Summary of the highlights of the four major securities reports: April 23

Xinhua Finance and Economics, Beijing, April 23 -- The highlights of the four major securities reports are summarized as follows:

China Securities Journal

• Ministry of Finance: Timely launch the issuance of ultra-long-term special treasury bonds

A number of relevant persons in charge of the Ministry of Finance introduced at a press conference held by the State Council Information Office on April 22 that in the first quarter, fiscal revenue maintained a recovery growth trend on a comparable basis, and the progress of fiscal expenditure was reasonably accelerated. The Ministry of Finance will start the issuance of ultra-long-term special treasury bonds in a timely manner according to the distribution of ultra-long-term special treasury bond projects; at the same time, it will guide local governments to rationally grasp the rhythm of special bond issuance and optimize the pace and intensity of government investment.

• The central bank plans to strengthen the full-chain and full-cycle supervision of non-bank payment institutions

The Regulations on the Supervision and Administration of Non-bank Payment Institutions will come into force on May 1, 2024. In order to ensure the effective implementation of the Regulations, the People's Bank of China formulated and released the Detailed Rules for the Implementation of the Regulations on the Supervision and Administration of Non-bank Payment Institutions (Draft for Comments) on April 22 to solicit comments from the public. Experts said that the "Implementation Rules" aim to refine the relevant provisions of the "Regulations", provide a solid institutional foundation for the standardized and healthy development of payment institutions, strive to create a stable, transparent and standardized business environment based on the rule of law, and strengthen the supervision of the whole chain and cycle of payment institutions before, during and after the event. Specifically, the Detailed Implementation Rules further clarify the important concepts and connotations of major shareholders and actual controllers in the Regulations, and refine the administrative licensing procedures for the establishment, alteration and termination of payment institutions.

• Operators launch a new round of centralized procurement AI servers are in high demand

Recently, China Mobile launched the procurement of new intelligent computing centers from 2024 to 2025, including nearly 8,000 AI servers. This is currently the largest single AI server centralized procurement in the industry. The increase in the supply of intelligent computing power has become a definitive event, and the performance of industrial chain companies continues to improve. Recently, Shan Zhongde, Vice Minister of the Ministry of Industry and Information Technology, said that it is necessary to strengthen the guidance of intelligent computing, optimize the structure of computing power, and encourage all parties to explore new models for the construction and operation of intelligent computing centers, including multi-party collaboration mechanisms, to make better use of intelligent computing power.

Shanghai Securities News

• China Securities Regulatory Commission: Persist in promoting financial innovation and development on the track of marketization and rule of law

The Theoretical Study Center Group of the Party Committee of the China Securities Regulatory Commission wrote an article in the People's Daily on April 22 that the key to promoting financial innovation and development on the track of marketization and rule of law is to handle the relationship between the government and the market. To promote the development of financial innovation, we must give full play to the decisive role of the market in the allocation of resources, better play the role of the government, improve the rule of law, strengthen supervision, deepen reform, fully mobilize the enthusiasm and initiative of all parties in the market, further stimulate the vitality of innovation, and provide better financial services for high-quality economic and social development.

• Optimization of M&A and restructuring system Industry-driven will become the mainstream

M&A and restructuring is an important way to continuously optimize the quality of listed companies and achieve high-quality development of the capital market. In order to further improve the quality and efficiency of M&A and restructuring transactions, recently, the regulator has adopted a series of M&A and restructuring policies to help the transformation and upgrading of high-quality listed companies and improve their own quality. Many interviewees generally believe that mergers and acquisitions should not only promote the high-quality development of listed companies, but also avoid shell companies taking advantage of the rebirth, and more efficient and accurate policy guidance will help enhance the market activity of mergers and acquisitions and promote the high-quality development of listed companies.

• Photovoltaic giants compete to deploy perovskite, and upstream and downstream enterprises actively follow up with supporting facilities

Recently, the reporter learned from multiple interviews that the next-generation photovoltaic technology perovskite has been widely favored by the photovoltaic industry. In addition to start-ups specializing in this technology, leading crystalline silicon companies have basically formed teams to develop perovskite-crystalline silicon tandem cells. Some leading crystalline silicon companies plan to manufacture tandem cell products in the next three years. The reporter noted that although the industry has huge prospects, the perovskite photovoltaic industry is not yet mature. The manufacturing process of perovskite cells is in full bloom, and the optimal product form of perovskite photovoltaics is not determined.

Securities Times

• The localization rate exceeded 50% for the first time, and the import and export situation of industrial robots reversed

As a major manufacturing country, the mainland has a strong demand for industrial robots. Since 2013, the sales volume of the mainland industrial robot market has ranked first in the world for 11 consecutive years, and now accounts for more than half of the global sales. From basic research to industrialization, the scale of the mainland's industrial robot industry is growing day by day, and the localization pattern has stood at the inflection point from quantitative change to qualitative change. According to the latest statistics of the Advanced Industry Research Institute (GGII), the market share of domestic industrial robots will reach 52.45% in 2023, surpassing foreign brands for the first time in terms of sales volume.

