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SFC assistant to the chairman Jiang Yang: stock index futures basically completed preparations

An assistant to the chairman of China Securities Regulatory Commission Jiang Yang recently said that at present, the stock index futures all the preparatory work has made steady progress, systems and technical preparations have basically completed. The next step, we should continue to conduct investor education, while inspection and supervision and futures companies and intermediary institutions, to technology, systems and personnel aspects of the preparatory work to ensure a smooth introduction of stock index futures. To further make preparations for index futures, the futures regulatory cadre complete control of the stock index futures trading rules, to launch stock index futures after the first line supervision, the China Securities Regulatory Commission>China Securities Regulatory Commission, the agencies futures margin Monitoring Center, Futures Industry Association participated in a total of 90 people.

Jiang Yang in training, stressed the need to further strengthen the supervision of the futures market, and implement the basic system, deepen the investor education, stock index futures for a smooth rollout. He said that the introduction of stock index futures and the futures market is the capital market development in a major event, will capital markets and the development of futures markets have a far-reaching impact.

The general manager of China's financial futures exchange CEO introduced the basic situation of the preparatory work, experts Exchange index futures contract, trading rules and the trading rules, and regulatory cooperation and a comprehensive>????

Available soon hasten the birth of two palm oil futures arbitrage opportunities of the highlights _ _ _ Sina Sina Financial Network

Li Wei Jingsheng

As a major futures varieties, palm oil futures rose fast or faster characteristics, doomed to investors in its listing will face greater risks, which will greatly test investors and investment risk control ability

Palm oil futures launched to stop but go ahead.

September 21, Dalian Commodity Exchange ( "DCE") formally brewing in the right palm oil futures to a>From the management and set the tone seemed to be more encouraging. Three days after the September 24, the General Office of the State Council issued a document related to the introduction of soybean, soybean oil, rapeseed oil futures>"The current DCE is ready introduced this year was not the problem." Research and development 98.7 futures of Kai Ma, general manager of optimism to the "Financial Times" prediction.

And as a completely unfamiliar futures varieties, or palm oil futures will cater to the characteristics of rapid affordability of high risk and hedging needs of investors and provide space for arbitrage. "First, investment diversification, two cross-species arbitrage, and the third is set outside arbitrage." DCE study of the Ministry of Information Liu varieties to the "Financial Times" said.

But experts, the temptation for investors in the future access to the futures products introduced by the opportunities that are still a long way to go.

Express rose faster or products

This will be a different from the previous Mercantile Exchange launched futures varieties of agricultural products.

Prior to this, China has existed wheat, corn, sugar, cotton and other agricultural products futures contracts, coupled with the newly introduced soybean, soybean oil and rapeseed oil futures contracts, the current nearly 10 varieties of agricultural futures. China's futures are these varieties and the leaders of the main producing areas.

But palm oil-producing areas in tropical areas, and China is just the leaders. It is understood that palm oil is second>Since January 1, 2006 the Chinese government started a vegetable oil import quotas, palm oil imports by leaps and bounds, is expected 2006/2007 annual imports of 600 million tons, accounting for 26.5% of oil consumption.

But over the years, palm oil spot price fluctuations fierce. According to statistics, from October 2001 to October 2003, domestic palm oil from 3,390 yuan / ton rose to 6,307 yuan / ton, or 86%; Since then go back to February 2005 to 4,195 yuan / ton, a drop of 33%; By June this year, palm oil prices have risen to 8,150 yuan / ton, from March 2003 up to almost 100%.

The futures market was also because such intense volatility was active. According to statistics, from January to July 2007, Malaysia Exchange ( "Malaysian Exchange") CPO futures 1732180 hands of the total turnover by 46%.

In fact, palm oil spot price volatility also transfer to the futures market. "The main producing areas, or the leaders of any signs of trouble, even the production, sales in the foreign trade and exchange rate policies minor adjustments, palm oil futures prices will bring a tremendous impact." Ma Kai stressed France.

This will be doomed to palm oil futures>The minimum threshold of 4,000 yuan

It is precisely because the international futures market transactions active, DCE, in the development of futures contracts lower threshold.

According to "test palm oil futures contracts and rules" ( "Rules and contracts"), palm oil futures trading units for a minimum 10 tons / hand, the minimum margin of 5%.

According to the current domestic market of about 8,000 yuan / ton spot price, and Liu, for every reporter estimate contracts margin – 8000 yuan / ton × 10 tons / Hand × 5% = 4,000 yuan.

This is far below the international market a similar product margin standards.

