21st Century Asset Management Research Institute Wu Shuang, Xi Cai Yinan Comprehensive arrangement
1. Regulation and Policy
1. The China Securities Regulatory Commission issued normative documents such as the "Guidelines for the Supervision of Listed Companies No. 3 - Cash Dividends of Listed Companies (Revised in 2023)".
In order to further improve the normalized dividend mechanism of listed companies and improve the level of investor returns, the China Securities Regulatory Commission (CSRC) issued the Guidelines for the Supervision of Listed Companies No. 3 - Cash Dividends of Listed Companies (hereinafter referred to as the "Cash Dividend Guidelines") and the Decision on Amending the Guidelines for the Articles of Association of Listed Companies (hereinafter referred to as the "Articles of Association Guidelines"), which came into force on the date of promulgation. The Shanghai and Shenzhen stock exchanges simultaneously revised and improved the standardized operation guidelines and clarified the operational requirements.
2. The China Securities Regulatory Commission revised and issued the "Rules for Share Repurchase of Listed Companies" to safeguard the company's value and shareholders' rights
In order to better comply with the actual market and the needs of the company, enhance the inclusiveness and convenience of the repurchase system, promote listed companies to attach importance to repurchases, implement repurchases, standardize repurchases, and actively safeguard the value of companies and shareholders' rights and interests, the China Securities Regulatory Commission revised and issued the "Rules for Share Repurchase of Listed Companies" to optimize and improve some provisions. The main contents of this amendment include: First, we will strive to improve the convenience of share repurchase, relax and add a condition for repurchasing shares necessary to maintain the company's value and shareholders' equity. The second is to further improve the repurchase restraint mechanism, and clarify the obligations of the board of directors when it is necessary to repurchase to protect the company's value and shareholders' rights and interests. The third is to carry out adaptive textual modifications.
3. The State Administration of Financial Supervision and Administration solicited public comments on the Implementation Measures for the Discretion of Administrative Penalties (Draft for Comments).
In order to standardize the exercise of discretionary power in administrative punishment, promote strict and fair law enforcement, and maintain industry order, the State Administration of Financial Supervision has drafted the Implementation Measures for Discretionary Power in Administrative Punishment (Draft for Comments). It is now open to the public for comments. The main contents of the "Measures" include: First, strictly regulate law enforcement behaviors, clarify the definition of administrative punishment discretion, and implement the punishment discretion should comply with the basic principles of statutory punishment, proportionate punishment, and legal procedures. The second is to refine the discretionary order and applicable circumstances. The third is to standardize the applicable standards for fines and confiscation of illegal gains. Clarify the standards for the range of fines for leniency, moderation, and severity in the banking and insurance industries, as well as the methods for determining and calculating illegal gains. Fourth, if the application of the Measures may be obviously improper or unfair, or if the objective circumstances of the application of the penalty discretion benchmark change, the application may be adjusted.
4. The State Administration of Financial Supervision and Administration issued the Interim Measures for the Supervision and Administration of Pension Insurance Companies
In order to implement the spirit of the Central Financial Work Conference, the State Administration of Financial Supervision recently issued the "Interim Measures for the Supervision and Administration of Pension Insurance Companies" (hereinafter referred to as the "Measures"), which makes up for the shortcomings of the system of lack of special regulatory provisions for pension insurance companies. The promulgation of the "Measures" is conducive to enhancing the pertinence and effectiveness of the supervision of pension insurance companies, further promoting the pension insurance institutions to focus on their main business, and better participating in and serving the construction of a multi-level and multi-pillar pension insurance system in the mainland.
5. Li Qiang signed an order of the State Council to promulgate the Regulations on the Supervision and Administration of Non-bank Payment Institutions
Premier Li Qiang recently signed a decree of the State Council promulgating the Regulations on the Supervision and Administration of Non-bank Payment Institutions (hereinafter referred to as the "Regulations"), which will come into force on May 1, 2024. The CPC Central Committee and the State Council attach great importance to the development of the non-bank payment industry and risk prevention and control. In recent years, the rapid development of non-bank payment institutions in mainland China has played an important role in enlivening transactions and prospering the market, and has made positive contributions to the development of the real economy and the improvement of people's livelihood. The formulation of special administrative regulations to further bring non-bank payment institutions and their business activities into the track of rule of law for supervision, aims to promote the standardized and healthy development of the non-bank payment industry, effectively protect the legitimate rights and interests of users, and better play their role in serving the real economy and meeting the diversified payment and settlement needs of users.
