Summary of the highlights of the four major securities reports: May 14

Xinhua Finance and Economics, Beijing, May 14 -- The highlights of the four major securities reports are summarized as follows:

China Securities Journal

• Guarantee the source of funds for major projects The issuance of ultra-long-term special treasury bonds was launched this week

On May 13, the website of the Ministry of Finance announced the relevant arrangements for the issuance of general treasury bonds and ultra-long-term special treasury bonds in 2024. Among them, ultra-long-term special treasury bonds are divided into 20-year, 30-year and 50-year varieties, all of which pay interest on a semi-annual basis. On May 17, the Ministry of Finance will issue the first ultra-long-term special treasury bond in 2024 by public bidding, with a total face value of 40 billion yuan, and the coupon rate will be determined through competitive bidding. Experts believe that the relatively long maturity of this round of ultra-long-term special treasury bonds is conducive to enhancing the guarantee capacity for long-term projects, and at the same time, the pace of issuance is relatively slow, which can avoid the staged pressure on the capital side caused by centralized issuance. From the perspective of policy effects, ultra-long-term special treasury bonds can not only stimulate investment and consumption, but also build a solid foundation for long-term high-quality development.

• Steadily expand the opening up of the bond market The package of optimization measures for "Swap Connect" has been released

On the occasion of the first anniversary of the launch of Swap Connect, on 13 May, the People's Bank of China, the Securities and Futures Commission of Hong Kong and the Hong Kong Monetary Authority jointly announced their support for further enhancement of the Swap Connect mechanism, guiding financial market infrastructure institutions in the two places to launch standardized interest rate swap products in line with international standards, improving supporting functions for duration management, and implementing other system enhancements and fee incentives. Industry experts believe that with the further optimization of the "Swap Connect", more foreign investors such as sovereign investment institutions, insurance companies, and funds will be further stimulated to participate in China's bond market.

• Deposit rates continue to fall, and high-dividend sectors become "sweet and sweet"

Industry insiders said that since the beginning of this year, the trend of the high-dividend sector shows that the dividend strategy has been more widely recognized in the market, and many institutions have expressed that they continue to be optimistic about the target of high dividends and recommend it as a bottom asset for allocation. The downward trend of deposit interest rates will not change, and A-share cash dividends will start a new round of improvement and improvement cycle, and the investment logic may pay more attention to dividend yield performance.

Shanghai Securities News

• Financial data "squeeze water" to make the bottom of the window for RRR and interest rate cuts may be opening

Whether it is the decline in M2 growth or the negative growth of social finance and M1 for the first time, a series of key financial data changes in April have attracted market discussions. Financial data is "squeezing water" and "reducing fat" - most of the industry gives vivid descriptions, which also reflects the more objective and rational view of data by various participants in the current financial market. The growth rate of the main indicators has declined, which is the result of "taking the initiative". Industry analysts believe that this is due to the optimization and adjustment of the value-added accounting of the financial industry, and the simultaneous "squeezing of water" of deposits and loans, resulting in a decline in the growth rate of money and credit; On the other hand, under the guidance of "preventing idling arbitrage of funds", the blind expansion of the balance sheet of some enterprises and banks has been inhibited, which has had a contractionary impact on the total financial volume.

• The real-time disclosure of northbound capital transaction information was officially cancelled, and the institution said that it would help the smooth operation of the market

May 13 was the first trading day for the cancellation of real-time disclosure of northbound fund transaction information. After-hours data showed that northbound funds sold a net of 4.591 billion yuan on the same day. In terms of individual stocks, COSCO Shipping Holdings, Midea Group, and Yangtze River Power were net sold 369 million yuan, 287 million yuan, and 247 million yuan respectively; NAURA received the largest net purchase amount, at 286 million yuan. According to Meng Lei, a strategic analyst at UBS Securities, the adjustment of the northbound trading information disclosure mechanism ensures that different types of investors have higher fairness when participating in the A-share market. This also gives overseas investors more flexibility in their trading strategies.

