Today's attention //
1. The central bank and the foreign exchange bureau spoke out and released heavy policy signals
2. The Ministry of Commerce responded to the U.S. announcement of restrictive measures on China's steel and aluminum products
3. Ministry of Industry and Information Technology: The funds required for government investment projects shall not be advanced by the construction unit
4. The transaction fee of gold futures and other related contracts adjusted in the previous period
5. Lei Jun's live broadcast responded to the loss of car manufacturing: I haven't heard that there is a company that makes money
Macro Policy //
1. Zhu Hexin, Deputy Governor of the People's Bank of China: There is still room for monetary policy in the future, and we will closely observe the effect of the policy and make good use of the reserve policy
The State Council Information Office held a press conference on financial operations and foreign exchange receipts and payments in the first quarter of 2024. Zhu Hexin, deputy governor of the central bank and director of the foreign exchange bureau, said that since the beginning of this year, a series of monetary policies made in the early stage are gradually playing a role. There is still room for monetary policy in the future, and the next step will be to closely observe the effect of the policy and the economic recovery and the realization of the target, and make good use of the reserve policy.
2. The central bank talks about the balance of M2 exceeding 300 trillion yuan: it is not appropriate to make a simple comparison of the same period, and will strengthen the monitoring of capital idling
Zou Lan, director of the monetary policy department of the central bank, responded to "M2 exceeded 300 trillion yuan", saying that this is a reflection of financial support for the development of the real economy in the past many years, and the relevant departments will strengthen the monitoring of capital idling and improve the management assessment mechanism;
3. The central bank's response to whether the real interest rate is too high: different industries and enterprises have different feelings, so as to prevent the interest rate from being too low and leading to the intensification of involution competition
Zou Lan, director of the monetary policy department of the central bank, said that the situation of prices and real interest rates still needs to be comprehensively studied, and the current low price level is structural and phased; from the structural situation of prices, CPI, PPI, and the average interest rate of loans are all average concepts, but in the process of economic structure transformation and upgrading, the differentiation of economic and financial indicators in different fields will be significantly increased. The price of the product rises and falls differently, and the real interest rate is different.
4. Central Bank: Although the scale of new social financing in the first quarter fell year-on-year, it was still at a historically high level
Zhang Wenhong, head of the Survey and Statistics Department of the Central Bank, said that the growth rate of social financing in the first quarter basically matched the expected target of economic growth and price level, especially on the basis of last year's high base, the growth rate of social financing to achieve a growth level of 8.7% is actually not low. Since the beginning of this year, the central bank has paid more attention to guiding the balanced growth of financial institutions, and although the scale of new social financing in the first quarter has declined year-on-year, it is still at a historically high level.
5. Central Bank: The growth of monetary aggregates may slow down, and efficient enterprises that really need funds will receive more financing
Zou Lan, director of the Monetary Policy Department of the Central Bank, said that in the future, with the transformation and upgrading of the economy, the recovery of effective demand, and the improvement of social expectations, the phenomenon of capital precipitation and idling will also be alleviated. At present, the growth of the huge monetary aggregate may slow down, and there will be disturbances in the data, so it is not appropriate to simply make a comparison with the same period. However, this does not mean that the intensity of financial support for the real economy will be reduced, and efficient enterprises that really need funds will get more financing, which is the embodiment of the improvement of the quality and efficiency of financial support for the real economy.
6. Zhu Hexin, director of the State Administration of Foreign Exchange: The central bank's goal and determination to maintain the basic stability of the RMB exchange rate will not change
Zhu Hexin, director of the State Administration of Foreign Exchange, said that the central bank's goal and determination to maintain the basic stability of the renminbi exchange rate will not change; in the next step, it will focus on itself, take into account the internal and external balance, persist in taking into account the internal and external balance, adhere to the floating exchange rate system that is adjusted with reference to a basket of currencies as the basis; pay close attention to the changes in the foreign exchange market situation, continue to implement comprehensive policies, stabilize expectations, resolutely correct deviations from pro-cyclical behavior, resolutely guard against the risk of exchange rate overshoot, and maintain the basic stability of the renminbi exchange rate at an equilibrium level.
7. National Bureau of Statistics: The unemployment rate of the labor force aged 25-29 excluding school students was 7.2% in March
According to data released by the National Bureau of Statistics, in March, the unemployment rate of the labor force aged 25-29 excluding school students in urban areas across the country was 7.2%, up 0.8 percentage points from the previous month, and in terms of other age groups, the unemployment rate of the labor force aged 16-24 excluding school students in urban areas across the country was 15.3%, unchanged from the previous month.
