On Friday, July 26, the main contents of today's newspaper headlines are as follows:
China Securities Journal
The second quarterly report of the wealth management company was released, and the income of such products was stable
Recently, wealth management companies such as Minsheng Wealth Management, Ping An Wealth Management, CMB Wealth Management, and Everbright Wealth Management have disclosed the second quarter reports of their wealth management products. The reporter found that the overall performance of fixed-income wealth management products was stable, while the weighted wealth management products showed a significant differentiation trend.
Dong Yuhui resigned! Walking with Hui began to operate independently
On July 25, Dongfang Selection announced that Dong Yuhui had decided to no longer serve as an employee of the company and the senior management of one of the company's consolidated affiliated entities. Dong Yuhui agreed to acquire 100% of the shares of Hehui Peer (Beijing) Technology Co., Ltd. at a consideration of 76.5855 million yuan. On the same day, Dongfang Selection also announced that it planned to repurchase no more than 500 million yuan.
In the first half of the year, the statistical results of the bond underwriting business of securities companies were released, and the main underwriting of scientific and technological innovation bonds exceeded 240 billion yuan
On July 25, the Securities Association of China released special statistics on the underwriting business of securities corporate bonds (including corporate bonds) in the first half of 2024, including the underwriting of green bonds (including asset securitization products), low-carbon transition bonds, science and technology innovation bonds, rural revitalization bonds (including asset securitization products), "Belt and Road" bonds, private enterprise bonds (including asset securitization products) and local government bonds by securities companies on the Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange. In the first half of 2024, securities firms underwrote the highest amount of science and technology innovation bonds, at 243.731 billion yuan (122.420 billion yuan in the same period last year), followed by private enterprise bonds, with an underwriting amount of 183.703 billion yuan, and the amount of local government bonds that won the bid also exceeded 100 billion yuan, at 149.047 billion yuan.
Plus Saudi! Baosteel plans to jointly invest in and operate the Saudi Arabian thick plate project with Saudi Aramco and others
On the evening of the 25th, Baosteel Co., Ltd. issued an announcement that the company jointly invested in the establishment of Saudi Thick Plate Company with Saudi Arabia National Oil Company and Saudi Public Investment Fund, and the investment plan changed. The current plan is: Baosteel shares to invest 1 billion US dollars (equivalent to about 7.23 billion yuan, or 3.75 billion Saudi riyals) or other equivalent currencies, with an equity ratio of 50%; Saudi Aramco and PIF each invested US$500 million (approximately 3.615 billion yuan, or 1.875 billion Saudi riyals) or equivalent in other currencies, with a 25% stake each.
Shanghai Securities News
300 billion yuan of funds were issued at the end of August, and equipment renewal and trade-in of consumer goods were strongly supported
The National Development and Reform Commission and the Ministry of Finance recently publicly released the "Several Measures on Supporting Large-scale Equipment Renewal and Trade-in of Consumer Goods". The "Several Measures" proposes that about 300 billion yuan of ultra-long-term special treasury bond funds will be arranged as a whole to support large-scale equipment renewal and consumer goods trade-in.
165 key tasks The integrated development path of the Yangtze River Delta in the next three years is clear
Recently, the Yangtze River Delta Regional Cooperation Office issued the "Three-Year Action Plan for the Integrated Development of the Yangtze River Delta Region (2024-2026)", proposing nine aspects and 165 key tasks. This is the third round of the three-year action plan for the Yangtze River Delta region, which clarifies the roadmap and task book for the focus of work in the next three years, marking the in-depth promotion of the integrated development of the Yangtze River Delta.
The central bank rarely added MLF operations to stabilize month-end liquidity
The market is operating beyond expectations! On July 25, the People's Bank of China added a medium-term lending facility (MLF) operation at the end of the month, which was the second MLF operation carried out in the month, with an operation volume of 200 billion yuan, using the interest rate bidding method, and the winning interest rate was 2.3%, down 20 basis points from the previous time.
Improve the mechanism of strong supervision and strict supervision to promote the high-quality development of listed companies
The "Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese-style Modernization" has made a series of arrangements for improving the quality of listed companies, clearly proposing to "strengthen the supervision and delisting system of listed companies, establish a long-term mechanism to enhance the internal stability of the capital market, improve the behavior of major shareholders and actual controllers, improve the dividend incentive and restraint mechanism of listed companies" and "improve the investor protection mechanism".
Securities Times
The central bank issued MLF for the second time in the month, and the winning interest rate fell by 20 basis points
A person close to the central bank told the Securities Times reporter that on the basis of the usual MLF operation on the 15th of each month, the central bank added another MLF operation on July 25, and the temporary positive and reverse repurchase operations have been announced in the early stage as appropriate, indicating that the central bank maintains reasonable and abundant liquidity and consolidates the resolute attitude of economic recovery. From the actual effect, the MLF interest rate has fallen moderately, which has better bridged the difference with the market interest rate such as interbank certificates of deposit. The MLF operation is scheduled after the LPR quotation, which also reflects the central bank's intention to dilute the color of the MLF policy rate.
