Daily Report 190916
Macro Economy 
Domestic side, August 2016 newly increased RMB loan 796.9 billion; 341.9 billion more than last month, and 21.3 billion more than same term of last year. August new RMB loans still provided by residents, in addition to long-term demand of cars and houses, short-term consumer financing needs of the residents is relatively strong compared with this, although the company new RMB loans turned positive, but short-term and long-term enterprises new RMB loans are falling into negative, once housing demand cooling, domestic asset shortage situation will in turn reproduced. There is another noteworthy phenomenon, August new RMB funds with old and new caliber statistics difference is 151.8 billion yuan, which is mainly from non-Bank financial institutions, but after the stock market crash last year, the data has been maintaining a stable low, August non-bank financial institutions, the substantial increase in loan reason is very confusing, whether it is considered plus margin loans to stabilize the market or other non-bank financial institutions to increase loans plus bond lever looks unconvincing.
Nature Rubber  
During festival period rubber futures overseas section narrowly fluctuated. Rubber side, till mid-September, Qingdao bonded area rubber inventory decreased 11.5% to 103500 tons compared with August. Now has dropped below the lowest point of last year, and created the lowest value since 2012. But recent will continue downward tendency. Overall, nature rubber actuals is seasonal alleviated. But micro side uncertainty is large. Recommend short-term speculate.
Last week copper market is strong. Copper price broke 5 weeks average after bolster at the below. Till last Wednesday, three main exchanges inventory decreased 5044 tons to 558000 tons. SHEX decreased 7387 tons, LME decreased 1600 tons and COMEX increased 1646 tons. LME physical still maintains discount tendency. Next week discount narrowed. Supply side, Los Bronces of Anglo America also denied salary term, and the strike continued. Technically, copper price is strong recently, but may rally in the short term. Wait for the end of strike and the clearance of the Fed conference result.
                                                                                                        Dong LV (Investment Certificate NO. TZ008452)