Hello,ladies and gentlemen! Today is Saturday March 26th, 2016. Welcome to today'sFemorning.
1、上海市25日實施房產新政，要求二套普通房首付不低於五成，二套非普通房首付不低於七成；非本市戶籍居民家庭購房繳納個稅或社保年限（由滿兩年）調整為滿五年；建立二手房交易資金三方監管制度；嚴禁首付貸等場外配資業務等。
TheShanghai Real Estate new policy will be implemented on 25th. It requires thedown payment for the second set of ordinary housing to not be less than fiftypercent, and down payment for the second set of non-ordinary housing to not beless than thirty percent; non-city residence home buyers who pay a tax orsocial security for a number of years (at least two years) will be adjusted tofive years; establish second-hand housing transaction funds tripartiteregulatory system; and prohibit down payment loans and other OTC fundingbusiness.
2、中金認為，上海地產新政在預期之中，因城制宜，未來還有深圳。成交由「瘋牛」變「震蕩」，一線城市房價或短期見頂，郊區樓盤影響更大。從關注政策回歸到基本面，A股地產股未來上行空間重點看銷售表現。
ChinaInternational Capital Corporation believes that the new Shanghai Real Estatepolicy is expected to adjust measures to local cities, which will includeShenzhen in the future. The turnover changes from "mad cow" to"fluctuating". Housing prices may reach a short-term peak infirst-tier cities. There is a greater impact on suburban property. From thefocus on the policy to return to the fundamentals, the future upside potentialof A-share property stocks will be focused on sales performance.
3、德商行表示，上海最新的樓市收緊措施顯示中國政策陷入進退兩難的境地，預期未來政策將告別「一刀切」，走向更加多變。不過，由於供需良好，大城市的房價將依然高企。貨幣政策仍將寬鬆來應對經濟放緩和加快二、三線城市的房地產去庫存。對那些房價飆升的城市，行政政策將會更頻繁地被使用。
Commerzbanksaid tightening measures of the latest Shanghai property market show Chinapolicy has fallen into a dilemma. It is expected that the future policy willbid farewell to being "across the board" and move toward being morevolatile. However, due to good supply and demand, the housing prices in bigcities will remain high. Monetary policy will remain accommodating to deal withthe economic slowdown and accelerate the destocking in the second andthird-tier cities. For those cities with soaring housing prices, administrativepolicies will be more frequently used.
4、上海市住房城鄉建設管理委主任顧金山稱，根據調查，上海鏈家相關門店的確存在違法告知和隱瞞情況，將按照法定程序，對涉案門店做出行政處罰。住建部即將開展全國房地產中介專項整治行動，上海也將加入這一專項行動中，對房地產中介進行整治。
ShanghaiHousing and Urban-Rual Construction Management Committee director Gu Jinshansaid, according to a survey, related stores of Shanghai LIANJIA appear to havea situation of illegal informing and concealing. In accordance with legalprocedures, the involved stores will be administratively punished. The Ministryof Housing and Urban-Rural Development will carry out nationwide specialrectification action soon. Shanghai will also join this special action torectify the real estate agency.
5、央行貨幣政策委員會委員黃益平稱，中國經濟現在的問題是新舊產業之間的競爭，中國新產業增長的速度不及舊產業退出的速度。貨幣政策並沒有創造出同樣的增長刺激效應，現在的信貸結構並不支持新興產業的崛起。支持中國經濟發展，還是必須靠改革。
MonetaryPolicy Committee Member Huang Yiping said, the current problem with China'seconomy is the competition between old and new industries. The growth rate ofChina's new industry is less than the speed of the exit of old industries.Monetary policy does not create similar growth-stimulating effects, and now thecredit structure does not support the rise of new industries. In order tosupport China's economic development, it must rely on reform.
6、廣發證券表示，預計2016年經濟增長先企穩再回落，利率水平也會繼續下降。而今年債券收益率已下行至歷史低位，A股市場在慢牛前則需要一個不破不立的過程。二季度還不是全年的決勝時刻，而是熊市反彈和陰市的交織。
GFSecurities said, economic growth is expected to stabilize and then fall in2016. The level of interest rates will continue to decline. The yield rate onbonds this year will drop to a historically low level. In front of the slow cowmarket, A-share market is required a process without destruction there can beno construction. It is still not a decisive moment in the second quarter of theyear, but an interweave exists between the bear market rally and a continuousfall without volume.
