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Development and Reform Commission: 2015 global currency Centre in Shanghai broadcast headlines, we begin to focus on an important piece of news in the financial sector, national development and Reform Commission and officially published today the construction plan of Twelve-Five Shanghai international financial center. This vision includes a number of investors are concerned about the information. In 2010, in Shanghai's financialField does not contain the exchange of transaction totaled $ 386.2 trillion, per cent from 2005. Total number of financial institutions in Shanghai with 1049, than at the end of 2005 increased 439. National development and Reform Commission pointed out that "Twelve-Five" during the construction of Shanghai international financial center development goals are: aim at the world's leading international financial centre is to quadruple its 2015 basic establishmentShanghai global product innovation, trading and pricing of RMB and settlement Centre. That is to say, around financial centre will be fully settled in the formation of Yuan in Shanghai. Recommended reading on January 31 illustrations: local afternoon rebound as an auspicious start who died normal technical adjustments need to be cautious pick-up pattern is expected to extend China's a-shares shocks HKExA-shares issued starting a-shares opened weaker Outlook was worried langma several points of thinking on nuggets of information the man higher up "plans break unit" [Twitter] RMB appreciation and the a-share the mysterious relationship [shares] old investors disclosed benchmark interest rate for this position by the end of the Yuan will be "made in Shanghai" in terms of specific planning objectives warhammer online gold, most notably, one is toIn 2015, financial markets (excluding the foreign exchange market) trading volumes to reach around 1000 trillion yuan; planning is of very important goals, by 2015, the Shanghai interbank interest rates become major benchmark interest rate of RMB assets pricing inside and outside, inside and outside the Yuan central parity rate becomes major exchange rate of RMB transaction pricing benchmarks. BecauseThe Yuan central parity rate now is produced by the Shanghai Foreign Exchange Trade Center, two points behind mean, future benchmark interest rates and exchange rates of renminbi in Shanghai. This is supporting Shanghai as the most important measures of the World Trade Center, at the same time, market has always been concerned about the Yuan exchange rate marketization final directions and paths have become very clear.This plan also includes attracting foreign financial institutions to regional and even global is headquartered in Shanghai. Support financial institutions in Shanghai to develop market-oriented reform, reorganization of open, with an emphasis on building its cross-border payment and clearing centre, accelerate the construction of a modern financial infrastructure system. Construction renminbi payment networks around the world. Used in accordance with its cross-borderProcess and market demand, supporting financial markets will be trading in Shanghai-related capabilities of the system extends to the outside. Support in speeding up the construction of a global network of Shanghai Bank Card organization, create a major international bank card brand. Support the development of clearing houses in Shanghai. Strengthening the construction of credit system, and strive to make Shanghai a nationwide credit service center. Information on investment and even the entire financial sector shadowRings are very large. Experts: international financial center and formation of exchange rates and interest rates should go ahead, we note in this part of the national development and Reform Commission announced the "Twelve-Five" in building Shanghai into an international financial centre during planning, give the time of the year 2015. This and the State Council in April 2009 to 2020 Shanghai with ChinaInternational economic status and its target position to adapt to the international financial centre, a full five years ahead, there are four years from now. A very short period of time, how can we achieve the desired objectives? Shanghai international financial center, which focus around it? ����Come listen to the views of relevant experts. Lianping panshan Bank Chief Economist, told reporters, we haveFeel, this time as a global currency product pricing centers I think it is very important, because the pace has started his international. One can proceed from reality, proceeding from the actual supply and demand, while at the basic orientation of monetary policy in line with our macro-control such a price, which for us in the soundness of the financial system as a whole, as well asState finance to the world should say are extremely good. Industrial Bank (601,166, unit) Chief Economist, Political Commissar of Shandong province told reporters that the first thing you need to develop Shanghai's international influence on the RMB interest rate and exchange rate pricing power on, and that's two things to do, in fact, depend on the reform of RMB exchange rate mechanism depends on interest ratesBasically complete. Experts believe that is based on the rapid development of domestic financial markets, relevant Department adjust the timetable for construction of Shanghai international financial center. But experts also warns that within such a short time in the financial system, "major operation" there are certain risks. In particular, China's current economic development relies primarily on credit support, banking mainPrimarily deposit and loan interest margin. ����Future interest rate and exchange rate reforms brought new difficulties and challenges. Pudong Jinqiao (600,639): valuation obvious advantages to increase its stake in January-September, the company achieved operating income of $ 593 million, net profit of $ 231 million, up-and 3%, respectively, the basic earnings per share of $ 0.25,Performance in line with expectations. Net income grew faster than revenue growth mainly due to investment income grew fairly rapidly during the reporting period. (1) reduction of the first three quarters of total 1.965 million shares of haitong securities (600,837, unit), investment income $ 30.62 million. In order to comply with the "parameter control" standards, the company will be reduction of haitong securities during the year, currently holds a total of4.7485 million unit, benefiting an estimated 60 million, thickened EPS0.05; $ (2) in costing terms of East Germany and the United States Securities and China supermarket annual dividends of 28.84 million, investment income has been included in the report period. Pik Xintiandi gradually clearing becomes the company four quarters of this year and next year's earnings growth to provide protection. (1), Pik new three pinsSold well, the current sales rate had reached 98.6%, contract price 23,000 yuan per ping, will contribute $ 1.3 billion real estate sales revenue for the company, while gross profit reached 60%. ����(2) the company gradually is expected at the end of this year and next year the housing, which will significantly enhance the company's results for the year of 2010, 2011. We believe that companies expanding in the possession of property at the same time, Take into account sales of real estate development, makes the performance of the company to maintain upward trend. At present, the valuation has an edge to maintain holdings. (1) is currently under construction and proposed projects of the company a total of about 700,000, including G3, block Development Office, block development office building, 28th, biyun international community talent apartments phase I project of high value-added items eq2 plat, rent good prospects for the future, the majority ofProperties will be completed by 2013 and began leasing, and (2) company year end by inviting tenders, auction and hanging received lingang new town one block, indicates that the company adheres to the supplementary property real estate sales expansion of strategic intent, performance will maintain steady upward trend. We forecast the company basic earnings per share for 2010, 2011, 2012, 0.54, 0.66, P/E17.7,, 13.5 times, RNAV per share of $ 15, P/RNAV 0.7 times times, valuation of obvious advantages to maintain holdings. (Wanguo Yin Zi Jiang Zhengyan), Wai Gao Qiao (600,648): performance, or entered a period of explosive growth in operating income is mainly derived from the logistics trade,Real estate sales and leasing, respectively, 62.44% and 9.92%; gross margin ratio respectively, 18.83% and 24.94%. ����Contribution rate from performance point of view, although real estate whose income is less than logistics trade, but gross margins as high as 50%, strong contribution to the performance. Waigaoqiao (600,648, Unit) international trade, international logistics park has been formed consisting mainly of three big industries, advanced manufacturing industry 08 directional add-issuance after the injection of assets, the company's logistics and trading business rose jumping: increased from $ 680 million in 07 to $ 5.87 billion, up sharply increase 7.64 times at the same time, company will actively implement the national strategic plan to promote "Hong Kong section three "linkage development, important features of the Waigaoqiao Free trade zone will be built in Shanghai International Trade Center front, will further promote the company logistic trade business volume and gross profit margin increased, the performance increases significantly. Companies involved in the startup project as important for future business growth. Starts industrial park covers an area of about 5 square kilometers, and symmetrical distribution of Waigaoqiao Park ChongOut on both sides of the island. ����As the Government toll tunnels and bridges in the South and Chong Kai bridge opened, start entering the Shanghai "one hour metropolitan area" as the forward positions of the Yangtze River Delta economic circle, development prospects. ����Subsidiaries outside of the industrial park phase I 132,000 square meters of land has been made, will benefit from the transfer of industry transfer to two or three-tier cities. Industrial class rental propertiesThere are still 2 million square meters in the development stage. 