Stock offer operation
Judging from today's market concerns, it is undoubtedly the recent hot stock SF Holding's daily limit that opened and released a huge amount of market behavior. This huge shock phenomenon shows that although its sudden resumption of trading in recent days has a pulling effect on the stock index, Stock offer operationonce the board releases a huge amount, its phased risk will be obvious. Because its circulating stock is only 3.3 billion shares, its total equity is as high as 484. 100 million yuan, the rise of this stock obviously has an index-pick-up effect on the stock index. On the contrary, once a reverse decline occurs, the negative effect on the market is also very obvious.
Although the A-share trend in the first three quarters of 2019 was twists and turns, the three major indexes all rose sharply, and the overall profitability effect was good. In terms of growth, small and medium-sized companies are stronger than the Shanghai Stock Exchange. The surge in the first three quarters was inseparable from the influence of favorable policies, incremental funds, and low valuations. Based on this, we believe that the overall market in the fourth quarter first declined and then rose, with little room for overall decline and upside, and still maintain a volatile pattern.
Eighth, stabilize the basic market for foreign trade and foreign investment. It is necessary to make full use of compliant foreign trade policy tools such as export tax rebates and export credit insurance to ensure the smooth operation of the foreign trade industry chain and supply chain, to ensure the implementation of major foreign-funded projects, expand the opening of financial and other service industries, and continue to optimize the business environment. Enhance the confidence of foreign businessmen in long-term investment and operation.
The trend of performance forecasts disclosed in the A-share 2019 annual report is still going on. Some people are happy and some are worried. Those companies whose performance forecasts will suffer huge losses undoubtedly make relevant investors quite depressed. A few days ago, another company sent out a notice of a big loss in 2019 performance-the "2019 Annual Performance Forecast" disclosed by Shuanglin shares shows that the company expects that the net profit attributable to shareholders of listed companies in 2019 will be a loss of 500 million to 10.5 billion yuan. The same period last year was a loss of 618.02 million yuan. The company has suffered losses for two consecutive years. Fortunately, Shuanglin shares are located in the ChiNext market. According to relevant rules, there is no need to be subject to delisting risk warnings. However, in the next 2020, if the company cannot make a profit in time Ying, will be directly implemented suspension of listing. Shuanglin Co., Ltd. is an enterprise in Ningbo City, Zhejiang Province, mainly engaged in the production and sales of auto parts. The specific products include seat system parts, interior and exterior trim system parts, air conditioning system peripheral parts, engine peripheral parts, and precision injection molding. In 2010, the company landed on the A-share ChiNext market with its IPO. In the first two years of listing, the 2010 and 2011 financial reports disclosed by Shuanglin both achieved double growth in operating income and net profit. However, in the third year (2012), Shuanglin fell into a performance decline. In 2013, both operating income and net profit continued to decline year-on-year. In this context, since 2014, Shuanglin Co., Ltd. has initiated large-scale external mergers and acquisitions with the aim of deepening the auto parts industry. Specifically include: 600 million acquisition of 51% equity of Deyang Electronics, which is mainly engaged in new energy vehicle motors and electronic control systems, and 200 million acquisition of Hubei New Torch Technology Co., Ltd. (referred to as New Torch), which has the third-generation wheel bearing product technology. Equity, 6.5 billion acquisition of 100% equity of SAIC Volkswagen’s A-class supplier Chengye shares, 2.3 billion acquisition of 100% equity of Shuanglin Investment, which owns automatic transmission technology and related businesses. Thanks to the financial consolidation brought about by mergers and acquisitions, Shuanglin's operating volume (operating income) has increased significantly in the next few years, and the company has once returned to the right track of performance growth. However, in the end, in the domestic corporate industry in recent years In the context of the current turning point, the four mergers and acquisitions of auto parts companies mentioned above have all become hot potatoes for Shuanglin. In the 2018 annual report, Shuanglin has already made goodwill, investment and asset impairment on Deyang Electronics and Chengye, which are also the main reasons for the loss in the annual report that year. The reasons for the substantial pre-loss of the 2019 annual report performance can be attributed to the following four aspects from the announcement of Shuanglin: First, the company's preliminary calculation of the subsidiaries Shuanglin Investment, Chengye, and New Torch requires the provision of goodwill impairment 4.8 billion yuan is prepared; second, due to the impact of the boom in the automotive industry in 2019 and the future, the production and sales of automakers continue to decline, and some of the company’s assets have become idle. It is expected that a fixed asset impairment provision of about 400 million yuan will be required; third, Due to the operating difficulties of some OEMs and the termination of projects, the impairment of related assets such as molds and accounts receivable was accrued about 100 million yuan; fourth, the income from non-recurring gains and losses has decreased significantly year-on-year. It is expected to be 2019 The non-recurring gains and losses for the year were about 84,409,600 yuan, compared with 423,217 million yuan in the same period last year, a difference of nearly 400 million yuan. It can be seen that Shuanglin's 2019 annual report has a substantial pre-loss of 500 million yuan to 10.5 billion yuan, mainly due to the substantial provision of goodwill impairment and asset impairment for the originally acquired subsidiaries. In the third quarter report of 2019, the double Lin shares also realized a net profit of 13.708 million yuan, so the annual report is enough to scare its investors. In addition, at the same time that the annual report performance forecast for this huge loss was released, Shuanglin also disclosed the "Pre-disclosure Announcement on Shareholders’ Reduction of Shareholding", announcing that the shareholder New Torch Technology Co., Ltd., which holds 67% of the company’s shares The aforementioned merger of Shuanglin shares eventually became one of the original shareholders of Zhan Lei’s subsidiary New Torch, which had already been sold several times before.) This plan is to liquidate and reduce holdings within 6 months after 15 trading days from the date of this announcement. As a result, the secondary market of Shuanglin's stock price, which is already close to breaking net, will be further pressured after the holiday.
Second, as the entire European and American currency and credit expansion reached historically high levels during the epidemic, once the epidemic eases and the currency and credit released in the early stage are transformed into actual investment and consumer demand, the inflation level in the next year may exceed expectations. The corresponding investment opportunities in the inflation chain are worthy of attention. Among them, the biggest investment opportunity in the first half of next year may be in commodities.
The "International Finance News" reported that, as a rule, most of the reason for the illegal operation of real estate companies is that the project sold illegally without obtaining a pre-sale permit. There are many rules and regulations to obtain a pre-sale certificate, but under complicated procedures, real Stock offer operationestate companies often can't wait.
However, a person from the market department of a medium-sized fund company said that the current market is strong and it is a high probability that new funds of outstanding fund managers will become explosive. However, he suggested that investors should invest rationally, not blindly follow the trend, and do not need to pursue new funds too much. If you are optimistic about the market outlook, deploying old funds managed by outstanding fund managers is also a good choice.
From the perspective of investment opportunities in the semiconductor industry in 2020, although some institutions are beginning to worry that their current high valuations have overdrawn their performance growth in the next few years, and there are short-term adjustment risks, many institutions still believe that the industry is in an explosion On the eve of growth, there is still more room for development in the future.