Tuesday, July 6, 2010

New Rules May Affect Every Corner of JPMorgan

http://www.nytimes.com/2010/06/26/business/26morgan.html

Not since the Great Depression, when the mighty House of Morgan was cleaved in two, have Washington lawmakers rewritten the rules for Wall Street as extensively as they did on Friday.

And perhaps no institution better illustrates what would — and would not — change under this era’s regulatory overhaul than the figurative heir to that great banking dynasty,JPMorgan Chase & Company.

Unlike in the 1930s, the modern House of Morgan will remain standing. So will its cousin, Morgan Stanley, which broke off in 1935 after Congress placed a wall between humdrum commercial banking and riskier investment banking.

The proposed Dodd-Frank Act, worked out early on Friday morning, stops far short of its Depression-era forerunner. But in ways subtle and profound, it has the potential to change the way big banks like JPMorgan do business for years to come.

“It’s a tough bill, and shows the pendulum is swinging toward tighter regulation,” said Frederick Cannon, a banking analyst at Keefe, Bruyette & Woods in New York. “This is going to pressure bank earnings well into the future.”

Of course, all the big banks would feel some effect. Goldman Sachs, for example, would have to rein in its high-rolling traders. Wells Fargo would be subjected to stricter rules on consumer lending. And many large banks would feel the pinch of lower transaction fees on debit cards.

But JPMorgan Chase — forged by a merger of J. P. Morgan & Company with Chase Manhattan in 2001, after the wall came down between commercial and investment banking — and its chief executive, Jamie Dimon, will have to contend with all that and more.

It is the largest player in derivatives, the financial vehicles that have been widely faulted for adding excessive risk to the system. It runs the largest hedge fund in the banking industry, the $21 billon Highbridge Capital unit, and makes billions of dollars’ worth of trades in its own account. And it has a network of retail branches in nearly every corner of the country.

“Given its franchise diversity, JPM is impacted by virtually all of the coming regulatory reforms,” Keith Horowitz, an analyst at Citigroup who follows big banks like JPMorgan, wrote in a research note last week.

One part of the bill would push much of the buying and selling of derivatives onto clearinghouses, forcing banks to put up collateral against each trade. For JPMorgan, that could tie up billions of dollars that would otherwise have gone toward lending or the bank’s own trading.

A smaller portion of trading in derivatives would take place over exchanges, making prices visible to the public and pushing down prices — and profit margins.

Banks would be required to hold more capital in reserve to cover potential trading losses. In some cases they might also be prohibited from using federally insured bank deposits for risky trading. That would hit JPMorgan hard because of its heavy reliance on customer deposits to finance other businesses.

Both changes would take even more money out of play and lower profits.

JPMorgan has already begun dismantling its so-called proprietary trading operation, to comply with new restrictions on banks making speculative bets using their own capital. Analysts say that will force the bank to give up about 2 percent of its revenue.

Under the proposed bill, the bank would also have to be more careful about separating its money from the money it manages for clients in its private equity and hedge fund units, because of a rule to limit the amount banks can invest in such funds. Still, JPMorgan would be able to hang on to Highbridge and several other investment funds because of a special exemption.

It is more difficult to judge how the new rules could affect the Chase side of JPMorgan. A newly created consumer financial protection agency would have broad new authority over financial products like mortgages and credit cards, but it may be years before the agency issues new rules governing such products.

Recent legislation imposing new restrictions on credit cards and overdraft fees has already taken a bite out of bank revenue. The new legislation would add to that drain on revenue by restricting the fees banks can charge for debit card transactions.

In his research note, Mr. Horowitz estimated that the legislation would ultimately reduce the bank’s earnings by as much as 14 percent. That estimate could be cut in half or more because several of the most severe measures in the bill have since been dropped or diluted.

Of course, these assessments do not take into account all the steps that JPMorgan and other banks could take to mitigate the effect of the legislation, like passing on some costs to customers or seeking exemptions from regulatory agencies.

Indeed, JPMorgan could feel a greater effect from deliberations taking place at the United States Federal Reserve and among central bankers in Switzerland. Both sets of regulators are considering a requirement that banks hold additional capital as a cushion against losses. They also may alter the businesses the banks can invest in, or the regions where they can expand.

Indeed, Mr. Dimon has delayed raising the bank’s dividend until international rules are set on capital requirements.

Investors seemed to signal relief that the legislation did not turn out to be as tough as it might have been, sending the share prices of most major banks up about 3 percent on Friday.

Charles Geisst, a professor of finance at Manhattan College and a Wall Street historian, said the bill, which is expected to be signed by President Obama before the Fourth of July holiday, was the most comprehensive financial regulation since the Great Depression because it touched on so many different areas. But he said its effects would not be as fundamental as the impact of changes made in the wake of the Depression.

“It doesn’t go anywhere near,” he said. “It doesn’t change institutional behavior like that did. This is business as usual, with some moderation.”

Thursday, October 29, 2009

深圳试水“勾地制度”

21世纪经济报道 钟良 深圳报道 2009-10-27 22:50:49

1987年12月,深圳市颁布了《深圳经济特区土地管理条例》,敲响了中国土地拍卖“第一槌”。

12年后,在土地制度改革上,深圳再领风骚,将借鉴香港已经实行多年的经验,在国有土地使用权招拍挂出让中实行“勾地制度”。

10月27日,从深圳市规划和国土资源委员会传出该市将试行“勾地制度”的消息。同日,本报从深圳市规划和国土资源委员会证实,目前深圳市 “勾地制度”试行办法的方案已起草完毕,方案草案经该市政府审议通过后有望近期开始推行。

至此,自2006年1月国土资源部起草拟定的《招标拍卖挂牌出让国有土地使用权规范(征求意见稿)》中提出“有条件的地方,可以建立勾地制度”终于落下一子。

起源香港

勾地制度源于香港。

“1998 年以前,香港执行的是定期卖地制度。受亚洲金融危机冲击,香港楼市进入低迷,开发商停止购入土地,地价一泻千里,港府便暂停了卖地转而采用勾地制度,以避 免在市场低潮期土地被贱卖。”香港首讯研究中心研究员梁海明在接受本报采访时表示,“这是勾地在香港实行的最初目的。”

按照流程,香港地政 总署在每年年初进行前期市场调研,了解开发商和房地产市场的土地需求情况后,地政总署根据开发商和市场的需求,结合政府意识制定年度土地出让的勾地表,并 公示勾地表的所有土地。然后开发商对有需求的土地进行勾地,政府提前一个月对成功勾出的土地进行拍卖公示。在土地拍卖中,以勾地者最初勾地价为底价,价高 者得;如无应价者,土地由勾地者以最初勾地价成交。最后土地购入者签署土地使用合同,办理相关手续。

对此,梁海明评价说,这样制定出来的土地供应计划就可以满足市场需求,保证了拍卖的成功率。同时,勾地政策也使开发商有充分的时间进行决策。

“如在拍卖当中该底价不保,政府会收回该块土地,以保证不贱卖资产。”梁海明表示,勾地制度是达到了政府不直接干预市场和通过土地供应管理来宏观调控的目的。

但是勾地制度本身也有其缺点。

“从香港的经验看,勾地制度演化成了‘只许地价涨,不许地价跌’的土地交易制度。在该制度下,政府关门制订勾地表上每块土地的底价,并不时作出调整,整个过程是不透明的。”梁海明认为这为权力寻租提供了良机。

深圳试点

借鉴香港的做法,国土资源部于2006年年初提出了勾地制度的土地出让方式。

按照国土资源部规定,勾地的主要步骤为“对具体宗地有使用意向的单位和个人提出勾地申请,并承诺愿意支付的土地价格;市、县国土资源管理部门认为其承诺可以接受的,以招拍挂方式出让该宗地;申请人应当参加招拍挂且报价不能低于承诺价格”。

对此,业内人士分析认为,这一出让方式在可以预防未来土地出让中出现“贱卖”之外,也可以预防“流拍”现象,从而有利于保障政府收益。

但对招拍挂制度来说,勾地本身并不是一个本质的变化。中央政府出台勾地制度的原因在于:宏观调控后地价低迷;土地流拍现象严重;土地出让秩序混乱,各地政府招商引资对工业用地采取低地价批租方式出让。

中国土地学会的有关人士认为,国内将要实行的政策与香港的“勾地”制度还是存在一定的差异。国土资源部门提出的“土地成交价格申报制度”其实是对土地“招、拍、挂”政策的完善和补充,杜绝土地在“招、拍、挂”政策执行中出现的一些“猫腻”。

