Social Security Fund do not offer your unrequited love

Large-scale rate cut did not trigger a positive market expectations, the National Social Security Fund Council, released the news of the stock market into another needle arm, the Social Security Fund, said: will initiate the expansion of the index of investment to strategic investors a stake in his capacity as listed on the State Bank and the Agricultural Bank, to Chongqing, and other high-speed projects such as trust loans to support financial reform and economic development.

Years in a bear market, the hearsay evidence of the positive hype can become a subject matter, following the 4 trillion invested, to cut interest rates sharply, the social security fund is the hope that the stock market.

I hope that the stock can rise to meet the urgent needs of China's economy to ease, but I think the Social Security Fund to rescue the market not only belongs to a fruitless approach, but also belong to the fuel. China social security fund in the stock market, has never had to assume the role of the rescue package, but those who pick the fruit. The reason why investors have not caught onto this, because the Department of Social Security Fund raising people's money order in his capacity as special, and that harm the social security fund is far less strong in the mixed-size, limit the size of the "PE -Bribery. "

Social Security Fund on the market do not offer your unrequited love, in fact Social Security Fund Council said the three-point. Index of the expansion of investment scale, that is, the ETF may invest funds, the current situation is likely to be 50ETF fund will be raised 50ETF in blue-chip stock market index fund and the difference between opening to the Fund and the blue-chip index arbitrage between the provision of Space, to induce the market pushed up blue chips, played an indirect role in propping up the market. On the other hand, if the stock index futures to follow after the introduction of margin trading and securities lending, the social security fund will be able to paving the way.

As for the "pay close attention to the State Bank and the Agricultural Bank to open joint-stock reform process, in order to prepare a stake in his capacity as strategic investors to support the country's financial reforms," White said, but it is going to be listed on the State Bank and the Agricultural Bank of the other major statements, This is "stepping up development of equity fund management approach, in order to further expand the equity investment funds to lay the foundation" of the social security fund is consistent with the established guidelines. 38,000,000,000 yuan in the past, through investment, the social security fund from the Bank, Bank of China and ICBC shares to get to the net proceeds of more than 50,000,000,000 yuan, which is the major income.

Bank of America so that their profits into, so that the social security fund might as well get huge profits. However, this is clearly not committed to save the market, there is no commitment to act as a secondary market stabilization fund.

Social Security Fund has said the "increase investment in key state projects and focus on issues related to people's livelihood-related projects, and strive to achieve on the central 'to promote the development of' strategic requirements; to Chongqing, and other high-speed 5 projects to provide a total of 5,000,000,000 Trust yuan loans to support infrastructure construction and economic development "- and this is in fact the current round of infrastructure investment bank to share the feast. Not even the social security fund, the economic down cycle, large and small banks will follow the large enterprises and projects.

Really has any practical effect in the secondary market is nothing compared with the following commitments - some of the additional equity investment in order to stabilize the market confidence in capital markets and the pursuit of long-term development of a stable income. The so-called additional investment is the same as Huijin additional investment of more than 2,000 million, or an additional 50,000,000? None of uncertainty. I believe that some investors will be subject to short-term speculation, pulled the relevant stock price and then high up in the retail pack on Gao Gang.

To reiterate once again that the social security fund is not a stabilization fund can not save the market; the social security fund, whether to enter a market or secondary market, can not solve non-small, limit the size of the problem. Only by reform-exploit the system to issue new shares in order to do so.

However, I agreed to 10% or more of the state-owned shares under the social security fund, which can be solved only 10% of the largest non-state-owned shares to reduce the pressure, but also to address some of the Chinese stock market has too many non-tradable shares, investors in small and medium-sized state-owned Holdings of listed companies aphasia, at least the social security fund can be a very important game market forces. Social Security Fund through the final performance of listed companies and stock prices rising profits in this regard, the social security fund in line with the interests of ordinary shareholders.

