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133 brokers’ net profit in the first quarter was downgraded by 11% in 10 years, self-operated business was the blame

133 brokers’ net profit in the first quarter was downgraded by 11% in 10 years, self-operated business was the “blame”
According to the first quarter operating data of securities companies released by the Securities Association recently, both industry revenue and net profit occurred in the same period of the previous year.133 securities companies achieved operating income of 983 in the first quarter of 2020.3 billion, down 3 every year.50%; realized net profit of 388.7.2 billion, down 11 every year.69%, 118 securities companies achieved profitability.The industry’s net interest income has increased significantly and its performance has increased. Compared with the ratio of the previous year, the net interest income of securities companies has increased significantly over the previous year, an increase of more than 85%, but the securities investment income is obvious, which drags down the overall performance.The data shows that the revenue of each main business is the net income of agency securities trading (including seat lease) 294.US $ 6.7 billion, with a net income of 96 securities underwriting and sponsorship business.5.8 billion US dollars, financial consulting business net income13.6.1 billion yuan, net income from investment consulting business9.2.3 billion yuan, net income from asset management business 66.7.3 billion, █ net income 129.32 trillion, securities investment income (including changes in fair value) 291.9.2 billion yuan.According to statistics, as of March 31, 2020, the total assets of 133 securities companies were 7.89 trillion, with a net asset of 2.09 trillion yuan, with a net capital of 1.67 trillion yuan, the balance of customer transaction settlement funds (including credit transaction funds) 1.57 trillion yuan, the principal size of the entrusted management funds is 12.02 trillion yuan.Self-employment dragged down the performance of listed brokers in the first quarter. Judging from the monthly report data released by hierarchical brokers, although affected by the epidemic, the scores were relatively stable compared with the previous year.From January to March of this year, under the comparable caliber, 34 listed securities companies gradually made a total of 691 revenue.$ 5.1 billion, an annual increase of 0.64%, the parent company’s caliber net profit is 294.$ 7.3 billion, a ten-year average of 5.80%.The performance of head brokers varies, and the net profit of CITIC Securities has gradually increased.70%, still sitting first in the performance, Guotai Junan, Haitong Securities, Huatai Securities increased net profit to 29 respectively.09%, 11.18%, 17.19%.In addition, judging from the annual growth rate of net profit, Guohai Securities, Hualin Securities and Zheshang Securities scored 87% respectively.67%, 76.89%, 67.33% annual growth rate replaces the top three, on average, Zhongyuan Securities (changed to 86.46%), Pacific Ocean (drift 71 previously).27%), Caitong Securities (at least 65.38%) The highest performance is the most obvious.Although the index market fluctuated in the first quarter, the brokerage business of the brokerage firm was again greatly affected.Wind data shows that the overall market decline in March, the Shanghai Composite Index fell by 4.51%, Shenzhen Component Index fell by 9.28%, the GEM index fell by 9.64%, the small and medium board index fell by 10.37%.However, compared with the same period of the previous year, the stock trading activity has declined. In the first quarter, the market average daily stocks and fund trading volume were 9125.1.8 billion, an annual increase of 47.31%.In addition, investment banking business has also increased over the previous year.The data shows that the equity underwriting amount reached US $ 248.6 billion in the first quarter, a slight decrease in one year.50%; IPO underwriting amount is 78.6 billion US dollars, a year-on-year increase of 208%, and debt underwriting amount is 21486.8.5 billion US dollars, an annual increase of 35%.The market inferred that from the market data, the brokers that dragged down the first quarter results probably reset their own business.For the first quarter, the performance of foreign exchange brokers is extended by at least one day every four years. Only Huaxi Securities listed the first quarter performance report, conversion, Founder Securities, Guoyuan Securities, Western Securities, Hualin Securities and more.According to the Huaxi Securities Financial Report, the report merged and Xi Securities achieved a total revenue of 9.1.5 billion US dollars, a ten-year average.26%; realized net profit attributable to shareholders of listed companies.$ 7.5 billion, with an annual limit of 20.72%.Judging from the financial report data, the performance of Huaxi Securities in the first quarter was obviously affected by its own business.Divided the revenue composition of Huaxi Securities in the first quarter. From January to March 2020, the company achieved brokerage business revenue4.1.8 billion, an annual increase of 45.73% is the main component of the company’s first quarter performance, accounting for more than 45%. The main reason for the increase in revenue is Huaxi Securities, which is explained by active trading and increased brokerage business transaction revenue.Thanks to the increase in bond underwriting income, Huaxi Securities’ net income from investment bank business fees in the first quarter increased by 248.19%, realizing 0 investment bank income.6.2 billion yuan.While the brokerage business and investment bank business grew significantly, the revenue of Huaxi Securities’ self-operated business increased significantly in the first quarter, with revenue1.23 trillion, a significant drop of 74 per year.3%.According to Huaxi Securities, due to market influence, changes in the fair value of financial investment and derivative investment decreased. In the first quarter, the profit loss from changes in the fair value of Huaxi Securities.09 million, with an average annual rate of 145.51%.Among the performance forecasts of other securities firms, Hualin Securities is expected to realize the net profit attributable to shareholders of listed companies in the first quarter.5.6 billion to 1.6.6 billion, an annual increase of 68.97% to 79.77%; Western Securities is expected to make a profit in the first quarter2.4.1 billion to 2.6.6 billion, a decrease of 58 per year.59% to 54.23%; Founder Securities is expected to achieve a total revenue of 19.3.6 billion, an annual increase of 4.91%; realized attributable net profit3.$ 7.9 billion, 35 years ago.53%; Guoyuan Securities is expected to achieve a total revenue of 9 in the first quarter.10ppm, compared with the same period last year7.59%; realized attributable net profit 2.$ 83 trillion, at least 32 per year.93%.Analyst: What are the favorable policy conditions for the future development potential of the securities industry?Many analysts believe that the policy will continue to benefit the bond business.Analysts at BOC Securities pointed out that the tenth meeting of the Financial Committee after the epidemic was announced. The focus of the meeting was to play a pivotal role in the capital market and highlight the important strategic layout of the capital market.The central government issued a document to promote the allocation of capital element markets, including improving the basic system of the stock market, accelerating the development of the bond market, increasing effective financial supply, and actively and orderly expanding the opening up of the financial industry to the outside world.The positive signals of capital market policies are frequent, and brokerages will engage significantly.Analysts predict that the downward pressure on the macro economy in the short term will be affected by the continuous spread of overseas epidemics and the intensification of stock market fluctuations. Under the high beta attribute of the sector, it is recommended to pay attention to short-term changes;The policy is favorable, and leading brokers will focus on benefiting.The non-bank analysts of Chuancai Securities estimated that the expected performance of brokerage firms reached the expected level.Analysts pointed out that the recent gradual adjustment of monetary easing policy has ushered in deepening, the counter-cyclical adjustment is further increased, the liquidity easing is expected to continue to heat up or drive the market to recover, the market has ushered in positive factors, and brokers are in the recovery stage.We believe that driven by capital market reforms, loose liquidity, new refinancing regulations and other factors, the follow-up investment bank, brokerage, self-operated business and asset management business are expected to continue to pick up momentum.With the implementation of the related refinancing regulations, the implementation of the new securities law combined with the bond registration and issuance process has been optimized, the securities investor protection fund payment ratio has been adjusted, and the overall business growth of investment banks is expected.In terms of brokerage, the trading scale remained high and the market sentiment was active.The self-operated and asset management businesses have improved to varying degrees overall.Sauna, Ye Wang Zhang Siyuan Editor Yue Caizhou proofread He Yan

