Economy
The Agricultural Bank of China receives RMB130bn capital injection from Central Huijin Co.. After the injection, Central Huijin and the Ministry of Finance each will have half of the bank's ownership; the capital of ABC will reach RMB260bn. (China Securities Journal)
According to WIND statistics data, average gross margin of 86 listed realty companies was only 33%, fell 5.6% YoY, and fell 2.3% than last year. (China Securities Journal )
China customs report China import and export posted USD1.96tn in 3Q08, up 25.2% YoY, among which export posted RMB1.07bn, up 22.3% YOY, real export growth posted 11.8% YoY, growth rate down 8.1 pct. Import posted USD893.1bn, up 29% YoY, real import growth posted 7.9% YoY, down 4.5pct YoY. (Securities Times)
Sector
Steel-Mr. Luo, deputy director of China Steel Association expressed yday that China’s export steel orders dropped sharply, general steel mills contractual orders decreased by 50%. He predicted China’s steel export will decrease significantly in 2008 and even next year. (China Securities Journal)
Iron Ore-China reached 17 domestic iron ore projects (more than 2mn tons) in 2008, and total amount reached 120mn tons. Those projects will be operate in next 2-3 years, said by Zou Jian, chairman of China Metallurgical Mining Enterprises Association yday. (China Securities Journal)
Ministry of Information Industry released 8M08 textile industry analysis yday shows that the growth rate of textile industry substantial decline in 2008. Total output of whole industry expect to up 14% YoY in 2008, and profit maintained same as last year, textile and garment export expect to grow by 8%. (China Securities Journal)
Company
Shanghai Power Transmission & Distribution (600627.CH) announces that Shanghai Electric Group (A08078.CH) will merger the company. The proposal has been approved by CSRC.
Vanke (00002.CH) publishes that the company realized housing sales RMB3.35bn in October, down 35.1% YoY, or down 22.1%mom. In Jan-Oct, Vanke’s housing sales declined 7.1% YoY.
Liugong (000528.CH) plans to reduce its convertible bond’s conversion price as the current stock price is 85% lower than the conversion price (closing price on Nov 6 is 7.9, current conversion price is RMB26.42).
China COSCO (601919.CH) will adjust shipping capacity by selling shipping capacity of 1500TEU/per week to other two companies on Asia/Northwest Europe route to cope with the weak market.
Guanghui (600256.CH) will issue no more than RMB1bn corporate bond with maturity of 7-year. The proposal has been approved by CSRC.
Research Reports by Haitong
Sector-power equipments-(overweight)-companies profitability starting to diverge
By-ZHAN Wenhui (zhanwh@htsec.com)
Leaders saw rapid growth while small companies’ performance slows down.
Power transmission & distribution are growing fast upon high base.
Power generation reached peak and starts to decline.
New energy sector faces short-term difficulties, but we are still optimistic to its long-term prospect.
A share Market Re-cap
A firm retreat with shrinking turnover
SHCOMP 1717.72 -42.89 (-2.44%) Vol. RMB27.75bn
SZCOMP 5720.55 -145.23 (-2.48%) Vol. RMB10.76bn
CSI300 1649.78 -41.64 (2.46%) Vol. RMB21.55bn | 
发表于 2008-11-12 09:10
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