On Thursday, April 11, the main contents of the headlines of today's newspaper are as follows:
China Securities Journal
China Securities Regulatory Commission: Promote the continuous convergence of risks in key areas of the capital market
According to the construction of a rule of law government in 2023 announced by the China Securities Regulatory Commission on April 10, the China Securities Regulatory Commission made 539 penalty decisions in 2023, with a fine and confiscation amount of 6.389 billion yuan and 103 people banned from the market. A total of 47 companies were delisted throughout the year, of which 44 were forcibly delisted.
Optimism is expected to continue "Dr. Copper" still has room to rise
Since hitting a new low in late October last year, copper prices have fluctuated and risen. Industry insiders said that the resonance of various factors such as the good macroeconomic environment, the expectation of demand in the traditional peak season and the concentrated outbreak of favorable market themes have promoted the continuous rise of copper prices. Although the short-term high copper price eats away at market demand and restricts further price increases, from a long-term perspective, the Federal Reserve may enter a cycle of interest rate cuts, and copper inventories are likely to be at a low level, so copper prices still have room to rise. Wang Rong, assistant director of Guotai Junan Futures Research Institute and administrative head of the non-ferrous metals sector, believes that from a long-term perspective, the Federal Reserve may enter a cycle of interest rate cuts, market liquidity will improve, and the future copper inventory is likely to be at a low level, which will bring upward elasticity to prices.
Pay attention to the performance of listed companies in the first quarter, and the dumbbell strategy has become the standard configuration in the second quarter of public offering
Recently, a number of public fund companies released their second-quarter investment strategy reports. From the perspective of the commonality of investment strategies, most public offerings will take the performance disclosure of the first quarter report of listed companies in 2024 as an important focus of investment, and the performance of listed companies may become an important logic for investment in the second quarter. In terms of strategic allocation, many fund companies still continue to use a relatively balanced dumbbell strategy, that is, the allocation of high dividends and technology growth. In addition, the overseas industrial chain, resource industry, and new quality productivity have also become the directions that have received more attention.
The market price is now a "roller coaster", and the scale of gold-themed funds has increased sharply
Recently, affected by the sharp rise in gold prices, gold-themed funds have received strong attention from investors. On the one hand, a number of on-exchange funds have successively issued suspension announcements due to high premiums, and on the other hand, strong gold absorption, new issuance, and increase in purchase restrictions have appeared one after another. In the context of strong gold absorption of gold-related ETFs, both public offerings and stock markets are seizing opportunities and actively deploying. Looking ahead, Liu Tingyu, fund manager of Yongying Gold Stock ETF, expects that gold prices may still have room to rise. From the perspective of capital, the proportion of gold reserves of major gold buyers is still low, and there are still a large number of potential capital buyers who may enter the market at the right time in the future, or push gold prices into a new round of upward trend.
Shanghai Securities News
The China Securities Regulatory Commission will continue to further promote the construction of a rule of law government in the capital market
On April 10, the China Securities Regulatory Commission announced the construction of a rule of law government in 2023. It is mentioned that this year, the China Securities Regulatory Commission will continue to further promote the construction of the rule of law government in the capital market, adhere to the focus of serving the real economy, promote the deepening and solidification of the stock issuance registration system, continuously improve the basic system of the capital market, and strengthen legislation in key areas Crack down on violations of laws and regulations in the capital market, and severely punish market chaos such as fraudulent issuance and financial fraud.
Seven departments, including the central bank, will promote the gradual implementation of carbon accounting in the financial system
Recently, the People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Ecology and Environment, the State Administration of Financial Supervision and the China Securities Regulatory Commission, issued the "Guiding Opinions on Further Strengthening Financial Support for Green and Low-Carbon Development" to do a good job in green finance and actively support green and low-carbon development.
Multiple departments will introduce specific measures to promote micro, small and medium-sized enterprises to exchange "credit" for "loans"
The Shanghai Securities News reporter learned from the regular policy briefing of the State Council held on April 10 that the relevant departments will promote the formal operation of the joint laboratory for credit information collection and processing as soon as possible, continue to expand the special pilot of "Credit Ease Loan", study and promote the sharing and application of information on the payment flow of small and medium-sized enterprises, and revise the risk classification methods for small and micro enterprise loans.