近日各地“地王”频现,上海、北京均爆出其前三季度卖地收入超过500亿元,即使对于可用土地资源十分紧张的深圳而言,前三季度卖地收入也超过了80亿元。

上 述人士亦对本报表示,勾地制度的目的在于完善我国目前的土地出让制度,而不仅仅是防止土地流拍这么简单。“勾地制度本质是通过市场询价和成交的土地供应制 度。从其运行机制来看,如果开发商对房市预期不好,就会选择不做出勾地申请。随着土地供应减少,房地产价格相对稳定。反之,开发商看好房市,必会积极勾地 和参与招拍挂,土地与房市供应增加,减少泡沫出现。”

中央财经大学投资系房地产研究所易成栋博士同时提醒,勾地制度的成功运行需要良好的制度环境、廉洁高效的政府、理性的房地产企业,以及市场信息的充分表达、有效的运作程序。

Thursday, September 3, 2009

Maximize Profits With Volatility Stops

Maximize Profits With Volatility Stops

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5 Signs Of A Pending Bull Market

Being able to accurately spot the beginning of a bull market can be one of the most lucrative skills around. This fact alone makes it difficult to achieve, as so many well-educated and experienced investors try to spot the signposts that lead us into traditional bull markets.
Are we in one right now? Opinions vary, but the S&P 500's 45% + rise since March 2009 certainly meets the traditional definition of a 20% rise from a market low. But a better definition of a bull market is an extended period of time when markets are stable with an upward trend. The extended part is key, as it allows all investors the chance to participate without feeling like it's a race to the top.

Let's look at five signs that tend to predict the next bull market. No single one is a surefire tip, but that's just the way Mr. Market likes it: he has a nasty habit of eliminating patterns and keeping investors mystified for as long as possible.

Sign No.1 – Sector and industry leadership changes in the stock market.In the most basic sense, bull markets come when more people want to buy stocks than sell them. Because stocks love to turn bullish before the broad economy picks up, look for a shift in demand to the stocks that benefit first from economic growth. Stocks in sectors like financials, industrials and retail often lag behind in a bear market - nobody wants them.
When a bull is approaching, these sectors often become market leaders. Large institutional investors start piling in, hoping to see the conditions of these companies improve first. So look for leadership to change from defensive sectors like utilities, healthcare and consumer staples. When investors start dumping the latter in exchange for financials, industrials and basic materials, it's a good sign that major investors are optimistic about the future. (To learn more, read Industries That Thrive On Recession.)


Sign No.2 - Key economic indicators turn upward.We get a slew of economic indicators all throughout the year, but several have been deemed leading indicators for their ability to foretell future growth in the all-important indicator of gross domestic product (GDP). When GDP is positive and growing, the bull market is already in. So look for a turn in the following key leading indicators:
A rise in industrial production
Several weeks of falling jobless claims
A rise in the Philly Fed Index
Rising durable goods orders
A true bull market should be predicated by all four indicators showing growth, or at least changing direction if they have been falling for several months.


Sign No.3 - The Baltic Dry Index turns sharply upward.The Baltic Dry Index is a specialized measure of the rates paid by producers and shippers of key raw inputs like coal, iron ore and grains. These raw materials are purchased by the ton, so they need to be put in large carrier ships and sent all around the world to the companies that will use them to create energy, steel, food products and other consumer goods.
This index is good to watch because there's a long lead time before growth in shipping leads to higher production of goods by the end users themselves. The Baltic Dry Index is also quite volatile, so higher price action is easy to spot, and may give a clue toward future growth in the economy long before it shows up elsewhere.

Sign No.4 - Money market fund assets drop.When investors are generally skittish, they sell their risky investments (stocks) and move cash into safer ones like bonds and money market funds. In a bear market, money market fund assets will rise and rise, building a bubble of pent-up demand. After all, money market funds may be safe, but they won't earn you a solid return. (For more insight, see Do Money Market Funds Pay?)
The Investment Company Institute publishes weekly figures on the aggregate amount held in all types of funds - stock funds, bond funds and cash funds. Look for a sustained drop in money market fund assets, and a corresponding rise in stock fund assets. This will signal that investors are making their way back into the stock market. The higher that money market assets grow in a bear market, the more gunpowder is available to fire back into the stock market when the bull is back.

Sign No.5 - Stock indexes stabilize.This last sign may sound overly redundant, but don't be fooled by its simplicity. Stock market indexes need to form a bottom that can be recognized by all participants. They then need to form a stable upward trend over weeks and months, rather than a volatile zig-zag that threatens to turn south just as much as north. The more stable the trend of the broad indexes - like the S&P 500 - the more confident investors can become, especially those who have been patiently waiting on the sidelines for obvious signs of safety before dipping their toes back in.


Parting Thoughts
Don't be afraid of missing a few percentage points of stock returns in your efforts to safely and accurately spot a bull market. The best bull markets last for years, not months, and you'll sleep far better at night if you've developed strong convictions about your investment. Leave the whipsaw trading to the iron stomachs of the world, and take your time in evaluating all the signs.

Tuesday, August 25, 2009

环比 同比 定基比

环比发展速度是以报告期水平与其前一期水平对比(相邻期间的比较),所得到的动态相对数。表明现象逐期的发展变动程度。如计算一年内各月与前一个月对比,即2月比1月,3月比2月,4月比3月 ……12月比11月,说明逐月的发展程度。

环比计算公式:

环比=


同比发展速度主要是为了消除季节变动的影响,用以说明本期发展水平与去年同期发展水平对比而达到的相对发展速度。如,本期2月比去年2月,本期6月比去年6月等。

同比计算公式:

同比计算公式


定基比发展速度也叫总速度。是报告期水平与某一固定时期水平之比,表明这种现象在较长时期内总的发展速度。如,"九五"期间各年水平都以1995年水平为基期进行对比,一年内各月水平均以上年12月水平为基期进行对比,就是定基发展速度。

三季报堪忧 盖茨买进兖州煤业

黑金的光芒暂时黯淡。

8月23日,兖州煤业(600188.SH)发布中报,上半年实现营业收入96.6亿元,同比减少25.2%;实现归属于母公司股东的净利润19亿元,同比减少49.7%。

公司称,业绩大幅下滑的主要原因是煤价下跌,上半年综合售价515.18元/吨,同比下降146.67元/吨或22.2%。

由于预计煤炭需求减少,销售均价下降,公司对第三季度的预计颇为悲观:预计本集团前三季度实现的归属于母公司股东的净利润将比2008年前三季度减少超过55%。

三季度即将结束的前两个月,公司的悲观预计已经部分变为现实。

8月24日,联合证券发布的兖州动力煤混煤坑口价格走势图显示,目前兖州动力块煤车板含税价格在700元左右,兖州混煤车板含税价格不足600元,均创下年度新低,而去年三季度,相应煤价均处于历史高位,前者更是接近1000元大关。

兖州煤业的业绩之所以牵系于市场煤价,和其采取以现货价格为主的销售策略有关。渤海证券分析师张顺对记者表示,除少量的电合同煤外,兖煤基本都是现货,其比例大约在70%-80%。
2007和2008年煤价大幅上扬之际,这种销售策略曾使兖州煤业大获其利。但作为现货供应商,与合同定价的企业相比,它的业绩对市场环境更敏感,价格下跌之际,所受影响也首当其冲
。

但对于下半年的价格走势,张顺表示,预计煤炭价格将略好于上半年,主要支撑因素是经济回暖的预期。经济回暖态势下,钢铁行业将向好,而钢铁企业是兖煤的主力客户。

经济回暖带来“价升”的同时,也带来“量增”。尽管上半年,公司生产原煤1728万吨,同比减少80万吨或4.4%,但产量增加在二季度就已有所体现。

中金公司指出,二季度,其重要子公司山西能化和兖煤澳洲的生产明显好转。其中,一季度山西能化受到山西省安全整顿的影响,产量仅10万吨;二季度商品煤产量升至37万吨;随着国际煤炭市场的好转,兖煤澳洲的商品煤产量也从一季度的23万吨上升到40万吨。这使兖州煤业单位成本
显著下降,推动二季度业绩环比回升。

除产能的恢复,兖州煤业对澳企Felix的收购方案如果成功,也将为其带来产能的扩充。上述联合证券报告称,长远看,收购澳矿可使兖州煤业增加10%储量,同时随着Felix产能扩张,也将带来公司产能的提升。

国元证券分析师周海鸥近日表示,兖州煤业上市的1998年,煤炭销售量2028万吨,2002年达3505万吨。但2003年达到3941万吨之后的5年多,一直没有增长,2008年,公司煤炭销售量为3756万吨,公司因此求煤若渴。

除对煤炭资源的渴求催动外,兖州煤业早年就成立的兖煤澳洲子公司,也为公司开展此宗并购提供便利。接近公司高层的人士称,这次收购就是以兖煤澳洲为主体进行,而集团公司则作为强大后盾,为其提供资金等支持,比如为其获取银行贷款提供担保等。