08 company acquired the outreach development, new developments and triple Development Corporation, 80%, 80% per cent, increase the property area of 4.24 million square meters, 1.95 million of square meters to rental property, 2.29 million square meters reserved for the project. After the acquisition, rental income of the company from 07 more than 82 million $Grown to $ 724 million in 08; as an international logistics centre construction and a substantial increase in rental area, the company's rental income grow by at least 1 time to more than double to $ 1.5 billion annually provides continuous and stable capital inflows. In 2010, the company income comes mainly from real estate sales senlan project has not been confirmed by land income 1.388 billion yuan and ChangshuHousing development projects. Logistics and trading and a slight increase in real estate rental business stability. We expected in 2010, 2011 is $ 0.69, $ 1.08 earnings per share respectively, according to the company on March 26, 2010 closed at $ 17.28, the corresponding PE was 25 times times and 16 times respectively. In view of the performance of the company entered a period of rapid growth, raising investment evaluationLevel to "overweight". (Institute of TX investment) Lu Jia Zui (600,663): transformation city carriers pride commercial real estate decline in operating income in the future, stable net profit growth the company quarterly results show that in January-September, the company achieved revenues of $ 2.336 billion, fell by 26.91%, belonging to the owner of the parent company net profit of 10.6$ 400 million, an increase of 5.51%, earnings per share of $ 0.57, an increase of 5.5%. Net assets per share of $ 5.43, weighted rate of return on equity 10%. ����Revenue fell, mainly because of the land revenues this year. 7 the operating revenue of $ 309 million, an increase of 28.31%, attributed to parent companyOwner $ 47.77 million in net profit, an increase of 173%, earnings per share of $ 0.026, an increase of 173%. Currency for cash-rich, smooth financing three quarter Monetary Fund balance of the company at $ 1.19 billion, although more balance in decline, but still increased in early 44.8%, primarily rental income and an increase in other operating receivables;Come to a net cash flow from financing activities during the period amounted to $ 3.11 billion, an increase of 172.2%. Net expenditures increased finance costs increased substantially since the beginning of company's net cash flows from operating activities for the expenditure of $ 1.95 billion, an increase of 32%, at the same time, earlier than other receivables increased by 6.8 times times, reached $ 1.82 billion, paid byPujiang town land security deposit $ 250 million of the $ 1.5 billion and town block. ����In addition, the company finance charges increased 7.5 times times, reaching 89.87 million Yuan, is due to the increase in Bank loans arising from the increase in interest payments. Create a land bank, consolidating transformation based company at the beginning of this year is to include land bank focus, to include land reserve budget separateAnnual budget plan, combined with the company's participation in land development planning public inviting tenders, auction and hanging. In May, the company jointly with the subsidiary of bidders, Pujiang Town Center River South of the A1, A2 (company 95% share), the total area of 118,500 square meters of transfer, is able to build an area of about 92,000 square meters, total price 1.528 billion yuan. Successful bidders, Pujiang town land,Marking the company's marketing resources reserve capacity is increasing. Focus on sustainable development, acquiring shareholder assets reporting period, the company completed its group 6 equity asset acquisitions, the main source of profit for these assets to let property rental income, exhibitions, and property management fees, has the characteristics of continuous and stable. Assuming consistent profits each year and last year in the future,Listed company's annual net profit increased by $ 79 million, earnings per share increased $ 0.04. ����This deal will help increase the company's profitability, increase the core area of the property area, perfecting industrial chain of the