Breakfast | Banking and Insurance Regulatory Commission: Mercedes-Benz Auto Finance has infringed on the legitimate rights and interests of consumers and has been rectified in accordance with regulatory requirements

Macro news

1. At a regular press conference held by the Ministry of Commerce yesterday, spokesman Gao Feng said that the first phase of the Sino-US agreement is beneficial to China and the United States and the whole world. It is hoped that the US side will cancel the tariffs and sanctions and suppression measures imposed on China as soon as possible to create a good atmosphere and conditions for the two sides to expand trade cooperation.

2. Guo Shuqing, chairman of the Banking and Insurance Regulatory Commission, presided over the research symposium. The meeting listened to the reports of relevant departments on promoting the disposal of non-performing assets and mergers and acquisitions of small and medium-sized financial institutions, and studied the policies and measures related to financial asset management companies focusing on the main business of disposal of non-performing assets, giving play to their unique functional advantages, and helping to resolve financial risks.

3. China's social financing scale increased by 6,170 billion yuan in January, estimated at 5,385 billion yuan, the previous value was 2,368.2 billion yuan; in January, the new RMB loans were 3.98 trillion yuan, the highest point of single-month statistics; at the end of January, the balance of broad money (M2) was 243.1 trillion yuan, an increase of 9.8% year-on-year.

4. On Wednesday, the U.S. Department of Agriculture (USDA) released the February supply and demand report, the USDA will raise the US soybean crush for the current year by 25 million pu, the ending stocks by 25 million pu to 325 million pu; affected by the dry weather, the USDA will reduce the Brazilian soybean production this year by 5 million tons to 134 million tons, and the Argentine soybean production this year by 1.5 million tons to 45 million tons. As a result, global soybean production for the year was revised down 8.7 million tonnes to 363.86 million tonnes, and ending stocks were revised down 2.37 million tonnes to 92.83 million tonnes. Soochow Futures said: Due to the usDA monthly supply and demand report, the OVERALL rise in U.S. beans on Wednesday night and yesterday's domestic beans and oils rose sharply, and long orders can continue to be held in the short term.

5. [Liaoning added 2 new local confirmed cases of new coronary pneumonia] From 18:00 to 24:00 on February 10, 2 new confirmed cases of local new coronary pneumonia in Liaoning Province were reported by Huludao City, and 1 new case of local asymptomatic infection was reported by Shenyang City.

Industry news

1. According to the reporter's many parties, the opinions on the supervision of national commercial housing pre-sale funds have been introduced recently. The amount of supervision of pre-sale funds is determined by the urban and rural construction departments at the city and county level according to factors such as the project cost contract, and when the funds in the supervision account reach the regulatory quota, the funds exceeding the quota can be withdrawn and used by housing enterprises.

2. [CEIBS responds to Gülen Management Fund being redeemed for 40 billion yuan: false news] The Gülen Management Fund was redeemed 40 billion yuan by large insurance funds and FOF special accounts, mainly for new energy, of which the Cataline era was the highest redemption. In this regard, the CeIBS fund responded: the "large redemption" spread on the Internet is false news. A number of insurance institutions and wealth management subsidiaries also responded that they have not redeemed Gülen's related funds in recent days.

3. Gao Feng, spokesman of the Ministry of Commerce, said that the Ministry of Commerce will study and promote the introduction of a number of new policies and measures this year, vigorously develop digital trade, build a digital trade demonstration zone, and promote the dual innovation of science and technology and system.

4. The Ministry of Industry and Information Technology and other eight departments issued an implementation plan to accelerate the comprehensive utilization of industrial resources. The plan proposes to improve the management system and strengthen the traceability management of the whole life cycle of new energy vehicle power batteries. Promote the application of waste power batteries in the fields of power backup, charging and replacement.

5. Recently, a letter soliciting opinions on "Several Measures to Promote the Healthy Development of Housing Consumption in the Daya Bay Area" was circulated on the Internet, and Huizhou Daya Bay introduced a new policy for the property market. The official response: Only the opinion draft is not a final document, and the final document published by the government shall prevail.

6. The State Administration of Radio and Television issued the "14th Five-Year Plan for the Development of Chinese Television Dramas". It is mentioned that the whole chain of intellectual property rights in the field of television dramas should be strengthened, and the awareness of respecting and protecting intellectual property rights in the whole industry should be enhanced. Standardize the order of income distribution, including actors' remuneration, and resolutely oppose "sky-high film remuneration".

7. According to the data released by Shanghai Steel Federation, the quotation of lithium battery materials rose generally yesterday, electrolytic cobalt rose by 1700 yuan / ton; cobalt tetroxide rose by 10,000 yuan / ton; cobalt oxide rose by 5,000 yuan / ton; lithium metal rose by 50,000 yuan / ton, the average price was 2.03 million yuan / ton; battery-grade lithium carbonate rose by 10,000 yuan / ton, the average price was 400,000 yuan / ton; lithium hydroxide rose by 9500-10,500 yuan / ton.