6. The State Administration of Financial Supervision and Administration issued the Catalogue and Format Requirements for Application Materials for Administrative Licensing Items of Non-bank Financial Institutions
In order to cooperate with the effective implementation of the Measures for the Implementation of Administrative Licensing Items for Non-bank Financial Institutions (Decree No. 3 of 2023 of the State Financial Supervision and Administration Administration, hereinafter referred to as the "Measures"), the standardization and effectiveness of administrative licensing work will be improved. Recently, the State Administration of Financial Supervision revised and issued the "Catalogue and Format Requirements for Application Materials for Administrative Licensing Items of Non-bank Financial Institutions". The purpose of this revision is to strengthen the supporting connection between the "Catalogue" and the "Measures", improve the relevant material requirements according to the latest regulatory policies and regulatory guidance, increase the efforts to streamline administration and delegate powers, streamline and optimize some application materials, and facilitate administrative license applicants, and strive to solve new situations and new problems encountered in regulatory practice, and optimize and adjust some application materials.
2. Industries and institutions
Personnel changes:
-On December 13, HFT Fund issued an announcement on the change of senior management, and He Shufang resigned due to personal reasons, and the departure date is December 11, 2023.
-On the evening of December 14, ICBC Credit Suisse Fund issued an announcement on the change of senior management, saying that Du Haitao passed away and no longer served as the company's deputy general manager.
-On December 14, Bank of Chongqing announced that the Chongqing Supervision Bureau of the State Administration of Financial Supervision and Administration has approved the qualifications of Mr. Zhu Yanjian as an independent non-executive director and Mr. Zhou Qiang as an independent executive director of the bank.
-On December 14, the official website of the State Administration of Financial Supervision announced the approval information, showing that the qualifications of Liu Fang, general manager of Huaneng Guicheng Trust, were approved by the Guizhou Supervision Bureau of the State Administration of Financial Supervision on December 5, 2023.
-On December 14, the Zhejiang Supervision Bureau of the State Administration of Financial Supervision and Administration has reviewed and approved the application of Bank of China Samsung Life Insurance Co., Ltd. for the qualification of Zhu Guowei as the general manager of the provincial branch.
-On December 14, China Galaxy issued an evening announcement stating that on December 13, 2023, the board of directors of China Galaxy Securities Co., Ltd. received a written resignation report from Mr. Liu Ruizhong. As the term of office of an independent non-executive Director has expired for six years, Mr. Liu Ruizhong has applied for resignation as an independent non-executive director of the Company, the chairman of the Nomination and Remuneration Committee of the Board, a member of the Strategic Development Committee of the Board of Directors and a member of the Audit Committee of the Board, which shall take effect when the application is delivered to the Board of Directors of the Company. After his resignation from the above positions, Mr. Liu Ruizhong does not hold any position in the Company and its holding subsidiaries.
- On the morning of December 14, the Bank of Nanjing held a cadre meeting, and according to the decision of the Nanjing Municipal Party Committee, Hu Shengrong no longer held the post of party secretary due to his age, and Xie Ning, member of the party committee and vice president of the Jiangsu branch of the People's Bank of China, was appointed secretary of the party committee of the Bank of Nanjing. As is customary, Shainin will assume the position of chairman, whose qualifications are subject to regulatory approval.
The total balance of 11 wealth management companies exceeded that of the beginning of the year, and closed-end products replaced cash products for the first time. On December 13, the reporter recently obtained the data on the scale of the existing products of a total of 11 wealth management companies under the large state-owned banks and joint-stock banks (only in terms of the management of subsidiaries), and found that in the past November, the balance of the above-mentioned wealth management companies continued to grow, with a monthly growth of more than 170 billion yuan, and the balance by the end of November had exceeded the level at the beginning of this year. The most noteworthy thing is that the structure of the scale increment of the 11 wealth management companies is more stable. Unlike the increase in October that was dominated by cash management products (11 companies increased by more than 790 billion yuan in October, of which the cash management increment was as high as 760 billion yuan), in the past November, the monthly growth rate of the closed net worth products of the above 11 wealth management companies exceeded 130 billion yuan, accounting for about 76.5% of the overall increase, which was the product form with the largest increase in the month. This shows that while the bank's wealth management is expanding, it provides more long-term and stable funds for the market. (Securities Times)