The formulation of the financial law is on the agenda, and the system is complete to ensure full coverage of supervision
The Third Plenary Session of the 20th Central Committee of the Communist Party of China deliberated and adopted the Decision of the Central Committee of the Communist Party of China on Further Deepening Reform and Promoting Chinese-style Modernization (hereinafter referred to as the "Decision"), and the list of tasks for deepening the reform of the financial system has been clear, among which the formulation of a financial law has been mentioned for the first time. Judging from the current legal system, there is no law directly named after the financial law on the mainland, and the adjustment of various types of financial relations is scattered in the laws of various specific departments. In the future, the Financial Law will serve as a basic law in the financial field, fill the gaps between existing laws, promote the formation of a relatively complete financial legal system, and ensure that all financial activities are subject to supervision in accordance with the law.
Two departments: coordinate the arrangement of 300 billion yuan of national debt funds to support the "two new"
On July 25, the National Development and Reform Commission and the Ministry of Finance jointly issued the "Several Measures on Supporting Large-scale Equipment Renewal and Consumer Goods Trade-in" (hereinafter referred to as the "Measures"), making it clear that on the basis of the current "two new" work pattern and policy system, the National Development and Reform Commission will take the lead in arranging about 300 billion yuan of ultra-long-term special treasury bond funds to support large-scale equipment renewal and consumer goods trade-in. In terms of specific support methods, the "Measures" put forward to greatly increase the subsidy standard, reasonably expand the scope of financial support, and optimize the proportion of central and local contributions.
27 provinces economic semi-annual report released: 16 provinces higher than the "national line"
In terms of economic aggregate, Guangdong and Jiangsu have entered the "6 trillion yuan club", and Shandong and Zhejiang have exceeded 4 trillion yuan; In terms of growth rate, 16 provinces are higher than the "national line", and Inner Mongolia's growth rate reached 6.2%, temporarily ranking first.
Securities Daily
What signals does the central bank release by "adding" the MLF and lowering the operating interest rate to 2.3%?
On July 25, the People's Bank of China launched a 7-day reverse repurchase operation of 235.1 billion yuan. To the surprise of the market, in addition to the reverse repo operation, the central bank also launched the second medium-term lending facility (MLF) operation this month. According to the announcement, the central bank carried out 200 billion yuan of MLF operation in the form of interest rate bidding, and the winning interest rate was 2.3%, down 20 basis points from the previous 2.5%. For the temporary increase in MLF operation, the industry generally believes that it is to stabilize month-end liquidity, and the reduction of the winning interest rate echoes the reduction of the 7-day reverse repo rate on July 22, which belongs to the linkage adjustment of the policy interest rate system.
Six major state-owned banks collectively lowered their interest rates on RMB deposits
On July 25, six major state-owned banks, namely Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank, collectively lowered the listed interest rates of RMB deposits. The interest rates of demand deposits, time deposits, agreement deposits, call deposits and other deposit products of the six major state-owned banks have been lowered to varying degrees, ranging from 5 basis points to 20 basis points.
Many places have stepped up efforts to promote the implementation of low-altitude economy-related projects
The reporter combed and found that since July, on the online approval and supervision platform for investment projects in Jiangxi, Guangdong, Hubei and other places, a number of projects related to the low-altitude economy are applying for filing or have been filed and passed the review.
Dong Yuhui resigned from Dongfang Selection and bought "Walking with Hui" for 76.5855 million yuan
On the evening of July 25, Oriental Selection announced that Dong Yuhui had decided to no longer serve as an employee of the company and the senior management of a merged affiliated entity of the company after friendly discussions between the group and him, and the departure was due to Dong Yuhui's career ambitions, investment in other careers and personal schedule, and would take effect on July 25, 2024.
People's Daily
Coordinate and arrange about 300 billion yuan of ultra-long-term special treasury bond funds to support large-scale equipment renewal and consumer goods trade-in
The "Several Measures on Supporting Large-scale Equipment Renewal and Trade-in of Consumer Goods" (hereinafter referred to as the "Measures") was released on July 25. The "Measures" proposes to make overall arrangements for about 300 billion yuan of ultra-long-term special treasury bond funds to support large-scale equipment renewal and consumer goods trade-in.
We should give better play to the role of finance as the foundation and important pillar of national governance
The Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) stood at a new historical starting point, deeply analyzed the new situations and new problems facing the promotion of Chinese-style modernization, clarified the overall goal of further deepening reform in an all-round way, deliberated and adopted the "Decision of the CPC Central Committee on Further Comprehensively Deepening Reform and Promoting Chinese-style Modernization", and put forward a series of strategic, forward-looking and pioneering major measures to keep up with the pace of the times, conform to development practice, concentrate the wisdom of the whole party, and reflect the will of the people. Studying and implementing well the spirit of the Third Plenary Session of the 20 th CPC Central Committee is a major political task for the whole party and the whole country at present and for some time to come. In order to thoroughly study and comprehend the spirit of the Third Plenary Session of the 20 th CPC Central Committee, this reporter interviewed Lan Foan, secretary of the leading party group and minister of the Ministry of Finance.