company. Transition from land leasehold to urban operators present, Lujiazui (600,663, unit) is no longer limited to development at the land level, main businessExtended to hotel management, Convention and exhibition services, commercial real estate operations, is emerging as the operator of a high-end customers demand. ����Its performance for low-cost more for land reserves, existing land leasehold operations can still be quite a long period of time for which bring significant amounts of cash, which provided strong financial backing for its transformation. Investment advice from Lu JiaMouth through the development of the next twenty or thirty years, the city regional area of the existing, not enough to host Shanghai to create broad prospects of such an international financial centre. ����According to the Commerce Commission shortly before the Shanghai Pudong new area announced "Twelve-Five" Pudong business planning, city of Lujiazui will be expansion, which will clearly benefit from the company. Companies currently operate in line with expectations, maintain 2010And 2011 earnings, earnings per share of $ 0.62 and 0.66 respectively, corresponding to its current price earnings ratio respectively 31.7X, 29.8X. Company has strong ability to raise capital and healthy financial situation, the property has a large appreciation, the future will also undertake financial investment business, continued bullish on its prospects for transition, maintaining buy ratings. (CedarSecurities Zhang Dongfeng) brilliance shares (600,631) of recombinant type: assets restructuring process: and 1, Shanghai SASAC has identified 6 major State-owned enterprise reform group, major shareholder of the company of bailian group was one, and listed companies will be positioned as a group's Department stores and shopping malls asset consolidation platform. 2, due toAsset restructuring, July 19, 2010 suspension. Shares of friendship (600,827) of recombinant type: assets restructuring process: 1, media as Shanghai's "commercial carrier" bailian group already owns brilliance shares (600,631 shares), the Shanghai trade (600,822, unit),Medicine (600,833, unit), friendship shares (600,827 shares) and 5 listed companies such as Lianhua Supermarket, but supermarket Division within the scope of management, are still hualianchaoshi, Hua Lian JI sheng, Hualian Lawson's famous brand is not listed. Hualianchaoshi once the return of a-shares, may choose to not adjusting friendship shares as ' resources.2, considered by the third session of the sixth session of the Board on June 25, 2009 by, Lianhua Supermarket and its subsidiary Shanghai Lianhua Supermarket development company limited (hereinafter referred to as "Lianhua Supermarket development"), connected with the company's actual control one hundred Holdings Limited (hereinafter referred to as "Bai Lian group") and its subsidiaries of bailian investment company, limited (hereinafter"Bai Lian home buyers") share transfer agreements, acquisition of bailian group and Bai Lian hualianchaoshi held by the investment company limited (hereinafter referred to as "hualianchaoshi") 100% shares, of which: be prepared by the Lianhua Supermarket was hualianchaoshi 99.4% owned by bailian group, from Lianhua Supermarket development of bailian estates owns 0.6% shares of hualianchaoshi 3,Plans major restructuring matters, July 19, 2010 the company business. First medicine (600,833) of recombinant type: reorganization of assets as expected: first pharmaceutical under the brilliance group, are important components of Shanghai pharmaceutical funding. Last year, apply medicationto jointly with the real group on restructuring of the group, formed Shanghai pharmaceutical (60,1607, unit) State-owned flagship platform apply medicationto group. First medicine is the only piece not in new municipal medicine apply medicationto State-owned assets and associated with supermarket, Department store, the main industry of bailian group is unlikely, new clear and apply medicationto positioning under the backdrop of accelerating State correction, the first medicine was transfer to the new apply medicationto age of conan gold, there is a logical possibility. Worth mentioning is that the reorganization of the new apply medicationtoBefore the case, its three listed on the platform, one of the real medicine (600607.SH), Lianhua Supermarket stock transfer of the contribution to profits 40% to bailian group. Feile acoustics (600,651) of recombinant type: assets restructuring process: July 2009 announcement, transfer of Shanghai instrument listed on the Shanghai United assets and equity exchangeFeiya lighting company 7.74% stake sale price of $ 24.3 million, the company as the sole intention of transferee. Upon completion, the company will directly or indirectly, owns 40% shares of feiya lighting company. Assets other than lighting, feile