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 Post subject: ◆ Banking
PostPosted: Sun Apr 08, 2012 8:25 pm 
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added to the anti-inflation due to the RMB exchange rate, many experts are also mostly pre-judgment: the renminbi will appreciate next.
exchange reform restart to show what are the characteristics? whether to move closer to the target of the policy? future exchange rate policy in turn go from here?
resources: resource shares or hot money chasing objects
this year
recommended configuration Shanghai Airport, Shenzhen Airport. Concerned about the thematic investment and the stock has a callback CITIC Offshore Helicopter and Sinotrans Air Transportation Development, the valuation of fixed Southern Airlines.
obvious, serious as inflation, over the past six months, the RMB exchange rate has become one of the anti-inflation policy tools of the decision-making level. This is also the While taking into account the macro general trend, a feature that is likely to continue.
Second, the impact of high-speed rail. Short term, given the substantial deceleration of the Beijing-Shanghai high-speed rail,jordan shoes, the positioning of the needs of the high-speed rail and aviation difference highlight the potential diversion of less than expected. However, in the long term, the coverage of high-speed rail network will continue to suppress the air shares of investment opportunities.
since
it comes to benefit the industry appreciation of the renminbi, to bear the brunt of the paper industry.
Although oil prices fell to near $ 100 / barrel, the demand for an increase of more than two-digit load factors and fares year have raised. But in June last year, an increase of a single month throughout the year, the high base led to slower growth this year may, therefore, short-term domestic demand to consider the possible adverse impact of market game. The peak season due to short supply, and this year increased the supply, demand can still achieve better year-on-year growth, and the Beijing-Shanghai line substitution effect will be weakened after the deceleration of the high-speed rail, it is recommended from May to June bargain layout. Focus on the domestic share of the highest appreciation of the renminbi driven by China Southern Airlines, thematic investment and the stock has callback Sinotrans Air Transportation Development and CITIC Offshore Helicopter.
May 19, 2009, in the Lujiazui Financial Forum held in 2011, China Bank President and Executive President Xie Hongyuan, increase flexibility of RMB exchange rate and the orderly adjustment of monetary policy spindle, the end of yuan appreciation in the 5 %. Xie Hongyuan individuals expected the end of the appreciation of the range of 5%, when the yuan against the U.S. dollar is about 6.30 to 6.40. RMB against the U.S. dollar is 6.4986. Expected appreciation of RMB exchange rate, gross margin will increase, thereby enhancing the valuation level of the paper stock.
company's annual report disclosed that this year's woodland assets changes in fair values ​​of 54.75 million yuan, woodland income is starting to show. We believe that this is just the beginning, the future of woodland changes in fair values ​​will become a new growth point.
Post reporter also noted that the RMB appreciation the intention of anti-inflation in May is particularly obvious. According to the latest data released by the Bank for International Settlements (BIS), May RMB real effective exchange rate index is 118.26, rose 1.19 percent; the nominal effective exchange rate index was 111.89, a change in the downward momentum of the first two months, than the slight rise of 0.14%.
Sun Yun is the person in charge of a garment export business, their company's products are mainly exported to European and American markets. Recently to talk about the business into a $ 1 million U.S. dollars, but the thought of the past year, the yuan has been on the rise, some worry.
Agricultural Bank of China, a senior economist He Zhicheng opinion, including Chinese officials, the industry market participants, including, if the first three months of this year, there are a lot of people opposed to the process of appreciation of the renminbi, then later opposed to sound more and more less, because,christian louboutin, after all, the primary task of China's macro-control this year is the anti-inflation.
dissolving pulp currently still holds the cost advantage.
appreciation of the renminbi is expected to get rid of the reason why,supra, mainly because of the rigid exchange rate regime and foreign exchange reserves continued to significantly increase. Risk-free unilateral speculation, but also caused the expected self-realization. Balance of payments of foreign exchange bureau Secretary Guan Tao, the author said, and improve the core of the exchange rate mechanism is to further increase the flexibility of RMB exchange rate and let the market play an increasingly important role in the exchange rate formation.
◆ the aviation industry: opportunities for more rebound
Today, the market is underestimate the value of the investment opportunities. The real estate stocks is in line with this target. With the sharp appreciation of the yuan, which will become the catalyst for the valuation of real estate stocks regression.
in the short term, Guotai Junan believe that the airline is in on high oil prices, high-speed rail is the uncertainty of pressure, under the tight domestic supply and demand balance and appreciation of the support the profitability of channel; strong trend characteristics and attractive weakening. Relatively optimistic about the stage performance of the traditional peak season for the third quarter after the launch of the Beijing-Shanghai high-speed rail.
units: Chenming Paper
Chinese Academy of Social Sciences, World Economy of International Finance, deputy director Zhang Bin, rising commodity prices in the first half, a certain level of RMB appreciation can reduce business costs of imports, reduce imported inflationary pressures.
Changjiang Securities
so-called yuan central parity, can be simply understood as the RMB official exchange rate June 17 yuan a new high in the industry view can be described as the best portrayal of the sharp appreciation of the RMB exchange rate in the past year, all parties believe that appreciation of the yuan is likely to continue to follow the trend in the second half.
