Welcome to Dingfeng Asset Management Co., Ltd.! 中文ENGLISH


16F,Building 6,Lujiazui Century Financial Plaza,No.308 Jinkang Rd,Pudong New District,Shanghai,P.R.China


CopyRight © 2018 Dingfeng Asset Management Co., Ltd. all rights rerserved Powered by 沪ICP备11050813号



400-609-0088 ( Marketing) 

021-58310331( Administration)






Dingfeng·Zhoubao|The Central Economic Work Conference emphasizes high quality development and continues to pay attention to envi

Release time:
Image Source: Network
Last week review
Last week, the index fluctuated at a low level and stabilized, including the Shanghai Index (+0.95%), the Shenzhen Component Index (+0.87%), the SME Board Index (+0.37%) and the GEM Board Index (-0.46%).
Last week hotspot
National Development and Reform Commission Announces 2018 PV On-grid Price, Better Than Expected
On December 22nd, the National Development and Reform Commission announced the notice of the price policy of photovoltaic power generation projects in 2018, and the adjustment rate of the price of electricity in 2018 and the timing of the reduction of time were all better than expected. The centralized power price is lowered by 1 kWh per kWh, which is better than the previous quarter's speculation that the first, second and third quarters will be lowered by 0.04 yuan/kWh per quarter, and the fourth quarter will be revised down by 0.03 yuan/kWh, and the whole year will be lowered by 0.15 yuan/kWh. Taking into account that the increase in the efficiency of components in 2018 and the cost reduction are expected to drive down the cost of installations, it is expected that the impact of concentrated-installation yields will be limited. The distributed subsidy only decreased by RMB 0.05/kWh, and the benchmark price of photovoltaic poverty-relief power stations (up to and including 0.5 MW) and the tariff subsidy standard for residential PV-based poverty alleviation projects remained unchanged. It is expected that the distributed and poverty alleviation projects are expected to promote China's installed capacity in 2018 to maintain a high level of about 50 GW, which will benefit highly efficient product manufacturers.
Cellular immunotherapy entered the harvest period, and the CFDA issued a document to optimize clinical trial approval.
On December 18th, CDE incorporated the clinical application of LCAR-B38MCAR-T cell autoreinfusion formulation into the twenty-fifth batch of priority review procedures. The legendary Nanjing Biological was the first to apply for clinical CAR-T therapy. It was reported as a Category 1/new drug for therapeutic biological products and included in the priority review. On October 23, CFDA announced the Administrative Measures for Drug Registration (revised draft), which clearly stated that CAR-T cell therapy can be reported according to drugs, and then published a review guide for the treatment of biological products for treatment registration on November 30. )". The acceptance of the CAR-T clinical application indicates the further clarification of the domestic regulatory thinking and specifies the direction for related companies.
CAR-T is a bio-pharmaceutical upstart that has driven the global “anti-cancer era”: Cell therapy as an emerging biotechnology is becoming a force in cancer immunotherapy. The first clinical report of CAR-T therapy in China was filed according to category 1/new drugs for treatment of biological products and included in the priority review. It is a series of implementation of the drug administration reform policy in the field of cell therapy, and is a specification for the domestic cell therapy industry. With encouragement and opening up a new era of development, the industry will continue to regulate growth.
Future outlook
The Central Economic Work Conference set the tone for economic development in 2018 and emphasized high quality development
The Central Economic Work Conference was held from December 18 to 20, and Comrade Xi Jinping delivered an important speech at the meeting, summarizing the history of China’s economic development since the 18th CPC National Congress, analyzing the current economic situation, and deploying economic work in 2018. "High quality" is the key word for China's economic development after the 19th National Congress. The meeting put forward eight key tasks for high quality development: deepening supply-side structural reform; stimulating the vitality of various market entities; implementing the strategy of rural rejuvenation; implementing a coordinated regional development strategy; promoting a new pattern of comprehensive opening up; improving protection and improving people’s livelihood Accelerate the establishment of a housing system with multi-subject supply, multi-channel protection, and rent-purchase, and accelerate the construction of an ecological civilization. With regard to high-quality development, technical issues such as indicator systems, standards systems, performance evaluations, and performance evaluations are to be cracked and are expected to be gradually clear in the follow-up.
Focus on the future: 1) In the industry, it will focus on the next five strategic emerging industries. 2) Opening wider to the outside world, forming a new pattern of comprehensive opening up, increasing service trade, building a free trade port, and the western region will be opening to the frontier. 3) "The basic role of consumption in economic development". The engine of China's economy gradually shifts from investment to consumption-driven. Corresponding to the overall rise of mass consumption, the development of high-end consumption. 4) Military and civilian integration. 5) State-owned enterprise reform, focusing on managing capital, will accelerate the transformation of the functions of state-owned asset supervision agencies. 6) The focus of the community's general concern on people's livelihood issues: school, “choice of school”, baby care and early childhood education services, etc.
Unprecedented environmental status, ecological era
The Central Economic Work Conference involves many environmental protection issues. At present, the ecological environment in China is clearly improving. The determination to promote ecological civilization construction is large, powerful, and unprecedented. "One minus one plus one" has become the main theme. The demand for the environmental protection sector has continued to focus on two policy signals: 1) the performance evaluation node; 2) the improvement of the emission standards. The environmental protection elements showed “one minus one plus one”. In 2017, the progress of “subtraction” was faster. The inspector limited production was favorable to the supply side, and the effect of environmental protection and production restriction to solve environmental problems was indeed obvious. In the short term, the state will not abandon the means of limiting production. With policy guidance, technology maturity, and increased awareness, the means of limiting production will gradually transition to the need for the treatment of incremental environmental protection. Specific signal concerns: The performance evaluation node and the emission standards will increase.
PPP is affected by policies and interest rates. The short-term norm is not a limitation, and the long-term heavy-duty operation. The municipal and ecological categories are mostly based on PPP. The current financial risk prevention and regulatory PPP market is the main theme. Short-term interest rates are at a high level. Project release and financing will be affected, but the regulation is not a limitation. The implementation of PPP and encouragement of private capital to participate in the general direction of PPP Change, and environmental PPP project will also be a priority to implement the project and the texture is better than other industries, stock selection needs to pay more attention to the company's financing capabilities and operating experience.