Femorning Daily 4.11.2016
https://v.qq.com/txp/iframe/player.html?vid=o0342isrpi3&width=500&height=375&auto=0
1、10月，财新中国服务业PMI录得52.4，环比增加0.4个百分点，为四个月以来最高；财新中国综合PMI录的52.9，环比增加1.5个百分点，创下2013年初以来新高。财新智库莫尼塔表示，10月份，整体经济继续扩张，四季度经济有望保持稳定。但在经济增长内生动力不足的背景下，政策托底不能放松。
In October, Caixin China's services sector PMI was 52.4, a sequential increase of 0.4 percentage points, being the highest for the past four months. Caixin China's composite PMI was 52.9, a sequential increase of 1.5 percentage points, hitting the new high since early 2013. CEBM said that in October, the overall economy continued to expand, the fourth quarter economy is expected to remain stable. But under the background of economic growth lacking of endogenous motivation, policy support can not be relaxed.
2、国家信息中心经济预测部首席经济师祝宝良表示，目前经济已经初步稳住，稳中提质一方面是指企业利润上升，另一方面是高新技术产业、装备制造业等战略性新兴产业等新业态对经济拉动作用明显。然而，经济发展中的问题依然存在，后续经济增长靠基建投资带动的压力越来越大。预计四季度GDP增速为6.6%。
Zhu Baoliang, the chief economist of Economic Forecast Department of State Information Center, said that the current economy has initially stabilized, improving quality while maintaining stability on one hand refers to the increase of corporate profits, on the other hand it means that new business formats including the high-tech industries, equipment manufacturing and other strategic new industries have obvious pulling effect on economy. However, problems still exist in the economic development, the pressure of follow-up economic growth depending on the drive of infrastructure investment is increasing. It is expected that the GDP growth will be 6.6% in the fourth quarter.
3、方正证券任泽平表示，11月美联储议息会议按兵不动，但联邦基金利率期货12月加息概率上升至78%。美联储加息临近，人民币贬值压力上升，加上央行抑泡沫防风险去杠杆的政策考虑，短期货币政策稳健中性，资金面偏紧。
FOUNDER SECURITIES Ren Zeping said that the November meeting of Federal Open Market Committee (FOMC) is on hold, but the possibility of the interest rate hike of federal fund futures in December rose to 78%. Fed interest rate hike is approaching, the RMB devaluation pressure increases, coupled with the policies of THE PEOPLE’S BANK OF CHINA (PBC) suppressing foam bubbles, preventing risks and deleveraging, the short-term monetary policy will be stable and neutral, the funds will be relatively tight.
4、21世纪经济报道消息，业内人士称，1－8月，全国房地产开发投资资金来源中，企业自有资金仅占不到15%。房企发债、银行贷款和表外融资，加之后端购房者个人按揭，托起了整条房地产企业的高杠杆资金链。目前，决策层和各地监管部门“多管齐下”降房企融资杠杆。
21st Century Business Herald news, industry insiders said that, from January to August, among China’s real estate developing investment sources, the enterprises' own funds accounted for less than 15%. Housing enterprises issuing bonds, bank loans and off-balance-sheet financing, combined with back-end buyers personal mortgage, held up the entire real estate business highly leveraged capital chain. At present, the decision-making layer and regulatory authorities are “adopting multiple measures” to lower housing enterprises’ financing leverages.
5、证券日报消息，22城密集出台调控政策转变了房地产市场预期，致使今年前三季度拿高价地和地王的企业压力陡增。土地投资回报率走低后，专业化程度低且手握地王的中小开发商难以赚钱，其便把项目股权卖给标杆房企，接下来可能出现高价地股权转让潮。
SECURITIES DAILY news, the real estate market expectations were changed by the fact that 22 cities intensively introduced regulation and control policies, resulting a sharply increased pressure for those enterprises which purchased high-priced and top-priced lands in the first three quarters of this year. After land investment returns became lower, it is difficult for the mid-sized and small developers with the low degree of specialization and top priced lands to make money, they will sell the shares of the projects to benchmark real estate enterprises, a high-priced land equity transfer tide will probably come next.