It is understood that the Malaysian palm oil prices Exchange, the lowest margin of 8.5%. "Solely>Stimulating transactions does not mean that the relaxation of risk control.

According to reports, the DCE development "contracts and rules", worries for palm oil futures rose 4.15 to settle at 4%, and soybean oil, rapeseed oil futures and other agricultural products futures rose the same worries and Exchange Malaysian palm oil futures contract settled at 10% of the session.

Water and Flame

Fast up fast or feature will allow investors like in the arbitrage between seawater and flame.

With stirred palm oil futures, futures investors will bring a huge arbitrage opportunity. Liu, in the view, the DCE palm oil futures investors will launch arbitrage and cross-species, the disc arbitrage opportunities.

Currently, futures markets have a rapeseed oil, soybean oil futures varieties, coupled with the upcoming palm oil futures, would constitute a complete system of vegetable oil futures.

It seems people in the industry, because among the three varieties has a very strong alternative, prices also affect each other, if long-term investors can use to track and the spread between can be achieved in oil futures arbitrage between varieties.

In addition, investors can be done within the set arbitrage. At present, many grain enterprises have invested in the international futures market for palm oil futures hedging in the domestic varieties of palm oil after the implementation of the international and domestic futures market also spread, which gave its arbitrage opportunities.

However, the risks should not be neglected. Ma Kai warned investors of the investment, we must first production, the sales areas have a comprehensive understanding of the market, followed by familiar with the details of the exchanges, in addition to the familiar spot market trends.

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The SFC is studying futures companies classification of the regulatory model _ Financial highlights _ _ Sina Sina Net

This reporter to the text

Futures Department of the China Securities Regulatory Commission vice chairman Huang Yun-cheng Friday in the "2007 China Summit Forum>Of these, 50 have been completed to increase their investment work. Companies controlled by the Securities Futures volume has reached more than 32.

He also said that the Commission is actively studying futures companies regulatory classification model, and fully mobilize around agencies, the futures exchange, futures industry associations and the monitoring of the power center, build "five>In members of the qualified applicants, Huang Yun-cheng pointed out that at present nearly 40 companies received financial futures brokerage business qualifications, seven companies trading clearing membership for the two companies to a comprehensive settlement Membership.

To ensure the smooth launch stock index futures, Huang Yun-cheng said that the regulatory authorities in laws and regulations, technology, personnel training, and six had made careful preparations, in particular the establishment of the spot market linkage futures regulatory coordination mechanisms.

Recently, unified planning and coordination with China's financial futures exchange, Shanghai Shenzhen Stock Exchange, the China Securities Registration and Settlement Company signed a cross-market monitoring the agreement marks Spot market and the index futures market cross-market regulatory framework for the formal establishment of institutional collaboration. Construction is the main content, including information exchange mechanism to prevent market manipulation and insider trading mechanisms, risk warning mechanisms, risk control mechanism and common mechanism of a joint investigation mechanism, the five areas.

Huang Yun-cheng, the SFC has recently futures companies in the opening part of investors to carry out an inspection. Check taken checks, random manner. He stressed the need to actively carry out investor education, stock index futures investor education is an important part of the preparatory work, stock index futures is the key to success. The next step should continue to do a good job of institutional investors and managers, and other aspects of the popularity and publicity.

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In September 2007 the futures market transactions of the highlights _ _ _ Sina Sina Financial Network

China Futures Industry Association latest statistics show that in September this year, the futures market was active, 85425964 futures contracts were traded hands, turnover amounted to 3.841435 trillion yuan, an increase of 149.6%, respectively, and 113.29%, respectively, than the growth in the Central 33.46 % and 8.14%. 1-9 in the total volume of the futures market 455706516 hand, total turnover for 26.052012 trillion yuan, an increase of 46.16%, respectively, and 69.71%.

The Shanghai Futures Exchange month turnover 9580168 hand, turnover 1.354184 trillion yuan, which accounted for 11.21% of the national market and 35.25%, respectively, year-on-year increase of -24.57% and 8.77%, respectively, the ring and fell 27.66% 31.3%. End of the total 533,946 positions hand at the end of the previous month and an increase of 6.85%. Shanghai Futures Exchange, total turnover 119543710 1-9 hand, total turnover 16.113107 trillion yuan, an increase of 40.41%, respectively, and 69.20%.

Dalian Commodity Exchange month turnover 51034758 hand, turnover 1.694817 trillion yuan, which accounted for 59.74% of the national market and 44.12%, respectively, year-on-year growth of 486.26% and 866.75%, respectively, than the growth in the Central 84.06% and 99 .75%. The total market positions for the end 2085990 hand at the end of the previous month and down 8.10%. DCE 1-9, total turnover 225207522 hand, total turnover 6.693385 trillion yuan, an increase of 32.09%, respectively, and 78.17%.