中报显示,BILL & MELINDA GATES FOUNDATION TRUST(盖茨基金)二季度持有200万股,跻身兖州煤业A股十大股东之列,形成对照的是数只内资基金则大规模减仓,其中华宝兴业减仓达896万股。

二季度,兖州煤业几近走平,但从三季度开始加速上涨,7月1日至8月24日,涨幅达18.85%。

Sunday, August 23, 2009

2009VS2007:两个牛市的比较

以史为鉴。

首先得承认,在从去年1664点的底部开始,上证指数用9个月的时间完成了翻番的走势,随后在11个交易日又完成了近20%的调整,这和两年前的那场波澜壮阔的牛市多少有些相似之处。

事实上,在过去的一个月中,投资者们已经开始将2008年以来的行情和2007年进行着各种各样的对比,以此来确定现在市场的位置究竟是不是泡沫,预判市场未来的走势,甚至用来确定自己持有的个股是高企还是低估。

本文试图从各个方面将这两个不同时期的牛市——如果此前的指数翻番的过程也算牛市的话——之间的异同之处,通过比较希冀能够为投资者在此后的行情中有所帮助。

都是流动性惹的祸

有一点是市场参与各方一直认可的,无论是2007年那场6000点的盛宴,还是今年以来股指翻番的行情,宽裕的流动性在其中均扮演了不可或缺的角色。

所不同的是,2007年之初的货币政策较为温和,无论是最初存款活期化还是之后大量热钱涌入;国内实体经济在经历了2003年流动性丰裕至2005年流动性紧张的状态之后再次面临宽松。

相比之下,从去年11月份开始的上证指数翻番行情中同样起着不可忽视作用也是流动性,所不同的是这次是国家为了刺激经济而实施的适度宽松的货币政策,不断大幅攀升的新增贷款额与股指形成了正相关的关系。

这一趋势最终导致的结果将是,此轮行情的走向和资金供给密切相关,于是当新增贷款从6月份1.5万亿滑落至7月份的3559亿元的时候,上证指数开始上演了11个交易日急挫20%的暴跌走势。

不过从8月11日央行公布的7月份金融数据来看,新增贷款催生流动性的现状开始发生改变,活期存款及储蓄分流与外汇占款将起着重要的替代作用。

如果将目前的存款活期化和此前进行比较,如今的水平仅仅和2006年第四季度相当,在新增贷款遭遇骤减的背景之下,资金供给的主动权将重新回到投资者手中。

国泰君安在8月17日发布的一份标题为《回望2007》的研究报告中认为,“与2007年的高峰期相比,目前活期化还存在巨大空间,即使在到达高位后仍可持续至大盘转向。”

另一方面,按照外汇储备扣减贸易顺差和实际利用FDI后得到的热钱规模显示,自今年3月份热钱从净流出转为净流入之后,外汇占款投放明显增加,这也是促使中国成为最早触底反弹国家的一个重要原因。

按照目前众多卖方机构的观点,中国目前宽松的货币政策和较多的投资机会将吸引国外资金的持续流入,下半年热钱流入和外汇占款投放有望保持目前的趋势。

国信证券宏观分析师林松立将目前流动性从之前过剩回归至合理偏宽松水平称之为流动性的第一个拐点,那么对于市场来说,寻找第二个拐点——流动性从合理水平到短缺——将变得尤为重要。

林松立的观点则是,“年内至明年一季度流动性不会遭遇第二个拐点”,但是虽然“人民币贬值趋势形成所带来的流动性收缩的局面一两年内很难会发生,但由于通胀预期的高涨以及信贷增速在2010年上半年的大幅度回落,都有可能在明年二季度从合理水平逆演变成流动性短缺。”

下跌中继还是反转?

应该说,在央行通过控制新增贷款导致的流动性趋紧的背景之下,不少卖方机构开始将眼光从流动性转向基本面。

东方证券在21日发布的一份报告指出,“从中期看,在经济复苏的大背景下,主导市场运行的力量将从流动性驱动转向基本面。”

不得不承认,2007年和2009年两轮股市启动时的宏观背景迥然相异,宏观经济景气度可谓一个天上,一个地下。具体来说,发电量一个处在高处,一个是低谷;CPI和PPI在2007年那年月同比在10%附近,而在2009年初处在由正转负的过程中。

更为重要的是,经过2005年下半年和2006年轰轰烈烈的股改之后,在控股股东和流动股东利益一致的推动之下沪深两市上市公司的业绩出现了集中释放,这是2007年牛市最为重要的要素。

一份来自国泰君安研究所的统计中显示,从2003年至2006年间,上市公司净利润同比增长在0-100%之间;不过进入2007年之后,上市公司净利润同比出现爆发性的增长,并且在2007年年中甚至达到了250%的同比增幅。

而从2008年第三季度开始,上市公司净利润同比出现了负增长,2009年4月公布的上市公司第一季度报告显示这一趋势变得更为严重。

所幸的是,来自天相投顾的最新统计显示,在截至8月20日两市已经公布半年报的876家上市公司业绩来看,虽然上半年合计1140.3亿元的净利润同比下降18.78%,但是剔除不可比公司,二季度环比却出现51.91%的增长。

于是,在经济复苏的预期之下,上市公司在接下来的下半年的业绩将在很大程度上左右着市场走势。来自东方证券的测算认为,“尽管1-5月份全部工业企业利润下降了23%,但其回升的速度比较快,我们预期全年(含12月份)的有望增长19%左右”。

虽然这一测算远远不如乐观的兴业证券预计的2009年上市公司业绩同比28.11%的增长幅度,但这已经足以支撑当前市场之下A股25倍的平均市盈率。

在上证指数创下3478点反弹新高的8月4日前后,沪深两市的平均市盈率在36倍左右,市净率在3.5倍左右,依然低于2007年“5·30”时50倍平均市盈率和4.5倍平均市净率。

如果单从宏观经济政策层面做对比,2009年和2007年似乎并不具有可比性,合资券商高华证券的分析师更愿意将目前中国政策转向和2003年-2004年的政策来进行对比。

该券商在8月19日发布的最新一期中国经济简评中指出,“中国上次始于2003年的调控周期为分析中国当前的潜在政策调整提供了借鉴。”

在2003年5月,央行首先选择了引入票据替代国债成为对冲流动性的工具;当年9月央行上调存款准备金率100个基点,并辅以窗口知道等一系列措施抑制贷款增长;2004年4月存款准备金率被再次上调50个基点,政府在此后还出台了一系列抑制信贷、投资和物价的行政措施;直到2004年10月29日,央行才动用了利率工具,将一年期存贷款利率同时上调27个基点。这距离政府开始实施调控政策整整过去了18个月。

据此,高华的分析师认为,“政策措施的出台可能分三步走,所采取措施的效果和强度将逐步增强。”

“我们预计今年第四季度政策的方向会得到调整,伴随以50个基点的存款准备金率上调。在经济过热和通胀压力的信号进一步显现之后,政府将在2010年出台力度更大的调控措施,包括三次加息。”

铜需求样本调查

在沪铜的战场上,业已倒下的“空头”也许根本没有想到,据记者对北京周边铜加工企业的走访结果,导致他们血本无归的“基本面看空”的判断,可能是“完全正确的”!

在铜价一路飙升的不久前,本报记者接到一个莫名其妙的举报电话,“举报人”表示铜价正在被操纵,并且详细地告诉了记者操纵铜价主力所在营业部和具体操盘资金量,甚至具体到姓名,“希望媒体能揭露铜价被操纵真相”,该人士一再表示。

而就在记者对北京周边铜的消费企业进行实地走访的时候,铜价却已经从51290/吨的价格开始大幅回调,至上一交易日已经跌去3300多元的单价。再与上述举报人沟通时,对方却突然表示,“已经来不及了,铜价创新高时,逼得挺不住了,全平掉了!”

以“爆料”名义寻求媒体帮助的空头,在这场混战中棋差一招,其平仓之后,铜价背后的那个莫须有的“多头之手”也偃旗息鼓。自8月14日创出反弹新高之后,铜价调头一路向下。8月21日虽出现连续下跌后的反弹走势,但午后再遭变盘,调头向下,延续疲态。

“需求不旺,订单生产”

北京建X铜业有限公司,位于朝阳区的一个工业园区内,该公司还有一个子公司,专事生产以铜为原料的电线电缆,在北京所有同类公司中,建X铜业规模位居前三。

约定时间里,记者找到厂区办公室时,公司董事长于富远(化名)正在观察沪铜期货的价格涨跌。已经提前知道记者来意的这位董事长,还叫来了一名主管生产的刘姓经理。

“我们手里几乎没有任何多余的铜原料,更别说增加库存、备料之类的”,于富远开门见山,“从去年10月份到现在(注,去年10月份时,铜价连续暴跌),北京所有的铜消费企业胆子都吓破了,根本就没有哪家厂愿意进铜。价格低时不敢进,因为怕价格继续下跌,价格高了的时候,我们的订单也没增多,因担心再发生去年的事情,也就不敢囤料了”。

这位几乎是北京最大规模的个人铜业公司董事长甚至表示,“我们不仅仅是没有进料,我们到现在使用的原材料,都还是去年砸在手里的库存。用时髦的话说,我们的‘去库存化’都还没有完成,怎么可能再去接盘已经涨到5万多一吨的铜?”