• More than 130 listed companies received annual report inquiry letters Three characteristics reflect the new trend of supervision

According to incomplete statistics, as of May 12, the Shanghai and Shenzhen North Stock Exchanges have issued annual report inquiry letters to more than 130 listed companies. Di Congzhi, an associate professor at the School of Accounting of Hebei University of Economics and Business, said in an interview with reporters that with the implementation of the new "National Nine Articles", cracking down on counterfeiting and other violations of laws and regulations has become the focus of supervision. Therefore, this year's annual report inquiry letter pays more attention to financial issues, and continues to follow up and ask whether there is a risk of fraud from multiple perspectives such as business model, industry, suppliers, and customers. At the same time, the reporter combed and found that the annual report inquiry letter also reflects some new features and trends: the content of the inquiry is more specific and detailed, multi-dimensional questions about financial authenticity, more attention to the inquiry of intermediaries, and more attention to overseas business and research and development

Securities Times

• More effective protection of investors and promotion of high-quality development of the capital market

To protect investors more effectively, so that investors' rights and interests are protected and investment returns, it depends on three fundamental factors: the most basic is that listed companies can provide investors with moderate investment returns with their own good financial results; The most important thing is that the macroeconomic operation provides fundamental confidence support for the long-term stable rise of the stock market; The most direct is the maintenance of the "three publics" principle of the market and the regulation of the behavior of market participants.

• What does it mean for the performance of top mutual funds to return

Recently, the performance ranking of public fund products has changed abruptly, and the products of the top public funds have become the leaders of the top 10 in performance. The collective position of the head public fund not only means the return of the core institutional performance covering a wider range of fund holder groups, but also means that it bears greater social responsibility in the residents' financial management and stock market, and also has positive significance for the current A-share market, that is, the return of China's asset pricing will inevitably be accompanied by the collective rise of fund heavy stocks, and these heavy stocks mainly come from the value investment advocated by the head public funds. The performance of leading public funds has entered the forefront of the whole market in batches, which further proves that the A-share market has bottomed out.

• The Northbound Fund Disclosure Mechanism was officially adjusted, and the update settings of the brokerage APP were responded to in a timely manner

Yesterday was the first day of real-time disclosure of the cancellation of transaction information of northbound funds, and the brokerage APP was also adjusting and adapting. Some brokerages have made it clear that they will cancel the relevant modules of northbound funds on the new version of the APP, and data such as northbound net buying and Shanghai and Shenzhen Stock Connect will be canceled. At present, some brokerages have preliminarily completed the APP transformation, showing the information such as the sufficient balance of funds on the day; However, more brokerages have not improved the APP for the time being, and the northbound fund purchase amount is displayed as 0. Specifically, sectors such as "Northbound Net Buying" and "Shanghai and Shenzhen Stock Connect" will have no data on the old version of the APP, and will be cancelled on the new version of the APP; In the individual stock market, the "foreign shareholding" section under "capital" will also be canceled.

Securities Daily

• 226 companies plan to advance to the innovation layer of the New Third Board, and the "reserve army" of the Beijing Stock Exchange will be expanded

Recently, according to the 2023 annual report disclosed by the basic layer listed companies before April 30, the National Equities Exchange and Quotations Company has carried out the implementation of the third batch of innovation layer in 2024 as planned, and after the self-inspection of the listed company, the verification of the sponsoring brokerage, and the preliminary screening of the national stock transfer company, the third batch of listed companies to be transferred to the innovation layer (hereinafter referred to as the "third batch of companies to be transferred") was determined and released on May 13, 2024, and a total of 226 companies are planned to be transferred to the innovation layer.

• The net value of science and technology fund products has increased significantly, and fund managers maintain positive expectations

With the continuous recovery of the equity market, some fund products have achieved net unit value growth, including many equity products. At the same time, many fund managers have positive expectations for the market outlook. They believe that the market valuation is low, and the market style is expected to switch to the technology growth style, and the technology direction fund will emerge.

• Intensified competition for AI computing power Heat dissipation technology has become a trend to innovate to liquid cooling

Recently, OpenAI announced that it will live demonstrate some big updates about ChatGPT at 10:00 Pacific Time on May 13 (early morning of the 14th Beijing time). The dark side of the moon also recently announced an update to its intelligent assistant Kimi and launched a professional AI assistant Kimi+. The AI industry continues to iterate and update, putting forward higher requirements for computing power equipment and data centers that carry computing power, and in this context, the demand for liquid cooling has increased significantly, and the liquid cooling industry has also attracted more and more attention. Analysts believe that the global thermal management market has grown significantly, the innovation of heat dissipation technology to liquid cooling has become a trend, and the growth of computing power demand has prompted AI chip manufacturers to deploy liquid cooling solutions, and liquid cooling technology is expected to further penetrate into many fields such as intelligent computing centers and data centers in the future, and the scale of the liquid cooling industry will continue to expand.

Editor: Wang Yuanyuan

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