Zhengzhou Commodity Exchange month turnover 24811038 hand for the turnover 792.434 billion yuan, which accounted for 29.04% of the national market and 20.63%, respectively, year-on-year growth of 93.53% and 108.15%, respectively, an increase of the ring and 7.70% 8.13%. The end of the market a total of 896,304 positions in hand, at the end of the previous month and an increase of 21.06%. By Zheng 1-9, total turnover 110955284 hand, total turnover 3.24552 trillion yuan, an increase of 97.64%, respectively, and 56.69%.

Schedule: 2007

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Listed companies with a long way to go absorption – Information Center – Finance

Absorption is the merger or acquisition of the advanced form of derivative, it is> Absorption through the implementation of the merger, to create or emphasize the international competitiveness of the listed company, promoting the international competitiveness of China's securities market to upgrade the Chinese enterprises and speed up the internationalization of China's securities market process.

The structure of listed companies do not support the long-term "bull market"

The A-share stock market, with the very limited number of front-line blue chip or super-listed companies compared to the majority of listed companies with widespread in the industry, homogeneous, with the conformation of listed companies led blindly financing extensive scale expansion. This is not conducive to enterprises mainly of independent innovation to sustainable development, the market is not conducive to optimizing the allocation of resources and the sustainable economic development and to a certain extent, constraints and obstacles Shanghai A-share index rose more than 5,400 points. The so-called in the industry, is that a considerable number of listed companies in the same industry or in the same industry; The so-called homogeneity is that these listed companies have similar core business and key products; The so-called isomorphism, is that these companies listed> Such listed companies mainly concentrated in the steel, chemicals, cement, textiles, electronics manufacturing, food, machinery and coal industries. >> The market economy is developed securities market: a profession or industry often from several major listed companies led the industry, homogeneity, the same structure of listed companies is extremely rare. China's "great harmony" phenomenon caused by the listed companies extensive scale expansion is not> If not quickly resolved, it will simply not be able to support or support of China's stock market and long-term "bull market."

Absorption and seize a golden opportunity and

The merger can effectively absorb adjustments listed company structure, the optimization of the economic entities and innovation to help businesses effectively curb blind expansion, thereby establishing a new mode of production and operation management.

In a market economy developed stock market, absorption through the merger of the company acquisition approach to the operation, the relevant legislation is better. While China, because of years of the existence of home-equity issues, making the listed companies absorb the merger between the lack of necessary institutional environment and the internal drive. The Chinese stock market, in addition to dozens of blue-chip or super frontline blue chip listed companies, with real international competitiveness of the listed companies is too small.

Share reform marks the completion of the basic shares after the arrival of the era of reform, China has long restricted the development of the securities market home equity problem has been resolved, for the absorption of the merger created the conditions.

First, state-owned, state-owned shares into full circulation stage, mobility has been greatly enhanced, with the limited absorption share-trading issues are resolved; Secondly, the state-owned shares and legal person shares of other shareholders and holders of tradable shares is no longer the interests of the mutual antagonism, it is easier to establish mutual trust mechanism to facilitate the acquisition and merger integration. Therefore, at this stage is to absorb China's securities market with the introduction of a golden opportunity.

To absorb the merger upgrade the international competitiveness of China's stock market

The quality of listed companies,> Looking at the world, any> For example, the New York Stock Exchange, NASDAQ, the Hong Kong Stock Exchange, in accordance with recognized international standards of the securities market, also have attracted the world's best listed companies.

With these highly developed stock market, the China market in the majority of listed companies do not have international competitiveness, a considerable part of the poor performance or even a serious loss. If this situation does not improve as soon as possible, China's stock market's long-term stability and prosperity of China's economic development will not be protected by leaps and bounds.

Creating an internationally competitive listed companies: the merger through absorption, a convertible, cash and the right to choose, the right acquisition target enterprise asset reorganization and restructuring, not> After the merger through absorption continuous integration can be achieved complementary advantages, or expand the scope of business products. > Absorption through the merger of such advanced acquisition mode build and nurture internationally competitive listed companies in China in the era after the stock market to an important task. Chinese listed companies by industry background, traditional industries such as steel, chemicals, cement, textiles, electronics manufacturing, food, machinery and coal industries in some of the larger listed companies have met all to boost its international competitiveness potential. In traditional industries in the international competitiveness of the companies, not> Therefore, from the traditional industries listed companies, the merger through absorption, integration of resources and technical upgrading, produced a number of international competitiveness of the listed companies.