acoustics (600,651, unit) also began to be transferred, the company intends to open up for transfer of Pujiang smart card systems 75%Equity. In August 2009, feile audio transfer to Shanghai instrument electricity group holdings of Waigaoqiao (600,648) property. ����Company's future in green lighting industry for the development of the major business, fighting for achieve company sales target of 4 billion in 2014. Feile shares (600,654) of recombinant type: assets restructuring process:Feile shares (600,654 shares) on November 14, 2009 announcement, the company will be the price of $ 192 million sales to large shareholder Shanghai instrument electricity group Shanghai precision scientific instrument limited 100% equity. Feile shares, Shanghai precision scientific instrument company was the earlier production and operation of various types of scientific instrument company, due to lack of personnel, technology updatesFactors such as the unpleasant and market competition is not strong, the company operating performance is declining in recent years, the company decided to concentrate resources, to develop automotive electronics industry, exit scientific instruments industries. Shanghai Jinling (600,621) of recombinant type: assets restructuring process: Shanghai Jinling (600,621, unit) and its major shareholder instrumentGroup assets, purchase Shanghai Jinling involved its 7 subsidiary holding the assets of the placed asset be yidian Group's wholly-owned subsidiary Shanghai Yi investment management company 100% equity. Involving trading assets valued at $ 342 million. In November 2009, Shanghai Jinling general meeting of shareholders adopted the assets replacement programme. Shanghai Jinling transformed roomsReal estate companies. SIIC development (600,748) of recombinant type: equity change restructuring process: 1, due to historical reasons, actually dispersed the Group real estate layout, there are different degrees of overlap and cross business phenomenon, leading industry resource could not be fully integrated, synergistic effects could not be brought into full play, the status quo has been unable to meet the real groupStrategic development needs, SIIC undermined overall competitiveness of the Group's real estate business. 2, due to the company holding shareholder SIIC Shanghai (Group) Ltd is working on significant matters involving the company, shares suspended the relevant provisions. ����Continuous suspension on July 9, 2010. 3, on August 17 announcement, actually developed (600,748, unit) The reorganization plan, actually holding on through wholly-owned subsidiaries incorporated in Hong Kong real estate development company limited (hereinafter referred to as "field on producing") by SIIC Shanghai (Group) Limited (hereinafter referred to as "SIIC Shanghai") holds a solid development on 689.6 million shares and became the controlling shareholder of the real development on. The share transfer is Shanghai industrial company of subordinatesFirst step in consolidating real estate business. Tunnel shares (600,820) of recombinant type: asset injection or listed as a whole restructuring expected: 2009 Shanghai SASAC had requested that part of the State-owned enterprises accelerate the pace of restructuring or listed as a whole, urban construction group this heat. And in September last year, shares of urban construction Group Chairman Wang Zhiqiang as the tunnel (600820, shares), Chairman, Shanghai urban construction strength available to inject assets include infrastructure business, real estate business. Urban construction group municipal engineering group ranked first in the country, there is no public market infrastructure business and tunnel shares quite; in addition to infrastructure business, their Shanghai urban construction real estate development companies in real estate, Shanghai top 50 enterprises in 17th place, is currently under construction area492,000 square meters, more than 2.3 million square meters of land reserves, size and construction of qixia (600,533, unit). Shanghai beiling (600,171) of recombinant type: inject assets restructuring expected: huahong group in a discrete manner the company's largest shareholders to restructure, huahong Group held by Shanghai beiling (600,171, unit) Separation of 27.8% shares and other assets held by the China electronic information industry group, in accordance with the Division of assets in China by China electronic Rainbow group in the amount of capital. Today, China Electronics will no longer hold huahong Group share, at the same time, the largest shareholder of the company is changed to China. Asset restructuring company is expected to become China's electronic integrated circuits plate platform.China e-design of integrated circuits that are not listed under assets, including China and Shanghai huahong. China has total assets of more than $ 1 billion.