Oil prices hit a three-and-a-half-year high asset allocation pattern

Oil prices hit a three-and-a-half-year high asset allocation pattern

Reporter Yang Fan

The news has been circulating, and since 2018, the performance of oil prices has been very strong! Yesterday, Brent crude oil price broke through the 80-yuan integer mark, refreshing three-and-a-half-year high. Crude oil as the king of commodities, price fluctuations have always had a greater impact on the global asset allocation. The analysis believes that oil commodity prices have a large room for growth, oil prices will push up inflation expectations, compared with oil prices and stock indexes, In the early and mid-term of rising oil prices, the stock index will basically follow the rise in oil prices. When the oil price is too high, the stock market tends to adjust. On the domestic front, the Shanghai and Shenzhen Stock Exchanges continue to issue new regulations to strengthen market supervision.

Oil prices hit a three-and-a-half-year high asset allocation pattern

Since this year, oil prices have continued to innovate! Yesterday, Brent crude oil price broke through the 80-yuan integer mark, refreshing three-and-a-half-year high. Affected by factors such as geopolitics and OPEC's production cuts, international oil prices have recently triumphed. Earlier, the oil was approaching $80 and hit a new high of $79.48 per barrel in November 2014.

The rise in oil prices has brought more than just the impact of rising cost of living, and the factors that lead to the rise in production costs of enterprises will eventually appear in the form of CPI. Then the question is coming. The international oil price has broken through the important threshold of 80 US dollars. Which industries are affected by the rise in oil prices? What is the impact on asset allocation?

Crude oil as the king of commodities, price fluctuations have always had a greater impact on the global asset allocation. After the oil price continues to rise, the market's concerns about global inflation are intensifying, and the allocation logic of large-scale assets is also likely to change. Zhao Qingming, chief economist at the China National Institute of Gold and Gold Institute, believes that "there is a large upside in the price of oil commodities in 2018, which is bound to push up global inflation." Cheng Xiaoyong, assistant director of the Baocheng Futures Finance Research Institute, said that the continuous rise in crude oil prices has led to an increase in global inflation expectations. On this basis, commodity trends are expected to be stronger, and equity markets and bonds will be under pressure. Brokers pointed out that rising oil prices will support the prices of organic raw materials, plastics, polyester/PTA and other chemical products.

"Investment Express" reporters noted that due to the rise in oil prices, although the A shares continued to adjust yesterday, but the chemical sector rose, flammable ice, two barrels of oil, titanium dioxide and other sectors rose. CICC’s previous research report pointed out that the upward trend in oil prices will push up inflation expectations, and China’s PPI and CPI are significantly positively correlated with crude oil prices. China's CPI is expected to be 2.6% in 2018, and the overall situation is a moderate inflation environment. Moderate inflation usually has a higher effective frontier, that is, a higher return on unit risk. In terms of returns, stocks perform best, and during periods of moderate inflation, stocks and commodity returns will increase substantially, real estate will also increase, and bonds will fall. Sort on Stocks > Commodities > Bonds. Comparing oil prices and stock indexes, in the early and middle period of rising oil prices, stock indexes will basically follow the rise in oil prices. When oil prices are too high, stock markets tend to adjust.

The Shanghai Stock Exchange strictly regulates the improper trading of shareholders' motives

Yesterday, in addition to the news that the oil price broke through 80 US dollars, the heavy news also included the SSE’s strict supervision of the improper trading of shareholders’ motives. A listed company in Shanghai recently planned to acquire assets of its controlling shareholder with nearly 2.7 billion yuan in cash. After the announcement of the program, it caused widespread concern in the market. It generally questioned the abnormally high valuation of the underlying assets, and the short-term cash-out motives of major shareholders were obvious. In this regard, the Shanghai Stock Exchange conducted the “inquiry” question at the first time, and jointly conducted on-site inspections with the Securities Regulatory Bureau. Under the pressure of regulatory inquiries, the company took the initiative to terminate the transaction. The supervision of this case is a typical case in which the Shanghai Stock Exchange recently strengthened the supervision of the controlling shareholders and actual controllers.

In recent times, the credit risk of some controlling shareholders and actual controllers of listed companies has intensified, and improper or explicit misappropriation of funds, violations of guarantees, etc. have occurred, and even affected the production and operation of listed companies, resulting in a sharp drop in stock prices. Infringement of the interests of small and medium investors, the market has a strong response. In this regard, the Shanghai Stock Exchange has advanced judgments and measures, and adopted targeted regulatory measures, especially for the high-value share pledge, high-value asset transactions, capital occupation and non-compliance guarantees that control the shareholders' misconduct, and continue to carry out special rectification. In order to regulate the behavior of relevant controlling shareholders and actual controllers, we will build a corporate governance firewall and earnestly safeguard the order of the securities market and the interests of small and medium investors.

