These important news over the weekend may affect the stock market (with institutional strategies)

Macro news

The latest tone of the National Standing Committee has been set

On April 12, the executive meeting of the State Council was held, which studied the work related to promoting the rise of the central region in the new era, studied and improved the measures to solve the long-term mechanism of enterprise account arrears, listened to the report on energy conservation and carbon reduction, and deployed the whole chain rectification of potential safety hazards of electric bicycles.

The meeting pointed out that to solve the problem of arrears of enterprise accounts, it is necessary not only to promote the special action of debt settlement with high quality and solve the current stock of debt settlement, but also to work hard to improve the long-term mechanism and resolutely curb the "arrears while clearing" and "arrears after settlement". It is necessary to focus on the problem of the government's arrears to enterprises and the problems of large enterprises defaulting on the accounts of small and medium-sized enterprises, so that the long-term mechanism can be smoothly operated as soon as possible.

14 departments issued an action plan to promote the trade-in of consumer goods

The "Action Plan for Promoting the Trade-in of Consumer Goods" issued by 14 departments including the Ministry of Commerce was released on April 12. Driven by the improvement of technology, energy consumption, emissions and other standards, with policies as incentives, driven by smooth circulation, and on the basis of fully respecting the wishes of consumers, we will gradually establish an effective mechanism of "it is easier to remove the old and more willing to replace the new", and encourage the replacement and use of intelligent, green and low-carbon consumer goods.

9.46 trillion yuan!

On April 12, the financial statistics and social financing data for the first quarter of 2024 released by the People's Bank of China showed that RMB loans increased by 9.46 trillion yuan in the first quarter, and the cumulative increase in the scale of social financing was 12.93 trillion yuan, both at a high level in the same period in history. On the whole, in the first quarter, the monetary policy was at the forefront, and the total amount of credit was reasonable and moderate.

At the end of March, the balance of broad money (M2) was 304.8 trillion yuan, up 8.3% year-on-year, in line with the expected targets of economic growth and price levels. From the perspective of the two-year average growth rate excluding the impact of last year's high base, the average growth rate of M2 at the end of March 2023 and 2024 was 10.5%, which was higher than the average growth rate of the same period from 2018 to 2022, maintaining reasonable and abundant liquidity. (For more information, please stamp "9.46 trillion yuan! The central bank's blockbuster data is announced, and experts are interpreted!")

Foreign Ministry Spokesperson's Remarks on Iran's Military Strikes on Israeli Territory

The spokesperson of the Ministry of Foreign Affairs said that China is deeply concerned about the current escalation of the situation and calls on relevant parties to remain calm and exercise restraint to avoid further escalation of tensions. This escalation is the latest manifestation of the spillover from the conflict in Gaza. The top priority is to earnestly implement UN Security Council Resolution 2728 and calm the conflict in Gaza as soon as possible. China calls on the international community, especially influential countries, to play a constructive role in maintaining regional peace and stability.

Finance & Securities

The new "National Nine Articles" of the capital market were released

A few days ago, the State Council issued the "Several Opinions on Strengthening Supervision and Risk Prevention and Promoting the High-quality Development of the Capital Market", which consists of 9 parts. This is following the two "National Nine Articles" in 2004 and 2014, and the State Council has issued a guiding document on the capital market again after 10 years, and the nine highlights are worth paying attention to. (For more content, please click "Blockbuster! The New "National Nine Articles" of the Capital Market Released" and "Illustrated丨A Quick Overview of the Key Points of the New "National Nine Articles"!")

Wu Qing was interviewed on the implementation of the third "National Nine Articles" in the capital market

A few days ago, the State Council issued the "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market". The opinions issued this time have a total of 9 parts, which is the third "national nine articles" in the capital market. Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, was interviewed by Xinhua News Agency reporters on the implementation of the opinions on the 12th. (For more information, please click "Wu Qing: Forming an Effective Governance of the Capital Market of Co-construction, Co-governance and Sharing")

The China Securities Regulatory Commission has fully mobilized! Wu Qing spoke out

Recently, the China Securities Regulatory Commission (CSRC) held a mobilization and deployment meeting and policy training meeting for the implementation of the "1+N" policy document to study in depth the "Several Opinions of the State Council on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market" and supporting documents, and to study and deploy the CSRC's systematic implementation work. Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, attended the meeting and delivered a speech. Members of the Party Committee of the China Securities Regulatory Commission attended the meeting. (For more content, please poke "Weekend Blockbuster! CSRC Full Mobilization! Wu Qing's Voice")

The China Securities Regulatory Commission (CSRC) solicited opinions on six system rules, including "1+N".

