei needs to find new profit growth points. At the moment when smart cars are in the air, with Huawei’s technical strength, they choose to help automakers build good cars instead of their own. It is undoubtedly a safe and wise choice to build a car in person.” said the industry insider. Editor: Zhai Yanan Editor: Wang Dayong

Increasing influence How China is entering Europe’s ports

Status: 10.06.2021 12:33 p.m.

Piraeus, Rotterdam, Antwerp and soon possibly also Hamburg – China has its own terminals in 14 European ports or holds shares in port operators. Critics warn of the consequences of the urge to expand. From Lothar Gries, tagesschau.de The listed Hamburg port operator HHLA is currently negotiating with the Chinese state shipping company Cosco about a possible participation in one of its container terminals – with the telling name of Tollerort. HHLA recently announced that a legally binding agreement has not yet been reached. However, the publication of such a release indicates that the talks are on the home stretch. Trade with China is by far the most important business for the third largest European seaport. Ships of the Chinese shipping company Cosco have been calling at Hamburg for almost 40 years. Two years ago, China’s Vice President Wang Qishan also visited the Tollerort terminal. With its four berths on a quay wall a good kilometer long, 14 container cranes and a five-track rail connection, Tollerort is one of a total of four container terminals in the Port of Hamburg and the second largest at HHLA.

Important loophole

According to experts, by entering Hamburg, China would close the largest gap in its maritime Silk Road. Even more: through a partnership with HHLA, Cosco could also get privileged access to the Italian Adriatic port of Trieste. The Hamburg port operator had taken over the majority in a new terminal there last year – with the express approval of the government in Rome, which wanted to block the way for the Chinese who were also interested. Because a majority stake by Cosco in the largest container terminal in Trieste would have been tantamount to a sell-out from the perspective of the Italians. Now the Chinese could still gain access to Trieste via Hamburg. That would be a decisive move in Beijing’s expansion strategy, since Trieste is the northernmost port in the Mediterranean and therefore particularly important for Central and Eastern Europe. HHLA is also involved in terminals in the Ukraine and Estonia.

“Loss of Sovereignty”

Cosco and its sister company China Merchant already have their own terminals in a total of 14 European ports – or at least shares in the port operators. All the major seaports on the continent are included, from Rotterdam and Antwerp to Le Havre, Bilbao, Genoa, Valencia and Marseille. According to calculations by US experts, more than two thirds of the 50 largest container terminals in the world are already controlled by the Chinese or at least supported by holdings. “Europe has thus lost some of its sovereignty,” complained the former French Prime Minister and China expert, Jean-Pierre Raffarin. The sell-off began in 2016 when Greece, which was practically bankrupt at the time, was forced by the troika made up of the monetary fund, the EU and the ECB to privatize the port of Piraeus. The Chinese were happy to take it and were given complete control of the strategically located port for a bargain price of 280 million euros. Today Piraeus is number four in Europe, behind Rotterdam, Antwerp and Hamburg. The port is the end point of the maritime Silk Road, from China across the Indian Ocean to the Red Sea. Beijing also controls its entrance for onward travel through the Suez Canal, with a naval base in Djibouti on the Horn of Africa.

Silk Road project – anything but a marketing gimmick

The example of Greece shows the political effects of China’s increasing influence in some countries, says Günther Oettinger, the former EU Commissioner and Prime Minister of Baden-Württemberg. “Before the European Union imposed symbolic sanctions on China in March, Greece liked the role of delaying and watering down resolutions against China. A rogue who thinks evil”, said the CDU politician in a guest article for the “Tagesspiegel” “. China’s expansion can no longer be stopped. “We cannot blame the Chinese for being smart. We can only blame ourselves for being so stupid,” said French President Emmanuel Macron, referring to China’s strategy, which is an increasingly large one in Europe’s economy Role to play. In fact, the EU countries watched China’s shopping spree for a long time with takeovers of technology companies such as the German robot manufacturer Kuka. “When China’s leadership launched the ‘New Silk Road’ project in 2013, many in Europe believed it was a marketing gag,” said Günther Oettinger. President Xi Jinping was very serious, as can be seen from the trade network that has now been established. In Europe, China prefers to help those states, such as Greece or Hungary, that are poorer than Western Europeans. These countries are to be tied closely to themselves by investing billions in infrastructure in order to create a “China-friendly Europe”, as a high-ranking EU diplomat of the “world” said.

No concerns from Berlin

The most recent decision by the EU Parliament, which Suspend discussions on the investment agreement reached with China at the end of last year . Among other things, it was supposed to regulate the access of European companies to the Chinese market, but met with growing opposition in the European Union. Critics complained that the agreement did not set any limits to China’s expansionist urge. This is unlikely to prevent the Chinese from entering the Tollerort container port in Hamburg. The negotiations are after NDR- Information well advanced and coordinated with the federal government. There are no concerns from the Chancellery, the Ministry of Economics and Transport, or the Foreign Office.

Price capers of the Windeln.de share The dangerous game of gamblers

Status: 10.06.2021 6:24 p.m.

Small investors let shares of the baby outfitter Windeln.de shoot up first – then they crash. This risky game is powered by social media. Newcomers in particular make a lot of mistakes. From Angela Göpfert, tagesschau.de From the so-called penny stock to the investor’s favorite: The story of Windeln.de reads so seductively simple at first glance. Within a few days, the paper soared from around 70 cents to 6.92 euros – a staggering price increase of almost 900 percent. The share of the online baby outfitter was not driven by new, positive news about the development of the company, but by a host of gamblers who drum for the company in investor forums such as Reddit and on social media.

Report of loss in April

They drummed for a company that made a net loss of 13.7 million euros in 2020 and officially announced in April that it had suffered a loss of more than half of its share capital. In other words: Windeln.de obviously needs fresh money. The notification of loss was by no means voluntary. Rather, Windeln.de thus complied with an obligation imposed by the legislator: Companies must inform if losses have exceeded a critical limit and there is an urgent need for action.

“Flagpole” as a warning signal

The course of the Windeln.de share seems all the more absurd. Experts speak of such a steep, almost vertical rise in price “Flagpole”. Many stock market beginners are attracted and seduced by such price patterns. One would have loved to have this share, since it would have enabled one to multiply one’s capital in a very short time.

The so-called “Flagpole” is clearly visible in the Windeln.de chart. Image: tagesschau.de For technical analysts, i.e. stock market experts who analyze price developments and other market data, this is the “Flagpole” but one thing above all: symbol of an exaggeration phase on the stock markets – and thus a clear warning signal. The Federal Association of Consumer Organizations (VZBV) is also critical of the current price developments at Windeln.de, Nanogate, Clover Health, Gamestop and other stocks with particularly noticeable highs: “This has nothing to do with investing, it is pure speculation”, said Christian Ahlers, speaker in the financial market team tagesschau.de .

A “Fireworks” of investor errors

At Mojmir Hlinka from the Swiss asset manager AGFIF International, the alarm bells are ringing when stocks like Gamestop or Windeln.de are mentioned: “These are pure speculative objects, without any substance.” The Swiss expert makes a whole in this context “Fireworks” on the basis of typical investor errors, especially the neglect of the likelihood that certain events can occur. Experts speak of “neglect of probability”. “The tiny probability of making a profit on such stocks is massively overestimated by investors. In contrast, the great probability of a loss is clearly undervalued”, told Hlinka tagesschau.de .

When emotions are involved

Hlinka’s perspective on the markets is a special one, as he operates asset management on the basis of the so-called “Behavioral Finance”. This economic research direction is based on the findings of the psychologists Daniel Kahnemann and Amos Tversky. Accordingly, the investor does not act rationally, but is controlled by his emotions and typical behavioral patterns. As a result, he makes mistakes that reduce his profits. Such a typical mistake has a lot to do with paying attention to certain papers. “These stocks are widely reported in the media, especially on social media”, emphasizes AGFIF expert Hlinka. “This means that more information is available to them more easily. That automatically makes them more interesting for investors.”

Social media fuel herd instinct

Another problem for the normal investor is the herd instinct: Many people like to do what the masses do. “This phenomenon can be observed in any stock market hype. People feel safer in the herd”, emphasizes Hlinka. “Investors’ herd instinct is currently controlled primarily via social media. Quasi real sects are forming in the investor forums.” Consumer advice center expert Ahlers is similarly critical and warns: “Tip givers and sellers can also be found in social networks, who may do more than exchange investor experiences and may also advertise dubious investments.”

Financial regulators advise caution

The German financial supervisory authority BaFin has now recognized this: “BaFin advises all investors to check the information provided on social media very carefully with the help of other sources”According to the agency’s website. “Chat groups in social networks are often only used to entice investors to buy certain stocks so that the senders can benefit from the rising prices of these stocks.” As new as the influence of social media on share prices may be, the mechanisms behind the current excitement about papers like Windeln.de have been well known for centuries. The first big hot topic in financial history was tulip bulbs. Numerous other bubbles followed – from railways, the South Seas, the Internet industry to US real estate, to name a few. “Each of these bubbles has burst so far”, says Hlinka. “History has proven that. At some point this hype will also burst.”

Massive price drops

Perhaps the bursting of the bubble has already begun with a look at some of the shares: Today the Windeln.de share rushes down by up to 35 percent. Clover Health stocks fell 24 percent on the Nasdaq yesterday. When exactly a bubble will burst is difficult or even impossible to predict, even for experts. But the stock exchange world has also found a technical term for this: the “Greater Fool Hypothesis”, according to which prices will continue to rise as long as there is one in the market “even bigger fools” there who pays even more.

First, why did A shares suddenly fall sharply today? What happened in the plate?

1. It is today that the types of basic metal types have fallen sharply, and we have to find the reason from the futures market. As we all know, the stock market reflects the need for price increases, and the price increase depends on the price of the futures market. However, some time ago, Commodity prices continue to rebound, hitting historical highs or new highs in recent years, triggering market speculation on the performance of related metal-type companies, triggering a substantial rebound in stocks, and many metal-type companies in the last three years. The monthly rebound space has reached more than 50%, and even more than several times the rebound space. In the recent period of time, under the trend of continuous suppression of commodity prices, commodity prices continue to fall sharply today, and commodity prices The most direct impact of the crash is the metal-type product company. Therefore, today, the metal-type company has experienced a sharp decline, which triggered the retreat of the second-tier blue chip stocks in the intraday session. This led to a substantial dive in the Shanghai Stock Exchange index. Is the most direct reason.

2. In this round of commodity boom, the main reason is that if the inflation of the U.S. dollar triggers the market through the rise in commodity prices, nitrification and inflation, and just today, the Bank of Russia began to sell U.S. dollars in large quantities. Today, the People’s Bank of China raised the reserve requirement for foreign exchange deposits from 5% to 7%, both in response to the US dollar. Both news detonated at the same time, triggering market concerns. This is the most fundamental reason for the decline in commodity prices today. The decline in commodity prices directly affected the metal-type related companies in the A-share market. This is a chain reaction effect. The decline in bulk commodities has become a trend, and the decline in related companies has also formed a trend, but we We all know that these metal types belong to the second-tier blue chip stocks. Although they have a certain impact on the trend of the A-share market, as long as they do not experience a sharp decline or collapse, the impact on the A-shares is still particularly limited. Therefore, after a wave of time-sharing rapid diving appeared in the intraday market, it is obvious that the ChiNext index has stabilized first and rebounded. Similarly, the Shanghai Composite Index has also experienced a second bottoming at the time-sharing level, so the impact is still limited. The market The market will return to normal.

   Second, today’s decline does not mean the end of the market. From the perspective of traders, this is an opportunity!

1. In the recent period of time, I have been repeatedly emphasizing the military industry and brokerage companies, especially the brokerage sector. I think that there was a rise and fall last Friday, forming a K-line pattern of fairy guidance in the K-line pattern. Therefore, for the second For new brokerage stocks, today’s intraday time-sharing level quickly dives, but it is an opportunity. For the military industry sector, there was an intraday market decline last Friday, but it is obvious that after the decline is ushered in a larger level of rebound. Today the market has become the dominant military industry sector. For the military industry sector, I have always emphasized certainty. It is necessary to have a mid-line thinking. For opportunities in this sector, it is showing a mid-line rebound. After all, the performance of the military sector will continue to explode this year. Compared with the current stock price, there is still a lot of room. , So the decline is more of an opportunity.