6、上证报消息，为应对年底附近满期给付所产生的流动性需求，部分险企需要提前准备现金流。在现金流准备好到尚未给付出去这段时间内，这部分资金显然不能配置在流动性较差的资产上，只能配置到优质流动性资产上，包括现金、货币基金、短期存款以及短期财务性股票投资。
Shanghai Securities News reported, in order to deal with the demand for liquidity brought by the maturity benefit near the end of the year， some insurance enterprises need to prepare cash flow in advance. During the period that the cash flow is ready and before it is paid out, obviously, this part of funds cannot be allocated on assets with low liquidity, but only on assets with excellent liquidity, such as cash, money funds, short-term deposits, and short-term financial stock investment.
7、新华社消息，据上市银行三季报显示，在经历连续十几个季度攀升后，我国商业银行的不良贷款出现放缓势头。尽管出现难得的放缓势头，但不少业内人士表示，目前还不能判断不良贷款已经见顶。
Xinhua News Agency reported, according to the three quarterly report of the listed banks, the non-performing loans in China’s commercial banks show a slowdown after more than ten consecutive quarters of upsurge. Despite the rare slowdown trend, many industry insiders said that at present, it still can not be determined whether the non-performing loans have peaked.
8、中证报消息，由于煤炭行业产能过剩的状况并未根本改变，煤炭不大可能重新进入消费上升渠道。短期内，随着供暖季到来，下游电厂补库存对煤价有一定支撑作用。展望明年，考虑到宏观经济、水电、进口煤等因素叠加以及去产能、释放先进产能的变量，再加上平抑煤价和长效机制等措施的强化，预计煤价涨势难以持续，可能出现回调。
China Securities Journal news, as the coal industry overcapacity situation has not fundamentally changed, coal is unlikely to re-enter the consumption rise channel. In a short term, with the arrival of the heating season, the downstream power plants’ replenishment of stock has some support for coal prices. Looking ahead next year, taking into consideration of the combination of macroeconomic, hydropower, imported coal and other factors, as well as the variables of the decapacity and releasing of advanced capacity, coupled with strengthening on the measures including stabilizing the coal prices and long-term mechanism, the coal price rising trend is difficult to sustain, a fall-back may occur.
9、发改委消息，11月1日，全国重点电厂存煤6578万吨，70天基本保持连续回升势头；11月2日，秦皇岛港存煤455万吨，连续5天回升。预期近日电厂和港口库存将继续攀升。一些煤炭骨干企业已开始主动下调现货动力煤价格。
National Development and Reform Commission (NDRC) news, on November 1st, China’s key power plants’ coal storage was 65.78 million tons, basically maintaining the trend of continuous recovery for 70 days; On November 2nd, Qinhuangdao Port coal storage was 4.55 million tons, maintaining a continuous recovery for 5 days. It is expected that power plants and port inventories will continue to climb. Some major coal enterprises have begun to take the initiative to lower the spot price of thermal coal.
10、中证网消息，据外媒报道，美联储周三维持短期利率不变，并作出新的暗示，预期将在12月召开的2016年最后一次会议上加息。美联储目前似乎比今年以来的任何时候都更接近小幅上调基准联邦基金利率，目前该利率处于0.25%至0.5%区间。
China Securities Journal online news, according to foreign media reports, the Federal Reserve announced to maintain short-term interest rates unchanged on Wednesday and implied that it is expected to raise interest rates at the last meeting held in December, 2016. It seems that the Fed is closer to raising its benchmark federal funds rate now than it has been at any time this year, the rate is currently in the range between 0.25% to 0.5%.
11、财经早餐今天的回复关键词是：房价。十月楼市已收官，各地房价走势如何呢？限购见效了吗？财经早餐特别统计了多个主要城市楼市价量数据。点击公众号界面左下按钮，文字或者语音回复房价即可。
Femorning’s keyword for replying today is housing price. October property market has ended, how about the price trend in various regions? Has restriction policy shown effect? Femorning provides you with price and volume data for a number of cities. All you need to do is to click on the button in the lower left of our Wechat interface, reply housing price by text or voice.
https://v.qq.com/txp/iframe/player.html?vid=p03426lnlqv&width=500&height=375&auto=0
https://v.qq.com/txp/iframe/player.html?vid=a0342vy3t5z&width=500&height=375&auto=0
财经早餐今天的回复关键词是：房价。十月楼市已收官，各地房价走势如何呢？限购见效了吗？财经早餐特别统计了多个主要城市楼市价量数据。点击公众号界面左下按钮，文字或者语音回复房价即可。
财经早餐（微信号：Femorning）：每天早晨，最新鲜、最全面的财经资讯尽在财经早餐！
亲，点击下方的“阅读原文”，下载APP就可以收看今日时时财经速递了！