• Accelerating the release of policy effectiveness In the first quarter, the mainland's fiscal revenue resumed growth

On April 22, the State Council Information Office held a press conference, at which the relevant person in charge of the Ministry of Finance introduced the fiscal revenue and expenditure in the first quarter of 2024. According to the data, in the first quarter, the national general public budget revenue was 6,087.7 billion yuan, a year-on-year decrease of 2.3 percent, and after deducting the impact of special factors, a comparable increase of about 2.2 percent, and the national general public budget expenditure was 6,985.6 billion yuan, a year-on-year increase of 2.9 percent. Wang Dongwei, vice minister of the Ministry of Finance, said at the press conference that from the perspective of revenue and expenditure in the first quarter, the fiscal policy is moving forward, and the policy effectiveness is being released at an accelerated pace, providing strong support for the sustained recovery of the economy. In the next step, the Ministry of Finance will organically combine strengthening macroeconomic regulation and control, focusing on expanding domestic demand, cultivating new momentum for development, and preventing and resolving risks, so as to further improve the quality and efficiency of fiscal policies and consolidate and enhance the positive trend of economic recovery.

• Green Finance Scan of Listed Banks: Rapid Credit Growth and Continuous Expansion of Product Lines

Judging from the data of listed banks that have disclosed their 2023 annual reports, the total green credit balance of the six major state-owned banks, as well as Industrial Bank, China CITIC Bank, China Merchants Bank, Everbright Bank, Minsheng Bank, Ping An Bank, and Zheshang Bank, has exceeded 20 trillion yuan. Among them, the four major state-owned banks of industry, agriculture and China Construction not only stood at 3 trillion yuan in green credit, but also increased by more than 1 trillion yuan, an increase of 30% to 50%. It can be said that each of the above-mentioned banks has achieved great leaps and bounds in its green finance business. Since 2020, environmental, social, and corporate governance (ESG) and other factors related to green concepts have been gradually incorporated into the assessment of financial institutions. Institutions predict that green credit may become the fastest-growing and largest type of loan in the next 10 years.

Securities Daily

• 110 listed companies on the Beijing Stock Exchange will pay a total of more than 4 billion yuan

As of April 22, 117 listed companies on the Beijing Stock Exchange have disclosed their 2023 annual reports, of which 110 have announced distribution plans, all of which involve cash dividend plans, accounting for more than ninety percent, with a total planned cash dividend of about 4.002 billion yuan. According to statistics, as of now, beiteri has paid the most generous dividends. On April 15, the company announced the distribution plan of 10 distributions of 4 yuan (tax included), which was calculated to be 447 million yuan, and in addition, the cash distribution amount of Tongli shares and Qingju Technology was also higher, with 226 million yuan and 218 million yuan respectively. It is worth noting that among the companies on the Beijing Stock Exchange that have announced the distribution plan, there are 22 companies that have included shares or transfers in the distribution plan, of which the transfer is the mainstay, and according to the total transfer ratio, Guangsha Huaneng, Hechang Polymerization, Zhengyi Pharmaceutical and other companies have the highest proportion of transfer per 10 shares.

• The "financial management fever" of listed companies cooled down The subscription amount fell by more than 60% year-on-year during the year

Since the beginning of this year, the financial enthusiasm of A-share listed companies has cooled down significantly. Wind data shows that as of April 22, a total of 451 listed companies subscribed to wealth management products during the year, down 52.22% from 944 in the same period last year, with a total subscription amount of 152.021 billion yuan, down 63.65% year-on-year, and the number of wealth management products held decreased from 5,988 to 2,624 in the same period last year, down 56.18% year-on-year. A number of interviewees said that the sharp decline in financial enthusiasm of listed companies is related to multiple factors, including the decrease in idle funds of listed companies and the decrease in the income of wealth management products.

• 113 auto parts companies disclosed their annual reports Nearly eighty percent of last year's net profit increased year-on-year

According to the data, as of April 22, among the 113 auto parts listed companies that have disclosed their 2023 annual reports in A-shares, 89 have achieved a year-on-year increase in net profit (excluding loss reduction), accounting for nearly eighty percent, among them, 16 companies such as Weifu Hi-Tech, Bojun Technology, Kehua Holdings, Zhejiang Shibao, Feilong Co., Ltd., and VIE Technology achieved a year-on-year increase in net profit of more than 100% last year. Zhang Yue, chairman of Aoyu International, told reporters: "The companies that have achieved high growth in performance are mainly concentrated in the fields of auto parts, electronic appliances, rubber products, and engine parts. The market demand in these areas continues to grow, the rapid technological update, and the high added value of the products have contributed to the higher profits of the related companies. ”

Editor: Wang Yuanyuan

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