不愿意再遭遇去年天价铜时接盘的“厄运”,建X铜业公司采用了这场危机中,所有能生存下来的铜的下游企业常用的生产方式:订单生产。

“你一会去我们的生产厂房看看吧”,于富远表示,“有条生产线现在还是停着的,有活就开工,没活就搁着,现在完全是靠订单生产”。

于解释,路政工程、住房建设需要大量的电线电缆和其他以铜为原料的附属设施,“下游需要多少,就给我们来个订单,我们拿到预付款后再生产”。

“这样的状况,在现在北京的以铜为原料的生产企业中,已经是非常普遍了。除了去年因为囤铜太多导致资金链崩断关门的企业之外,所有侥幸活下来的企业,都采用了订单生产的方式,下游有了订单需求,这边才会加工生产,然后在产品上加个企业成本和正常利润,转手就把货卖出去了,一点风险都不愿意承担!”

“因为下游来订单的时候,任何铜价他们都是能接受的,我们只需加上我们的加工成本和必要利润转手卖掉即可,甚至有的时候这部分订单生产所需要的流动资金,都是由下游有需求的企业提前支付。”负责生产管理的刘经理表示。

涨势难续?

而在这位有多年从业经验,被于富远特聘过来的专家眼中,之所以北京绝大部分同类企业没有人敢扩大生产、恢复囤料,主要还是因为“现在也是传统淡季,下游需求一直没有恢复!”

夏季是建筑业的传统淡季,南方雨季和高温都会减缓房地产行业的开工,导致对电线电缆以及一些与基建和房地产行业相关的铜产品需求的下降,“因此,7、8月份基本就是铜加工企业的传统淡季,七(月)死八(月)活,八月份以后天气凉快,雨季也过去了,开工面积就会增多!”

但是,期铜价格却似乎与现货市场的传统规律截然不同。

沪铜主力合约价格冲上本轮反弹以来的新高51290元/吨,正是在现货铜的传统淡季7月里完成的。

沪铜主力合约7月份时整体呈现加速上涨走势,23个交易日中,吨价上涨了4800元,涨幅高达11.89%,价格从月度最低时的38310元/吨,涨至月末收盘时的最高45170元/吨。这一价格出现后的第10个交易日,沪铜价格创下反弹以来的最高价51290元/吨。

“淡季不淡的话,往往预示着旺季也不能准时到来”,建X铜业刘经理表示。但是对淡季铜价出现疯狂上涨的原因,刘的总结却是简单而直接,“在经济复苏的预期下,突然多出来的流动性,又增加了通货膨胀的恐惧,而铜一直以来都是最能反映实体经济运行情况的最敏感品种,同时也是金融属性最强的避险品种,自然成为资金主攻对象。”

上海中期期货分析师沈剑云在接受媒体采访时表示,根据目前的调研情况,有色金属的供应相对宽松,并不存在紧张的情况。理论上说,缺少基本面的支持,有色金属价格不能持续攀升。“长期看,有色金属的上涨势头不会改变,但短期的波动性可能会显著加大。”沈剑云说。

Monday, May 11, 2009

American Recovery And Reinvestment Act

What Does American Recovery And Reinvestment Act Mean?
An act initiated and signed by U.S. President Barack Obama in February, 2009. The act was set into motion as a response to the weak economic state facing the country. The American Recovery and Reinvestment Act was created to stimulate the economy through individual and corporate tax cuts, leniency in unemployment benefits, increased domestic spending, and increased social welfare funding.

Investopedia explains American Recovery And Reinvestment Act
The plan will amount to around $787 billion in government spending. The following is a breakdown of the spending in billions:

-Tax Cuts - $288
-Healthcare - $147.7
-Education - $90.9
-Environment - $7.2
-Social Welfare - $82.5
-Infrastructure - $80.9
-Energy - $61.3
-Housing - $12.7
-Research - $8.9
-Other investments - $18.1

Sunday, May 10, 2009

统计数据如何描绘经济前景?

4月16日,国家统计局公布了一季度中国经济运行数字。众所周知,GDP增速、CPI价格指数、固定资产投资和社会消费品零售总额被认为是衡量经济运行状态最重要的四个指标。一季度GDP为65745亿元,同比增长6.1%,不过比上年同期回落4.5个百分点;CPI和PPI双双告负,但CPI的下降幅度要小于预期。一季度CPI下降0.6%,PPI下降4.6%,3月份的CPI和PPI较前二个月的降幅是收敛的,这显示通缩并未像市场夸张得那样“正在加剧”;固定资产投资异常强劲,一季度固定资产投资28129亿元,同比增长28.8%,比上年同期加快4.2个百分点;社会消费品零售总额增长率非常稳定,一季度社会消费品零售总额29398亿元,同比增长15.0%。最令人吃惊的是,在全球经济危机蔓延、就业形势严峻、企业降薪成为普遍现象的形势下,城镇居民收入竟然会有近12%的增长,这一数值大约跟经济强盛的2007年相当。

不管怎这样,统计局公布的四大指标同央行此前公布的货币量和信贷额大致“拼成”了一季度中国经济的全景。

首先,我们认为,中国不存在严重的通缩趋势,相反中国很可能会率先步入比较严重的“通胀”。原因很简单,无论是整体货币量的供应还是信贷管道的通畅上,中国跟遭受金融危机的美国都不相同。中国不存在“去杠杆化”的流动性黑洞弥补问题,中国银行系统流动性即使在危机最盛的时候也是比较充裕的。一季度信贷狂潮的贷款主体明显“政府化”倾向——政府投资类固定资产贷款在各家行的贷款占比非常高,这意味着中国重新启动“政府信用”来推动货币投放。中国最有能量的银行和企业都是国企,他们不存在野村证券辜朝明所说的“资产负债表衰退”模式——即在危机时候以“负债最小取代盈利最大”,他们愿意在政府的指令下积极放贷和申请贷款。

其次,CPI和PPI向下的走势正在明显减弱,这大大出乎市场此前的预期。如果我们考虑到中国出台以4万亿财政刺激为主体的拯救方案一个重要的功能就是“消化原料、动力和工业品库存”,而一般来说,财政刺激将在6个月之后发挥作用,这意味着下半年中国的PPI会摆脱“存货跌价效应”并或将重拾升势。同时,尽管农业耕种面积稳中有升,但因为天气原因产生的产量不确定,以及粮油价格此前过度波动形成“蛛网效应”导致的种粮意愿不确定性,我们认为今年的农业产出将低于去年,农产品价格将会上升,这也会抬高CPI走势。(见前文《恶性通胀并不遥远》)

因为金融危机这一不可抗因素,中国的外贸形势前所未有地恶化。统计局李晓超司长承认,净出口对GDP的贡献率为负。我们认为,外贸局面不会有太大改观,世界贸易量的大幅度下降局面还将继续,外部世界将降低其进口,并希望中国能够继续刺激经济来加强对其进口。也就是说,我们要丢弃外贸这驾马车驱动经济的“幻想”,也不要对美国复苏拉动中国出口抱过大的希望,因为世界已经陷入“囚徒困境”。相反,我们应该将注意力放在外汇资产的安全性上。值得注意的是,最近美国财政部一反常态,高调宣称人民币并未被操纵,以此“示好”中国,意在安抚中国,使之不要在美元资产的继续购买上“生变”。

尽管一季度的信贷额已经达到4.58万亿,逼近5万亿大关,让人产生监管层是否要施加调控之感。不过在“GDP保八”的背景下,我们认为监管部门应当不会立即调控,但也许会采取一些“微调”做法。例如央行也在试探性地加大货币回笼。值得注意的是,在银监会一季度经济形势分析会上,监管层表示要警惕信贷风险,对贷款余额、贷款增量、贷款增速、贷款投向进行检查,防止金融机构非理性的“信贷冲动”。

这中间有两项内容颇有深意:一是要求信贷符合国家产业政策执行规划,是否向“两高一资”行业发放了贷款,二是要求检查票据融资的真实贸易背景。前者的“政策微调空间”在于,只要发改委出面以产业规划政策为名,对一些产能进行限制和压缩,那么银监会将配合其实施“信贷监管”,变相达到压缩未来信贷增长情况的目的。后者的“政策空间”在于,银监会可以通过检查票据开出者(一般是大企业才有资格开银行承兑汇票)的保证金账户来达到压缩信贷投放的目的。因为很多企业的票据保证金账户只有20%,但却能拿到100%的票据资金,而且还会滚动开票相当于“信用杠杆”。况且,这些套现出来的票据资金流向令人存疑。我们认为,票据转贴层层套利不是主流,因为利差实在太过微薄。相反,这些资金流入资本市场倒是非常有可能(见前文《信贷狂潮的隐忧》)。

Monday, December 29, 2008

Financial Wisdom From Three Wise Men

by Hans Wagner

Some of us are more disciplined than others. Shortly after we are born, we start to learn the rules of life. Some of these rules we had to learn the hard way, through trial and error. Others we learned from our parents. Learning from others in this way is often easier, however, we seem to do a better job of remembering the lessons we learn the hard way. As investors, we have a choice. We can learn the hard way and hope that we'll survive our lessons and not run out of money, or we can learn from the following three wise men.

