As the coal market oversupply, prices falling, the coal and power industries profit growth of sharp contrast. The national bureau of statistics data released yesterday showed that 1 Carbon Steel butt-welding equal tee to July, electricity, heat production and supply industry profit year-on-year growth of 73.5%; Coal mining and washing industry, to the level of total profits fell 43.8% year-on-year in the bottom.
Annual report has revealed 2013 year and a half of the coal enterprise almost all fallen profits of listed companies. Yanzhou (600188, shares) by turning losses, loss of 2.4 billion yuan, and China shenhua (601088, shares) net income "only" 4.8% decline, has been the most bright eye for coal industry, China coal energy (601898, shares) net profit of 2.742 ANSI Sch40 butt welding eccentric reducer pipe fittings billion yuan, down 43.4% year-on-year. Part of the small and medium-sized coal listed company capital chain has deteriorated, in addition to the drastic decline in net profit, operating activities, financing activities and investing activities generated cash flow is negative.
And many electric power listed companies released 2013 red NianZhongBao collective. Among them, the investment of power (600886, shares) in the first half of 2013 belonging to net concentric reducer steel pipe fittings profit of 1.15 billion yuan, up 1016.55% from a year earlier. Anhui electric power (000543, shares), qian source power (002039, shares), the new can mount tai (000720, shares), Shanghai electric (600021, shares) belonging to net income 410 million yuan, 14.2279 million yuan and 14.2279 million yuan respectively, 469 million yuan, up 199.59%, 155.80%, 146.24%, 53.35%.
Center daily news listed companies in coal enterprises, the increase of accounts receivable and acceptance has become a very prominent problem. Even the profit is relatively good China shenhua, accounts receivable are increased by 6.1 billion yuan, 25.111 billion yuan. And yanzhou also lying on the center daily news 1.47 billion yuan of accounts receivable, compared with an increase of 58% in the second half of 2012.Yesterday, yanzhou equities relevant personage to the "daily economic news" reporter said that the current accounts receivable amount is growing, but "part of the increased because of the current accounts receivable settlement in rolling, such as electricity providers of downstream customers, every month they will have a rolling settlement time point".
The people also to the "daily economic news" reporter said, yanzhou adhere to the principle of "zero line", and the downstream customers will have a line of credit, exceed quota control, "because we ourselves also noticed that the more in this (downturn) cases, the more we should pay attention to cash flow recycling. As of June 30, the company has 10.7 billion yuan in cash, this should be no problem."
China coal industry association released figures showing that current accounts receivable issue has become to solve the problems of the coal industry as a whole. The first six months of the coal enterprises above designated size accounts receivable RMB 330.8 billion, up 18.88% from a year earlier. Association for the large-scale coal enterprise (about 65% of the total) accounts receivable RMB 259.3 billion, up 31.3% from a year earlier. Most companies acceptance rate of 70% or more, some enterprises even in more than 85%.
2013年8月27日星期二
The price of iron ore from weakness?
From the recent iron ore price performance, it seems to have escaped by varieties of other commodities.But in the hemispherical pipe cap manufacturer in china case of the overall market impact, the iron ore can really?
Influenced by QE factors, gold and base
Measure in week, in the short term, the supply and demand of iron ore is relatively balanced, stable price outlook also. Many other signs clearly indicated that: 1) the forward price 89mm SCH40 Seamless steel pipe and tube of iron ore is still in a premium; 2) China rebar futures prices rose sharply at present; 3) Chinese port iron ore inventory level is still relatively low; 4) the decline in China's steel inventories, and the end of the annual inventory in Asia seemed perfectly normal.
However, October 9 - productivity at risk of a seasonal decline in iron and steel industry in Asia. This will harmful to spot iron ore prices and stocks. Especially in 2013, the price of this callback may be amplified by Australian iron ore supply increased.
Influenced by QE factors, gold and base
| metals deep down, and even Asian steelmakers have said widespread losses and could cut capacity, but the seaborne iron ore spot prices not affected by the steel industry in the region pessimism, but continue ASTM A234 WPB Carbon Steel Equal Tee china producer to rise, the north China CFR powder ore back above $130 a tonne. Iron ore, seems to have escaped by varieties of other commodities. But in the case of the overall market impact, the iron ore can really? |
Measure in week, in the short term, the supply and demand of iron ore is relatively balanced, stable price outlook also. Many other signs clearly indicated that: 1) the forward price 89mm SCH40 Seamless steel pipe and tube of iron ore is still in a premium; 2) China rebar futures prices rose sharply at present; 3) Chinese port iron ore inventory level is still relatively low; 4) the decline in China's steel inventories, and the end of the annual inventory in Asia seemed perfectly normal.
