Summary of the highlights of the four major securities reports: April 24

Xinhua Finance and Economics, Beijing, April 24 -- The highlights of the four major securities reports are summarized as follows:

China Securities Journal

• "Overweight" voices continue to be bullish on Chinese assets

Recently, there have been more and more examples of foreign investors going long and long A-shares. Analysts believe that the emergence of this situation is not unrelated to factors such as the economic recovery, the gradual effectiveness of policies, and the low valuation level of A-shares. As the relevant authorities continue to expand the channels for cross-border market connectivity, support foreign institutions to invest in domestic technology-based enterprises, and optimize the environment for foreign institutions to invest in domestic bonds, more long-term foreign institutions will increase their investment in China.

• Ministry of Human Resources and Social Security: The supervision and management of the investment and operation of the social security fund has been continuously strengthened

The relevant person in charge of the Ministry of Human Resources and Social Security said at the regular press conference of the first quarter held on April 23 that the Ministry of Human Resources and Social Security will continue to implement the national overall planning of basic pension insurance for enterprise employees to ensure that the pension is paid on time and in full. Study and improve the supporting policies of the personal pension system, and make relevant preparations before the comprehensive launch. Solidly carry out the consolidation and improvement of the management of the social security fund, and promote the expansion of the entrusted investment scale of the basic pension insurance fund for enterprise employees. In the first quarter, the supervision and management of the social security fund and the investment operation were continuously strengthened. As of the end of March, the entrusted investment scale of the national basic pension insurance fund was 1.9 trillion yuan.

• Private equity venture capital funds accelerate the formation of innovative capital by "retreating".

Recently, the China Securities Regulatory Commission issued the "Sixteen Measures for the Capital Market to Serve the High-level Development of Science and Technology Enterprises", proposing to guide private equity venture capital funds to invest in the field of scientific and technological innovation. Among them, it focuses on the problem of poor exit channels in the private equity venture capital industry, and proposes to implement the "reverse linkage" policy of private equity funds, and expand the pilot project of private equity venture capital funds to distribute shares in kind to investors and the pilot project of share transfer. According to industry insiders, the relevant measures are of great significance to solve the problem of poor exit channels in the private equity industry and help accelerate the formation of innovative capital. At present, the relevant pilots have entered the practical operation stage. Industry insiders believe that a number of measures still need to further promote the implementation of specific rules in order to comprehensively solve the problem of innovative capital flow.

Shanghai Securities News

• The increase in the buying and selling of government bonds in the secondary market by the central bank of the mainland is fundamentally different from quantitative easing in the European and American economies

On April 23, the Ministry of Finance made it clear that it supports the gradual increase in the purchase and sale of treasury bonds in the open market operations of the mainland central bank to enrich the monetary policy toolbox. The head of the relevant department of the People's Bank of China said in an interview that the mainland central bank carries out treasury bond trading in the secondary market, which can be used as a liquidity management method and a monetary policy tool reserve. Analysts believe that there is a historical precedent for the mainland central bank to increase the purchase and sale of treasury bonds in the open market, similar operations in the international community, and legal basis and support, and it has certain practical significance. With the improvement of feasibility and necessity, the mainland central bank is expected to further enrich the monetary policy toolbox by carrying out treasury bond trading in the secondary market, better coordinate with the implementation of fiscal policy, and promote the effective transmission of macro policy.

• The China Securities Regulatory Commission supports the inclusion of REITs in the Stock Connect, and the liquidity and scale of public REITs products are expected to increase

A few days ago, the China Securities Regulatory Commission (CSRC) issued five measures for capital market cooperation in Hong Kong, explicitly including real estate investment trusts (REITs) in the Stock Connect. In the eyes of industry insiders, the inclusion of REITs in the Stock Connect is an important measure to implement the new "National Nine Articles". On the one hand, the inclusion of REITs in the Stock Connect is expected to further enrich the trading varieties of the Stock Connect and introduce capital into the market, and on the other hand, the entry of foreign investors into the market will further improve the public REITs market and promote the expansion and strengthening of the scale of public REITs.

• IPO cancellations: companies frequently appear "M&A seats", how will the A-share M&A and restructuring market perform

In the context of the raising of the threshold for A-share IPOs and the encouragement of mergers and acquisitions, some companies that are sprinting for A-share IPOs have turned to seek mergers and acquisitions by listed companies to achieve curve listing. At the same time, the primary market has recently increased the expectation of M&A exit, and the supply of sellers in the M&A market may increase. The M&A and IPO markets have always been one and the other, and will the "seesaw effect" between the two be staged again in the A-share market? A number of M&A analysts interviewed by this reporter believe that the M&A market will recover to a certain extent in the short term, but it has not yet entered a fully active period. From the perspective of the general trend of capital market transformation, improving the quality of existing listed companies through mergers and acquisitions can help listed companies become bigger and stronger.

