Hot Spotlight //
1. The "report card" of China's economy in August was released, and the national economy maintained an overall stable and steady development trend. According to data released by the National Bureau of Statistics, in August, the added value of industrial enterprises above designated size increased by 4.5% year-on-year, the total retail sales of consumer goods increased by 2.1%, and the national service industry production index increased by 4.6%. From January to August, the country's investment in fixed assets increased by 3.4% year-on-year, of which real estate development investment fell by 10.2%. In August, the surveyed urban unemployment rate was 5.3 percent, up 0.1 percentage points from the previous month.
2. The housing price data of 70 cities of the National Bureau of Statistics was released. In August, among the 70 large and medium-sized cities, there were 67 cities with a month-on-month decline in new home prices, an increase of 1 from the previous month; There were 69 second-hand housing prices that fell month-on-month, an increase of 2 from the previous month. The month-on-month decline in new home prices in first-tier cities narrowed, and the month-on-month decline in second-hand housing prices continued to expand. The month-on-month increase in Shanghai's new home prices has ranked first in the country for six consecutive months, and the prices of second-hand houses have turned downward after leading the country for two consecutive months. Second-hand housing prices in Beijing also fell 1% from flat last month.
3. Dan Bin, chairman of Oriental Harbor, issued an article saying that many so-called famous scholars and experts have made many policy suggestions for A-shares, but in fact, they are getting farther and farther away from marketization, and some domestic experts are "non-experts". According to the data, the performance of Oriental Harbor's products soared in June this year, but Bin achieved a gain of 47.93% in the first half of this year, surpassing Hainan Shiva in one fell swoop, and won the semi-annual private placement championship of 10 billion yuan with obvious advantages.
Global Markets //
1. The Bank of United States report quoted EPFR Global data showing that since the beginning of this year, the scale of funds flowing into emerging market equity funds has reached 109 billion US dollars, of which 91.6 billion US dollars have flowed into Chinese equity funds, 20.3 billion US dollars have flowed into India equity funds, and 3.2 billion US dollars have flowed out from Brazil.
2. According to data released by the National Stock Exchange of India, foreign investors bought 23.648 billion India rupees on Friday, the fifth consecutive day of net buying, and domestic institutional investors bought 25.322 billion India rupees.
Macro//
1. The State Council has decided to carry out a national 1% population sample survey in 2025, with the entire population of the selected households in mainland China, with a total of about 5 million households and 14 million people sampled nationwide. The standard time point for the investigation is 0:00 on November 1, 2025.
2. The "Report of the State Council on the Implementation of the Budget Since the Year of this Year" proposes to expand local tax sources, study the merger of urban maintenance and construction tax, education surcharge, and local education surcharge into local surcharge, promote the backward transfer of consumption tax collection links and steadily demarcate local governments, and appropriately expand the authority of local tax administration and the management authority of sinking part of non-tax revenue. Optimize the tax structure and improve the individual income tax, value-added tax, resource tax, environmental protection tax and other systems.
3. The spokesperson of the Ministry of Commerce issued a statement on the final measures issued by the United States to raise some Section 301 tariffs against China, pointing out that China is strongly dissatisfied with this and firmly opposes it. The US should immediately correct its wrong approach and cancel all tariffs imposed on China. China will take necessary measures to resolutely defend the interests of Chinese enterprises.
4. According to data released by the Ministry of Commerce, from January to August, 36,968 foreign-invested enterprises were newly established in the country, a year-on-year increase of 11.5%; The actual use of foreign capital was 580.19 billion yuan, down 31.5% year-on-year. The actual use of foreign investment in the manufacturing of medical equipment and instrumentation, professional and technical services, and computer and office equipment increased by 77.8 percent, 43.4 percent and 33.9 percent respectively.
5. On September 14, the central bank launched a 7-day reverse repurchase operation of 138.7 billion yuan in the open market, with an operating interest rate of 1.70%, and no reverse repurchase expired on the same day, and the central bank opened the market this week with a cumulative net investment of 813 billion yuan. The central bank's open market will have 884.5 billion yuan of reverse repo due next week, 487.5 billion yuan, 160.8 billion yuan, 236.2 billion yuan from Wednesday to Friday, and 591 billion yuan of MLF due on Wednesday.
6. The Ministry of Ecology and Environment issued the "Several Measures for the Ecological Environment Department to Further Promote the Development of the Private Economy" to enhance the ability and willingness of private enterprises to develop green, strengthen technical, financial and policy support for the green development of the private economy, and continue to optimize the environment for the development of the private economy.
7. The General Administration of Customs has introduced a new round of 15 support measures to support the land-sea linkage and east-west mutual aid in the Yellow River Basin from three aspects: supporting the construction of the logistics corridor in the Yellow River Basin, the two-way opening up of the east and west, and the upgrading of industrial files, so as to better serve the ecological protection and high-quality development of the Yellow River Basin.
8. The Ministry of Commerce and 11 other departments announced the list of the fourth batch of national pilots and the first batch of pilot areas for the promotion of the city's quarter-hour convenient living circle. The list includes the fourth batch of national pilots in 60 cities such as Mentougou District, Shunyi District, and Zhangjiakou City in Beijing; Nanjing City, Hebi City and other 15 cities in the first batch of pilot areas for the promotion of the whole region.
9. The Ministry of Natural Resources has decided to carry out the 2024 national land change survey to comprehensively grasp the annual land use changes in 31 provinces (autonomous regions and municipalities directly under the central government) across the country, and effectively support high-quality development and the modernization of land and space governance.
10. According to the latest value-added tax invoice data of the State Administration of Taxation, in the first eight months of this year, the proportion of inter-provincial trade sales in the country was 40.7%, an increase of 0.5 percentage points over the same period last year, and among the 31 provinces in the country, the growth rate of inter-provincial trade sales in 12 provinces exceeded the national average.
11. The National Development and Reform Commission and the Ministry of Economy of São Tomé and Príncipe signed an exchange and cooperation document in the field of economic development, and the two sides will exchange experience in the fields of macroeconomics, industrial development and infrastructure construction.
Domestic Stock Market //
1. GAC Group announced that GAC Flying Car GOVE officially obtained the civil unmanned aircraft charter license issued by the Central and Southern Regional Administration of Civil Aviation, marking a further step in the airworthiness certification and commercialization of GAC Flying Vehicle.
2. Li Yunfei, general manager of the brand and public relations department of BYD Group, said that the total number of BYD employees exceeded 900,000, ranking first among A-share listed companies. Among them, there are nearly 110,000 technical R&D personnel, and BYD has also become the car company with the largest number of R&D personnel in the world.
3. Lu Fanxi, vice president of Bilibili, resigned, and he joined Bilibili in 2020 to be responsible for film and television production and documentary production.
Finance//
1. The State Administration of Financial Supervision issued a notice to encourage non-bank institutions to support large-scale equipment renewal and trade-in of consumer goods from three aspects: increasing financial support, optimizing the internal management system and mechanism, and increasing regulatory policy support.
2. The market ushered in the country's first public REIT for water conservancy facilities. "Yinhua Shaoxing Raw Water Conservancy REIT" was officially approved by the China Securities Regulatory Commission for registration.
3. The Guangdong Financial Supervision Bureau issued a reply, agreeing to the dissolution of Huizhou Zhongkai Dongying Village Bank and Dongguan Dalang Dongying Village Bank in view of the absorption and merger of Dongguan Rural Commercial Bank.
4. The Chongqing Supervision Bureau of the State Administration of Financial Supervision approved the qualification of Chongqing Xiaomi Consumer Finance Co., Ltd. to carry out asset securitization business.
Housing//
1. National Bureau of Statistics: Judging from the main indicators of the real estate market announced, the current real estate market continues to be adjusted, and from the perspective of future development, China's urbanization process is continuing to advance, the construction of a new real estate development model is accelerating, and the real estate market still has great potential and space.
2. Two residential plots in Jing'an District, Shanghai were auctioned yesterday. This is the first land auction since the implementation of the "double high and double competition" rule in Shanghai, in which the premium rate of one parcel of land is as high as 31.2%, and the transaction floor price is as high as 114,000 yuan/㎡, and the other parcel of land is sold at the reserve price, with a total transaction value of 12.026 billion yuan.
