► China Securities Regulatory Commission: Issued opinions on accelerating the high-quality development of the public fund industry. Guide the head institutions to effectively play a leading role model, adhere to long-term doctrine, strive to do difficult and correct things, and become the industry leader who is "respected and convincing"; the level of compliance risk control, long-term investment performance of more than three years, and the actual profit of investors are included in the performance appraisal category, and the proportion of assessment of indicators such as scale ranking, short-term performance, and income and profit is weakened.
► Central Banks: There have been some recent fluctuations in financial markets, mainly due to investor expectations and sentiment. At present, the mainland's economic fundamentals are good, the economic endogenous growth potential is huge, and substantial progress has been made in preventing and resolving financial risks. We will increase the support of prudent monetary policy for the real economy, especially support industries and small and medium-sized enterprises and individual industrial and commercial households seriously affected by the epidemic, support agricultural production and energy supply and supply increase, launch scientific and technological innovation reloans and inclusive pension special reloans, increase 100 billion yuan of refinancing to support the development and use of coal and enhance energy storage, increase agricultural support and small reloans and civil aviation special refinancing, maintain reasonable and sufficient liquidity, promote the healthy and stable development of the financial market, and create a good monetary and financial environment.
► Csrc: Encourage fund managers to meet the needs of residents' wealth management as the starting point, take the risk measurable and controllable, and effective protection of investors as the premise, increase product and business innovation, effectively improve the ability of public funds to serve the real economy, and resolutely abandon the "pseudo-innovation" of rubbing hot spots, grabbing gimmicks, and earning scale; improve the echelon training plan for investment research personnel, do a good job in the accumulation and inheritance of investment and research capabilities, reverse the development model of excessive dependence on "star fund managers"; guide fund managers to adhere to the concept of long-term investment and value investment. Take effective regulatory measures to limit the behavior of "style drift" and "high turnover rate" to win short-term trading gains, and effectively play the role of the "stabilizer" and "ballast stone" of the capital market.
Macroeconomic
1. Meeting of the Central Financial and Economic Commission: Comprehensively strengthen infrastructure construction and build a modern infrastructure system to lay a solid foundation for the comprehensive construction of a modern socialist country. It is necessary to strengthen the construction of network-based infrastructure such as transportation, energy, and water conservancy, take networking, network supplementation, and strong chains as the focus of construction, and strive to improve network efficiency.
2. Ministry of Finance: From January to March, the total operating income of state-owned enterprises was 18,604.47 billion yuan, an increase of 12.9% year-on-year. The total profit was 1,018.74 billion yuan, an increase of 7.0% year-on-year. At the end of March, the asset-liability ratio of state-owned enterprises was 64.3%, up 0.1 percentage points.
3. Shanghai Municipality: In terms of leaving Shanghai, strictly implement the "non-essential do not leave Shanghai", take various measures to strictly and tightly manage the departure of personnel from Shanghai, and resolutely prevent the spillover of the epidemic. In addition to holding a negative nucleic acid test certificate within 48 hours, the personnel leaving Shanghai must also provide a negative antigen test certificate within 24 hours; do a good job of relevant inspection work at airports, stations and other intersections to minimize the output of risk personnel.
4. CCTV: Sinopharm's inactivated vaccine against the new coronavirus of the Aomi Kerong mutant strain of China Biological Institute of Beijing Bio-products has obtained clinical approval from the State Food and Drug Administration of China. China Biologics will conduct sequential immunological clinical studies in the form of randomized, double-blind, cohort studies in people aged 18 years and older who have completed 2 or 3 doses of COVID-19 vaccination.
5. WHO: At present, at least 169 cases of acute hepatitis in children with unknown etiology in 12 countries have been reported, and no five common hepatitis viruses A, B, C, D and E have been detected. The vast majority of patients have not been vaccinated against COVID-19, so it can be considered that it is not a side effect of the NEW Crown vaccine at present. The situation is being closely monitored and working with the UK health authorities and other partners.
6, financial breakfast: hot spots do not stop, track you want to listen. What is the logic behind this round of RMB exchange rate fluctuations? What do I need to pay attention to in exchange rate depreciation? In the near future, is it a further downward exploration, or is it expected to stabilize or regain its upward trend? Financial friends quickly swipe to the end of the article to check out today's financial secret tracking #exchange rate fluctuations underlying logic
Real estate dynamics
1. China Net Real Estate: In the bidding for the first batch of 60 residential plots involving centralized land supply in Hangzhou, Zhejiang Province, only the plot numbered Linping Zhengchu [2022] No. 5 was auctioned, and the remaining 59 cases were sold. The total area of 60 plots is 2,566,100 square meters, the total construction area on the ground is 5,807,400 square meters, the total transaction price is 82.676 billion yuan, and the average premium rate is 6.41%.
Stock market inventory
market
1. On Tuesday, the Shanghai Composite Index reported 2886.43 points, down 1.44%, with a turnover of 395.986 billion. The Shenzhen Composite Index reported 10206.64 points, down 1.66%, with a turnover of 442.821 billion. The ChiNext index reported 2150.51 points, down 0.85%, with a turnover of 160.692 billion. The total transaction volume of the two cities is 838.807 billion. On the disk, fentanyl, duty-free shops, hepatitis, super brands and other sectors rose in the front, and textiles and clothing, coal, securities, sub-new stocks and other sectors fell in the front.
On Tuesday, the Hang Seng Index rose 0.33% to 19934.71 points. The index of state-owned enterprises rose 0.94% to 6747.42 points. Northbound funds bought a net of 1.543 billion on the day.
3. As of April 26, there were 89 listed companies on the Beijing Stock Exchange, a decrease of 1 on that day. The total market value is 157.633 billion yuan, and the transaction amount is 452 million yuan.
4. Financing balance of the two cities: As of April 25, the financing balance of the Shanghai Stock Exchange was reported at 798.778 billion yuan, a decrease of 9.310 billion yuan from the previous trading day; the financing balance of the Shenzhen Stock Exchange was reported at 694.667 billion yuan, a decrease of 14.241 billion yuan from the previous trading day; and the total of the two cities was 1493.445 billion yuan, a decrease of 23.551 billion yuan from the previous trading day.
5, CITIC Construction Investment: near 2900 points is this year's "golden pit". This year's earnings opportunities come from grasping the low-level layout, investors can consider the first low layout "post-epidemic repair" and "stable growth increase", and the growth stock market will be on the right side of the market recovery. In the coming quarter, the improvement trend of the entire internal and external environment is a high probability event, but the process is likely to be repeated. Strategically, we must no longer be pessimistic, but gradually turn to optimism. Priority is given to post-epidemic repair + steady growth, including food and beverage, social services, real estate chains, infrastructure chains, etc., and the opportunity for growth stocks to fight back can be seized when the market recovers on the right side and the external liquidity environment is further improved.
6. Shanghai Securities Association and other three departments: In order to further coordinate the prevention and control of the epidemic, market stability and service support for Shanghai's economic development, all securities and futures fund operating institutions and all practitioners in Shanghai should strengthen their confidence and maintain their concentration; fulfill their main responsibilities and make relevant work arrangements; firmly maintain market stability and give play to the positive role of industry institutions. Professional institutional investors should fully reflect their responsibilities and practice and adhere to the concept of long-term investment and value investment.
7. Securities Regulatory Commission: Abandon undesirable cultural phenomena such as quick success and short-term profit, and money worship. Promote fund managers to strengthen brand building and reputation management, vigorously carry forward the "craftsman spirit", strive to build a "century-old store", adhere to the sentiment, professionalism, and correct concept, scrupulously fulfill their duties, be cautious and diligent, effectively abandon short-term orientation, scale complex, ranking preferences, and resolutely correct the bad trends such as the stardom of fund managers, the entertainment of product marketing, and the fandom of basic investment.
8. Csrc: Further give play to the leading role of fund evaluation institutions in evaluation, guide investors to pay attention to long-term investment performance, value investment, and rational investment, avoid "blindly following the trend and chasing hot spots", urge awarding institutions to focus on improving the professionalism, scientificity and authority of award settings, and avoid the industry's "self-entertainment". Actively give play to the role of the news media in policy publicity and public opinion guidance, stabilize market expectations, attach importance to and support public opinion supervision, and create a good public opinion atmosphere.
9. Securities Daily: Because of optimism about the A-share market, many private equity institutions have begun to join the team of "self-purchase". As of late April, 16 securities private placements have announced self-purchase actions this year, with a total amount of 2.585 billion yuan. The amount of 10 billion yuan of private self-purchase funds accounted for 95.09%. The industry said that private equity institutions have made large-scale self-purchases, reflecting a rational view of the irrational decline in the current market.
10. China Securities News: As of 19:00 on April 25, a total of 50 A-share listed companies issued repurchase plans in April, continuing the blowout situation in March. From the perspective of the purpose of repurchasing shares, it is mainly used for employee stock ownership plans or equity incentive plans. From the perspective of the purpose of repurchase, many companies said that the repurchase is to maintain the stock price of the secondary market, and they are optimistic about the long-term development of the company.
announcement
11. Weier shares: in the first quarter, the operating income was 5.538 billion yuan, down 10.84% year-on-year; the net profit was 896 million yuan, down 13.90% year-on-year; and the basic earnings per share were 1.03 yuan.