Economic Daily
Improve the system and mechanism of urban-rural integrated development - study and implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China
The Third Plenary Session of the 20th Central Committee of the Communist Party of China pointed out that the integrated development of urban and rural areas is an inevitable requirement for Chinese-style modernization. It is necessary to coordinate the comprehensive revitalization of new industrialization, new urbanization and rural areas, comprehensively improve the level of integration of urban and rural planning, construction and governance, promote the equal exchange and two-way flow of urban and rural elements, narrow the gap between urban and rural areas, and promote the common prosperity and development of urban and rural areas. From the Third Plenary Session of the 18th Central Committee of the Communist Party of China (CPC) to the Third Plenary Session of the 20th CPC Central Committee to "improve the system and mechanism of urban-rural integrated development", the integrated development of urban and rural areas in mainland China has ushered in new opportunities in further deepening reform.
Ninety-nine central departments have concentrated on "publishing their account books" -- strengthening the evaluation of budget performance
On July 25, 99 central departments made their 2023 annual accounts public to the public, which is the 14th consecutive year that they have been made public to the public. Where the financial funds will be spent in 2023 and what results will be achieved, a series of questions of social concern can be answered in the "account books" of various departments.
21st Century Business Herald
A local financial regulator halted the "closing price valuation" of wealth management
A person familiar with the matter told reporters that the notice was issued to the trust institutions under its jurisdiction, and the wealth management subsidiary has not yet received the notice. The regulator pointed out that some trust companies choose the closing price method and cost method to value the invested bonds when there is a third-party valuation, which has great risks and hidden dangers: first, the risk of the bond is hidden, resulting in the blunt of the bond valuation to market fluctuations, and the risk is not disclosed to investors in a timely manner; Second, there is room for valuation manipulation, and under the "closing price valuation" method, trust companies can influence the valuation of bonds held by holding bonds through first-level voting; The third is to form a regulatory arbitrage space, and some wealth management companies may use the trust to adopt the cost method or the "closing price valuation" method to smooth the net value of wealth management products and avoid the regulatory requirements of net-worth management.
Dong Yuhui's Declaration of Independence A new starting point for Oriental selection
On July 25, Oriental Selection announced on the Hong Kong Stock Exchange that Dong Yuhui has decided to no longer serve as an employee of the company and the senior management of one of the company's consolidated affiliated entities, and the departure is due to Dong Yuhui's career ambitions, investment in other businesses and personal schedule, effective July 25, 2024. In addition, Dong Yuhui (the buyer), Beijing New Oriental Xuncheng Network Technology Co., Ltd. (the seller) and Hui Tong (Beijing) Technology Co., Ltd. (the target company) entered into a sale agreement, pursuant to which the seller agreed to sell and the buyer agreed to acquire 100% of the equity interest in the target company at a consideration of RMB76,585,500.
CBN
300 billion yuan of funds to support the "two new" and optimize the proportion of central and local contributions
Zhao Chenxin, deputy director of the National Development and Reform Commission, said at the press conference on the same day that the "Several Measures" will greatly expand the scope of support, optimize the organizational mode, and improve the subsidy standard on the basis of the current "two new" work pattern and policy system. The purpose is to further promote the "two new" work to achieve greater results, and provide stronger support for accelerating green and low-carbon transformation and promoting high-quality economic development.
The central bank rarely opened an MLF at the end of the month, and the interest rate cut of 20BP is not a policy signal
People close to the central bank said that previously, the LPR was a quotation formed by adding or subtracting points on the basis of the MLF interest rate, but when the MLF interest rate was not adjusted on July 15, the LPR fell on July 22, and then on July 25, the MLF was lowered when the LPR had fallen, indicating that the reference role of the MLF interest rate on the LPR is gradually weakening. During the transition period of MLF operation point adjustment, financial institutions need to pay more attention to the liquidity situation in the middle of the month.
Economic Information Daily
MLF and deposit rates are down, and financial support entities are reinforced
In order to maintain reasonable and sufficient liquidity in the banking system at the end of the month, on July 25, the People's Bank of China launched a reverse repurchase operation of 235.1 billion yuan in the form of fixed interest rate and quantity bidding. In addition, a 200 billion yuan medium-term lending facility (MLF) operation was carried out in the form of interest rate bidding. Among them, the open market 7-day reverse repo operation rate is 1.7%, which has been cut by 10 basis points on July 22; The MLF winning bid rate was 2.3%, a 20 basis point reduction from the winning interest rate for MLF operations on July 15.
Further comprehensive and in-depth reform to open up a new situation, focus on three major aspects, deepen the reform of the fiscal and taxation system, and clarify a number of tasks
Finance is the foundation and important pillar of national governance. In the eyes of people in the industry, since the reform and opening up, the reform of the fiscal and taxation system has always been at the forefront of every economic system reform. A number of experts interviewed by the reporter of the "Economic Information Daily" said that the "Decision" made relevant arrangements in a large space, which pointed out an important direction for solving major problems in the field of finance and taxation, improving the macro governance system, and promoting the modernization of the national governance system.
(Source: Oriental Wealth Research Center)
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