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Ordinary Life Resumes in Sierra Leone After Violent Protests: What Happened and Why?_我的网站

一 |     　　“请问贵司为何在业绩大好的情况下依然持续破净破发？”“10年前投资到现在是亏损的，算上分红，总资产都是亏的。”
　　近日，已有4家券商召开了上半年业绩发布会。

二 | 券商股股价是投资者关注的重中之重。    Dozens of businesses, government offices, vehicles, and at least three police stations went up in flames in Freetown, Makeni, Kamakwie, and other cities across Sierra Leone from August 10 through 12, with over 113 people arrested and police introducing an emergency nationwide curfew and deploying tear gas and live ammunition to disperse crowds.,The curfew was lifted on August 13, with banks, businesses, government offices, and most stores reopened and communal services beginning to clear the damage. However, ramped-up security measures, including federal troop deployments to assist police, have been left in place.,What Happened?,Sierra Leone is one of the poorest nations in the world, ranking 186 out of 198 in a recent GDP purchasing power parity ranking. An estimated 80 percent of the population lives in poverty, many of them in the country’s rural areas. Like other nations in Africa, the country has faced special difficulties amid the global economic calamity brought on by COVID, and exacerbated by Western restrictions on Russian exports of agricultural goods and fertilizers amid the security crisis in Ukraine, which has caused a major jump in food prices.,AfricaAnti-Russia Sanctions Left Africa Without Access to Grain and Fertilisers, African Union Chief Says3 June, 11:13 GMT,As a net importer of both energy and food, Sierra Leone is especially vulnerable to global economic conditions, and along with food and fertilizers, fuel and electricity costs have also soared. Food prices alone have jumped by over 40 percent over the past few months, with a bag of rice once costing 350 leones now going for over 500. The country’s Central Bank recently removed three zeros from the national currency in a bid to restore confidence. The country has also been overcome by weeks of strikes by government workers, including doctors and teachers, and by small traders protesting poor conditions.,Coup Plot?,However, President Julius Maada Bio has also accused protesters of having ulterior motives beyond the cost of living crisis.,“This was not a protest against the high cost of living occasioned by the ongoing global economic crisis. The chant of the insurrectionists was for a violent overthrow of the democratically-elected government,” Bio said in an address on August 12 after returning to the country from a holiday in London.,Local media pointed to the chants of “Bio must go” among protesters as they gathered in the capital, and the president accused some of the demonstrators of consisting of “APC Warriors,” a reference to the opposition All People’s Congress party, which governed the country from 2007 until 2018, when Bio’s Sierra Leone People’s Party won national elections.,No doubt mindful of the violent civil war which shook the country between 1991 and 2002, claiming as many as 70,000 lives and displacing over 2.5 million people, Bio vowed that “in the coming weeks and months, [the] government will undertake necessary security actions meant to guarantee the peace and security of all citizens.”,“The security forces will, and must, act with great restraint and within their professional codes of service. But be assured that my government will crack down hard on violent insurrectionists, their collaborators, their sponsors and their supporters. My government will relentlessly fight those who would rather use terror and gruesome violence to achieve political goals,” the president said.,As a government, we will continue our engagement with Civil Society as we strive to promote sustainable peace, national cohesion and socio-economic development in Sierra Leone. #newdirectionagenda— President Julius Maada Bio (@PresidentBio) August 18, 2022,Bio did not elaborate on who these “sponsors” and “supporters” were, or whether they included any foreign actors.,Geopolitical Context,Like other African nations, Sierra Leone recently rejected calls by Washington and Brussels to show solidarity with the West and Ukraine and impose sanctions on Russia. But even before the escalation of the Ukraine crisis, relations between Freetown and Washington were tense at times. Last year, US President Joe Biden snubbed Bio by refusing to invite the African leader to the US’ so-called “Democracy Summit.” No reasons were given. However, neighboring Liberia, which faced mass civil unrest of its own between 2019 and 2020, and whose officials have been sanctioned by the US over suspected corruption, did get an invite.,While Sierra Leone maintains economic and political ties with its former British colonial masters, and remains a member of the Commonwealth of Nations, Freetown has sought to expand its partnerships with other geopolitical power centers, including Russia and China. President Bio attended the Russia-Africa Summit in Sochi in 2019, where he discussed ways to strengthen economic cooperation between the distant nations. In February 2021, Freetown signed onto Moscow’s efforts to prevent the deployment of weapons in outer space. In May 2021, Bio spoke by phone to President Xi Jinping of China, where they discussed the friendly, “brotherly” relations between the two nations, as well Chinese assistance to Freetown in measures against COVID, and agricultural and economic development.,In this context, the reactions of major foreign powers to this month’s unrest have been telling. While the United States, Britain, and the European Union collectively expressed “grave concern” over the “disturbing reports of violence” and urged the parties to “stay calm, promote accountability and ensure respect for human rights,” China’s Embassy smoothed over the protests altogether, refraining from wagging its finger at Freetown and instead trumpeting the expanding cooperation between the two countries.,We are gravely concerned by reports of violence surrounding today’s demonstrations in Sierra Leone. We urge all parties to stay calm, promote accountability, and ensure respect for human rights and fundamental freedoms.— Bureau of African Affairs (@AsstSecStateAF) August 10, 2022,Similarly, while UK High Commissioner to Sierra Leone Lisa Chesney lectured President Bio about how “violence has no place in a democracy and the necessary investigation into August 10 can sit alongside de-escalation,” the Russian Embassy in the Republic of Guinea, which concurrently serves as the Embassy in Sierra Leone, only presented a bare bones report on the situation in the country, Bio’s meetings with community and tribal leaders, and indicated that an internal “debriefing” was being created “regarding the causes, course and consequences of the riots on August 10.”。