China's stock market improve international competitiveness: the merger through absorption, can create better quality of listed companies to attract more domestic and foreign investment, strengthen China's securities market concentration or accumulation of capital functions. Therefore, the merger is to enhance absorption international competitiveness of China's securities markets in an effective way.

A national or regional economic internationalization and globalization of enterprise performance in the main: the capital market as a core market is not has become an internationally competitive in the international market. From China's stock market status and trend of China's securities market is not the internationalization of the securities markets.

First, China's stock market is still confined to the listed companies in China mainland companies. An internationalization of the securities markets in the world all enterprises should be open, listed Object no borders, no Chau community. Second, China's stock market investors are still basically in the Mainland China's capital (funds) owners. An internationalization of the securities markets, should allow the rest of the world and attract investors to the sale of stock. For example, the NASDAQ is not> The internationalization of the Chinese economy, corporate globalization inherent law of the role of China's stock market lags behind the internationalization of the process of China's securities market is not fundamentally enhance the competitiveness of the danger. This will lead to domestic asset quality and capital overflow. Thus, the absorption through the merger, creating an internationally competitive listed companies, in turn, promote the international competitiveness of China's securities market improved.

Absorption merger aimed at selecting suitable investment opportunities in the acquisition and the main target company

The merger process of absorption depends> Generally speaking, monopoly industries, the companies will be difficult to implement the merger absorption, excessive competition and market saturation industries listed companies with the highest priority to implementing the merger of absorption, absorption can lead to the merger. Listed companies absorb the assets after the merger and reorganization and integration, will greatly improve traditional industries listed in the company's valuation level, comprehensive improvement of China's A-share market value for their investment.

Currently, excessive competition or market saturation industry is mainly concentrated in the steel, chemicals, cement, textiles, electronics manufacturing, food, machinery, coal, the majority of these industries not> Therefore, the absorption of listed companies should start with the merger of these listed companies.

Listed companies absorb the difficulty of merging, the company is the target of the local membership. These industries in most companies listed> Absorption merger of the main objectives of the company's integration, and often involve the placement of resolving problems left over by history. If there is no central government departments and local support, often unable to complete absorption after reorganization and merger integration. Therefore, the introduction of the securities regulatory departments should be coordinated corresponding documents, should take some listed companies to resolve issues left over by history.

Upgrading the investment value of listed companies

The merger of the main absorption company absorbed acquisition target company after the merger, the main goal of corporate eligible for write-off. Because of the business model, scope of business, the impact of changes in the market, as a merger of the main absorption of profitability and continued viability of some changes may occur. The consideration of these will directly affect the absorption of a listed company after the merger revaluation.

In the initial absorption merger because of the profitability of listed companies had not yet been fully reflected, so the investment value of listed companies may be undervalued, its reasonable valuation levels may decline. However, listed companies can truly deliver value growth is not the acquisition itself, but after the merger and reorganization of assets ownership restructuring integration,

After the merger with the gradual completion of the reorganization, the investment value of listed companies often will gradually surface and enhanced. Thus, the absorption can be combined investment value of listed companies in an effective way. (Yu Wen-zong, Li Ming)

(The author Yu Wen-zong for the Treasury Financial Science Institute doctoral tutor; Li Ming to the Ministry of Finance Dr. Financial Science Institute)

Find A shares worth depression – Information Center – Finance

Text / national securities research center

From the experience of the past 16 years, the fourth quarter of the A-share market as a whole showed equal or the Situation. Specifically, the majority> In the fourth quarter despite facing a "big 17" policy variables, Subordinated Debt and international variables derived from the mobility and monetary policy variables, but there are indications that, Subordinated Debt crisis> So from that perspective, the fourth quarter of this year, the third quarter continued the trend of larger possibilities.

Theme shares achievements of the potential valuation upgrade

With three quarters of the overall rise in blue chip stocks, valuation advantages are gradually disappearing, and the recent significant slowdown in the pace of the Fund issued a blue chip market will cause the rest of the shares subject is expected in the fourth quarter of the overall active. Therefore, the overall market valuation of the fourth quarter will increase from the main theme Unit's performance.

