One week after the last announcement of investment income, Qin’an Shares once again issued an announcement of liquidation income yesterday. Qin’an Shares stated that from September 1st to September 9th this year, the company partially liquidated the futures investment contracts established in the early stage, and the liquidation proceeds were RMB 13.8701 million, accounting for 11.76% of the company’s audited net profit in 2019. The proceeds from the liquidation will be included in the company’s 2020 profit and loss.
The announcement shows that as of September 9, Qin’an Shares invested 500 million yuan in futures principal, plus the accumulated liquidation proceeds, the total funds used were 892 million yuan, which did not exceed the company’s board of directors Authorization amount.
In terms of risk control in futures investment, Qin’an Co., Ltd. stated that the company arranges relevant personnel to pay close attention to market fluctuations and timely assess, analyze and report on various possible risks. Futures Management The team or authorized personnel make appropriate risk management decisions.
It is understood that from April 15 to now, Qin’an has closed its positions 19 times since its futures investment, without any mistakes. The cumulative income so far has exceeded 700 million yuan, which is It was more than 6 times last year’s full-year profit, which is equivalent to 3 times the company’s cumulative net profit in the three years since its listing.
The situation in the Middle East has changed dramatically, and Saudi Arabia has been attacked continuously
Saudi Arabia leads the way The Multinational Coalition Command issued a notice on the morning of the 9th local time, stating that it successfully shot down a drone carrying explosives in the early morning of that day. Turki al-Maliki, spokesman for the Multinational Coalition Command, revealed in a written statement that the drone was intercepted on its way from Yemen to southern Saudi Arabia. Maliki accused the Houthis in the statement of trying to use the drone. Attacked personnel and civilian targets in Saudi Arabia, and stated that the multinational coalition would take necessary countermeasures against the attack. The statement did not disclose whether there were any casualties on the Saudi side.
Yesterday, the Houthi armed forces in Yemen said they used missiles and four drones to attack “important targets” in the Saudi capital Riyadh. The Saudi Press Agency responded that the Saudi-led coalition intercepted a drone belonging to the Houthi armed forces in Yemen, targeting the city of Najran.
The peak consumption season is not strong, and the black plate varieties are running weakly
Since early September, the black sector has continued to pull back. During yesterday’s daytime trading session, most varieties of the domestic commodity futures market fell. As of yesterday afternoon’s close, the black sector varieties led the decline. Among them, iron ore, stainless steel, manganese silicon, and coke fell by more than 2%.
Tao Rui, director of the black industry group of China Merchants Futures, said that the recent decline in black plate varieties is mainly due to the expected peak season of continuous market trading from July to August, which has not yet arrived, superimposed on weak performance. Due to data-demanding factors, the black sector experienced a double-click of macro and micro resonance, and the decline suddenly accelerated. Under the third pressure of profit redistribution in the industrial chain, the raw material side fell even more, especially domestically priced coke and overcapacity. Manganese silicon.
“Looking back at the previous market, the rise and fall of building materials transactions and screw threads since June are completely synchronized with the daily rise and fall of A-shares, which fully illustrates the stronger financial attributes of the black sector this year. Characteristics.” In his view, since June, the monetary policy and credit environment have turned marginally. Even if funds flow into entities in the future, it will be difficult for credit growth to reach a new high, thus suppressing the high growth rate of total market demand. point.
“For infrastructure construction, this year’s growth contribution mainly comes from the issuance of special bonds. With the relaxation of housing reform again since June, the special projects from July to August Compared with the first half of the year, there has been a clear differentiation in the direction of debt investment. Shantou renovation accounted for about 30%, while the industrial park project, which accounted for the largest proportion in the first half of the year, dropped to less than 30%, which also limited subsequent infrastructure construction. The month-on-month and year-on-year growth rates.” Tao Rui said that this year’s shed renovation is limited to the original projects that have been started and have achieved certain results, and the strength of the steel used may not be as good as that of new industrial park projects with the same amount of funds.
In addition, he also said that in terms of the real estate market, policy control has been strengthened since July. Residential mortgages, the most critical source of funds in the real estate market, are facing the collection of bank loans. Due to the tightening and continued decline in loan growth, it may be difficult for subsequent real estate sales growth to hit new highs.
Due to the various factors that previously supported demand growth to reach a new high, it has not improved since entering September, further amplifying the pressure on the supply side of finished products, and at the same time increasing the demand on the raw material side. The pressure on industrial chain profit redistribution after the contraction of downstream profits.
Zhongzhou Futures researcher Jiang Weibo said that threaded blast furnace spot profits have been in loss for nearly a month. The situation of low profits and low basis this year is similar to that in 2016, but different. Yes, a large amount of crude steel replacement capacity has been put into production this year and thread inventory is at a high level. “If steel and raw materials rise as a whole, the rise in iron ore will be higher than that of rebar, and it will be difficult to repair steel mill profits. Therefore, the rebar mill’s blast furnace spot profit loss will eventually be restored by the overall decline in finished steel and raw materials, but the decline in raw materials will be greater.”
