There are signs in the fourth quarter of 2016, emerging market’s poor performance, the recent signs of improvement. The size of the global market in the largest two emerging market fund, BlackRock’s iShares MSCI emerging markets ETF (Code: EEM) and the FTSE emerging markets (ETF Code: VWO), in December 19, 2016 by the Federal Reserve to raise interest rates after the market hit, recently began to improve, the two funds since December 19th, both rose over 5%.

SG: stabilization of outflow of funds in emerging markets

Societe Generale Asia head of currency strategy Jason Daw in January 9th, the report pointed out that emerging markets in 2016 October (mainly bonds) and November (mainly in bonds and equities) experienced a massive outflow of foreign capital, the current data show that the outflow of funds began to stabilize in December and January.

“in accordance with the traditional idea of the dollar and strong will generate pressure on emerging markets. But as we experienced in 2016, the traditional ideas may be wrong, if expected according to the traditional ideas, Trump was elected, the British won’t happen back in europe.

Over the past five years, emerging markets are a net outflow of capital, the market could fully reflect the expected. 2016 benefited from rising oil prices, emerging markets are good. I think the next emerging market will be short-term pressure, long-term, optimistic outlook.

From the perspective of long-term investors, because the fixed income outlook is not good, is expected to transfer will be long-term allocation of funds from fixed income to emerging markets.” UBS Global Asset Management Analyst in emerging markets and Asia Pacific Equity Fund Manager and Shi Bin in answer to a reporter’s question, said the twenty-first Century economic report.

“Although the Beijing haze rule every year in progress, but there is a certain distance

with the expectation of the public, Beijing in 2017 to achieve the” air pollution

prevention action plan “to determine the target great challenge.” The former vice

president of the Central Academy of China hair analysis for the twenty-first Century

economic report.

The afternoon of January 7th, Beijing mayor Cai Qi said that 2017 is the implementation

of national air ten last year of Beijing in greater scope to take measures, will take ten

key measures, iron fisted rule haze. Chen Jining said, environmental protection In 2017

the Ministry will release “13th Five-Year” air pollution prevention and control planning,

city air quality compliance deadline management and Deployment Guide, promote the

prevention and control of ozone pollution.

Chen Jining revealed in terms of water pollution, and in 2017 to implement the “ten

water” as the main line, the establishment of water pollution prevention and early

warning mechanism of comprehensive supervision, supervise the implementation of local

government responsibility, establish ecological environment protection planning and

implementation of key river basin water pollution prevention plan “13th Five-Year” and

the Yangtze River economic belt, pilot monitoring and evaluation of Yangtze River water

environment the economic belt carrying capacity. At the same time, environmental

protection The Department will also live Construction Department inspection City smelly

water remediation work before the end of 2017, the basic elimination of black odor water

district municipalities, municipalities, provincial capital city, investigation and

assessment of water environment in drinking water.

In November 2016, the domestic fertilizer market is generally stable, the main varieties of fertilizer on the whole price rose slightly. But the decrease in the urea market rising costs and output prices, a strong rebound. Market monitoring shows that the domestic urea market price reached 1400 yuan (ton price, the same below) for the year, the chain rose by 15.7%, representing a decrease of 5.4%; DAP price 2660 yuan, up 0.4%, representing a decrease of 3.6%; the average price of ammonium phosphate is 2050 yuan, down 0.5%, compared with 2.8% decline; domestic chloride k the average price of 1900 yuan, a record low, down 2.6%, representing a decrease of 17.4%; 45% of sulfur based compound fertilizer price 2130 yuan, a 1.4% year-on-year decline in the rebound, 6.6%.

According to customs data, in November the average export price (FOB price per ton of urea, the same below) of $205.7, a rise of 1.2%, the first time this year rose 23.8% year-on-year decline; TSP average export price of 248.6 U.S. dollars, a rebound in 1%, representing a decrease of 26.8%; DAP average export price of 320 dollars, down 0.9%, representing a decrease of 29.1%; three composite fertilizer export average price of $487.5, up 2.5% year-on-year decline of 20.9%.

At present, the domestic market supply and demand imbalance is still serious, export volatility, market competition, the overall price is still in the low volatility. Is expected in the short term fertilizer market overall downturn trend is difficult to have a big improvement, weak market will also continue. However, in the winter and raw material prices under the support, the domestic fertilizer market price in the short term will continue upward trend.

At the end of 2016, has just released the November economic operation of petroleum and chemical industry report shows that the first 11 months of the year in the fertilizer industry total output, exports, industry profits, apparent consumption growth has a different degree of decline, at present, the domestic market supply and demand imbalance is still serious, the overall downturn trend difficult to be improved.

The report shows that: in November 2016, the national output of chemical fertilizer (pure, the same below) 5 million 939 thousand tons, down 10.2%, a decline of 4.9 percentage points last month to expand. Among them, the urea production of 2 million 316 thousand tons, down 25.2%; phosphate fertilizer production 1 million 682 thousand tons, an increase of 4.5%; fertilizer production 714 thousand tons, an increase of 10.2%. in petroleum and chemical industry exports once again clear growth situation, in November exports of 2 million 332 thousand tons of chemical fertilizer (physical volume, the same below), a year-on-year decline of 30.3%; exports amounted to $560 million, the cumulative decline of 44.5%. the export of 24 million 936 thousand tons, down 20.6%; exports of $5 billion 980 million, a decline of 38.9%. at the same time, fertilizer consumption growth continued to fall.

From 1 to November, the apparent consumption of chemical fertilizer (pure, the same below) 60 million 766 thousand tons, an increase of 0.1%, the growth rate to new lows for the year. In November 2016, fertilizer manufacturing industry profits fell 50.7%, narrowed slightly than before October. Among them, nitrogen fertilizer made a net loss of 9 billion 380 million yuan, the amount of loss is still increasing.