1. For the Shanghai Composite Index, the level of the Shanghai Composite Index dropped rapidly at midday, but we can take a look at the trading volume this morning. The Shanghai Composite Index alone is as high as nearly 300 billion yuan, which is already at the level of the sky. You have to know that it has been maintained at around 250 billion yuan some time ago, and the trading volume in just one morning is as high as nearly 300 billion yuan. So what does it mean to increase the trading volume? It means that the market’s trading activity has increased, and trading activity has increased, which means there is an opportunity. Everyone knows that the stock market is driven by funds. If the market continues to maintain a low-volume trading volume, then the market will not have any chance at all. We all know that the judgment of a market depends on the increase in trading volume, and today’s volume of the most recent day volume level is created, which means that the market will continue to explode, so you must believe that my current decline is an opportunity. Don’t miss it.

   1. Finally, I want to tell everyone that since I saw more A shares on May 14th, I have always emphasized that this wave of market is a wave of mid-line opportunities. I also especially emphasized the Shanghai Composite Index. The gap left on May 25 is a definite gap in the market. The market has just formed, and it is certain that it will not usher in a big skyrocket immediately. The market will definitely be divided into three stages. The first is a gap with a certain start-up of the gap, which means that the market is determined, and a mid-line level rebound is to be formed. The second gap represents an explosive gap, which means that the market will start one. It continues to explode, and the volume of transactions continues to grow. At this time, it is a market with a money-making effect, and this market is often very tempting. The third is the exhaustion gap. When the market has the third gap, it often means that the market is over. The reason is that every time the Shanghai Composite Index has three gaps, it will often Within a week, a top structure is formed, a sideways shock is formed at a high position, or a huge decline occurs.

   And now the Shanghai Composite Index is only in the evolution after the first gap, and the current trading volume is still very small. Although the volume is constantly increasing, although the market is moving forward in constant volatility, the market trend is still , So isn’t it an opportunity to call back at this time? Why do you want to be like rabbits? Run away! You must remember that you are a human being, and what you have to do is to pay attention to the bargain, not just run at the bottom.

Yang Mi is one of China’s top actresses, with a huge fan base. In recent years, Duong Mich is not only increasingly powerful, she is also famous for her age-hacking beauty. The delicate, sweet face and slim body make many women jealous. In particular, Duong Mich’s long, slender and straight legs help her “cut down” many other beauties. Many people praised Duong Mich’s slender, slender and long legs, which are only found in comic books. Netizens even nicknamed Duong Mich’s legs “fairy feet”. In fact, few people know, in addition to natural beauty, to have such straight legs, Duong Mich also thanks to hard work and maintenance from day to day. Revealed in an interview, Duong Mi said she never sat down right after eating but walked and stood for at least half an hour. Not only that, she also performs 3 movements to help slim legs before going to bed every day. The first move is actually the aerial scissor movement, Duong Mich said, this move looks very simple but can make the inner thighs become tighter and slimmer. The actress also noted that the larger the distance between the legs, the better the effect. The second move to reduce calf fat is actually stretching the leg by bending the knee and pressing on the calf, making it more compact. According to Duong Mich, many girls often walk, so their legs are muscled. Doing this stretching exercise is the secret to keeping the calves slim. The last movement is actually kneeling and lifting the hips, both working the legs and lifting the hips. The actress also reminded everyone, when performing this exercise, you must pay attention to your back, waist and knees to keep straight throughout the process for the best training effect! In addition to 3 simple movements that must be performed every day, Duong Mich also reminds everyone that they must practice regularly, just practice in a day or a short time, all in vain. story. Of course, everyone must also remember to combine with a healthy diet to maintain a fit body. As can be seen, to maintain the slim figure and beauty of “fairy feet” Duong Mich is really serious. Thanks to that, no matter what style, Duong Mich is also extremely comfortable and confident. Invite readers to watch the video: How to practice to have small thighs and slim legs

Recently on the Kitchen Love Association, Nguyen Thu Ha (26 years old, Hai Duong) shared a series of very delicious salads, which many women asked to learn “secrets”. ”When I went to eat, I often ordered salad. Since the epidemic, there are no restaurants anymore, sometimes I like to eat, so I do it myself to serve my hobbies, but it’s fun to do it. For me, salad is a simple dish that is easy to make, takes no time and is good for health. Ha shared. Nguyen Thu Ha (26 years old, currently a kindergarten teacher in Hai Duong). 9X’s hobbies are traveling, love to learn positive things, and love to cook. Thu Ha said that she was not a person to eat the eatclean diet before, but she also consulted and knew that eatclean is a healthy healthy diet. And from there, she began to regularly make salads and other dishes for the whole family to eat. From the day of eating eatclean, Thu Ha feels her digestion is better, her body is lighter, her skin is also a little more beautiful, especially she always feels delicious and happy because she can eat her favorite food. With Thu Ha, each dish will be felt by her with her eyes first and then enjoyed with her taste. So the beautiful garnishes, changing ingredients in dishes, and combining sauces are the secrets she uses to keep the salad from becoming bland. Thu Ha’s salads are all easy to make and don’t take much time. On average, it will take her about 15-20 minutes to complete a salad. According to her, the stage of choosing ingredients is very important because those are things that are directly loaded into our bodies. With 9X, all ingredients must be clean and healthy, especially salads must pay more attention because most vegetables and fruits are in raw form. ”I can use the ingredients from the growers, or buy them from quality stores. When buying, it should be washed and soaked in salt. And let it drain before mixing. – 9X said. When sharing the salads she made on social networks, Thu Ha received an enthusiastic response from the sisters who love the kitchen. ”At first, I just thought of sharing my favorite dishes on the group so that I could learn many new ways with you, but I didn’t expect to receive so much attention. Many of you have also messaged asking about how to make it, sharing it, tagging each other to do it together, and giving compliments to your salad. I’m happy to be able to inspire people and I’m more motivated to share more positive things. For me, eating must first be fun, so I don’t force myself to follow a strict diet. I don’t diet, I just maintain healthy eating habits. In addition to salad, I also often make smoothies from fruits. I love to eat vegetables and fruits’ – Thu Ha is excited to share. Nguyen Tinh Photo: NVCC

With many years of experience in the field of tourism and tour organization, CEO Huyen Bui shared that in order for every cheap travel trip to be complete, customers need to choose a destination, learn about that destination and know how to go about it. Find accommodation that fits your budget. Select destination Before choosing a favorite destination, customers need to thoroughly research about tourist destinations, and consult people who have been here to get an overview of the culture, people and landscape. . Taking the time to research, customers will save a considerable amount of money, and at the same time anticipate the factors that adversely affect the trip. Phu Quoc is one of the ideal destinations for those who love to explore. Choose a place to stay The choice of accommodation will depend on the ability to pay as well as the utility requirements of each individual. CEO Huyen Bui shared that cheap places to stay will not provide too many amenities like in luxury resorts. These locations will only include some basic utilities such as self-contained bedrooms, air conditioners, and electric fans, with an average price of 300,000-600,000 VND/single room. If chosen at the right time, customers can find convenient, airy and reasonably priced places to stay. If there is no high demand for accommodation, customers can refer to local homestays. Although not too prominent in terms of utilities, this will be an opportunity for each person to have closer contact with the local culture, better understand the land and local people. Choose where to eat Regarding places to eat, the female CEO encourages each person to consult the restaurants in the destination in advance to have an overview, to avoid being passive when they arrive. On the other hand, careful reference will give customers many culinary options, as well as estimate the cost to pay for each meal, thereby making a realistic spending plan before going. Actively researching and researching before each trip is the secret to getting quality cheap travel. As a professional travel service provider, DAC always tries to bring customers interesting travel experiences at a reasonable cost. DAC always tries to build cheap tours to serve the needs of customers, directing customers to the form of community tourism with many spiritual values. DAC Trading and Service Co., Ltd provides professional cheap travel services. This is also how DAC supports visitors who do not want to spend too much time to learn, as well as minimize the cost of each trip, thereby keeping in themselves beautiful and unforgettable memories of the land they once set foot in.

Best known to the audience for her role as Tiktoker with the third highest number of followers globally (70 million followers), hot girl Bella Poarch is currently one of the most famous girls in the world. Besides being a social media star known for her TikTok videos and Instagram cosplay pictures. Bella Poarch is also known as one of the most beautiful hot girl Tiktok and has a perfect body that makes every boy and girl admire. If you are also interested in Bella Poarch’s training methods and her plan and diet, this article is for you. It is known that Bella Poarch has a height of just over 1.6m, weighs 54kg, but her body is extremely toned, every round is extremely attractive. On social networking sites, it can be seen that Bella Poarch is a girl who loves sports. So how exactly did this hot girl train to have such a great body? What habits help her stay in shape? It is known that Bella Poarch served in the US Navy for 3 years before becoming a hot girl Tiktok. During her time in the army, the hot girl practiced non-stop with that schedule, so it’s no wonder that Bella has a beautiful body that thousands of people love. After being discharged from the army, Bella Poarch regularly goes to the gym, combining weight training and cardiovascular exercises. Hot girl exercises usually include warming up by jogging or cycling for about 10-15 minutes. Next is squatting, push-ups, sit-ups, kicks to raise knees… Next is weight training, Bella mainly focuses on the lower body, so she often does the band squat walking exercise, the band squat, weight training, leg extension exercises, calf raises both sitting and sitting. stand… Besides, the hot girl also follows a diet full of nutrients such as grains, carbs, protein, fiber, fruits, vegetables… She often divides her daily meals into 4 meals, drinking lots of water throughout the day. For breakfast, Bella often uses poached eggs, avocado, and juice. Protein smoothie snack with berries, nuts, almond butter and banana. Lunch is usually chicken, tomato, lettuce, cucumber. Dinner with salmon or turkey, vegetables, sweet potatoes.

Ngoc Thi Cosmetic is known for providing skin care and skin beauty products with 100% natural origin. The product has been popular and has many positive user experiences. Therefore, the number of known people is increasing and they express their satisfaction with the quality of Ngoc Thi Cosmetic’s products and customer care services. There are many women who have skin problems such as acne, melasma, freckles and feel extremely self-conscious. Product distributors – Ngoc Thi Cosmetic, Lang Ngoc Thi have enthusiastically supported and listened to customers’ concerns to help them change their appearance to become more beautiful and fresh. Lang Ngoc Thi shared that products made from nature always ensure the safety of the skin. In particular, when customers directly experience the product, they always feel the lightness during the skin improvement process. Therefore, the number of customers knowing and using her products is increasing day by day. Many customers, after using and seeing the effect, also recommend to relatives and acquaintances to experience to be able to own more wonderful skin. Ngoc Thi Cosmetic ensures safe and benign use for all skin types. Those who have had the opportunity and are lucky enough to experience it will see the effect it brings compared to other products in the mid-range price range. Therefore, there are many people who choose and supply Ngoc Thi Cosmetic to be able to perfect their facial skin to become bright, healthy and beautiful. Lang Ngoc Thi is the distributor of Ngoc Thi Cosmetic products. She always wants to give customers a great experience by focusing on product quality. For a young girl, just entering the business market but already getting a certain position requires a lot of effort. With a passion for learning and bravery, young Ngoc Thi has overcome difficulties to accompany Ngoc Thi Cosmetic. Hopefully in the near future, with the dedication and responsibility of Lang Ngoc Thi, Ngoc Thi Cosmetic’s products will be more widely disseminated to women, contributing to bringing millions of women a new look. healthy and naturally glowing skin.