The tenth anniversary of When the East Meets the West, 80-year-old Liu Shikun plays classics

The tenth anniversary of “When the East Meets the West”, 80-year-old Liu Shikun plays classics
Sauna Night News (Reporter Liu Zhen) On November 20th, the “When the East Meets the West” concert hosted by the Beijing Huabin Cultural Foundation was held at the Beijing Huabin Opera House.Li Shikun, Sun Ying and his wife, Yan Shouping, Zhang Ye, Ma Fei and other three generations of Chinese artists, together with famous copyright masters and conductors from the West, gathered together to perform “Spring River Flower Moon Night” and “Jasmine Flower”.”Love, respect, glory” and other classic titles at home and abroad.The splendid performances gave Beijing a diverse cultural charm and vitality at night; the cultural boutique represented by “When the East Meets the West” also showed the cultural confidence in the new era of China.Liu Shikun, Sun Ying piano pipa ensemble “The Sound of Snow Falling”.At the Beijing Concert of “When the East Meets the West” in 2019, the classical folk music “Spring River Flower Moon Night” that incorporates Western musical elements and the folk song classic “Honghu Water Waves” are refreshing; by Chinese artists and Western artistsThe excerpts of classic operas such as “Back to the Sweet Past” and “I Want to Live in a Beautiful Dream” performed on the same stage will continuously push the whole performance to the climax.At the scene, Liu Shikun, a famous Chinese pianist, composer, and music educator played “The Sound of Snow Falling.”The performance that night infected the audience.Music and art are world languages that communicate with each other, bringing people from different cultural backgrounds closer.In order to build a platform for cultural exchange between the East and the West and spread China’s excellent traditional culture, Yan Bin, chairman of Huabin Group, created the cultural brand of “When the East Meets the West” in 2009.Yan Bin joined hands with Sarah Brightman, the London Symphony Orchestra and other world-class artists and art groups to demonstrate the essence of Eastern and Western cultures in a diversified form and built a beam of dialogue with international masters for many outstanding young artists.This concert is also a summary and tribute to “When the East Meets the West” for ten years.In the past ten years, nearly 100 cultural activities including “Peaceful Sky”, “Born for Song”, “World Opera Vocal Competition”, “APEC Night Peking Opera and Opera Concert” are like the civilizations of various countries and regions in the worldThe symphony played the beautiful movement of “Culture Without Borders, Friendship Lives Forever”.Yan Bin has always promoted the development of cultural undertakings to national rejuvenation, and the motherland’s powerful “helping force” to drive cultural prosperity through innovation.In this concert, he sang the excerpt “Chest of the Sun” from the modern Beijing opera “Wisdom to Mount Tiger”, and sang the great times with singing.Yan Bin sang “Chaoyang” on the spot.A ten-year-long cultural perseverance, with a long song, the brand connotation of “When the East meets the West” has been constantly enriched and extended; the art form has expanded from Peking Opera, Opera, painting and calligraphy, porcelain, sculpture, photography, etc.Cultural understanding of the world.In order to better serve the national cultural strategy and let Chinese culture go global, the “footprint” of the Huabin Cultural Foundation travels from Beijing to Hong Kong, London, Singapore, the United States and many other countries and regions.Fundamentally, in conjunction with the important opportunities of the national “Belt and Road” construction and the “Golden Decade” of Sino-British relations, Huabin Cultural Foundation has also planned special themes such as “Beautiful China” and “Silk Road Journey”, which have wonWidely praised, the practice confirms the rapid development of Chinese cultural undertakings and the improvement of the national cultural soft power.Sauna, Night Net Editor Liu Zhen Wu Longzhen proofreading Wei Zhuo

