Net profit of 900 billion this year, the central enterprises to drop year on year growth

28. January 2012 · Write a comment · Categories: Uncategorized · Tags: , ,

This year the central rate, but is expected to net 900 billion year on year growth has been greatly reduced SASAC said central enterprises to prepare for the winter

Huang Shuhe, deputy director of SASAC said yesterday that net profit in 2011 the central rate is expected to be close to or exceeded 900 billion yuan, maintaining economic value added in 3000 billion yuan. Huang and also said that the central enterprises should fully understand the seriousness of the current situation and urgency, pay close attention to tide over the crisis 3 years to 5 years, over winter preparedness.

Interpretation

The central enterprises to do three to five years to prepare winter

Huang and yesterday the people in charge at the central work conference on performance evaluation, said the vast majority of central enterprises in 2011 can be completed or exceeded performance goals, but the face of complicated and grim world economic situation, the central enterprises to fully understand the seriousness of the situation and urgency, pay close attention to tide over the crisis 3 years to 5 years, over winter preparedness.

According to data released by the SASAC, the first 11 months of this year, the central enterprises operating income increased 22.6%, net profit rose 3.6% growth rate over the same period last year decreased by 12.1 and 46.5 percentage points. Complex and challenging for next year’s world economic situation, Wang Yong, director of SASAC, said earlier, the central enterprises should be prepared to deal with greater difficulties and challenges to prepare.

Not less than three year average profit next year

Huang and performance evaluation from the perspective of the central enterprises, the central enterprises to tide over the crisis, over the winter made the main direction, that is to maintain growth, provide quality, adjust structure, focus on management.

Huang and said that the current central rate is big but not strong problem has still not been effectively resolved, capital and value creation also take very match. “The more capital intensive, the more prudent investment to reduce the capital employed to speed up cash flow, improve capital efficiency; the more costs rise, the more emphasis on full cost accounting to do a good job cost efficiency and improve profitability level. ”

Requirements according to the SASAC, the central enterprises in 2012 profit and economic value added is lower than the target in principle, to the average level of the previous three years. To realize the “growth” at the request of the situation and due to significant changes in the market, leaving the objective is difficult to accurately grasp the actual completion of more value than the target value, results in a temporarily approved evaluation points.

Supporting the introduction of four performance appraisal policy

Huang and noted that with the economic value and the standard management of key performance indicators in the central business an increasingly important role in the assessment, assessment of central enterprises will gradually focus on the most important criteria to the above indicators.

And around 2012, the focus of performance assessment tasks, the SASAC will introduce four performance evaluation supporting policies: First, to reflect the requirements to maintain growth, and market due to significant changes in the situation, the objective is difficult to accurately grasp the value of leaving the actual completion deviate from the distant target, the results of the approved appraisal temporarily points; second is the introduction of the central business incentives assessment of technological innovations. Received national awards for science and technology, patents and leading international standard gold business, given in the annual performance evaluation award extra points; Third, the introduction of resolving historical issues central business performance evaluation approach; Fourth, the introduction of a national strategic commitment to the central business task performance evaluation approach.

Assessment of economic value added will guide enterprises to increase investment in science

Days of strong wave of good management consultant, general manager Zhu told reporters that since early 2010, SAC began to identify the central enterprises to economic value-added assessment, reversing the past operating income of the simple pursuit of the size of the central enterprises, total profit approach. Economic value added is the value of the total index, reflecting the company is creating value for shareholders. In the current external economic situation worsened in the background, to further promote and strengthen the economic value-added assessment, a very large practical significance, value added by economic assessment, to guide enterprises to increase investments in technology, business development to reduce speculative impulse, promote the company’s business restructuring.

Good waves good that, through the standard management, a clear gap between itself and the industry’s best, which indicates the general direction of work, promote enterprise “stronger and excellent.”

“Of course, these two aspects of the indicators of the assessment process in promoting the implementation must also be central to effectively combine the characteristics of re-innovation enterprises, avoiding these two aspects of the specific indicators that may arise during the implementation of some of the drawbacks.” Zhu Bo Shin said, “Specifically, the implementation of economic value added, not a simple assessment indicators, involves internal management philosophy and system tuning and optimization, if you do not need internal adjustments and changes, simply the pursuit of economic value added meet the assessment requirements may dilute the real purpose of assessment, while for the standard management, the key is to absorb and digest, can not simply be applied mechanically in response to assessment, should comparisons. a benchmark for any company’s success has its own internal success factors, not simply the surface, regardless of substance, to pay attention to this issue. “

Pave the way for continuous suspended central ticket storage precision cut?