Societe Generale Securities recently released aviation industry research reported appreciation of the renminbi is conducive to enhancing the airline exchange gains and losses, and accelerate national outbound tourism demand. Therefore, to determine the short-term valuation levels of the aviation industry is expected to repair, the most important domestic routes based China Southern Airlines, concerned about the international routes is expected to improve Air China. It is noteworthy that high oil prices is always a major issue for the airline stocks, many brokerage remind airline stocks short-term speculation space, but brought the matter closed.
dollars a year appreciation of 5.5%
is worth mentioning that, with the financial crisis after the yuan against the U.S. dollar two-way exchange rate floating characteristics are also very obvious. The data show that over 200 trading days, the exchange rate of RMB against the U.S. dollar central parity of a total of 147 trading days appreciation and depreciation of the 92 trading days; some of the trading day, the RMB against the U.S. dollar the next day, the maximum amplitude of more than 0.2%, the maximum appreciation and depreciation more than 100 basis points. In the second trading day after the restart the reform, the RMB against the U.S. dollar sharply higher by 295 basis points, volatility close to the 0.5% limit set by management, setting a restart the most of volatility since the exchange reform.
are typical of foreign exchange liabilities industry
long-term consumption, consumption upgrade has just started. Ticket is paid by the passengers to save time on price; its nature and the same income. The logic of the revenue increase directly stimulating the growth of demand for air travel. Affordability and air permeability observed, the rapid growth of demand for air travel has just started.
The view from the past year, the
the
However, an overview of the analysis of the industry, new changes may also be resulting - from the first half of this year, the process of appreciation of the renminbi exchange rate flexibility increased significantly this feature to see the second half of the RMB exchange rate flexibility is likely to further increase to prevent the appreciation of speculative funds betting on yuan unilateral.
according to the estimates of the balance sheet of each airline, China Southern Airlines is the level of benefit, other airlines benefit from the considerable degree of Which, when the yuan appreciation proportion of 3%, Air China (60111) foreign exchange benefit will reach 927.3 million yuan, the contribution to earnings per share of 0.0756 yuan; Southern Airlines will reach 12.111 billion yuan, the contribution to earnings per share of 0.1512 yuan; Eastern Airlines will reach contribution to earnings per share of 0.0774 yuan, 8.742 billion yuan; Hainan Airlines to reach 316.8 million yuan, the contribution to earnings per share of 0.0768 yuan.
However, airline stocks benefit from the appreciation of the renminbi but there are some bad hedge. Currently,www.chaussuresulouboutinpascher.com, there are two events to suppress the formation of airline stocks.
in 2011 affect
phase out backward production capacity is expected to-expected in the second half.
to restart the reform, the RMB exchange rate further closer to the equilibrium level and characteristics of two-way floating exchange rate flexibility is also significantly enhanced over the past year accumulated more than 5 percent against the dollar.
In addition, the industry environment from the point of view, the CSC said that the view of the excess paper industry capacity of basic digestion, and the appreciation of the renminbi become a probability event, to raise the paper industry rating of holdings; departure from the performance of the company, the applicant Wan Silver State considers that the first half of 2011, the profitability of the paper links the overall stability of the profitability of the relationship between supply and demand good white cardboard will be picked up, pulp and self-sufficiency rate of corporate profits is expected to increase. Specific to individual stocks, optimistic about the pulp and self-sufficiency rate and a higher proportion of wrapping paper enterprise, it is recommended company Yueyang Paper, Chenming Paper, Bo Paper and Sun Paper.
appreciation of the renminbi is expected to get rid of the reason why, mainly because of the rigid exchange rate regime and foreign exchange reserves continued to significantly increase. Risk-free unilateral speculation, but also caused the expected self-realization. Balance of payments of foreign exchange bureau Secretary Guan Tao, the author said, and improve the core of the exchange rate mechanism is to further increase the flexibility of RMB exchange rate and let the market play an increasingly important role in the exchange rate formation.
appreciation of the renminbi stocks touted five plates is expected to benefit
Vanke A, Riverside Group, Emori development, and Shimao shares. Focus on individual stocks: Shimao shares
opportunity rating: ★ ★ ★ ★
With the appreciation of the renminbi, from imported raw material costs decline and exports suffered exchange rate losses to reduce the impact of two aspects of the paper industry. 2011 yuan is widely expected to appreciate by 5% to measure the static point of view will save the cost of the paper industry was 46.9 billion yuan,outlet hogan, total profit of the paper industry in 2010 was only 52.06 billion yuan, an increase is still very impressive. The Nadu portfolio manager Chan Po is estimated that a 1% appreciation of the renminbi, the industry net profit to grow by 3.25%; appreciation of 3%, industry net profit growth of 9.57 percent.
However, a number of industry decision-makers worry that the yuan to float the deterioration of the current operating conditions of the export enterprises of the General Assembly, the same opinion, the sharp appreciation of the possibility of minimal priority to enhance exchange rate flexibility has become one of the most viable option. (Oriental Morning Post)
focus on individual stocks: Hainan Airlines
experts pointed out that the appreciation is expected to induce overseas hot money continuously enter, bringing the increase in the number of foreign exchange, increase domestic liquidity pressures, which restricts the play of the efficacy of monetary policy in China. Since the beginning of this year the central bank had raised six times the deposit reserve ratio, the freezing of funds of more than 1.8 trillion yuan, the direct intention is more than 3000 billion in foreign exchange in order to add the obliterated monthly average.
It is reported that Hainan tourists next three years is expected to maintain double-digit growth, Hainan Airlines Hainan market accounted for 40% of the share will fully benefit from. (Daily News)
induced unilateral appreciation expected
aviation industry, especially the U.S. dollar liabilities, RMB appreciation will result in a one-time exchange gains, airline stocks from foreign exchange gains last year pre-tax profit 13% to 22%; As fuel costs account for about 30% of the total cost,hogan, the airline will also benefit from the decline in jet fuel import prices and the cost reduction of the lease. Central China Securities in accordance with the sensitivity analysis, the RMB against the U.S. dollar appreciated by 1%, will increase Air China, China Eastern Airlines, China Southern Airlines, Hainan Airlines, earnings per share were 0.035 yuan, 0.025 yuan, 0.04 yuan and 0.02 yuan.
bring up another important reason for the high valuation levels in non-ferrous metals industry in 2007 is RMB appreciation brought about by the influx of hot money from overseas. In 2007, the RMB against the U.S. dollar appreciated by 5.42 percent, China's foreign exchange reserves increased by $ 340 billion, excluding the impact of the foreign trade surplus and foreign direct investment, foreign exchange reserves that can not be explained roughly $ 130 billion, the influx of huge hot money from overseas also contributed to the stock market an important factor for irrational exuberance.
opportunity rating: ★ ★
Recently substantial growth of bank shares annual reports and quarterly results expected to halt the market questioned, and the appreciation of the renminbi bank stocks attractive investment again increased sharply. CITIC Securities, said from past investment experience of the international capital markets, the currency appreciation means that the value of the banks to hold a large number of claims rose relatively high banks in other countries, China's banking assets and liabilities, net, in performance or other elements of the same case alone, the appreciation of the renminbi this factor will be able to improve the asset prices of the domestic banks. There are private, said overseas investors expected appreciation of the renminbi, and the RMB exchange rate linkage closest assets will be the most talked about them to buy bank shares in the purchase of RMB assets.
stage of the yuan to appreciate in September last year, the bank shares are not out of a decent price. The reason is that the beginning of the rate hike cycle, the increase of the reserve,
Now, after this adjustment, the bank stocks will once again benefit from the appreciation of the renminbi driven, ushered in the second wave of valuation repair market.
100% stake in
last week, the last trading day against the U.S. dollar, the yuan central parity rate at 6.4716, a new high since the record exchange reform. Restart the exchange rate reform has been a whole year from the last year, the past year, the RMB against the U.S. dollar has appreciated by 5.5 percent.
2010 Annual Report also pointed out that the next phase of steady progress in the RMB exchange rate formation mechanism reform. Perfect focus to the market-based, managed floating exchange rate system, and gradually increase the flexibility of RMB exchange rate, and give full play to the role of the exchange rate foreign exchange resources are configured in the domestic and international markets.
What is the real effective exchange rate? the renminbi, relative to a basket of currencies including the dollar, the euro, including the exchange rate level. Simply put, the above data means that previously yuan appreciated against the dollar against the euro (Editors note: such as greater appreciation of the euro against the U.S. dollar could cause this result) The difference is that, overall, May yuan for all The currency was the appreciation of the situation.
opportunity rating: ★ ★ ★
Chinese stocks Financial Editor's note: Last week, the last trading day from the last year to restart the reform has been a whole year, the past year, the RMB against the U.S. dollar has appreciated by 5.5 percent. In the exchange rate reform, the RMB exchange rate had become an important means of decision-making level to curb inflation and inflation means that very strong. Then, the yuan unilateral appreciation trend intensified and which sections will benefit from it?
the past year, the RMB exchange rate movements as a whole presents
With China's economy staged a strong recovery in 2010, the exchange rate normalization, exit stage U.S. dollar peg policy conditions have been met. June 19, 2010, the People's Bank of China announced further promote the RMB exchange rate formation mechanism reform, the market called the
anti-inflation intention clearly
the color of shares in the expansion of nonferrous metal resources has obvious basis in reality. A. Company has Chifeng region, 14 prospecting in areas with rich mineral resources, is expected to achieve a satisfactory result; The company itself has strong experience and capability of access to resources; Backed by Group company has a large number of non-ferrous metal mineral resources, is expected to receive the support of the Group; Expected to rare earth smelting as an opportunity to open up the field of rare earth upstream resources. We believe that the advantage of the color of shares in access to resources difficult to match with the industries and enterprises.
◆ resource stocks: value is expected to revaluation
Shanghai Pudong Development Bank,
May 26, the RMB against the U.S. dollar central parity reported 6.4921 compared with 6.4949 the previous day was up 28 basis points, and then the foreign exchange reform since. The aviation industry benefit from the appreciation of the renminbi is obvious. Their background is, as the appreciation of the RMB against the U.S. dollar, the airline can come up with fewer yuan more dollars debt owed to repay due to aircraft procurement, material procurement.
Huatai Securities analyst Zhang Chi Fei. Although damaged by the export industry will affect the commercial bank loan, but from 2005 began the process of appreciation of the renminbi, the commercial banks remained stable overall loan quality, and did not show the fluctuations of the loan quality. Meanwhile, with the continuous advance of the process of appreciation of the renminbi, is expected to commercial banks will gradually adapt to these changes, the distribution of lending will be more emphasis on the appreciation of the renminbi to benefit from the industry or little influence on the industry; Secondly, the appreciation of the renminbi will increase the commercial banks asset wealth effect. Very large proportion of RMB deposits and loans of the banking financial institutions in China, while foreign exchange deposits and loans to very small proportion. Such a large proportion of RMB assets and liabilities, in the process of appreciation of the renminbi, the wealth effect of the RMB assets of commercial banks has been increasing.