8. Accused of illegally accepting more than 386 million yuan in property, the first instance trial of the bribery case of Fan Yifei, former deputy governor of the central bank, was held
The Intermediate People's Court of Huanggang City, Hubei Province, held an open trial in the first instance to hear the bribery case of Fan Yifei, former deputy governor of the central bank. Fan Yifei was accused of illegally accepting more than 386 million yuan in property, and the procuratorate requested that Fan Yifei be investigated for criminal responsibility for the crime of accepting bribes. Fan Yifei made a final statement and pleaded guilty and repented in court. At the end of the trial, the court announced an adjournment and announced the verdict at a later date.
9. Ministry of Industry and Information Technology: The funds required for government investment projects shall not be advanced by the construction unit
The Ministry of Industry and Information Technology (MIIT) solicited public comments on the Regulations on Guaranteeing Payment of Funds to Small and Medium-sized Enterprises (Draft Revisions). The revised draft proposes that when organs and institutions use financial funds to purchase goods, projects, and services from small and medium-sized enterprises, they shall strictly follow the approved budget, and shall not carry out procurement without or in excess of the budget. The funds required for government investment projects shall be in accordance with the relevant provisions of the state to ensure that they are in place, and shall not be advanced by the construction unit.
China Bond Alert //
1. Anhui Traffic Control: "24 Anhui Traffic Control MTN003 (Rural Revitalization)" was cancelled
Anhui Provincial Communications Holding Group Co., Ltd. announced that in view of the recent market fluctuations, it was decided to cancel the issuance of "24 Anhui Traffic Control MTN003 (Rural Revitalization)", and the follow-up issuance plan will be announced separately.
2. HNA Group (International) was filed with a winding-up petition in Hong Kong
HNA Group (International) Limited was wound up by creditor Golden Morning Hong Kong Ltd. and will be heard in the High Court of Hong Kong on 3 July 2024. According to the company registration records, Golden Morning is a private company incorporated on February 5, 2024.
3. Evergrande Real Estate has been executed for more than 1 billion yuan, with a total of more than 51.8 billion yuan
From April 16th to April 17th, Evergrande Real Estate Group Co., Ltd. added 7 new information on the person subject to execution, with a total of more than 1 billion yuan in the subject matter of enforcement, involving cases such as private lending disputes and bill disputes, and some cases of judgment debtors also include Shenzhen Huadi Real Estate Co., Ltd., Guiyang Evergrande Children's World Tourism Development Co., Ltd., etc. According to the risk information, Evergrande Real Estate Group Co., Ltd. has more than 660 pieces of information on the person subject to execution, with a total amount of more than 51.8 billion yuan.
4. Wei Xiaoke, former secretary of the Party committee and chairman of Lanzhou Construction Investment (Holdings) Group Co., Ltd., was examined and investigated
Wei Xiaoke, former secretary of the Party committee and chairman of Lanzhou Construction Investment (Holdings) Group Co., Ltd., is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Lanzhou Municipal Commission for Discipline Inspection and Supervision.
5. Shanghai Industrial Development: Received the decision of the Shanghai Stock Exchange to publicly reprimand the company and the relevant responsible persons
Shanghai Industrial Development Co., Ltd. announced that it received the decision of the Shanghai Stock Exchange to publicly reprimand the company and relevant responsible persons.
6. Zhenro Real Estate Holdings: Matters related to the overseas debts of Zhenro Real Estate, the indirect controlling shareholder
Zhenro Real Estate Holdings Co., Ltd. announced that as of April 12, 2024, the outstanding principal amount of the January 2020 notes of Zhenro Real Estate Group, the company's indirect controlling shareholder, was US$290 million. Zhenro Properties and its advisers will continue to work towards a feasible solution for the overall restructuring of Zhenro Properties' offshore debt. As the January 2020 Notes mature on 15 April 2024, the Notes will be delisted from the Stock Exchange upon maturity.
7. Moody's: Downgraded the family rating of China Jinmao Company to "Ba2", with a "negative" outlook
Moody's downgraded the corporate family rating of China Jinmao Holding Group Co., Ltd. and its wholly-owned subsidiary, Franshion Brilliant Limited, to a supported senior unsecured rating from "Ba1" to "Ba2" and the rating of the supported preferred stock to "B1" from "Ba3".