In the sprint to a "good start", some banks have raised deposit interest rates in stages. On December 15, in the context of declining interest rates, it has become an industry consensus to strengthen the cost management of liabilities and control deposit interest rates. However, the reporter recently noticed that some banks have raised deposit interest rates in stages "against the trend", with an increase of 5 basis points to 15 basis points, but there are corresponding requirements such as the threshold of the minimum deposit amount. Industry insiders said that the end of the year and the beginning of the year is the peak season for savings, and individual banks strive to achieve a "good start" by raising deposit interest rates, but this does not mean that the trend of deposit interest rates has changed, and there is still some room for deposit interest rates to be reduced. (China Securities News)
During the month, 20 fund products were closed ahead of schedule, and bond funds accounted for 70%. On December 16, after 48 funds were closed in advance in November, a new high in the year, and another 20 products were closed in advance this month. Funds that are closed in advance are often products with high market attention. Among the 20 products that were closed in advance during the month, 14 were bond funds, accounting for 70%, and 3 were index funds and 3 hybrid funds. In November, the proportion of debt base was also high, with 33 of the 48 funds closed in advance. Tian Lihui, dean of the Institute of Financial Development of Nankai University, said that in the past two months, the number of funds that have ended raising funds in advance has increased significantly, which reflects the improvement of the market environment, the increase in investor confidence, and the signs of recovery in the fund issuance market. (Securities Daily)
The first BSE 50 Component Index Enhanced Mutual Fund product in the whole market will be launched soon. On December 14, Chuangjin Hexin Fund Management Co., Ltd. disclosed a number of announcements such as the "Prospectus of Chuangjin Hexin Beijing Stock Exchange 50 Component Index Enhanced Securities Investment Fund". The fund's initial offering size is capped at RMB1.2 billion (excluding interest during the offering period), and the offering period is from December 18, 2023 to March 15, 2024. It is understood that the above-mentioned product is the first Beijing Stock Exchange 50 Component Index Enhanced Public Fund in the whole market declared by Chuangjin Hexin Fund Management Co., Ltd. with the support of Beijing State-owned Capital Management Co., Ltd. at the end of September this year. (CSI Taurus)
Chen Guangming's Ruiyuan Fund has a new move: the Hong Kong subsidiary submitted a QFII application and was accepted. On December 13, according to the official website of the China Securities Regulatory Commission, on December 1, the application for "Qualified Foreign Investors (QFII") submitted by Ruiyuan Fund (Hong Kong) Co., Ltd. was accepted. Industry insiders pointed out that with the further opening up of futures and options, private equity investment funds, foreign exchange derivatives, margin trading and other investment products, QFI investment allocation and strategy application have been effectively enriched and supplemented, which will attract more high-quality foreign institutions to enter the Chinese market and promote them to increase their investment allocation of domestic financial assets. (Finance Associated Press)
The net inflow of stock ETFs in a single day was 5.7 billion, and the shares of funds such as ChinaAMC SSE 50 and Southern Central Enterprises Technology ETF hit a new high. On December 12, with the V-shaped rebound of A-shares yesterday, Wind data showed that equity ETFs had a net subscription of 2.969 billion shares in a single day yesterday, with a net inflow of 5.697 billion yuan. Among them, ChinaAMC SSE 50 ETF was the most subscribed, reaching 690 million shares, with a net inflow of 1.594 billion yuan in a single day. As of December 11, the ETF fund share hit a record high of 30.885 billion shares, and the latest scale was 71.808 billion yuan. In addition, ChinaAMC Hang Seng Technology ETF and ChinaAMC Hang Seng Internet Technology ETF were also net subscribed for more than 500 million shares, and the total number of fund shares reached a new high of 49.261 billion shares and 84.193 billion shares respectively. The CSI Guoxin Central Enterprises Science and Technology Leading ETF hit a new high in terms of fund share and scale, with 2.395 billion shares and 2.065 billion yuan respectively, with a net subscription of 452 million shares in a single day. Penghua CSI Liquor ETF, GF CSI Hong Kong Innovative Drug ETF, CUAM CSI 800 ETF, Huatai Pineapple CSOP Hang Seng Technology ETF and other 7 products also increased by more than 200 million shares yesterday. (Finance Associated Press)
Porsche and CICC Private Equity formed a partnership to establish an investment fund in China. On December 11, the reporter learned that Porsche and CICC Private Equity will jointly invest in the establishment of an investment fund in China to engage in private equity investment fund business in China. On November 30, according to the website of the Shanghai Municipal Administration for Market Regulation, Porsche AG signed transaction documents with CICC Private Equity Investment Management Co., Ltd. and other companies to establish a joint venture in the form of a limited partnership in China, and the publicity period is from November 30 to December 9. After the transaction, CICC Private Equity will be the general partner of the joint venture, holding approximately 1.9% of the joint venture, and Porsche, as the limited partner of the joint venture, holding approximately 30.5% of the joint venture, and the two will jointly control the joint venture. (Blue Whale Finance)
