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标题: [20081113]ChinaAfternoonCommentary20081113-Shanghai Securities [打印本页]

作者: yangruoxin 时间: 2008-11-13 17:00 标题: [20081113]ChinaAfternoonCommentary20081113-Shanghai Securities

Market Continued Rebounding Over 3% with Energy& New Energy Sector being the leading advancer

Profile of Today’s Market:
China securities market on Thursday continued rebounding over 3%. With the rise of heavy-weighted stocks, the market broke through 1900 points. There were not more than 30 stocks to decline in SSE and SZSE. Some low-price stocks even rebounded over 50% in the short term. The surrounding markets all declined today. Nikkei 225 Index declined over 5%. Hong Kong, Korean and Taiwan stock markets also declined by more than 4%. New energy sector rated the high in the rising range. State Administration of Energy expressed yesterday that in order to deal with the influence of international financial crisis, there will be a series of energy infrastructural items to start in 2008. Coal and petroleum stocks performed stably in the whole day. Aviation stocks rebounded from declining.

Key Drivers:
Today, the new energy sector advances sharply. The National Energy Bureau expressed yesterday that a batch of energy infrastructure projects would be constructed in this year to respond to the negative impact of global financial crisis, expand infrastructure construction and adjust domestic energy structure. On the executive meeting of State Council convoked yesterday, the expansion projects of Guangdong Yangjiang Nuclear Power and Zhejiang Qinshan Nuclear Power Plant had been approved with a total investment of 95.5 billion Yuan. The related listed companies with nuclear power subject will benefit in advance. The institutions’ research reports implied that the nuclear power price was competitive among new energy. In future 15 years, the nuclear power would remain fast growth and the nuclear power equipments enterprises would benefit most. Currently, Dongfang Electric Group and Shanghai Electric Group are powerful in domestic nuclear power equipments manufacturing industry. Today, Dongfang Electric closes at upper limit.

Coal and petroleum stocks performed stable today. Petro China rose by 2.83%, China Petroleum&Chemical rose by 4.36% and Shanxi Lanhua Sci-Tech Venture rose by over 9%. The closing price of International crude oil futures dropped below 60 USD/bucket and continued to decrease. Shanxi Xishan Coal And Electricity Power advanced to daily limit which stimulated overall increase of coal stocks. The stock price of Sundiro Holding and Shanghai Ace are lowest in the sector whose net income y-o-y in the first 3 quarters increased largely.

The aviation stocks were rally. Air China Limited surged over 5%. It is estimated by CACC that the total turnover volume in air transportation will increase 10% next year. With the continual decline of international oil price, the downgrade expectation of domestic oil price may rise. Now the current airline fuel is composed of three parts: factory price, differences between purchasing and selling price, and the difference in comprehensive purchasing cost. On October 1, China Aviation Oil has downgraded the comprehensive purchasing cost of jet fuel 570 Yuan to 7750 Yuan/ton in Q4. The sale price of airline fuel was about 8170 Yuan/ton.

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