Financial Circles August 12 News The financial circles and Oriental Jincheng jointly launched the "Bond Market Morning Post" column to provide you with the most complete and timely bond market information.
【Content Summary】On Thursday (August 11), the main interbank interest rate bond yield below the main behavior; On the same day, Lin Zhong, Lin Wei and Lin Feng, directors and controlling shareholders of Xuhui, intend to acquire 60% of the equity of Xuhui Holdings Hong Kong project for HK$674 million, HNA Holdings intends to raise 10.87 billion yuan from Hanwei Investment, the controlling shareholder will be changed to Hanwei Investment, but the actual controller is still Fang Wei, and "16 Sunac 07" intends to hold a shareholder meeting to consider the proposal of repaying principal and interest in installments. Hongyang Real Estate has not paid the interest payable on the latest tranche of the US$350 million notes, Wuhan Real Estate, a subsidiary of Rongqiao Group, has an outstanding principal and interest of 599 million yuan, "19 Baolong Industry" intends to extend the 1-year installment payment and provide pledge credit enhancement, "19 Contemporary F1" interest and all principal redemption date for the current year is proposed to be changed to September 3, 2023, the court ruled to accept the creditor's application for reorganization of Xinhualian Holdings, and the "19 Tonglu State-owned Assets MTN001" holder meeting deliberated and passed the proposal for early redemption of the principal. Fitch removed Jianye Properties from the negative watch list; Overseas, the US PPI slowed in July, and the US and European long-term Treasury yields generally rose.
First, the important news of the bond market
(1) Domestic
According to the Caucus, in July, automobile production and sales reached 2.455 million units and 2.42 million units, down 1.8% and 3.3% respectively month-on-month, and up 31.5% and 29.7% year-on-year, respectively. Although the production and sales volume of the month was lower than that of the previous month, it was the highest value in the same period of the calendar year, and the overall judgment was that the current trend of industry development was good and was expected to continue. From January to July, production and sales totaled 14.571 million units and 14.477 million units, respectively, with production up 0.8% y/y and sales down 2% year-on-year. Caambiz expects that under the continuous boost of the central government's stable economic package, relevant policies of ministries and commissions and local policies to promote automobile consumption, the automobile market will continue to maintain stable growth in August, especially with the arrival of the traditional golden consumption season of the automobile market in September, the production and sales of passenger cars will show rapid growth, and new energy vehicles and automobile exports will also maintain good performance, providing strong support for stable growth throughout the year.
[National Film Administration: Clearly carry out the 2022 Film Consumption Season for the Benefit of the People] According to the website of the National Film Administration on August 11, the National Film Administration recently issued a notice to clearly carry out the relevant matters of the 2022 Film Consumption Season for the Benefit of the People. The slogan of this consumption season is "Love Movies, Love Life", guiding the audience to watch wonderful movies and enjoy a better life. The circular proposes four aspects of film consumption promotion measures for the benefit of the people and enterprises, mainly including: promoting the acceleration of the release of more new film blockbusters, jointly issuing a total of 100 million yuan of movie consumption coupons to movie ticketing platforms such as Maoyan, Taoyuan, and Douyin, tapping the potential of rural film consumption, and promoting tax reduction and rebate, social security premium deferral, rent reduction, electricity consumption phased concessions, business interruption insurance and other bailout policies to help enterprises land in the film industry. According to the notice, the 2022 film consumption season for the benefit of the people will start in August and end in October.
According to the information on the official website of the Standing Committee of the Beijing Municipal People's Congress, the Beijing Municipal Housing Rental Regulations have recently passed the review and official promulgation, and will be officially implemented from September 1 this year. The Regulations stipulate that the Housing and Urban-Rural Construction Department of Beijing Municipality shall strengthen the monitoring of housing rental prices and establish and improve relevant early warning mechanisms. When housing rents rise significantly or are likely to rise significantly, the government may take price intervention measures such as price increase declarations, limiting rents or rent increases, stabilize rent levels, and report to the State Council for the record in accordance with law. If the lessor refuses to carry out the implementation, the market supervision and management department shall handle it in accordance with law.
Recently, Henan, Hubei and other places have successively introduced policies to accelerate the progress of infrastructure construction. Among them, the official website of the People's Government of Henan Province issued the "Work Plan for Comprehensively Accelerating Infrastructure Construction and Stabilizing the Economic Market in Henan Province", proposing to start construction of 84 major infrastructure projects by the end of September 2022, with a total investment of 137.3 billion yuan; The Hubei Provincial Government issued the "Several Opinions on Further Accelerating the Construction of Major Projects and Expanding Effective Investment", focusing on 8 aspects such as transportation and logistics, water conservancy, comprehensive management of river basins, digital economy, urban infrastructure, urbanization with county towns as important carriers, public health, and energy, clarifying development ideas, construction goals, key projects and responsible departments, promoting the implementation of the list, giving play to the demonstration effect of key and node major projects, and driving the overall improvement of the level of infrastructure construction in the province; The General Office of the People's Government of Jiangsu Province issued the "Several Measures on Accelerating the Promotion of Infrastructure Investment and Construction", which clearly stated that investment in new infrastructure, transportation, logistics, energy, water conservancy, urban construction, ecological environment, agriculture and rural areas, people's livelihood, and security should be effectively increased, and the construction of a high-level infrastructure service system should be accelerated.
On August 11, according to the official website of the Guizhou Provincial Local Financial Supervision and Administration Bureau, the Office of the Provincial Leading Group for green finance innovation and development issued a notice on printing and distributing the "Implementation Plan for the Construction of Pilot Counties for the Reform and Innovation and Development of Green Finance at the Provincial Level in Guizhou". The first batch of 12 pilot counties (cities, districts, special zones) include Guanshanhu District, Chishui City, Zheng'an County, Liuzhi Special Zone, Guanling County, Dafang County, Jinsha County, Jiangkou County, Sinan County, Leishan County, Duyun City, and Zhenfeng County. The plan proposes to establish and improve the green financial service system. Deepen the reform of the green financial system, comprehensively promote the green transformation of financial institutions in pilot counties, and appropriately expand the approval authority of branches in pilot counties for qualified financial institutions. Support qualified banking institutions to set up green branches in pilot counties. Support the targeted introduction and cultivation of green financial talents, improve the post setting and professional staffing of institutions, and innovate green financial organizations and products and services. Strengthen green financial business cooperation among financial institutions and actively develop green supply chain finance. Promote the establishment and improvement of the responsibility system for the innovation and promotion of green finance, improve the internal assessment and incentive mechanism of financial institutions, gradually improve the green financial institution system, enrich green financial products, and improve the green financial risk prevention mechanism. The program requires that risk management and control be done. Establish and improve fault-tolerant mechanisms that encourage integrity and innovation, and improve the risk identification, monitoring, prevention and disposal mechanisms for green finance in pilot counties. Strict discipline in the management of financial and government investment projects, strict management of projects and various types of funds, and no new hidden debts of local governments in the name of green finance pilots.
Recently, many counties and towns, including Funing County, Yancheng City, Jiangsu Province, Huadian City (county-level city), Qinglong County, Guizhou Province, Liangshan Yi Autonomous Prefecture Ningnan County, Sichuan Province, Anqing City, Anhui Province Qianshan City (county-level city) and other counties have successively issued policies to encourage farmers to buy houses in the city, including the implementation of special group home purchase subsidies, farmers who voluntarily quit the homestead to buy a house in the city can enjoy 50,000 yuan incentives, enjoy housing provident fund loans, etc. Most of the above-mentioned counties that encourage farmers to buy houses in the city are "population loss counties", and the real estate market has been sluggish in recent years. The industry believes that the above policies have a certain positive impact on the local property market, but the impact is expected to be limited.
(2) International news
Benefiting from the sharp decline in gasoline prices, after a slight decline in the year-on-year growth rate of CPI in July, the year-on-year growth rate of PPI in July also fell significantly, and the month-on-month growth rate recorded a negative value, for the first time in more than two years. On Thursday, August 11, data released by the U.S. Department of Labor showed that the U.S. PPI (Producer Price Index) rose 9.8% year-on-year in July, lower than expected at 10.4% and 11.3% last month; It was down 0.5% sequentially, up 0.2% expected, up 1.1% in the previous value, and recorded negative growth for the first time since April 2020. Excluding volatile food and energy, the U.S. core PPI rose 7.6 percent year-over-year in July, while lower than expected at 7.7 percent and 8.2 percent previously, but still near all-time highs, with core PPI up 0.2 percent sequentially and below expectations and 0.4 percent of the previous value. It is worth mentioning that the PPI exceeded the CPI for the 19th consecutive month, which means that U.S. companies are still facing huge profit margin pressures.