The asset management subsidiary of Huafu Securities was approved to be established, and the number of asset management subsidiaries of securities companies increased to 30. On December 15, according to the official website of the China Securities Regulatory Commission, the China Securities Regulatory Commission has approved the wholly-owned establishment of an asset management subsidiary of Huafu Securities, and the company needs to complete the industrial and commercial change registration and the industrial and commercial establishment registration of Huafu Asset Management within 6 months. The registered capital of Huafu Asset Management is 200 million yuan. In July this year, the China Securities Regulatory Commission disclosed feedback on the establishment of a securities asset management subsidiary of Huafu Securities, which means that Huafu Securities was approved for asset management in less than half a year. According to the financial report, Huafu Securities Asset Management's business structure has continued to optimize in recent years, and the scale and proportion of collective asset management have increased significantly, especially the active management ability has been further improved, and the income contribution of asset management business has increased significantly. At present, since the beginning of this year, four securities firms, Guosen Securities, Guolian Securities, Huaan Securities and Great Wall Securities, have been approved to set up asset management subsidiaries, and the number of asset management subsidiaries of securities companies has increased to 30. (Finance Associated Press)
Oil bulls suffered a waterloo, and Andurand's oil hedge fund headed for its biggest loss ever. On Dec. 15, oil trader Pierre Andurand's eponymous hedge fund was poised to post its biggest loss ever, ending a three-year winning streak as bets on oil prices went from strength to the bottom. Andurand's main fund was down 54% for the year as of Dec. 8, according to a person familiar with the matter. If the losses continue, it will be the biggest loss since the 46-year-old investor, who switched to the hedge fund before it closed 10 years ago. (Finance Associated Press)
The enthusiasm of institutional research is high, and the head brokerage companies have increased the Beijing Stock Exchange market. As of December 12, the total number of institutional surveys of listed companies on the Beijing Stock Exchange this year has been 4,471, a year-on-year increase of nearly two times. At the same time, judging from the recent lead underwriters and sponsors of the Beijing Stock Exchange, the leading brokerages are increasingly strengthening their investment in the Beijing Stock Exchange market. In the past, the head brokerage firms that rarely set foot in the Beijing Stock Exchange have doubled their sponsorship and underwriting projects on the Beijing Stock Exchange this year. The interviewed experts believe that the company's increased attention from institutions and the increase in the weight of the Beijing Stock Exchange by the head brokerage reflect its recognition of the development prospects of the Beijing Stock Exchange. More institutions will deploy the business of the Beijing Stock Exchange will help enhance the market influence and attract more enterprises and investors to enter. In the future, with the implementation of more reform policies, the expansion of the Beijing Stock Exchange will be accelerated, and it is expected that about 100 new stocks will land in 2024. (Finance Associated Press)
High-performance products frequently issue "red envelopes", and the fund has paid dividends of more than 190 billion yuan this year. On December 14, near the end of the year, some equity high-performance funds frequently issued "red envelopes". The data shows that a number of high-performance funds have paid dividends this year, in addition to the above-mentioned funds that have recently paid dividends, Golden Eagle Dividend Value Mix, HSBC Jinxin Longteng Mix, etc., have also paid dividends before, and the total dividend has exceeded 400 million yuan this year. According to the analysis of fund companies, the dividends of some equity funds with good performance are conducive to giving back to investors on the one hand, and on the other hand, they can also bring investors a better sense of gain in the volatile market. Overall, since the beginning of this year, the total dividends of funds have reached 191.2 billion yuan, and a total of 2,714 funds have issued dividends (different shares are calculated separately), with a cumulative dividend of more than 5,350 times. Among them, bond funds have paid dividends of nearly 166 billion yuan, which is the "main force" of fund dividends since the beginning of this year. (Shanghai Securities News)