Since last year, financial supervision has basically formed a strict situation. The central and related financial regulatory authorities have repeatedly stressed the need to strictly monitor financial chaos such as leveraged financing, capital nesting, and rigid redemption to effectively prevent systemic risks. Next, the Shanghai Stock Exchange will also work in two aspects. In daily supervision, we will continue to closely monitor the high proportion of pledge risks of controlling shareholders and the acts of infringement of the interests of listed companies, such as improper transactions, capital occupation, and external guarantees. Timely discovery, timely inquiry, timely verification, and timely disposal will prevent systemic risks. The task is in place. In terms of system construction, we summarize and review the regulatory practices and typical cases, strengthen the fiduciary duty of the controlling shareholder and the actual controller, and revise the relevant business rules, make necessary and appropriate regulations for their behavior, and create high-quality development for listed companies. A good external governance environment.

Shenzhen Stock Exchange seeks advice on bond pledged tripartite repo transactions and settlement methods

While the Shanghai Stock Exchange strictly regulates the behavior of controlling shareholders and actual controllers of listed companies, the Shenzhen Stock Exchange also conducts risk monitoring on bond pledged repo. According to the news of the Shenzhen Stock Exchange on May 17, in order to promote the development of the bond market, regulate the bond pledge three-way repo transactions and settlement business, maintain normal market order, and protect the legitimate rights and interests of all parties to the transaction, Shenzhen Stock Exchange, China Securities Registration and Settlement Limited The responsible company jointly drafted the Interim Measures for the Issuance and Settlement of the Bond Pledge of China Securities Depository and Clearing Co., Ltd. of Shenzhen Stock Exchange (Consultation Draft). It is now open to the public for comments.

Previously, the Shanghai Stock Exchange and China Settlement jointly issued the Interim Measures for the Issuance and Settlement of Bond Pledged Tripartite Repo in the Shanghai Stock Exchange China Securities Depository and Clearing Co., Ltd. on April 24. Subsequently, the Shanghai Stock Exchange and China Clearing respectively issued a business guide.

Bond pledged repo is a short-term financing business, and it is also the main way to add leverage to the bond market. It means that the bondholder (the repurchasing party) pledged the bond held by the fund holder (the reverse repo ) Incorporate funds, and at the same time agree to buy back the bonds at a certain repurchase rate at a certain time in the future. Bond pledged repo includes on-market markets such as interbanks, the Shanghai Stock Exchange and the Shenzhen Stock Exchange, as well as over-the-counter transactions that match the inquiry.

Through pledge repo, bondholders can continue to integrate short-term funds to continue buying and buying in the bond market through maturity mismatches, in order to gain greater returns. In addition, the bond market plus leverage can also be achieved through offline bond holding (vouchers) and structured design of asset management products.

Soochow Securities 601555, stock analyst Zhou Yue said that the three-way repurchase in the reduction of the risk of the central counterparty while taking into account risk management, the introduction of the Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Board for risk monitoring, and has a strong repurchase constraint. The Interim Measures require relevant entities to have strong risk management and ability to undertake. A sound internal business management process, risk management system and related technical systems have been established. No major repurchase defaults have occurred in the past two years, and Credit by the repurchasing party.

The "Investment Express" reporter learned that in the initial stage of business development, the repurchasing parties of the three-party repurchase were limited to financial institutions approved by the relevant financial regulatory authorities, publicly-owned securities investment funds and wealth management products of commercial banks. Since the tripartite repo business has set stricter entry thresholds for the repoders and implements investor suitability management, there is a market view that the tripartite repo business will achieve effective stratification of both parties to the current transaction.

"Investment Express" from Guangzhou

(Editor: Zhang Yang HN080)

Remote Electric Roller Curtain

For a family, no one likes their every move in view of others. In this regard, different indoor areas have different standards of privacy concern. Area of public activity of member of this kind of family sitting room, to the requirement of privacy is inferior, major domestic sitting room is to pull open the curtain, be in adornment state below major circumstance. For bedrooms, toilets and other areas, people not only asked not to see, but also asked not to see the shadow. This caused the problem that the curtain of different area chooses different. Sitting room we may choose slant transparent cloth, and the bedroom chooses thicker qualitative cloth.

According to the user's different indoor lighting situation, as well as the curtain controller installation position, the user needs to automatically close or open the curtain brightness requirements are different, the machine specially for the user to set up the environment brightness automatic function. By the user according to the need to set their own environment brightness level to adjust, so that the intelligent light control curtain closed or opened more intelligent, humanized.

Remote Control Curtain, Electric Roller Blinds, Electric Curtain Blackout For Room

SHAOXING JEVA IMP.&EXP CO., LTD. , https://www.sxcurtain.com