The four regions will expand the opening up of value-added telecommunications services on a pilot basis
On April 10, the Ministry of Industry and Information Technology (MIIT) issued the Notice on Launching the Pilot Work of Expanding the Opening-up of Value-added Telecommunications Services, deciding to remove the restrictions on foreign ownership in Internet data centers and other businesses in the pilot areas.
Securities Times
China Securities Regulatory Commission: Promote the registration system to go deeper and more practical, adhere to the supervision of "long teeth and thorns"
On April 10, the China Securities Regulatory Commission announced the construction of a rule of law government in 2023. The China Securities Regulatory Commission said that in 2024, it will continue to further promote the construction of a rule of law government in the capital market, promote the deepening and solidification of the registration system for stock issuance, strengthen legislation in key areas, adhere to the supervision of "long teeth and thorns", have edges and corners, and "zero tolerance" to crack down on violations of laws and regulations in the capital market, severely punish market chaos such as fraudulent issuance and financial fraud, and provide a strong legal guarantee for the high-quality development of the capital market.
Ministry of Housing and Urban-Rural Development: Form an affordable housing policy system as soon as possible
On April 9, the Ministry of Housing and Urban-Rural Development held an on-site meeting on affordable housing construction in Hangzhou. The meeting pointed out that it is necessary to deeply understand the importance of promoting the construction of affordable housing, increase the construction and supply of affordable housing, improve the housing supply system of "market + security", and continuously meet the rigid housing needs of wage and salary groups.
The People's Bank of China and other departments issued guidance to further strengthen financial support for green and low-carbon development
On April 10, the People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Ecology and Environment, the State Administration of Financial Supervision and the China Securities Regulatory Commission, issued the Guiding Opinions on Further Strengthening Financial Support for Green and Low-Carbon Development. The "Guiding Opinions" proposes that in the next five years, the world's leading financial support system for green and low-carbon development will be basically established, and by 2035, various economic and financial green and low-carbon policies will be promoted in a coordinated and efficient manner, and the standard system and policy support system for financial support for green and low-carbon development will be more mature.
The Ministry of Industry and Information Technology (MIIT) has launched a pilot project to expand value-added telecommunications services and expand opening-up
The "Circular" proposes to take the lead in carrying out pilot projects in the Beijing Comprehensive Demonstration Zone for the Expansion and Opening-up of the Service Industry, the Lingang New Area of the Shanghai Pilot Free Trade Zone and the Leading Area for Socialist Modernization, the Hainan Free Trade Port, and the Shenzhen Pilot Demonstration Zone of Socialism with Chinese Characteristics. In areas approved for piloting, restrictions on foreign ownership in Internet data centers (IDCs), content delivery networks (CDNs), Internet access services (ISPs), online data processing and transaction processing, as well as information publishing platforms and delivery services (excluding Internet news information, online publishing, online audio-visual and Internet cultural operations), and information protection and processing services in information services will be lifted.
Securities Daily
The central bank and other seven departments: further increase the capital market's support for green and low-carbon development
The main goal of the "Guiding Opinions" is that in the next five years, the world's leading financial support system for green and low-carbon development will be basically established, the financial infrastructure, environmental information disclosure, risk management, financial products and markets, policy support system and green finance standard system will be continuously improved, the regional reform of green finance will be promoted in an orderly manner, international cooperation will be closer, and various factor resources will be gathered in the green and low-carbon field in an orderly manner. By 2035, various economic and financial green and low-carbon policies will be promoted in a coordinated and efficient manner, the standard system and policy support system for financial support for green and low-carbon development will be more mature, and the functions of resource allocation, risk management and market pricing will be better played.
China Securities Regulatory Commission: Continuously improve the basic system of the capital market and strengthen legislation in key areas
On April 10, the China Securities Regulatory Commission (CSRC) issued the "China Securities Regulatory Commission's 2023 Rule of Law Government Construction", which includes six aspects: promoting the deepening and solidification of the stock issuance registration system, further consolidating the basic legal system of the capital market, further promoting the transformation of functions, earnestly performing statutory duties, and fully implementing "zero tolerance" It is required to adhere to the strict management of the city in accordance with the law, adhere to strict norms, fair, civilized and efficient law enforcement, prevent and resolve risks in key areas of the capital market, continue to strengthen the supervision and restraint of power, promote the standardized and transparent operation of regulatory powers, and improve the diversified dispute resolution mechanism to protect the legitimate rights and interests of investors.