Unfortunately, because of the social security fund and the views of the conflict between the SASAC, the state-owned shares under the social security program for the delay in the dust settled, was replaced by the transfer of state-owned assets, rather than the transfer of state-owned shares, the shares for In the ascendant. Recently, the China Social Security Fund Council, Dai Xianglong, president of Phoenix Satellite TV in an exclusive interview again the old, said the state-owned shares reduction enrich the social security fund's policy is to promote, "I believe they will make public in the near future." I hope so.

10% of the state-owned shares into the social security fund, which means that 10% of the state-owned shares owned part of the property market means that this part of the state-owned shares can be taken from the people eventually, be used on the people, which is in the right direction. This is the basis for reform of the system, and can not take it as the size of the non-special fund for short-term opportunism of the rescue package.

Wong Kwong Yu involving manipulation of stock prices Beijing Eagle offense to have a major suspect

Wong Kwong Yu suspected of manipulating stock prices with the authority, Wong Kwong Yu triple suspected of trading (3.48, -0.23, -6.20%), Zhongguancun (3.74,0.00,0.00%) stock trading case was unusual inspectors. Since then, the group held by the triple triple 2276.56 million shares trading limit the sale of equity shares after 5 auction, and ultimately by the U.S. National close and cooperative relations between the Holy War Beijing Investment Company Limited.

Wong Kwong Yu suspected of manipulating stock prices with the authority, Wong Kwong Yu triple suspected of trading (3.48, -0.23, -6.20%), Zhongguancun (3.74,0.00,0.00%) stock trading case was unusual inspectors. Securities and Futures Commission in charge of departments were yesterday afternoon, said Wong Kwong Yu suspicion of the existence of stock price manipulation.

As early as April 28 this year, the SFC began trading on the triple, Zhongguancun, the stock started trading anomaly inspection, investigation found that the above-mentioned companies involved in restructuring, asset replacement and other major issues, Beijing Eagle Investment Co., Ltd. There are major suspected violations of laws and regulations, a huge amount of money involved, it has made in accordance with the law would be material evidence relating to the transfer of public security organs, Beijing Eagle Investment Company's actual control of man-made Wong Kwong Yu.

Wong Kwong Yu on market rumors, such as whether the alleged manipulation of Kim Tae-ST (2.31,0.00,0.00%) shares, the person in charge did not make a positive response.

Gome for the incident, relevant departments of China Securities Regulatory Commission said that the United States and countries belonging to the holding of listed companies outside its place of registration by the law and the law of the land market regulation, supervision by the Hong Kong side. If you need to put Hong Kong with the China Securities Regulatory Commission, Securities and Futures Commission will be based on the needs and provide necessary assistance.

According to the Access to Information, on February 14 this year, triple the Group was forced to auction its holding company triple the 2700 sale of shares of restricted stock, the United States through the Dragon's Back Shandong Island Construction Co., Ltd. was triple the company's controlling stake. Since then, the group held by the triple triple 2276.56 million shares trading limit the sale of equity shares after 5 auction, and ultimately by the U.S. National close and cooperative relations between the Holy War Beijing Investment Company Limited.

Rail boss also want any new tricks

27 held in the Ministry of Railways to adjust long-term railway network planning a news conference, Vice-Minister Lu Fu in reply to a reporter's question that the country's future will take into account the price of the passenger train market-oriented reforms. He said that the price of train tickets for the direction of the market-oriented reforms, the Ministry of Railways is the hope of "capital preservation profit" and "to achieve sustainable development of the railway, should be the protection of public services on the basis of the transportation business for the survival and development to create better Environment, if the long-term transport costs and prices deviate from, we will distort the allocation of resources for transport. "But did not give a timetable for reform.

Xu is the instinctive reaction of many friends and I have the feeling that the first message from the railway fares will not be long before the price increases. This is all very, vice minister of land and strategy, just put a little bit of tone and vague that to start the train fare to the market-oriented reforms, but did not give any specific method of operation, people can see Yunliwuli. This will see the wisdom of the Speaker, the first release of a balloon, to test and then re-Jianjixingshi. As Vice-Minister, he more or less clear, of course, the draft reform, but now that the impartial, so backfire. Rail boss really is a ghost.