24. January 2012 · Write a comment · Categories: Uncategorized · Tags: , ,

Analysis in January as New Year’s Day and Spring Festival, the market demand for liquidity, capital and tension, due to reduced foreign exchange for two consecutive months of base money to reduce the release of the central bank, the central bank stepped in the continuous suspension of release may be intended for the January lowering the deposit reserve ratio reserve space.
The central bank suspended all the central issue tickets.
January 4, this is the central bank issued commercial release of the announcement date, however, until January 5, the reporter still did not get the message the central voting issue. According to the China Economic Times reporter, which is the central bank since December 27, 2011 more than a week since the suspension of the central voting issue.
Vote to suspend the central issue
According to our reporter to statistics, on 22 December last year the central bank issued a three-month period of the central counting $ 1 billion, 1 December 27 issue 4 billion yuan in central bank bills, after December 29, suspended all commercial release , January 3 this year, because there is no central voting issue on New Year’s holiday, January 5, the central bank suspended continuation vote. And since December 20 last year, since the commercial release of the amounts are relatively small, maintained at 10 billion -40 billion.
Central voting issue for the central bank suspended, the Chinese vice president of Finance at Renmin University of China Zhao Xijun, Economic Times, told reporters that the M2 growth rate, size of credit and liquidity management, the central bank pay greater attention to liquidity management. Usually the central bank based on a period of time, may be due two weeks of foreign exchange changes and stepped in quantity, to decide whether to issue central bank bills.
Central bank governor Zhou Xiaochuan recently talked about monetary policy in a media interview, said, “Our monetary policy adjustment has been relatively large space in 2009 year, we avoid falling into the liquidity trap operation down the years, from the money point of view of policy instruments are available loose to tight. policy trade-off is mainly in the macro-control goal itself, such as the pursuit of high employment is more the pursuit of low inflation, or more, need to re-read goal to pursue a balanced addition, uncertainty about the future changes will also affect the policy objectives. In fact, as long as the policy objectives identified in the use of monetary policy tools, the space has been relatively large, relaxation or tightening of liquidity, prices are way up or down . ”

HSBC Greater China chief economist Qu Hongbin said on January 5, deposit potential rate cut just around the corner, tax cuts, increase financial input and the security room open to private capital markets have a lot of room. He judged the short term, steady growth must increase efforts to ease monetary policy.
Standard rate cut is expected to increase deposit
January 4, SW, such as brokerage Guotai Junan study released said the central bank will likely cut in the New Year’s statutory deposit reserve ratio.
Central University of Finance and the China Banking Research Center, Guo Tian Yong interview with this reporter, said the central bank may stop issuing central bank bills in January down for the deposit reserve ratio reserve space. According to his estimates, one in January, the central bank may cut by 1 percentage point, which will bring to the market from 700 to 800 billion yuan of liquidity, market liquidity to ease tension has a positive effect.
Guo Tian Yong believes that storage precision cut main reasons are:

Coincided with the Spring Festival in January, the market demand for larger liquidity, bank lending is usually “more fierce”; the other hand, the beginning of the open market due the relatively small number of central bank bills; coupled with central bank foreign exchange to reduce the resulting release of the liquidity of commercial banks greatly reduced.

According to the State Administration of Foreign Exchange recently released data show that China’s banks on foreign exchange settlement for the first time $ 800 million deficit, which means by exchange settlement bank liquidity in the market began to release negative growth.
Sun Lijian, vice president of Fudan University economics from the perspective of the external environment, the reduced need for storage precision. He had previously said that the deposit reserve ratio may be reduced after the New Year. If you do not cut it, when the debt problem in Europe subsided, the global liquidity may come back, once again shot up commodity prices, China will face the pressure of imported inflation, but again with the means to cause the Chinese foreign exchange asset bubble continues to expand. “Now why should lower the deposit reserve ratio? Is to the future, once the flow of capital, resulting in inflationary pressures, we have a very good space for monetary policy.”
Zhao Xijun, told reporters that the situation in January each year are more specific, the intensity of a large credit, liquidity needs of commercial banks is relatively large. “Depends on whether the central bank cut deposit and precision is to maintain a steady rate of money supply, or change the previous practice of funding requirements for commercial banks to make concessions if the concessions, it may be reduced quasi-deposit ratio; If you want to maintain currency growth and stability, it may not cut. “

Stock holdings of the three major central enterprises more rescue efforts?