China Stock Alert //
1. Baofeng Energy: production safety accident of subsidiary
Baofeng Energy announced that at 1:54 a.m. on April 18, the 200,000 tons/year coke oven gas to methanol unit of Ningxia Dongyi Environmental Protection Technology Co., Ltd., a subsidiary of Ningxia Dongyi Environmental Protection Technology Co., Ltd., leaked, and a flash fire accident occurred during the leak plugging process. As a result of the accident, 2 on-site workers were killed and 4 employees were injured. The scope of impact of this accident is limited to this device, and the company's other production equipment is in normal production, and the production and operation order has not been affected. The methanol production capacity affected by this accident is 200,000 tons/year, accounting for 3.4% of the company's total methanol production capacity, and the accident has little impact on the plant and the company's normal production and operation.
2. Zhengdan shares: The sustainability of price fluctuations of TMA products is uncertain
Zhengdan shares disclosed the announcement of stock trading changes, saying that the recent TMA market price has risen significantly, but the sustainability of TMA product price fluctuations is uncertain, please invest rationally and pay attention to investment risks. The company has not directly received the announcement of the permanent shutdown of trimellitic anhydride production equipment from INEOS in the United States announcing the permanent suspension of production of trimellitic anhydride production equipment on the stock bar and other platforms.
3. Wanfeng Aowei: received the administrative penalty decision of the safety production supervision and management department
Wanfeng Aowei announced that the first factory of the company's Zhejiang Xinchang Steam Turbine Plant had a safety accident in the early morning of December 3, 2023. Recently, the company and related personnel received the "Administrative Penalty Decision" issued by the Xinchang County Emergency Management Bureau The Xinchang County Emergency Management Bureau decided to fine the company 600,000 yuan, Dong Ruiping, the main person in charge of the company, 200,000 yuan, Wu Shaoying, the company's deputy general manager of production, 76,000 yuan, Zhang Xincan, the director of the company's first branch, 36,000 yuan, Liang Yuelin, the manager of the company's energy equipment department, and Liang Xiaoming, the manager of the company's safety and environmental protection department, 27,000 yuan.
4. Aipu shares and related responsible persons were issued a warning letter by the Shanghai Securities Regulatory Bureau
Aipu announced that the Shanghai Securities Regulatory Bureau decided to issue a warning letter to the company, Wei Zhonghao, then chairman and general manager, Feng Linxia, then chief financial officer, and Wang Weihua, then secretary of the board of directors. On April 27, 2023, the company disclosed the announcement of correction of accounting errors and retrospective adjustment, adjusting the amount of tax evasion to the profit and loss of previous years according to the evasion situation of each year, and adjusting the goodwill impairment loss of previous years due to the impact of tax evasion on future cash flow. As a result, the financial data disclosed in the annual reports from 2018 to 2021 were inaccurate, affecting investors' right to know and violating relevant regulations.
5. The Shanghai Stock Exchange issued a regulatory work letter to Yongyue Technology
The Shanghai Stock Exchange issued a regulatory work letter to Yongyue Technology, clarifying the regulatory requirements for the occupation of the controlling shareholder's funds. The targets involved are listed companies, directors, supervisors, senior management, controlling shareholders and actual controllers.
6. Chongqing Road & Bridge: Terminated the acquisition of no more than 15.01% equity of Lanzhi Company
Chongqing Road & Bridge announced that it would terminate the acquisition of no more than 15.01% of the equity of Lanzhi Company by means of "capital increase + transfer of old shares". In addition, in 2023, it will achieve a net profit of 211 million yuan, a year-on-year increase of 4.22%, and it is planned to distribute 0.48 yuan (tax included) for every 10 shares.
7. Zhongnan Construction: There is a risk that the listing may be terminated due to the closing price of the stock being lower than 1 yuan per share for a long time
Zhongnan Construction announced that as of April 18, the closing price of the company's shares has been lower than 1 yuan per share for ten consecutive trading days, and there is a risk that the listing may be terminated in accordance with the above provisions, please pay attention to the risk.
8. Shenzhen Tianma replied to the inquiry letter of the Shenzhen Stock Exchange, and its LCD mobile phone panel business turned from profit to loss last year
Shenzhen Tianma replied to the inquiry letter of the Shenzhen Stock Exchange, saying that last year, its LCD mobile phone panel business was affected by the sharp decline in the average price of the industry and turned from profit to loss, and the OLED mobile phone panel business slowed down the progress of loss reduction due to the increase in depreciation of fixed assets. On March 30 this year, Shenzhen Tianma received an inquiry letter from the Shenzhen Stock Exchange's 2023 annual report, and was required to quantitatively analyze the impact of the factors that led to its net profit loss attributable to the parent company of 2.1 billion yuan in 2023.