Netizens pointed out, why not say prices. Yes, based on past experience, those who advocate a monopoly industry with international practice to be price or market-oriented reforms, it means that the consumers have to suffer. Nothing monopolized the industry because of its monopolistic nature, or is not called a monopoly. No change in rail transport monopoly before, it is impossible to implement market-oriented reform of the fare, even if implemented, it would not be thorough and reasonable. To manipulate the market because of the reform of monopoly power in the hands of the hands of industry, what change, how to, are not what they say goes by the monopoly sectors, public opinion is difficult to directly carry out the game.

Even in the reform of the public hearings are held before, the two sides of the game because of asymmetric information, the railway sector holds the operating costs, transportation costs and profit and loss situation and the relationship between fares and other core information, representatives of the game is destined to become vulnerable, The ultimate outcome of the hearing in favor of the railway sector. A similar situation, we see more. Therefore, the public found that the fare of the so-called market-oriented reforms, but the price is synonymous with nothing but put a little more than pleasant.

What is the "capital of the low-profit," as if the fare is now a serious departure from the transport costs. Even if it is, then please come up with specific data, a departure from how much. I just want to ask a, causing a loss of rail transport of the reasons it should be simply attributed to the low fares? Is not afraid of it. I think that more should be from the monopoly of the industry and long-standing mechanism to look at the reasons. If no mechanism to get rid of the drawbacks of monopoly industries, even if the fare jumped, but also a loss of the status quo railway die hard.

According to the current macroeconomic situation and the railway development plan in 2009 to complete plans to 600,000,000,000 yuan investment in infrastructure by 2020 will invest 5 trillion in new 40,000 km railway, when the country prepared to invest heavily in railway construction, the public hopes on the railway Department, the scientific and rational development of railway land development planning, corruption-free colleges and universities to make good use of every sum of money, since more and better carry out the responsibility to protect public services, without having to hurry to beat the fare idea. Information, which 5,000,000,000,000 Our funds are taxpayer money, that is, in the next 10 years, taxpayers will have to bear the construction of the railway more obligations and responsibilities, if they want to be as high up the train Vote to pay more hard-earned money, in addition to the monopoly under a ruthless oligarchy heart, other industries are set Yuxinburen.

632 meters high, "a new high of China" Shanghai Center started

China's first high-rise - the "Shanghai Center" in Shanghai Lujiazui Finance & Trade Zone starts in the hinterland, the ultra-high-rise buildings of the total will reach 632 meters high, with adjacent high-rise building, "Jin Mao Tower," "World Financial Center," a "tripartite" beauty, the picture shows a groundbreaking ceremony, the first Chinese and foreign guests to watch the "new Shanghai landscape." It is reported that the "Shanghai Center" with a total investment volume 14,800,000,000 yuan as much as expected, the appearance of the spiral shape of the symbol of Chinese culture, the spirit of harmony. 2012 is expected to cap the structure and part of the operation, in 2014 the completion of delivery. China issued photo Pan Suofei Copyright: Where are marked "cnsphoto" word pictures are copyright China News Net, without the written authorization of the use shall not be reproduced. The early morning on the 29th, next to the Jin Mao Tower and the Shanghai World Financial Center in Lujiazui Financial and Trade Zone in the hinterland, accompanied by five red-drilling machine at the scene one after another rumble Rotation, with a total height of 632 meters up the "Shanghai Center" building broke ground. Is expected to become the new "China's first high," the Shanghai Center since the early 1990s to start planning, Congress has set out today after making a formal construction. Ceremony, Shanghai Mayor Han Zheng sent a congratulatory letter said, "Shanghai Center" project will help to further improve the construction of Shanghai international financial center, the complex features, and promote the development of modern service industry concentration. As far as building construction and development center in Shanghai Co., Ltd., general manager of Jian-Ping Gu, "Shanghai Center" estimated total investment of up to 14,800,000,000 yuan, the first choice for the financial industry, positioning in the international standards of Grade A office 24 hours, five-star super - Class hotels and facilities, the theme of quality commercial, recreational and cultural tourism, conference facilities feature five major functions. The total building 632 meters high, can reach the main building structure to 580 meters high, with a total construction area of 576,000 square meters. According to the design of the building to the U.S. company Gensler, "Shanghai Center" spiral shape, symbolizing the harmony of Chinese culture, China and the world reflected in the connection; architecture cylinder in-house by nine each other constitute a stack; building, the facade Between the formation of the "air courtyard," It will provide a meeting place. Person in charge of the project, "Shanghai Center" to be built ultra-high-level Chinese "green building" model is expected in the 2010 Shanghai World Expo will be on the ground floor when part of the cap, the cap structure in 2012 and part of the operation, In 2014 the completion of delivery. The building will be built with the Jin Mao Tower (420.5 meters), the World Financial Center (492 meters), composed of high-rise buildings to form a Shanghai Lujiazui central area of the new skyline .