Three wise men - Warren Buffett, Dennis Gartmen and Puggy Pearson - found very different methods to achieve financial success, but they all share a common trait - their success came by following a strict set of rules. In this article we'll show you nine rules that three wise investors live by.

The World’s Greatest Investor
Warren Buffett, the "Oracle of Omaha," is considered by many to be the greatest investor ever. He is also known for giving much of his $40 billion fortune to the Bill & Melinda Gates Foundation, which is dedicated to bringing innovations in health and learning. Buffett is primarily a value investor that closely follows Benjamin Graham's investing philosophy after having worked at Graham's firm, Graham-Newman. (To read more about Buffett, see Warren Buffett: How He Does It and What Is Warren Buffett's Investing Style?)

Buffett has several excellent investing rules. You can read about many of them in his company's (Berkshire Hathaway) annual reports, which are an excellent source of investing knowledge.

Here are three of Buffett's rules:
  1. Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
    If you lose money on an investment, it will take a much greater return to just break even, let alone make additional money. Minimize your losses by finding quality companies that are temporarily selling at discounted prices. Then follow good capital management principles and maintain your trailing stops. Also, sitting on a losing trade uses up time, money and mental capital. If you find yourself in this situation, it is time to move on.
  2. The stock market is designed to transfer money from the active to the patient.
    The best returns come from those who wait for the best opportunity to show itself before making a commitment. Those who chase the current hot stock usually end up losing more than they gain. Remain active in your analysis, look for quality companies at discounted prices and be patient waiting for them to reach their discounted price before buying.
  3. The most important quality for an investor is temperament, not intellect.
    You need a temperament that neither derives great pleasure from being with the crowd or against it. Independent thinking and having confidence in what you believe is much more important than being the smartest person in the market. Most of the time, the best opportunities are found when everyone else has given up on the stock market. Over-confidence and emotion are the enemies of a high quality portfolio.
The Great Trader Gartman
In the October 1989 issue of Futures magazine, Dennis Gartman published 15 simple rules for trading. He is a successful trader who has experienced the gamut of trading from winning big to almost losing everything. Currently, he publishes The Gartman Letter, a daily publication for experienced investors and institutions.

Here are three of Gartman's best rules:
  1. There is never one cockroach.
    When you encounter a problem due to management malfeasance, expect many more to follow. Bad news often begets bad news. Should you encounter any hint of this kind of problem, avoid the stock and sell any shares you currently own. (For related reading, see Evaluating A Company's Management, Get Tough On Management Puff and Putting Management Under The Microscope.)
  2. In a bull market only be long. In a bear market only be short.
    Approximately 60% of a stock's move is based on the overall move of the market, so go with the trend when investing or trading. As the saying goes, "The trend is your friend."
  3. Don't make a trade until the fundamentals and technicals agree.
    Fundamentals help to find quality companies that are selling at discounted prices. Technical analysis helps to determine when to buy, the exit target and where to set the trailing stop. A variation of this is to think like a fundamentalist and trade like a technician. When you understand the fundamental reasons that are driving the stock and the technicals confirm the fundamentals, then you can make the trade. (For more insight, see Fundamental Analysis For Traders and What Can Traders Learn From Investors?)
The Gambler
The wisdom of the late two-time champion world poker player Puggy Pearson offers our last set of rules to follow. "Only three things to gamblin'," Puggy once said, "knowing the 60/40 end of a proposition, money management and knowing yourself." Well, those rules apply to investors too.

Here are Pearson's all-encompassing rules:
  1. Knowing the 60/40 end of a proposition
    Understanding the odds of drawing a winning hand is essential to poker. The 60/40 bets are those that offer the best chance of winning given all the options available. If you only play hands that have these odds or better, the statistics are on your side.

    As investors, we should strive to put the odds in our favor with every trade. Finding the best 60/40 opportunities takes time and research, as there are many ways to find good candidates. These can be identified through individual stock selection, top-down or bottom-up approaches, technical or fundamental analysis, value-based pricing, growth-oriented, sector-leaning or whatever approach works best for a particular investor. The point is that investors must be constantly working toward finding and recognizing opportunities as they present themselves. Once you have been dealt the right cards, it's time to take the next step.
  2. Money Management
    Managing money is an ongoing process. The first tenet is to minimize losses on each opportunity. Fortunately, investors do not have to ante up to play, as in poker, though investors must work hard to find good opportunities. Once you have a good hand, it is time to decide how much money to commit to the opportunity.

    While much is written on this topic, let's keep it simple. Basically it is a risk-reward decision. The more money you commit, the greater the possible reward and the higher the risk of losing some of that money. However, if you do not play, then you cannot win. (For more on this, see Determining Risk And The Risk Pyramid.)

    Basically, when the best opportunities present themselves, it is usually wise to make a significant commitment. For good (but not great) opportunities, committing smaller amounts makes sense as the potential reward is less. As in poker, most of an investor's money is made in small increments with the occasional big win coming along every once in a while. This requires that an investor evaluate each opportunity compared to others that have shown themselves in the past. Experience is an excellent teacher. Finally, investors can use a stop-loss strategy to mitigate greater losses should their assessment of the opportunity prove to be wrong. Too bad gamblers don't have such a tool! (To read more, see The Stop-Loss Order - Make Sure You Use It.)
  3. Knowing Yourself
    The last gambling rule, knowing yourself, means doing everything you can to stick to your discipline. Everyone wants to get on with it to make the next trade, but if that opportunity does not fit within your measure of a good 60/40 opportunity, then you must force yourself to pass. While you will miss some good gains, this will also save you from some hefty losses. Following your discipline is essential for success as a gambler as well as an investor. You must be extraordinarily patient in your search for the right opportunities and then aggressively go after the best ones.
Conclusion
Each of these three wise men excels by following his rules. In this way, they have succeeded where many others have failed. While we might not be as wise as these three men, we can learn from the best.

Ten Worst Performers of 2008

By Peter Brimelow, MarketWatch

Recently, I listed 2008's 10 best performers, as tracked by the Hulbert Financial Digest. ( See Dec. 17 column). I list 2008's 10 worst performers at the end of this column.

Worst really means worst in 2008. The bottom performer, Charlie Buck's Win Before You Buy, is down an appalling 82.0%, and there are several close contenders.

Simple arithmetic suggests these letters will never climb out of the performance hole they've fallen into. But, paradoxically, they could still be worth watching in the years to come.

I've remarked before on an oddity whereby letters often bounce back and forth between successive year's top and bottom ten. It happened again this year: The Linde Equity Report, No. 4 in 2007, is in the bottom 10 in 2008, down 63.6%.

Of course, it may not always be wise to bet on this rebound being sustained.
To paraphrase Caesar's "Gallic Wars," this year's Terrible 10 can be divided into three parts.

First are letters that have done appallingly this year -- and have also done appallingly over the longer term. In this category, I'd put Linde, Equities Special Situations (down 74.3%), and Buck's Win before You Buy.

Then there are letters that have done appallingly this year but have done well, even been top performers, in the past.

There's some reason to hope they might rebound.

In this category: BI Research, down negative 56.3% ( See Aug. 17, 2006, column); Louis Navellier's Emerging Growth, down 57.6% ( See Jan. 17 column); Medical Technology Stock Letter, down 61.2% ( See Aug. 20 column -- Ouch!); and Oberweis Report, down 63.4% ( See March 27, 2006, column).

Then there are the hard asset/gold bug letters, which have done appallingly in 2008 but brilliantly as recently as last year: Ruff Times, down 65.2%; the Dines Letter, down 72.1%; and the International Harry Schultz Letter, down 75.6%.

