Category: Miscellaneous

In addition to the spring outing flowers but also how to play 香港大学百年校庆

In addition to the spring outing flowers but also how to play the lead: "National Geographic" published by a group of creative spring travel program, in addition to honest flowers outing, you can also find more new spring in these lustrous and dazzling world. (source: the Bund pictorial) focus on the public number "tune with tune", see more wonderful original content! 1, explore the real Jurassic Park in the United States Hawaii Kauai Island (Kauai) "Jurassic world" the island of Kauai, with jagged peaks, thunderous waves and waterfalls, like tropical rain forest valley, this is the movie "Jurassic Park" series Fourth "Jurassic world" (released in June 12, 2015) "Jurassic", go to the site to see it. Visit site visit Jurassic Jurassic epic epic locations, such as Allerton garden, Olokele Canyon, the real "Jurassic waterfall" waterfall Manawaiopuna…… On the island of Kauai, along the Napali coast, experience the voyage in the movie trailer. Kauai is probably the closest place to the Jurassic in the world. In addition to "Jurassic world", such as "King Kong", "mighty Joe Young", "Indiana Jones" nearly 60 films in the jungle scenes are taken from this. In the National Tropical Botanical Garden on the island, you can see the real Morton Bay fig tree and the archaeological discovery of the true Jurassic dinosaur eggs. Manawaiopuna waterfall Manawaiopuna waterfall comes to an island, seafood can not fall down. Merriman ‘s Fish House special dish — tuna in casserole, now caught to eat. You should also try the lunch of the Aboriginal people in Hawaii, and find the truck with Hanare juice and taro food on the street of Ho`opulapula rice factory, and drink a cup of taro fruit and ice cream after dinner. Traffic: driving is the easiest way to travel around the island. The nearest airport is on the island of Kauai, called the Kauai island airport. 2, to Morton Food Festival "stroll eat eat eat" British North Yorkshire Morton (Malton) gourmet city Morton, exquisite hand products as "facade play" food capital. A traveler to delicacy throughout the year, has been driving the traditional Yorkshire town forward. Shellfish from the wilderness, shellfish from the coast, varieties of rare cattle and pigs, delicious cheese and bread, a wonderful baking…… This is definitely a chowhound irresistible choice. It’s not an exaggeration to wander around town before burying warm quilt. Exclusive gourmet town exclusive gourmet town exclusive gourmet town – Morton’s spring highlights, monthly food market, annual Gourmet Festival (May 23rd -5 24). At that time, more than 160 big food stalls, chef’s delicious dishes, especially 2015 of the night market, Morton cooking school, let you enjoy the game. The Talbott Hotel restaurant, The Talbott Hotel restaurant chef James Martin.

除了踏青赏花 春天还能怎么玩   导语:《国家地理》公布了一组很有创意的春季旅行方案,除了老老实实赏花踏青,你还可以在这些光怪陆离的世界中找到更新颖的春天。(来源:外滩画报) 关注公众号“ 有腔有调”,查看更多精彩原创内容!   1、探索真正的侏罗纪公园   美国夏威夷考艾岛(Kauai) “侏罗纪世界”   考艾岛,有着锯齿状的山峰,雷鸣般的海浪和瀑布,热带雨林状的山谷,这就是《侏罗纪公园》电影系列中第四部《侏罗纪世界》(2015年6月12日美国上映)中的“侏罗纪”,快去实地看看吧。   参观考史诗侏罗纪地点   参观考史诗侏罗纪地点,如阿勒顿花园,Olokele峡谷,真实的“侏罗纪瀑布”Manawaiopuna瀑布……在考艾岛,沿着Napali海岸,照着电影预告片中的航行体验一番。   考艾岛应该是世界上最接近侏罗纪的地方了。除了《侏罗纪世界》,诸如《金刚》、《巨猩乔扬》、《夺宝奇兵》等近60部电影中的丛林场景都取自于此。在岛上的国家热带植物园中,能够观赏到真实的莫顿湾无花果树以及考古发现的真正的侏罗纪恐龙蛋。   Manawaiopuna瀑布 Manawaiopuna瀑布   来到一个海岛,海鲜自不能落下。Merriman’s Fish House特色菜――砂锅金枪鱼,现捕现吃。有机会还应该尝试下夏威夷原住民的午餐,在Ho`opulapula原口米厂对街寻找下装有哈纳雷果汁和芋头食品的卡车吧,饭后还能饮一杯芋头水果沙冰。   交通:驾车是环岛游最便捷的方式。最近的机场就在考艾岛上,就叫考艾岛机场。   2、到莫尔顿美食节“逛吃逛吃”   英国北约克郡莫尔顿(Malton) 美食之都   莫尔顿,把精湛的手作产品作为“门面担当”的美食之都。成为美食旅行家全年的目的地,一直是这个传统的约克郡集镇前进的动力。   来自荒野的猎物,源于海岸的贝类,品种稀有的牛和猪,美味的奶酪和面包,出彩的烘焙……这绝对是“吃货”不可抵抗的选择。埋入温暖被窝前,随处闲逛小镇,走到哪吃到哪真不是夸张。   专属美食小镇 专属美食小镇   专属美食小镇――莫尔顿春天的亮点,每月的食品市集,每年的美食节(5月23日-5月24日)。届时,160多个大排档,大厨的拿手佳肴,特属2015的夜市,莫尔顿烹饪学校,任你品尝游玩。   塔尔博特酒店餐厅   塔尔博特酒店餐厅主厨James Martin声名在外,其菜肴清新简约,富有约克郡风格。手切黑线鳕片,Waterford农场猪里脊,冷冻甜菜慕斯……来一杯莫尔顿桶装啤酒,更是完美。临走还意犹未尽?Puckett酱菜、SLOE手工威士忌松露巧克力、Wolds Cottage Kitchen的甜橙酱和姜酱都能延续你的美食之行。 塔尔博特酒店餐厅主厨   交通:莫尔顿位于英格兰东北部,最近的机场是距离约50英里的利兹机场。在镇中,步行、骑行或搭乘公共交通工具皆可。   3、乘坐日本最新新干线   日本东京―北陆(Tokyo to Hokuriku) 日本东京―北陆(Tokyo to Hokuriku)   对于中国游客来说,日本的新干线已经不是新鲜事,但最新的路线仍值得一游――刚开通不到一年的北陆新干线长452公里,连接东京和金泽,全程只需一个半至两个小时。窗外,日本阿尔卑斯山和日本海风景如画。   线路目的地之一――金泽,是这趟旅程的一个亮点。位于日本主岛――本州的中北部海岸,周边的北陆地区自然风光丰富,文化底蕴深厚,国家公园、天然温泉、日本传统艺术品作坊、城堡和古迹遗址、有历史感的农村和渔村。   金泽古城樱花盛开 金泽古城樱花盛开   想了解日本特色的武士与艺妓,金泽就是传统地区。也能在历史悠久的东茶屋和一枝町茶屋区,踩着鹅卵石道,参观传统匠艺。最后,很重要的一点就是,那里游客稀少,完全不必担心只能望到人头的情况。   北陆的海鲜市场能提供最新鲜的当季海味 北陆的海鲜市场能提供最新鲜的当季海味   新线路所在的北陆地区,有被称为“日本屋顶”的立山黑部阿尔卑斯山脉路线,还有一个富山湾的小渔港――冰见。在那里,当地渔民实行古老艺术的固定网捕鱼,�鱼,马林鱼,青花鱼,沙丁鱼,鱿鱼和其他几十个品种皆有。走进当地的寿司店,新鲜的海产和清酒你就能品尝到。   交通:专为外国游客设计的日本铁路通行证,可以使用2-3个星期。该通行证在当地大多数的巴士路线也通用。   4、去克拉阔特湾赏鲸   加拿大不列颠哥伦比亚省托菲诺(Tofino) 春天是灰色座头鲸觅食的高峰时间   托菲诺的克拉阔特湾水域(Clayoquot),温哥华岛西海岸的一个偏城,春天却是灰色座头鲸的觅食区,“杀手”逆戟鲸也会偶尔光临。每年,超过20000头的灰鲸从北墨西哥巴哈半岛至阿拉斯加白令海峡的“跋涉”途中会历经此地。   托菲诺鲸鱼中心和当地游览船运营商抓住这个春季机遇,鲸鱼、熊、鸟与天然温泉,神奇搭配,结合成赏鲸之旅。在入口水域,投入鲑鱼、鲱鱼或饵料鱼,就静候鲸鱼吧!如果运气极佳,没准还能看到巨型鲸。 如果运气极佳,没准还能看到巨型鲸   托菲诺三面环水,野生鲑鱼、大比目鱼、点虾等海产数不胜数。它的非官方招牌菜――鱼炸玉米饼,也不能错过,Wildside Grill和SOBO就是非常地道的去处。店主能十分明确地告诉你玉米卷中的鱼是在何时何地被捕地,也能与你分享美食秘诀,这样的体验也想必也只有在托菲诺能拥有吧!   交通:最近的机场是托菲诺长滩机场。此外也可以选择从温哥华坐轮渡到托菲诺。相关的主题文章:

On the Australian stock market opened slightly lower in other major markets in Asia Pacific 黄淮学院学生处

On the Australian stock market opened slightly lower in other major Asia Pacific markets Huitong news network February 8th — Japan and Australia stock market on Monday (February 8th) opened, but most other Asian markets because of the Lunar New Year holiday vacation. After the drastic fluctuations in the stock market this week China comprehensive will remain closed, so the Asian stock market this week, most of the time will be subdued. Last Friday, the U.S. stock market fell after poor payrolls data in the United states. Japanese stocks opened lower Monday. In addition to Chinese mainland stock market, Hongkong, Taiwan and South Korea stock market on Thursday (February 11th) will also be closed before all other countries, such as Malaysia, Vietnam, Philippines and Singapore stock market will also be closed for one to several days. Therefore, market strategists believe that the Asian financial market will be greatly affected this week. The rest of Asia’s market this week will see more of the face of the US and European markets. The main reason for the low opening of Japan and Australia stock market is the poor economic data of the United States, and the national oil prices are still in the doldrums. Last Friday, U.S. payrolls data showed employment growth of only 151 thousand people, lower than 190 thousand of the market expected. Crude oil prices also fell slightly on Friday. At the beginning of Monday, a further decline, which is also a drag on the performance of energy stocks. Japan’s Nikkei 225 index fell Monday, or 1.8%, at 16583 points, slightly after the opening of the Australian stock market fell 1% rebound, currently fell 0.3%, but the overall trend is still weak. Enter Sina Financial shares] discussion

日澳股市小幅低开 其他主要亚太市场休市   汇通网2月8日讯――日本和澳大利亚股市在周一(2月8日)低开,而其他多数亚洲市场则因为农历新年假期休假。此前波动剧烈的中国股市本周全周将维持休市,因此亚洲股市本周多数时间内也将波澜不惊。   上周五美国股市在美国非农就业数据不佳后录得下跌。导致日股在周一跟随低开。除了中国内地股市外,香港、台湾和韩国股市在本周四(2月11日)之前也将全体休市,其他国家如马来西亚、越南、菲律宾和新加坡的股市也将休市一至多日。因此,市场策略师认为本周亚洲金融市场交投力度将受到很大的影响。   亚洲地区剩余市场本周的走势也因而将更多看美欧市场的脸色。导致日澳股市低开的主因是美国经济数据不佳,且国家油价依旧低迷。上周五,美国非农就业数据显示就业仅增长15.1万人,低于市场预期的19万。   原油价格在上周五也小幅走低。周一盘初进一步下滑,这也拖累了能源类个股的表现。   日本日经225指数周一走低,跌幅达1.8%,报16583点,澳洲股市在开盘重挫1%之后略微反弹,目前下跌0.3%,但总体走势依旧疲软。 进入【新浪财经股吧】讨论相关的主题文章:

Chorus into the end of the bond market good attitude 拔地而起的意思

"Chorus" into the end of the bond market "good jianhaojiushou debt in the 10 year treasury bond yields, China open source: wind information Chinese maturity bond information network reporter newspaper reporter Zhang Qinfeng in risk aversion to diffuse, the global bond market staged a" chorus "atmosphere, after the Spring Festival holiday Chinese bond market ushered in a good start, 14 on the spot the market to rise, the 15 day Treasury futures also rose across the board. Analysts pointed out that, during the Spring Festival holiday, overseas market turbulence, risk aversion and the devaluation pressure significantly warming suspension, conducive to short-term bond yields downward continuation of the market, but it must be noted that the risk aversion is not the main bond pricing logic driven economic policy and bond interest rates down in the basic power of no significant change. While the local debt supply pressure will soon release liquidity, after converting a surprise, so the expectations of interest rates down the space is not too high. For a period of time, the bond market yields may still show a range of shocks, more stable intervention after adjustment. Global market for 15 days to work with the chorus, the exchange market opening, fund brokerage and other institutions, the bond market officially ended off mode. The same day, bond futures in monkey year their debut scheduled a stronger, the survival of the contract closed higher across the board, with the ten year treasury bond futures contracts in recent months T1603 closed up 0.4%. Ahead of the opening of the inter-bank bond market in the previous day rose after the mood has calmed down, each term bond yields fluctuate within a narrow range, a variety of indicators for ten years hovering around 2.82%, 14, ten year bond yields down to 2.82% 3bp more than ten years, the debt yield dropped more than 9bp to 3.07%. Ten years in debt policy is down more than 10bp. The certificate of the feast, the Spring Festival holiday, not only got properly due to rising bond interest income, the festival also sent an unexpected red". The Spring Festival holiday, the holiday, the overseas market has set off the tempestuous waves, risk assets such as stocks and commodities sell-off, even the dollar is not strong, and safe haven assets such as government bonds and the yen and other favored, the financial market is full of strong risk aversion. Look during the major developed economies, the bond market, yields have dropped to low stage, such as the 10 year Treasury yields fell to 1.53%, almost at a record low, 10 year Japanese bond yields is hitting negative, creating a group of seven (G7) for the first time in the history of ten year bonds negative the interest rate, the German 10 year Treasury yields hit 0.13%. At the same time, the dollar is no longer, the dollar index dropped nearly 4%, the yen currency attribute erupted again, to $two a week rose 7%. So, in the background of high power, safe haven assets under the global market, after the China bond market staged a "good start" is actually not difficult to predict. Operation rate low little short term bond market first risk aversion stimulus after the economic data boost, are conducive to the continuation of bond yields down market. Market participants pointed out that the risk aversion caused by the turmoil in the overseas market may have been released during the long holiday, but because of Japan

“大合唱”进入尾声 债市“开门红”见好就收   中债10年期国债、国开债到期收益率   资料来源:wind资讯 中国债券信息网    □本报记者 张勤峰   在避险情绪弥漫,全球债市上演“大合唱”的氛围中,春节长假后中国债市迎来“开门红”,14日现券市场先行走高,15日国债期货也全线上涨。分析人士指出,春节长假期间,海外市场经历动荡,避险情绪显著升温及人民币贬值压力暂缓,均有利于短期债市收益率下行行情的延续,但需注意的是,避险情绪并非债市主要定价逻辑,驱动债券利率下行的经济与政策等基础性力量尚无显著变化,而地方债供给压力释放在即,节后流动性恐难有惊喜,因而对利率下行空间不宜期望过高。一段时期内,债市收益率可能仍呈现区间震荡格局,调整后介入更稳妥。   全球债市大合唱   15日,随着交易所市场开市、基金券商等机构上班,债券市场正式结束休假模式。当天,国债期货在猴年开市首日如期走强,各存续合约全线收高,其中十年期国债期货近月合约T1603收盘涨0.4%。提前开市的银行间债券市场在前一天大涨后情绪有所平复,各期限国债收益率窄幅波动,指标十年期品种徘徊在2.82%左右,14日,十年国债收益率下行逾3bp至2.82%,十年国开债收益率大降逾9bp至3.07%,十年非国开政策债更是下行逾10bp。对于持券过节的人来说,这个春节长假,不仅妥妥地拿到了利息收益,节后债市上涨更送上一份意外的“红包”。   春节长假,国内休市,海外市场却掀起惊涛骇浪,风险资产如股票、商品遭到抛售,连美元亦不复强势,而避险资产如各国国债、日元等受到青睐,金融市场上充斥着强烈的风险厌恶情绪。环顾长假期间各主要发达经济体国债市场,收益率纷纷降至阶段新低,如10年期美债收益率一度跌至1.53%,几乎逼平历史最低纪录,10年期日本国债收益率更是一度触及负值,创造了七国集团(G7)史上首次十年期国债负利率,德国10年期国债收益率一度触及0.13%。与此同时,美元风光不再,美元指数急挫近4%,日元避险货币属性再次爆发,对美元两周升值7%。如此,在避险资产当道、全球债市高亢的背景下,节后中国债市上演“开门红”其实也不难预料。   利率低位运行问题不大   短期来说,债市先有避险情绪刺激,后有经济数据助推,均有利于债市收益率下行行情的延续。   市场人士指出,长假期间海外市场动荡引发的避险情绪或许已经释放,但因日本进入“负利率”时代、美联储升息预期“退烧”、欧洲央行或考虑加码宽松等共同营造的全球再宽松浪潮雏形渐显,全球债券牛市仍有想象空间。对于中国债市而言,海外再宽松有望减轻国内货币政策放松的阻力,特别是近期美国经济复苏不稳,就业差于预期,加上油价引发的通缩压力,使得美联储继续加息的概率降低,由此可缓和人民币贬值和资本外流压力,提升中国货币政策的腾挪空间。   1月外贸数据逊于预期,则表明国内经济下行压力仍然较大,利率不具备显性上行风险。海关总署15日公布2016年1月我国外贸进出口情况。据海关统计,今年1月,我国进出口总值1.88万亿元人民币,比去年同期下降9.8%。其中,出口1.14万亿元,同比下降6.6%;进口7375.4亿元,同比下降14.4%;进、出口降幅均远高于市场预期和前值水平。   经济下行环境叠加人民币汇率阶段企稳,这些都可能提升市场对货币政策放松的憧憬,机构普遍认为,目前利率上行风险可控,保持低位运行的概率大,继续小幅下行也不无可能。   区间震荡等待指引   但机构也指出,节后债券市场不确定性犹存,不应对利率下行空间抱太高期望。   平安证券周报指出,全球避险情绪推动节后债市小幅反弹,但避险情绪并非债市主要定价逻辑。事实上,15日,海外市场上欧元、日股等相继反弹,显示避险情绪已经有所退潮,而国内现券市场利率下行放缓,可能也表明避险情绪对债市的刺激一步到位。有机构如华创证券警示,后进机构可能面临“抬轿子”的风险。   平安证券报告进一步指出,支撑债市趋势走牛的逻辑依然在于资产收益持续下行和货币政策继续放松,而这两者在短期暂时难以看到。一方面,经济增速虽未见底,但短期还未见到超预期下行势头;另一方面,虽然汇率阶段性稳定减轻了汇率对利率政策的约束,但央行仍强调货币政策稳健,近期的一系列货币政策操作更多的是被动对冲。平安证券认为,在当前收益率水平上,债市继续上涨空间有限。   对于节后债市而言,还可能面临一些不确定性因素的扰动,其中主要有两点:一是节后逆回购等集中到期回笼,央行对冲操作待观察。据统计,整个2月下半月,将有1.43万亿元逆回购到期,必将对资金面宽松造成限制,总体上,流动性紧张面临政策约束,但往年春节后极度宽松的局面可能很难重现。二是节后债券供给可能放量。春节后,一级市场将逐渐恢复正常,而今年地方债早早启动,使得节后可能很快迎来一个供给小高潮。从已公布的相关信息来看,2016年第一批600亿元湖北地方债将于本周开始发行,正式拉开年内地方债的发行序幕,单批次600亿元的发行规模,或预示着地方债前期供给压力超预期。   综合机构观点看,1月经济数据较少、政策面难见突破,在目前不高的收益率水平上,债券市场尚难形成进一步趋势上涨的合力,短期内收益率可能以低位震荡为主,建议等待基本面和政策面的明朗,调整时介入更为稳妥。平安证券等预计,一段时间内,10年国债收益率运行区间将在2.7%-3.0%,10年国开债将在3.0%-3.3%。 进入【新浪财经股吧】讨论相关的主题文章:

The valuation difference of ah shares will gradually narrow 浙江海洋学院图书馆

The difference between the valuation of AH shares will gradually reduce the sina finance opinion leader (WeChat public kopleader) columnist Hong Hao over the long term, through the opening of Hong Kong, Hong Kong stocks "game rules" will gradually change. Hongkong has a high degree of opening to the market, and the flow of funds is greatly influenced by international factors. The A stock market is mainly affected by domestic liquidity, and the peripheral factors have less impact on it. With the deepening of the process of interconnection between the two places, the valuation difference of AH shares will gradually narrow. The valuation difference of AH shares will gradually narrow the market consensus that the recent rise in the Hongkong market benefited from the deep passage of Hong kong. However, the Shenzhen Hong Kong through the stock pool subject and in Shanghai and Hong Kong has been running for nearly two years has a great intersection, and the original, included in the Hong Kong stocks through in the subject has accounted for the Hongkong market capitalization and turnover of 80% and over 90%. That is to say, if the market wants to buy the Hongkong listed the subject matter, it has sufficient time and space does not need to wait until after the announcement through the shenzhen. At the same time, through the South interconnection mechanism of stock transactions accounted for only about 15% of the total turnover of Hongkong market. Therefore, although the amount of these funds is huge, it is not the dominant market. The preference of these funds for the market, blue chip financial stocks and Chinese stocks reflects the composition of the Hongkong index. This year, QD quota approval has also led to some slowdown through QD to Hong Kong had now no money had to route through the interconnection mechanism limit. This moves south capital to have partial QD capital channel substitution effect. The cancellation of the total amount of Hong Kong and Shenzhen stock exchange is an important change in the pattern. This new mechanism can help digestion A shares due to liquidity and capital account isolation, relative to the long-term and significant premium shares in Hong Kong and. Consensus is often held that, in the interconnection mechanism, the discount of Hong Kong stocks relative to A shares will be gradually ironed. However, this logic does not take into account the A shares are obviously overvalued, and Hong Kong stocks under the influence of international funds, pricing is a more realistic possibility. For example, for example, Zhejiang treasure, has been a concern of the stock – its A shares valued four times higher than Hong Kong stocks. However, because its Hong Kong stock earnings ratio has been more than 50 times, and A shares have reached more than 200 times. It is difficult to imagine, in an increasingly effective, the market has been standardized, this year and next year is expected to 2012 earnings per share will increase in the number of units, to 2014 year loss per share of stock from 50 times to 200 times the price earnings ratio is revalued. Market consensus also believes that Hong Kong stocks are a valuation depression. Indeed, in the past few years, the valuation of Hong Kong stocks gradually down, the day cheap. However, Hongkong index component, the proportion of financial stocks is very large, may be the world’s largest proportion of the financial sector index. On the international market because of the global financial sector yield curve flattening, the economic recovery is weak, and other reasons, the valuation has been compressed to a great extent. While Hongkong’s international funds are looking for comparable valuations, they tend to be cheaper internationally. Therefore, the Hongkong index is valued