9. Delisting of Potian: The company's shares will be terminated and delisted by the Shanghai Stock Exchange on April 25
Delisting Poten announced that the company's shares will be terminated and delisted by the Shanghai Stock Exchange on April 25.
Overseas Warning //
1. Tesla started a global layoff, affecting about 14% of employees in Buffalo, New York
Electric car maker Tesla is saying it will cut 285 jobs in Buffalo, N.Y., as part of its plan to cut 10 percent of its global workforce.
2. Model 2 may be "difficult to deliver", and Deutsche Bank slashed Tesla's target price to $123
Deutsche Bank downgraded Tesla to "Hold" from "Buy" and lowered its price target to $123 from $189. There's a good chance that the launch of the low-cost Model 2 will be delayed, and Tesla will shift its strategic focus to the robo-taxi business, which is considered risky to manage and will take years.
3. BP reorganized the senior management team, and the company's department structure was simplified to "three main and five auxiliary"
BP reorganizes top management. According to the statement, in order to simplify the organizational structure and increase the company's value, BP's executive leadership team will be reduced to 10 people. In his statement, the company's CEO, Murray Auchincloss, said there was a need to be a simpler, more focused and more valuable company. These changes will help companies do just that.
4. The integration of Credit Suisse is difficult, and UBS may carry out a new round of layoffs
According to people familiar with the matter, UBS is planning a new round of layoffs after bailing out Credit Suisse. The layoffs are expected to affect more than 100 positions in the bank's global investment bank, people familiar with the matter said. The layoffs are planned to take place in the coming weeks.
Financial Interbank Warning //
1. Shanghai Futures Exchange: There are many uncertainties faced by the market in the near future, and rational investment
According to the "Notice on Doing a Good Job in Market Risk Control" issued by the Shanghai Stock Exchange, there are many uncertainties facing the market in the near future, and members and investors are requested to do a good job in risk prevention, rational investment, and jointly maintain the smooth operation of the market.
2. The transaction fee of gold futures and other related contracts adjusted in the previous period
According to the notice issued by the Shanghai Exchange, starting from the trading on April 22, 2024 (i.e., the evening trading on April 19), the transaction fee for the intraday closing of the gold futures AU2406 contract will be adjusted to 30 yuan/lot. The transaction fee for gold futures AU2408 contract is adjusted to 6 yuan/lot. The trading fee for the silver futures AG2408 contract is adjusted to 0.3/10,000 of the transaction amount.
3. Market maker business guidelines issued by the previous period: net assets should not be less than 50 million, and market making funds should be its own funds
According to the Business Guidelines for Market Makers of the Shanghai Futures Exchange, the net assets of market makers should not be less than RMB50 million. Market makers shall use their own funds to conduct market making, and shall not raise funds through the sale of funds, wealth management, trusts, asset management products, etc., or carry out market making business in violation of regulations.
4. The securities regulatory bureaus in many places have deployed to crack down on illegal stock speculation by practitioners
According to the Securities Times, illegal stock speculation by practitioners ushered in strong supervision. The Qinghai Securities Regulatory Bureau said that it is necessary to realize the seriousness of the problem of illegal stock speculation by practitioners and build a long-term mechanism for "not daring, can't, and not wanting to" illegal stock trading. The reporter found that recently, the China Securities Regulatory Commission, the China Securities Association, and the local securities regulatory bureaus have all released clear signals to strictly investigate and crack down on illegal stock speculation by practitioners. According to the China Securities Association, employees who speculate in stocks in violation of regulations will deduct points in the evaluation of cultural construction. The Hebei Securities Regulatory Bureau said that it is necessary to prevent and severely crack down on illegal stock speculation by practitioners. The Tianjin Securities Regulatory Bureau said that it would resolutely curb the illegal behavior of employees in stock speculation.
5. In the first quarter of 2024, securities firms and practitioners received a total of 159 fines
According to the Shanghai Securities Association, in March 2024, securities firms, their branches and securities practitioners received a total of 15 fines of various regulatory penalties, and a total of 10 securities firms and 7 related practitioners were punished, including 8 for investment banking business and 6 for brokerage business. It is worth mentioning that there was one issuance and listing application document and information disclosure document that was not accepted for the deadline signed by the sponsor representative within a time limit. The reporter noted that in the first quarter of this year, a total of 159 fines were issued, and the intensity and density of the measures were tightened, including the company's chairman, compliance director, head of investment banking department, investment sponsor, sponsor representative, head of business department, wealth manager, etc.
