Hot spotlight
01
Hong Kong Stock Exchange: From May 13, the real-time trading data of northbound funds will no longer be published
On 11 May, the Hong Kong Stock Exchange (HKEx) issued a notice stating that the adjustments to item 1 (real-time turnover) and item 2 (daily quota balance) for northbound trading will be officially implemented on May 13, 2024 (Monday). In other words, starting this week, information such as the amount of real-time buy transactions, sell transactions and total transaction amounts of northbound funds will no longer be disclosed.
Tsinghua Financial Review observes
Northbound funds are known as the "smartest" funds by some people, and their real-time trading conditions can provide a trading reference for the market. Some domestic institutions and individual investors regard the trend of northbound funds as a "compass" for investment, but it should be noted that over-reliance on northbound funds has caused some institutions to lose their self-judgment to a certain extent, which is not conducive to the strengthening and expansion of domestic investment banks and investment companies. (Observer/Wang Mao)
grave
meeting
01
The Shanghai and Shenzhen stock exchanges will review corporate IPO and refinancing applications on May 16
After the "430" new rules, the Shanghai and Shenzhen stock exchanges will review corporate IPO and refinancing applications on May 16, three months after the last review. Specifically, the Shenzhen Stock Exchange will arrange for Marco Polo, an IPO company on the main board of the Shenzhen Stock Exchange, to attend a meeting on the 16th, and the Shanghai Stock Exchange will also arrange for the Baolong Technology convertible bond project to be reviewed.
Tsinghua Financial Review observes
The A-share atmosphere has just picked up and started the IPO, which to a certain extent means that the current round of bailouts is basically over, and of course, it is also a test after the implementation of policy support. The first Marco Polo main business was ceramic tiles, and the company's profit improvement depended on the recovery of the real estate market. It remains to be seen whether the market's affordability and confidence have recovered after the resumption of IPOs and the continuation of issuance after a lapse of three months. (Observer/Wang Mao)
grave
policy
01
China Securities Regulatory Commission Revised and Issued the Provisions on Strengthening the Supervision of Listed Securities Companies
On May 10, 2024, the China Securities Regulatory Commission (CSRC) issued the revised Provisions on Strengthening the Supervision of Listed Securities Companies, which will be implemented from the date of promulgation. The revision highlights goal-oriented and problem-oriented, and clearly requires listed securities companies to strive to return to their origins, become better and stronger, and effectively assume the role of "leader" and "vanguard" leading the high-quality development of the industry with a clearer people's position, more advanced development concepts, stricter compliance risk control, and more standardized and transparent information disclosure.
Tsinghua Financial Review observes
In the next step, the China Securities Regulatory Commission will adhere to the main line of strengthening supervision, preventing risks and promoting development, continue to strengthen the daily supervision of securities companies, strengthen law enforcement accountability, urge listed securities companies to implement a series of new requirements of the "Regulations", and radiate good experience and practices in practice to the whole industry, so as to promote the high-quality development of securities industry institutions. The promulgation and implementation of the "Provisions" will help supervise and guide the securities industry to fully practice the path of financial development with Chinese characteristics, fully implement the nine articles of the new country, and comprehensively improve the level of serving the real economy and investors. (Observer/Zhou Mingyi)
grave
affair
01
PBOC: Release of China's Monetary Policy Implementation Report for the First Quarter of 2024
On May 10, the People's Bank of China released the "Report on China's Monetary Policy Implementation for the First Quarter of 2024". As for the main ideas of monetary policy in the next stage, the report pointed out that the balance between interest rates and exchange rates will be grasped. Implement a market-oriented adjustment mechanism for deposit interest rates, prevent high-interest solicitation of deposits, maintain the order of market competition, and strive to stabilize the cost of bank liabilities. We should resolutely guard against the risk of exchange rate overshoot and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
Tsinghua Financial Review observes
The first is to maintain reasonable and abundant liquidity. The second is to promote the steady decline of financing costs. The third is to guide the adjustment and optimization of the credit structure. Fourth, the exchange rate should be basically stable. Fifth, strengthen risk prevention and resolution. According to the report, strategic opportunities, risks and challenges coexist in the current economic development of the mainland. The momentum of global economic recovery is divergent, uncertainties such as monetary policy adjustment and geopolitical conflicts in advanced economies still exist, and the domestic economy still faces many challenges in its sustained recovery. (Observer/Zhou Mingyi)
important
numeral
01
The current account surplus in the first quarter of 2024 was $39.2 billion, narrowing from the same period in 2023
On May 10, the preliminary balance of payments for the first quarter of 2024 released by the State Administration of Foreign Exchange showed that the current account surplus in the first quarter was US$39.2 billion, a significant decrease from the surplus of US$76.7 billion in the same period in 2023. During the same period, the non-reserve financial account (including net errors and omissions) had a surplus of US$4.3 billion, of which a deficit of US$27.9 billion under direct investment, marking the seventh consecutive quarter of deficit since the third quarter of 2022.
Tsinghua Financial Review observes
In the first quarter of 2024, China's current account surplus narrowed year-on-year, with the current account surplus falling to 0.9% of GDP in the same period, but still in a reasonable equilibrium range, and the preliminary non-reserve financial account recorded a surplus. In the quarter, the current account surplus was 0.9% of GDP for the same period, down from 1.5% in 2023. Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, said that the current ratio continues to be in a reasonable and balanced range, and the two-way cross-border capital flow remains reasonable and orderly. (Observer/Zhou Mingyi)
02
China's CPI rose 0.3% year-on-year in April, higher than the 0.1% increase in the previous month
According to data released by the National Bureau of Statistics on May 11, the national consumer price index (CPI) in April rose 0.3% year-on-year, an increase of 0.2 percentage points from the previous month, and rose 0.1% month-on-month, down 1% from the previous month. The national producer price index (PPI) fell by 2.5% year-on-year, 0.3 percentage points narrower than the previous month.
Tsinghua Financial Review observes
From the perspective of economic growth and stock market prospects, this is good news, because the previous performance of CPI shows that the price level in the mainland is on the verge of deflation, once it falls into a state of deflation, the economy will be difficult to improve, and now this trend has been reversed, and inflation has begun to rise, although the magnitude is not large, but it is also a positive signal. Looking at the situation in Japan, after the bursting of the real estate bubble, there were many years of deflation and economic downturn, which is called the lost 20 years. However, the mainland seems to have quickly overcome "deflation". (Observer/Wang Mao)
This article is edited by Wang Mao
Editor-in-charge丨Ding Kaiyan, Lan Yinfan
Preliminary trial丨Xu Lanying
Final Review丨Zhang Wei