Insurance capital has increased its investment in high-quality real estate. On December 14, according to incomplete statistics, since the beginning of this year, many insurance companies such as Ping An Life, Taikang Life, Taibao Life, CCB Life, and Haibao Life Insurance have successively issued a total of 42 information disclosure announcements on large-scale real estate investment, and more than 30 information disclosure announcements on large-scale real estate investment in 2022. From the perspective of specific projects, the real estate projects invested by insurance companies mainly involve commercial offices, pension communities, industrial parks, etc. At present, the proportion of investment in the real estate sector is not high, and there is still room for further improvement in the future. The relevant person in charge of an insurance company told reporters that how to do a good job in the matching management of assets and liabilities is the most concerned issue for insurance companies at present, and in the environment where interest rates continue to decline and high-quality assets are difficult to find, insurance companies intend to invest funds in projects with stable returns and long duration. (Shanghai Securities News)
Due to inadequate net worth management, Ping An Trust was fined 1.8 million. On December 15, the administrative penalty information disclosure table of the Shenzhen Supervision Bureau of the State Financial Supervision and Administration showed that on December 12, 2023, Ping An Trust Co., Ltd. was fined 1.8 million yuan for assisting insurance funds to invest in a single fund trust in disguise, inadequate net worth management, the number of nested layers did not meet the requirements of the new asset management regulations, the number of qualified investors exceeded the requirements of the new asset management regulations, and the information disclosure management was not in place. (Finance Associated Press)
The capital increase was approved, and the registered capital of Zhongyuan Trust reached 4.681 billion yuan. On December 12, the official website of Zhongyuan Trust disclosed that the company's registered capital increased from 4 billion yuan to 4.681 billion yuan after being deliberated and approved by the fifth meeting of the company's shareholders' meeting in 2023 and approved by the Henan Supervision Bureau of the State Financial Supervision and Administration Administration. On December 11, 2023, the company has gone through the change of industrial and commercial registration and the filing of the Articles of Association. (Finance Associated Press)
3. Markets and data
AMAC: As of the end of November, the scale of existing private equity funds was 20.61 trillion yuan, a slight increase from the previous month. According to AMAC data, in November 2023, the number of newly registered private equity funds was 1,573, with a new filing scale of 48.109 billion yuan. Among them, there were 1,025 private securities investment funds with a new filing scale of 19.850 billion yuan, 192 private equity investment funds with a new filing scale of 15.069 billion yuan, and 356 venture capital funds with a new filing scale of 13.190 billion yuan. As of the end of November 2023, there were 153,698 private equity funds in existence, with a scale of 20.61 trillion yuan. Among them, there are 98,090 private securities investment funds with an existing scale of 5.73 trillion yuan, 31,379 private equity investment funds with an existing scale of 11.12 trillion yuan, and 22,977 existing venture capital funds with an existing scale of 3.20 trillion yuan.
National Bureau of Statistics: Real estate development investment fell by 9.4% year-on-year from January to November. According to the data of the National Bureau of Statistics, from January to November, the national real estate development investment was 104045 billion yuan, down 9.4 percent year-on-year, of which residential investment was 7,885.2 billion yuan, down 9.0 percent. From January to November, the sales area of commercial housing was 100509 million square meters, a year-on-year decrease of 8.0%, of which the sales area of residential buildings decreased by 7.3%. The sales of commercial buildings 105318 billion yuan, down by 5.2%, of which the sales of residential buildings decreased by 4.3%. From January to November, the funds in place for real estate development enterprises 117044 billion yuan, a year-on-year decrease of 13.4%. Among them, domestic loans were 1,422.7 billion yuan, down by 9.8 percent, foreign capital was 4.2 billion yuan, down by 35.1 percent, self-raised funds were 3,850.5 billion yuan, down by 20.3 percent, deposits and advance receipts were 3,958.3 billion yuan, down by 10.9 percent, and personal mortgage loans were 1,998.2 billion yuan, down by 8.1 percent.
People's Bank of China: In the first 11 months, mainland RMB loans increased by 21.58 trillion yuan, and the increase in loans has exceeded the increase in the whole of last year.
Stock market: Major indices fell last week, with the SSE 50 down 1.59%, the CSI 300 down 1.70%, the CSI 500 down 0.88%, and the CSI 1000 down 0.86%. The top gainers were General (4.21%) and Media (2.47%), while the top decliners were Power Equipment (-2.74%) and Communications (-2.33%). (SWISS Investment)
Bond market: Interest rate bond yields fell mainly last week. As of the close of trading on the 15th, 1Y, 5Y and 10Y treasury bonds closed at 2.31%, 2.49% and 2.62% respectively, with changes of -7BP, -7BP and -4BP respectively from last week's close, and 1Y, 5Y and 10Y CDB bonds closed at 2.4%, 2.59% and 2.73% respectively, with changes of -12BP, -7BP and -4BP respectively from last week's close. In the United States, the Federal Reserve signaled interest rate cuts, and US Treasury yields continued to fall. As of December 14, 2023, the 1-year yield on U.S. Treasury bonds was 4.90%, the first time since mid-May this year that it fell below 5%, the 10-year yield was 3.92%, and the spread on the 1-year Treasury was 256BP and the 10-year spread was 128BP, continuing to compress. (Equivalent Fund)
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