Summary of the highlights of the four major securities reports: April 26

Xinhua Finance and Economics, Beijing, April 26 -- The highlights of the four major securities reports are summarized as follows:

China Securities Journal

• Policies continue to be effective, and A-share dividends show three major trends

Listed companies intensively announced dividend plans and large dividends appeared frequently, the "iron rooster" changed its rhetoric to dividends, and companies with high dividends and high dividend yields were favored...... This is a new trend and phenomenon in the A-share market since the new "National Nine Articles" proposed to "strengthen the supervision of cash dividends of listed companies". The reporter noted that in this annual report disclosure season, the cash dividend plan has almost become the "standard" of the annual report of listed companies. Among the listed companies that have disclosed their annual reports, nearly eighty percent of them plan to implement cash dividends. Market participants believe that with the gradual implementation of a series of new regulations in the capital market, the willingness of listed companies to pay dividends is expected to continue to increase, and the overall dividend ratio of A-share listed companies is expected to further increase.

• "Full position" and "clearance" fast switching Flexible allocation funds are too flexible

A number of flexible allocation public funds have changed fund managers, and because such products have basically no restrictions on the allocation ratio of various assets, some products have greatly switched between equity and fixed income positions in their portfolios, and even the extreme performance of stocks "from clearance to full position" and "from full position to clearance". Industry insiders suggest that for institutional or mature investors, when investing in flexible allocation funds, they will generally choose products with clear target positioning, stable investment returns and styles, and longer management time and larger scale by fund managers. For small and medium-sized investors, switching investment styles may bring more uncertainty, so when choosing such funds, investors should fully understand the problems such as investment style drift that may be brought about by their relatively flexible investment strategies.

• Zhongguancun Forum's "science content" is ultra-high, and new technologies shine

On April 25, the 2024 Zhongguancun Forum Annual Conference with the theme of "Innovation: Building a Better World" opened in Beijing. This year's annual meeting of the forum will highlight cutting-edge exploration, achievement sharing, and open cooperation, focusing on artificial intelligence, life sciences, space science, new materials, clean energy and other cutting-edge fields of science and technology, and build a trading and sharing platform for more than 3,000 scientific and technological achievements from more than 40 countries and regions, linking global wisdom, building an exchange platform, and injecting new vitality into global scientific and technological cooperation.

Shanghai Securities News

• Strictly control the entry gate of IPOs and work together to improve the quality of the capital market

IPO is the entrance and source of the capital market, and the quality of the "water source" is related to the quality of the entire capital market ecology. The core of the new "National Nine Articles" is to strictly control IPO access, expand the coverage of IPO on-site inspections by improving listing standards, and support the IPO of enterprises in line with the national industrial policy guidance, so as to improve the quality of the overall listed company in multiple dimensions.

• The "hidden" power behind 6% The vitality of small and micro enterprises is blooming

In the first quarter, the total industrial added value increased by 6% year-on-year, showing that the industrial economy is picking up. The recovery and upward development of small, medium and micro enterprises have become the support for the performance of the overall industrial economic data to exceed expectations. In the first quarter, the industrial added value of small and medium-sized enterprises above designated size increased by 7.4 percent year-on-year, faster than the growth rate of overall industrial production, and according to the agency's estimates, the growth rate of industrial added value below designated size was 5.2 percent, reversing the negative growth trend in the fourth quarter of last year, with a rebound of 6.6 percentage points. This indicates that the production of micro, small and medium-sized enterprises has rebounded more vigorously and promoted the continuous improvement of the industrial economy.

• Special bonds have completed nearly 20% of the annual quota, and the third quarter may usher in a peak of issuance

The reporter combed through the special bond information network and found that as of April 23, a total of about 654.4 billion yuan of new local special bonds had been issued, accounting for only 17% of the annual new special bond quota (bond issuance progress), far lower than the level of the same period last year. Wang Jianfan, director of the Budget Department of the Ministry of Finance, said that on the one hand, in order to cope with the impact of special factors such as the impact of the epidemic, the scale of issuance at the beginning of the year was increased, and on the other hand, it was also related to the demand for local project construction funds, construction conditions in winter and spring, bond market interest rates and other factors. Wu Qiying, a senior macro analyst at GF Securities, said that looking ahead, from the second quarter, the physical workload of infrastructure is expected to gradually form. The third to fourth quarters are expected to see the acceleration of the issuance of new special bonds and the landing of special treasury bonds, which should form a certain super-seasonal drive for infrastructure investment.