AH股的估值差异将逐渐缩小   文 新浪财经意见领袖(微信公众号kopleader)专栏作家 洪灏   长期来看,深港通开通后,港股的“游戏规则”将逐渐发生改变。香港市场开放度高,资金流向受国际因素影响较大。而A股市场主要受国内流动性影响,外围因素对其影响较小。随着两地互联互通进程的深入,AH股的估值差异也将逐渐缩小。 AH股的估值差异将逐渐缩小   市场共识认为近来香港市场的上涨行情得益于深港通。然而,深港通的股票池标的和已运行接近两年了的沪港通有很大的交集,而且原有的、包括在港股通里的标的已占了香港市值和成交额的80%和90%以上。也就是说,如果市场希望买入这些在香港上市的标的物,它早有充分的时间和空间,并不需要等到深港通宣布之后。   与此同时,通过南向互联互通机制的股票成交额只占香港市场总成交额的15%左右。因此,尽管这些资金体量庞大,但也并不是市场的主导。这些资金对于市场大盘蓝筹金融股、中资股的偏好反映的更多的是香港指数的构成。今年以来,QD额度的审批放缓也导致了部分本来应该通过QD到港的资金不得不借道现在没有额度限制的互联互通机制。此举使南下资金存在着部分QD资金通道的替代效应。   深港通总额度的取消是一个重要的格局的变化。这个新的机制可以帮助消化A股由于流动性泛滥和资本账户隔离而导致的,相对于港股和中概股长期而显著的溢价。共识往往认为在互联互通机制下,港股相对于A股的折价将会被逐渐熨平。然而,这种逻辑没有考虑到A股被明显高估,而港股在国际资金的影响下,定价反而更真实的一种可能性。   举个例子,比如说浙江世宝,一直是一个颇具关注的股票――它的A股比港股估值贵四倍。然而,由于它的港股市盈率已经在50倍以上,而A股更达到了200多倍。很难想象,在一个日渐有效、日益规范的市场里,这个今年和明年预计每股收益将以单位数增长的、2012到2014年连年每股亏损的股票会从50多倍的市盈率被重估到200多倍。   市场共识还认为港股是一个估值洼地。的确,在过去几年里,港股的估值逐步下行,日发便宜。然而,香港指数成分里,金融股的比重非常大,有可能是全世界金融板块占比最大的主要指数。国际市场上的金融板块由于全球收益率曲线的平坦化、经济复苏乏力,以及其它原因,估值早已在很大程度上被压缩了。而香港的国际资金在找估值比较标的时,用的往往是更便宜的国际标的。因此,香港指数估值的压缩反映的是金融板块畸高的比重,和这个板块的估值压缩现象。同时,它也是香港经济结构过分单一、严重失衡的一个缩影。   综上所述,深港通是港股最近这波上升行情的催化剂,而非原因。港股最近的两个低点出现在今年的一、二月,以及六月底英国脱欧之际。这两个低点恰恰是市场由于全球央行在危机时刻托底,对“无底线”货币宽松坚定了信念的时刻。这种信念更有可能是香港市场近期上涨的主要原因。市场对货币政策的预期已经演绎得淋漓尽致。大约两周前,香港市场情绪指数已经飙升至历史性的极端,显示着许多利好已经反映在当前的市场价格里。随后,香港恒指单天暴跌了逾800点,是脱欧后最大的单天暴跌。我的量化情绪模型指数曾在2015年六月A股泡沫破灭前夕达到过类似的高度。货币政策的效用早已经边际递减了,濒临失效的边缘。长期投资者应该暂停交易,等待更好的买点。   小盘股活跃度有所提升,并在近日小幅跑赢了大盘股;但互联互通南下股票池交易额相对于香港市场总交易额的占比已见顶:市场对深港通计划的期望持续升温。共识普遍相信深港通概念股将会受惠,而其正面的影响将扩散到整个市场。如是,与深港通有关的个股至少应该出现以下两个交易情况:一是,由于市场对这些个股的热情提升,其成交额的占比理应相对增加;二是,基于资金持续流入这些个股,其整体表现应跑赢大市。只有以上两项情况成立,我们才可以确认深港通股票池标的将受惠于深港通计划的开通,并带动市场上涨。   在港股市场上,深港通与沪港通南下的股票池标的股票高度相似。沪港通南下股票池(港股通)包括了恒生大型、中型股指数里的312个成分股。深港通南下股票池包括了恒生大型、中型股指数成分股,以及恒生小盘股指数里市值大于50亿的约108个成分股。因此,在已有的沪港通机制里,沪港通南下(港股通)股票池市值已经占香港市场除创业板外市值的80%以上,交易额占香港市场除创业板外成交量的85%。深港通扩容后,新增加的近100只股票仅能提高10%的市值占比,或5%的交易额占比。简单地说,深港通机制并没有显著地扩大沪港通现有机制里股票池对整体市场的包容度――因为在原有的沪港通机制里的股票标的已然是市场的主体。   我们的量化分析发现,深港通概念股的成交量占港股总成交量的比率维持窄幅波动(焦点图表1)。交易额占比较4月初低位有所回升,但也从93%的顶部回落。此外,在有关深港通计划宣布后,尽管两地股市在沪港通消息公布当日反应热烈,恒生小盘股指数(HSSI Index)至近日也仅微幅跑赢恒生中大市值股票指数(HSML Index)。而换言之,深港通开通似乎没有显著改变香港市场现有的交易格局。因此,尽管深港通宣布后香港市场有所上涨,但是深港通的到来并不能完全解释最近香港市场的涨幅,否则许多标的在两年前沪港通出来的时候就可以买了。 (焦点图表一:深港通概念股的成交量占港股总成交量的比率可能已经见顶)   海外资金流入未出现异常,市场近期的利好预期已很大程度上被反映在市场价格里:市场还普遍认为这轮南下资金流入是市场最近反弹的主要推手,因为港股通渠道的额度使用量、日均交易额与整个市场的交易额占比都显著上升。然而,南下资金额度的平均每日使用在30%左右,占香港市场总成交量约15%。因此,香港市场仍然是被非参与互联互通的资金所主导。当然,市场的走势总是由边际资金决定,而新增资金的选股取向也将影响着市场上其它资金的流向。   同时,资金流向的数据也描绘出一个相似的情形。我们统计了全球主要的中国ETF基金,其占所有中国ETF基金资产管理总规模98%以上。我们发现,这次反弹中大盘股资金流入中国离岸市场的情况与过去几年没有任何区别(焦点图表二)。一如既往,境外ETF资金净流入与香港HSCEI的表现是同步并高度相关的。我们数据显示,离岸中国市场ETF资金流量尽管在脱欧之后有所回暖,但是在八月十六日深港通宣布以来并没有出现显著的净流入。或者说,资金的流入并没有出现显著的异常现象――如去年三、四月份的资金大幅流入的情况。当然,ETF正式纳入互联互通计划的提议仍然在讨论中,但是在最终将被纳入的预期下,非南下资金也应提前布局。 (焦点图表二:海外资金与港股走势仍然同步,但深港通后资金流入并未出现异常)   与此同时,我们看到小盘股的回报与资金流向却出现与历史不同的走势(焦点图表三)。今年以来投资小盘股ETF的海外资金流入相对平稳,然而小盘股仍能走出一波向上行情,与历史走势不一致。因此,市场上应该有其它渠道的资金已经提前炒作香港小盘股。 (焦点图表三:小盘股已经被提前炒作)   但长期来看,深港通开通后,港股的“游戏规则”将逐渐发生改变。香港市场开放度高,资金流向受国际因素影响较大。美联储加息预期反复,全球市场波动和英国意外“脱欧”,均引发资金出逃,拖累港股表现。而A股市场主要受国内流动性影响,外围因素对其影响较小。随着内资的不断流入,内陆的流动性影响加剧,而国外市场对其的影响将逐步减弱。同时,随着两地互联互通进程的深入,AH股的估值差异也将逐渐缩小(焦点图表四)。 (焦点图表四:随着南向资金流入,AH股溢价区间正逐步缩窄)   (本文作者介绍:交银国际董事总经理兼首席策略师。CFA,毕业于北京对外经济贸易大学和澳大利亚新南威尔士大学。)相关的主题文章:

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In February 26th four Securities newspaper headlines summary of the contents of the essence sina finance Level2:A shares of sina finance: App speed Kanpan live on-line blogger to tutor China securities fifteen to carry out the innovation and development of the service trade pilot Premier Li Keqiang signed the State Council issued "on the day before, the written agreement on trade in service innovation and development pilot (hereinafter referred to as" the "reply"), Tianjin, Shanghai, agreed in Hainan, Shenzhen, Hangzhou, Wuhan, Guangzhou, Chengdu, Suzhou, Weihai and Harbin District, Jiangbei District, Two Rivers District, Gui’an District, West Ham and other provinces (regions) to carry out the service trade development innovation pilot, the pilot for a period of 2 years, since the State Council approved date. The first batch of pilot reform of important areas in the first half of 2014 to determine the SASAC [micro-blog]25 held a media ventilation meeting, SASAC [micro-blog] deputy director Zhang Xiwu introduced the "ten reform pilot" specific arrangements and deployment. It is reported that this year, SASAC will choose 3-5 enterprises to carry out the pilot of state-owned capital investment company, and promote the reorganization of the Prudential Group and the new state company for the state-owned capital operation company. At the same time, this year will be in power, oil, natural gas, railways, civil aviation, telecommunications, military and other important areas to promote mixed ownership pilot, the first half will determine the first batch of pilot enterprises, and began to develop pilot implementation plan, the second half of the official launch of the pilot. In addition, plans to select 10 enterprises in the central enterprises, sub enterprise level and provinces and municipalities to carry out ESOP pilot. Zhang Xiwu said that the central enterprises merger and reorganization is an important starting point of the reform of state-owned enterprises, mergers and acquisitions this year, the intensity is not reduced, the workload should be increased, the results should be reflected. The stock index fell 2800 points per bit long Yin after nearly 1 months of "step" after a rebound, the Shanghai and Shenzhen two city 25 Dikaidizou, suffered substantial adjustment. The Shanghai Composite Index fell 6.41%, the year on a fourth single day decline, with a long line will increase in February 15th since all swallowed up. Market slump characteristics are significant, the two cities reproduce "thousand shares limit" situation, the volume has also been significantly enlarged. Shanghai and Shenzhen two cities in 25 days in early trading both opened low, then all the way down concussion. The Shanghai Composite Index fell below 2900 points, after 5 day, 10 day and 20 day moving average, a rebound in the afternoon fell below 2800 points, but in response to a handful, then can significantly enlarge the volume, the decline is further intensified, in the bottom 2729.85 points slightly stabilized, finally closed at 2741.25 points, down 6.41%. Shenzhen main index decline is relatively large, Shenzhengchengzhi fell million points, fell 7.34% to 9551.08 points, the gem index and the small plate KLCI fell 7.56%. The insurance information management market to expand around the five pulse road to improve the income of insurance information management industry at the same time, the use of funds is on 2016 and even longer future blueprint. China Securities Journal reporter was informed that in the China Insurance Asset Management Association (referred to as "Insurance Information Industry Association)" organization of insurance information agency research results show that the macroeconomic situation and the changes in the market environment for the insurance information management business brought about by intensifying competition and many other theories 2月26日四大证券报头版头条内容精华摘要 新浪财经Level2:A股极速看盘 新浪财经App:直播上线 博主一对一指导   中国证券报   十五地开展服务贸易创新发展试点   经李克强总理签批,国务院日前印发《关于同意开展服务贸易创新发展试点的批复》(以下简称《批复》),同意在天津、上海、海南、深圳、杭州、武汉、广州、成都、苏州、威海和哈尔滨新区、江北新区、两江新区、贵安新区、西咸新区等省市(区域)开展服务贸易创新发展试点,试点期为2年,自国务院批复之日起算。   