On April 12, in order to promote the formation and implementation of the "1+N" policy system in the capital market, the China Securities Regulatory Commission formulated and successively issued relevant supporting policy documents and system rules, involving six draft rules for public comment on issuance supervision, listed company supervision, securities company supervision, and transaction supervision. (For more information, please click "The China Securities Regulatory Commission Issued "1+N" 6 Rules, the Evaluation of Science and Technology Innovation Attributes Has Been Adjusted, and the Listing Standards of the Main Board and GEM Will Be Moderately Raised)

The China Securities Regulatory Commission issued opinions on the strict implementation of the delisting system and stepped up efforts to clear out the "zombie shells" and "black sheep".

In order to thoroughly implement the spirit of the Central Financial Work Conference and the Several Opinions of the State Council on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market, we will further deepen the reform of the delisting system and achieve an orderly and timely settlement pattern. On the basis of conscientiously summarizing the reform experience and fully considering the national and market conditions, the China Securities Regulatory Commission formulated the Opinions on the Strict Implementation of the Delisting System. The "Delisting Opinions" focus on improving the overall quality of existing listed companies, increasing the efforts to clear out "zombie shells" and "black sheep" through strict delisting standards, and reducing the value of "shell" resources; (For more information, please click "The new rules for delisting are coming! add 1 year of serious fraud, and many years of continuous fraud and delisting")

The listing threshold is about to change! IPO has ushered in major changes!

On April 12, the Shenzhen and Shanghai Stock Exchanges issued a draft of the stock listing rules, raising the listing thresholds for the main board and the ChiNext board of Shenzhen and Shanghai respectively. Among them, the net profit target for the first set of listing standards for IPOs on the main board of Shenzhen and Shanghai has been increased from 60 million yuan to 100 million yuan in the latest year, and the listing threshold for the first set of listing standards for GEM IPOs has been increased to have a net profit of not less than 60 million yuan in the latest year. (For more information, please stamp "Raising the threshold for listing on the main board, and dividends that do not meet the standards will be ST...... The latest release of the Shanghai and Shenzhen Stock Exchanges" "A Quick Look at the New Rules for Listing and Delisting")

Programmatic trading to meet strong supervision!

In order to strengthen the supervision of programmatic trading in the securities market, promote the standardized development of programmatic trading, and maintain the order of securities trading and market fairness, on April 12, the China Securities Regulatory Commission issued the "Regulations on the Administration of Programmatic Trading in the Securities Market (Trial) (Draft for Comments)" to solicit opinions from the public.

The first is to clarify the definition and overall requirements of programmatic transactions. The second is to clarify the reporting requirements. The third is to clarify the requirements for transaction monitoring and risk prevention and control. Fourth, strengthen the management of information systems. Fifth, strengthen the supervision of high-frequency trading. Sixth, clarify the supervision and management arrangements. Seventh, it is clarified that Northbound programmatic transactions shall be included in the reporting management in accordance with the principle of consistency between domestic and foreign investment, and the transaction monitoring standards shall be implemented, and other management matters shall be subject to these Provisions by reference. (For more information, please click "Programmatic Trading Welcomes Strong Supervision! The Securities Regulatory Commission Takes Action")

The China Securities Regulatory Commission (CSRC) issued the 2024 legislative work plan

In order to thoroughly implement the spirit of the Central Financial Work Conference and the requirements of the State Council's "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market", further do a good job in the formulation of securities and futures regulatory rules and regulations in 2024, and strengthen the construction of the basic system of the capital market, the China Securities Regulatory Commission has recently formulated the 2024 legislative work plan in combination with the practice of regulatory work and the concerns of all parties in the market, and made overall arrangements for the legislative work for the whole year. The China Securities Regulatory Commission will actively promote the issuance of various system documents in accordance with the legislative work plan. (For more information, please click "CSRC Issued 2024 Legislative Work Plan")