Currency Bond Fund Equity Fund is different: not something to

For you are not satisfied with the performance of the stock market? You have to think so: At least I still have a bond fund. Cut the rate again, also die hard in the short term macro-economic and stock market trends. Fund analysts were cautious and restrained, they said: the best selling stock funds have not yet come, now the focus of investment funds or low-risk product.

Currency Bond Fund which election?

This year's breakthrough role for low-risk fund is Bond Fund and the IMF. The sound and conservative investors, these two funds is to avoid the risk of stock market fell an essential tool. During the year, the first popularity of bond funds, dubbed "shock in the city of safe haven" of the title, no thunder at the two; so long ago, the IMF in all of a sudden blowout of income, sparked a wave of fever purchase, overshadowed much of the Bond Fund Potential.

To the problem, both as a fund which you can bear market in the allocation of key targets? Cut interest rates on the fund which is more favorable?

Galaxy Securities Research Center of the fund's Wang Qun aircraft earlier this year to investors, analysts recommended the IMF, the IMF is still far his support of the target. In his view, to cut interest rates 108 basis points is a major positive, but the rate cut is backed by the economic situation is not optimistic. It is in this case, "more money market funds highlights the value of the investment," he advised that investors "are least able to demand deposits into the IMF."

Investors need to note that in the central counting down interest rates and focus on floating cash surplus, the IMF's income has been falling. Wang Qun, including aircraft, including a number of analysts have agreed that the IMF tried to get a higher income is in fact the practice of the IMF's misunderstanding of the product is the best location and excellent cash flow management tools.

Tour de San Jiang fund is more optimistic about the spring of bond funds, although its earnings earlier than the same continues to grow. "Round up the largest bond fund has come to an end, but to cut interest rates to consolidate a good foundation to the bond market." Jiang tournament that spring, in the past three months, the central bank to cut interest rates a total of nearly 2%, is conducive to the maintenance of a strong bond market, and this One-time meeting will again cut interest rates sharply pushed up the bond market, reversing the recent rate treasury bonds and short-term debt market trend is also raising the national debt and long-term earnings expectations. Market Fund, the most direct benefit will be the Bond Fund.

Morningstar (China) researcher Rui believe that the positive short-term interest rates in the bond market, the current fund's investment strategy is still on for Conservative side, investors should be equipped with more than bond funds.

Equity funds: selling the best yet

Shares in the fund, the analyst's point of view should be more consistent, that is not the arrival of the best selling points, investors should also be patient and then wait for some time.

Compared to the bond market, interest rates on the impact of the stock market is more indirect. Rui said that the market has not gained momentum, macroeconomic and will not reverse in the short term and therefore not to buy equity funds.

Jiang is also the spring race of the view that a substantial rate cut shows that the Government's determination to promote economic growth, the central bank to relax the ongoing liquidity to stimulate the production of enterprises in investment, macro-economic targets in the short term, may boost market confidence, but it will not reverse the trend of the market. In the future the stock market will remain at the bottom of the shock to maintain the pattern. Only when determining the macroeconomic bottom, the best selling stock funds will come.