In varying degrees, these letters have a long-run worldview that they regard as delayed rather than discredited. But it's still an interesting question why they didn't trade.

One of this year's top performers, Investment Models' James Rohrbach, recently wrote in MarketWatch that "buy and hold is dead." See Rohrbach's commentary.

Maybe, although it sounds like the sort of thing people say at the bottom of bear markets.
It is certainly true that letters in my Category Two (appalling this year, but reason to hope if you look further back) tend to eschew market timing and remain fully invested, often in volatile stocks.

This was a bad year to be fully invested. But there can be dramatic rebounds in bear markets. If that happens, these letters could see a radical reversal of fortune.

It may not repair their Hulbert Financial Digest records. But if you are just getting involved with them now, who cares.

The Terrible Ten:
(Data is over the year to date through Nov. 31. Remember, the Dow Jones Wilshire 5000 is down 38.68% over that period.)

BI Research -56.3%

Louis Navellier's Emerging Growth -57.6%

Medical Technology Stock Letter -61.2%

Oberweis Report -63.4%

Linde Equity Report -63.6%

Ruff Times -65.2%

Dines Letter -72.1%

Equities Special Situations -74.3%

International Harry Schultz Letter -75.6%

Charlie Buck's Win Before You Buy -82.0%

Thursday, December 18, 2008

The Characteristics Of A Successful Company

by Michael Schmidt,CFA

It is often debated whether a commonly perceived "good" company, as defined by characteristics, such as competitive advantage, above-average management and market leadership, is also a good company to invest in. While these characteristics of a good company can point toward a good investment, this article will explain how to evaluate the company's financial characteristics to make a final decision. (For further reading on the other characteristics, see 3 Secrets Of Successful Companies.)

Background
The world of stock picking has evolved. What was once the duty of traditional stock analysts has become an internet phenomenon: stocks are now analyzed by all kinds of people using all kinds of methods. Furthermore, the speed at which information now travels around the world has led to increased volatility in stock prices and changes in the way that stocks are evaluated, at least in the short-term. In addition, the advent of self-directed 401(k)s, IRAs and investment accounts has empowered individual investors to get more involved in the selection of stocks to buy. (Read House Your Retirement With Self-Directed Real Estate IRAs for more on this investment vehicle.)

But while the short-term process may have changed, the characteristics of a good company to buy stock in have not. Earnings, return on equity (ROE) and their relative value compared to other companies are timeless indicators of companies that might be good investments.

Earnings
Earnings are essential for a stock to be considered a good investment. Without earnings, it is difficult to evaluate what a company is worth, except for its book value. While current earnings may have been overlooked during the internet stock boom, investors, whether they knew it or not, were buying stocks in companies that were expected to have earnings in the future. (Read more about the dotcom boom and other crazes that went wrong in Crashes: What Are Crashes And Bubbles?)

Earnings can be evaluated in any number of ways, but three of the most prominent metrics are:
  • Growth
  • Stability
  • Quality
Earnings Growth
Earnings growth is usually described as a percentage in periods like year-over-year, quarter-over-quarter and month-over-month. The basic premise of earnings growth is that the current reported earnings should exceed the previous reported earnings. While some may say that this is backward-looking and that future earnings are more important, this metric establishes a pattern that can be charted and tells a lot about the company's historic ability to grow earnings. (Read about how earnings can be linked to future growth in PEG Ratio Nails Down Value Stocks.)

While the pattern of growth is important, like all other valuation tools the relative relationship of the growth rate matters as well. For example, if a company's long-term earnings growth rate is 5% and the overall market averages 7%, the company's number is not that impressive. On the flip side, an earnings growth rate of 7% when the market averages 5% establishes a pattern of growing earnings faster than the market. This measure on its own is only a start, though – the company should then be compared to its industry and sector peers. (For related reading, see Five Tricks Companies Use During Earnings Season.)

Earnings Stability
Earnings stability is a measure of how consistently those earnings have been generated. Stable earnings growth typically occurs in industries where growth has a more predictable pattern.
  • Earnings can grow at a rate similar to revenue growth - this is usually referred to as top-line growth and is more obvious to the casual observer.
  • Earnings can also grow because a company is cutting expenses to add to the bottom line.
It is important to verify where the stability is coming from when comparing one company to another. (For further reading, see Revenue Projections Show Profit Potential.)

Earnings Quality
Quality of earnings factors heavily into the evaluation of a company's status. This process is usually left to a professional analyst, but the casual analyst can take a few steps to determine the quality of a company's earnings. For example, if a company is growing its earnings but has declining revenues and increasing costs, you can be guaranteed that this growth is an accounting anomaly and will most likely not last. (Read more in Earnings: Quality Means Everything.)

Return On Equity
Return on equity (ROE) measures the effectiveness of a company's management to turn a profit on the money that its shareholders have entrusted it with. ROE is calculated as follows:

ROE = Net Income / Shareholders' Equity

ROE is the purest form of absolute and relative valuation and can be broken down even further. Like earnings growth, ROE can be compared to the overall market and then to peer groups in sectors and industries. Obviously, in the absence of any earnings, ROE would be negative. To this point, it is also important to examine the company's historical ROE to evaluate its consistency. Just like earnings, consistent ROE can help establish a pattern that a company can consistently deliver to shareholders. (For more on this topic, read Keep Your Eyes On The ROE, Earnings Power Drives Stocks and Profitability Indicator Ratios: Return On Equity.)

Relative Value
While all of these characteristics may lead to a sound investment in a good company, none of the metrics used to value a company should be allowed to stand alone. Don't make the common mistake of overlooking relative comparisons when evaluating whether a company is a good investment. (For further reading, see Peer Comparison Uncovers Undervalued Stocks and Relative Valuation: Don't Get Trapped.)

Where to Find Information
In order to compare information across a broad spectrum, data needs to be gathered. The internet can be a good place to look, but you have to know where to look. Since the majority of information on the internet is free, the debate is whether to use the free information or subscribe to a service. A rule of thumb is the old adage, "You get what you pay for." For example, if you are looking at comparing earnings quality across a market sector, a free website would probably provide just the raw data to compare. While this is a good place to start, it might behoove you to pay for a service that will "scrub" the data or point out the accounting anomalies, enabling a clearer comparison. (What you're getting isn't easy to determine. Find out how to get your money's worth in Investment Services Stump Investors.)

Conclusion
While there are many ways to determine if a company that is widely regarded as "good" is also a good investment, examining earnings and ROE are two of the best ways to draw a conclusion.
  • Earnings growth is important, but its consistency and quality need to be evaluated to establish a pattern.
  • ROE is one of the most basic valuation tools in an analyst's arsenal, but should only be considered the first step in evaluating a company's ability to return a profit on shareholder's equity.
Finally, all of this consideration will be in vain if you don't compare your findings to a relative base. For some companies, a comparison to the overall market is fine, but most should be compared to their own industries and sectors.

For further reading on stock evaluation, see Pay Attention To The Proxy Statement, Strategies For Quarterly Earnings Season and Spotting Cash Cows.

Tuesday, December 16, 2008

Securitize

What does it mean?
A pooled group of financial assets that together create a new security, which is then marketed and sold to investors. The value and cash flows of the new security are based off of the underlying value and cash flows of the assets used in the securitization process. Companies will securitize illiquid assets into liquid assets in order to increase their overall liquidity and generate immediate proceeds from their assets.

A company (the originator) begins the securitization process by gathering a series of financial assets, such as accounts receivables (AR). These assets are then sold or transferred to an issuer, or special purpose vehicle (SPV), which is used to manage the assets and legally protect the company from the assets' obligations. The SPV will then sell the securities, which are backed by the assets held in the SPV, to investors. The cash flows generated by the underlying assets are then transferred to the investors who purchased the asset-backed securities (ABS).

The originator will have received some proceeds from the securitization, which can be used for its ongoing operations or other business uses. During the securitization process, the SPV will often get a rating agency to assign the assets a rating based on the ability of the assets to meet the principal and interest payments on the new securities being sold by the SPV. The SPV may also use credit enhancements to lower the risks of the securities being sold off to make them more attractive to investors.

Friday, December 12, 2008

国际游资今又来:抄底还是博反弹?

