Summary of the highlights of the four major securities reports: April 10

Xinhua Finance and Economics, Beijing, April 10 -- The highlights of the four major securities reports are summarized as follows:

China Securities Journal

• The market is warm, the book is improving, and the economic operation has released a continuous positive signal

Recently, China's economic operation has released positive signals. From the perspective of consumption, market activity has increased, and from the perspective of books, the earnings of some listed companies have improved in the first quarter. Experts said that the first quarter of the economy "good start" is sufficient, laying the foundation for the achievement of the annual economic growth target. With the acceleration of the implementation of policies such as equipment renovation and trade-in of consumer goods, the foundation for economic recovery is expected to be further consolidated. At present and in the coming period, the policy of stabilizing growth and stabilizing expectations will continue to be introduced, which is expected to further consolidate the positive trend of economic recovery.

• The cyclical market is getting better, and the public offering continues to be absent, and it is urgent to follow up the layout

Recently, the market of cyclical stocks has been remarkable. Since January 1, 2022, the sector with the highest increase in the A-share market has been petroleum and petrochemical, followed by the coal sector, and non-ferrous metals and other sectors have also gained large gains. In recent years, the holdings of public funds have been concentrated in the economic growth track, and have been underweighted in cyclical varieties for a long time. On the other hand, more importantly, public offering institutions are accustomed to growth investment and prosperity investment in the long-term market stylization, and the concentrated group layout means that the allocation and rotation of industries and styles are abandoned. However, a number of fund companies said that they have recently invested more energy in asset allocation, style rotation, and industry portfolio, so as to avoid the continuous occurrence of a situation similar to the cyclical stock market, which is "everyone else's", and truly consolidate the investment ability of the whole market.

• Capital gathers to the "new" to serve the new quality of productivity and thrive

Since the beginning of this year, the pace of financing in the A-share market has slowed down, but the characteristics of serving scientific and technological innovation have become more significant, and the funds raised are mostly used to support the development of strategic emerging industries and future industries, which are the key areas for the formation of new quality productivity. A number of market participants interviewed by reporters said that accelerating the development of new quality productivity is inseparable from the support of the capital market, and it is very important to establish and improve relevant support policies and service systems. Under the expectation of improving the inclusiveness of the IPO system design for new quality productivity, improving the quality and efficiency of venture capital and equity capital services, the capital market will continue to optimize services, "build momentum" for the development of new quality productivity, and further improve the quality and efficiency of capital "living water" to support scientific and technological innovation.

Shanghai Securities News

• A number of brokerages have lowered margin rates from 0.25% to 0.2%

A new round of "interest rate cuts" is coming. Recently, a number of brokerages announced that they would reduce the margin interest rate from 0.25% to 0.2%. In recent years, affected by market interest rates, the annual interest rate of margin demand deposits of brokerage customers has been lowered several times. Some brokerages said that the reduction of margin interest rates is a general trend, and as long as the available funds are seen in the balance of the securities account, the current interest will be calculated according to the annualized rate of return. The impact of the margin rate cut on individual investors is limited, but it has boosted brokers' spread income. According to data released by the Securities Association of China, as of December 31, 2023, the balance of customer transaction settlement funds (including credit transaction funds) of 145 securities companies was 1.76 trillion yuan.

• The average drawdown of tens of billions of private placements narrowed, and the subjective strategy turned around in the first quarter

According to the latest data from the private placement network, as of the end of March, the average drawdown of tens of billions of private placements has narrowed to 0.63% since the beginning of this year, and the subjective strategy private placement has turned losses into profits. From the perspective of the investment layout of high-performing private placements, cross-border ETFs are favored. According to the data, in March this year, the average return of 83 10-billion-level private placements with performance was 1.92%, of which 71 10-billion-level private placements achieved positive returns, accounting for 85.84%. As of the end of March, the average drawdown of tens of billions of private placements this year narrowed to 0.63%, and the proportion of positive returns rose to 42.17%. According to statistics, as of the end of March, the average return of 37 10-billion-level subjective private placements with performance records was 1.51% this year, and the proportion of positive returns was 56.76%. However, in the same period, the average drawdown of tens of billions of quantitative private placements was as high as 3.53%, of which positive returns accounted for only 18.18%.

• More than 100 products rebounded by more than 30%, and the net value of the fund was strong

Since February 6, the market has started a round of strong rebound, from the AI concept stocks in full swing, to the continuous dance of non-ferrous resource stocks and low-altitude economic concept stocks, and the hot rotation is very frequent. Judging from the performance of active equity funds, the net value of more than half of the funds rebounded by more than 10%, more than 100 funds rebounded by more than 30%, and the highest rebound exceeded 60%. Judging from the investment strategy in the second quarter, fund companies are still optimistic about the market opportunities.