重要领域首批混改试点上半年确定   国资委[微博]25日召开媒体通气会,国资委[微博]副主任张喜武介绍了开展“十项改革试点”的具体安排和部署。据悉,今年国资委将选择3-5户企业开展国有资本投资公司试点,推进诚通集团、国新公司改组为国有资本运营公司工作。同时,今年将在电力、石油、天然气、铁路、民航、电信、军工等重要领域推进混合所有制试点,上半年将确定首批试点企业,并着手制定试点实施方案,下半年正式启动试点。此外,计划在央企子企业层面和各省市分别选择10户企业开展员工持股试点。张喜武称,中央企业兼并重组是国企改革工作的重要抓手,今年兼并重组的力度不减,工作量要加大,成果要体现。   沪指百点长阴失守2800点   经历近1个月的“碎步”反弹后,沪深两市25日低开低走,遭遇大幅调整。上证综指大跌6.41%,创下年内第四大单日跌幅,以一根长阴线将2月15日以来的涨幅悉数吞没。市场普跌特征显著,两市再现“千股跌停”的状况,成交量也出现明显放大。   沪深两市25日早盘双双低开,随后一路震荡下挫。上证综指相继跌破2900点、5日、10日及20日均线,午后在跌破2800点后出现一段反弹,但响应者寥寥,随后量能明显放大,跌势也进一步加剧,在触底2729.85点后小幅企稳,最终收报2741.25点,跌幅达6.41%。深市主要指数跌幅相对更大,深证成指失守万点大关,下跌7.34%至9551.08点,创业板指和中小板综指双双下跌7.56%。   保险资管诊脉市场 五路扩围改善收益   保险资管行业在取得成绩的同时,正在着眼2016年乃至未来更长时间的资金运用蓝图。中国证券报记者获悉,在中国保险资产管理业协会(简称“保险资管业协会”)组织的对保险资管机构的调研结果显示,宏观经济形势及市场环境变化为保险资管业务带来竞争加剧等诸多挑战,但保险资管机构普遍认为,在投资能力提升的背景下,未来仍可以从权益类投资、实体投资、全球化配置、第三方业务和资管业务创新等五个方面寻求扩大资金运用收益的空间。保险资管业协会执行副会长兼秘书长曹德云表示,近几年来,险资投资收益不断趋于改善,保险资金配置的各类资产质量良好,未来,在加强行业性基础设施建设的促进下,保险资管的市场化程度和产品竞争力都将有所提升。   证券日报   沪港通“南热北冷” 节后港股通净流入规模   尽管昨日上证指数下挫逾6%,港股下跌1.58%,但沪港通双向资金通道仍双双保持小幅净流入态势。从整体上看,春节以后,沪港通延续了“南热北冷”格局。   据沪港交易所数据显示,截至2月25日A股收盘,沪股通净流入2.97亿元,每日130亿元限额还剩下127.03亿元,使用率为2.3%;截至港股收盘,港股通净买入5.81亿元,每日105亿元额度剩下99.19亿元,使用率为5.5%。   国务院同意在10省市开展服务贸易创新发展试点   2月25日,国务院印发《关于同意开展服务贸易创新发展试点的批复》(以下简称《批复》),同意在天津、上海、海南、深圳、杭州、武汉、广州、成都、苏州、威海等10个省市和哈尔滨新区、江北新区、两江新区、贵安新区、西咸新区等5个国家级新区开展试点工作,试点期为2年。   大盘震荡筑底 产业资本趁机增持四大行业   2月份以来,尽管A股市场处于震荡整理中,但产业资本增持自家股票热情仍未减,成为市场关注的焦点。据《证券日报》市场研究中心统计显示,剔除个人股东后,2月份以来截至昨日,产业资本净增持A股上市公司股份数量为2.91亿股,净增持金额达42.01亿元,期间产业资本净增持83家公司股票。   信托公司财富管理新特点:关注全球资产配置   根据波士顿咨询公司全球财富数据库统计,预计未来5年私人财富规模与高净值家庭数量将保持稳定增长,银行、保险、实体企业、基金会等各类机构资金的投资需求也在快速增长,由此衍生出庞大的资产配置需求。   外贸信托研究员发布的2015年研究报告认为,未来信托公司的财富管理将转变发展方式,由产品导向到客户导向、资产配置由国内到全球。   上海证券报   全国人大财经委员会副主任委员辜胜阻[微博]:防范系统性金融风险重在监管转型   2016年全国两会召开在即,全国人大代表、全国人大财经委员会副主任委员、民建中央副主席辜胜阻近日在民建中央两会提案通气会上对今年两会经济热点作出了前瞻。   辜胜阻表示,今年是“十三五”开局之年,两会最重要的议题是审议“十三五”规划,为如期实现全面建成小康社会奋斗目标谋篇布局。而“十三五”时期,金融改革将面临提高金融服务实体经济效率和防范系统性金融风险的两大任务。   G20启动“中国时间”   在奥斯卡金像奖获奖科幻片《她》中,位于上海陆家嘴的摩天大楼摩肩接踵,天桥环绕,具有十足的“未来感”。和颁奖舞台上的灯光一样璀璨,黄浦江畔今日迎来全球财政金融界一把手们的聚会,二十国集团(G20)财长和央行[微博]行长会议26日至27日在此召开。   在不少海外舆论看来,以中国为代表的新兴市场的崛起,成为近年来影响和改变世界秩序的重要变量。而G20作为信息共享和交流的机制和平台,也让全球经济治理找到新方向,为全球宏观经济治理展开沟通协调。   “十项试点”启幕 国资改革好戏在后头   昨日,国务院国资委、国家发改委、人社部联合召开发布会,首度对外披露国有企业“十项改革试点”落实计划。国资专家认为,国资国企改革已进入更为系统化的实践层面:大幕开启,好戏在后头。   启动“十项改革试点”   总体来说,十项改革试点包括落实董事会职权试点、市场化选聘经营管理者试点、推行职业经理人制度试点、企业薪酬分配差异化改革试点、国有资本投资运营公司试点、中央企业兼并重组试点、部分重要领域混合所有制改革试点、混合所有制企业员工持股试点、国有企业信息公开工作试点、剥离企业办社会职能和解决历史遗留问题试点。   “中国制造”2016大戏开唱   启动飞机发动机和燃气轮机重大专项   启动飞机发动机和燃气轮机重大专项,5亿元组建动力电池研发平台……昨天,工信部部长苗圩在国新办新闻发布会上透露的信息显示,2016年“中国制造”大戏开唱。   证券时报   朱光耀:全球经济存下行风险G20需加强政策协调   为期两天的G20财长和央行行长会议今起在上海举行。中国财政部副部长朱光耀25日在上海表示,经济存在下行风险是当前全球经济面临的挑战,此次G20财长和央行行长会议将讨论各成员国如何加强团结以及政策的协调合作,从而让全球经济回到增长的轨道,并且平衡即期、中期和长期的经济增长。   大跌下机构出货为主游资大胆抄底   周四,A股遭遇猴年的第一场暴跌,“千股跌停”惨状再现。两市成交量显著放大,资金净流出金额高达690亿元,净流出金额创出今年以来新高。盘面上,行业板块全线暴跌,船舶、多元金融、互联网、医疗保健、软件服务等板块逼近跌停。   昨日龙虎榜数据显示有50只个股上榜,其中23股的龙虎榜单中出现机构身影。从资金面看,周四机构买入7.09亿元,卖出9.97亿元,机构净卖出金额为2.88亿元;游资买入41.46亿元,卖出34.46亿元,游资净买入金额为7亿元。由此可见,机构在当日的暴跌行情中以出货为主,而游资则大胆抄底。   1月底上证指数换手率已接近历史地量水平   换手率大小代表着在一定时间内上市公司股票流通性的强弱。事实上,换手率是对投资者心理预期的一个体现,换手率与股价走势的结合,可以对未来的股价做出一定的预测。当某只股票的换手率突然放大时,可能意味着投资者在大量买进,股价可能随之上涨;反之,当某只股票持续上涨一段时间后,换手率迅速上升,则可能意味着获利者套现。   本文对2015年全年A股市场股价涨跌与换手率的相关性进行分析,希望找出一些规律,并结合自2006至2008年牛熊市行情的对比,对2016年的投资给出适当的参考。   回归潮势不可挡中概股还有多少后备军?   尽管重组尚存五重障碍,盛大游戏[微博](GAME)借壳中银绒业回归A股之心不死。中银绒业在2月25日复牌公告中称,中绒集团22日作出不可撤销的承诺,将其控制和持有的全部盛大游戏41.19%的权益优先出售给中银绒业。中银绒业股票复牌即逆市涨停。   中概股回归A股的浪潮一波高过一波。截至2015年年底,已有33家在美上市的中概股公司收到了私有化要约,这一数字达到了近几年的顶峰。而今年以来,已有智联招聘、酷6传媒以及聚美优品等中概股收到私有化要约。   进入【新浪财经股吧】讨论相关的主题文章:

四创电子、航天科技、奥普光电、航天长峰和成发科技均被纳入十大重仓股之列 李悦陈雯江陵肃背景

Military stocks continued to be active in Chinese theme mining excess return sina finance Level2:A shares of sina finance: App speed Kanpan live on-line blogger to tutor – Gold Financial Review military stocks continued to be active in Chinese theme mining reporter Wang Peng, the excess return of A shares market editor Longbow in February 17th, military stocks were active, the Central Plains Steel, aerospace Changfeng etc. stocks daily limit, almost all Piaohong plate. Some analysts said that the current situation of international relations in Northeast Asia and the evolution situation in the future, will make the defense industry once again become a hot market; at the same time, the reform of the army to start at the end of last year exceeded market expectations, the aerospace industry stocks are expected to face a new round of asset restructuring, benefit from this, a quarter of the military unit or will be continued good. From the Fund Quarterly Bulletin of the situation, many firmly optimistic about the investment opportunities of the military sector investment funds are a great deal of its configuration. Take Chinese business theme selection as an example, as early as the second quarter of 2014, fund manager Liang Yongqiang general industry as one of the main allocation direction of the fund, so that the ten largest awkwardness appeared in the space development figure. In the following quarters, the proportion of the military sector in the selection of Chinese business themes increased further. As of December 31st last year, four electronic, aerospace science and technology, Aupu photoelectric, aerospace Changfeng and Cheng Fa technology are included in the top ten awkwardness, 5 stocks accounted for 32.2% of the total. Among them, Aupu photoelectric, aerospace Changfeng and Cheng Fa technology since February this year rose 18.06%, 32.5% and 10.36%, respectively, for the combination of net significant rise to play a role in promoting. As of February 16th, the Chinese featured topics picked up by 6.77% in the past month, outperforming the CSI 300 index of 8.55%, which fell by 1.78% over the same period. Liang Yongqiang said, from the current development trend, the next 20-30 years, China rise again or will become the world’s largest variable, in this process, the international order may have a new change, but on the whole China, whether it is "The Belt and Road", or a display of external force, hard strength is the foundation, therefore, making hard power represented by the military, high-end equipment is Chinese need to constantly strengthen the things. Opened in 2016, this round of restructuring as a priority among priorities of the country changed and changed have a substantial start, this year the opportunity will be reflected in these aspects, especially the whole from non market to market to the process of the military industry will be a huge burst of elasticity, which will also be the focus of the fund the direction of the configuration. Looking ahead, the Milky Way Securities said in a research report, military stocks benefited from the Institute of military reform, restructuring is expected to accelerate, a quarter of sustainable value. The army reform started at the end of last year, including the establishment of new military services, such as rocket troops and strategic support forces, and the establishment of the five war zone, with great efforts and rapid progress, which exceeded the market expectations. At the same time, it is expected that the restructuring of military research institutes will be accelerated before and after the NPC and CPPCC sessions, and the space military stocks are expected to face a new round of asset restructuring. In choosing the relevant products of the military industry, the insiders suggest that investors should give priority to those who have good historical performance and medium length theory

军工股持续活跃 华商主题挖掘超额收益 新浪财经Level2:A股极速看盘 新浪财经App:直播上线 博主一对一指导   ■金奖理财日评   军工股持续活跃   华商主题挖掘超额收益   ⊙记者 王彭 ○编辑 长弓   2月17日,A股市场军工股表现活跃,中原特钢、航天长峰等多股涨停,板块几乎全线飘红。有分析人士表示,当前东北亚地区的国际关系形势以及事态未来的演化,将使国防军工再次成为市场热点;同时,去年底启动的军队改革超出市场预期,航天军工股有望面临新一轮资产重组,受益于此,军工股一季度或将被持续看好。   从基金季报公布的情况来看,不少坚定看好军工板块投资机会的基金均对其进行了大手笔配置。以华商主题精选为例,早在2014年第二季度,基金经理梁永强便将军工行业作为基金的主要配置方向之一,令十大重仓股中出现了航天发展的身影。随后几个季度,军工板块在华商主题精选中的占比进一步增加。截至去年12月31日,四创电子、航天科技、奥普光电、航天长峰和成发科技均被纳入十大重仓股之列,5只个股合计占比达到32.2%。其中,奥普光电、航天长峰和成发科技今年2月以来分别上涨18.06%、32.5%和10.36%,为组合净值的显著回升起到了推动作用。截至2月16日,华商主题精选近一月净值上涨6.77%,跑赢同期下跌1.78%的沪深300指数8.55%。   梁永强表示,从目前的发展态势来看,未来20-30年,中国再次崛起或将成为全球最大的变量,在这个过程中,国际秩序可能会有新的变化,而对整个中国而言,不管是“一带一路”,还是对外力量的一种展示,硬实力都是基础,因此,以军工、高端装备制造为代表的硬实力才是中国需要不断强化的东西。2016 年开年,作为这一轮转型重中之重的国改和军改都有了实质性开端,今年的机会也会在这些方面体现出来,尤其是军工行业整体性从非市场化向市场化转向的过程将爆发出巨大的弹性,这也将是基金重点配置的方向。   展望后市,银河证券在研报中表示,军工股受益于军改、研究所改制加快预期,一季度可持续看好。去年底启动的军队改革,包括火箭军和战略支援部队等新军种的设立、成立五大战区,力度之大,进程之快,均超出市场预期。同时预计全国两会前后军工科研院所改制也将加快,航天军工股有望面临新一轮资产重组。在选择重配军工行业的相关产品时,业内人士建议,投资者可优先选择那些历史业绩较好、中长期表现稳定的基金。THE_END 进入【新浪财经股吧】讨论相关的主题文章: