[Today's Guide]
○ Coking coal prices hit new high, positive factors continue to show
○ Military informatization to speed up, titanium dioxide hikes prices for fifth time this year
○ Hengtong Optic-electric to expand production, Datang Huayin Electric Power to raise develop wind power
○ NanJing Pharmaceutical to launch additional issuance, multiple companies expect performance growth in interim reports
[SSN Focus]
○ Coking coal prices hit new high, positive factors continue to show
------
In the night session on April 22, Main coking coal futures contracts climbed above 800 yuan per ton during the trading and closed at a a new high in a nearly one and half a year. Coking coal futures closed up nearly by the daily limit. As for the spot market, data from 100ppi.com shows that coking coal in Taiyuan, Shanxi Province, snapped a nearly half a month of horizontal movement and hiked 10 yuan per ton. China Times reported privately-run steel giant Haixin Steel Co., Ltd. (changed its name into Jianlong Steel Co., Ltd. after reorganization) will resume production on April 29.
Comments: Benefiting from the picking-up steel market, it is of high probability that the production of coking coal will rally and demands for coking coal will be shored up. As for coking coal supply, national-level supporting documents on the supply-side reform have been issued intensively. The geographical distribution of China's coking coal resources is uneven, with over half of resources in Shanxi Province. State-owned enterprises (SOEs) accounts for a high proportion in terms of production. Policies on cutting excessive productivity, including adopting 276 working days a year, have had great influence on coking coal supply. Shanxi Xishan Coal and Electricity Power Co., Ltd. (000983.SZ), Jizhong Energy Resources Co., Ltd. (000937.SZ) and Kailuan Energy Chemical Co., Ltd. (600997.SH) have a high proportion business in coking coal and coke.
○ Two securities companies come near to IPO, shareholders expected to see equities rise
------
On April, the main board issuance and examination committee of the China Securities Regulatory Commission (CSRC) announced on April 22 that it schedules to review Huaan Securities' IPO approval on April 27. Data shows that Orient International Enterprise, Ltd. (600278.SH), Anhui Wenergy Company Limited (000543.SZ) and Jiangsu Sainty Corp., Ltd. (600287.SH) respectively holds 8.68 percent, 7.09 percent and 3.55 percent of the company. Their subscription is 329 million yuan, 245 million yuan and 172 million yuan, respectively. Huaan Securities recorded a net profit of 1,865 million yuan in 2015. Currently, the average P/E ratio of securities companies is about 12 times.
The same day, the CSRC approved of the IPO application of 7 enterprises, including First Capital Securities Co., Ltd. Data shows that the the substantial shareholder of First Capital and the substantial shareholder of Zhejiang Hangmin Co., Ltd. (600987.SH) respectively holds 15.85 percent and 7.84 percent equities in the company.
[SSN Selection]
○ China's central bank proposed to stably push for pilot on non-performing asset securitization at a working conference held on April 21. It is leant that the first-time issuance of non-performing loans ABS (asset-backed securitization) of the Bank of China and China Merchants Bank heads to countdown.
○ Xu Dazhe, director of China National Space Administration, on April 22 indicated that the project of Mars exploration was approved and China will launch detector to Mars around 2020.
○ The name list of the new round of central SOEs reform pilots will be revealed in the first half year, and the reform will accelerate in disposing zombie enterprises and arranging employees, China Business Journal reported.
○ China Times reported that the plan on salt industry reform have been approved by the high-level government and the specific plan is expected to be released at the end of this month.
○ Zhu Congjiu, vice-governor of Zhejiang Province, indicated on April 23 that Zhejiang Province is applying for free-trade harbor district to the State Council and is likely to obtain approval.
○ The wheel-side permanent magnet driving system for China's second generation new energy vehicle was delivered off the line on CRRC Corporation Limited on April 22. It uses permanent magnet technology to promote high magnetization in new energy vehicles.
TOP
[Industry Information]
○ Military informatization to speed up, market to reach RMB100 bln
------
China will make informatization a multiplier for its combat capability, the PLA Daily writes in an article on its front page on April 22. The article writes in view of the recent local wars, combat operations basically have to carry out in the information network, aiming to impair or even to divest the rival's information ability. To strengthen construction of information system-based combat system to seek for advantages of systematic combat has become a core for the construction of the army combat capability in all country.
Comments: According to the opinions of the Central Military Commission of the Chinese Communist Party on deepening national defense and military reform, by 2020 China should strive to build a modern military force system with Chinese characteristics that can win information war and effectively fulfill missions and tasks. Securities companies hold in their research reports that the advancing of military informatization will bring huge new demands for the military communications, electronics and radar field, and the potential market could reach one hundred billion yuan. In terms of companies, the actual controller of China Zhenhua (Group) Science ＆ Technology Co., Ltd. (000733.SZ) is China Electronics Corporation with strong competitiveness in military chips. Huaxun Fangzhou Co., Ltd. (000687.SZ) is mainly engaged in intelligent Ad-Hoc Network communications system products and has vigorously developed into new ultra wide band phased-array antenna.
○ Titanium dioxide hikes prices for fifth time this year, industry continues to rally
------
SSN learns that titanium dioxide leader Sichuan Lomon Titanium Industry Co., Ltd. on April 22 hiked prices for the fifth time this year and lifted the price up 500 yuan per ton. The price has risen an accumulative total of nearly 20 percent this year. Shandong Dawn Titanium Industry Co., Ltd., Luohe City Xingmao Titanium Industry Co., Ltd. and Shandong Doguide Group Co., Ltd. followed to hike prices by 500 yuan to 1,000 yuan per ton. Meanwhile, the prices of exports are also rising, ranging from 50 to 100 U.S. dollars per ton.
Comments: Relevant manufacturers indicate that as it is a high season for titanium dioxide, enterprises have tight inventories and sell smoothly. Titanium dioxide is mainly used in the downstream coating industry. Its market demands have improved, benefiting from the recovery of real estate sales. Among listed companies, Henan Billions Chemicals Co., Ltd. (002601.SZ) is pushing for the acquisition of Lomon Titanium Industry. Its market share will exceed 15 percent after the acquisition. In addition, Jilin Gpro Titanium Industry Co., Ltd. (000545.SZ), Anhui Annada Titanium Industry Co., Ltd. (002136.SZ) and CNNC Hua Yuan Titanium Dioxide Co., Ltd. (002145.SZ) rank top in the industry in terms of productivity.
TOP
[Announcement Interpretation]
○ Hengtong Optic-electric to raise RMB3.3 bln to expand production
------
Hengtong Optic-electric Co., ltd. (600487.SH) proposes to issue 322 million shares through private placement at no less than 10.31 yuan per share to raise 3.32 billion yuan, which will be used for various projects, such as production expansion of submarine optical fiber cable in energy Internet area, production of conducting and charging equipment for new energy vehicle, intelligent charging operation, smart community (phase I) of broad band access in Suzhou City, Wuxi City and Changzhou City and big data analysis and industrial application service project, as well as supplement working capital. Cui Genliang, actual controller of the company, will subscribe no less than 60 million yuan.
In the fundraising projects, production expansion project of submarine optical fiber cable is likely to make the company a leading player in the international submarine fiber cable industry. New energy vehicle project, smart community and big data project will enable the company to tap into popular areas, and realize industry transformation and upgrading.
○ Datang Huayin Electric Power to raise RMB2 bln to expand wind power
------
Datang Huayin Electric Power Co., Ltd. (600744.SH) proposes to raise 2 billion yuan through private placement at no less than 5.56 yuan per share, which will be invested in six wind power projects. Upon completion of the additional issuance, Datang Group's status as the actual controller remain unchanged.
Commetnt: Datang Huayin Electric Power is primarily engaged in thermal power business. Through raising fund for wind power projects, the company aims to increase the proportion of new energy power generation business, and expand room for the development of new business.
TOP
○ NanJing Pharmaceutical to raise RMB2 bln to repay loans and supplement working capital
------
NanJing Pharmaceutical Company Limited (600713.SH) proposes to raise 2 billion yuan by issuing 300 million shares at no less than 6.57 yuan per share through private placement. The proceeds will be used to repay loans and supplement working capital. Nanjing New Industrial Investment Group Co., Ltd., which controls the listed company through NanJing Pharmaceutical, will subscribe with a total of 540 million yuan; the second biggest shareholder Alliance Healthcare will subscribe with a total of 240 million yuan; the employee stock ownership plan plans to subscribe over 86 million yuan.
○ Controlling shareholder of Kaishan Compressor launches private placement plan
------
Kaishan Group, controlling shareholder of Zhejiang Kaishan Compressor Co., Ltd. (300257.SZ), plans to increase shareholding in the company with a total of no more than 200 million yuan in the next twelve months.
○ Kerong Environmental Resources obtains bulk orders
------
Xuzhou Kerong Environmental Resources Co., ltd. (300152.SZ) won the bid for the construction of Zhougong River wetland. The project will be conducted in PPP model. Estimated investment is 1,083 million yuan, accounting for about 108 percent of the company's revenue in 2015.
[Financial Reports Express]
○ Multiple companies expect performance growth in interim reports
------
Shandong Xiantan Co., ltd. (002746.SZ) recorded 733 percent performance growth in the first quarter, and expects 678-715 percent growth in the interim report, primarily attributed to the recovery of white feather broiler industry. Sichuan Tianqi Lithium Industries, Inc. (002466.SZ) recorded 855 percent performance growth in the first quarter, and expects 1,364-1,486 percent growth in the interim report, primarily due to significant growth in operating revenue; the board of directors of the company has approved the distribution plan of 28-for-10 conversion of capital surplus into shares combined with 3 yuan dividend. ShengXing Group Co., Ltd. (002752.SZ) recorded 105 percent growth in the first quarter, and expects 70-120 percent growth in the interim report, primarily due to growth of revenue. Yifan Xinfu Pharmaceutical Co., Ltd. (002019.SZ) recorded 62 percent growth in the first quarter, and expects 110-140 percent growth in the interim report, primarily due to price hike of crude drug.
○ Lummy Pharmaceutical proposes high share conversion and dividend
------
Chongqing Lummy Pharmaceutical Co., Ltd. (300006.SZ) reported 122 percent growth in its annual report, and proposes 26-for-10 conversion of capital surplus into shares combined with 1 yuan dividend. Lens Technology Co., Ltd (300433.SZ) reported 31 percent growth in its annual report and proposes 20-for-10 conversion of capital surplus into shares combined with 10 yuan dividend.
[Trading Trends]
○ Three institutions buy Nanjing Yunhai Special Metals
------
The trading volume ranking list on April 22 indicated that Nanjing Yunhai Special Metals Co., Ltd. (002182.SZ) was bought by three institutions with a total of 140 million yuan, representing 31.1 percent of intraday trading turnover.
Comment: institutions pointed out that in the future deep processing business will become an important profit resources of the company. Last year, the company's aluminum tube business recorded 9 times year on year growth in revenue, and is expected to maintain rapid development. As the Jingzhou Yunhai precision and Chaohu light metal alloy pressure casting projects have been put into operation, revenue and profits from castings will grow rapidly; its magnesium pressure casting business will benefit from consumer electronics with magnesium alloy shell, such as Surface, and see fast growth.
[Trading Alarms]
○ Winka Times Department Store to debue IPO on April 25
------
Xinjiang Winka Times Department Store Co., Ltd. (732101.SZ) is for initial public offering at 8.81 yuan per share. The PE ratio of the company is 23 times, and the upper limit of subscription is 240,000 shares. It is the largest retail sales enterprise well known in Xinjiang.
[Weekly Review]
○ Stock market calls for "power of insensitivity"
------
"Power of insensitivity" was first created by the Japanese writer Junichirou Watanabe. In his interpretation, the word can be literally translated as power from insensitivity, namely, to face setbacks and pains in life unhurriedly, and progress firmly towards one's own goal. It is the "wisdom of achieving a happy life". The author believes that in the current stock market, investors should also maintain such power.
The stock index has been in an upward trend for most of time during the month, but a few days' declining send it back to the starting point again. This situation inevitably would frustrate investors. However, it is also the combined result of the current situation and investors' psychological condition. On the one hand, there is "valuation cap" and "policy bottom" for the current market, restricting the formation of an upsurge market; on the other hand, "three days' rise change the expectation", thus investors tend to buy stocks after the market shows an upward trend. The alignment of investors' behavior further accelerated the market's climbing to the peak. Once there is a lack of incremental capitals, profit making and loss stopping trades would cause high volatility.
Therefore, in the current market, if investors are too sensitive to the short-term trend, they are subject to buying high and selling low. To keep the power of insensitivity, investors can calm down and think twice. But it doesn't mean turning a deaf ear to voices on the market. Instead, it enables investors to distinguish noises on the market, and make investment decisions cautiously.
TOP
○ Coking coal prices hit new high, positive factors continue to show
○ Military informatization to speed up, titanium dioxide hikes prices for fifth time this year
○ Hengtong Optic-electric to expand production, Datang Huayin Electric Power to raise develop wind power
○ NanJing Pharmaceutical to launch additional issuance, multiple companies expect performance growth in interim reports
[SSN Focus]
○ Coking coal prices hit new high, positive factors continue to show
------
In the night session on April 22, Main coking coal futures contracts climbed above 800 yuan per ton during the trading and closed at a a new high in a nearly one and half a year. Coking coal futures closed up nearly by the daily limit. As for the spot market, data from 100ppi.com shows that coking coal in Taiyuan, Shanxi Province, snapped a nearly half a month of horizontal movement and hiked 10 yuan per ton. China Times reported privately-run steel giant Haixin Steel Co., Ltd. (changed its name into Jianlong Steel Co., Ltd. after reorganization) will resume production on April 29.
Comments: Benefiting from the picking-up steel market, it is of high probability that the production of coking coal will rally and demands for coking coal will be shored up. As for coking coal supply, national-level supporting documents on the supply-side reform have been issued intensively. The geographical distribution of China's coking coal resources is uneven, with over half of resources in Shanxi Province. State-owned enterprises (SOEs) accounts for a high proportion in terms of production. Policies on cutting excessive productivity, including adopting 276 working days a year, have had great influence on coking coal supply. Shanxi Xishan Coal and Electricity Power Co., Ltd. (000983.SZ), Jizhong Energy Resources Co., Ltd. (000937.SZ) and Kailuan Energy Chemical Co., Ltd. (600997.SH) have a high proportion business in coking coal and coke.
○ Two securities companies come near to IPO, shareholders expected to see equities rise
------
On April, the main board issuance and examination committee of the China Securities Regulatory Commission (CSRC) announced on April 22 that it schedules to review Huaan Securities' IPO approval on April 27. Data shows that Orient International Enterprise, Ltd. (600278.SH), Anhui Wenergy Company Limited (000543.SZ) and Jiangsu Sainty Corp., Ltd. (600287.SH) respectively holds 8.68 percent, 7.09 percent and 3.55 percent of the company. Their subscription is 329 million yuan, 245 million yuan and 172 million yuan, respectively. Huaan Securities recorded a net profit of 1,865 million yuan in 2015. Currently, the average P/E ratio of securities companies is about 12 times.
The same day, the CSRC approved of the IPO application of 7 enterprises, including First Capital Securities Co., Ltd. Data shows that the the substantial shareholder of First Capital and the substantial shareholder of Zhejiang Hangmin Co., Ltd. (600987.SH) respectively holds 15.85 percent and 7.84 percent equities in the company.
[SSN Selection]
○ China's central bank proposed to stably push for pilot on non-performing asset securitization at a working conference held on April 21. It is leant that the first-time issuance of non-performing loans ABS (asset-backed securitization) of the Bank of China and China Merchants Bank heads to countdown.
○ Xu Dazhe, director of China National Space Administration, on April 22 indicated that the project of Mars exploration was approved and China will launch detector to Mars around 2020.
○ The name list of the new round of central SOEs reform pilots will be revealed in the first half year, and the reform will accelerate in disposing zombie enterprises and arranging employees, China Business Journal reported.
○ China Times reported that the plan on salt industry reform have been approved by the high-level government and the specific plan is expected to be released at the end of this month.
○ Zhu Congjiu, vice-governor of Zhejiang Province, indicated on April 23 that Zhejiang Province is applying for free-trade harbor district to the State Council and is likely to obtain approval.
○ The wheel-side permanent magnet driving system for China's second generation new energy vehicle was delivered off the line on CRRC Corporation Limited on April 22. It uses permanent magnet technology to promote high magnetization in new energy vehicles.
TOP
[Industry Information]
○ Military informatization to speed up, market to reach RMB100 bln
------
China will make informatization a multiplier for its combat capability, the PLA Daily writes in an article on its front page on April 22. The article writes in view of the recent local wars, combat operations basically have to carry out in the information network, aiming to impair or even to divest the rival's information ability. To strengthen construction of information system-based combat system to seek for advantages of systematic combat has become a core for the construction of the army combat capability in all country.
Comments: According to the opinions of the Central Military Commission of the Chinese Communist Party on deepening national defense and military reform, by 2020 China should strive to build a modern military force system with Chinese characteristics that can win information war and effectively fulfill missions and tasks. Securities companies hold in their research reports that the advancing of military informatization will bring huge new demands for the military communications, electronics and radar field, and the potential market could reach one hundred billion yuan. In terms of companies, the actual controller of China Zhenhua (Group) Science ＆ Technology Co., Ltd. (000733.SZ) is China Electronics Corporation with strong competitiveness in military chips. Huaxun Fangzhou Co., Ltd. (000687.SZ) is mainly engaged in intelligent Ad-Hoc Network communications system products and has vigorously developed into new ultra wide band phased-array antenna.
○ Titanium dioxide hikes prices for fifth time this year, industry continues to rally
------
SSN learns that titanium dioxide leader Sichuan Lomon Titanium Industry Co., Ltd. on April 22 hiked prices for the fifth time this year and lifted the price up 500 yuan per ton. The price has risen an accumulative total of nearly 20 percent this year. Shandong Dawn Titanium Industry Co., Ltd., Luohe City Xingmao Titanium Industry Co., Ltd. and Shandong Doguide Group Co., Ltd. followed to hike prices by 500 yuan to 1,000 yuan per ton. Meanwhile, the prices of exports are also rising, ranging from 50 to 100 U.S. dollars per ton.
Comments: Relevant manufacturers indicate that as it is a high season for titanium dioxide, enterprises have tight inventories and sell smoothly. Titanium dioxide is mainly used in the downstream coating industry. Its market demands have improved, benefiting from the recovery of real estate sales. Among listed companies, Henan Billions Chemicals Co., Ltd. (002601.SZ) is pushing for the acquisition of Lomon Titanium Industry. Its market share will exceed 15 percent after the acquisition. In addition, Jilin Gpro Titanium Industry Co., Ltd. (000545.SZ), Anhui Annada Titanium Industry Co., Ltd. (002136.SZ) and CNNC Hua Yuan Titanium Dioxide Co., Ltd. (002145.SZ) rank top in the industry in terms of productivity.
TOP
[Announcement Interpretation]
○ Hengtong Optic-electric to raise RMB3.3 bln to expand production
------
Hengtong Optic-electric Co., ltd. (600487.SH) proposes to issue 322 million shares through private placement at no less than 10.31 yuan per share to raise 3.32 billion yuan, which will be used for various projects, such as production expansion of submarine optical fiber cable in energy Internet area, production of conducting and charging equipment for new energy vehicle, intelligent charging operation, smart community (phase I) of broad band access in Suzhou City, Wuxi City and Changzhou City and big data analysis and industrial application service project, as well as supplement working capital. Cui Genliang, actual controller of the company, will subscribe no less than 60 million yuan.
In the fundraising projects, production expansion project of submarine optical fiber cable is likely to make the company a leading player in the international submarine fiber cable industry. New energy vehicle project, smart community and big data project will enable the company to tap into popular areas, and realize industry transformation and upgrading.
○ Datang Huayin Electric Power to raise RMB2 bln to expand wind power
------
Datang Huayin Electric Power Co., Ltd. (600744.SH) proposes to raise 2 billion yuan through private placement at no less than 5.56 yuan per share, which will be invested in six wind power projects. Upon completion of the additional issuance, Datang Group's status as the actual controller remain unchanged.
Commetnt: Datang Huayin Electric Power is primarily engaged in thermal power business. Through raising fund for wind power projects, the company aims to increase the proportion of new energy power generation business, and expand room for the development of new business.
TOP
○ NanJing Pharmaceutical to raise RMB2 bln to repay loans and supplement working capital
------
NanJing Pharmaceutical Company Limited (600713.SH) proposes to raise 2 billion yuan by issuing 300 million shares at no less than 6.57 yuan per share through private placement. The proceeds will be used to repay loans and supplement working capital. Nanjing New Industrial Investment Group Co., Ltd., which controls the listed company through NanJing Pharmaceutical, will subscribe with a total of 540 million yuan; the second biggest shareholder Alliance Healthcare will subscribe with a total of 240 million yuan; the employee stock ownership plan plans to subscribe over 86 million yuan.
○ Controlling shareholder of Kaishan Compressor launches private placement plan
------
Kaishan Group, controlling shareholder of Zhejiang Kaishan Compressor Co., Ltd. (300257.SZ), plans to increase shareholding in the company with a total of no more than 200 million yuan in the next twelve months.
○ Kerong Environmental Resources obtains bulk orders
------
Xuzhou Kerong Environmental Resources Co., ltd. (300152.SZ) won the bid for the construction of Zhougong River wetland. The project will be conducted in PPP model. Estimated investment is 1,083 million yuan, accounting for about 108 percent of the company's revenue in 2015.
[Financial Reports Express]
○ Multiple companies expect performance growth in interim reports
------
Shandong Xiantan Co., ltd. (002746.SZ) recorded 733 percent performance growth in the first quarter, and expects 678-715 percent growth in the interim report, primarily attributed to the recovery of white feather broiler industry. Sichuan Tianqi Lithium Industries, Inc. (002466.SZ) recorded 855 percent performance growth in the first quarter, and expects 1,364-1,486 percent growth in the interim report, primarily due to significant growth in operating revenue; the board of directors of the company has approved the distribution plan of 28-for-10 conversion of capital surplus into shares combined with 3 yuan dividend. ShengXing Group Co., Ltd. (002752.SZ) recorded 105 percent growth in the first quarter, and expects 70-120 percent growth in the interim report, primarily due to growth of revenue. Yifan Xinfu Pharmaceutical Co., Ltd. (002019.SZ) recorded 62 percent growth in the first quarter, and expects 110-140 percent growth in the interim report, primarily due to price hike of crude drug.
○ Lummy Pharmaceutical proposes high share conversion and dividend
------
Chongqing Lummy Pharmaceutical Co., Ltd. (300006.SZ) reported 122 percent growth in its annual report, and proposes 26-for-10 conversion of capital surplus into shares combined with 1 yuan dividend. Lens Technology Co., Ltd (300433.SZ) reported 31 percent growth in its annual report and proposes 20-for-10 conversion of capital surplus into shares combined with 10 yuan dividend.
[Trading Trends]
○ Three institutions buy Nanjing Yunhai Special Metals
------
The trading volume ranking list on April 22 indicated that Nanjing Yunhai Special Metals Co., Ltd. (002182.SZ) was bought by three institutions with a total of 140 million yuan, representing 31.1 percent of intraday trading turnover.
Comment: institutions pointed out that in the future deep processing business will become an important profit resources of the company. Last year, the company's aluminum tube business recorded 9 times year on year growth in revenue, and is expected to maintain rapid development. As the Jingzhou Yunhai precision and Chaohu light metal alloy pressure casting projects have been put into operation, revenue and profits from castings will grow rapidly; its magnesium pressure casting business will benefit from consumer electronics with magnesium alloy shell, such as Surface, and see fast growth.
[Trading Alarms]
○ Winka Times Department Store to debue IPO on April 25
------
Xinjiang Winka Times Department Store Co., Ltd. (732101.SZ) is for initial public offering at 8.81 yuan per share. The PE ratio of the company is 23 times, and the upper limit of subscription is 240,000 shares. It is the largest retail sales enterprise well known in Xinjiang.
[Weekly Review]
○ Stock market calls for "power of insensitivity"
------
"Power of insensitivity" was first created by the Japanese writer Junichirou Watanabe. In his interpretation, the word can be literally translated as power from insensitivity, namely, to face setbacks and pains in life unhurriedly, and progress firmly towards one's own goal. It is the "wisdom of achieving a happy life". The author believes that in the current stock market, investors should also maintain such power.
The stock index has been in an upward trend for most of time during the month, but a few days' declining send it back to the starting point again. This situation inevitably would frustrate investors. However, it is also the combined result of the current situation and investors' psychological condition. On the one hand, there is "valuation cap" and "policy bottom" for the current market, restricting the formation of an upsurge market; on the other hand, "three days' rise change the expectation", thus investors tend to buy stocks after the market shows an upward trend. The alignment of investors' behavior further accelerated the market's climbing to the peak. Once there is a lack of incremental capitals, profit making and loss stopping trades would cause high volatility.
Therefore, in the current market, if investors are too sensitive to the short-term trend, they are subject to buying high and selling low. To keep the power of insensitivity, investors can calm down and think twice. But it doesn't mean turning a deaf ear to voices on the market. Instead, it enables investors to distinguish noises on the market, and make investment decisions cautiously.
TOP
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