11. January 2012 · Write a comment · Categories: Uncategorized · Tags: , ,

following the exchange of state-owned bank holdings of gold stocks, the number of central enterprises to be the controlling shareholder of shares announced holdings, so that ushered in the bottom of the A-share market rebound. January 9 and 10, the Shanghai Composite Index rose 2.89% and 2.69%, volume was significantly enlarged. 　　Sinopec, China Shenhua and China Unicom, three central holdings of enterprises listed company also announced that, from passing a strong policy signal. China Shenhua and China Unicom are called the holdings of the date of January 9, China’s Sinopec announced the number of holdings is as of January 9, obviously this is not a coincidence, but the management arrangements for the rescue. From the time the order to see, first Premier Wen Jiabao in national financial work conference on the stock market boost confidence in the national chairman of the Commission Guo Securities and Futures Supervision conference speech, followed by three central rate announced collective holdings of listed companies. This series of good, so that investors point to 2132 as a new policy at the end. Since the rescue consensus, the stock market rebound is bound considerable efforts, within two days with g and 30-day moving average 2200 points so points. From Sinopec, China Shenhua and China Unicom’s performance, up 3.61%, respectively, 9, 7.17% and 2.17%, rising to become a major force behind the broader market. Among them, China Shenhua and China Petroleum and 10 on the contribution of the market index ranks second and third. 　　The shares are holdings of the three central enterprises, investors will inevitably last October with Huijin stock holdings compared to the four state-owned banks. October 10, the day was Huijin acquired four major banks stocks were slightly up nearly 1%, while the Shanghai Composite Index fell 0.61%. 　　After the announcement on October 11, the Shanghai Composite Index opened higher but closed or reduced to 0.16%; 12, 2010 tape rose 3.04%, reaching in 2011 the largest single-day gain since. Can not last, the market in the next 10 trading days to new lows. Huijin holdings last October in which more than 2310 points, slightly higher than the current stock position. However, investors sought after by the three central holdings of corporate shares, and the index of “low out a chip” has little to do. Optimistic about the three central holdings of corporate shares is an important reason, is a portfolio of good play, especially in management’s position on the issue of IPO pricing. 　　Huijin holdings of bank shares last October’s failure, that was the pace is not slowing IPO in 2011, the largest IPO since China’s hydropower project followed on stage. Some investors doubt bailout Huijin is false, “save hair” is true, compared to the three central holdings of controlling shareholders share prices will not be labeled “save fat” label. Overheating of the IPO question is no longer limited to the level of experts and investors. National financial work conference made ​​it clear that the market system, deepen the reform of the IPO. SFC Chairman Guo and Zhu, Assistant Chairman of the SFC has talked about the reform of the IPO, and is studying the stock issued under the net increase in the proportion of subscription and other measures. Two-day stock market rally, not so much “national team” overweight boost of confidence, not as good as that market to curb excessive expansion and the “three high” produced the expected flooding. The economist microblogging Watson’s words, “now referred to the leadership of the balanced development of a secondary market and distribution system reform, seems to know where the problem, which is a significant step forward.” 　　revenue need throttle, simply take major shareholders, the introduction of long-term funds, etc., rather than solve the primary market and secondary market, coordinated and healthy development of the restoration of investor confidence out of the question. For the current A-share market, both blood transfusion, but also to stop bleeding, both will have two effects. Denied stock market crash and the relationship between expansion, it is mistake, it will only force the stock market kept falling on the road to ruin. Recently has held the national financial work conference and the national work conference on securities and futures regulators issued new shares does not evade the problems, promote further deepening the reform, so that investors see hope. It is because of this hope, the three central holdings of corporate stocks better than last year’s results are expected to exchange gold holdings. 　　Of course, not equal to the current bear market rally ends. IPO system of market-oriented reform has not announced specific measures, is able to change the “three high” thermal defects and suppression of new shares to be proven. The short term, there are two issues of concern: First, the expansion is slow; Second, the size reduction of non-executives and will heat up. If the expansion, the size reduction of non-executives and the resulting loss of blood exceeded market expectations, the restoration of investor confidence will show weak side.