[The number of unemployment claimants tends to rise under the continued tight US job market]? Despite the high fever in the July non-farm payrolls report, the rise in first-time jobless claims still indicates that job market tensions are easing. The cooling market is more in line with the JOLTS data, which shows that job openings fell to 10.7 million in June from 11.3 million in May. The retail and wholesale trade sector recorded the largest declines as consumers shifted spending from goods to services. The number of first-time jobless claims in the week of August 6 increased to 262,000 from 248,000, which was revised downward from the previous week, down from 265,000. The number of people continuing to claim unemployment benefits increased to 1.428 million from 1.420 million in the previous week. This level remains low as unemployed workers are able to find work quickly. The unemployment rate for insured persons remained at 1.0 per cent, indicating that job market conditions remain tight.
(3) Commodities
On August 11, WTI September crude oil futures closed up 2.62% at $94.34/bbl; Brent's October crude futures closed up 2.26 percent at $99.60 a barrel, both up more than 2 percent for the first time since July 29, and both hit their highest since Tuesday, August 2, for two consecutive days. NYMEX September gas futures closed up 8.19% at $8.8740/million BTU, the highest since July 26.
On August 11, OPEC monthly report showed that crude oil demand growth forecast for 2022 is 3.1 million b/d (previously 3.36 million b/d), and global oil demand growth forecast is 2.7 million b/d in 2023, the same as previous estimates. Global economic growth is forecast at 3.1% in 2022 (previously 3.5%), and global economic growth forecast for 2023 is 3.1% (previously forecast at 3.2%). The global oil market is expected to enter a state of oversupply this quarter.
The International Energy Agency (IEA) said in its monthly Oil Market Report that hot summer temperatures and soaring gas prices have driven soaring oil demand, with global refinery production expected to rise to its highest level since January 2020 in August. The IEA raised its 2022 global oil demand growth forecast by 380,000 barrels, or about 2 percent, which will push demand up 2.1 million b/d in 2022 to 99.7 million bpd; and add a further 2.1 million b/d to 101.8 million bpd in 2023. In addition, on the supply side, the IEA expects global crude oil production to increase by 2.9 million barrels per day to 81.8 million barrels in August; By 2022, global production will increase by 2.6 million barrels per day to 80.7 million barrels; That will increase to 82.1 million barrels by 2023. The refined products market is expected to look "generally balanced" by 2023, thanks to the addition of 1.6 million barrels per day of refining capacity. But the IEA said OPEC+ was unlikely to increase production in the coming months due to limited spare capacity. As Russia cuts its refining operations, it will begin a gradual decline as early as this month and accelerate the decline as the embargo takes effect. The agency expects Russia to shut down nearly 2 million barrels of oil per day by early 2023, although production has recovered in recent months.
Second, the capital side
(1) Open market operations
On August 11, in order to maintain the reasonable and sufficient liquidity of the banking system, the central bank launched a 2 billion yuan 7-day reverse repurchase operation in the form of interest rate bidding, and the winning interest rate was 2.10%, which was the same as the last time. The reverse repurchase of 2 billion yuan on the same day expired, so the maturity amount was completely hedged on the day.
(2) Funding rate
On August 11, the interbank funding side stopped the slight convergence momentum, and money market interest rates fell mostly: overnight and 7-day rates fell.
Source: Wind, Oriental Jincheng
Third, the development of the bond market
(1) Interest rate bonds
1. Trend of yield on spot bonds
On August 11, the overall shock of spot bond futures was warm, and the yield of major interbank interest rate bonds was below the main behavior, but the short-term and medium-term bonds were weak, and the yield rose slightly. As of 20:00 Beijing time, the yield of the 10-year Treasury Bond Active Bond 220010 fell by 0.75bp to 2.7275%; The 10-year CDB Active Bond 220210 yielded down 0.70bp to 2.9760%.