Chinese Football Association: postpone the start of the 2020 major national football games

Chinese Football Association: postpone the start of the 2020 major national football games
The Beijing News Express reportedly reported on the official website of the Chinese Football Association. On the 30th, the Chinese Football Association announced the announcement of the extension of the domestic football match for the 2020 season.The following is the full text: In order to cooperate with the prevention and control of the pneumonia epidemic of the new coronavirus infection, and protect the health of the fans, media, players, coaches, match officials, clubs and divisions, the Chinese Football Association has determined thatFrom now on, it will postpone the start of the 2020 national major category football competition.The Chinese Football Association will continue to maintain close communication with national authorities, and determine when the time of this tournament will be based on the actual development of the epidemic situation in various places, and make reasonable adjustments to the competition system, schedule and scale of some events if necessaryRelated information will be released in a timely manner through the official channels of the Chinese Football Association.On behalf of the majority of football workers across the country, the Chinese Football Association pays deep tribute to all medical workers and staff working hard at the front line of epidemic prevention and control!Chinese Football Association January 30, 2020 Editor Liu Jiani Source: Chinese Football Association official website

G20 meeting: Active use of all available policy tools to promote global economic recovery

G20 meeting: Active use of all available policy tools to promote global economic recovery
On April 15, Saudi Arabia, the chairman of the G20, chaired the meeting and released a video conference of the G20 finance ministers and transitional governors to discuss the global economic prospects under the new coronary pneumonia epidemic and discuss the results of the G20 leaders ‘special summit.Announcement after the meeting.Minister of Finance Liu Kun attended and attended the meeting, accompanied by Deputy Minister Zou Jiayi.The meeting believed that the spread of new pneumonia has a serious impact on human health and the global economy. The IMF predicts that the global economy will fall into a severe recession this year.The G20 promised to take national and joint actions to control the outbreak and actively use all available policy tools, including the implementation of unprecedented fiscal, monetary and financial stability measures, to promote a strong, sustainable and inclusive recovery of the global economy.The meeting approved the “G20 Action Plan-Supporting the Global Economy to Survive the New Coronary Pneumonia Crisis”, proposed key guiding principles and specific commitments for G20 policy actions, and adopted “Suspending Debt Repayment of the Poorest Debt Countries”, multilaterally and undoubtedlyOfficial creditors and commercial creditors will participate through corresponding means.The meeting also welcomed the financing support provided by the International Monetary Fund, the World Bank and other international financial institutions, and strengthened the coordination of financial regulatory policies to enhance global financial strength.Liu Kun said that the new coronary pneumonia epidemic continued to spread, the world’s economic downside risks increased, and uncertainties increased significantly.Facing the pressure of economic recession, what is most needed is firm confidence, united response, and comprehensive strengthening of international cooperation.All parties should continue to work together to increase macro-policy hedging, implement strong and effective fiscal and monetary policies, and jointly maintain the stability of the global industrial chain supply chain to create conditions for economic recovery after the epidemic.China supports the suspension of debt payments to the poorest countries. The recognized G20 consensus on specific plans will make due contributions, choose multilateral development banks to participate in the initiative as soon as possible, and continue to actively support the role of international organizations to improve policy tools, Strengthen the monitoring of epidemic situations and economic risks, and improve the ability to respond to crises.At present, China’s epidemic prevention and control has been further consolidated, economic and social operations have gradually recovered, and important progress has been made in resuming production and production.In the next step, the Chinese government will continue to raise funds for epidemic prevention and economic and social development. Active fiscal policies will be more proactive and effective, vigorously improve quality and efficiency, appropriately increase the fiscal deficit rate, issue special national bonds, and increase the size of local government special bondsAnd further formulate policies for tax reduction and fee reduction.Editor Li Weijia