several large plates is expected to benefit
however rely on the industry pointed out that China allow the yuan against the U.S. dollar trading band for the central parity of the upper and lower 0.5%, but the practical point of view, the past year, the RMB against the U.S. dollar fluctuations rarely exceed 0.3%. (Shanghai Securities News)
dollar-denominated company, listed companies, such as gold, the appreciation of the renminbi means that the price will rise. Luojia investment that, in the expectation of RMB appreciation, foreign hot money influx of the result would be to be looking for investment targets, with a lot of resources reserves (ie, resources not mined) will become the focus of hot money chasing.
Essence Securities, said the airlines will benefit from the three-pronged approach to the appreciation of the renminbi. The first is the exchange gains. According to estimates, a 1% appreciation of RMB, China Southern Airlines, Air China, China Eastern Airlines, Hainan Airlines in 2011 earnings per share (EPS) increased by about 0.042 yuan, 0.041 yuan, 0.026,0.023. Secondly, the outbound long-term benefit from the continued appreciation of the yuan. From the Japanese experience, the sharp appreciation of the yen against the U.S. dollar on international routes passenger traffic increased significantly. RMB appreciation will increase the purchasing power of the renminbi relative to foreign currencies, and further promote the growth of the number of outbound tourism, the growth of international passenger revenue. Finally, the appreciation of the renminbi will reduce airline costs in dollar terms, such as fuel costs, maintenance costs, operating lease costs and depreciation of newly purchased aircraft costs.
the moment, the tension pattern of the aviation supply and demand in the short term is difficult to alleviate, Societe Generale Securities is expected to be three weeks before the May air passenger traffic grew 14%, expected load factor of 82%. The load factor continues to rise, nearing a record high. Subject to the market Ruoshi pattern and fuel prices raised expectations, airline stocks will continue to maintain the shock poised, waiting for the broader market stabilized stabilized and the Beijing-Shanghai high-speed rail east.
How to get rid of the unilateral appreciation expected
there is always appreciation is expected to have been lingering in the exchange rate reform process, how to get rid of the growing unilateralism of the yuan appreciation expectations, has become a half stage after the exchange reform decision-making can not evade the problem of open .
◆ paper plate: the vanguard of appreciation of the benefits
maintain industry
aviation industry benefit from the appreciation of the renminbi is obvious. Their background is, as the appreciation of the RMB against the U.S. dollar, the airline can come up with fewer yuan more dollars debt owed to repay due to aircraft procurement, material procurement.
Foreign Economic and Trade University of Finance and Dean, pointed out that the return to the equilibrium level of appreciation of the renminbi on the impact of the trade sector more short-term. Medium and long term appreciation pressure will promote the upgrading of industrial structure, will the Chinese economy and commodities in the higher platform to regain international competitiveness.
◆ Industry: the underestimated value of the catalyst
However, airline stocks benefit from the appreciation of the renminbi but there are some bad hedge. Currently, there are two events to suppress the formation of airline stocks. First, the cost impact of rising oil prices. With the economic recovery and North Africa, the situation is continuing tension, the oil price increases may be expected throughout 2011. Second, the impact of high-speed rail. Short term, given the substantial deceleration of the Beijing-Shanghai high-speed rail, the positioning of the needs of the high-speed rail and aviation difference highlight the potential diversion of less than expected. However, in the long term, the coverage of high-speed rail network will continue to suppress the air shares of investment opportunities.
Ding Zhijie said.
recent renminbi continues to appreciate, appreciated by 0.1 percent in January, appreciated by 0.48 percent in February, appreciated by 0.35 percent in March, appreciated by 0.64 percent since April, has accumulated a 1.3% appreciation since the start of the year. Societe Generale Securities believes that the recent appreciation is not primarily due to outside pressure, are more likely to take the initiative taken by the government to curb inflation appreciation. Societe Generale Securities is expected RMB appreciation is expected to exceed 5% of the market expected this year, to enhance the airline exchange gains and losses, and enhance national outbound tourism demand.
As of yesterday,
Shimao shares restructuring transition to commercial real estate development and management, project reserves of 8 million square meters in Shanghai, Beijing, Qingdao, Suzhou and other cities, A shares of the leading commercial real estate, the company projects the lower floor price, the appreciation of a huge space. 2011 a good start, basically unrestricted procurement policies impact, performance and scale of the fastest growing commercial real estate in the commercial real estate
(60000) gifted, strong profitability, a higher provision coverage. The rate hike cycle, the company's net interest margin at a good level of flexibility in the comparable companies. Directed the additional completion, expected the company by the end of the capital adequacy ratio and core capital adequacy Lee can be reached more than 12% and 10%. Capital bottleneck is removed, the company's business will be sustained and stable development, is expected to need to refinance in the next three years less stressful. Estimated 2011 and 2012 net profit growth of about 25% and 20%, EPS of 1.66 yuan and 1.99 yuan respectively. (Daily News)
According to official data of the China Foreign Exchange Trade Center, in May, the RMB against the euro appreciation of 3.18%; the yuan rose 0.32 percent against the yen.
stocks, CICC optimistic about Shanghai Pudong, China Merchants Bank,louboutin pas cher, the people's livelihood, China and Agricultural Bank of China, and in particular proposes a focus on trading opportunities of the big banks during the June dividend.
and banking stocks, real estate stocks late last year, the RMB appreciation nor good performance, the main reason is the repression of real estate regulation.