Securities Times

• Report of the State Council: Concentrate on building a "national team" in the financial industry and promote the leading securities companies to become stronger and better

According to the Chinese National People's Congress website, at the ninth meeting of the Standing Committee of the 14 th National People's Congress a few days ago, entrusted by the State Council, Vice Minister of Finance Liao Min made a report on the study and handling of the opinions on the deliberation of the special report on the management of state-owned assets of financial enterprises and the situation of rectification and accountability. The report pointed out that in view of the problems of "one branch dominating" of banking institutions and the weakening of policy-based financial functions in recent years, the Ministry of Finance and financial management departments have promoted further optimization of the layout of state-owned financial capital, rationally adjusted the proportion of state-owned financial capital in various financial industries, deepened the reform of policy-based financial institutions, increased the supply of policy-based finance, and promoted the differentiated development of state-owned financial enterprises. We should study in depth the proportion of state-owned financial capital in banking, insurance, securities, and other industries in a timely and rational manner through such means as replenishing capital and increasing profits, and in accordance with the principle of "advancing and retreating, and rational flow." We will continue to strengthen the positioning of policy-based financial functions and increase supply. It is clear that policy-based finance should focus on serving the national strategy, and mainly do business that commercial finance cannot do and cannot do well.

• The new "National Nine Articles" strengthen the responsibilities of intermediaries, and securities firms actively adjust their responses

The new "National Nine Articles" proposes to strictly control the entry of issuance and listing, further consolidate the first responsibility of issuers and the "gatekeeper" responsibility of intermediaries, and establish a "blacklist" system for intermediaries. Adhere to the principle of "declaration is responsibility", and strictly investigate illegal issues such as fraudulent issuance. In an interview with reporters, the heads of a number of brokerage investment banks said that the new "National Nine Articles" will drive the investment banking business of securities companies to accelerate the pace of innovation, optimize the business structure, improve the professional level, and be more competitive in investment, mergers and acquisitions, restructuring and other businesses. Investment banks will also actively respond to policy requirements, effectively play the role of "gatekeepers" of the capital market, and make positive contributions to improving the quality of listed companies, protecting the rights and interests of investors, and promoting the high-quality development of the capital market.

• Actively embracing the new normal Investment banks still have a lot to do

The data shows that in the second half of 2023, IPOs began to tighten, and the number of IPOs fell to 313 that year. So far this year, the number of IPOs has been only 35. Since the tightening of IPOs, the development of brokerage investment banking business has been challenged to a certain extent, and the mentality of practitioners has also fluctuated. However, in fact, this is a normal phenomenon, which is inevitable in the process of transformation of investment banking business from high-speed development to high-quality development, and all parties in the market should gradually adapt to and embrace this new normal. Clearly, the rapid growth of IPOs over the past few years has not been the norm. Looking ahead, the annual IPO scale is likely to return to the historical average level. For investment banks, they have just experienced a large expansion of production capacity, and a large number of resources have been allocated to various resources, and now they are experiencing the return of the industry, and short-term pain is unavoidable. However, it should also be noted that investment banks have passed the period of blindly pursuing scale expansion, and what they are chasing behind should be the quality, depth and specialization of services.

Securities Daily

• Ministry of Commerce: Promote the efficient docking of overseas institutions and domestic science and technology enterprises

On April 25, He Yadong, spokesman of the Ministry of Commerce, said at a regular press conference that for a long time, foreign institutional investors have actively entered the Chinese market, continued to carry out venture capital and equity investment in the field of science and technology, and achieved common development with domestic science and technology enterprises. At present, China is promoting high-quality development and high-level opening-up, and accelerating the development of new quality productive forces, Chinese and foreign enterprises are facing broad market opportunities, and generally hope for more policy support, a better business environment, and more convenient investment and financing. In this context, the Ministry of Commerce, in conjunction with relevant departments, has thoroughly implemented the requirements of the central government, focused on the demands of industry enterprises, and studied and issued the "Several Policies and Measures on Further Supporting Overseas Institutions to Invest in Domestic Science and Technology Enterprises".

• Survival of the fittest in the A-share market accelerated The number of companies delisted at par value increased significantly during the year

On April 24 and 25 for two consecutive days, *ST Civil Control and *ST Meisheng two companies successively touched the par value delisting index, and the company's closing price was lower than 1 yuan per share for 20 consecutive trading days, and the two companies will face delisting. Since the beginning of this year, the survival of the fittest in the A-share market has accelerated. According to the reporter's incomplete statistics, as of April 25, 14 companies have been delisted and locked in delisting during the year, of which 8 have been delisted, 1 has received a decision to terminate the listing, 2 have announced that they have touched the par value delisting index, and 3 have locked the par value in advance and delisted. From the perspective of touching the delisting index, 13 touched the par value delisting index, far exceeding the same period last year.

• More than ninety percent of bond funds achieved positive returns during the year, experts remind that investment still needs to be "tailor-made"

Since the beginning of this year, bond funds are still one of the investment targets that investors focus on, and their share and scale have increased. Bond funds have also brought better returns to investors, with more than ninety percent of products achieving positive returns during the year as of April 25. Investors are still more active in subscribing to bond funds. According to the latest monthly data of AMAC, as of the end of March, the share and scale of bond funds have increased compared with February, achieving "two consecutive increases". Since April, bond funds such as China Universal Investment-grade Credit Bond Index, Dacheng Jingshuo Interest Rate Bond, and Wells Fargo Ruixia Pure Bond have raised about 8 billion yuan.

Editor: Wang Yuanyuan

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