Booker broke the 76 undefeated golden body with 40 points and became the 8th youngest Mr. 6000 points

Booker broke the 76 undefeated golden body with 40 points and became the 8th youngest Mr. 6000 points
Booker scored 40+ in the 10th single game.Figure / Visual China For the past four seasons, the Phoenix Suns is a veritable fish-bone team in the entire NBA, and each season can only win about 20 games.However, only 7 games were played in the new season. The Suns scored 5 wins and 2 losses, ranking second in the Western Conference. This is enough to thank the team’s core Booker’s growth.Booker became famous as “Mr. 71 points”, but for a long time, it was widely believed that Booker was only a player who relied on the right to fire and score points, and could not help the team achieve a better record.Since the start of the new season, he has proved with practical actions that he has transformed into an excellent stadium leader.Today’s home game against the 76ers, the Suns are not optimistic before the game, opponents scored 5 consecutive victories, is the only team in the league to remain undefeated.Even if Embiid is suspended, the ladder formed by Ben Simmons, Horford and Harris is still luxurious.As for the Suns, the team’s main center Ayton was suspended for 25 games due to violation of the doping regulations and could not come back in a short time.From the perspective of the whole game, Horford and Harris let the 76ers take advantage of the inside, but the Suns at home played their own advantages in the backcourt, and Booker and Rubio all performed well.In particular, Booker, 15 of 19 shots, scored 40 points, 4 rebounds, 3 assists to help the Suns end the opponent’s undefeated gold body.After this campaign, Booker scored 40+ in the 10th single game of his career, and at the same time his career totaled more than 6000 points, becoming the eighth youngest 6,000 points in history.”Every season Booker reminds us that he is very good at gathering and is a very talented player.”The 76ers coach Brown said after the game.After this campaign, the Sun ranked second in the West with 5 wins and 2 losses, second only to the Lakers at the top of the West.Compared with last season, the Sun did not win the fifth game until mid-December, the team’s progressive advantage.Despite Atonton’s continuous suspension, there is the World Cup Shinco MVP Rubio and the hot State Booker. The Sun’s strength may not be a flash in the pan.

Some people have tax rebates of 3,000 and some people have to make up for the tax?Quickly understand the tax calculation for each tax year

