200 million funds speculation China Resources Kam Wah Four trading

July 8, the interim results soared 460%-490% of China Resources Jinhua (000810.　　SZ), pull out the fourth trading, 7 Lian Yang cumulative increase of up to 56.93%. In the medium-term performance of the FRY process, a number of key hot money sales departments involved.　　It is noteworthy that in the early period of China Resources Kam Wah has risen more than 40%, July 8 State letter Securities Shenzhen Red Ridge Middle Road Sales department unexpectedly appeared in the Billboard to buy the first, the whole day to buy 13.6649 million yuan, sell 1.2987 million yuan, net inflow of 12.3662 million yuan.　　However, this reporter learned that China resources Jinhua performance soared in the second half of the year or difficult to continue: the current cotton yarn prices have been high, the industry agreed that the rise may have been small, and nylon wire prices after the earlier rally, starting from June to weaken, by the beginning of this month, the weak pattern of short-term difficult to change.　　Nearly 200 million of the influx of hot money June 30, China Resources Kam Wah announced that because of the company's textile business continued to improve, operating profit significantly increased, January-June is expected to achieve net profit of 36 million-38 million yuan, compared with the same period last year 6.4217 million yuan growth of 460%-490%.　　Affected by this message, China Resources Jin Hua a change before 3rd, a sharp negative trend, 4th, a strong limit or touch trading, after 2nd after a rest, 8th continue to seal the end. June 30 Notice the same day to July 5, all the funds to buy all the way, the cumulative net inflow of funds 148 million yuan.　　Since the June 30 rise, there have been 189 million yuan deposits of China Resources Kam Wah. Exchange Billboard data shows that the inflow of funds are mainly concentrated in Zhejiang Hangzhou, Shaoxing, Ningbo, Jinhua, Qingtian and other securities business departments. Of these, June 30 and July 1, Finance and Securities Hangzhou Gymnasium Sales department bought 3.2222 million yuan; July 1, the financial securities Hangzhou Jiefang Road Sales Department net buy 2.9892 million Yuan, Citic Gold Tong Hangzhou Yu Route sales department to buy 2.3419 million yuan, Galaxy Securities Qingtian Chung Jin Street Sales department and Ningbo Cuibai Road Sales department respectively to buy 2.1974 million yuan and 2.1376 million yuan; 8th　　, Guo Xin Securities Hangzhou Stadium Road sales department to buy 3.5393 million Yuan, Citic Gold Tong Jiefang South Road sales department to buy 8.8828 million yuan. 8th, the participation of state-backed securities made capital inflows to accelerate abruptly.　　In the case of the stock price has already risen sharply, the fierce style of the idle money is exposed.　　The second half of the difficult optimism however, the involvement of the hot money is doomed to its only short-term fast forward, from the fundamental point of view, China Resources Kam Wah's first half of this year's performance of the big increase or a flash in the pan. The annual report shows that the main business of China Resources Jinhua is the production and sale of nylon filament, cotton yarn and cotton cloth. 2009, China Resources Jinhua to achieve its main business income of 916 million yuan, a year earlier growth of 10.5%, net profit of 20.9427 million yuan. Among them, nylon silk, cotton yarn, cotton accounted for the main business income of 51.79%, 21.94% and 22.71%, the gross margin of 18.47%, 7.62% and 5.39%.　　Product 74.88% for domestic sales, exports accounted for only 21.57%.　　As a result of the two-period nylon silk technical renovation project capacity expansion and nylon wire price increase, gross profit margin, the first quarter of this year, China Resources Jin Hua realize net profit of 14.33 million yuan, compared to the first quarter of 117,300 yuan net profit, is a difference.　　But the reporter survey found that nylon silk price increases may not continue in the second half of the year. Public data show that, after 51, the cost of nylon yarn to promote the main raw materials nylon chips price up to 25250 yuan/ton; nylon dty and Fdy also rose, respectively, in 29750 yuan/ton and 28250 yuan/ton.　　Shortly thereafter, nylon raw material cpl (CAPROLACTAM) prices continued to fall, driving nylon chips and nylon filament market, some varieties of price shocks fell. At the beginning of June, the market price of caprolactam in the vicinity of 21800-22000 yuan/ton, into the late June, the actual negotiations prices have been 19500-19800 yuan/ton. Nylon slicing conventional spinning and high speed spinning in the early June market prices were 24500 yuan/ton and 24700 yuan/ton, to the end of June fell to 22900 yuan/ton and 23100 yuan/ton. Into the July, Caprolactam, nylon chip prices continue to fall, as of July 4, Caprolactam market prices fell to about 19300-19400 yuan/ton, nylon 6 slice price also falls in the range of 22200 yuan/ton.　　The price of nylon chips has fallen nearly 13% from the beginning of May. Upstream raw material prices deep down, making nylon wire cost loss of support, resulting in downstream product prices have followed the weak. As of July 4, the market of nylon fdy mainstream products in Jiangsu and Zhejiang Market has already appeared selling price to 26500 yuan/ton, which is about 10% lower than that of May 70d/24. At present, most of nylon silk manufacturers can only shrink production, stop raw materials procurement, and gradually reduce prices to withdraw funds and other measures to control business risk.　　And the market consensus is that the nylon market in raw materials, the weak finishing, factory inventory high and downstream demand dismal multiple pressures, short-term price weakness is difficult to see obvious improvement. China Resources Jinhua Main products nylon wire prices go down at the same time, cotton and cotton prices also appeared to peak signs. Textile industry personage pointed out that, as of July 4, the cotton yarn market smooth hidden A trace of the opportunity to decline, cotton textile enterprise bullish mood began to cool, some small factory took the lead in preferential measures, the transaction price than the actual price concessions 300-500 yuan/ton.　　And in the international economic environment has not yet determined the pace of recovery, such as the stimulation of multiple negative factors, the whole cotton yarn continues to rise in space is not big. As a result, China resources Kam-wah because of the price of nylon wire increases in the first half results, or because of the second half of the price reduction and weak demand growth and other factors and unsustainable.