However, October 9 - productivity at risk of a seasonal decline in iron and steel industry in Asia. This will harmful to spot iron ore prices and stocks. Especially in 2013, the price of this callback may be amplified by Australian iron ore supply increased.
Promoting the steady growth to speed up financial reform
Jpmorgan chase's chief China economist Zhu Haibin thought, especially the new orders index rebounded sharply in August might suggest that recently the government's fine-tuning measures for the improvement of domestic demand has begun to show. For this he steady hydraulic equal tee pipe fitting economic recovery is expected in the second half of the year.The recovery will be tested in demand for liquidity and monetary control. "A tight liquidity, the central bank short-term mainly through open market operations such as reverse repurchase." Bank of communications (601328, shares), chief economist at the ping an interview with reporters said that if the future money affect the steady flow, monetary policy will not rule out fine-tuning, and astm a234 seamless carbon steel tee fine-tuning is mainly open market operations.
Reporter noticed that the August 20, 36 billion yuan seven-day reverse repo, the central bank on August 22, according to the news that day in the open market for $46 billion at 14 days reverse repo, the winning rate 4.1%, the interest rate remains unchanged. Central bank's total net public markets this week to put their money 72 billion yuan. Reverse repurchase rates are falling, tight monetary pattern has not changed.Industry economists carbon steel pipe fitting lr elbows 45 degree believe that China's recent economic policy was very positive, at the same time brings some challenges and pressure during the first half of the fourth quarter of this year and next year will show itself.
"Together next year is still a steady tone, whole is expected in the next year's price is higher than this year, so monetary policy is still likely to keep steady." Lian told reporters. He believes that the second half of the extent of rising inflation higher, tight monetary policy could be in the fine-tuning of the possible.Ubs's China chief economist wang tao think policy will continue to maintain "fine-tuning" tone. "The government is not to let slip growth under a" lower limit "- the" threshold "desirable level of 7.5%, therefore, the government is expected to further fine-tuning measures to" deposit quantity and optimizing increment ", strive to improve the configuration efficiency of financial capital and financial resources, but not a massive stimulus policies in the short term."
As the way of financial resource allocation efficiency, including deposit and lending interest rate mechanism reform, financial reform or will play a more important role.
On May 6, after a state council executive meeting, the steady interest rate marketization of exchange rate reform measures have been confirmed as the key of deepening the reform of economic system in 2013.In June last year, the central bank has expanded lending and deposit rates floating space, on July 19, the central bank canceled the limitation on the floor on lending rates further.
In a recent interview, zhou xiaochuan also said that technology and conditions on the readiness of the people's bank, the liberalization of interest rates on deposits are in accordance with the original plan in advance.
Reporter noticed that the August 20, 36 billion yuan seven-day reverse repo, the central bank on August 22, according to the news that day in the open market for $46 billion at 14 days reverse repo, the winning rate 4.1%, the interest rate remains unchanged. Central bank's total net public markets this week to put their money 72 billion yuan. Reverse repurchase rates are falling, tight monetary pattern has not changed.Industry economists carbon steel pipe fitting lr elbows 45 degree believe that China's recent economic policy was very positive, at the same time brings some challenges and pressure during the first half of the fourth quarter of this year and next year will show itself.
"Together next year is still a steady tone, whole is expected in the next year's price is higher than this year, so monetary policy is still likely to keep steady." Lian told reporters. He believes that the second half of the extent of rising inflation higher, tight monetary policy could be in the fine-tuning of the possible.Ubs's China chief economist wang tao think policy will continue to maintain "fine-tuning" tone. "The government is not to let slip growth under a" lower limit "- the" threshold "desirable level of 7.5%, therefore, the government is expected to further fine-tuning measures to" deposit quantity and optimizing increment ", strive to improve the configuration efficiency of financial capital and financial resources, but not a massive stimulus policies in the short term."
As the way of financial resource allocation efficiency, including deposit and lending interest rate mechanism reform, financial reform or will play a more important role.
