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Central bank hits home hard, construction stocks down
On the 7th, the central bank announced without prior notice that it had implemented the four major measures for the sale of real estate. Construction shares fell to the ground on the 8th, falling more than 2%, ranking as the highest among all types of shares; however, 41 of them fell within 1%. Among them, five levels of construction projects, performance support or continental domestic demand actions opposed the trend and opened red markets.
Yesterday, President Yang Jinlong announced the implementation of the four main real estate credit control measures at night. The Financial Management Committee also issued a press release last night to announce that the financial inspection of the real estate credit project and the general financial inspection, which will be launched in December, will incorporate the new measures from the central bank. As of 8 The new real estate credit case before nuclear loan must comply with the new central bank regulations, otherwise heavy fines will be imposed.
As soon as the new measures were announced yesterday, the real estate sector was filled with pain and today the construction stock also fell in defeat, with a fall of more than 2%.
However, most of the new projects launched by construction companies in the last two years are still aimed at first-time buyers and home exchangers. This time, the central bank has taken four steps to sell houses without notice, which has an impact on first-time homebuyer and home-change cases. Relatively few levels. Among construction stocks, some stocks that have their performance fundamentals supported, a stable dividend policy, and high-level yield growth momentum in the coming years continue to show low buy orders.
(Cai Huifang, Business Times)
Central bank moves to block real estate speculators
The central bank offered four selective credit control measures to curb the phenomenon of real estate speculation. This was reflected in the market performance on the 8th. Construction stocks generally showed corrections. Ai Shanlin (2540) once fell 9%, Guande (2520), Farglory (5522) fell more than 4% during intraday trading, and the trend was relatively weak. Building materials construction index fell 2, 49%, ranking first among stocks.
Central Bank President Yang Jinlong announced that he will use four main measures to sell houses, block restrictions on corporate legal persons, natural persons, land purchase loans and excess mortgage loans, and strengthen the regulation of sub-prime lenders. This is the first credit control measure in the housing market in the last decade. As soon as the news broke, the most affected construction stocks fell simultaneously on the 8th, and financial stocks also fell more and rose less.
According to Qunyi Investment Advisor’s analysis, the central bank’s main consideration is that global economic uncertainty remains high and it does not want banks to overconcentrate real estate credit, so it decided to implement selective credit scrutiny in real estate. Since the central bank controls from the capital side, it is expected to invest in real estate There will be a cooling effect. However, in the medium and long term, interest rates remain low and the economy continues to recover, which continues to be beneficial for the property market.
Regarding related inventories, it is recommended to pay attention to inventories with existing home inventories at a low and ongoing contractual liabilities on the rise. China State Construction (2501) has brand effect and stable operations. Dali (6177) will be the accounting peak in 2021, maintaining the original Purchase of investment advice.
(Chen Yuguang, Business Times)
Yang Pippi’s 4 cold and high-pressure financial stocks
Ten years later, the Central Bank once again imposed selective control of credit on the housing market on the 7th. Central Bank President Yang Jinlong made real estate speculation for the first time and approached the builder to limit the price! number of home loans remaining! Bankers said banks with a relatively high level of financing for civil construction will definitely have an impact; In addition to the builders, the mortgage homes of natural and legal persons in general are also restricted, and the current credit control is not regional, and It is at the national level and will definitely have an impact on the loans of the financial industry in general next year .
Financial stocks fell sharply this morning under the selective credit scrutiny of the central bank of the four major real estate markets. In the first November of this year, Financial Holdings managed to make steady profits under pressures such as the new corona epidemic, exchange losses and the reduction of spreads, but yesterday the new central bank regulations on the control of the housing market will add another cold, high pressure on Financial Holdings earnings next year. This morning, First Gold (2892), CITIC Gold and Fubon Gold (2881) fell more than 1 percentage point.
CITIC Gold (2891) had a self-balancing surplus in November, with a one-month pre-tax surplus of 1,806 million yuan and an after-tax surplus of 1,434 million yuan. The accumulated pre-tax surplus for the previous November was 49,615 million yuan and the consolidated surplus after tax was 40,598 million yuan per share. The after-tax surplus (EPS) is 2.03 yuan.
China Trust Commercial Bank, a subsidiary of CITIC Financial Holdings, accumulated an after-tax surplus of RMB 25,275 million on November 1, and its subsidiary Taiwan Life Insurance Company had an after-tax surplus of RMB 16,383 million on November 1 . CITIC Financial Holdings said that although the market environment this year was affected by the novel coronavirus (COVID-19) epidemic and interest rate cuts, core businesses such as bank deposits and financial management fees still maintained steady momentum, while the insurance business was driven by declining costs of debt, plus Investment income increased and profitability performed well.
Zhaofeng Gold (2,886) posted a self-consolidated surplus in November, with an after-tax surplus of 2.377 billion yuan; the accumulated after-tax surplus from the previous November was 23.01 billion yuan and an after-tax surplus of 1.69 yuan per share. Zhaofeng Gold’s after-tax surplus in the first two months of the fourth quarter was around 4.1 billion yuan, while the single-quarter after-tax surplus in the third quarter was 7.7 billion yuan.
(Ren Peiyun timing information)
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