Changjiang Securities
Guangzhou Bandung, said that currently happens in the chaotic state of the switching period, which led to the sharp oscillations of the authentic resource stocks benefit from inflation and sought after hot spots become invisible resource stocks. In this environment, investors may be on the resource stocks midline short approach, and bargain hunting. Specific to the resource shares of listed companies, invisible kaolin resources Haeinsa shares thunder Division and other, as well as the involving fluorite concept of Juhua.
key units: Shanghai Pudong Development Bank
Ding Zhijie
In addition, the company transferee naval aviation holding its three wholly-owned real estate company, holding 710,000 square meters of commercial real estate. The transferee of the land low transaction prices, belonging to the core block of Haikou City, the location, the appreciation of the larger space. The return on investment is fully guaranteed future earnings in the rapid upward channel.
an important role to restart the reform is to avoid the drastic devaluation of the renminbi with the U.S. dollar. But there have been a unilateral appreciation expected to bring an influx of overseas funds. In the past year, the central bank to buy foreign exchange passive put more than 30,000 billion yuan of base money, M2 money supply increased by 10 trillion yuan.
Chenming Paper (000488, closing price of 8.72 yuan) is the paper industry leader, the company is about to enter production release period, is expected this year will be thickening performance: 60,000 tons of high-grade household paper items, Zhanjiang 70 project of ten thousand tons of wood pulp, 450,000 tons of fine paper project in Zhanjiang, and 80 tons of high-grade light weight coated paper project, the company has opened the curtain of a new round of growth. In addition, this year dissolving pulp highly profitable state of the company's three dissolving pulp line is also the first to benefit.
AJ Securities: RMB exchange rate to enhance the industry valuation levels
Nanjing Securities analyst Yin Jianhui, rising inflation and RMB appreciation accelerated to enhance the valuation level of the nonferrous metals industry. Benefit from the overall inflation, supply and demand of the industry, the valuation headroom of view, copper, zinc and other base metals opportunities.
It is noteworthy that, compared with forecast appreciation, many experts according to the characteristics of significantly enhanced flexibility of RMB exchange rate in the past year, it seems more likely to forecast the yuan exchange rate change RMB unilateral appreciation expected, the exchange rate reform the second half,
airline stocks 11 times earnings, highlighting the value of sharing the appreciation of the renminbi feast
aviation: exchange gain performance booster
AJ Securities
However, with the rate hike cycle drawing to a close signs, reserve continued to increase making the market
expectation of RMB appreciation in asset prices have to face a revaluation. Huatai Securities believes that the appreciation of the renminbi against the background of the real estate stocks should be optimistic about the uncertainty of the policy side to eliminate the valuation will have a certain recovery in space. CITIC Securities also said that the land resources can not be copied, the people rise in purchasing power, as well as expectations of RMB appreciation, constitute the real estate sector and long-term good to the good. Although the regulation will affect the performance of listed companies are basically the industry leader, may become the natural medium of foreign capital to enter the Chinese market and converted into RMB assets, and thus become one of the key to select the direction of hot money.
advantage of this opportunity, aviation continue to repair the valuation: to stabilize oil prices, the upside risks decreases; deceleration of the high-speed rail price, good high side. Aviation bad, when we underestimate the value of large-cap stocks in the market for the best, even if the bad is not clear, as long as favorable will rise opportunity. Recently, Standard & Poor's lowered credit rating, and appreciation of the anti-inflation, bringing the RMB appreciation accelerated expected, constitute the main driving force rose this week following the last week, oil prices stabilized positive good. However, whether the formation of the trend, the key to the ability to reach the expected demand growth of the off-season from May to June. We believe that the first choice for China Southern Airlines round of repair. First, domestic oil prices much lower than the international oil prices, cost pressures and cost of transmission of low pressure; Second, in Japan routes; third, the appreciation of the renminbi flexibility; fourth,burberry, a quarter of the industry as a whole the country is better than the international and domestic companies the largest share of the quarterly market the upcoming next week.
data show that the resumption of the second trading day after the exchange rate reform, the RMB against the U.S. dollar central parity rate, sharply higher by 295 basis points, broke the 6.80 mark.
data show that over 200 trading days, the RMB against the U.S. dollar central parity of the appreciation of a total of 147 trading days, the depreciation of the 92 trading days; some of the trading day, the RMB against the U.S. dollar the next day the maximum amplitude of more than 0.2 %, the maximum appreciation and maximum extent of the devaluation are more than 100 basis points. In the second trading day after the restart the reform, the RMB against the U.S. dollar sharply higher by 295 basis points, volatility close to the 0.5% limit set by management, setting restart the volatility of the exchange rate reform
exchange rate policy Linkao
opportunity rating: ★ ★ ★ ★
Bank: the value of claims to enhance the value of assets
restart the reform on the appreciation of 5.5%
SAFE recently released
investment in the aviation industry, the Guoxin Securities believes that the short-term cycle is nearing completion of phase adjustment. Airline profitability of high flexibility, small changes in demand will lead to substantial fluctuations in earnings. From a historical observation, the aviation cycle can continue for 10 years. Aviation in the upstream cycle, but in the second quarter of 2010, the consumer tends to be cautious. Fluctuations in the consumer discretionary is more severe than the necessities, and air is optional consumption, follow and enlarge consumption adjustment. Consumer confidence began to pick up in March, demand for air at the bottom of the region, the follow-up needs to pick up worth the wait.
performance of the company is expected to further release the company more equipment imports to benefit from the appreciation of the renminbi, the current valuation of the company in the industry, which is low. 11-12 years, the company expects EPS were 0.82 yuan and 1.03 yuan.
China is a Shaolin countries, and domestic waste paper utilization is not high, which makes China the world's largest pulp importing country, the paper industry has also become China's third Dayong exchange industry.
exchange reform restart the anniversary yuan unilateral appreciation trend
, Following the January 13 yuan against the U.S. dollar exceeded the 6.60 mark, and again on April 29 exceeded 6.50 mark, the RMB exchange rate into the 6.4 era.
Changjiang Securities: RMB appreciation led the airline stocks valuation repair (recommended shares)
In this regard, TX Irving, vulnerable in the first aviation unit performance reflect the fundamentals decline in the performance expectations and the impact of high-speed railway; specific performance decline in the number of much of the impact of high-speed rail to go to the four quarters to verification. Prior to this, the market may be excessively pessimistic to reflect these uncertainties. The aviation industry investment rating lowered to Expected after the landing of the two boots of the fourth quarter, it will help the aviation stock prices stabilized, and then can focus on the industry to further integration is expected to bring investment opportunities. The same time, it is expected that the three aircraft in 2011 operating profit, and fell 15.4 percent, attributable to the parent company net profit fell 13.7 percent. 2011 dynamic industry PE of 12.7 times.
point out that the First, the RMB appreciation on the good loan quality of commercial banks partial
data show that the resumption of the second trading day after the exchange rate reform, the RMB against the U.S. dollar, sharply higher by 295 basis points, broke through the 6.80 mark. This year, in the context of a weaker dollar, the RMB exchange rate appreciation trend of Following the January 13 yuan against the U.S. dollar exceeded the 6.60 mark, and again on April 29 exceeded 6.50 mark, the RMB exchange rate into the 6.4 era.
