Jinghua Shanyi downgraded the rating of China Television Jinqiao International Media (0623.HK) from buying to holding, citing a lack of strong incentives. The agency said the economic downturn and the continuing impact of the government's anti-corruption actions have impacted the company's red wine advertising revenue. The usage rate of the CCTV channel where Jinqiao of China Television acted as a sales agent fell from 71.6% to 60.6% in the first half of the year. CITIC Jinqiao's gross margin also fell 4 percentage points to 31% in the first half of the year. The agency revised CITIC Jinqiao's net profit forecast for the 2014/15 fiscal year downward by 7.7%-11.5% and lowered the target price of the stock from HK$8 to HK$5.15.