Source: Wind, Oriental Jincheng
Tenders for bonds
Source: Wind, Oriental Jincheng
(2) Credit debt
1. Changes in secondary market transactions:
On August 11, the transaction prices of most real estate bonds were relatively stable, with the transaction prices of 15 bonds deviating by more than 10%, "20 Longhu 05" and "20 Times 07" fell by more than 10%, "16 Longhu 06" fell by more than 12%, "22 Gemdale MTN001" fell by more than 14%, "15 Hejing 02" fell by more than 16%, "16 Sunac 07", "20 Hejing 04", "21 Bidi 03" fell more than 17%, "21 Sunac 03" fell more than 18%, "21 Sunac 01" fell more than 41%, 21 Bidi 02 "fell more than 43%, "21 Sino-Ocean Holdings PPN002" fell more than 50%; "21 Sino-Ocean Holdings PPN001" rose more than 79%, "20 Sino-Ocean Holdings PPN001" rose more than 94%, and "19 CICC 05" rose more than 97%.
2. Credit debt events:
Cifi Holdings: Proposed to sell a 60% stake in a wholly-owned subsidiary in Hong Kong for HK$674 million, including a hk$654 million sales loan, to a company controlled by Lin Zhong, Lin Wei and Lin Feng (all directors and controlling shareholders), i.e. Xuhui Actual Controller.
Sunac Real Estate: The resale amount of "16 Sunac 07" is about 577.3 million yuan, and it is planned to hold a meeting of holders from August 12 to 15 to consider the proposal of repaying the principal and interest in installments.
Hongyang Real Estate: Interest payable on the latest maturity of the US$350 million notes has been appointed by an external consultant to explore a solution, and the net medium-term loss is expected to be about $350 million to $450 million, a year-on-year profit and loss.
Rongqiao Group: Wuhan Real Estate, a subsidiary, failed to repay the principal and interest of the trust plan of 599 million yuan, and the amount of about 177 million yuan of equity held by the company was frozen.
Greenland Holdings: The largest shareholder, Shanghai Greenland Investment, has pledged about 2.699 billion shares of the company's shares, accounting for 70.68% of its shares.
Longguang Group: A temporary group of longguang group of US dollar bond holders sent a letter to the company, requesting that Longguang Group not sell or pledge important overseas assets without prior agreement in debt restructuring; Cash flow derived from offshore assets shall not be used for domestic debt repayment; Equity transfer of any offshore entity should not be transferred without the approval of the bondholder's adviser; No transaction should be conducted without proper financial and legal due diligence by the bondholder's advisor.
Jianye Real Estate: Fitch Ratings confirmed that The Long-Term Foreign Currency Issuer defaulted on Jianye Properties with a "B" default rating and a "negative outlook" and confirmed that its Premium Unsecured and Outstanding Premium Unsecured USD Notes were rated "B" and the Recovery Rate was rated "RR4". All of the above ratings have been removed from the Negative Ratings Watch List.
Agile Group: Has deposited enough funds in the bank to redeem $200 million notes due August.
Baolong Industry: "19 Baolong 02" intends to extend the 1-year installment payment and provide pledge to increase credit.
Rongan Real Estate, "20 Rongan 02" this resale registration period. The amount of the resale is RMB284 million (excluding interest), the amount of the resale is RMB0, and the remaining amount of unsold bonds is RMB336 million (excluding interest).
Gemdale Group: "17 Gemdale 02" will be delisted in advance on the Shanghai Stock Exchange on August 22.
Swire Properties: Released its 2022 semi-annual results report, which resulted in revenue of HK$6,698 million during the reporting period, down 26% year-on-year; Net profit attributable to shareholders was HK$4.14 billion, compared to HK$4,513 million in the year-ago quarter.
Wuhan Contemporary Technology: It is proposed to convene a meeting of holders on August 22, 2022 to consider proposals to change the "19 Contemporary F1" principal and interest redemption plan, and the principal and interest payment date for this year is proposed to be extended to September 3, 2023.
Xinhualian: A total of 170 million shares of the company held by the company's controlling shareholder, Xinhualian Holdings, will be subject to judicial auction, accounting for 14.78% of its shares and 8.96% of the total number of shares in the company. In addition, the court ruled to accept the creditors' application for reorganization of New Hualian Holdings.
Jizhong Energy Group: The company issued the "22 Jizhong Energy SCP001" on August 9, with an actual issuance amount of 800 million yuan, an issue interest rate of 4%, a term of 270 days, interest from August 11, and a redemption date of May 8, 2023.