Zoom application icon. (Photo: AFP / VNA) The wave of selling technology shares continues to hit companies with cloud services most, as investors withdraw their capital from these companies. share the strongest increase in the last year. While index Dow Jones is close to record levels, the index of companies providing cloud services is at its lowest level in six months. Stock price of WisdomTree Cloud Computing Fund, a fund that tracks the index of cloud services companies, includes 56 shares, down 2.4%, the seventh day of decrease in the past eight days (as of 10 / 5). Technology stocks began to sell out in February and sold out faster in the past few weeks. The main cause of the market’s diversion is concern about the possibility of an interest rate rise as this will normally negatively impact high-growth firms, combined with the attractiveness of stocks that are often beneficial. so when inflation is as high as finance, goods and industry. Compared to a year ago, the index of cloud services companies fell 15%, while the Dow Jones Index rose 14% and the Nasdaq Composite Index rose 4%. In the last year, a sharp increase in the cloud service provider’s index thanks to an unexpectedly fast transition to remote work, forcing businesses to use products that enable employees to coordinate. remote and access to data stored in data centers. From Zoom for video chat and Twilio to text exchanges to CrowdStrike and Zscaler’s security tools, large businesses have had to buy new technologies for widespread use. Global X analyst Pedro Palandrani, who manages venture funds, says 2020 is a phenomenal year for companies providing cloud services by working remotely. He said it would be a mistake to reopen the economy to stop everyone from using computing solutions. cloud Twilio said last week that the first quarter of 2021 revenue increased 62%, exceeding the forecast of analysts. ServiceNow also outperformed the forecast with a 30% increase in revenue. Zoom had three consecutive quarters of growth of over 300% and an estimated increase of over 175% in the first quarter.

1. Pork shoulder 2kg 2. Pork belly 1kg 3. Salt 53gr 4. Pepper 8 gr 5. Caraway seeds 3gr 6. Garlic 4 branches 7. Eggs 4 eggs 8. Marjoram west marjoram leaves 4-5gr 9. Sugar, condensed milk, bread 10. Pig intestines Steps 1. Preliminary processing of ingredients 2. Blending meat 3. Mix ground meat with eggs, sugar, dried marjoram western marjoram 4. Clean pork intestines 5. Stuffing pork intestines 6. Squeeze … here is the result Prepare materials 1. Pork shoulder 2kg 2. Pork belly 1kg 3. Salt 53gr 4. Pepper 8 gr 5. Caraway seeds 3gr 6. Garlic 4 branches 7. Eggs 4 fruits 8. Marjoram western marjoram dry 4-5gr 9. Sugar, condensed milk, bread 10. Pork gut You can buy caraway nuts HERE and dried marjoram west marjoram HERE or shops selling European-style cooking ingredients! A single father and loves to cook for his children, Mr. Jens Berhausen (mechanical engineer, currently living in Germany) often goes to the kitchen to cook his skills. Recently, in a cooking forum with millions of members, Mr. Jens Berhausen has shared the secret of making sausages of the Germans. The German father shares the famous sausage dish of this country. German sausages have long been world famous. The people of this country are always proud that: “A ship carrying sausages will travel around the Earth without anything being able to stop it. Wherever important it is, there will be a fire with sausages. If there is a place where there will be a fire and a sausage. If it is missing, let us know “. German sausage is famous for its delicious variety and preparation. However, Mr. Jens Berhausen just shared how to make standard Thuringian sausages (Germany). This recipe has been slightly adjusted by him to suit the taste of the Vietnamese. Let’s see how to make the standard German sausage this father is sure to be! first Process materials – The meat is washed thoroughly and put in the freezer to harden, then cut into large pieces that fit into the meat grinder. – Mix pepper, salt, garlic, caraway seeds, sugar with the meat. Soak the bread with a little water to soften it, then squeeze it out and add the above meat mixture to grind. 2 Chopper Bring the meat mixture to the grind. Grind slowly so the meat does not get hot. 3 Mix the ground meat with eggs, sugar, and dried marjoram When the meat is finished, add the dried marjoram eggs and marjoram and knead the condensed milk (4-5 minutes). 4 Clean the pig intestines Sprinkle clean water into the pig intestines to clean. 5 Stuffed ground meat into pig intestines Note: Do not stuff the meat too tightly, during the stuffing process, if there is gas inside, need to use a needle to poke a small hole to release air. 6 Ten … and here are the results In addition to traditional German dishes, Mr. Jens Berhausen also knows how to cook many famous Vietnamese dishes! The young father shared: “ I know Vietnam about 23 years ago and have been here to travel 3 times. Every time this S-shaped country leaves a deep impression on me, especially your unique cuisine. I really like beef pho (especially Nam Dinh beef noodle soup). This dish is very rich, has a very unique flavor “. After many times visiting and traveling in Vietnam, this man has taught himself Vietnamese through books, the Internet, social networks and chat apps with friends. As a single father with a busy job, Jens Berhausen is still passionate about learning and cooking many new dishes. Along with learning Vietnamese, the young father also learned how to cook our country’s dishes. Currently, Mr. Jens Berhausen can confidently in the kitchen that he can cook more than 40 Vietnamese dishes. Because he has been studying Vietnamese cooking for over 6 years. The dishes he can cook include beef noodle soup, chicken noodle soup, Hue beef noodle soup, chicken vermicelli, rib eye vermicelli, chicken porridge, noodle soup, vermicelli thang, vermicelli noodles, shrimp sauce, Hanoi vermicelli, banh mi Tiny, rice rolls, shrimp cakes, spring rolls, rolls. .. Mr. Jens Berhausen commented that, Vietnamese dishes with many processed dishes are very difficult, but it is not difficult for him. Mr. Jens Berhausen can cook a wide variety of Vietnamese dishes. Since the Vietnamese market in Germany is quite available, he often goes to the market and cooks for his children. Okay, two of his children are also very fond of Vietnamese food. So this young father pampered his children and often treated the whole family with new dishes. Above is how to make a standard German sausage and a little sharing about the cooking skills of a young father. How to make sausage is not difficult, right? Please try to cook to see if it tastes better than Jens Berhausen did not! Good luck! According to the rhythm of Vietnamese life

April 22,gemThe Listing Committee (hereinafter referred to as the Listing Committee) held the 24th review meeting in 2021. Guangzhou Jinzhong Auto Parts Co., Ltd. (hereinafter referred to as Jinzhong Co., Ltd.), Nantong Chaoda Equipment Co., Ltd.,Guangdong Tianyima Information Industry Co., Ltd.(Hereinafter referred to as Tianyima) 3 companies successfully passed the meeting. The reporter of “Daily Economic News” noticed that Jinzhong shares were questioned at the meeting for over-reliance on the largest customer. In addition, the Listing Committee once again asked the company to state that it meets the requirements of “three innovations and four innovations” at the meeting. , This time the object is Tianyima. Admiralty: Increasing revenue but not profit in the past two years, relying on major customers to attract inquiries from the Listing Committee Recently, the 2021 Shanghai Auto Show has attracted attention from all walks of life, and some of the car logos and other decorative parts of the show cars may be made by this company. From 2018 to 2020, Jinzhong shares achieved operating income of 338 million yuan, 374 million yuan, and 394 million yuan respectively; net profits attributable to parent companies were 63.04 million yuan, 56.1351 million yuan and 48.699 million yuan respectively. Even after deducting the impact of non-recurring gains and losses, in the past two years, Admiralty shares still show a situation of “increasing revenue but not profit”. Jinzhong shares explained that the main reason for the decline in the company’s net profit was the combined effects of tariffs imposed by Sino-US trade frictions, the new crown epidemic, exchange rate fluctuations, and the large fixed costs of its wholly-owned subsidiary Qingyuan Jinzhong’s operation in 2020. For example, the company’s tariff expenses were RMB 4,976,200, RMB 15,979,500, and RMB 12,876,700, respectively. In 2019 and 2020, the expenses increased significantly compared with 2018. However, Jinzhong shares also said that up to now, the impact of Sino-US trade frictions on the company’s performance decline has been basically eliminated, and the impact of the new crown epidemic, exchange rate fluctuations and the operation of Qingyuan Jinzhong in 2020 on the company’s performance decline is gradually eliminated. Image source: Screenshot of Jinzhong Stock Prospectus (draft) Admiralty shares through the largest customer DAG LTD, LLC (hereinafter referred to as DAG) to achieveGeneral Motors,FordChrysler,TeslaWait for the export sales of North American automakers, and DAG has the exclusive right to sell Admiralty’s products in North America and South America. The reporter noticed that in 202 years, Admiralty shares accounted for 41.84% of DAG sales. Therefore, the Listing Committee is concerned that this situation will have a significant adverse impact on its ability to continue operations, and requires the company to further explain whether it has a significant dependence on DAG, and further disclose the impact of this situation on the issuer’s ability to continue operations in the prospectus after the meeting. Tianyima: The overall gross profit margin and the proportion of R&D expenses are declining year by year The relevant regulations of the Shenzhen Stock Exchange pointed out that “The Growth Enterprise Market is positioned to thoroughly implement the innovation-driven development strategy, adapt to the development of the general trend of relying more on innovation, creation, and creativity, and mainly serve growth-oriented innovative and entrepreneurial enterprises, and support traditional industries, new technologies, and new industries. , Deep integration of new business formats and new models”, that is, “three innovations and four new innovations”. And Tianyi Ma, who attended the meeting on April 22, was asked by the Shenzhen Stock Exchange to explain the company’s competitive advantages and disadvantages and the specific manifestation of meeting the requirements of “three innovations and four new”. The reporter noticed that although Tianyima’s revenue and net profit increased year by year from 2018 to 2020, the company’s comprehensive gross profit margin (39.55%, 37.78%, 30.28%), and the proportion of R&D expenses to operating income (7.87%, 5.63%) , 4.39%) has shown a downward trend year by year. It is no wonder that the Listing Committee issued the above question to Tianyima. During the reporting period, Tianyima signed multiple contracts for information system integration, software development and technology, and information equipment sales for the same project. The Listing Committee requires the company to combine the above-mentioned business characteristics to explain the timing and basis of the above-mentioned business income recognition, and whether it meets the requirements of the Accounting Standards for Business Enterprises. In addition, Tianyima’s operating income in the second half of 2019 and the second half of 2020 accounted for about 80% of the entire year, which was significantly higher than that of previous years. The Listing Committee required the company to clarify the reasons and reasonableness. Daily economic news

Artisan Dong Chien also takes a lot of time to learn about orchids, from garden orchids to seed orchids, which are collected by artisans to choose the best care method. According to Dong Chien artist, firstly, orchid growers need to know the techniques of watering the plants. Not always watering and not always the right time. Should water orchids in the morning, the plants are about to bloom, you should just water gently on the branches and not over water will make the roots waterlogged and affect the flowering process. Artisan Dong Chien also said, “best country, second division, three need, four varieties” are all the most essential in growing orchids and other ornamental plants. So orchid growers need to pay attention to how to fertilize the plants. Artisan Dong Chien said: “Do not fertilize in the afternoon, because at that time the plants are difficult to photosynthesize and will not absorb nutrients, so fertilize in the morning and apply with a sufficient dose, avoid love state of the tree is missing “. In addition, each orchid species will have its own techniques to care for, so growers need to choose strong and well-developed varieties. Currently, there are many places that offer orchids, but to collect beautiful plants, you need to come to the place to check and learn about that orchid variety. Growing and caring for orchids requires not only technique, but also patience, diligence and effort. Orchids are not like other flowers, must be very healthy to germinate to multiply and flower beautifully, this factor needs to depend on the caregiver. Artisan Dong Chien shared: “ I pursue and stick with orchids because I am passionate and love to see orchids bloom, pure and proud flowers are the driving force that motivates me to take better care of them to multiply more varieties. and share with many people with the same passion nationwide “. Artisan Dong Chien is a retired military officer, he chooses to grow orchids to ease his spirit and create his own pleasure. He is not afraid to share the knowledge that he has learned during his time when he tended to his orchid garden. Because he wishes to develop and preserve the wild orchids. Hopefully, with the sharing experiences of artisan Dong Chien, it will motivate those who have a passion for orchids to learn and be more confident in their career in planting and caring for wild orchids.