Wang Qun aircraft also continue to be the views of the high-risk products, investors should be "less is not qualified or equipped." The so-called "less equipped", he explained, referring to the ETF funds. Given the current market frequent small shocks, at the same time fell far smaller than the space up space for some of the more radical of the election when there is the ability of investors, Wang Qun aircraft that can be an ETF portfolio to obtain the band's earnings, the benefits of this strategy is the degree of difficulty Selection of low stocks, than the cost of general equity funds to buy low. He is given in a combination of three ETF, the Chinese are 50ETF, small and medium-sized panels and easy ETF Fonda Shenzhen 100ETF, based on the size of the disk is to take stock, both Shanghai and Shenzhen stock markets.

"Extension" in the breakdown of the merger of aluminum from the huge investment in Fukui

In recent months, the market has been the deterioration of Rio Tinto shares to fall sharply, 25, the world's largest mining group BHP Billiton announced the withdrawal of rival Rio Tinto 66,000,000,000 U.S. dollars acquisition offer. "Extension of the two combined to benefit the breakdown of the domestic steel prices, but a large number of holders of Rio Tinto shares of Alcoa China (601,600), but what is a good thing.

In recent months, the market has been the deterioration of Rio Tinto shares to fall sharply, 25, the world's largest mining group BHP Billiton announced the withdrawal of rival Rio Tinto 66,000,000,000 U.S. dollars acquisition offer. A message, Rio Tinto shares drop as it is, down to 15 pounds / share. Aluminum Corporation of China with 60 pounds / share of the purchase price has been compared to losses of 45 pounds, according to preliminary estimates of the market, Fukui has aluminum in more than 8,000,000,000 U.S. dollars.

"Extension of the two combined to benefit the breakdown of the domestic steel prices, but a large number of holders of Rio Tinto shares of Alcoa China (601,600), but what is a good thing." Joint network of metal iron ore industry analyst Hu Kai told our reporter, In fact, from Rio Tinto shares finished higher price, in the face of the aluminum on the left, "a Hua Shan Road" - only to promote the formation of two successful mergers and acquisitions, not only in aluminum losses.

Early last year, China Aluminum to about 7,000,000,000 pounds of the purchase price of a part of the shares of Rio Tinto.

Analysis of the industry, the aluminum in Rio Tinto with his hand on the two merger is expected to expand. Show that on November 1, 2007 extension of the two opened a prelude to mergers and acquisitions. February 1, 2008, China suddenly announced that the company Alcoa, through a wholly-owned subsidiary of Singapore, the United Alcoa, Rio Tinto gained 12% of UK listed company's existing shares  Rio Tinto shares equal to 9% , The total transaction value of approximately 7,180,000,000 pounds. Among them, as a result of investment in aluminum accounted for the acquisition of 90%, while Rio Tinto become the single largest shareholder.

"At the time of aluminum that could expand the two combined would be more chance of success, so do the investments. If Rio Tinto shares rose Qi Bashi pounds of hand when there will be a good return on investment." Hu said, However, Rio Tinto shares in M & A and in aluminum by buying short-term stimulus to Chonggao 70 pounds / shares after the international iron and steel market all the way down, has recently dropped 20 pounds / share about BHP Billiton is to give up to buy again Rio Tinto shares had hit.

There are foreign institutions, analysts said that the extension of the two failed mergers and acquisitions, Rio Tinto's share price continued to fall even if it does not, will be stagnant, would like to return to the sixties and seventies of the high dollar has been relatively difficult.

As for the breakdown of the merger of the two Rio, also in aluminum expressed concern and said that the market is considering its holdings Rio Tinto shares to 14.99 percent of the rumors, in the aluminum company has not yet held for the development of research and Rio Tinto Further equity stake in the plan. It is understood that in August this year, Australia's Foreign Investment Review Board approval of the aluminum holdings in British company Rio Tinto shares to 14.99 percent (that is, Rio Tinto 11% stake), it would, in aluminum Luo Jian-chuan, president of the media have said that "As long as the time is ripe, there is the next step in aluminum holdings of Rio Tinto shares may be." Despite its current holdings or make it clear that it does not, however, continue to believe that for aluminum in Rio Tinto's long-term investment value of Rio Tinto's Confidence in the future.