Industries & Companies

Guangdong: Carry out car trade-in Guangzhou and Shenzhen to further relax the restrictions on car licensing indicators

The Guangdong Provincial People's Government recently issued the "Implementation Plan for Guangdong Province to Promote Large-scale Equipment Renewal and Consumer Goods Trade-in". Among them, it is proposed to carry out car trade-in. Strengthen policy guidance, organize and carry out car trade-in activities, and encourage automobile production and distribution enterprises to provide preferential benefits for car purchases by carrying out promotional activities, issuing replacement subsidies, and giving away charging piles, so as to promote automobile renewal consumption. Strictly implement the provisions of the mandatory scrapping standards for motor vehicles and the inspection standards for vehicle safety and environmental protection, and eliminate old vehicles that meet the mandatory scrapping standards in accordance with laws and regulations. Guangzhou and Shenzhen have further relaxed the restrictions on the licensing indicators of cars. (For more content, please poke "Guangdong blockbuster release! is about the trillion-level market")

More than 1,000 A-shares will be ST?

On April 12, the Shanghai and Shenzhen Stock Exchanges solicited opinions from the market on the new "Stock Listing Rules", among which companies that do not meet the dividend standards will be ST to attract widespread attention from the market. Some market rumors are even false that "more than 1,000 companies in A-shares will be ST due to low dividend amounts".

According to the analysis of some market participants interviewed by the Securities Times and Brokerage China reporters, the system is essentially a strong restraint measure for companies that have the ability to pay dividends but do not meet the dividend standards, promote the improvement of the overall dividend level of listed companies, and enhance the "sense of gain" of investors, so as to achieve the healthy development of the capital market.

According to market analysts, the relevant indicators must have undergone rigorous calculations before they were introduced. Judging from the overall data of the current market, there are very few companies that do not meet the relevant standards, and these companies can steadily cross the "minefield" by increasing dividends in the future. (For more information, please poke "More than 1000 A shares will be ST? The truth is coming!")

The four major banks collectively announced the implementation of Huijin Company's increase in A-shares within half a year

Bank of China, China Construction Bank, Agricultural Bank of China and Industrial and Commercial Bank of China announced after hours on April 12 that the implementation of the plan of the controlling shareholder Central Huijin Investment Co., Ltd. to increase its shareholding in the bank, as of April 10, the cumulative number of A-shares increased was 330 million shares, 71.451 million shares, 401 million shares and 287 million shares respectively. (For more information, please click "Central Huijin Increases Its Shareholding in the Four Major Banks, Will Support Its Steady Development for a Long Time")

CITIC Securities: Received a notice from the China Securities Regulatory Commission (CSRC).

CITIC Securities announced that it received a notice from the China Securities Regulatory Commission for the suspected violation of laws and regulations in the process of transferring the non-public issuance of shares of China Nuclear Titanium Dioxide in 2023 by relevant entities in violation of restrictive regulations. CITIC Securities said that the company and CITIC China Securities Capital will actively cooperate with the relevant work of the China Securities Regulatory Commission and strictly fulfill the obligation of information disclosure.

Haitong Securities: Received a notice from the China Securities Regulatory Commission (CSRC).

Haitong Securities announced on the evening of April 12 that the company received the "Notice of Case Filing" from the China Securities Regulatory Commission on April 12. Due to the company's suspected violations of laws and regulations in the process of transferring CNNC titanium dioxide's non-public issuance of shares in 2023 in violation of restrictive regulations, in accordance with the Securities Law of the People's Republic of China, the Administrative Punishment Law of the People's Republic of China and other laws and regulations, on March 13, the China Securities Regulatory Commission decided to file a case against the company.

Follow this week

This week's IPO subscription

According to the issuance arrangement, there is no new share subscription this week.