Huyen Dior (real name Bui Khanh Huyen) is a famous gym girl and coach in Hanoi with a hot body of 88-64-100 cm. She made netizens feverish before the moments of showing off her super 1 meter bust. Few people know, Huyen Dior used to work as an office worker and received a lot of criticism for her appearance because of her thin, sick body. After that, she decided to go to the gym to change her physique, improve her breasts and bust. After only a few months of training, Huyen Dior gained 5 kg. After nearly 2 years of serious practice, she possesses a balanced and attractive body. Currently, she has nearly 6 years pursuing this subject. “For many years, I always practiced 4-5 sessions per week, each session lasting 1-1.5 hours. This is difficult at first, but later on, gym becomes an indispensable part of life. Even when I travel, I try to find the nearest gym to practice a little bit ”, shared Huyen Dior. Recently, the hot girl at the gym has made a 7-exercise instruction clip at home to help female friends own a round, toned circle without going to the gym. Huyen Dior shared: “Bosu ball is a very good third-round training aid that does not take up much area. You can use these exercises at home or at work to have a beautiful body and attractive curves. You try to maintain these articles 2 times / week. Practicing enough as Huyen instructs you to have a great 3rd round ”. Lesson 1: Activate gluteus muscle with Glute Bridge. We put 2 feet on Bosu ball, core, push hips up. When tightening the buttocks hold up 1 second up high. Be careful not to push the hips up too high as this will cause sagging and back pain. We do 3 sets x 15 reps Lesson 2: Single leg Glute bridge moves like lesson 1. Instead of kicking with 2 legs, use 1 leg. One leg will be difficult to balance, so you guys slow down and tighten the core when exercising. We do 3 sets x 12 reps per leg. Lesson 3: Squat. Hold Bosu ball with 2 hands, straighten back, gong core, slowly sit down, knees open to tip to toe. The mistake in squat is usually to shoot the hips up or the knees bent inwards. You remember to hunch your thighs and kick hard, then tighten your glutes. We do 3 sets x 15 reps Lesson 4: Ronanian Deadlift. Hold Bosu ball with 2 hands, straighten back, push hips back. This lesson we need to feel the thighs stretch, up, push the hips fast and tighten the buttocks. Romania DL will not overlap much, keep hips high to feel the most stretch of hind thighs. We do 3 sets x 15 reps. Lesson 5: Lunges. Put your hind leg on the ball of Bosu, lower the center of gravity slowly, place the rear knee perpendicularly, then kick hard with the thigh of the front leg. Butt squeeze up. This article takes a deep dive into our buttocks, front thighs, and hind thighs. We do 3 sets x 10 reps per leg. Lesson 6: Glute kickback. Put your hands on the ball of Bosu, hold the core firmly for balance. Pillar with 1 leg, the other leg bends the knee straight to the back and then squeezes the buttocks and hind thighs. We do 3 sets x 15 reps per leg. Lesson 7: Hip abduction also known as hip opening. Pillar with 1 leg, the other leg with knee kick sideways, try to hold the top 1 second to feel the numbness of the buttocks. We do 3 sets x 15 reps per leg. “Let’s try to overcome the difficulties in the early stages, the gym can change our lives, help us completely transform”, Huyen Dior emphasized. Photo: IT. Invite readers to watch the video “The remarkable weight loss achievements of Miss, Vietnamese runner-up”. Source: Yannews.

With many years of experience in the field of dentistry, Thuy Hang understands the needs of many people in beauty and oral care and their love for nature, no chemicals and less toxicity. Therefore, the young female CEO has the secret to help customers protect their teeth from natural, easy-to-find materials to help people own bright and healthy teeth. Salt – Simple whitening of teeth One ingredient that you can use to whiten teeth is salt. Just mix a few grains of salt into the toothpaste and use it normally and the stain will disappear. Over time, your teeth are not well cared for, and food sticking together will make yellow stains on your teeth very poorly. Not to mention that the stain also makes your breath a bit “coriander”. Salt is not only used for cooking, but also for good dental hygiene. Mix salt water rinse every day to help freshen breath, prevent tooth decay. Mixing into the toothpaste a few grains of salt can be safe to whiten teeth at home. Protect tooth enamel with apples Science has shown that eating a lot of apples can protect tooth enamel very well. When you chew the pieces of apple, they produce amino acids and fiber that make the stains on your teeth go away quickly, so the enamel is also completely protected. The method of protecting natural enamel that Charm Dental Dental CEO Do Thuy Hang shares can be implemented. Eating apples is both good for health, digestion and beauty for teeth, why not try it? You will certainly not be disappointed with the results. Relieve toothache with guava leaves Tannic acids, quercetin and flavonoids are the ingredients in guava leaves, providing rapid pain relief. In addition, guava leaves also have antibiotic, antiseptic and anti-inflammatory effects, so they are also listed in the list of natural ingredients that reduce toothache at home. Want to relieve toothache, you chew young guava leaves thoroughly with a few grains of salt until the pain is lessened. If you can’t chew, let the water cool, use them to rinse your mouth and suck in pain. Although it takes a few times to get the best results, it is quite safe for us. However, Ms. Do Thuy Hang also advises everyone when they have a toothache to go to the dentist for the best care. Relief of toothache thanks to clove oil Of all the home dental pain relief options, clove oil is best. With its antibacterial, anti-inflammatory, and analgesic properties, just a little clove oil is enough to make you feel better when the pain begins to torture. Use a clean cotton ball to soak some clove oil and place the cotton ball on the affected tooth. For the clove oil to work, let it sit for about 20 minutes. This natural pain relief is quick, safe and easy to do. Ms. Thuy Hang together with Charm Dental provide perfect solutions for those who are having dental problems. Although each person can take care of their teeth at home, but coming to the clinic, the time for dental treatment, dental care and beauty will be minimized. Currently, Charm Dental has all modern facilities to serve customers. The services are not only diversified but also extremely quality thanks to the golden hands of all experienced and professional doctors. The dentistry has a beautiful, airy and professional space that is ready to welcome any customer. In the future, Thuy Hang still wants to expand more clinics to care for more people.

When combining the decoration with the space, bonsai not only “wears new clothes” for the house but also can bring prosperity, Ms. Phuong Anh shared. Ms. Phuong Anh said that ornamental plants placed indoors should be plants with good meaning, beautiful shape, suitable for the area of ​​the space. Many species of trees are also believed to have a sense of well-being, helping homeowners always feel comfortable and relaxed in their home. She said, visitors to her garden often choose plants such as five packages, ten thousand young people, betel nut, ivy, areca, ornamental banana, fortune, betel nut king. Some other types of trees such as Singapore eagle, gold coin, honeysuckle, emerald, rich precious, rosemary, cedar are also interested in. According to Ms. Phuong Anh, referring to the beautiful ornamental flowers that are easy to grow, there must be the oat flower, the periwinkle coconut vegetables, the Japanese cypress, the million bells, ten o’clock. These are the wrong flowers and have drooping like chandeliers, when placed in the garden or balcony will help the space become more beautiful and fancy. Orchids and roses are also popular with consumers because of their beauty and diverse forms. In addition, trees that show persistence and vitality such as cacti, tiger’s tongue are also not to be missed. Plants bring a green accent to the house. Ms. Phuong Anh said that at first she did not care about bonsai because she did not know how to enjoy it, plus the expensive price. But after hearing and sharing from the artists, plus her own research, she gradually realized the value of this plant. The varieties of bonsai are simple, a bit trivial, but through the hands of artisans will be “transformed” into unique and meaningful works of bonsai art. In particular, the shui mai, the si tree, the genus chi, and the fir are the 4 most popular trees because in addition to their beauty, they also carry feng shui meaning, bringing sand to the homeowner. For many people, the time to prune and take care of trees is also a form of relaxation after stressful working and studying hours. Besides consulting on selecting plants, Ms. Phuong Anh also said that taking care of ornamental plants is not as complicated as many people imagine. Just water regularly, keep moisture, leave the plant in a well-lit place, the tree will have good conditions to grow and become healthy.

Bella Mai not only impresses with sexy poses, showing off her curves, but also with extremely attractive, seductive, charismatic and confident facial expressions. The actress is like a “goddess of the ocean” strayed inland from the sea: luxurious, sexy, graceful and aristocratic. The outfits that Bella Mai wears in this photo set are also “unique” designs inspired by the sea, both with the look of sophisticated and beautiful evening gown designs, but at the same time. extremely comfortable, free in the summer sun. Whether wearing a 2-piece bikini or a close-up, Bella Mai also shows off 3 hot rings thoroughly with daring cut designs. At this time, Bella Mai was noticed and praised by the audience when she became more and more profitable. She said that in order to have a balanced body, fresh skin, without spending too much time taking care of herself, it is necessary to always have a comfortable spirit and be active every day regularly. The runner said, she does not diet too much because she needs to have the strength to film every day. Instead, Bella Mai regularly goes to the gym every day no matter how busy the schedule is. “I love to travel, love to go to the woods to explore, so whenever I have free time, I do not go far, I also go to experience nearby places to move. In addition, most of the movies I received during this time also fought a lot, so it was also a way to keep the body moving a lot, lose fat well to have a balanced body ”- Bella Mai confided. Posts: Beautiful Entertainment

At 9 a.m. on April 23, Times Finance called the Office of the Secretary of the Board of Hope Co., Ltd. The other party stated that the reply has been submitted to the Shenzhen Stock Exchange, and the specific content is not convenient for disclosure at present. However, as of press time, the content of Houpu’s response has not yet appeared on the Shenzhen Stock Exchange website.

On April 21, the Shenzhen Stock Exchange issued a letter of concern and an annual report inquiry letter to Hopu within one day. The serial follow-up questioning by the Shenzhen Stock Exchange revealed its eagerness, requiring Houpu shares to respond to the letter of concern before April 22.

The Shenzhen Stock Exchange’s attention to Houpu shares stems from the 15 billion yuan project agreement disclosed by Houpu shares on April 20.

On the evening of April 20, Houpu shares announced that the company and Chengdu Xindu District Government signed the “Hopu International Hydrogen Energy Industry Cluster Project Investment Agreement” (hereinafter referred to as the “Agreement”), and plans to invest 15 billion yuan in construction Hopu International Hydrogen Energy Industry Cluster Project.

Hydrogen refueling station. Image source: L.Willms

It seems to be a major positive news for the company, but when it is placed on Houpu shares, it makes people suspicious. Its annual report shows that in 2020, its operating income will be only 478 million yuan and a loss of 168 million yuan.

Where did the poor performance of Houpu shares to complete the 15 billion yuan project?

In the letter of concern sent by the Shenzhen Stock Exchange to Houpu, it not only questioned the feasibility of the 15 billion project, but also asked whether it involved real estate development and operation. In the annual report inquiry letter issued on the same day, the Shenzhen Stock Exchange further inquired about Hopu’s operating conditions and asked for an answer within a week.

Affected by this, Houpe shares closed down 5.59% on April 22; it fell below 3% at the opening on April 23, but then quickly rose. As of the morning’s close, Houpe shares rose 5.74%.

Image source: Houpu shares it

Where does 15 billion come from?

The financial situation of Houpu shares in recent years is not optimistic. The two letters issued by the Shenzhen Stock Exchange on April 20 focused on one question: Where does the 15 billion come from?

According to the financial report, Houpu’s revenue in 2019 is 543 million yuan, which is nearly cut in 2015 compared with the revenue at the beginning of listing, and the net profit in 2019 is only 20,827,600. In 2020, the performance of Houpu shares further declined. The total annual operating income was 478 million yuan, a year-on-year decrease of 11.87%, and the net profit attributable to the parent was 168 million yuan, a year-on-year decrease of 905.35%.

According to the “Agreement”, the first phase of the Hydrogen Energy Equipment Industrial Park project uses about 300 acres of land. The Xindu District Government will only use about 300 acres of land for the first phase of the project’s fixed assets (excluding land) investment amount to 4 million yuan per acre or more. Land supply for the second phase of the project will be initiated; similarly, the first phase of the Hopu International Hydrogen Energy CBD project covers an area of ​​about 118 mu, and the investment in fixed assets (excluding land) reaches 7.5 million yuan/mu or more before the second phase of land supply will be initiated.

Based on this data, Times Finance estimates that the first phase of the hydrogen energy equipment industrial park project needs to invest at least 2.085 billion yuan.

However, as of the end of 2020, Houpu’s total assets were 1.912 billion yuan, and the balance of monetary funds was only 136 million yuan; during the same period, its current liabilities were 750 million yuan, including 116 million short-term loans.

Image source: Houpu shares 2020 annual report

The Xindu District Government stated in the “Agreement” that it supports and encourages district-owned platform companies to participate in the clean energy industry fund initiated by Houpu. The first phase of the industrial fund scale is 500 million yuan, of which the district-owned platform company invests 200 million yuan. Two batches of investment; in addition, the district government also encourages and supports district state-owned enterprises to participate in equity investment in the project under this agreement, and the total investment amount does not exceed 200 million yuan.

In addition, the “Agreement” requires Hopu Co., Ltd. to register relevant project companies with independent legal personality in Xindu District, and at least one project company has a registered capital of 500 million yuan. On April 16, Yanxin Holding Group Co., Ltd. (referred to as “Yanxin Holdings” in the text) and Houpu’s subsidiary-Beijing Houpu Hydrogen Technology Co., Ltd. registered in Xindu District to establish Chengdu Houpu Hydrogen Technology Co., Ltd. , Registered capital of 500 million yuan, of which Beijing Hopu Hydrogen Energy subscribed 400 million yuan, and Yanxin Holdings subscribed 100 million yuan.

Even without considering the liabilities, according to Times Finance’s estimates, plus the 170 million yuan that Houpu shares planned to raise from Wang Jiwen in February 2021, and the 100 million yuan that Yanxin Group invested in the establishment of Chengdu Houpu Hydrogen Energy, Houpu has made every effort to spend about 1.106 billion yuan in international hydrogen energy industry cluster projects, and there is still a big gap between the 2.085 billion yuan required for the first phase.

Picture source: Times Finance

Hope shares may choose to seek external financing. Times Finance found that in the signing of the 15 billion project issued on the official website of Hopu Co., Ltd. on April 21, the world industrial gas giant-French Air Liquide (Air Liquide) Chairman of the Board of Directors in Greater China, Lu Yuebing, also attended the signing ceremony. . In 2019, Air Liquide Group and Houpu Co., Ltd. jointly established Air Liquide Houpe Hydrogen Energy Equipment Co., Ltd. (hereinafter referred to as “Air Liquide Houpe”).

On April 22, Times Finance called Jin Jing, the media liaison of Air Liquide Group, who stated that the cooperation between Air Liquide Group and Houpe is limited to the previously established joint venture company-Liquid Air Houpe. Recently, Houpe shares and Xindu District Government The project has nothing to do with Air Liquide.

Times Finance also contacted Chengdu Xindu District Investment Promotion Bureau and Xindu District Modern Transportation Industry Functional Zone Management Committee on the same day, trying to inquire about the details of Hopu International’s hydrogen energy industry cluster project. The staff of the other party said that they would record the problem and give feedback to the relevant person in charge, but as of the time of publication, no response has been received.

At the 2020 online performance briefing meeting of Houpe shares held on the same day, Times Finance asked Huang Yaohui, general manager of Houpu shares, on issues such as “whether it will introduce other investors to join the projects in Xindu District”. The other party said that the specific situation will await the company’s response to the “Letter of Concern”.

Cement boss enters hydrogen energy

At the end of 2020, Houpu shares only changed the actual controller. Another identity of Wang Jiwen, the current actual controller of Houpu shares, is the chairman of Yanxin Holdings.

According to its official website, Yanxin Holdings is a diversified group company integrating building materials, environmental protection, metallurgy, finance, investment, logistics, real estate, and equipment manufacturing, with total assets of more than 4 billion yuan. Its building materials sector can produce 4 million tons of cement and 2.25 million tons of clinker each year. Its leading products include “Diamond” and “Jun” cement.

Cement boss Wang Jiwen entered Houpu shares back three years ago.

In November 2018, in order to alleviate the pledge of shares held, Jiang Tao, then chairman, general manager and actual controller of Houpu Co., Ltd., planned to raise funds from Beijing Xingkai Investment Co., Ltd. (hereinafter referred to as “Beijing Xingkai”). According to Tianyan Check, Wang Jiwen and Yanxin Holdings own 99.02% of Beijing Xingkai.

At the beginning of 2019, the senior management of Hopu Co., Ltd. carried out intensive mobilization. First, in January 2019, Jiang Tao resigned as general manager and was replaced by Huang Yaohui, the former vice president of Yanxin Holdings; then in March 2019, Wang Jiwen succeeded Jiang Tao and was elected chairman of Houpu Co., Ltd.; on April 1, 2019, Houpu The shares completed the change of legal representative and changed from Jiang Tao to Wang Jiwen.

However, it was not until the end of 2020 that Wang Jiwen truly became the “master” of Houpu. On November 17, 2020, Houpu shares announced that Jiang Tao would transfer 20% of his shares to Wang Jiwen and Beijing Xingkai. After the completion of the transaction, Wang Jiwen and Beijing Xingkai controlled by Wang hold 25.51% of Hopu’s shares and are the actual controllers of the company.

Soon after Wang Jiwen took office as chairman, he changed the company name from “Chengdu Huaqi Houpu Electromechanical Equipment Co., Ltd.” to “Houpu Clean Energy Co., Ltd.”.

A relevant person of Houpu said in public that the new boss Wang Jiwen is optimistic about the development of hydrogen energy.

The name change may have demonstrated Wang Jiwen’s confidence in hydrogen energy and other clean energy businesses, but it failed to help Houpu shares to reverse the decline in performance.

Transition to hydrogen energy for 7 years, revenue accounted for less than 1%

In recent years, the hydrogen energy industry has become hotter and hotter.

Kaiyuan Securities believes that in the context of “carbon peak” and “carbon neutrality”, hydrogen is expected to play an important role in promoting energy transition and improving the flexibility of the energy system. The governments of Sichuan, Beijing, Jiaxing, Zhejiang and many other places have also launched their own “14th Five-Year Plan” for the hydrogen energy industry.

On April 21, the China Hydrogen Energy Alliance revealed at the “14th Five-Year” Hydrogen Energy Industry Development Forum that as of the end of 2020, China has built 128 hydrogen refueling stations and the cumulative number of hydrogen fuel cell vehicles has reached more than 7,000.

The “China Hydrogen Energy and Fuel Cell Industry White Paper 2020” released on the same day shows that China’s current hydrogen production capacity is about 41 million tons per year, and the output is about 33.42 million tons, making it the world’s number one hydrogen producer; by 2060, under the carbon neutral scenario, it can be The scale of hydrogen production from renewable energy is expected to reach 100 million tons.

Wanlian Securities analyst Jiang Wei told Times Finance on April 22 that in the future, with the reduction of fuel cell costs, the layout of hydrogen refueling stations, and the promotion of photovoltaic hydrogen production, hydrogen energy is expected to become the preferred alternative energy source in the non-electric field. Can be used on a large scale.

In order to catch up with this round of hydrogen energy boom, Houpu has been preparing for 7 years.

The prospectus submitted by Houpu in 2014 did not mention that the company has any hydrogen energy projects. However, in its 2015 annual report, there was a message that “the hydrogen charging device has achieved phased results, and the research and development prototype has been tested on site”. Every year since then, Houpe has announced its progress in the field of hydrogen production and hydrogenation.

But so far, hydrogen energy has not yet become Hopu’s main business. In its announcement on April 8th, Houpu shares mentioned that in 2020, the company’s main operating income will still be the natural gas refueling equipment and parts business, and the company’s hydrogen energy business recognized operating income in 2020 is less than total revenue. 1%.

Perhaps in order to break through this 1%, Houpu shares will spend a lot of money to invest in the hydrogen energy industrial park. But with 1.106 billion funds to leverage 15 billion projects? difficult.

In the early trading on April 23, the three major stock indexes fluctuated slightly, and individual stocks in the two cities fell more and rose less. 3184 individual stocks fell, and market sentiment was weak. As of the close, the Shanghai Composite Index rose slightly by 0.05%, the Shenzhen Component Index rose 0.75%, and the ChiNext Index rose 1.67%.

In terms of sector hotspots, the healthcare sector rose sharply, with Yihua Health, Dabo Medical and Gongdong Medical’s daily limit, and Aier Ophthalmology rose 11.74%. Resource stocks and technology stocks weakened, and individual stocks in the coal sector and digital currency sector led the decline. Beijing Capital bought 5.318 billion yuan in early trading, including 2.86 billion yuan in Shanghai Stock Connect and 2.457 billion yuan in Shenzhen Stock Connect.

In early trading, institutional holdings picked up. Among the leading stocks in the industry, the leading pharmaceutical companies have gained the highest momentum. Aier Ophthalmology rose 11.74%, Mindray Medical rose 5.97%, and WuXi AppTec rose 5.58%. Group stocks such as Haitian Flavour, Midea Group and Oriental Yuhong rose more than 3%.

U.S. stocks dive in the market, Biden wants to tax the rich

According to Bloomberg News, not only for companies, the Biden government also plans to increase taxes for high-income groups. According to people familiar with the matter, US President Biden will propose to nearly double the capital gains tax rate for the wealthy to 39.6%. Together with the existing investment income surcharge, this means that the federal tax rate for investors may be as high as 43.4%.

The person, who asked not to be named, said that the plan will increase the capital gains tax rate for people with an income of $1 million and above from the current 20% to 39.6%. The plan has not yet been made public. Biden is expected to announce this proposal next week as part of the tax increase to fund social expenditures in the upcoming “American Family Plan.” Then White House Press Secretary Jane Psaki said that Biden believes that the expenditures (planned by American families) may come from the richest people, but the plan has not yet been finalized.

As soon as the news came out, U.S. stocks plunged during intraday trading. The Dow once fell more than 400 points, closing down 0.94%, the Nasdaq fell 0.94%, and the S&P 500 index fell 0.92%. Although the news is still uncertain, the market reacted quite violently. On the one hand, the market is worried that the wealthy will dump a large amount of stocks at the capital gains tax rate, creating panic.

Public fund first quarter report disclosed

Yesterday, the disclosure of the 2021 first quarter report of public funds officially ended . Since the Spring Festival, the A-share market has adjusted downwards as a whole, and most of the holdings of public fund holdings have pulled back sharply, and many of the new foundations who entered the market in January and February have faced substantial losses. According to statistics from Tianxiang Company on April 22, due to the A-share market pullback, the overall loss of public funds during the first quarter of this year exceeded 210 billion yuan; in the fourth quarter of last year, the overall profit of public funds reached 820 billion yuan.

The Securities Times·Databao sorted out the heavy holdings of A-shares of public funds in the first quarter. From the perspective of the total market value of the holdings, compared with last year’s annual report, the top ten heavyweight stocks have not changed much. Kweichow Moutai and Wuliangye hold the first and second positions in public holdings. Hikvision gained a large number of public funds to increase positions and entered the top three positions. China Merchants Bank gained 18.462 billion yuan in public funds in the first quarter, and it newly entered the list of the top ten heavy stocks.

In terms of different industries, bank stocks ranked first in the amount of public fund increase in the first quarter, and the market value of holdings increased by nearly 70 billion yuan. In addition to China Merchants Bank, the market value of public equity funds held by Industrial Bank and Ping An Bank increased by more than 10 billion yuan. In terms of performance, bank stocks all had good returns in the first quarter, with an average increase of 6.26%, 13 bank stocks rose by more than 10%, and the Bank of Nanjing and Postal Savings Bank rose by 25.25% and 22.80% respectively in the first quarter.