Obviously, RMB appreciation on the resources sector revaluation. CSC Wu Min, an analyst pointed out that the appreciation of the renminbi may form an upward momentum for the commodity and oil. In the five years after the RMB exchange started to change, the improvement of the purchasing power of RMB internationalization, driven from the price level of commodities and oil prices; According to rough estimates, the marginal demand for commodities and oil prices affect the , the RMB appreciation of 1%, 6% rise in crude oil prices, commodity prices rose by around 5%.
airport with the defensive: 1) airport revenue model is different from aviation, even if demand growth slowed only affect part of their income; 2) listed airports are located in a second line of the important business city, the high proportion of business travelers and international passenger , the impact of rising oil prices on the class passenger demand is weak; 3) inside and outside the Air charges merged closer and closer.
When the RMB against the U.S. dollar even rose 1 percent, I will lose several million yuan. Sun Yun told reporters that many small businesses today tend to sign short-term orders, so as to avoid exchange rate fluctuations under the standing orders.
Currently, the company holds a 33% stake in the island construction and island construction of Hainan real estate, golf, hotels and other high-end tourism project resources committed to integration,burberry, to create tax-free shopping center, will fully benefit from the construction of international tourism in Hainan Island.
For example, the forecast macroeconomic level - one of the investment bank China International Capital Corporation believes that the RMB will continue to face upward pressure, baseline projections of the agency to maintain 5-7% of the RMB against the U.S. dollar this year. Gold at the same time, the rate of appreciation may be due should be imported inflationary pressure and other major currencies, exchange rate movements, changes in the RMB against the U.S. dollar is unlikely one-off significant appreciation.
experts pointed out that increase exchange rate flexibility is conducive to the formation of the exchange rate of bilateral depth fluctuations, increase unilateral arbitrage opportunity cost, and can to some extent weaken the expected appreciation.
specific investment strategy, Huatai Securities focus optimistic about the industry leader, regional real estate stocks, the developers of the second and third tier cities, as well as commercial real estate developers, four types of stocks, such as Vanke A, Riverside Group, Emori development and Shimao shares.
the
experts have warned that to restart the reform, the market has been strengthening the expectations of RMB appreciation, hot money arrives phenomenon obviously, this has become a major constraint restricting the efficacy of monetary policy in China.
Some scholars believe that the means can be substantial appreciation of RMB exchange rate to a one-time rise to, in order to crack the expected appreciation of the problems.
Looking at the past year, the inflation situation, the RMB exchange rate has gradually become an important means of decision-making level to curb inflation.
company layout and third tier cities in addition to the advantage of low land costs, and second, and third-tier city commercial space, while the complementarities between multiple formats to strengthen, to build the city's comprehensive body of a clearer strategy, expected 2011 and 2012 net profit attributable to equity holders increased by 45%, 31%, earnings per share were 1.08 yuan, 1.42 yuan, Daily Economic News
Bin believes that the current small step appreciation is tantamount to the entry invitations distributed to the speculators, rose to a one-time bit might not be is not an option.
real estate: asset revaluation
is worth mentioning that, while showing the past year, the RMB against the U.S. dollar appreciation trend of the
colored, led by resources sector investment opportunities, the Everbright Securities optimistic about the status of the dollar reserves decline caused by the depreciation of the dollar, long-term inflation expectations caused by loose monetary policy, will be a fresh impetus to gold prices. The recommendations concern the Shandong Gold, Gold, Rare-Earth.
company is first to enter the field of Guangdong rare earth central enterprises, the increase in lead and zinc resources have a basis in reality (prospecting), both at home and abroad also have access to resources capacity, does not exclude the China Nonferrous Metals Group support for listed companies, Once a breakthrough , company size and results are likely to be explosive growth. (Daily News)
Chinese Industry and Information Technology Department (hereinafter referred to MIIT) recently issued a 2011 mission objectives, eliminate backward production capacity, which the paper industry, eliminate backward production can target task for 7.445 million tons, exceeding market expectations. Sub-regional perspective, Hebei, Henan, Shandong, Shanxi Province to eliminate backward production capacity to heavier tasks. If the phase-out implementation of better second half of this is also likely-than-expected next year look at the capacity to release itself is the deceleration time, perhaps the logic of supply may also occur in the Paper.
long-term consumption of short-term cycle
key units: the color of shares
At present, the valuation of real estate stocks are still low. Once the policy side of the uncertainty is eliminated, the valuation will rebound. Zhang Chi Fei focus optimistic about the industry leader, and four types of stocks of the regional real estate stocks, the developers of the second and third tier cities, as well as commercial real estate developers, their representatives, respectively
choice of stocks for the paper industry, the investment in the main line two: First, the RMB appreciation anticipation of the plate for trading opportunities, may be concerned about the benefit of varieties of Sun Paper, Bo Paper, China and Thailand shares; recommendations concern injection of assets or reorganization of the desired stocks, such as Yueyang Paper, paper, etc. Fujian South. It is worth noting that the recent paper prices is also expected to become an important valuation of the paper industry to enhance the background.
focus
appreciation of the renminbi affect the results of the paper industry from three aspects: First, the domestic paper raw materials wood pulp and waste paper import ratio, the purchasing power of RMB appreciation, reduce the cost of imported raw materials; is most of the large-scale paper machine to rely on imports, the yuan buying power to reduce the cost of imported equipment; exchange gains because imports of paper and raw material needs foreign currency, foreign currency liabilities of listed companies, with the appreciation of the renminbi will be some considerable exchange income.
First, the cost impact of rising oil prices. With the economic recovery and North Africa, the situation is continuing tension, the oil price increases may be expected throughout 2011. The data show that the total cost of the 2010 Air China, fuel costs accounted for nearly 40%, 10% increase in fuel prices will reduce its net profit of 240 million yuan, accounting for 17.11% of operating profit in 2010. On the whole, when fuel prices above $ 91.75 / barrel, the air transport segment difficult long-term performance.
Paper market supply and demand and profitability in three points, namely the appreciation of the renminbi, energy conservation, and dissolving pulp. A variety of factors to consider optimistic Chenming Paper, Sun Paper, Yueyang Paper advantage the company in the industry.
Hainan Airlines in appreciation of the renminbi exchange rate gains on relatively speaking, is not the highest, but the company benefited from international tourism in Hainan Island, the building, its duty-free shops will significantly benefit.
◆ Banking: Valuation is expected to continue to return
opportunity rating: ★ ★ ★
although due to the recent uncertainty of cotton prices to a certain extent affected the investors' expectations on future profitability of the dissolving pulp, but we think the trend of dissolving pulp Paper plate must have a positive impact. We also believe that dissolving pulp put into its downstream chemical fiber industry, more long-term and profound impact, it can be said from this basically resolved or lock the changes in cost of the chemical fiber industry,burberry soldes, the second half of this is also likely-than-expected.
appreciation of the RMB exchange rate will further enhance the level of paper valuations.
secondary exchange reform the RMB against inflation Sauvignon
paper: raw material cost is significantly lower
yesterday, from the People's Bank of China (hereinafter referred to as the But on this first anniversary of the commemoration of the last trading day of a few days ago - June 17, the RMB against the U.S. dollar central parity of a 相关的主题文章:


bond funds

to expand the main industry

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Three Gorges ship lock has enabled the temporary navigation equipment to be gates , thus shortening the distance and time of the ship into the gate . New equipment into operation will enhance the efficiency of the Three Gorges ship lock ship gate holes .


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 Post subject: It seems to have forgiven me.
PostPosted: Mon Apr 09, 2012 1:13 am 
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Columns: Classic Network article's author: time :2008-11-29 Click: My childhood was very happy when the story is still fresh. The one thing I think of it himself particularly pleased. Because it brought me infinite pleasure. day, after school, I saw in front of a lot of students around there

, I went over very curious to see turned out to be a cute little duck of a box of children, I asked one of five one,jordan shoes, I only used one bought it. I took it up, his hands holding it, its little eyes looked at me like like two black beans, red I call from time to time. And its swaying look very cute. When I squat body to take the plastic bags, it has a swaying from my hands ran out. I have to catch it back in his mouth talking about: home

, I put it in a shoebox, also box on the table, for fear that it came out,louboutin, but it chose not to listen to it first with the wings Bazhu box, and then a force jumped out of the box, and then,michael kors, desperate to get ahead, and fell in a chair above. It also jumped down the chair surface. Swaying ran up at me squeak. I think it was hungry, I come up with a few vegetables from the fridge, the vegetables cut thin, and then placed into a small yard,supra, I just reach for the plate, a little duck to go swaying to me and I saw that it can not wait to beat its wings, craned his neck,burberry, when I put the plate to put stability, it will use it that yellow flat mouth greedily eat up its yellow mouth like clip the same. Soon,burberry soldes, it was like a small clip of the mouth plate food eat spotless. Its like when you bite was so cute. Eat so fragrant, I prefer.

night, Dad came back to the Mother to give it food to children,casque dr dre, I pour it. It is like my home guests. Once its flat mouth with a finger clip, then give up. Its small claws at once,doudoune moncler, like riding a bicycle pedal to pedal to go. At this time, my father saw,casque beats, he said anxiously: I asked: It seems to have forgiven me.

since the little ducks came to my home, my life has added a lot of fun,louboutin, and still think of it, still yearn for the little duck. On one: on the one under the articles of childhood: childhood memories articles
recommended articles ... thatched cottages, an article or story you touched ~ ~ winter to spring and again in my life motto · composition: learn to give up the synonyms · envy · Christmas English composition, praise the mother's word essay: the joy of growing ambition famous boring · article相关的主题文章:


a self-service banking

fireworks scattered flowers to thanks

less than 60


BEIJING - China does not mind criticism but cannot accept double standards from the foreign media, Minister of the State Council Information Office Wang Chen said on Monday.


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 Post subject: down 1.15%
PostPosted: Mon Apr 09, 2012 3:54 pm 
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The panoramic April 2 Wed A-share market in the peripheral stocks soared and so positive ,supra, boosted by the early part of a surge in the Shanghai Composite Index rose up to 77 points and regained the 3400 off ,jordan shoes, but the second and third tier stocks immediately collective sell again ,louboutin, dragging down The market plunge again ,hogan, the Shanghai Composite Index fell more than 1% and the fall of 3300 off . The Shanghai Composite Index is now at 3290.80 points ,louboutin pas cher, down 1.15% ; The Shenzhen Component Index is now at 12,burberry,132.63 points ,louboutin, down 2.63 percent . (Panorama Network / Luze Hong )相关的主题文章:


the company's marketing staff

Low market open to adjust the disk observation

down 44.48 points


Three Gorges ship lock has enabled the temporary navigation equipment to be gates , thus shortening the distance and time of the ship into the gate . New equipment into operation will enhance the efficiency of the Three Gorges ship lock ship gate holes .


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 Post subject: Xiaogan Evening Author
PostPosted: Mon Apr 09, 2012 4:23 pm 
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Source : Xiaogan Evening Author : Time :2009-08 -10 Click : the ,louboutin
(Reporter Li Wenyong intern Lowe to read Yang Feng Jiao ) yesterday , the reporter from Xiaonan labor and Social Security Bureau was informed that the construction,abercrombie, manufacturing ,air jordan, food and beverage industry ,abercrombie and fitch, mining industry, the five -time industry workers and employers to sign the
According to council staff ,www.chaussuresulouboutinpascher.com, the fill out easier,franklin marshall, and more targeted . For example,louboutin pas cher, the construction industry the employer from time to time work system to ensure workers a week at least one day ; manufacturing the employer in accordance with the provisions of security facilities for workers . The text specifically provides that the employer shall be expressly agreed in accordance with the corporate wage structure of the specific amount of the wages of the laborers ,jordan shoes, and shall not be less than the local minimum wage standard . The same time ,burberry soldes, the council staff said ,louboutin,
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http://forums.marhaonline.com/viewtopic.php?f=9&t=1689

http://cityist.truth.travel/2010/05/surviving-the-lion.html#comments

http://www.barcaget.com/forum/viewtopic.php?f=2&t=1


April 15, 2006, one born only 20 days old baby girl was abandoned in a nearby intersection of Zhao Village. Zhao Zichun heard immediately rush in the past, he saw the baby girl's face was red with cold, the heart can not bear to not give more consideration will be the baby home. When the son to go home the next day