On May 6, after a state council executive meeting, the steady interest rate marketization of exchange rate reform measures have been confirmed as the key of deepening the reform of economic system in 2013.In June last year, the central bank has expanded lending and deposit rates floating space, on July 19, the central bank canceled the limitation on the floor on lending rates further.
In a recent interview, zhou xiaochuan also said that technology and conditions on the readiness of the people's bank, the liberalization of interest rates on deposits are in accordance with the original plan in advance.
2013年8月21日星期三
In developed countries is still the preferred investment
On August 21, netease finance - standard chartered said recently that the stock market in developed countries is still the most preferred investment options. To maintain for Asia ex-japan stocks ASTM A234-WPB equal tee with low ratings, and view the region's currencies.
Standard chartered, according to the analysis of South Asia, southeast Asia stock markets (India, Indonesia and Thailand) as well as investors worried that the market for currency depreciation or capital to accelerate the outflow of the danger of falling. At the same time, the American bond yields. Indonesia's current account deficit in the second long radius butt weld pipe elbow quarter was deteriorated sharply, the Indonesian rupiah against the dollar fell to a low of 2009. India's recent reform measures announced so far limited impact on the market. The country faces the risk of further capital outflows. China temporarily show signs of stabilizing, downside risks are easing.
In this context, the market has begun to reflect on the expectations of the fed's early exit quantitative easing, the next few weeks, market sentiment may temporarily turned for the better. Standard R=3D 45 degree Pipe Fitting Bend chartered thinks that the federal reserve to control interest rate expectations for South Asia, southeast Asia market is vital if they would encounter a new selling pressure.
Standard chartered cautioned, stock valuation has been adjusted, the local value, but also needs careful screening. , investors may be considering a move to some developed markets in Asia, you can consider to north Asia market. In their opinion, in developed markets and north Asia region economic growth prospects better drink between economic stability is better, at least in one of them.
Standard chartered, according to the analysis of South Asia, southeast Asia stock markets (India, Indonesia and Thailand) as well as investors worried that the market for currency depreciation or capital to accelerate the outflow of the danger of falling. At the same time, the American bond yields. Indonesia's current account deficit in the second long radius butt weld pipe elbow quarter was deteriorated sharply, the Indonesian rupiah against the dollar fell to a low of 2009. India's recent reform measures announced so far limited impact on the market. The country faces the risk of further capital outflows. China temporarily show signs of stabilizing, downside risks are easing.
In this context, the market has begun to reflect on the expectations of the fed's early exit quantitative easing, the next few weeks, market sentiment may temporarily turned for the better. Standard R=3D 45 degree Pipe Fitting Bend chartered thinks that the federal reserve to control interest rate expectations for South Asia, southeast Asia market is vital if they would encounter a new selling pressure.
Standard chartered cautioned, stock valuation has been adjusted, the local value, but also needs careful screening. , investors may be considering a move to some developed markets in Asia, you can consider to north Asia market. In their opinion, in developed markets and north Asia region economic growth prospects better drink between economic stability is better, at least in one of them.
2013年8月20日星期二
To cook, writing a new history
In another confirmed that he leave the evidence of the fitness industry, someone on Twitter, said after he left, 4 inch SCH40 Seamless steel pipe they would miss him. He replied to the message, not to leave the health industry is denied.
In the past few weeks, he also unveiled his fitness activities in the new career path. According to information released online posts and attendees in IDEAFit fitness conference held in this month, he also won the award.
But in 9 to5mac website revealed he joined the company after the news, he deleted some tweets. In addition, Mr Nick public astm a234 seamless carbon steel tee website and all the contact information of the online resume, scheduling and many professional detail, were also gone.In view of the company will focus on the development of wrist watch equipment, induction, and health and fitness, he join in is very important to apple. On Nick's career, he has always focused on how to change people's behavior, his experience will help R=3D 45 degree Pipe Fitting Bend apple CEO Tim Cook (Tim Cook) writing a new history, how to change user behavior can be worn equipment. So, he thought to give up all this now, is very worth it, he is willing to participate in such as iWatch product development is of great significance.
In addition to have rich experience in the health industry, he also has a certain ability of product development. Based on his personal website, many fitness applications, Mr Nick in Nike Nike + access training service as well as the FuelBand development, plays a key role.