Other industries that have a lot of increased positions include the pharmaceutical and biological, electronic, and chemical industries, and the total market value of holdings has increased by more than 30 billion yuan. In the first quarter, the increase of public funds in general tended to pro-cyclical and undervalued stocks, and the enthusiasm for the long-term track of medicine, food and beverage, etc. remained unabated.

While public funds increased their positions in bank stocks in large numbers, the market value of non-bank financial industry positions decreased the most, and holdings of heavy stocks decreased by 34.933 billion yuan. Other industries where the market value of holdings have decreased include electrical equipment and household appliances that have decreased by more than 10 billion yuan, and the market value of holdings of communications, media, computers, and national defense and military industries has decreased slightly.

Based on the statistics of changes in the market value of public fund holdings, there are 5 stocks each in the banking, electronics, and biomedical sectors among the top 20 stocks. The pharmaceutical and biological sector stocks include Zhifei Biotechnology, WuXi AppTec, Changchun High-tech, Meinian Health, and Kanglong Chemical. The electronic sector includes Hikvision, Weir, Sanhuan Group, Transsion Holdings, and Zhuoshengwei. In the first quarter, public fund plus positions rose by an average of 15.34%. Among them, Oriental Yuhong, Meinian Health, and Transsion Holdings rose by more than 30%.

China Merchants Securities pointed out that there are no obvious signs of collapse of public funds. The consumer sector, the food and beverage industry and the pharmaceutical industry are still the most important sectors and industries for public funds. The reason why active public funds have such “falling but not breaking up” results is related to the fact that the fundamentals of these group stocks have not significantly weakened. The high-growth white horse stocks are still the first choice of current public fund managers.

Early morning capital flows to these stocks

In the early trading, a total of 62 stocks received a net inflow of over 100 million yuan in main funds, of which BOE A received a net inflow of main funds of 1.073 billion yuan, which was the top , Rose 1.69% in early trading, Xiaokang shares, Kweichow Moutai, and Sungrow received a net inflow of more than 800 million yuan.

Xiaokang shares in the past five trading days received a total of 4 daily limits and 1 daily limit. The company previously issued a risk warning announcement, stating that the news report stated that the way for the company to expand the marketing channels of Cyrus was normal production with a third party (referring to Huawei). Operating cooperation, and reminded that the expected loss for 2020 is 1.38-17.8 billion yuan.

From an industry perspective, a large amount of the main funds flowed into the medical and biological, electrical equipment sectors in the early trading, and the net outflows from the computer, environmental protection and real estate sectors were the top ones. New energy vehicles have once again been favored by major funds, and Ganfeng Lithium, Tianqi Lithium, and Ningde Times have received a net inflow of more than 200 million yuan in major funds.

Accordingly, more than 122 million BSI shares will have the last trading day on HOSE on April 28, 2021 and more than 63 million ASG shares will have the last trading day on HOSE on April 29, 2021. From the beginning of March until now, Bank for Investment and Development of Vietnam Securities JSC has been the third securities company to transfer shares from HOSE to HNX, after VNDirect Securities JSC and Tri Viet Securities JSC. Thus, up to now, there have been 11 enterprises transferring shares from HOSE to HNX according to Official Letter No. 713 / UBCK-PTTT dated 3/3/2021 on guiding stock trading with the purpose of reducing load. for the HOSE’s trading system and to ensure the interests of investors, in which, shares of 9 enterprises were traded on HNX. Including: NSC shares of Vietnam Seed Corporation, BBC stock of BIBICA JSC, SSC share of Southern Seed Joint Stock Company, VFG of Vietnam Fumigation Joint Stock Company, ABT of Seafood Import and Export Joint Stock Company Ben Tre, VND of VNDirect Securities JSC, LAF of Long An Export Processing Joint Stock Company, TVB of Tri Viet Securities JSC, and PAN shares of PAN Group JSC.

Accordingly, in 2021, the enterprise expects net revenue of 5,375 billion dong, after-tax profit of 806.4 billion dong, up by 289.76 percent and 302.7 percent respectively compared to the implementation in 2020. Of the VND 5,375 billion net revenue, VND 4,030 billion came from the real estate sector; 3,203.5 billion VND from construction and trade; 1,156.6 billion dong in the energy sector; 300 billion VND in production and agriculture; VND 323.7 billion in other fields; and revenue deductions are -3,638.7 billion. It is expected that by 2021 there will be 400 MWp of solar power generated. BCG’s 2021 strategy will continue to define itself as a leading development group in the renewable energy sector in Vietnam. In particular, the research and development to the LNG gas power segment, the total power output in the portfolio is from 2,000 MW to 2025. For the real estate sector, quickly complete unfinished projects in 2020 to record revenue for 2021, observe the market and deploy new projects cautiously on the basis of making use of available land. In the construction field, Tracodi has become a leading construction contractor in Vietnam. In addition, the enterprise also submits to shareholders the 2020 dividend plan at the rate of 10%. Of which, 8% is in cash and 2% is in stocks. It is known that in the annual shareholders meeting in 2020, the enterprise expects dividends to be 12%. Thus, the dividend rate has decreased 2% compared to the plan. Entering 2021, the dividend rate is expected to increase to 12%. It is known that dividends in 2020 are expected to be paid in the second quarter or the third quarter of 2021. A noteworthy content is that the business plans to continue offering to sell 148.77 million shares, equivalent to a rate of 50% to existing shareholders at the price of 12,000 VND / share. The amount expected to mobilize is 1,785.24 billion for the purpose of supplementing working capital of the business. Expected time is quarter III / 2021. Previously, the enterprise has just successfully offered to sell 68 million shares to existing shareholders at the price of 10,000 dong / share in March 2021. In addition, the enterprise also plans to offer 60 million individual shares to supplement working capital, the expected time in 2021. Closing the session on March 23, BCG shares stood at the reference price of 12,850 dong / share.

Yingda Securities chief economist Li Daxiao said that the three major US stock indexes fell sharply by nearly 1% overnight, affecting global stock market sentiment. As of 10:23, net purchases of northbound funds reached 2.172 billion, and the Shanghai Composite Index rose 11 points, an increase of 0.33. %, this is extraordinary. The A-share market has shown rare mavericks. my country’s economy grew by 18.3% in the first quarter, a record high. In the first quarter, GDP reached 25 trillion yuan. In the first quarter, the output value of industrial enterprises above designated size increased by 24.5% year-on-year, and the total retail sales of consumer goods increased by 33.9%. The epidemic situation in our country is well controlled, which is an important guarantee for economic growth. Chinese people are willing to travel on May 1st, and consumption will explode soon.

The semi-annual report forecast time has come again, and the performance factor is becoming more and more important. The performance growth factors of listed companies play a positive role in the market. Foreign investment variables are often a catalyst for A shares, and the long-term financial stabilization effect of domestic investment will play an increasing role. This is the basic market.

A larger increase comes from household savings, which is the long-term source of funds for China’s stock market. China’s stock market has been consolidating longer and longer, and the probability of changing the market has become greater and greater. The stock market proverb says that it should not fall, and the market outlook is bullish. Whenever the United States has fallen sharply in recent times, A-shares stand proudly, and perhaps a breakthrough is imminent. Of course only good stocks.

I think the probability of upward breakthrough is higher, of course it is just what I think. It is lonely and stressful to make this point, and it may be wrong, but that’s what I think.

Source: Sina.com

A longtime shareholder of the bank did not hide his excitement when in just 1 year, SHB shares increased 4.5 times, from only 6,000 VND in early 2020 to nearly 28,000 VND today. Shareholders expressed their hope that in the future, stock prices will continue to rise to the Top 5 group of Vietnamese commercial banks. Chairman of the Board of Directors, Mr. Do Quang Hien, said: “In previous years, there were shareholders who were very concerned about how the Board of Directors was responsible for increasing stock prices. We only have a responsibility to do well, good governance for a healthy and transparent development of SHB, investors will analyze and evaluate the performance by themselves; Enterprise value will determine the value of the stock. The price increase of SHB shares also shows investment interest, affirming the value of SHB in the present and in the future ”. Vote Hien: Last year, shareholders were very concerned about the responsibility of the Board of Directors to raise the stock price At the 2021 annual shareholder meeting, SHB said that it would pay dividends for 2019 and 2020 in shares at the rate of 10% and 10.5%, respectively. At the same time, SHB wants to offer shares to existing shareholders at the price of 12,500 dong / share. If completing these plans, SHB’s chartered capital will increase sharply to over 26,600 billion dong. SHB offers 2 scenarios for profit plan for 2021. Scenario 1, in case the bank completes the issue of additional shares to the public in the third quarter of 2021, the additional capital used in business operations will contribute to increasing the bank’s profit, expected reached 6,128 billion, up 87% over the previous year. Scenario 2, SHB completes the public offering of shares in quarter 4/2021, profit plan is expected at VND 5,828 billion, up 78%. By the end of Q1 / 2021, the bank’s total assets reached more than 418 trillion dong, pre-tax profit reached 1,664 billion dong, more than doubling compared to the same period last year. Regarding the transfer to the listing, SHB has recently received an official letter from the Ho Chi Minh City Stock Exchange that SHB’s profile has met the conditions under the HOSE’s Securities Listing Regulation. Official trading of bank shares on HOSE will be done after the technology infrastructure issue is handled. In 2021, SHB will increase its capital to VND 26,674 billion, of which the first source will increase from the fact that SHB pays 10% dividends to shareholders in 2019, approved by the State Bank and the SSC. Expected implementation time is in May 2021. After completing the dividend payment, SHB’s chartered capital will increase to more than 19,260 billion dong. The second source is from the dividend payment of 2020 at the rate of 10.5%. After the meeting, the Bank will submit to the State Bank for approval this plan. The third source, the Bank will increase capital from the offering of shares to existing shareholders by the method of exercising rights at the ratio of 100: 28, the expected asking price of VND 12,500 / share – less than half of the current price. now on the stock market. SHB has currently selected 2-3 major partners for the divestment plan of SHB FC Consumer Finance Company. Expected to successfully divest this year. SHB will increase capital by 5,000 billion dong from issuing shares for foreign investors and foreign strategic investors. Shareholders also agreed to approve the transfer of SHB’s capital in SHB Laos and SHB Cambodia to other investors at the maximum rate assigned to SHB’s Board of Directors for decision.

The panorama of VOBF 2021 took place on the morning of April 20 in Hanoi. Photo: Khac Kien In particular, with the theme “Transforming from today”, VOBF 2021 revolves around providing specific solutions to help businesses quickly recover from a major crisis and apply digital transformation in the most effective way. . At the same time, the Vietnam E-Commerce Index (E-commerce) Report 2021 was published in the Forum in Hanoi. This index is built on the basis of surveying thousands of enterprises across the country, and is information trust and assess the development of e-commerce in localities. Notably, during the period from 2016 to now, Hanoi and Ho Chi Minh City continuously accounted for over 70% of the country’s e-commerce scale. Therefore, this year’s Report has proposed a number of solutions to narrow the large difference in e-commerce between localities. “VOBF 2021 is a nationwide event, bringing together the domestic and foreign e-commerce community. It is also an opportunity for agencies, organizations, businesses and individuals to discuss the opportunities and challenges of the e-commerce sector in the coming year “- Mr. Nguyen Thanh Hung said. VECOM Chairman Nguyen Thanh Hung: VOBF 2021 will be an opportunity for businesses to learn to develop their business in the digital age. Photo: Khac Kien In addition to hot topics that directly affect many businesses such as competition, legal corridors, the transformation of industry 4.0 … attracted the attention of the community. At VOBF 2021, leading e-commerce experts and speakers also exchange information, trends and solutions in many related fields such as marketing, delivery, payment, technology, start-ups, water investment. out…; Supporting businesses to build and adjust online business orientations in 2020 and the next period; Promote business cooperation between two or more parties. Accordingly, the Forum consists of 4 sessions. Session 1 “Overview of e-commerce after the pandemic” with the part “Report on the Vietnam e-commerce market 2020 and forecast of transformation 2021”; “The driving force behind digital transformation – Outstanding Trends”; “Publishing index of e-commerce and Association activities”. The speakers share e-commerce business at VOBF 2021. Photo: Khac Kien Session 2 “New mobility in the digital economy” refers to changes in the economy from production, consumption and trade in goods and services after the impact of the pandemic, solutions and directions of enterprise. Among them, “Small Business Situation and Comprehensive Economic Recovery” “The Power of Personalization: Simple Steps to Deliver Unique Customer Experiences – One-to-One Seamless Experience on many channels ”- Regional Managing Director of Insider Jack Nguyen; “Transforming Buying Behavior on Amazon – Online Growth Strategies”. Session 3 “Transforming for growth” aims to increase business efficiency from digital transformation model, apply technology solutions to support business performance with expert sharing on “Growth revenue with Omnichannel shopping strategy “; “Applying technology to optimize business operations 4.0”; “The strategy of maximizing revenue per customer automatically”; “The shift from traditional retail to global e-commerce”. Session 4 “Sustainable Development” offers solutions to help businesses boom sales but still develop sustainably, maintaining quality of customer care services. In which “Emerging technology solutions to help retailers increase business efficiency”; “SME: Comprehensive online payment solution”; “Loyalty commerce keeps customers”. After the April 20 event in Hanoi, VECOM continued to hold in Ho Chi Minh City on April 22 with the direct participation of 800 offline delegates in Hanoi and Ho Chi Minh City, and more than 10,000. Online views were broadcast on Fanpage, and millions of people knew about the event online.