Some people have tax rebates of 3,000 and some people have to make up for the tax?Quickly understand the tax calculation for each tax year
Recently, too many taxpayers have posted on the social media a “tax fortune” tax rebate. On April 3, Ms. Lin showed reporters the 400 yuan tax she had just rebated.It ‘s done, and suddenly a lot of money, still very happy.”Ms. Li also showed reporters,” I refunded 3000 yuan.”This is actually a tax refund benefit after tax year accounting, but there may be too many taxpayers to doubt,” Does everyone have a tax refund?”Where do you go back?”Where to retreat?”Why do I have to make up for the tax rebate?””Can’t you make it up?””Why need a tax year settlement?In fact, all of these questions can be found in the “Guidelines for the 2019 Annual Taxation of Personal Income Comprehensive Income” (hereinafter referred to as the “Guidelines”).First of all, the reason for the tax year settlement is that after this round of individual tax reforms, firstly, a personal income system combining comprehensive and classification was established for the first time. Wages, salaries, labor remuneration, draft remuneration, and franchise for individual residentsThe four items of income (ie, comprehensive income), such as royalties, are calculated in accordance with the tax year, the exchange rate, and the tax calculation for each tax year arises at the historic moment.For taxpayers, this may be a good thing. Restructuring, the tax calculation in a tax year can be more accurately aligned with pre-tax replacement and substitution preferential policies, especially for the replacement items that are not usually declared to enjoy enjoyment, and the annual medical treatment for serious illnesses.Alternative items whose amount can only be determined after the end can be supplemented and enjoyed by performing annual settlement.Therefore, when taxpayers usually obtain comprehensive income, they still need to follow certain rules, first calculate and withhold withholding tax on a monthly or monthly basis. In practice, due to personal income, expenditures are divided into different shares, no matter what withholdingPayment method, it is difficult to make all the taxpayers’ prepaid tax amount and the annual tax payable amount exactly the same, then there will be a “difference” between the two, and this “difference” needs to be refunded more and less through the annual settlementIt is also a common practice in all countries in the world to achieve the goal of achieving the same level of personal tax burden in the same situation.Do you want to conduct a tax year settlement?How to refund tax?First of all, not everyone needs to conduct a tax year settlement. The Guide states that if one of the following conditions is met, it may not be handled. The conditions include that the combined annual income obtained in 2019 does not exceed 12 million;Apply for tax refund; the amount of tax to be paid in 2019 shall not exceed 400 yuan.If you are not sure whether you need to process it or not, you can log in to the personal invoice APP or the website of the Natural Person Electronic Taxation Bureau, and perform related operations according to the guidance, view, confirm or supplement the comprehensive comprehensive related income, substitution, etc., and the system can automatically calculate the prepaymentIf there is a difference between the tax and the tax payable, if a tax refund is required, it can decide whether to apply for the tax refund.So, how to refund tax?Where did you retreat?If the declaration is made through the personal income tax APP and other network methods, the system will automatically check whether to apply for a tax refund when completing the declaration. Just follow the prompts and provide a bank account to apply directly, and the tax refund will also be returned to this bank account.It is worth noting that the tax refund can only be refunded to my account.Generally speaking, mobile phone declaration is suitable for taxpayers who have the most income and relatively simple expenditures and no overseas income. The computer screen turns to display more information and is suitable for taxpayers with more complicated situations such as income and substitution.In addition, taxpayers can also find employed units to engage in. It should be noted that if you choose the unit ‘s annual accounting, you must confirm with the unit in writing before April 30 this year. At the same time, if there is income other than the unit, or the unitExcluded items that are not mastered must be submitted together. They are authentic, accurate, and must be held responsible.Why pay taxes?What are the consequences of not making up?However, not all taxpayers are tax refundable or non-refundable, and some taxpayers need to pay tax. Why?According to the “Guide”, common practices include being employed in more than two units and receiving wages and salaries, and replacing the basic deduction (5,000 yuan / month) when prepaid taxes, or in addition to wages and salaries, as well as labor servicesRemuneration, manuscript remuneration, royalties, and general comprehensive income are added together, resulting in the applicable annual tax rate of comprehensive income being higher than the withholding rate.However, not all taxpayers who show the amount of tax payable are required to pay tax. According to relevant regulations, when the tax payable in 2019 does not exceed 400 yuan, there is no need to pay tax.Ms. Wang showed reporters that the personal income APP showed that the tax payable amount was 59 yuan, but she could still click on the “Enjoy Exemption” option.According to the “Guidelines”, if the taxpayer properly completes the annual foreign exchange accounting declaration and pays the tax in due time before June 30, if it is overdue, it will face a daily late payment of 5 / 10,000.It is reported that taxpayers can make up for taxes through online banking, POS card swiping at the tax office, bank counters, and non-bank payment institutions (third-party payment).It is worth noting that if a taxpayer needs to make up the tax but fails to conduct annual settlement according to law, he may face tax administrative sanctions and record it in his personal tax credit file.Does the tax reimbursement mean that more taxes are paid now than before the tax reform?Some taxpayers wondered whether the tax reimbursement in a tax year means more tax than the tax paid before the tax reform?But this is not the case.For example, before tax reform, a taxpayer ‘s monthly salary and salaries after deduction of the corresponding replacement items is 2.50,000 yuan, according to the tax rate table before tax reform, a monthly tax of 4,370 yuan is required; In addition, the monthly income from labor remuneration is 800 yuan, because no more than 800 yuan per month is not required to pay a tax.A total of 52440 yuan of personal income tax was paid.After the tax reform, the taxpayer still receives monthly salary income2.50,000 yuan, due to the increase of the threshold, the tax rate is widened, and only 31080 yuan is prepaid each year; 800 yuan per month of labor service income, there is no need to prepay tax in the stage of withholding tax, but in the yearAt the time of settlement, the taxpayer gradually obtains the combined salary and wages and labor compensation income to calculate the size of the payable tax of 32616 yuan. At this time, the tax has been prepaid and 1536 yuan (32616-31080) must be paid.As a result of this grinding, although the taxpayer needs to make up 1536 yuan in tax after the annual settlement, it ranks before tax reform, so it still pays less than 19,824 yuan (52440-32616).Sauna, Ye Wang Pan Yichun Editor Li Weijia Proofreading Chen Diyan