Securities Times

• Macroeconomic policy needs to remain strong in the second quarter

For example, the recent regular meeting of the Monetary Policy Committee of the People's Bank of China in the first quarter proposed to "pay attention to changes in long-term yields", which caused the market to speculate whether the central bank will change its monetary policy orientation in the future, and even actively guide the market interest rate to rise. It should be noted that it is of practical significance to maintain the strength of macroeconomic policies. Although the economic operation in the first quarter has achieved a good start, the credit data shows that the willingness of residents to increase leverage to buy houses is still weak, and the contradiction of insufficient demand is still prominent. The recovery of demand still needs to be strengthened by cost-cutting tools, and it is necessary for interest rates to remain relatively low. In the context of accelerating the resolution of local debt risks, financial efforts are needed to consolidate financial support for infrastructure investment, enhance investment willingness, and promote the formation of more physical workload.

• Field study of the first Chinese humanoid robot industry conference: "Robot Mobilization" staged Collaborative innovation of the industrial chain has a future

On April 9, the first Chinese Human Robot Industry Conference and Embodied Intelligence Summit was held in Beijing. The industry generally believes that 2024 is a key year for the rapid development of humanoid robots and embodied intelligence, and this summit can be described as a "robot mobilization", which is an important window to observe this expectation. The reporter found that the entire industrial ecology of humanoid robots has been initially formed, but how to achieve the "body" and "brain" go hand in hand, and how to do low prices and expand application scenarios through large-scale mass production are still important topics in front of the industry. The support policies for the industrialization of humanoid robots are still increasing, and under the warm wind of industry and policies, the industry has begun to pay more attention to the advancement of industrial players from solo to collaborative operations.

• There are hidden risks behind the gold boom, investors beware of "stepping on the pit"

There are many risks behind the gold investment boom, and if ordinary people blindly invest in gold, it is easy to "step on the pit", and they need to pay attention to the relevant risks. For relevant functional departments, gold products or gold investment varieties, including gold jewellery, gold futures, gold ETFs and other physical or financial products, need to strengthen supervision to minimize potential risk points. For branded gold jewelry enterprises, it is necessary to strengthen operation and management, and take effective measures to strengthen the inspection and control of franchisees to avoid a runaway situation. In terms of banks, it is necessary to strengthen the design capabilities of gold products, prudently and scientifically design relevant precious metal products, timely remove or suspend products and businesses with potential defects or risk points, strengthen daily risk control, and strengthen marketing management.

Securities Daily

• More than 70% of dividend funds have achieved positive returns, and the characteristics of both offense and defense are highlighted

Since the beginning of this year, more than 70% of dividend funds have achieved positive returns. At the same time, the scale of more than seventy percent of the products is less than 1 billion yuan, and the small volume shows good potential. Yang Delong, chief economist of Qianhai Open Source Fund, told reporters that the core allocation strategy of dividend funds lies in selecting companies with higher dividend rates.

• A-share companies split and listed to cool down, and many of them switched to the New Third Board or the Hong Kong stock market

The phenomenon of spin-offs and listings of A-share companies has cooled down significantly. According to incomplete statistics, four companies have terminated the "A split A" plan during the year, and many companies have "dismantled" their children to be listed on the New Third Board, or are preparing to go public in Hong Kong. In addition, the number of companies that disclosed their spin-off plans for the first time during the year also decreased compared to previous years. Tian Lihui, dean of the Financial Development Research Institute of Nankai University, told reporters that the termination of the spin-off can be a change in the strategic decision of the enterprise, or a change in the company's operating conditions, or the expected goal of the spin-off plan is frustrated. Enterprises are required to fully disclose the reasons and effects of the termination of the spin-off to protect the rights and interests of investors.

• The rapid expansion of science and technology innovation bonds has shown new highlights: the proportion of medium and long-term bonds has increased significantly, and the number of private enterprise issuers has gradually increased

The issuance of scientific and technological innovation corporate bonds continues unabated. Since the beginning of this year, as of April 9, a total of 83 scientific and technological innovation corporate bonds have been issued in the exchange bond market, raising a total of 95.891 billion yuan, a year-on-year increase of 157%. While the scale of issuance has increased, the structure of science and technology innovation bonds has also been optimized, the maturity has been significantly extended, the proportion of medium and long-term bonds with a maturity of more than 5 years has increased significantly, and the issuance of science and technology innovation bonds by private enterprises has gradually increased. Hao Xiaoshu, general manager of the capital market headquarters of Caida Securities, said that since the beginning of this year, the issuance scale of science and technology innovation bonds has shown a positive and steady growth trend, and the issuance period has shown a continuous extension trend. There are two main reasons for this: on the one hand, the state's increasing support for scientific and technological innovation and the high financing demand of science and technology enterprises, and on the other hand, the downward pressure on benchmark interest rates has increased, and the price of bonds has risen, making bonds more attractive to investors. Moreover, in the overall market environment of low benchmark interest rates, technology and innovation enterprises are more willing to issue long-term bonds to obtain long-term low-cost funds.

Editor: Luo Hao

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