According to the Federal Statistical Office, the savings rate in Germany rose to a record level of 16.3 percent last year. This means that the Germans save more than 16 euros for every 100 euros of their disposable income. According to the statistics office, private households would not have spent their disposable income in 2020 to the usual extent. The government measures to contain the corona pandemic and the adapted behavior of the population to protect against infection with the corona virus would have led to this. As a result, consumer spending by private households fell by 5.4 percent last year compared to 2019. The savings rate increased by 5.4 percent compared to 2019.

Financial wealth reaches record level

Those who save have more money. According to data from the Bundesbank, the financial assets of private households reached the enormous sum of almost 7 trillion euros at the end of 2020. In the previous quarter, the assets were still 211 billion euros lower. The amount consists of cash, securities, bank deposits as well as claims against insurance companies and shares in investment funds. The Bundesbank’s data does not reveal how the enormous wealth is distributed among the citizens. However, the central bankers already know how the increase is made up. “In particular, behind the increase in financial assets were the increase in cash and deposits totaling 74 billion euros and the valuation gains on shares and other equity securities amounting to 61 billion euros,” said the Bundesbank. This means that at least the Germans who directly or indirectly own shares will also benefit from the current bull market on the stock market. Only today did the Dax hit another record high .

The number of shareholders is also increasing

In the meantime, the hunt for records on the international and national stock exchanges has also reached a broader public. According to the Bundesbank, savers, who are actually considered to be rather shy of the stock market, are increasingly investing in stocks or funds. “Private households remained very active on the capital market in the fourth quarter.” In the period from October to the end of December 2020, private households bought shares and investment fund shares totaling 21 billion euros. According to the Deutsches Aktieninstitut (DAI), the number of shareholders in Germany has climbed to the highest level in almost 20 years in 2020. Accordingly, 12.35 million people owned shares in companies or equity funds – almost 2.7 million more than a year earlier. The number was last higher in 2001 at almost 12.9 million.

Cash and deposits preferred

Nonetheless, stocks and funds still only make up a small part of the total financial assets of private households: at the end of last year, according to the Bundesbank figures, almost 805 billion euros were in stocks and other equity rights. In the case of investment funds, it was around 735 billion euros. Much of the wealth is still in cash and bank deposits, which hardly yield anything because of the slack interest rates . However, the argument of many savers is that they can be accessed quickly when needed. The volume of cash and bank deposits totaled around 2809 billion euros at the end of last year. Insurance and other pension products are still popular. At the end of December, their holdings totaled almost 2,458 billion euros.

Accordingly, in order to restructure the investment portfolio, Intact Management Co., LTD registered to sell more than 4.62 million TCD shares, equivalent to the ownership ratio of 5.62% of capital. If the transaction is successful, this organization will reduce its ownership in TCD to 0%. Trading is done by matching and / or agreement method, expected time from April 28 to May 27, 2021. On the market, TCD shares were quite bleak when closing this morning on April 23 at the floor price of 13,050 dong / share, down 6.8%. If temporarily calculated at this market price, Intact Management Co., LTD will earn about VND 60.3 billion from the divestment at TCD. On April 29, Tracodi will hold its 2021 annual shareholder meeting to approve this year’s business plan with 2021 consolidated revenue target of 3,203 billion, an increase of 12.3% compared to 2020 and profit after tax. 280 billion, up strongly by 91.3%. In addition, TCD also plans to pay dividends in 2020 at 11% and 2021 at 14%. In which, the Company estimates consolidated revenue is expected in the first quarter of 2021 to reach more than 817 billion, up 69% over the same period. Profit before tax is estimated at 73.99 billion, 3.7 times higher than the same period in 2020. Accordingly, TCD has completed 25.5% of the revenue plan and 21.6% of the expected profit plan in 2021. .

Compared with last year’s quarterly report, this year’s A-share listed companies’ quarterly report performance is generally expected to be happy. The reason is that, on the one hand, the base number last year was low, and it is very difficult for performance growth this year compared to the same period last year; on the other hand, the expected economic recovery this year has risen significantly, and the performance recovery of listed companies will also be significantly enhanced.

In fact, due to the special environmental impact in the first quarter of 2020, the data in the quarterly report of listed companies last year did not have much reference. For the market, it is more willing to conduct a comparative analysis with the quarterly report data of 2019. In reality, although many listed companies reported a substantial increase in the performance of this year’s quarterly report compared with the same period last year, there is still a gap compared with the 2019 quarterly report. In other words, if the performance of a listed company in the first quarter of this year is stronger than that of the first quarter of 2019, then for this listed company, the growth advantage is still relatively obvious. On the contrary, it may reflect that the profitability of listed companies is not strong. It is just that compared with the first quarterly report of 2020, there has been a repairable performance, and the performance of market prices will naturally be greatly reduced. As a result, this can explain the reason why some listed companies have announced their performance pre-history, but the capital market does not buy it.

In addition, there is also a phenomenon that the performance of listed companies is growing well. This year’s quarterly report not only increased significantly compared with the same period last year, but also showed signs of growth compared to the first quarterly report of 2019. However, judging from the price performance of the secondary market, it is still being sold off by market funds, which may be related to the high valuation factors of listed companies themselves. Or, in the context of intensified institutional grouping and disagreement, there is pressure for institutions to concentrate on selling.

Since February 18 this year, the A-share market has shown a trend of “killing valuations”, which is mainly concentrated on the white horse stocks in the A-share market. However, from the perspective of these white horse stocks that have been sold by institutions, they mainly have the characteristics of institutional grouping, high valuations and large previous increases. In contrast, blue-chip stocks with low valuations and small gains in the previous period did not show a significant downward trend, becoming the most stable listed company this year.

The white horse stock market’s “killing valuation” is largely related to the anticipated advancement of the inflection point of loose liquidity, which is also a manifestation of partial de-bubble. In addition, as the “anchor” for the valuation and pricing of global core assets, the yields of US 10-year Treasury bonds have soared, which has also accelerated the compression rate of the global core asset valuation premium.

As the white horse stocks occupying a higher weight in the market, this round of irrational decline in the market has a greater impact on the market index. However, due to the impact of many large blue chip stocks, the decline in the market index is not very significant. Since the beginning of this year, the Shanghai Stock Index has performed relatively well in the Shenzhen market.

A shares fell below 3400 points again, and the total trading volume of the Shanghai and Shenzhen markets shrank to less than 700 billion yuan, which shows that the investment sentiment in the market has dropped to a freezing point. As the market continues to shrink, it actually heralds that the market’s turning point is approaching. However, from another perspective, if the major A-share market indexes have fallen below the half-year line and the annual line, and the average daily trading volume of the Shanghai and Shenzhen markets has fallen below the level of 500 billion yuan, then the A-share market may be declared Step into the bear market again.

Over the years, the A-share market has often been characterized by a bull market for only three years and a bear market for only five years. Whether this market curse can be broken this time, there are still certain unknowns. However, according to the current valuation level of the A-share market and the analysis of the economic environment, the A-share market does not yet have the basis for entering a bear market again. Even according to the relatively weak trend, it is difficult for the A-share market to re-enact the unilateral decline in 2015 and 2018, and it is more likely to complete the process of turbulence and bottoming in the form of time for space.

From the overall analysis, although the decline of the market index will be relatively limited, judging from the rapid decline of the White Horse stock in the last two months, the market is more inclined to partially defoam, rather than defoaming and deleveraging. Market. Compared with 2019 and 2020, the A-share market in 2021 will look more dull, and the structural market has become the main tone of this year’s market.

However, with the experience and lessons learned from the deleveraging market in the second half of 2015, at the level of policy supervision, the attitude of the bull market in the financial market may be cautious. However, under the background of the comprehensive advancement of the registration system, the support of a continuous bull market environment is required. Therefore, from a policy perspective, I do not want the stock market to see a trend of ups and downs. It is more likely that I hope that A shares will go out of 2016 to 2017. Slow Bull Quotes of the Year.

This is the secret that few women think about. During pregnancy, your body needs more water during the day. You need to drink about 10 glasses or at least 2 liters of water per day. Water helps to purify and eliminate toxins from the body. Furthermore, water also helps maintain the correct amount of amniotic fluid in your body. This is very good for the fetus. Choose the right foods to keep your skin ruddy and smooth Supplementing the right vegetables, fruits rich in vitamin C, vitamin A, adequate electrolytes and eating enough nutrients to help your skin become rosy and smooth, so that you will look younger every day . Take care of stretch marks during pregnancy for beautiful postpartum skin The skin of the abdomen, thighs, buttocks … which starts to stretch as the belly gets bigger is very common. You can use a number of stretch marks of natural origin to apply or consult your doctor about methods to treat stretch marks during pregnancy. More simply, you can use coconut oil to moisturize the skin, limit stretch marks. Costumes for pregnant mothers in early stages of pregnancy As your pregnancy grows, you will need the most comfortable clothes. Free-size dresses, loose-fitting shirts, leggings… are suitable for your body and, more importantly, the comfort will help you feel a lot more confident. Don’t forget to take care of your skin to stay beautiful Some women often have acne-free skin after pregnancy, but others, on the contrary, have acne-prone skin, even darkening, melasma. These are common changes when body hormones change. You need to talk to your dermatologist or doctor before using any skin care products to make sure they do not contain harmful chemicals and that you should only use products with origin. nature. Try to take some time to relax This is also an important secret for you to maintain health and beauty during the first 3 months of pregnancy. The difficulties during pregnancy will definitely make you stress many times, but you should calm down, do not get angry because it can affect the baby in the belly.

According to interior expert Nguyen Hien, the first thing to do is to refurbish the house. If it is a rundown house, you can repair and repaint the house to help the space no longer look damp, old. After the house has been dressed in a new coat, you can choose the right paint color for the interior space. Interior expert Nguyen Hien said bright colors such as white, light gray, light blue, and light yellow will make the space appear spacious, bright and luxurious than dark colors.

In addition, you should also minimize the interior to not create a stuffy look for the space. You can use smart furniture, which are integrated with many functions to both meet your needs and save space. Some items you should use are a foldable dining table, a bed with a drawer or a bunk bed if the house has many people. These are all popular products these days, so you can easily buy them in furniture stores.

Finally, to help open the space, you need to make the most of natural light from windows. If it’s a house with lots of windows, you won’t need to worry too much. However, if there are only 1-2 windows, you should arrange the living room and bedroom with windows to ensure that the main living rooms always have fresh light and air.

Currently, there are still many level 4 houses and to improve living space, interior renovation is the right thing to do. Therefore, hopefully with the advice of interior specialist Nguyen Hien, you will be able to own a modern space for your grade 4 house!