12. Guizhou Moutai: In the first quarter, the operating income was 32.296 billion yuan, an increase of 18.43% year-on-year; the net profit was 17.245 billion yuan, an increase of 23.58% year-on-year.
13. Wen's shares: In the first quarter, the operating income was 14.586 billion yuan, a year-on-year decrease of 13.26%; the net profit loss was 3.763 billion yuan, compared with a profit of 544 million yuan in the same period last year. The loss was due to operating losses in the pig industry.
14. Fosun Pharma: In the first quarter, it achieved operating income of 10.382 billion yuan, an increase of 28.87% year-on-year; net profit of 463 million yuan, down 45.41% year-on-year; basic earnings per share of 0.18 yuan. The group's share price of financial assets such as BNTX shares decreased at the end of the reporting period compared with the end of 2021.
15. Goertek shares: Disclosed the 2022 semi-annual performance forecast, with a pre-profit of 2.077 billion yuan – 2.423 billion yuan, an increase of 20% -40% year-on-year. Compared with the same period last year, it is mainly due to the increase in sales revenue of VR virtual reality, smart game consoles and other products, and the profitability has increased.
16. Sungrow Power: It was learned through the Anhui Discipline Inspection and Supervision Network that liu Zhen, an outside director, was suspected of serious violations of discipline and law and is currently undergoing disciplinary review and supervision and investigation. Liu Zhen is an outside director of the fourth board of directors, does not hold other positions other than directors, does not participate in daily production and operation activities, and the above matters will not affect daily production and operation.
17. Hengyu Environmental Protection: Since April 28, the stock has been subject to special treatment of "delisting risk warning", and the stock abbreviation has been changed to "*ST Hengyu". It is proposed to repurchase shares for 10 million yuan to 20 million yuan, and the repurchase price will not exceed 21 yuan per share.
18. BBK: Received a letter of concern, requiring detailed information on the recognition of investment income from the issuance of REITS in Jinxing Road Plaza, the accounting judgment of goodwill impairment, etc., and the specific reasons and differences that were originally expected to have some deviations, and whether there was timely information disclosure and risk disclosure. Please check whether Linzhi Tencent and JD Bangneng have used inside information to accurately reduce their holdings.
Wealth Focus
1. Csrc: Support fund management companies to achieve differentiated development on the basis of optimizing and strengthening the main business of public funds, promote the formation of an industry ecology in which comprehensive large-scale wealth management institutions and specialized professional asset management institutions develop in synergy and compete benignly; support fund management companies with prominent public offerings, stable compliance operations, and suitable professional capabilities to set up subsidiaries, specializing in public REITs, equity investment, fund investment consulting, pension financial services and other businesses, and enhance comprehensive wealth management capabilities.
Industry Watch
1. China Federation of Logistics and Purchasing: The total amount of social logistics in the country in the first quarter was 84.0 trillion yuan, an increase of 6.2% year-on-year. In terms of scale, the ratio of total social logistics to GDP rebounded to 3.1, the highest level since 2020. Since March, the international environment has become more complex and severe, the domestic epidemic situation is frequent, the growth rate of logistics supply and demand is stable and slowing, and overall, the scale of logistics in the first quarter has continued to expand.
2. Banking and Insurance Regulatory Commission: Send letters to insurance companies and insurance asset management companies to clarify the qualification requirements of banks depositing insurance funds, and insurance funds should select commercial banks that have "not found major violations of laws and regulations in the past three years" as depository banks. Among them, "major violations of laws and regulations" refers to the existence of shareholders of commercial banks who have been notified by the regulatory authorities of major violations of laws and regulations; unexcused delays, refusal to pay the principal and interest of deposits, etc.
3. Food and Drug Administration: First, we must go all out to ensure the overall situation of epidemic prevention and control. Continue to do a good job in the review and approval of Chinese medicines for epidemic prevention and control, quality and safety supervision, supply guarantees, etc., and promote the steady play of chinese medicines. Second, we must deepen the reform of the review and approval of traditional Chinese medicines and the supervision system and mechanism. Continue to improve the construction of laws, regulations, technical specifications and guiding principles, optimize the registration management system of traditional Chinese medicines, and accelerate the construction of a review evidence system that combines theory of traditional Chinese medicine, human experience and clinical trials. Third, it is necessary to strengthen the quality and safety supervision of traditional Chinese medicines. Efforts should be made to strengthen the quality supervision of Chinese medicine tablets, and supervise and urge production enterprises to implement the whole process management of Chinese medicine tablets, and must not entrust production.