Chinese iron and steel industry analysts Mengqing Heng said that the network economy, the aluminum in Rio Tinto is a strategic investment in investment, but also help to strengthen domestic enterprises the right to speak, so should not be concerned about profit and loss. But the reason why there is such a huge aluminum Fukui also showed that domestic enterprises to invest in a serious psychological quick success and instant benefits.

"Enterprises in the industry have been reminded to buy sea mines should observe the industry cycle, but many companies do not have the patience to wait for the opportunity." Meng Qingheng said.

Standing disputes flight was "Waterloo" appears four sets of security errors

China Eastern Airlines announced last night that, as of October 31, 2008, China Aviation Oil hedging contracts fair value losses of about 1,830,000,000 yuan has not been any actual cash loss. Experts said that the futures companies, fuel hedging in the near future become the focus of the market, but can be seen in the market for business and enterprise have a lot of misunderstanding hedging.

China Eastern Airlines announced last night that, as of October 31, 2008, China Aviation Oil hedging contracts fair value losses of about 1,830,000,000 yuan has not been any actual cash loss. Prior to this, Air China announced that the company as a result of fuel hedging and Fukui took place 3.1 billion.

Experts said that the futures companies, fuel hedging in the near future become the focus of the market, but can be seen in the market for business and enterprise have a lot of misunderstanding hedging.

Misunderstanding one: less security is not a small loss but not loss

With Air China and China Eastern Airlines, Southern Airlines is also hedging in the loss. However, the three Southern Quarterly Bulletin shows that China Southern in the third quarter of this year, only a loss of 884,000,000 yuan. Securities analysts are of the view that China Southern is a relatively small loss due to less hedging.

Reporters in Air China's announcement, Air China Aviation Oil to do the highest hedge accounting for about 60% of the oil requirements, and have 35.9 percent of China Eastern Aviation Oil hedging to take the way, the number of China Southern and even less Almost negligible.

However, senior futures analyst at sea permit Nicheng group pointed out that if the companies that have hedging risk, no set of security there will be no big loss on special measures are wrong, "not to participate in a speculative hedge is a danger Highly speculative. " He pointed out that without hedging, the enterprise will be exposed to fluctuations in the spot market price of risk, "gambling" is the next time the spot price for business. Spot market prices due to extreme volatility of the possibility of the existence, it may bring disastrous consequences to the enterprise.

Second misunderstanding: futures set equal to a loss of security failure

During the interview, many analysts pointed out to reporters, the media always stressed that the derivatives business loss is not right, there are several aspects of hedging, need a comprehensive view.

Futures analyst at Everbright pleased to reporters, said: "Take Air China, Air China despite international oil prices in the short term due to the huge dive in serious losses on futures, but on the other hand, Air China in the spot market may be profitable The assumption that fuel prices of crude oil equivalent from 150 U.S. dollars fell to 50 dollars, 100 U.S. dollars so it can be counted as Air China's profit in the spot market. "

Now, more companies tend to use "hedge against inflation," the security package in order to futures markets, for example, in this way, the futures price in a management tool emerged with a great deal of flexibility. Enterprise adoption of the product cost and reasonable profit, as well as expected on the market factors of supply and demand analysis, can confirm a pre-market price is an "ideal price." In such an "ideal price" on the basis of the target, enterprises can be sold in advance through the futures market or futures contracts to buy futures contracts; into the question of the actual cash transaction cycle, and then choose the spot market or sell goods purchases, and In the futures market for hedging positions. This is the unique use of futures markets and hedging mechanisms to achieve a "hedge against inflation". In this way, to achieve the "ideal price", without affecting the stock purchase and sale plan, the price can be carried out in advance, no longer blindly Suixingjiushi.

The fundamental purpose of hedging against inflation is to avoid the risk of price fluctuations. Pleased to say: "So look at the success of security units, mainly futures study whether the cost of lock and not a single market or a loss of profits."