This year> Contrast May 29 and August 31 for two days of all A-shares in Shanghai and Shenzhen 300 Index and the dynamic earnings can be found> This shows that three quarters of this year> According to estimates, the fourth quarter of the active subjects shares will enhance the market valuation of more than 42 times. According to 0.4 yuan per share, the average market price will reach 16.8 yuan, the corresponding index axis point in the vicinity of 5,500 points. But taking into account more variables in the fourth quarter, and the Construction Bank, China Petroleum, China Railway Group, the blue chip index will gradually bring about the reunification of upgrading, the fourth quarter may be larger fluctuations of the market, the highest point and the lowest point is expected to reach 6,600 points and 4,400 points.

Earlier worry that the bubble point

As of August 31, 2007 to the first half performance as a base, the Shanghai and Shenzhen 300 stocks weighted dynamic – earnings ratio of 36.87 times, all of the A-share earnings ratio of 41.34 weighted dynamic times. Faced with such a high price-earnings ratio, many people are worried about the stock market bubble will burst at any time. That concern is natural, but is not necessary. Although compared to the global stock market, the A-share market it is difficult to find undervalued stocks, but considering the United States in 2000 and 1989 Japan's stock market bubble (Standard & Poor's 225 as of the earnings have been weighted component was more than 60 times), it is the A-share market bubble and not very much.

The blue chip market bubble that is a "relative" concept of the time that the A-share valuation already fully reflect the performance expected in 2007. But time is the best friend the next three months will be entered in 2008, the natural adjustment to the basis of valuation to 2008, according to a benchmark, when blue chip stocks valuation level "natural" will come down.

Pioneering stock ideas

Upgrading the A-share valuation of space mainly in five ways: 1. Because of the constant influx of capital, market valuation of the uplift absolute height. 998 points since the market has been> These include products prices, and consumer upgrades to the listed company profit growth; 3. In appreciation of the renminbi, the background to the rise of inflation, the value of the assets revaluation of the RMB is also easing pressure> According to statistics found that stocks with above plates or five more cross-channel, this plate or stocks upward, the greater the intensity. For example, real estate shares, non-ferrous metal stocks, coal stocks and cross-channel 1, 2, 3, 4 of the stocks with a cross, these plates and the stocks are likely to rise more.

Obviously, this means five to four quarter provided a stock ideas. A high valuation of stocks in general circumstances, which are upgrading plate or stocks valued space, we should look at the ways in which the five might be a change in the fourth quarter. The 1,2 channel in the market this year has been fully tapped. > And although the three channels was fully tap the market, but the appreciation of the renminbi, inflationary pressure still exists, therefore the value of the assets revaluation of the renminbi are mining potential.

"Hot" concept = "payment" investment

In the era of full circulation market value of the amplification effect will encourage major shareholders by injecting quality assets, the overall group will be listed, including securities of their own assets gradually so as to gain liquidity premium. Huge driven by the interests of large shareholders, including the issuance of listed companies into quality assets, or even the whole group is listed, has become an irresistible trend.

Asset injection, the overall listing, the acquisition of high-quality assets and the corresponding trailing price-earnings ratio of listed companies will be far below the current price-earnings ratio and the corresponding assets adds, will enhance the focus of the valuation of the company. More importantly, the overall quality listing or acquiring assets, the quality of assets of listed companies will be able to quickly upgrade, not> At present, SASAC is the central actively promote the overall level of listed companies listed. Shanghai, Tianjin, Chongqing, Beijing and other places in the SAC listed companies to consider the integration of local state-owned assets. It can be said that the policy barriers did not exist. In addition, ST faces delisting or wearing a hat companies is intensifying with the company entered the sincere negotiations, which have been in the first half of the company's interest in the relevant departments are also awaiting approval. Therefore, the injection of assets, the overall market will be the fourth quarter, the hottest concept.

In addition, this year China's social consumption continued to grow strongly, consumer spur economic future is the main tone. China will soon enter the first three peak consumption, and consumer industries will benefit from China's rapid economic growth brought about by the excess proceeds. In the consumer goods and consumer services and related business enterprises, a prominent characteristic is its profitability by the economic cycle fluctuations in the smaller, consumer stocks with defensive characteristics.

However, preliminary financial stocks, real estate stocks, resource shares (non-ferrous metals, coal, etc.) rings hide consumer's bright spot. In the context of inflation, price-sensitive products and increase potential in the industry to a greater share of the result of changes in investment income. While demand accelerated, slowed down the supply, demand and supply is to the benefit of changing the direction of prices, the valuation of these companies will have a new stimulus.

Look fourth quarter, assets into the overall market, absorbing the merger, industry consolidation, the concept of value of investment growth will become the main line. The consumer promotion, product prices rose, the value of the assets revaluation of the RMB will not be missed is the three investment themes.