Global gold-backed ETFs continue to outflow and the time for "profit-taking" has arrived?
The CIO, UBS Wealth Management's CIO, expects holdings of gold-backed ETFs to increase in the future as the Fed initiates interest rate cuts in the middle of the year, as buying is often linked to interest rate adjustments. In the short term, if U.S. economic data triggers expectations that the Fed will delay interest rate cuts, then there may be a risk of a correction in gold prices.
The industrial machine tool industry welcomes the policy outlet, and the industrial chain as a whole is developing towards high-end
Recently, seven departments, including the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Finance, the People's Bank of China, the State Administration of Taxation, the State Administration of Market Regulation, and the State Administration of Financial Regulation, jointly issued the Implementation Plan for Promoting Equipment Renewal in the Industrial Field (hereinafter referred to as the "Implementation Plan"). The "Implementation Plan" proposes that by 2027, the scale of equipment investment in the industrial field will increase by more than 25% compared with 2023, the penetration rate of digital R&D and design tools and the numerical control rate of key processes of industrial enterprises above designated size will exceed 90% and 75% respectively, and the digital transformation of industrial enterprises in major industrial provinces and cities and key parks will be fully covered. The energy efficiency of the main energy-using equipment has basically reached the energy-saving level, the intrinsic safety level has been significantly improved, the promotion and application of innovative products have been accelerated, and the proportion of advanced production capacity has continued to increase.
People's Daily
The improvement in private investment boosted market expectations
Private investment is an important part of expanding effective investment. It should be noted that at present, the mainland's economy is in an important period of accelerating the transformation of old and new kinetic energy, and due to the complex and changeable domestic and foreign environment and the shrinking market demand, the enthusiasm of private investment has not yet been fully released. To further boost the confidence of private investment, it is necessary to make greater efforts and take more practical measures to respond to practical concerns, so that private investment is willing to invest, can invest, and invest with peace of mind.
Build an inclusive financial service system based on credit information
In recent years, relevant departments have strengthened the establishment of the social credit system, deepened the sharing and application of credit information, accelerated the construction of a national integrated financing credit service platform network, and further promoted the work of "credit and easy loans", providing "credit solutions" to promote the alleviation of the problem of information asymmetry between banks and enterprises and promote the financing of small, medium and micro enterprises. As of the end of February 2024, banking institutions have issued a total of 25.1 trillion yuan of loans through the national integrated financing and credit service platform network, of which 5.9 trillion yuan are credit loans. At the same time, the aggregation and sharing of credit information is still insufficient, and the existing shared information is insufficient to support financial institutions to make accurate credit evaluations of business entities.
Economic Daily
Who will be hit by the hat of "output excess capacity".
The development of green and low-carbon emerging industries is a global trend. In the name of "overcapacity", some developed economies have indiscriminately labelled and upgraded trade protection measures, which is not only harmful to themselves, but also seriously infringes on the legitimate development rights and interests of Chinese enterprises. It should be noted that in the context of scientific and technological progress to promote the deep adjustment of the global industrial structure, many countries will face the opportunities and challenges of industrial transformation, and we should look at differences objectively and rationally on the basis of adhering to the principle of marketization, and we must resolve differences with pragmatic and effective policy measures, and we cannot politicize and securitize economic and trade issues. For the majority of Chinese enterprises, in the face of external challenges and uncertainties, they must not only adhere to innovation-driven and improve their internal skills, but also further strengthen risk management, and firmly become participants and contributors to the global green transition.
Keep an eye on industry trends and resolve the mismatch between supply and demand of talents
Vocational education is the "cradle" of cultivating skilled talents, and it is an indispensable and important link to support Made in China and Created in China. In order to cultivate new quality productivity and build a modern industrial system, it is the new mission of vocational education in mainland China.