三 | 中信证券、国泰海通、中信建投、光大证券均回应了股价问题。　　光大证券称，将积极研究股票回购等的法律法规及可行性。

四 | 国泰海通表示，将研究和考虑进一步丰富价值运营和价值实现手段，促进公司股价合理反映公司的投资价值。　　券商股股价被质疑　　在中信建投业绩说明会上，投资者提问称，尽管公司上半年净利润大增近七成，且分红丰厚，但近期股价表现相对平淡。

五 | 在当前资本市场环境下，公司计划通过哪些具体的投资者关系活动（如常态化路演、反向调研等），向市场更清晰地传递公司在“科技金融”、“数智投行”等领域的长期投资价值，以引导市场对公司内在价值的合理定价？　　中信建投答复称，公司高度重视投资者沟通，也充分理解市场对公司科技金融、数智投行战略布局的关切。公司将持续加强投资者关系管理：线下通过业绩说明会、路演、反向路演等活动深化面对面交流；线上积极运用数字化手段，依托官网投资者关系平台、官方公众号等渠道，多样化分享发展动态，及时传递公司在科技金融、数智投行等领域的进展。
　　在光大证券业绩会上，投资者称，公司说将一如既往给投资者回报，可是5年前投资光大证券到现在是亏损的，10年前投资到现在也是亏损的。已经算上了分红，总资产都是亏的。能否改变下方式，别一如既往。走条新路，例如回购股份呢？　　光大证券表示，公司一直以来持续加强经营管理，努力实现高质量发展，通过提升业绩、股东分红来提升股东回报；公司也持续合法合规地开展市值管理，综合运用经营提升、现金分红、投资者关系管理、信息披露等方式提升公司投资价值，为投资者创造长期投资价值，切实维护全体股东的长远利益。

六 | 公司会在符合相关法律法规及监管政策要求的前提下，根据市场环境和行业趋势、公司自身实际情况积极研究股票回购等的法律法规及可行性。
　　国泰海通投资者提问称：“请问贵司为何在业绩大好和积极市值管理的情况下依然持续破净破发？”　　国泰海通回应称，公司高度重视市值管理工作，致力于通过打造公司内在价值创造能力提升公司长期投资价值，并综合运用常态化分红、并购重组、股权激励、股份回购、强化投资者关系管理与信息披露等多种方式促进公司股价合理反映公司的投资价值。经营业绩方面，盈利能力显著提升。现金分红方面，连续第三年开展中期分红，分红比例保持较高水平。

七 | 回购注销方面，公司将承继自原海通证券的4779万股A股回购股份的用途从“维护公司价值及股东权益”变更为“用于注销并减少公司注册资本”，并已于8月完成注销，进一步维护投资者利益、增强投资者信心。未来，公司将持续关注资本市场动态及公司股价表现，在夯实核心竞争力的基础上，结合公司实际情况，研究和考虑进一步丰富价值运营和价值实现手段，促进公司股价合理反映公司的投资价值，努力提升投资者回报水平，切实维护全体股东的长远利益。　　中信证券投资者提问称，公司近几年业绩持续向好，利润大涨。可股票两年来不仅没有涨且严重跑输上证指数。