HNA Holdings: It is proposed to raise no more than 10.87 billion yuan from Hanwei Investment, and the controlling shareholder will be changed to Hanwei Investment, but the actual controller will still be Fang Wei.
Baoneng Group: The senior vice president is cooperating with the investigation for personal reasons, and the matters involved are not related to the company.
Oriental Garden: As of the date of this announcement (August 11), the balance of external guarantees of the Company and its holding subsidiaries is approximately RMB3.571 billion, accounting for 33.2% of the Company's audited net assets at the end of 2021.
Jiujiang Chengfa: "22 Jiujiang Chengfa MTN001" plans to hold a shareholders' meeting on August 16 to consider the issuer's gratuitous transfer of equity in the Municipal Industrial Development Group.
Tonglu State-owned Assets: The meeting of holders of "19 Tonglu State-owned Assets MTN001" deliberated and passed the proposal for early redemption of the principal.
Hubei Science and Technology Investment: The subscription range for the second phase of ultra-short financial bookkeeping in 2022 was adjusted to 1.68% to 1.97%, and the subscription range determined by the latest disclosure was 1.68% to 1.98%.
Shanghai North Group: The Company intends to acquire 60% of the equity of Shanghai Jing'an Urban Renewal Investment and Development Co., Ltd. held by Shanghai Urban Renewal Construction and Development Co., Ltd. by way of equity acquisition.
Shanghai City Investment Group: It is proposed to cut the coupon rate of "19 Shanghai Construction 02" by 78BP to 2.60%.
Yuntou Group: The 1.2 billion yuan "19 Yuntou G1" will be redeemed and delisted on August 22.
Shandong Development Group: The registration period for the resale of "19 Development 01" is from August 16 to August 18.
Taicang Port Port Launch: Cancel the issuance of "22 Taicang Port SCP004".
HNA Group: Investigated by the Csrc for letter violations.
New Lake Zhongbao: The registration period for the resale of "20 New Lake 01" is from August 16 to August 18.
Haitong Securities: The Liaoning Securities Regulatory Bureau took regulatory measures against Haitong Securities by issuing a warning letter, involving due diligence and failure to fulfill its responsibilities in the underwriting business of "20 Huaji 01".
CICC: The Liaoning Securities Regulatory Bureau took regulatory measures against CICC by issuing a warning letter, involving the failure to fulfill due diligence in the underwriting business of "19 Huaji 01".
Shandong Financial Assets: The subscription range for the second phase of ultra-short financial bookkeeping in 2022 was adjusted to 1.66% to 1.86%, and the subscription range determined by the latest disclosure was 1.66% to 1.96%.
Ping An Leasing: It is proposed to cut the coupon by 85 basis points to 3% for the next 2 years after the "20 An Lease 05".
(3) Convertible bonds
1. Equity and Convertible Indices
On August 11, the shanghai and Shenzhen markets opened high and went up, and the Shanghai Composite Index, the Shenzhen Component Index, and the ChiNext Index closed up 1.60%, 2.05% and 2.37% respectively, and the turnover of the Shanghai and Shenzhen cities exceeded one trillion yuan on the same day, and the northbound funds bought 13.295 billion yuan throughout the day. The market bullish sentiment has picked up significantly, and the Shenwan first-level industry index has strengthened in an all-round way, of which non-bank financial has risen by 4.53%, and industries such as electronics (3.10%), media (2.91%), pharmaceutical and biological (2.50%), and comprehensive (2.50%) have also performed well.
On August 11, the CSI bond swap, the Shanghai Securities bond swap and the Shenzhen Securities swap rose by 0.55%, 0.53% and 0.63% respectively, which was not as good as the equity market; The turnover of the bond market on the same day was 76.476 billion yuan, a decrease of 9.882 billion yuan from the previous trading day, and 325 of the 425 bonds rose, 99 fell, and 1 was flat; On the same day, the two newly listed bonds performed brightly, among which the Runhe bond closed up and triggered the temporary stop, which closed up 57.30% on the day, reaching the upper limit of the increase under the new regulations on the transfer of bonds, and the Yingli bond also triggered the temporary stop at the opening, and finally closed up 43%, which performed well; From the perspective of the premium rate of the transfer of shares, the premium rate of Runhe to bond and Yingli bond to equity after the close of the first day of listing is 0.53% he 51.17%, respectively, Runhe to bond still has greater upward momentum, and Yingli to bond needs to pay attention to the possibility of a small correction in the follow-up.