6. CFFEX: In March, 4 cases of over-limit transactions were handled, and 12 cases of over-limit behaviors were frequently reported for order cancellation
In March, CFFEX dealt with 4 cases of over-limit transactions and 12 cases of frequent order cancellation, involving a total of 19 clients. CFFEX took measures to restrict the opening of positions for 13 clients, took telephone reminders for 5 members, and dealt with 4 cases of self-transaction over-limit behavior, and 12 cases of frequent order cancellation and over-limit behavior, involving a total of 19 customers. 13 customers were restricted from opening positions, and 5 members were reminded by telephone.
7. AMAC issued 13 fines in a row
Recently, the official website of the China Foundation Association issued a total of 13 fines to 4 private equity fund managers and their senior managers who had violated the rules. At the same time, the pace of liquidation in the private equity industry has further accelerated, and the number of cancellations of private equity fund managers in April was higher than the number of new registrations. Industry insiders said that the "orderly entry and exit" industry ecology can not only improve the standardization and transparency of the industry for private equity fund managers, but also optimize the market competition environment and help high-quality private equity fund managers stand out.
Industry Warning //
1. The Ministry of Commerce responded to the announcement of restrictions on Chinese steel and aluminum products by the United States
In response to a reporter's question on the US announcement of restrictive measures on China's steel and aluminum products, the spokesperson of the Ministry of Commerce said that the US side ignored the international economic and trade order and rules, politicized economic and trade issues, abused the so-called Section 301 tariff review procedure, and openly demanded that tariffs on Chinese products be adjusted at will, passing on contradictions, which is a mistake again and again, and will not help solve the problems faced by the US domestic industry.
2. Luo Tiejun of China Iron and Steel Association: The association attaches great importance to the crude steel output regulation policy this year, and is cooperating with national ministries and commissions to carry out relevant work
Luo Tiejun, vice president of the China Iron and Steel Association, said that the current steel industry is facing a prominent contradiction between strong supply capacity and weakening demand, and has entered the "prisoner's dilemma", and the top priority is to maintain the stability of the regional market for rebar. The China Iron and Steel Association attaches great importance to the crude steel output regulation policy this year, and is cooperating with national ministries and commissions to carry out relevant work.
3, Lei Jun's live broadcast responded to the loss of car manufacturing: I haven't heard that there is a company that makes money
On April 18, Lei Jun, the founder of Xiaomi Group, broadcast live on Douyin to introduce the Xiaomi Car Delivery Center and the specific configuration of Xiaomi Auto SU7. Lei Jun mentioned the current challenges, saying that the core problem today is that sales are 3 to 5 times higher than expected, which is a very painful point. The company has urgently convened a supplier conference, and the delivery problem is improving as soon as possible.
Lei Jun also responded to the question of cost performance, saying that today's pure electric car (market) has never heard of any (enterprise) making money, and basically an outrageous car will lose hundreds of thousands. So in an industry with huge losses, everyone really doesn't talk about cost performance.
As for whether Xiaomi Auto will be an SUV that the outside world is concerned about, Lei Jun did not directly deny it, he said that this question cannot be answered and needs to be kept secret. But in response to the question of whether to make off-road vehicles, Lei Jun directly said that there is no plan for the time being, the Great Wall off-road vehicles are doing very well, and Xiaomi should cooperate with all its peers in the automotive industry to make the industry bigger, rather than doing everything.
4. Crayfish prices may drop to single digits in May
According to CCTV Finance, as the weather gradually warms, crayfish are on the market one after another. At present, the price of crayfish is much cheaper than the price of 50 yuan a catty when it was first listed in March. Visiting the seafood wholesale trading market in Nanning, Guangxi, I found that the wholesale price of crayfish here is between 10 yuan and 20 yuan per catty. According to the experience of previous years, if the public wants to buy crayfish at a single-digit price, they need to wait until May.
5. The sales area of commercial housing in Sichuan in the first quarter decreased by 18.3% year-on-year
According to data disclosed by the Sichuan Provincial Bureau of Statistics, in the first quarter, investment in fixed assets (excluding rural households) increased by 5.2% year-on-year. From the perspective of real estate development, real estate development investment decreased by 16.9% year-on-year, the construction area of commercial housing decreased by 9.6%, and the sales area of commercial housing decreased by 18.3%.
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