Tao Rui believes that looking forward to the market outlook, before there is no continuous destocking of finished products or significant marginal destocking, the trend of black plate varieties is expected to be weak, and threads may even start to reference high prices. Inventories are priced based on reasonable winter storage prices. The reasonable center of manganese and silicon will also fall with the expected decline in steel demand. In terms of operation, it is recommended to focus on profits from finished products.
“The threaded blast furnace’s immediate profit is loss, and the coking company still has a high price of 276 yuan/ton.level, the industrial concentration of the coking industry is significantly lower than that of the steel industry, and the unreasonable profit distribution of the industrial chain needs to be repaired. ” Jiang Weibo said that previous market data showed that from September to November, the net coke production capacity was 8.16 million tons. The pressure on the coke supply side increased, and the superimposed coking profits were relatively high. In the later period, the coke operation will be weak.
“However, since the absolute amount of special bonds and real estate is guaranteed from August to September, there will still be a net reduction in coke production capacity, iron ore inventory will still be structurally tight, and manganese and silicon can be rebalanced after the inspection and production reduction. There is no need to be too pessimistic about the market. “Tao Rui said.
The correction of crude oil suppressed the upward trend of LPG prices, and short-term oil price variables follow the rhythm of US stocks
After rebounding on Wednesday, international oil prices still maintained a weak trend on Thursday. During yesterday’s day trading session, the energy sector of the domestic futures market was mixed. As of yesterday afternoon’s close, INE crude oil, LPG It fell more than 1.5%, styrene rose more than 2%, and PVC, low-sulfur fuel oil, and thermal coal rose more than 1%.
Shi Fei, LPG researcher at CITIC Futures, said that international oil prices Collapsing decline. As a by-product of the crude oil processing process, crude oil prices are an important reference for the absolute price of LPG. The weak crude oil has suppressed the recent domestic LPG market trends. The market outlook for the peak season is expected to shrink, and the market peak season is not strong in early September.
“From the perspective of LPG’s own fundamentals, overall supply currently exceeds demand, and continued weak demand is the core factor restricting price increases. “He believes that under the current high-temperature weather in China, civilian terminal consumption is mainly based on appropriate replenishment on demand, while the operations of most catering companies across the country have not yet returned to pre-epidemic levels, and inventory consumption is limited; in terms of chemical demand, Recently, due to the compression of equipment production profits and the lack of positive market news, the operating rates of deep processing equipment such as PDH, alkylation, and MTBE have all declined to varying degrees.
“Domestic LPG Commodity volume has increased slightly since September, with more ships arriving at refineries and terminals recently, and shipping schedules in August have quickly returned to high levels in the second quarter of this year. In addition, recent news that futures storage fees may be increased and the cancellation period of warehouse receipts may be increased continue to affect the mentality of market traders. “In Shi Fei’s view, LPG fundamentals are dominated by weak balance in the short term. The correction of crude oil will suppress the upward space of LPG prices. The focus of the peak season may shift back, and the basis gap will continue to narrow. Although refineries and terminals still have strong price support, Willingness, spot prices have not shown a sustained downward trend recently, but are constrained by low demand, and the short-term upside space is limited, or may oscillate in a range.
“The market is due to The increase in storage fees is pending. At the same time, the delivery month of the main contract is approaching, and the front-month contract may mainly fluctuate in a wide range. The follow-up focus will be on signals of stabilization of oil prices, recovery of demand and registration of new warehouse receipts. “He said.
The futures index trends are divergent, and the liquidity turning point is expected to be enhanced
Under the market adjustments in recent days, yesterday, the trends of the three major domestic futures indexes diverged. As of yesterday afternoon’s closing, CSI 500 futures fell by more than 2%, SSE 50 futures rose slightly by 0.25%, and CSI 300 futures fell by 0.36 %.
“The recent style continues to favor procyclical varieties, so the trends of IH and IF are stronger than IC. ” Mao Lei, a stock index futures researcher at Guotai Junan, believes that the logic behind the divergence in the trends of the three major futures indexes is the rise in expectations for an inflection point in global liquidity. As the epidemic situation in the United States improves, U.S. economic data continues to improve, and the market expects that the Fed’s most easing time has passed, and the Fed will There is a probability that the easing measures will not be further upgraded. In addition, the domestic bond market interest rates and prices continue to rise, and the expectation of tightening liquidity has obvious destructive effects on strong varieties that have continued to expand in previous valuations, so the IC trend is weak.
“The market will further trade in the expectation of economic recovery, which will provide relatively obvious support for procyclical IH and IF. We believe that the relative strength of IF and IH will continue in the future. “He said that judging from the trend, with the expectation of liquidity inflection points increasing and the uncertainty of the external geopolitical situation still disturbing the market from time to time, there is still pressure on the market as a whole.
“The center of gravity of the stock index has shifted slightly recently. Although monetary policy will not be looser, it will not be further tightened. The marginal improvement in fundamentals will help support the index and consolidate the bottom of the market. Relatively speaking, IC will perform slightly weaker. “Mao Lei said.</p