8. [Banking and Insurance Regulatory Commission: Mercedes-Benz Auto Finance infringes on the legitimate rights and interests of consumers and has been rectified in accordance with regulatory requirements] In order to improve the transparency of financial supervision, strengthen market supervision and constraints, and effectively safeguard the legitimate rights and interests of financial consumers. On February 10, the Consumer Rights and Interests Protection Bureau of the China Banking and Insurance Regulatory Commission (CBIRC) issued a circular on the infringement of the legitimate rights and interests of consumers by Mercedes-Benz Auto Finance. The circular pointed out that the company mainly has the following four problems, including the publicity materials do not clearly state the loan product provider, the service price information disclosure does not meet the requirements, the standard terms of the authorized use of consumer information do not follow the relevant principles, and the implementation of the consumer rights and interests protection review is not in place.

9, [a number of paper mills issued a price increase notice the highest increase of 500 yuan / ton] The Spring Festival holiday most of the paper enterprises on holiday shutdown, February 7 paper companies have resumed production and work, some paper enterprises inventory pressure is not large, the intention to increase gradually thickened. After continuing to raise prices by Shanying, Paper Mills such as Liwen Paper, Dongguan Jianhui, Jiangmen Xingxing, Jintian Paper, tianhe paper and other paper mills have issued price increase notices, with an increase of 50-500 yuan / ton.

Company News

1. WuXi AppTec issued an announcement of changes, and the company did not find other media reports or market rumors that needed clarification or response.

2. According to the Hong Kong Stock Exchange, Xia Haijun, vice chairman and president of China Evergrande, sold $128 million worth of bonds before the company fell into a debt crisis in 2021.

3. China Mobile announced on the Hong Kong Stock Exchange that it repurchased 7.3035 million shares at a price of HK$56.65 to HK$58.15 per share on February 10, costing about HK$422 million.

4. Yahuilong announced that the new coronavirus antigen detection kit was approved by the Japanese PMDA and designated supply.

5. [SMIC's net profit for the fourth quarter of 2021 was 3.415 billion yuan, an increase of 173% year-on-year] In the fourth quarter of 2021, SMIC's total operating income was 10,259,637 thousand yuan, an increase of 53.8% year-on-year, and the net profit attributable to shareholders of listed companies was 3,414,822 thousand yuan, compared with 1,252,082 thousand yuan in the same period last year, an increase of 172.7% year-on-year, and basic earnings per share was 0.43 yuan, compared with 0.16 yuan in the same period of the previous year, an increase of 168.8% year-on-year.

6. Jiuan Medical disclosed the announcement of the investor relations activity record sheet that the number of new cases in the United States has decreased compared with before, and there may be a mismatch between supply and demand.

7. Puli Pharmaceutical announced that it intends to repurchase shares for 5 million yuan to 10 million yuan.

8. Kexin Technology announced that the Finnish subsidiary signed an order for 68.58 million yuan for network energy products.

9. Super map software disclosed the announcement of the investor relations activity record sheet, and won the bid for the meta-universe project this year, that is, the Fuxia Airport VR project.

10. Geely Automobile announced on the Hong Kong Stock Exchange that its car sales in January were 146,380 units, a year-on-year decrease of about 6%.

11. Huanrui Century responds to rumors of tax arrears: it is inconsistent with the facts and is a problem left over from history.

12. [Tesla's tenth recall in the past four months, the function of self-selected speaker sound effects has also been disabled] The National Highway Traffic Safety Administration said Thursday that Tesla is recalling 578,607 vehicles in the United States. The recall totaled 578607 units, covering the Model S, Model X, Model Y produced in the U.S. market in 2020-2022 and model 3 produced in 2017-2022. Tesla said it did not find any car accidents, injuries or fatalities related to the recall. NHTSA said the vehicles did not meet the minimum sound requirements for electric vehicles in the federal motor vehicle safety standards. The noise emitted by these electric vehicles when driving is very small, and pedestrians may not know that a vehicle is approaching, increasing the likelihood of a traffic accident.

Global markets

U.S. stocks closed lower en masse, with the Dow down 1.47%, the NASDAQ down 2.1% and the S&P 500 down 1.81%. The semiconductor and Internet technology sectors have weakened significantly. After the United States announced a 7.5% increase in January CPI to continue to brush a new four-decade high, Fed Bullard supported a 100 basis point rate hike by July 1. U.S. 10-year Yields climbed to 2 percent, their highest since August 2019.

International crude oil rushed higher and fell back, and US oil futures closed slightly higher by 0.24% at $89.88 / barrel. COMEX April gold futures closed up 0.03%, up for the fifth straight day.

Ukraine was deadlocked, with European stocks closing mixed, with Britain's FTSE index closing up slightly up 0.38%.