30 points difference missed the finals, Lin Dan rushed to the Olympic President

30 points difference missed the finals, Lin Dan rushed to the Olympic President
Lin Dan’s competition for Tokyo’s qualifications is still grim.Data Map / Visual China Lin Dan lost to Changshan Gantai in the men ‘s singles final of the World Badminton Professional Tournament Korea Gwangju Masters Tournament and missed the finals by 30 points.With 5950 points on this site, he temporarily returned to the top 16 of the Olympic standings, but the competition for Tokyo’s qualifications is still grim.The last time Lin Dan participated in the Badminton Finals was in 2011, and it is currently likely to be the only finals in his career.At that time he won Chen Long (2 times), Taufik, Tian Erxian and Gade won the championship, losing only 1 game in 5 games.And this year, he most needed to participate in the finals, but the final difference is very small, missed at least 6600 points.Before this site, Lin Dan ranked 21st in the Olympic standings, but after finishing second at this site, his ranking will temporarily return to the top 16.This is also the first time that Lin Dan has received the most points after the Tokyo Olympics.After failing to meet the annual finals, Lin Dan’s task this year also came to an end.After the start of the Olympic points competition, he lost to the Sudirman Cup, and the second round of the World Championships was the worst personal record. The two most important competitions in the first half of the competition scored very few points.Of the 11 open tournaments he participated in, 5 of them suffered a “round tour.”Looking forward to next year, the Olympic points to the finals of the Asian Championships, before this is almost all open, the most important thing is the All England Championship in March, leaving Lin Dan only 4 months.If Shi Yuqi recovers smoothly, he will catch up soon.At the same time, opponents from other associations will also pay close attention to grab points, and Lin Dan will face more intense internal and external competition.

How does MLF rate cut 20 basis points affect your mortgage?

How does MLF “rate cut” 20 basis points affect your mortgage?
On April 15th, at the same time as the targeted RRR cut, it initially announced the launch of a medium-term loan facility (MLF) operation of US $ 100 billion and won the bid rate of 2.95%, down 20 basis points from the last time.This is a matter of “you can basically guess the end when you see the beginning”.Its “beginning” is a 20 basis point drop in reverse repurchase rates on March 30, and its “ending” will be LPR (loan market quoted interest rate) quotes on April 20.The market generally expects that the LPR quotations will be reduced synchronously with a high probability in April. Among them, LPR over 5 years is the vane of most mortgages, and “rate cuts have stabilized”, most people say.The 3-year MLF interest rate fell below 3% for the first time and the “rate cut” was in place on the same day.Allegedly announced on April 15 that starting from the same day, the transition to rural financial institutions and urban commercial banks operating only in provincial administrative regions will lower the deposit reserve ratio by one subdivision, implemented in two stages, with each reduction0.5 averages.Today, the first deposit reserve ratio adjustment for the implementation of the policy released about 200 billion US dollars of long-term funds.At the same time, the MLF operation was carried out in advance of 100 billion US dollars, and the bid rate was 2.95%, compared with the previous period score decreased by 20 basis points.The RRR cut was announced in early April, and it was no surprise that the “rate cut” came.On March 30, the open market operating rate (7-day reverse repo rate) was lowered by 20 basis points for a long period of time. It is currently widely expected that the 4-month MLF interest rate and LPR will be reduced simultaneously with a high probability.It is worth mentioning that this is the second time the MLF interest rate has been lowered since the annual economy entered the epidemic cycle this year. It is also the first time the MLF interest rate has fallen below 3% in the past three years.Talking about the necessity of lowering the MLF interest rate, a large number of people said that as the basic disk of China’s employment, the majority of SMEs are facing unprecedented challenges in this epidemic.In the future, the policy of reducing the burden on enterprises is the key, through “interest rate cuts” to unblock the monetary policy mechanism, reduce the actual financing costs, and guide financial institutions to increase their support for the real economy, especially small and micro enterprises, and the support of private enterprises is a key part of it., The urgency becomes more prominent.Next week, the mortgage interest rate will fall synchronously and at one end of the monetary policy restructuring chain, the actual interest rate that is related to the public is LPR.LPR is quoted on the 20th of each month, the latest one will be next week.Wen Bin, chief analyst of China Minsheng Bank, said that from the perspective of the LPR quotation mechanism and the law of volatility changes, it is expected that the 1-year LPR quotation on April 20 will be in line with the MLF interest rate reduction by 20 basis points, and the interest rate will be 4%.05% return 3.85%.Since most mortgages have a maturity of more than 5 years, LPR over 5 years is regarded as a vane for mortgage interest rates.”In order to maintain the stability and continuity of the real estate market adjustment policy, LPR may fall by 10 basis points to 4 over 5 years.65%.”Wen Bin said.Zhang Dawei, chief analyst of Centaline Real Estate, also expects that there will be a high probability that the price of LPR will decline in April. Among them, LPR over 5 years may be reduced by 10 to 20 basis points.According to Zhang Dawei’s calculation, with 1 million mortgages and equal principal and interest repayment for 30 years, for every 5 years of LPR decline by 10 basis points, the monthly supply will be reduced by about 60 yuan.If the LPR is over 5 years in April, it will be reduced by 10 basis points to 4.65%, monthly rejuvenation 5216.47 yuan reduced to 5156.37 yuan.Since the reform in August last year, LPR offers over 5 years have only been lowered by 2 times, and each drop has shifted by 5 basis points. This time the market generally expects the increase in the drop to increase, will it trigger a skyrocketing property market?”Personally I don’t think so.The era of investing in real estate speculations has passed. Because the overall demographic structure has changed, the purchasing needs of young people are shifting, and the number of vacant houses for the elderly is increasing; replacing housing and not speculating, preventing housing from expanding financial properties excessively and making housing squeeze the real economy.Therefore, the property market will not be changed by 20 basis points.”Pan He Lin, Executive Dean of the Digital Economy Research Institute of Zhongnan University of Economics and Law, said.He also reminded that although the property market will not skyrocket, sufficient liquidity, lower capital costs and currency easing expectations are always a good thing for “stabilizing house prices”, and real estate substitution policies still need to be alert to excessive house price rises.CPI drop supports further “rate cuts” The current new coronary pneumonia epidemic is still raging overseas. Due to the impact of the epidemic on the economy, since early March, at least 20 countries such as the United States, Canada, New Zealand, Sweden, the United Kingdom and Egypt have been announced to cut interest ratesThe country also makes asset purchases simultaneously.From the perspective of domestic factors that affect whether interest rates are cut, long-term has been a major constraint, but the 3-month CPI has fallen back to the “4 era.”Wen Bin said that the average CPI growth rate in March fell back quickly, and the downward turning point continued to appear, which was conducive to a more flexible and moderate monetary policy.In the next stage, monetary policy adjustment should be dominated by quantitative tools, and shifted to price-based tools. The main reason is to adopt and continue to lower policy interest rates, promote the overall downward shift of the national debt yield curve, drive corporate bond issuance interest rates down, and reduce direct corporate financing.Cost ;; timely and appropriate reduction of the benchmark deposit interest rate, unleashing the potential of LPR reform, and guiding the continued decline in loan interest rates.Effectively reduce the financing costs of the real economy from two channels, direct financing and indirect financing.Wang Qing, chief macro analyst of Dongfang Jincheng, believes that considering that the current policy interest rate, including the internal MLF interest rate, is still much higher than the zero interest rate level, the future CPI growth rate will trend downward, and the rate cut cycle will continue until the end of the year, AprilAfter that, the MLF interest rate still has room for a reduction of about 30 basis points.Sauna, Ye Wang Cheng Weimiao Editor Xu Chao Zhao Ze proofreading Li Shihui