Lifting the ban on stocks this week

According to the statistics of Securities Times and Databao, this week (April 15-19), 57 listed companies in the A-share market will usher in the lifting of the ban on restricted shares. Based on the latest price of individual stocks, the total market value of the 57 lifted stocks is 40.415 billion yuan.

In terms of scale, Yingli Automobile has the largest market value of 6.546 billion yuan, followed by Nuohe Zhiyuan, Huashu Hi-Tech and Shangsheng Electronics, with a market value of more than 3 billion yuan.

Institutional Strategy

CITIC Securities: Entering a critical window period, market expectations are rebalanced

CITIC Securities research report pointed out that the domestic economy has recovered steadily, the pricing system of overseas assets is disordered, and the US dollar interest rate cut is expected to be revised downward, followed by the second half of April economic data, corporate financial reports, intensive disclosure of institutional positions, and the convening of the Politburo meeting, it is expected that the short-term game of the A-share market will tend to be complex, and more importantly, the new "national nine" landing, consolidating the important foundation for the long-term healthy development of China's capital market, whether from the short-term or medium- and long-term investment dimensions, the strategic allocation value of the dividend strategy is increasing.

China Securities Construction Investment: The "National Nine Articles" may help the market get out of the slow bull

According to the research report of China Securities Construction Investment, the overall tone of the "National Nine Articles" is "strict", strict access to issuance and listing, continuous supervision to improve the quality of listed companies, and delisting supervision should be retreated, guiding securities and fund institutions to return to their origins, strengthening transaction supervision to enhance the internal stability of the capital market, establishing a "long money and long investment" orientation, coordinating the development of the "five major articles", capital market reform, opening up, and strengthening the construction of the rule of law to crack down on illegal crimes. The highlights of the "National Nine Measures" policy are: first, to coordinate and promote policies at the central level, second, to greatly increase the cost of violations of laws and regulations and the proportion of equity funds, third, to make efforts in the fields of listing, delisting and dividends, and fourth, to improve relevant evaluation standards. The third "National Nine Articles" is a historical inheritance of the previous two and a new indication of the current status quo of the capital market. After the release of the first two "national nine articles", the A-share market ushered in a sharp rise, and this time the "national nine articles" may help the market out of the slow bull.

Guohai Securities: At the policy level, a new era of capital market construction will be opened, and follow-up detailed measures will be intensively implemented

A few days ago, the State Council issued the "Several Opinions on Strengthening Supervision and Risk Prevention and Promoting the High-quality Development of the Capital Market", which is the third "National Nine Articles" in the capital market. The strategy team of Guohai Securities said that after 10 years, the State Council once again issued a document to guide the construction of the capital market system from nine aspects, which means that a new era of capital market construction will be opened at the policy level, and the follow-up detailed measures will be intensively implemented, which deserves special attention. Judging from the tone of the document, compared with the 2004 and 2014 opinions, the focus is on improving the construction of the capital market system, and the tone of this guidance emphasizes the "development of the capital market in standardization". "Strict rules" and "strengthening supervision" run through the whole text, which means that high standards and the healthy development of the capital market will be the main theme of the policy in the next stage. Looking back at the stock market after the promulgation of the "National Nine Articles" twice in history, the market performance after the implementation of the opinions is different, mainly due to the rhythm of the implementation of the follow-up supporting policies and the actual implementation of the main reform measures in the opinions. Considering the fast pace of implementation of this opinion and supporting measures, the current liquidity environment remains loose, and the favorable measures are expected to drive the market out of the shock range.

Soochow Securities: The once every decade "National Nine Articles" is coming again, and the capital market has entered a policy support cycle

The State Council recently issued the "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market", which is the third "National Nine Articles" in the capital market. In this regard, the strategy team of Soochow Securities believes that the once in a decade "National Nine Articles" is coming again, and the capital market has entered a policy support cycle. The new "National Nine Articles" aim to promote better financial service entities, promote high-quality economic development, adhere to the implementation arrangements organized and implemented by the China Securities Regulatory Commission in conjunction with relevant parties, and jointly form a "1+N" policy system.

Editor-in-charge: Zhu Yumeng

Proofreading: Yang Lilin

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