21st Century Business Herald
In March, the property market "Xiaoyangchun" was weak, and more than 160 cities released favorable policies during the year
In March, it was the "small spring" of the traditional property market. However, in the first quarter of 2024, judging from the latest data released by various institutions, the real estate market is still in the process of adjustment, and the "Xiaoyangchun" is weak. Chen Wenjing, director of market research at the China Index Research Institute, told the 21st Century Business Herald reporter that since March, the regulatory authorities have continued to release positive signals to stabilize the market, and the demand-side support policies are expected to accelerate.
The scope of opening up of the telecommunications market has been further expanded: the Ministry of Industry and Information Technology (MIIT) has lifted restrictions on foreign ownership in some areas in the pilot areas
On April 10, the Ministry of Industry and Information Technology issued a notice on the pilot work of expanding the opening up of value-added telecommunications services, and the first areas to carry out the pilot work are the Beijing Comprehensive Demonstration Zone for the Expansion and Opening-up of the Service Industry, the Lingang New Area of the Shanghai Pilot Free Trade Zone and the Leading Area for Socialist Modernization, the Hainan Free Trade Port, and the Shenzhen Pilot Demonstration Zone of Socialism with Chinese Characteristics. It was decided to carry out the pilot work of expanding the opening up of value-added telecommunications services, and remove the restrictions on foreign ownership in Internet data centers (IDCs) and content delivery networks (CDNs) in areas that have been approved to carry out pilot projects.
CBN
The personal pension system will be implemented nationwide, how to leverage more "working people" to participate?
The implementation of the national personal pension system has been included in the task list of this year's government work report. Financial institutions and industry experts interviewed by Yicai said that before the next step of personal pension nationwide, it is necessary to further optimize the system design for the problems that arise in the pilot, such as improving the preferential tax policy, improving the pre-tax deduction standard, standardizing account opening, optimizing product supply and withdrawal conditions, and establishing a docking mechanism between the second and third pillars.
China's shipbuilding industry has just begun its upward cycle in 2028
"Some people use 'a thousand trees blooming on a night in the east wind' to describe the current busyness of the shipbuilding industry and the carnival mood of shipbuilders. Zhou Jianxiang, deputy general manager of CSSC Chengxi, told the first financial that in the face of a new round of shipbuilding boom cycle, the current shipbuilding industry can be said to be a state of "a hundred flowers blooming", and China's large and small shipyards have benefited from it in an all-round way, "most of the orders from mainstream shipyards have been scheduled to 2028, and orders for small and medium-sized ships have also been scheduled to 2027." According to the data of the China Shipbuilding Industry Association, in the first two months of this year, the country's shipbuilding completion volume was 8.26 million deadweight tons, a year-on-year increase of 95.4%, of which export ships accounted for 92.5% of the total, and the number of new ship orders was 15.2 million deadweight tons, a year-on-year increase of 64.4%, of which export ships accounted for 90.7% of the total. As of the end of February, the mainland's orders for hand-held ships were 149.19 million deadweight tons, a year-on-year increase of 31.3%, of which export ships accounted for 91.8% of the total. It seems that the order rush in the shipbuilding industry is still continuing, and the global supply chain has not stopped "crazy".
Economic Information Daily
Breaking down barriers and optimizing the system, the policy helps stimulate the "digital" kinetic energy
Accelerate the removal of institutional and institutional obstacles that hinder the compliant and efficient circulation of data elements, release a number of policy documents, promote the reform of public data resource management and operation mechanisms, research and formulate policies for the development and utilization of enterprise data resources, and make every effort to promote the "data element ×" action...... Recently, many parties are actively deploying relevant measures to further improve the data infrastructure system and improve the level of development and utilization of data resources.
Many parties are actively laying out a new track of racing low-altitude economy trillions
This year, the "low-altitude economy" was written into the government work report for the first time, and the reporter noticed that many places are actively laying out the development of the low-altitude economy, and successively introduced low-altitude economy-related planning and support policies, and continued to optimize the development environment in terms of industrial agglomeration and application scenarios. At the same time, many companies are also focusing on cutting-edge fields to accelerate the technological innovation and industry application of products such as electric vertical take-off and landing aircraft (eVTOL) and civil drones. The industry believes that with the increasing number of low-altitude flight activities, the effect of low-altitude infrastructure investment is gradually emerging, and it is optimistic that the scale of low-altitude economy is expected to exceed one trillion yuan by 2026.
(Source: Oriental Wealth Research Center)
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