Stock purchase and holding gains
From a structural point of view, the team recStock purchase and holding gainsommends counter-cyclical and defensive deployment. In general, there can be several ideas: First, the financial and construction sectors with strong defensive properties at low valuations are expected to have excess returns in the fourth quarter; second, In the technology sector, which is relatively weakly related to the economic cycle, structural opportunities are expected to remain prominent.
A reporter from "Business News" interviewed many bankers and learned that many banks are facing pressure on the debt side. A person in charge of the financial market department of a listed city commercial bank told reporters: The recent inter-bank certificate of deposit market has been crazy, largely because of the obvious marginal tightening of early monetary policy in May, disrupting market expectations. In order to maintain the asset placement plan, banks that rely on interbank certificates of deposit on the liability side can only absorb interbank funds by raising the issuance interest rate.
2019 is still very hard. A-share stockholders look forward to year after year, year after year thinking about being able to walk in a decent bull market, turning over to lead a proud life, and the result is the same as the National Football Team's World Cup, year after year looking forward to disappointment. This kind of cycle seems to be a dead knot, and it can't be solved.
Ma Quansheng, chief strategy analyst at Wells Fargo Fund, believes that the repurchase of listed companies reveals two signals. On the one hand, the listed company actively sends a signal of underestimation to the market; on the other hand, repurchase can promote stock price increase by reducing the circulating equity.
In addition to the most critical advantages of the HJT heterojunction battery, it also has the advantages of thinning of the N-type substrate silicon wafer, basically no light-induced attenuation, excellent temperature coefficient, and low-temperature process to reduce energy consumption. At present, the main reasons for the large-scale industrialization of heterojunction batteries are the high cost of manufacturing equipment, the high cost of auxiliary materials such as silver paste, and the relatively low production yield. We estimate that under the current typical efficiency and cost difference between heterojunction batteries and PERC batteries, the difference in the LCOE cost of power station applications between heterojunction batteries and PERC batteries is about 0.03-0.05 yuan/kWh, and the industry is fully equipped With the increase in the localization rate and output of equipment and auxiliary materials, related costs are expected to decrease. With the continuous improvement of the conversion efficiency of superimposed batteries, the cost-effectiveness of heterojunction batteries is expected to gradually appear.
The current market has the characteristics of a weak economy and a strong stock market. In the context of a weak economy, countercyclical policies are worth looking forward to. 2020 is the year of the decisive battle against the well-off and the closing year of the 13th Five-Year Plan. It is of great significance to achieve the annual economic growth target. Therefore, the overall policy tone must be loose and support economic development. According to the changes in the epidemic, the policy orientation will gradually change from the structure. Sex policy dominated to aggregate policy dominated. At the Politburo meeting, there were two more and two more positive statements about the aggregate policy, which means that the subsequent aggregate policy will still be introduced. The currency is concerned about RRR cuts, structural interest rate cuts, changes in deposit benchmark interest rates, etc., and finances are concerned about the deficit rate, Changes in local government special debt quotas, the role of policy financStock purchase and holding gainse, special treasury bonds, etc., and the industry level pays attention to policy responses such as automobiles, 5G, and new energy vehicles.
The only benchmarking company of A-shares has deeply integrated with American giants. Today's importance: ✨According to the news from China-Singapore Jingwei on October 4, many community health service centers in Beijing have stated that they can only queue up for an appointment for influenza vaccination. Some hospitals have already made appointments until the end of November. With tight supply and demand, vaccine prices have also risen. According to the local scalpers, a dose of 398 yuan in October and 329 yuan in November, the price is close to three times the price of ordinary vaccination. Wang Chen, deputy dean of the Academy of Engineering and Dean of the Peking Union Medical College of Medical Sciences, once called on many occasions that once the new crown pneumonia merges with influenza in the autumn and winter and winter and spring, the mortality rate of the population will increase. The most effective preventive method is to get the flu vaccine in time. . In addition, Zhang Wenhong also said that there will be a flu pandemic every winter, and it is recommended to get a flu vaccine. According to data, from January to August 2020, 12.01 million influenza vaccines were issued in batches, an increase of 60% year-on-year. However, according to Huaan Securities' analysis, according to the number of influenza vaccines issued and the population of my country, the influenza vaccine coverage rate in my country is only 2 %-3%, while the vaccination rate in developed countries is about 30%-40%. With the outbreak of the new crown epidemic this year, residents are paying more attention to the prevention of epidemic diseases, and the demand for influenza vaccine may break out this year. Related listed companies benefit directly. In terms of related companies, according to the vaccine section of xuangubao.cn, Hualan Biology: The company's blood products, vaccines, and antibodies are developed in three ways. It is my country’s largest influenza virus split vaccine production base and influenza vaccine product market. The market share ranks first in China. The company currently has 7 monoclonal antibody products obtained clinical trial approvals. In addition, the company is conducting research and development of multiple technical routes for the new crown vaccine. Fosun Pharma: Dalian Yalifeng, Sanofi, etc., which hold shares, supply influenza vaccines. In addition, during the holiday season, US President Trump's infection of the new crown virus has become the biggest news. After using Regeneron's related antibody drugs, the effect is remarkable, and the concept of A-shares against the table is also worthy of attention. Junshi Bio: The company is a new giant on the innovative drug track. The company's JS016 is the first new coronavirus neutralizing antibody to enter the clinic, and it is also one of the fastest-growing new coronavirus neutralizing antibodies in the world. The company and Eli Lilly have signed a related cooperation agreement. At present, the clinical trials of this project in the United States are being followed up by Eli Lilly in accordance with the relevant provisions of the cooperation agreement. The company's Hong Kong stocks rose sharply for two consecutive days, with a maximum increase of over 20%.