4, Securities Times: The demand for old-fashioned semiconductor manufacturing equipment has increased. The price of used exposure devices used to form circuits has doubled compared to 2 years ago. In the context of tight supply and demand for semiconductors, manufacturers have invested in increasing production and established new production lines. But the supply of equipment still cannot keep up with the strong demand. Due to the extended delivery time of the equipment, semiconductor manufacturers have also been forced to take countermeasures.
5. Jibang Consulting: In the first quarter, global TV shipments reached 47.26 million units, down 20% from the previous quarter. Consumers, with limited disposable budgets, began to cut back on non-necessities. It expects TV shipments to be further revised down to 212 million units this year, an annual increase of just 1%.
6. Academy of Information and Communications Technology: In the first quarter, the number of Internet investment and financing cases in the mainland decreased by 35.3% month-on-month and 38.3% year-on-year; the amount disclosed decreased by 42.6% month-on-month and 76.7% year-on-year. In the first quarter, the number of global Internet investment and financing cases decreased by 7% month-on-month and increased by 6.5% year-on-year; the amount disclosed decreased by 3.7% month-on-month and increased by 4.7% year-on-year.
Company Highlights
1. Huawei: Released recruitment information to say that it will offer more than 5 times the salary, regardless of academic qualifications and schools, and recruit talented teenagers around the world. In the past two years, more than 300 talented teenagers have been recruited, and the highest annual salary is 2.01 million. The job posting reads that you are eager to challenge world-class problems with the ability and willingness to do so.
Global vision
1. Securities Times: Powell will hold a live press conference after the Fed meeting on May 4. Powell's last face-to-face press conference after the Fed was on March 3, 2020, before the U.S. lockdown, when the Fed decided to cut interest rates by 0.5 percentage points. Beginning in March 2022, Fed policymakers have resumed meetings offline.
2. Baltic Dry Bulk Index: up 2.04% at 2404 points.
Financial data
domestic
1. Central Bank: In March, the bond market issued a total of 5,945.18 billion yuan of various types of bonds. Among them, 630.00 billion yuan of treasury bonds were issued, 618.67 billion yuan of local government bonds, 887.28 billion yuan of financial bonds, 1,385.44 billion yuan of corporate credit bonds, 45.16 billion yuan of credit asset-backed securities, and 2,320.68 billion yuan of interbank certificates of deposit.
2. Zheng Shangsuo: Since the settlement on April 28, the trading margin standard of the thermal coal futures 2209 contract has been adjusted to 60%; the trading margin standard of the apple, methanol, glass and soda ash futures contract has been adjusted to 12%, and the amplitude of the up-down stop plate has been adjusted to 10%.
3. New Third Board: On April 26, a total of 6,783 companies were listed, a decrease of 15 companies on the same day, and the transaction amount was 355 million. The three-board component index was reported at 1036.77, down 0.14%, with a turnover of 235 million.
4, domestic commodity futures: as of the afternoon close on April 26, most of the fall, glass fell more than 5%, EG fell more than 4%, soda ash fell more than 3%, Shanghai aluminum, beans fell more than 2%, NR, palm oil and other fell more than 1%, sugar, beans and other slight declines; apples rose more than 5%, urea rose more than 4%, asphalt rose more than 2%, peanuts, LPG and other slight increases.
5. Treasury bonds: the main contract of 2-year treasury bond futures TS2206 fell by 0.01% to 101.180; the main contract of 5-year treasury bond futures, TF2206, fell by 0.02% to 101.410; and the main contract of 10-year treasury bond futures, T2206, fell by 0.01% to 100.275. The interest rate on 10-year Treasuries rose 1.00BP to 2.83% and the 10-year CDB rate rose 0.50BP to 3.01%.
6. Shanghai International Energy Trading Center: On April 26, the main contract of crude oil futures 2206 closed at 642.1 yuan / barrel, down 16.4 yuan, a decline of 2.49%. All contracts were traded in 249,500 lots, and the open interest decreased by 4,082 lots to 52,778 lots. The main contract was traded 216816 lots, and the open interest decreased by 3568 lots to 27309 lots.
7. Central Bank: Carry out 10 billion yuan 7-day reverse repurchase operation. Due to the expiration of 10 billion yuan of reverse repurchase on the same day, zero investment and zero return were achieved.
8. Shibor: 1.3060% overnight, up 0.30 basis points. It was trading at 1.6810% on the 7th, down 3.10 basis points. It was trading at 2.2520% for the third month, down 1.00 basis points.