7、港交所主席周松崗表示，在「深港通」籌備工作的技術層面上，已經準備就緒，但估計兩地監管機構批准並正式公布後，兩方市場還需約3至4個月時間準備。換言之，由現時起計，「深港通」最快都要到6月底才能推出。
Chairmanof Hong Kong Exchanges Zhou Songgang said at the technical level, preparing forthe "Shenzhen Hong Kong Stock Market", the preparation is ready. Itis estimated that after the approval of supervision organization in the twostock markets and being announced officially, both stock markets will stillneed about 3-4 months to prepare. In other words, starting from now, the fastlaunch of "Shenzhen Hong Kong Stock Market" will be by the end ofJune.
8、國務院辦公廳發布關於促進二手車便利交易的若干意見。意見提出，支持二手車貸款業務，營造二手車自由流通的市場環境，簡化二手車交易登記程序，支持二手車貸款業務，適當降低二手車貸款首付比例。
TheState Council issued opinions on promoting the convenient transaction of usedcars. Comments made to support used car loan business, create a free flow ofsecond-hand car markets, simplify registration procedures for used car trade,support for used car loans, and appropriately lower the proportion of downpayment for used car loans.
9、中國國防軍工產融年會25日在北京舉行，十大軍工集團和中國電子等11家央企集團高管、以及海通證券、國泰君安等多家券商人士出席。會議認為，軍工企業資產證券化潛力巨大，今明兩年是軍隊改革重頭戲。
Thecombination between industry and finance annual meeting of China’s nationaldefense was held in Beijing on 25th. China's top ten military groups, Chinaelectronics, and 11 other central enterprises group executives, HaitongSecurities, Guotai Junan Securities and many other brokers are invited toattend. It is believed that there is a huge potential for military enterpriseasset securitization. It will be a highlight for a military reform in the nexttwo years.
10、2016年全國鈦白粉行業年會於24日至25日在德州召開，中國鈦白粉行業協會秘書長楊淵德透露，鈦白粉行業「十三五」規劃的目標是推動鈦白粉行業供給側結構性改革，鼓勵鈦白粉企業強強聯合、兼併重組，預計未來5年鈦白粉產量增幅縮減。
TheAnnual Meeting of the National titanium dioxide industry was held in Texas from24th to 25th in 2016. The Secretary-General of Chinese titanium dioxideindustry association Yang Yuan De said the goal of titanium dioxide industryduring the "Thirteenth Five-Year Plan" is to promote the titaniumdioxide industry supply-side structural reforms, encourage the titanium dioxidebusiness combination, mergers and acquisitions. It is expected to reduceproduction of titanium dioxide in the next five years.
11、央行副行長潘功勝25日在網際網路金融協會成立大會上指出，規範網際網路金融發展已經成為社會各界的廣泛共識，有關金融監管部門正在完善監管規則，網絡借貸、股權眾籌融資等方面配套的監管辦法將陸續出臺。
CentralBank Deputy Governor Pan Gongsheng pointed out at the inaugural meeting of theInternet Finance Association, it has become a broad consensus of the communityto regulate the Internet financial development. The financial regulators areimproving regulatory rules. The supporting regulatory approaches for aspects ofthe network lending, equity crowd-funding and financing will be launched soon.
12、建行董事長王洪章稱，商業銀行經營面臨著利率市場化、金融脫媒、行業競爭加劇、盈利增速下降等諸多挑戰，風險形勢愈加複雜，未來不良貸款可能繼續保持上升勢頭，信用風險尚未見底。
ChinaConstruction Bank chairman Wang Hongzhang said, commercial banks are facing amarketization of interest rates, financial disintermediation, increasingindustry competition, the decline of profit growth, and many other challenges.The risk situation is getting even more complicated. The non-performing loans arelikely to continue its upward trend in the future. The credit risk has not yetbottomed out .
13、穆迪報告稱，銀行對無生存能力的企業進行債轉股將蘊含風險。因為轉股之後銀行喪失其優先受償地位，債轉股還可能使得這類企業有能力舉借更多債務並增加槓桿，從而進一步削弱債轉股銀行的受償地位。銀行在轉股與否的抉擇中，保持獨立判斷尤為重要。
Moody'sreport, it will contain risks for the Bank to operate debt to equity towardsnonviable enterprises, after which, banks will lose their priority status forrepayment. Debt to equity may also make such enterprises have the ability toborrow more debt and increase leverage so as to further weaken the status ofrepayment of debt-to-equity banks. Between the choices of converting or not, itis particularly important to remain an independent judgment.
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