In the past few weeks, he also unveiled his fitness activities in the new career path. According to information released online posts and attendees in IDEAFit fitness conference held in this month, he also won the award.
But in 9 to5mac website revealed he joined the company after the news, he deleted some tweets. In addition, Mr Nick public astm a234 seamless carbon steel tee website and all the contact information of the online resume, scheduling and many professional detail, were also gone.In view of the company will focus on the development of wrist watch equipment, induction, and health and fitness, he join in is very important to apple. On Nick's career, he has always focused on how to change people's behavior, his experience will help R=3D 45 degree Pipe Fitting Bend apple CEO Tim Cook (Tim Cook) writing a new history, how to change user behavior can be worn equipment. So, he thought to give up all this now, is very worth it, he is willing to participate in such as iWatch product development is of great significance.
In addition to have rich experience in the health industry, he also has a certain ability of product development. Based on his personal website, many fitness applications, Mr Nick in Nike Nike + access training service as well as the FuelBand development, plays a key role.
Authors efficiency of coal enterprises has little scope
China coal industry association policy zhang hong, director of the research on "first financial daily" reporter, said the authors efficiency of coal enterprises has little scope, therefore KuiSunMian is increasing."The production cost of coal enterprise includes three parts: mine's production cost, economic cost and the policy cost directly. Since last sch80 galvanized carbon steel pipe year, coal prices fall, the profitability of enterprises is declining, thus reduce costs become a majority of the coal enterprise, July when conducting research, we found that the direct cost of production is falling of coal mine, but the management cost, financial expenses and the sales cost and economic costs, such as policy, including the various taxes and fees, the cost not to drop, so the total cost is rising." Zhang hong is introduced.
In the first half of the coal enterprises above designated size main business costs rose 6.6% year-on-year, large-scale coal enterprise main business cost year-on-year growth of 17.5%.
China coal industry association also predicted in the third quarter and will remain a small increase in the second half of the coal demand, production capacity continues to release, the import carbon steel seamless eccentric reducer increase, the market continued easing total supply and demand, structural surplus situation, the whole society inventories remain high, coal prices downward pressure is still there, heavy industry production capacity and inventory of tasks, enterprises face greater difficulties.
Jiang Zhimin stressed that the coal industry relative to the market, we still have some lag, the second half of the coal demand growth will remain low, this play a constraint effect on coal consumption, the real market bottoms and recovery also look at China's macroeconomic situation as a whole.
Since November 2011, coal prices continue to decline, and prices fall, if you want to stop now facing one of the most serious problems is the pressure to capacity. China coal industry association, hydraulic equal tee pipe fitting according to the briefing since the period of "11th five-year plan", the whole society of coal to complete 2.53 trillion yuan of investment in fixed assets, new capacity of about 2.4 billion tons. According to relevant statistics analysis, the coal output more than 4 billion tons. In addition, in recent years, the main coal-producing provinces resources integration and technical transformation of mine into production in succession, form a larger capacity reserve, so it is quite difficult to production task.
In the first half of the coal enterprises above designated size main business costs rose 6.6% year-on-year, large-scale coal enterprise main business cost year-on-year growth of 17.5%.
China coal industry association also predicted in the third quarter and will remain a small increase in the second half of the coal demand, production capacity continues to release, the import carbon steel seamless eccentric reducer increase, the market continued easing total supply and demand, structural surplus situation, the whole society inventories remain high, coal prices downward pressure is still there, heavy industry production capacity and inventory of tasks, enterprises face greater difficulties.
Jiang Zhimin stressed that the coal industry relative to the market, we still have some lag, the second half of the coal demand growth will remain low, this play a constraint effect on coal consumption, the real market bottoms and recovery also look at China's macroeconomic situation as a whole.
Since November 2011, coal prices continue to decline, and prices fall, if you want to stop now facing one of the most serious problems is the pressure to capacity. China coal industry association, hydraulic equal tee pipe fitting according to the briefing since the period of "11th five-year plan", the whole society of coal to complete 2.53 trillion yuan of investment in fixed assets, new capacity of about 2.4 billion tons. According to relevant statistics analysis, the coal output more than 4 billion tons. In addition, in recent years, the main coal-producing provinces resources integration and technical transformation of mine into production in succession, form a larger capacity reserve, so it is quite difficult to production task.
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