Source: Wind, Oriental Jincheng
2. Debt transfer tracking
On August 11, Rongtai bond transfer will open for subscription, Shunbo bond transfer, Zhonglu transfer bond and Xiao Bear bond will open on August 12, and Bohui bond will start to be subscribed on August 16; Runhe's bond and Yingli's bond will be listed on the Shenzhen Stock Exchange, and Wei 22's bond, Tuopu's bond and Gao's bond will be listed on the Shanghai Stock Exchange from August 12; Jinlang's bond conversion began to be transferred to shares on August 16, and the double arrow bond conversion began to be converted into shares from August 17.
On August 11, the application of Guangda Special Materials and Zhuhai Guanyu for the issuance of convertible bonds was approved by the Listing Committee of the Science and Technology Innovation Board of the Shanghai Stock Exchange, the application for the issuance of convertible bonds by Xinqianglian was approved by the Listing Committee of the ChiNext Board of the Shenzhen Stock Exchange, and the CSRC announced that Milkwell and Xingfa Group issued convertible bonds at the meeting on August 15, and the application for the issuance of convertible bonds in Sanfangxiang was accepted by the CSRC; Daimei shares intend to issue convertible bonds to raise no more than 1.498 billion yuan for the construction of Mexican interior industry base, and Shangsheng Electronics intends to issue 520 million convertible bonds in the field of car audio systems.
On August 11, Toll announced that there would be no early redemption, and from August 12, 2022 to November 11, 2022, if the redemption clause was triggered again, the redemption right would not be exercised; Shenghong announced that there will be no early redemption, and in the next 5 months (i.e. from August 12, 2022 to January 11, 2023), if the redemption clause is triggered again, the redemption right will not be exercised; Chervon Automobile announced that "Chervon Convertible Bonds" is expected to meet the redemption conditions.
On August 11, Quanzhu announced that it will not amend the "Quanzhu Bond" transfer price downwards, and in the next six months from the date of the deliberation and approval of this board of directors, if it is triggered again, it will not be revised downwards, and ruida futures announcement will not amend the "ruida bond" transfer price downwards, and in the next six months (from august 11, 2022 to February 10, 2023) from the date of the deliberation and approval of the board of directors, if it is triggered again, it will not be revised; Hongya CNC announcement is expected to trigger the "Hongya bond" transfer price correction conditions, Lanfan Medical announcement is expected to trigger the "Blue Sail bond" transfer price correction conditions, Kangtai Biological Announcement "Kangtai Transfer 2" is expected to trigger the conversion price correction conditions.
On August 11, the redemption registration date of the announcement of the Aonong Bond Conversion was August 31, 2022.
(4) Overseas foreign debt market
1. U.S. Treasury Market:
On August 11, due to the simultaneous cooling of PPI data and CPI, the market expected a soft landing for the US economy to rise, and the US Treasury yield of all maturities generally rose, and the 10-year US Treasury yield rose by 9bp to 2.78%.
Source: iFind, Oriental Jincheng
On August 11, the inversion of the 2/10-year TREASURy yield curve narrowed sharply by 9bp to 36bp, temporarily aside the 22-year high; The inversion of the 2/30-year Treasury yield curve narrowed sharply by 11bp to 8bp; Spreads on the 5/30-year Treasury yield curve widened by 6bp to 17bp.
On August 11, the US 10-year Inflation-Protected Treasury Bond (TIPS) Profit and Loss Balance inflation rate rose by 4bp to 2.47%.
2. European Bond Market:
At the end of the European session on August 11, the easing of inflationary pressures in the United States reduced safe-haven demand, coupled with investors continuing to bet that the European Central Bank could raise interest rates by 50 basis points in September, the price of 10-year government bonds in major European economies fell, and yields generally rose sharply. Among them, the Uk's 10-year treasury bond rose prominently, at 12bp, breaking through 2.08%; The German 10-year bond yield rose 8bp to close at 0.97%. France, Italy and Spain 10-year yields rose by 8bp, 3bp and 6bp, respectively.
Source: investing.com, Oriental Jincheng
Daily price change of Chinese dollar bonds (as of the close of trading on August 11)
Source: Bloomberg, compiled by Oriental Jincheng
This article originated from the financial world