The Pilot Of Preferred Stock Is The Policy Of Rescuing The Stock Market.

< p > on the news side, Zhang Xiaojun, a spokesman for the securities and Futures Commission, said 21, the SFC formally issued a pilot management method for preferred stock, involving nine chapters and seventy articles.

At the same time, the Ministry of Finance issued preferential measures.

< a href= "http://www.91se91.com/news/index_c.asp > > < < /a > >" Research Report "pointed out that by considering the proportion of major shareholders of the company, ROE, dividend rate, valuation and scale level and other indicators, banks, electricity, pportation, construction, coal, real estate and other industries of large blue chips are expected to take the lead in the pilot.

Bank sector performance is eye-catching.

The preferred stock pilot management measures will soon be released to stimulate rumors, banking stocks in the whole line of red, including Pudong Development Bank [10.01% Fund Research Report] intraday trading limit, leading bank shares.

Pudong Development Bank is the first bank that has heard of the first batch of pilot preferred shares.

< /p >

< p > < strong > Qilu Securities: preferred shares will ease the pressure on equity financing of banks. < /strong > < /p >

< p > Qilu Securities said that the issuance of preferred shares by commercial banks will effectively supplement the first capital adequacy ratio and ease the pressure of equity financing: "the capital management measures of commercial banks" (Trial) provides room for other tier 1 capital instruments, and the preferred stock can supplement 1% of the other tier 1 capital adequacy ratio to achieve the goal of surplus, and it is estimated that the issuance of preferred shares in the whole industry will be around about 600000000000.

The contribution of banks to preferred shares is different from their contribution to performance, rather than their contribution to net assets per share.

Banks with a relatively fast expansion of assets and low cost control of preferred shares have preferred shares with thicker performance.

< /p >

< p > < strong > UBS Securities: preferred stock or beneficial to alleviate the pressure of bank capital reaching standard < /strong > < /p >

< p > UBS Securities said that in the medium to long term, whether the issue of preferred shares is beneficial to ordinary shareholders depends on the relative level of the issue interest rate and the medium and long term ROE. When issuing interest rate is lower than ROE level, it is more advantageous.

The "preferred stock pilot management measures" will be a short-term support for the plate and related stocks if it is launched in the near future.

< /p >

< p > < strong > Anxin Securities: the introduction of preferred stock is bound to further tighten the stock market fund < /strong > < /p >

< p > Anxin Securities believes that the comment on the trial of < a href= "http://www.91se91.com/news/index_s.asp" > preferred shares < /a > under the current interest rate environment, it is difficult to determine the issuing interest rate of preferred stock, and the fixed rate is low (at least higher than the yield of the balance treasure), which has set a higher level than the ROE level of the enterprise (the SSE 50[4.06%] company can make the bid very difficult to find, and the bank is unwilling to take more than 7% of the cost of the fund).

The overall plan is no more precise than the expected plan at the end of last year, when the corresponding stock market rose very limited, and this increase would be even more limited.

The preferred stock is essentially the extraction of capital from the capital market. At present, stock market funds are very tight. The introduction of preferred shares will further tighten the stock market funds, which is not conducive to the operation of the stock market.

< /p >

< p > < strong > Northeast Securities [10.00% Funds Research Report]: preferential stock promotion is conducive to the diversification of stock market ecological environment < /strong > /p >

< p > Northeast Securities believes that the preferred stock is expected to first introduce the preferred stock system in the IPO and refinancing. If further innovation is made, the preferred stock will be introduced into the stock, and some stock stocks will be converted into preferred stock.

At present, the emphasis is on the former, but the latter's innovation has more Chinese characteristics.

Based on the relative narrowing of domestic investment and financing channels, the potential of China's preferred shares is greater than that of the United States. Therefore, it is good for the stock market to diversify and improve returns, which is conducive to the reform of new shares and to the development of financial and entrepreneurial enterprises.

< /p >

< p > < strong > Ying Da Securities: the preferred stock is conducive to restoring the blue chip financing function for the rescue market policy < /strong > < /p >

< p > Li Daxiao, director of the British Securities Institute, said today that the preferred stock system is conducive to restoring the financing function of < a href= "http://www.91se91.com/news/index_cj.asp" > blue chips < /a >, increasing the vitality of blue chips, providing funds for some mergers and acquisitions, and stabilizing the market value through repurchasing the company's share price, which is a policy measure to rescue the market.

For the impact of the market, the preferred stock policy is a turning point, is the activation of blue chip, junk share bubble burst demarcation line, is the value of investment opportunities have just begun.

< /p >

< p > < strong > CICC: the introduction of preferred stock will bring positive factors to the market, good market share < /strong > /p >

< p > CICC reports that the introduction of preferred stock will bring positive factors to the market, and will benefit large cap stocks, especially in the financial sector and some industries that face merger and reorganization and industrial restructuring.

The issuance of preferred shares will help banks replenish capital, significantly reduce the pressure of common stock financing, help brokers to expand their business scope, and bring new investment channels to insurance companies, so that they can obtain stable dividends in a sufficiently long period and increase the stability of investment returns.

< /p >

< p > < strong > CITIC Securities [5.07% Fund Research Report]: the long-term monetary policy turn will be good for the stock market < /strong > /p >

< p > > CITIC a href= "http://www.91se91.com/news/index_cj.asp" > Securities < /a > issued a research report that in the short and medium term, in the process of tightening macroeconomic liquidity, the shift of monetary policy will cause real interest rates to rise and negatively affect the valuation and earnings growth of the stock market. In the long run, the change of monetary policy will help to change the long-term expectation of investors for China's economy, reduce the long-term risk premium and benefit the stock market after the basic monetary growth is basically stable.

< /p >