“We must play down the concept of bull and bear markets, and grasp structural trends and opportunities.”

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On the evening of April 15th, the “Golden Bull is Coming” live broadcast of the China Securities Journal frequently appeared. Dan Bin, chairman of Shenzhen Orient Harbor and Jinniu Private Equity Investment Manager, and Wang Hanfeng, chief strategist and managing director of CICC, discussed recent market conditions. , Macro policies and investment strategies were wonderfully shared.

The two guests said that the current market adjustment may not be in place, and market sentiment may further cool down. Investors should play down the concept of bull market and bear market, and should focus on grasping structural opportunities, mainly focusing on industries such as consumption, platform Internet companies, high-end manufacturing, medicine, and education.

Market adjustment is not yet in place

Wang Hanfeng said that on the whole, the stock market has slowly shown that the adjustment may be entering the second half of the process, but the valuation adjustment is not yet sufficient, and market sentiment may further cool down. “In the follow-up, we will continue to pay attention to various indicators, and pay attention to whether it will reach a staged bottom within the next one or two months.”

But Bin said that the short-term trend of the market is more difficult to judge. This adjustment may continue until the third quarter or the end of the year. By then, the valuation restoration should be nearing the end, and the valuation of listed companies will be more attractive.

Wang Hanfeng believes that current investors pay too much attention to the performance of the market’s broad-based index and ignore the structural trend of the market. It is recommended that investors play down the concept of bull and bear markets and should focus on structural opportunities. “The index can be used for reference, but don’t pay too much attention to it. What needs to be paid attention to is the clear trends in the next five to ten years and the leading companies that can represent the trends.

Optimistic about five types of industries

Recently, Dabaima has fallen successively. In Dan Bin’s view, the main reason is the high valuation of some companies. As the annual report continues to disclose, some companies’ profits did not increase significantly last year, but their stock prices have risen a lot. After the so-called slump, the valuation is still not low.

In the long run, but Bin is optimistic about the five types of industries: consumption, platform Internet companies, high-end manufacturing, medicine, and education. He said that he will not adjust the industry based on the short-term situation in a quarter, and he is especially taboo against continuous trading in the volatile market.

Regarding the liquor sector that everyone is concerned about, Bin Bin said that the cycle of consumer companies is particularly long. For example, tobacco companies in the United States have spanned many cycles. If any company in the liquor industry buys and holds it from the first day of listing, it will make money, and most of them can earn dozens or even hundreds of times in return. In the long run, there is still room for the liquor industry in the future.

For the pharmaceutical industry, Bin Bin said that he can focus on companies with leading technologies.

Recently, the market has frequent rotations. In Wang Hanfeng’s view, this is related to the relatively high proportion of short-term speculation in the market structure. Frequent rotations are not necessarily a very rational behavior. To find the direction of investment value in the medium and long term, we still need to see which direction will benefit from the development trend of our country. “If you want to fish, you have to go to places where you can easily catch fish. From the perspective of investment, China is currently in the stage of consumption upgrading and industrial upgrading. These are the places where it is easier to catch fish.”

The important thing is to find long-term profitable companies that cross the bulls and bears

But Bin said that great companies in history have grown up from small companies. To find a truly good company, one must judge from five dimensions: first, the company has no ceiling and there is unlimited room for growth; second, the company’s business model is simple , Reliable, easy to understand, recognized by more people, everyone has a high level of firewood; third, the company’s profitability is strong and sustainable, and its annual performance has maintained growth, and it will surely grow into a large company for more than ten consecutive years; Fourth, there are commercial barriers, and the moat is deep and wide; fifth, there is a good culture and a good team to resist the challenges of growth.

Bin said that he did not agree with the concept of “grouping” in the market. He said that concerns about inflation and liquidity will only interfere with short-term operations. From the perspective of a slightly long-term trend, these factors are not the fundamental factors affecting stocks. The real investment does not depend on the judgment of the index, but to find companies that can cross the bull-bear cycle, and the profitability of the company must be able to keep up. . The simpler the basis for investment decisions, the more effective.

But Bin said that investment should be made around the best few companies, and style rotation should not be used as an investment reference factor. As far as investors are concerned, it is not advisable to blindly chase hot spots, otherwise it is easy to chase high or run low. The core is to make long-term thinking based on changes in corporate profitability. (Finish)

During the peak period of his career, Ly Hung received a salary of up to 30 million VND per film. Ly Hung also for example that if calculating the value now is about 2 billion. Looking back at his time in art activities, Ly Hung is proud of himself having participated in nearly 100 films and are both leading roles.

However, after the glorious peak passed, Ly Hung gradually withdrew from movies to focus on his personal life. Occasionally he only appeared in television games shows as a guest or judge.

Tieu Vy talked about a memorable experience when watching a movie of actor Ly Hung.

Recently, appearing at a show with Miss Vietnam 2018 Tieu Vy, the actor suddenly received sincere sharing from juniors.

Specifically, the beauty born in 2000 revealed: “When I first joined the program, I was very thrilled despite being in such a cozy atmosphere. In fact, the uncles and aunts on the show are people I admire very much. Until today I had the opportunity to meet and talk with them ”.

Tieu Vy could not hide her excitement when she met the idol Ly Hung. “I really enjoy watching Mr. Ly Hung’s movies. In the past, my house was very crowded. Every time you watch a movie, you have to fight each other. Every time I want to watch a movie of Mr. Ly Hung, I have to ask my parents to win TV to watch it. Fortunately, my parents also enjoyed watching his movies. In general, there are a lot of people in my family, it is very hard and difficult to see the movie of the person I like ”, the beautiful Quang shared.

It is known that Ly Hung and Miss Tieu Vy are both busy with personal projects over the past time. While the actor Pham Cong – Cuc Hoa Focusing on charity work, helping the community, Tieu Vy has just finished her incumbent Miss Vietnam 2018.

Sharing about the plan this year, the queen said she had many plans from the end of 2020, but by the beginning of 2021, the epidemic had to be postponed. She hopes that everything will be smooth and peaceful to do volunteer activities as well as perform a number of other projects.

Minh Hoa (th)

Her friend Phan Anh Thu

Appearing on the “courage podium”, her friend Phan Anh Thu (grade 4.2) shared a very touching story about her mother: “My mother is very busy with work, does not care about everything around” – The opening sentence surprised everyone.

She continued: “One day for my mother is two phones, she also holds her cell phone while she is sitting in the car, she also holds the phone to eat, comes home and takes her phone, and goes to bed with her phone.

My mother always has a phone next to me, doesn’t care about me at all. I always talk to my mother, she has only one sentence, “yes yeah yeah”.

And Anh Thu’s mother is so busy that, after dinner, she continues to work on two phones and on the computer.

Feeling hurt and pity when her mother is too focused on her work, Anh Thu asked: “Why are you always holding the phone and not caring about me?”.

Your mother Anh Thu

Listening to her daughter’s words, Anh Thu’s mother could not help but be moved: “Mom was quite surprised with your share. Girls know, being a parent, everyone loves their children and really wants to spend time caring for them, being with them, playing with them anytime, anywhere. Mum has been very busy the past time, and her work requires a lot of concentration to deal with.

I also want to educate my children that their parents are hardworking, hardworking, responsible for the job and must always be committed to it. Although I am busy with such a job, in any circumstances, every day, every hour I think about you and I devote all my love and attention to you ”.

Anh Thu’s mother said that, even though there were working days very late, she woke up early every morning at 5 to prepare to take her to school. And taking advantage of the time on the way to school, my mother tied Anh Thu’s hair, hands and feet.

“On that road, our mother and daughter also exchanged and shared many stories. Mom always asks me if studying is fun today? How are your school work and even stories you need to deal with immediately with your teacher, school, and friends, you will immediately contact her.

Or on weekends, if I have nothing to do, I still go to the bookstore with you. You can share all kinds of things, everything, even if you present a talk slide on the subsidiary, you are the first audience to vote or comment on your work.

So I think I have paid a lot of attention and considered you as a friend of mine ”.

Her friend felt deeply relieved when her mother spent less time with her

However, Anh Thu still feels pity because even when the mother and daughter spend time together, she always looks at the phone, seeming not to focus on the story.

Anh Thu’s mother is still very gentle, slowly explaining that her work is specific to the phone, so I hope her friend understands.

Because her mother is always so busy, she does not spend time playing with Anh Thu: “I asked her to play with me, she said she was very busy, she couldn’t play with me”. And while she waits for her mother to work, she plays by herself. But after that when she was done, she was tired and needed to rest.

Anh Thu’s mother was also deeply moved

“I am so sorry, daughter, I think that my concern is for you when I can, it is enough for you, but I don’t think it still makes you feel lonely. “, Anh Thu’s mother could not hold back tears.

“I will spend more time playing with you, I will think of ways to forcefully turn the laptop back or put the phone aside, how do you feel?”, Anh Thu’s mother addressed her daughter.

“I feel happy when you play with me, because I love you so much too. But you have to be the same with me “, tears now also started rolling down that girl.

In the end, the mother and daughter got to know each other better and gave each other a warm hug

After these brave words, my mother also understood Anh Thu’s feelings, and her friend also understood her mother’s feelings better. Despite the busy nature of her work, her mother always spends very little time with Anh Thu, trying to dedicate all the best to her beloved daughter.

Standing Vice Chairman of the National Assembly Tran Thanh Man shares experiences (Photo Quochoi.vn)

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Standing Vice Chairman of the National Assembly Tran Thanh Man hopes that candidates in the coming voter meeting conferences do not have too much pressure, prepare to practice from style, charisma to content of action programs, athletic skills. public confidence so that they are confident, sincere and attractive.

News from the National Assembly web portal, on April 15, in Hanoi, the Delegates Working Committee of the National Assembly Standing Committee held a meeting to exchange experiences with the National Assembly candidates. The first Congress belongs to the National Assembly’s office block.

Speaking at the opening of the conference, Standing Vice Chairman of the National Assembly Tran Thanh Man affirmed that the full-time National Assembly member was the nucleus in the activities of the National Assembly. The National Assembly has an important contribution from the full-time National Assembly deputies.

The selection of the quality assurance of the number of full-time National Assembly deputies is first of all the responsibility of the National Assembly’s Party Union, the National Assembly Standing Committee, and at the same time must have efforts in potential qualifications strengths of each candidate.

At this point, the first and second consultations are completed. Mr. Man said that the third Central Consultation Conference was convened and chaired by the Presidium of the Central Committee of the Vietnam Fatherland Front held on April 16 to select and make a list of people. qualified to run for National Assembly deputies at central level.

For each candidate in different working positions, different ages, expertise, conditions and circumstances, the location of the candidate is different from each other; Besides, the democratic and intellectual atmosphere of the voters is increasingly raised, the wishes of local leaders and voters are increasingly specific, the expectations are higher, so the requirements for each The candidate is very large, noted the Deputy Chairman of the National Assembly.

Sharing with the pressure facing the candidates of the National Assembly, especially the first-time candidates, Vice Chairman Tran Thanh Man hopes that the candidates in the next meeting with voters will not be too pressurized. force, know their own strengths.

He also noted that the candidates try to learn the local real situation, anticipate the actual situations posed to have the responsibility to communicate, communicate properly, present a brief action plan, theory dress, prepare to practice from charismatic style to action program content, mass mobilization skills so that the confidence is sincerely attractive, promoting the experience and knowledge acquired in the working environment in the country. Assembly for voters to have impressive sympathy and confidence to vote.

Regarding full-time National Assembly candidates, after the second consultation meeting, 130 full-time National Assembly candidates were introduced by central agencies. Provinces and cities have also planned and introduced 67 full-time National Assembly candidates, Hanoi, Ho Chi Minh City, Thanh Hoa, Nghe An are planned to have 2 full-time members, provinces. 1 person remaining.

However, the second Consultative Conference also showed that there are still major concerns with a number of candidates introduced to be elected as full-time National Assembly deputies for the new term.