有迹象显示,一年以前制造中国流动性过剩的游资又回来了。

12月8日,花旗银行发表研究报告称,纵然亚洲大部分的基金仍继续面对赎回,却有大量的资金持续流入中国相关基金,单在过去三星期的新资金已达8.41亿美元,相当于今年来净流入现金近三成。

追踪2,150亿美元离岸亚洲基金的EPFR Global数据显示,上一周,净流入中国内地的资金达到2.099亿美元,而过去四个星期(约11月份),净流入资金量达到6.89亿美元,占全年净流入30.488亿美元的22.5%。而此前几个月,该机构没有录得净流入的数据。

国际游资U形回归

变化来得太快,事实上从6月份开始人们还正在对游资撤出表示担心。

依 据中国的统计数据,外汇储备减去外商直接投资与贸易顺差之和的不可解释部分,在许多情况下被认为是国外游资。据wind统计今年6月份数据,这部分不可解 释部分自汇改以来,首次录得负值,为-187亿美元。而后,在7、8两个月中,保持在低位运行,分别为27亿美元、32亿美元。9月份,再次表现出较大规 模外资流出迹象,当月不可解释部分骤降至-145.7亿美元。10月份外汇储备数据尚未公布,但也有其他数据显示,10月份外资仍在撤出。

美林的资金流向监测报告显示,11月13日到19日7天内,流入中国的热钱呈现了净流入,但在此前8周(时间主体在9、10月份中),都是净流出。

汤 森路透向记者提供的QFII A股基金报告显示,10月份QFII在A股的资产规模初值较9月修正后终值72.48 亿美元大幅减少15.01%至61.60亿美元。在所有可得7只已公布资产数据的QFII的A股基金当中,全数QFII的A 股基金资产规模均呈大幅缩减态势,而且平均减幅均高达20%以上;进一步分析其份额增减状况,多数QFII的A股基金亦悉数呈净赎回格局,幅度则在 2%~10%间。

然而,11月开始,境外游资回流,整个过程形成U形之势。

除了花旗和EPFR Global提供的数据,从股市的盘面亦可见,11月份海外资金对流动性好的股票类资产重拾兴趣。11月份,国内机构对市场仍维持谨慎。基金从上海A股中 净流出资金量仍为负值。但一些QFII机构则大量吸货。Topview数据显示,手握瑞银8亿美元QFII额度的瑞银证券营业部11月份净买入23.86 亿元,成为当月下手最狠的营业部,排名资金净流入交易席位头名。

江南证券研究所副所长魏凤春表示,实际上,同过去两年中国资产价格整体上涨不同,眼下从期货到艺术品、从楼市到利息都成下跌态势,唯有中国股市在11月份走出了上涨行情,因此海外游资投资中国股市的可能性较大,当然也不排除债市。

搏击短期还是长期看好

实际上,从时机来看,海外游资重回中国是多方因素综合而成的必然。首先是中国政府刺激经济的政策。

EPFR Global的全球经济分析员Cameron Brandt就认为,资金重回中国是由于中国政府一系列财政刺激政策所引发的。从数据来看,在中国政府11月6日宣布4万亿元经济刺激计划后,外资开始流入。

另 一因素是,国际金融体系趋于稳定,“救驾”资金腾出手来。宏源证券首席经济学家房四海认为,现在已经进入了“去杠杆化”的尾声,表现是美元、欧元稳住了。 在“去杠杆化”前期,世界资金将美国作为避风港,美元迅速升值。美元指数从71最高攀至88.46。但11月21日之后,便开始下跌,至12月8日,下跌 2.58%。与此同时,欧美金融机构性命暂保,海外资金有强烈的觅食冲动。认为,相比世界其他国家,中国仍是最理想的投资目的地。

眼下发达经济体陷入衰退,但在新兴市场中,房四海比较包括外汇储备等14大项的经济指标,中国全部胜出。EPFR Global数据显示,过去四周中,国际资金仍然净流出其他新兴市场国家。

最 后,外资判断人民币仍将升值。尽管12月4日人民币大幅贬值让四方惊呼中国要发动货币战争,但野村证券孙明春给记者的报告认为,人民币仍将升值。他有三个 主要的理由。第一,尽管中国的出口增长正显著受到削弱,但鉴于外国需求暴跌以及一半左右的中国出口都是进口加工装配贸易的事实(抵消了汇率受益),因此政 策转向人民币对美元贬值不可能起到太多缓解作用。更为根本的是,这与全球重新平衡相悖:中国依然拥有庞大的经常项目和国际收支顺差。预期2009年的经常 项目顺差将达到3900亿美元(相当于GDP的7.0%)。第二,人民币对美元贬值可能会引发中国的贸易伙伴极度负面的反应,从而导致对中国的贸易保护主 义抬头。第三,这有可能会鼓励国内资本的外逃以及延迟外商直接投资的流入,在投资者信心消减之际会推迟国内投资和经济增长的复苏。孙明春认为,2009年 底人民币对美元汇率将会升值到6.55。

摩根大通龚方雄也在接受媒体采访时表示,人民币贬值将引发亚洲其它货币的竞争性贬值,对中国的出口业并没有什么帮助。他并预期,人民币兑美元未来三个月内汇率将在6.8-7.0元的区间内波动,而3-12个月则将会升值约3%。

12月9日,A股走出四根阳线后掉头向下。令人感到不安的是,一些大行在前期摇旗呐喊为股市升温造势后,近期再度表现出担忧。

瑞银12月5日的报告认为,这轮反弹是由利好政策预期推动的反弹。而这种强劲的回升或许终止于中央经济工作会议之后。

或许这只是部分外资的观点。因为在吸引外资进入的三个因素中,至少有两个都是较长期的。

Tuesday, November 25, 2008

Shell China

11月24日,中国石油天然气集团公司(下简称“中石油”)与壳牌集团签署了一份液化天然气(LNG)长期供应协议,壳牌将在未来20年内每年向中石油提供200万吨LNG,气源将来自西澳大利亚高更项目及壳牌LNG全球供应组合。

“这份协议的数量比去年签署框架协议时确定的供应量翻了一番,壳牌将从其LNG全球供应组合中补充给中国。”一位壳牌中国总部的官员透露。

2007年9月,双方签署框架协议,壳牌承诺将把它在西澳大利亚高更项目下的份额资源出售给中石油,以满足中国的需求。

位于澳大利亚西北海上的高更项目,拥有澳大利亚已探明天然气储量和潜在天然气储量的四分之一。该项目共有三方股东,雪佛龙公司持股50%,壳牌和埃克森美孚各持股25%。

目前中国已公布的在建和待建LNG项目多达近20个,其中已获国家发改委批准的几个,因气源无法确定而不得不暂缓建设。中石油能够从壳牌手中获得更多气源,无疑对巩固其国内天然气市场领导地位具有一定意义。

据悉,中石油已规划在国内多个沿海城市建设LNG项目,其中包括辽宁大连、江苏及广西各一城市等,此次采购主要用于其在大连的LNG项目。

对于此次合约中达成的价格,中石油及壳牌方面都不愿透露,但2007年签署框架协议时,曾有外电报道称大约为10美元/百万英热单位。

Timothy F. Geithner

这个“神童”将改写历史吗?

盖特纳棕色卷发下这张年轻的娃娃脸,看起来只有30来岁,以致布什总统在不久前的一次白宫会议上看到他时,不禁扭头问助手:“是谁把这个实习生带了进来?”

现在,布什大概不会再说什么了,因为“实习生”很快就要执掌这个超级大国的财政大权。

11月24日,候任美国总统奥巴马将正式提名现年47岁的纽约联储主席盖特纳(Timothy F. Geithner )为联邦政府财政部长。这将是美国历史上最年轻的财政部长、也是少数没有博士学位的财政部长之一。

消息传出的21日下午3点,原本已经下跌1.3%的道琼斯工业指数狂欢式地以暴涨6.54%收盘。人们相信,那位年轻的、有海外经历的新总统将会和这位同样年轻的、有海外经历的新财长一道,带领国家走出由金融资本主义制造的灾难。

盖特纳早在5年前开始警告金融系统存在不稳定因素。自2003年就任纽约联储主席以来,他将大部分时间用在研究和预警金融系统的脆弱性上。

“我们面对的挑战,是如何平衡效率和弹性、平衡创新和稳定。”7月份的一天,盖特纳伏案于众议院金融服务委员会听证会的证人席,低着头,眼睛上翻对着议员们说。他习惯于用纽约人的快语速说话,偶尔,他会以一个粗话词汇强调自己的观点。

童年在亚洲

“美国的(救市)措施没有世界主要金融中心的配合不可能成功。”7月份,当谁也不会想到雷曼兄弟即将倒闭时,盖特纳就向众议员们建言说。他同时列举了多个国际金融机构,包括金融服务论坛,这个在当时鲜为人知的国际合作框架机构。

他的预言应验了,4个月后,首届20国集团领导人峰会在华盛顿召开,金融服务论坛主席也出席了会议。

盖特纳丰富的国际经验与他早年的成长史密不可分。

和 同在1961年出生的奥巴马一样,盖特纳也有过在亚洲生活的经历。 “盖特纳的父亲担任福特基金会驻中国首席代表时,曾经在北京的国贸大厦工作过一年多。”哥伦比亚大学国际公共事务学院前副院长罗宾·路易斯告诉本报记者, 由于父亲是福特汽车的驻外代表,盖特纳得以在印度、泰国和中国度过他的童年和少年。