八 | 公司如何让股价匹配业绩增长？　　中信证券回应称，公司高度重视市值管理与投资者回报，2026年上半年，公司连续第六年以直播形式召开年度业绩说明会，累计开展投资者调研交流、策略会路演等各类机构投资者投关活动20余场，累计接听股东热线1400余次，通过股东邮箱、上证e互动平台、股东会现场交流等方式及时回应中小投资者关切。公司始终坚持与投资者共享经营发展成果的理念，自2003年A股上市以来连续24年开展现金分红，累计分红总额（含税）超人民币990亿元。今年公司也将连续第三年开展中期现金分红，拟每10股派发人民币4.27元（含税），派发现金红利总额人民币66.72亿元（含税），分红金额相比去年中期分红增长55.23%，后续将待公司股东会审议通过后有序实施，公司股东回报感和获得感将进一步增强。　　如何改变“靠天吃饭”？　　记者注意到，在现场的提问中，也有一些与券商业务相关的，比如科创板跟投浮盈的可持续性、两融业务的流动性、如何改变“靠天吃饭”问题等。　　投资者提问称，管理层如何看待“靠天吃饭”的周期属性？在打造“价值投行、新质投行、数智投行”的战略下，公司未来如何平滑市场波动对业绩的冲击，建立真正不依赖单边行情的内生增长模式？　　中信建投称，证券行业具有天然的周期属性，这是客观事实，公司也不能完全“脱敏”。价值投行最终会推动收入结构的价值型转型，提升主动管理、买方投顾、非方向交易等业务收入占比，用更稳的收入结构对冲周期波动；新质投行就是锚定新质生产力这个长期赛道，把公司的增长锚从市场成交量切换到国家的产业升级趋势上，包括服务长鑫科技、长江存储等企业，是把市场的β，转化为投行专业的α；数智投行能让公司用好更先进的金融科技，通过客户驱动精准挖掘综合价值、提升运营效率，用效率对冲波动。公司战略层层递进，目标就是打造不依赖单边行情的内生增长能力，同时也抓住顺周期的增长空间沉淀客户和服务能力护城河，公司也有战略定力，用持续的业绩结构改善回应投资者的期待。　　科创板跟投是热点。有投资者问中信证券，上半年公司业绩大增，部分得益于科创板IPO跟投项目（如联讯仪器、臻宝科技）实现的较高浮盈。

九 | 随着下半年宇树科技等优质项目上市，请问管理层如何评估当前二级市场波动对这些跟投浮盈的潜在冲击？在“保荐+跟投”模式下，公司如何防范底层资产风险向券商自营盘传导？　　中信证券表示，公司针对券商直投、科创板投行跟投业务制定了稳健审慎的投资策略和完整健全的管理体系，通过分级授权、分散投资、定期排查、风险分类、统一监控、协同处置等多项风险管控手段，实现了项目投前阶段风险管理前置、项目投后阶段多角度监控预警、项目退出阶段多样化管控的项目全周期风险管理。　　两融业务也受到关注。投资者称，截至期末，公司融资融券余额达1086.14亿元，市场占比3.60%。在信用业务规模稳步做大的同时，请问公司目前的流动性覆盖率和净稳定资金率是否留有充足的安全垫？在应对极端市场波动时，财务端有哪些具体的压力测试与资金调配预案？　　中信建投表示，截至2026年6月末，公司流动性覆盖率和净稳定资金率均符合监管要求。公司每季度针对资产负债规模开展压力测试，考虑市场环境恶化、信用风险事件、评级下调等风险因素设置轻度、中度和重度的压力情景，公司的各项风险控制指标（含流动性覆盖率和净稳定资金率）均符合监管要求，并有充足安全垫，市场风险组合损失也在公司的风险容忍度范围内。此外，公司维持规模适度、结构合理、独立管理的流动性储备资产组合，以及品种丰富、额度充足的融资工具，可以及时、有效地为公司融资融券等业务发展提供充足资金。（文章来源：券商中国）。

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