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 Post subject: 港台记者们对真正阳澄湖大闸蟹有什么评价
PostPosted: Tue Apr 10, 2012 6:47 am 
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江南冷雨浇浇,港台记者团夜访阳澄湖。中评社记者摄   中评社苏州11月16日电(记者 黄晓南)香港台湾记者团到了苏州,考察当地经济和旅游业发展。要谈苏州旅游业,不得不提阳澄湖,时值蟹季,就更不能不吃阳澄湖的大闸蟹。记者昨天抵苏州,即应相城区邀请试吃大闸蟹。
  阳澄湖大闸蟹名震中外,但鱼目混珠甚多,尤其在港澳台,打着阳澄湖旗号的“洗澡蟹”(外地蟹长成后放在阳澄湖中浸几天)、甚至八杆子打不上关系的假货,据当地官员告诉记者,简直到了“无法无天”的地步。每年秋天蟹季,louboutin pas cher,香港和台湾人吃进肚中的假阳澄湖蟹,真不知有几多千斤。
  如何分辨真正的阳澄湖蟹?怎样挑选好蟹?吃蟹有什么窍门?抱着这些疑问,港台记者团在江南烟雨蒙蒙的晚上,来到阳澄湖中央的一家湖上客栈饭店,试吃真正正宗新鲜阳澄湖大闸蟹,supra
  综合席上官员和食家所讲,分辨阳澄湖蟹有两个主要方法,一个是土方法,一个是科技方法。土方法是古老相传的八字口诀,即“青背(蟹壳呈青泥色),白肚(腹甲亮白洁净,没有黑斑瑕疵),金爪(蟹足呈晶莹金黄色),christian louboutin,黄毛(蟹腿的毛长而带黄)”,abercrombie and fitch,依此挑选,虽不中亦不远。至于科技方法,则是指在外地选购进口阳澄湖蟹时,要核正蟹身上的雷射防伪标签和商号,标签清晰可见、商号有据可寻的,方为正货。只要把这两种方法配合使用,就可放心吃好蟹了,casque dr dre
  至于吃蟹窍门,当地人告诉记者,大闸蟹性质偏寒,而母蟹又比公蟹更寒一点,因此宜一公一母配合的吃,而且先吃公的再吃母,就较不容易吃坏肚皮。此外,大闸蟹腹部中央有一六角形小块,俗称“蟹心”,是极寒极湿之物,ralph lauren,有害健康,必须先抽出而弃之。最后,吃蟹时宜用醋佐味,吃完后喝杯热姜茶或一点点酒,都有助驱寒去湿,casque beats
  试吃过后,港台记者们对真正阳澄湖大闸蟹有什么评价?一位香港媒体高层说,这些年来在香港吃蟹不少,但来到阳澄湖尝过后,“才知道什么叫做正宗”。另一位台湾资深记者说,这儿的蟹在湖中现捞现煮现吃,www.chaussuresulouboutinpascher.com,鲜美非常,比香港最高级上海饭店天香楼卖的、要价550块港币一只的还要好吃。
  江南这两天气温急降,晚上只有五度以下,再加上冷雨浇浇,polo ralph lauren,倍添寒意。但港台记者们得到当地人热情接待,饱尝美食,又为读者探得有用资讯,jordan shoes,满载而归,怀着暖暖的心窝离开阳澄湖,继续苏州考察之行。
【 第1页 第2页 第3页 第4页 第5页 第6页 】 

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the total value of 45.7 billion euros

]互联网创始人角逐今年诺贝尔奖

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U.S. President's Award is the highest honor the U.S. government to grant high school graduates, the main awards had an outstanding performance in academic, artistic, organizational capacity and social activities each year, graduating high school students.


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 Post subject: ARATS and SEF
PostPosted: Tue Apr 10, 2012 1:57 pm 
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On March 23, Taiwan leader Ma Ying-jeou expressed his expectation for the two sides to hold discussions about this issue. The mainland responded to Ma's remarks.
After the forum, the Communist Party of China (CPC) Central Committee General Secretary Hu Jintao, during his meeting with Wu Poh-Hsiung,louboutin, honorary chairman of the Kuomintang (KMT) Party,lunettes ray ban, said that the mainland fully understood Taiwan's willingness for cross-Straits nuclear safety cooperation and called on the two sides to start discussions and reach agreement on the matter at the earliest possible date.
The two sides also discussed and reached consensuses on issues regarding the negotiation of an investment protection agreement as well as issues of strengthening cross-Straits industrial cooperation.
These consensuses will also be submitted to the top negotiators of both sides for their confirmation.
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分享按钮 0 2011-10-20 06:40:58.0Preparatory consultation held for cross-Strait talksAssociation for Relations Across the Taiwan Straits,Taiwan-based Straits Exchange Foundation,ARATS and SEF,burberry,cross-Strait cooperation,Ma Ying-jeou,Kuomintang,burberry soldes,11020262Politics2@webnews/enpproperty-->
ARATS Executive Vice President Zheng Lizhong and SEF Vice Chairman Kao Koong-lian co-chaired the consultation to make last-minute preparations for the new round of talks scheduled for Thursday in the northern port city of Tianjin.
"We hope the signing of the agreement will lead to the establishment of a nuclear safety reporting system between the two sides,casque beats, promote cooperation among nuclear safety organizations and strengthen exchanges of experiences in nuclear safety regulation and supervision,supra," ARATS President Chen Yunlin said at a welcoming ceremony Wednesday in honor of the Taiwan negotiators headed by SEF Chairman Chiang Pin-kung.
The nuclear safety issue was off limits for this round of talks when the two sides determined the topics to be discussed late last year during their sixth round of talks.
The two sides have generally reached a consensus on the contents of an agreement on cross-Straits cooperation on nuclear powerplant safety, and have agreed to submit the agreement to ARATS and SEF leaders for discussion and signing.
However, after the radiation leaks from Japan's quake-damaged nuclear plant in Fukushima in March, cross-Straits cooperation in this field has become a public concern on both sides of the Strait.
The issue was listed as a topic of the seventh Cross-Straits Economic,louboutin, Trade and Culture Forum held in May, and participants from both sides of the Strait adopted a joint proposal to include the discussion of closer nuclear power safety cooperation in the new round of talks between the ARATS and SEF.
TIANJIN - Negotiators from the Chinese mainland's Association for Relations Across the Taiwan Straits (ARATS) and Taiwan-based Straits Exchange Foundation (SEF) on Wednesday held a preparatory consultation for the upcoming seventh round of talks.
The upcoming talks featuring the final confirmation and signing of the agreement on cross-Straits nuclear safety cooperation is taken as an active response to public concern.
During his speech, Kao said that the institutional talks between the two sides of the Strait over the past three years have promoted the welfare of the people,louboutin pas cher, enhanced mutual understanding and won support from most of the people in Taiwan.
Talks held between ARATS and SEF over the past three years have shown that the mainland and Taiwan have established mutual trust based on a common political cornerstone,michael kors outlet, and the signing of a series of agreements have brought about a wide range of benefits for compatriots living on both sides of the Strait, Zheng said during a speech given ahead of the consultation.
The peaceful development of the cross-Straits ties is progressing in a smooth and mutually-beneficial way,ray ban, and the concept of holding negotiations to solve disagreements, strengthening cooperation instead of confrontation and promoting development for mutual good has been widely recognized by the people on both sides, Zheng said.
They also exchanged views on the preparation work for the implementation of the agreement.
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down slightly from $ 58.8 million a year earlier

“奥巴马热”再次席卷全球

· Chin-shek and investment


then just go to college, 17 years of age, With how mischievous and assertive naive Love is full of imagination, like a man around, such as thin and tall English teacher, such as student council, per week, Wednesday to check the attendance Korea put.


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