他在曼谷的泰国国际学校读完高中后,带着对亚洲的感情回到美国,选择到东部名校达特茅斯大学攻读本科,专业是政府和亚洲研究。在这期间盖特纳学习了中文和日文。他还曾经是北京大学的留学生。

随后盖特纳来到华盛顿的约翰霍普金斯大学国际关系学院深造。这里是为美国国务院培养外交人才的摇篮。毕业3年后,盖特纳进入财政部做一名普通员工,负责国际事务。此后在财政部一干就是14年。

最早注意到这个年轻人的,是如今成为奥巴马政府国家经济委员会主席的萨默斯,他当年出任克林顿政府财政部长时,使盖特纳得到越级提拔。

“盖特纳十分聪明,又善于说服别人,这与萨默斯的咄咄逼人形成鲜明对比。”11月23日,他在财政部的一位同事对本报记者说,从那以后他提升得很快,到2002年,盖特纳已经是负责国际事务的财政部助理部长。

今 天看来,盖特纳在财政部的14年里最重要的资历是经历了几次国际金融危机,包括1995年墨西哥的比索危机、1997年席卷印尼、韩国和泰国的亚洲金融风 暴,以及2002年巴西的金融危机。他参与了这几场危机的救援计划制订,包括在1997年底力排众议说服白宫必须救援韩国。这些都为他日后处理美国自20 世纪30年代以来最严重的经济危机提供了经验。

2002年起,随着民主党告别白宫,盖特纳离开财政部,被安排到IMF的政策评估部门。他在那里待了不长的时间,便于2003年出任美联储纽约主席。

闯进白宫的“实习生”

盖特纳履新纽约联储后不久,就开始严辞批评金融系统风险过大,并呼吁改革美国金融体系。“金融创新已经超过了金融体系承载的极限。刹车变成了加速器。”他忧心忡忡地说。

他的警告没能阻止危机的爆发。随着华尔街乱世的来临,盖特纳的脱颖而出,成为白宫救市“铁三角”中的一员。

“铁三角”由美联储主席伯南克、盖特纳和他的达特茅斯大学校友、现任财长保尔森组成。在9月份华尔街最紧张的四周里做出多项重大决策,包括放弃雷曼兄弟,担保AIG,这些决策既没有通过国会,也没有通过总统。

盖特纳是“铁三角”中唯一的陌生脸孔。直到9月份时,在金融界以外还没有人知道他是谁。但他在为AIG筹资方面发挥了重要作用。他设计了给AIG的850亿美元贷款,并在后来将该款项追加至1520亿美元。

此前,今年3月时,他主刀操办了贝尔斯登的破产。在次贷危机看起来还远没有今天这样严重时,他坚定地为这笔交易提供紧急融资,并安排了300亿美元的信贷支持,保证了贝尔斯登被成功消化吸收。

纽约特殊的金融地位是盖特纳跻身“铁三角”的重要原因。美联储为应付金融危机而开发的5项临时工具中,有些是专供纽约联储使用,比如允许纽约联储的主要会员用其他债券换国债。因此从去年次按危机发生的第一天起,盖特纳就与伯南克、保尔森站在一条战壕里。

由于在“铁三角”中的地位,盖特纳标志着一种政策的连续性,表明新政府对金融危机的政策将不会发生重大的摇摆。盖特纳将继续使用7000亿救助资金中的剩余部分,并推进第二套经济刺激法案出台。

“选择盖特纳的好处是他有处理问题的经验,参与了这次处理过程,上任后不用从头开始熟悉 。但是不利方面是他不一定能给市场带来新的办法。”哥伦比亚大学商学院教授魏尚进说。

危机中的长短臂

盖特纳的性情看上去与奥巴马有些相似:年轻,青睐改革,善于团队协作。他怀疑意识形态、质疑被普遍承认的智慧,喜欢观点上的竞争,对这个世界的诸多不确定性充满了敏感。

成功的财政部长不仅需要得到总统支持,还必须得到国会信任。盖特纳的任命首先要获得国会通过。此后,还要考验他向国会“推销”政策的能力。比如,向国会解释出台第二套经济刺激法案的必要性。

在纽约联储工作期间,盖特纳因为定期述职的关系而与国会有所接触。“应该说他熟悉国会运作。”魏尚进说,当然更重要的或许是,下届国会将由民主党控制,这减少了盖特纳说服国会的阻力。

不 过,财政部的工作也与美联储毕竟不同。盖特纳不是经济学家出身,对税收和财政的立场不甚清晰。外界只能从他的早期发言中些许体会到他支持用税收政策缩小贫 富差距和减少财政赤字的想法。未来,当奥巴马政府遇到医疗改革、财政政策、税收等方面的问题时,他将没有专业知识背景来应对。

他将要加入的新总统的财经团队,是一支由包括他的老上司萨默斯在内的多名重量级经济学家组成的队伍。如何与这支队伍磨合是他面临的一大挑战。

但盖特纳的长处是学习很快,当初刚到纽约联储的一年内,他就可以与专业的经济学家辩论货币政策的复杂性。

因 此,市场仍然相信盖特纳的当选将给华尔街带来好运。面对更多的呼救声,他将决定是否需要向7000亿美元的救助计划中追加投资——比如像有人建议的那样加 到1.2万亿美元,将决定满足什么样的要求公司才能得到救助,是不是要拯救、怎样拯救失血过多的汽车业,怎样处理“两房”的烂摊子,怎样与各国的财经部门 携手合作,以及怎样处理未来经济恢复中出现的其他问题。

Friday, November 21, 2008

China fund in talks to acquire AIG's Alico

AIG (AIG:
American International Group, Inc
Last: 1.44-0.12-7.69%
4:03pm 11/20/2008
Delayed quote data
Sponsored by:
AIG
1.44, -0.12, -7.7%)
is holding preferential talks with the CIC-led consortium, which also includes Chinese insurance companies, with the end of the year as their set deadline, Japanese business daily Nikkei said on its Web site in a report dated Friday.

If the parties are unable to agree on details, the negotiations could end without a deal, Nikkei said, citing sources familiar with the matter.

Alico has operations in more than 55 countries. Citing Alico's future growth potential, AIG is said to be considering a sale on the condition that it will keep more than 50% of voting rights in the firm, thereby allowing it to maintain management control, the report said.

Based on Alico's business value, the acquisition of a 49% stake by the Chinese investors would likely cost the Chinese camp around 500 billion yen ($5.1 billion) to 1 trillion yen.

Alico Japan, a branch of U.S. firm Alico, accounts for 60 to 70% of the company's entire insurance premium revenue. If the CIC consortium invests in Alico, this will give China an effective entry into the Japanese insurance market. Alico Japan's insurance policies are expected to be maintained in principle even in the event of an acquisition of shares by the Chinese investors, the Nikkei report said.

AIG said in October it would sell Japanese subsidiaries AIG Edison Life Insurance Co. and AIG Star Life Insurance Co. along with Alico Japan.

Initially, the sale of the three firms had been expected to spark an intense bidding war among domestic and overseas insurance companies. But major Japanese insurers expressed caution about acquiring the units, because plunging Japanese share prices have hurt their own financial situations.

Thursday, November 20, 2008

大小非III

通过数据分析发现,未来两年,大小非的阴霾将持续笼罩A股市场,2010年,大小非解禁将达到最高峰,对未来两年的市场资金形成巨大的考验。

统 计数据显示,截至08年3月31日,两市预计共有流通市值为75565.74亿元,而如果按照现在的价格水平,到08年年底,两市总流通市值将增长至 93149.81亿元;到09年年底,总流通市值为155370.68亿元,增长61570.79亿元,增幅达到66.10%;到2010年,总流通市值 为222854.94亿元,增长67232.66亿元,增幅为43.27%。2010年的市场总流通市值同比现在的流通市值增长194.9%,相当于在现 在市场上再增加近2个市场的流通值。

“截至今年2月,中国城乡居民的储蓄存款余额为18万亿元,就是这些储蓄存款全部进了股市,也无法接住这些巨量的大小非。”认为股市进入了长期熊市的市场人士韩志国说。

http://roll.jrj.com.cn/news/2008-04-07/000003496065.html



2007-09解禁高峰统计

http://www.zqxuexi.com/zqzx/2008/0403/article_81.html


2008解禁分析

http://www.zqxuexi.com/zqzx/2008/0401/article_66.html


中金在线解禁专题

http://special.cnfol.com/2670,00.shtml