Securities Times

• Market ecological changes under strict IPO supervision Technology companies are more favored

Some brokerage investment bankers said that some of the rules in the current capital market "1+N" policy system are still in the process of soliciting opinions, and the relevant practical rules need to be further clarified, but it is certain that the regulator will continue to strengthen the support for high-quality technology enterprises, and will enjoy the green channel mechanism for listing, refinancing, mergers and acquisitions, etc., which will guide intermediaries to shift their business focus to supporting the development of high-tech enterprises, and tap enterprises with key core technologies, large market potential, and outstanding scientific and technological innovation attributes.

• National Development and Reform Commission: The demand for special bonds this year is about 5.9 trillion yuan

According to the National Development and Reform Commission on April 23, recently, the National Development and Reform Commission and the Ministry of Finance completed the screening of local government special bond projects in 2024, and a total of about 38,000 special bond projects were screened and approved, and the demand for special bonds in 2024 was about 5.9 trillion yuan, laying a solid project foundation for the issuance and use of special bonds this year. Among them, the National Development and Reform Commission will review and check the investment fields and preliminary work of the project, and the Ministry of Finance will review and check the balance of project financing income. The National Development and Reform Commission said that it will focus on supervising and guiding all localities to strictly grasp the quality requirements of the project, effectively accelerate the progress of project construction and the use of funds, promote the formation of physical workload as soon as possible, and actively expand effective investment.

• A shareholder of Zhongshan Securities transferred nearly half of his shares, and the receiver came from Dongguan "Ten Billion Village"

Recently, the announcement of Jinlong shares revealed that Zhongshan Securities is about to have equity changes. It is reported that the second largest shareholder, Western Mining Group, plans to transfer part of its equity in Zhongshan Securities to Dongguan Yanyu Industrial Investment Co., Ltd. at a price of nearly 300 million yuan. This is not the first time that Western Mining Group plans to transfer its stake. The reporter noted that the transfer price of the Western Mining Group was basically the same as the listed transfer price 8 years ago, which means that the shares did not increase in value at this stage. The receiver is a village-run enterprise where the actual controller of Jinlong shares made his birth, and is wholly owned by the collective economic entity "Yantian Economic Association" in Yantian Village, Fenggang Town, Dongguan. Yantian Village has a lot of origins, and in the past year, it has become the first "10 billion village" in Dongguan.

Securities Daily

• The exchange frequently issues annual report inquiry letters to keep a close eye on the financial data of listed companies

With the successive disclosure of annual reports of listed companies, regulators frequently issue annual report inquiry letters. According to the data, since March, a total of 35 A-share listed companies have received annual report inquiry letters issued by the exchange. From the perspective of the content of the inquiry, it mainly focuses on the company's operating conditions, balance sheet, restructuring income, asset impairment, related party transactions, commercial disputes, etc. Compared with previous years, in this year's annual report inquiry letter, the regulator has conducted a more rigorous review of financial data and increased attention to whether ST companies are eligible to remove the hat.

• The first quarterly report of public funds disclosed that a number of active equity funds were net subscribed

With the completion of the disclosure of the first quarter report of public funds in 2024, the fund share and fund size of active equity funds (including ordinary equity funds, flexible allocation funds, partial stock hybrid funds and balanced hybrid funds) in the first quarter have "surfaced". According to the statistics of Tianxiang Investment Advisors, in terms of overall scale, the total management scale of active equity funds in the whole market in the first quarter of 2024 will reach 3.63 trillion yuan, a slight decrease from the end of 2023. Among them, the partial stock hybrid fund occupies a dominant position in the number of funds and the scale of management, with the number of funds being 2,424, and the scale of management falling back to 2.14 trillion yuan.

• Regulators have dealt a heavy blow to illegal reductions and guided the shaping of a good investment ecology in the A-share market

Since the beginning of this year, the regulatory authorities have strengthened their supervision over illegal shareholding reductions, and there have been increasing cases of shareholders of listed companies being ordered to repurchase or administrative penalties for illegal shareholding reductions. At the same time, under strict supervision, the scale of shareholding reduction by important shareholders of A-share listed companies decreased significantly during the year, which was lower than the scale of shareholding increase in the same period. Market participants believe that the efficiency of the investigation and punishment of illegal holdings by the regulatory authorities has been significantly improved recently, and the deterrent effect has been greatly improved. In addition, requiring shareholders who have illegally reduced their holdings to repurchase shares and pay the price difference not only increases the cost of violating the law, but also helps to reduce stock price fluctuations, better safeguard the rights and interests of other shareholders and the interests of listed companies, and boost market confidence.

Editor: Wang Yuanyuan

Statement: Xinhua Finance is a national financial information platform undertaken by Xinhua News Agency. In any case, the information published on this platform does not constitute investment advice.