Japan’s hole-by-day match Dai Yi won US $ 210,000, which forced Woods to become the biggest winner

Japan’s hole-by-day match Dai Yi won US $ 210,000, which forced Woods to become the biggest winner
Four top stars compete for the prize money of the exhibition match.Picture / PGA TOUR Golf MGM Resort Challenge Japan Hole Match Today Antiques, four top stars Tiger Woods, Rory McRoy, Jason Day and Matsuyama Hideki are all participating in this exhibition gamePreliminary list.After the 18th hole, the average Australian player Day in the second half of this year became the final big winner with a total of 350,000 US dollars in prize money. He took 210,000.Woods and McIlroy won US $ 60,000 each, while the local fighting Matsuyama Yingshu won only one hole and received a prize of US $ 20,000.The hole-by-hole game is to establish a single hole bonus for each hole, and the player with the best score in that hole wins the bonus.If there is no victory or defeat, the hole bonus is accumulated to the next hole.The prizes for this hole-by-hole match in Japan are not evenly distributed on the 18th hole. The 1st to 6th holes are awarded with a prize of USD 10,000; the 7th to 12th holes are awarded with a prize of 1.USD 50,000; holes 13 to 17 with a bonus of USD 20,000 per hole; hole 18 ownership “super bonus” USD 100,000.Although Dye only won 3 holes throughout the day, he won more than half of the prize money.On the third hole, he won the first three holes with a birdie-$ 30,000; on the 17th hole, he hit par and received four holes of $ 80,000.Coming to the 18th hole with the highest prize, he used a bird to get a single hole prize of $ 100,000.This Thursday, the second game of the PGA Tour Asian swing-the ZOZO Championship is about to be played on the same stadium. This is Japan’s first official PGA Tour and Woods’ first return to Japan after 13 years.The total prize money of the game is 9.75 million USD, and there is no promotion line.