9. Renminbi: The median price of the renminbi against the US dollar was quoted at 6.5590, a decrease of 681 points, and the median price depreciated to the lowest since April 2, 2021, the largest decline since August 13, 2015. NDF: 6.5711 for 3 months, 6.5886 for 6 months, 6.6041 for 1 year, 6.6197 for 2 years.
10. Shanghai Environmental Exchange: On April 26, the transaction volume of the carbon emission quota listing agreement in the national carbon market was 10 tons, the turnover was 600.00 yuan, and the closing price was 60.00 yuan / ton, and the closing price was the same as the previous day.
abroad
Asia: The Nikkei 225 rose 0.41% at 26,700.11. South Korea's KOSPI rose 0.42 percent at 2668.31.
12. U.S. stocks: The Dow closed down 2.380.7% at 33240.18 points; the Nasdaq closed down 3.95% at 12490.74 points; the S&P 500 closed down 2.81% at 4175.20 points.
13, Europe: the UK FTSE 100 index closed up 0.08% at 7386.19 points; the German DAX30 index closed down 1.20% at 13756.40 points; the French CAC40 closed down 0.54% at 6414.57 points.
14. Gold: COMEX June gold futures closed up 0.43% at $1904.10 an ounce.
15. Crude Oil: WTI Crude Oil Futures closed up 3.21% at $101.70/barrel.
· The underlying logic of exchange rate fluctuations·
► Tianfeng Securities: RMB exchange rate fluctuations, mainly from the economic fundamentals, market supply and demand and the joint impact of the international foreign exchange market. First, the Chinese and foreign cycles are misplaced, superimposed on a number of policy initiatives, and the spread of the epidemic in China has accelerated since March, and this round of RMB depreciation began here. Second, market supply and demand mainly refers to the supply and demand factors related to the balance of payments. After the second half of 2020, with the strengthening of mainland exports, the balance of trade in services decreased, and the balance of payments continued to rise under the impetus of the current account, the renminbi began to appreciate. Third, the exchange rate is a comparison of two currencies, so fluctuations in the international exchange market will also affect the RMB exchange rate.
► Zhongtai Securities: The following matters need to be paid attention to in exchange rate depreciation. Exchange rate depreciation has relatively limited improvements in export growth, especially in the face of shocks to global supply chains, and price elasticity may decline. Special attention needs to be paid to the inflation input pressure caused by the depreciation of the exchange rate, even if the transmission of prices from the outside in takes time, the upward price risk is still worth vigilance. In addition, the pressure on the bond market adjustment has not decreased. For the equity market, the impact of depreciation is relatively weaker than that of the bond market, and the price increase brought about by the rise in import prices and the opportunity for profit improvement in some export industries can be properly concerned.
► BOC Securities: The RMB exchange rate has both depreciation pressure and resilience. First, although the renminbi exchange rate is more resilient than before, these resiliencies should be difficult to completely eliminate the depreciation pressure brought by rising overseas interest rates and the strengthening of the US dollar. After all, cross-border capital flows on the mainland are regulated, but not completely isolated. Therefore, looking ahead to the next few months, the exchange rate of the renminbi against the US dollar should still decline. However, after the RMB exchange rate has entered a new stage of greater resilience, it is not appropriate to simply use the quantitative relationship of the past to predict the future. But there is still a lack of sufficient data to estimate and judge.
► Shenwan Hongyuan: Looking to the future, the main contradiction in determining the RMB exchange rate at present is when industrial production can be restored, and the latter is determined by whether the logistics difficulties in the Supply Chain in Shanghai can be resolved as soon as possible; from the perspective of the secondary factor of increasing the pressure on capital account capital outflows caused by the divergence of Sino-US monetary policy and the inversion of The Sino-US interest rate differential, the current situation may have entered the period of the greatest pressure in the year, and it is expected that CNY and CNH will slightly explore to a low of 6.5-6.6 in May. External tightening is expected to ease significantly on the renminbi exchange rate as it begins in June. CNY and CNH may rise again to 6.3-6.4 by the end of the year.
Share today
Someone once asked on Zhihu: "Why do people with experience always advise young people to take their time?" There is an answer that impressed me: "Life is like playing a game, to slowly accumulate experience, level by level to rise, this is an unavoidable process." "Slowly upgrade, slowly play dungeons, slowly do quests, and finally slowly reach the end." In this long journey of life, no one can reach the end directly from the starting point, and if it is too fast, it will be in danger of derailing like a train. So, at your own pace, don't hurry, and have been on the road to progress.