Weekly Wine News | Over the first four months of this year, the output of brewing companies increased by about 10%

Weekly Wine News | Over the first four months of this year, the output of brewing companies increased by about 10%
◆ Bofen price increase, green bottle Xifeng successively raise prices, high-grade light bottle wine market smokes four times After the price increase of Bofen terminal, Xifeng high-line light bottle wine product green bottle Xifeng boxed series and Xifeng integrated productsThe terminal price and supply price were raised respectively.After Wuliangye, Luzhou Laojiao, and the willing wine industry, Jinseed Liquor also started to launch the new “pure seed” of Guangping Liquor, locking the price band of 48-99 yuan.Some analysts believe that the polished wine market has been upgraded, and the price ceiling has been further increased, so it continues to attract big brands into the game.The high-end light bottle of wine in the price range of 30 to 100 yuan has a very high anti-risk period and ability, which is a very important strategic choice for companies, distributors, terminal vendors, and wine industry partners.◆ Sales Zhujiang Beer: Since April this year, beer sales have resumed growth, with a growth rate of about 10%. On May 12, Zhujiang Beer found in the investor survey activity that since April, the company ‘s beer sales have resumed growth, with a growth rate of about 10%.At the same time, in order to improve the product structure, in April this year, Zhujiang Beer has launched a new zero-degree beer in Dongguan.The company expects the market pattern to be relatively stable this year, with little change in market share.According to reports, in the first quarter of this year, the sales volume of Zhujiang Beer decreased by 30%, the proportion of pure raw wine continued to increase, and the unit price of ton wine gradually increased by about 4%, while the revenue only fell by 26%, which was more than the decline in sales.Since April, the company’s beer sales have resumed growth, with a growth rate of about 10%.◆ Production January-April National regulations reduce the total output of brewing companies 11.7% On May 16, the China Wine Industry Association released data showing that from January to April 2020, the total wine production of enterprises in the national wine industry regulations was 1506.460,000 hectolitres, which had previously dropped by 11.73%.Among them, the total output of liquor companies is 231.310,000 kiloliters, down 11.87%; the total output of beer enterprises in the regulation is 857.400,000 kiloliters, down 22.58%; the total output of wine companies in the regulation is 9.05 million kiloliters, down 27.51%; fermented alcohol production 334.580,000 kiloliters, an increase of 43.02% ◆ Dispute response In front of nearly 30 dealers, Guizhou Alcohol Zhu Wei responded to the three-year challenge of 4 billion yuan. On May 13th, Sauna and Yewang learned during the on-site communication meeting of antique dealers in Guizhou Alcoholic WineryGuizhou Alcohol has set a development goal of 4 billion for three years.In the face of doubts about internal goals in front of nearly 30 dealers, the new chairman of Guizhou Alcohol Zhu Weiwei, in addition to the transformation of Guizhou Alcohol Single Winery, will next acquire 1 to 2 provincial-level wines every yearThe speed of the enterprise has gradually created a “Diageo” style wine industry group to achieve its development goals.◆ Performance Yiyuan Wine Industry: The revenue in the first quarter of this year was about 686 months, a year-on-year decrease of 46%. On May 14, Yiyuan Wine Industry Holdings Co., Ltd. released its first quarter 2020 performance report.As of March 31, 2020, the company’s revenue in the first quarter of this year was RMB 686.10,000 yuan.The earliest drop was 45.98%.The profit attributable to shareholders is approximately 244.20,000 yuan, a decrease of 23 per year.5%.Preliminary guess 0.31 points.◆ The market “10 billion liquor companies” absorb 90% of the net profit, the liquor market reshuffle accelerates the transformation, and the liquor companies listed at the end of April successively announced the 2019 annual report and the first quarter report of 2020.Turn to more stable development.However, whether it is a steady and rising 2019 performance, or a sharp decline in the first quarter of 2020 data, to some extent, it shows the increasingly clear trend of centralization of the Chinese liquor market.There is a clear gap in the operating income between the 10 billion camp and other listed liquor companies.The total number of liquor companies listed in 2019 is 2,383.Of the 22 trillion total operating income, the ten billion camp contributed 2070.6.9 billion yuan, accounting for 86%.89%; the net profit is more obvious, the total ten billion camp is 746.Net profit of 6.9 billion yuan (except Shunxin Agriculture) accounted for 814.The total net profit of 3.2 billion (except for Shunxin Agriculture) is 91.7%.◆ The original Luzhou old warehouse: Five major products continued to exert force, and the normal execution was repeated in May. On May 15, Luzhou Old Warehouse Co., Ltd. disclosed in the announcement of its online performance briefing that this year, Luzhou old warehouse will continue to deepenCarry out the strategy of dual brands and large single products, and consolidate the brand system that creates “dual brands, three lines, and five single products”.In response to the extension of the contract budget in the first quarter of 2020, whether the company’s merger and dealer payments have been completely restored, the old warehouse in Luzhou said that due to the epidemic, the company took the initiative to cancel this February-March this year to reduce customer pressureaverage.With the epidemic situation under control, the company began to recover gradually in April of this year, and the normal replacement will be implemented in May.Sauna, Ye Wang Xu Jingjing picture Taobao screenshots, Guizhou alcohol for image editor Xu Jingjing proofreading Li Ming