3. According to the statistics of CRIC Research Center, in 1~8 months, the financing cost of 65 typical real estate enterprises added bonds of 3.01%, a decrease of 0.59 percentage points compared with the whole year of 2023, and the financing cost of real estate enterprises in August was 2.54%, a decrease of 0.31 percentage points month-on-month and 0.6 percentage points year-on-year, a new low in recent years.
4. Dalian: If the home-buying family has no housing within the district, city or county (pilot area) where the housing is to be purchased, and the multi-child family purchases a second house, the first personal housing loan policy shall be implemented; If a provident fund loan is used to purchase allotment type affordable housing, the minimum down payment ratio is 15%; Software talents buy houses, and the provident fund loan amount is increased by 200,000 yuan.
Industry//
1. The China Automobile Association will launch the application for the second batch of recommended models of new energy vehicles in the countryside in 2024, requiring the total output of the declared models to be more than 5,000 units in 1-8 months this year, and the price after the discount should be less than 250,000 yuan. No more than three models can be declared by a single enterprise.
2. The Ministry of Industry and Information Technology issued a document to accelerate the layout and construction of the manufacturing pilot platform, focusing on the key areas urgently needed for national strategy and industrial development, and promoting the construction of the pilot platform with "one class and one policy". It is planned to cultivate and build a number of provincial and ministerial-level manufacturing pilot platforms in qualified places by 2027.
3. The Ministry of Industry and Information Technology and other four departments solicit research topics on carbon footprint accounting rules and standards for key industrial products, giving priority to focusing on key products such as steel, electrolytic aluminum, cement, fertilizer, hydrogen, lime, glass, ethylene, synthetic ammonia, calcium carbide, methanol, lithium batteries, new energy vehicles, photovoltaics and electronic appliances, as well as other industrial products with urgent market demand and obvious supply chain driving role.
4. The Cyberspace Administration of China (CAC) is soliciting public comments on the Measures for the Identification of AI-Generated Synthetic Content. The draft proposes that AI-generated synthetic content identifiers include explicit identifiers and implicit identifiers. Network information service providers shall conduct labeling in accordance with the requirements of relevant mandatory national standards.
5. Shanghai issued an action plan to accelerate the green and low-carbon transformation, proposing to fully implement the "photovoltaic +" project, and by 2027, the installed photovoltaic capacity in the city will reach 4.5 million kilowatts, the rooftop photovoltaic coverage rate of public institutions and industrial plants will reach more than 50%, and pure electric vehicles will account for more than 50% of the newly purchased vehicles by individuals.
6. The operating mileage of China's railways exceeded 160,000 kilometers, of which more than 46,000 kilometers were high-speed railways, an increase of 64.2% and 392.2% respectively compared with the end of 2012.
7. According to the China Automobile Dealers Association, the overall sales (wholesale) of commercial vehicles in China in August was 271,900, down 12.18% year-on-year and up 1.38% month-on-month. Among them, truck sales were 231,900, down 14.16% year-on-year and 0.24% month-on-month; The sales volume of passenger cars was 40,000 units, up 1.33% year-on-year and 11.90% month-on-month.
8. The 2024 China Automotive Software Conference will be held in Jiading, Shanghai from November 7th to 8th. With the theme of "Software Intelligence Leads the Future, Integration and Co-creation of Ecology", the conference set up "1 closed-door meeting, 1 conference forum and 6 theme forums".
9. The first "Xiangyun" AS700 manned airship independently developed by China was officially delivered to a pioneer customer. The signing of 12 purchase orders on the spot marks the full integration of the development, production, certification and delivery of domestic manned airships, and the commercial operation will soon begin.
10. The 2024 Guangdong Cultural and Tourism Industry Investment Promotion and Investment and Financing Matchmaking Conference was held in Guangzhou, with a total of 346 cultural and tourism projects participating, including 250 in Guangdong Province and 96 outside the province.
11. Hello is gradually abandoning the two-wheeled electric vehicle sales business that it has previously focused on, offline stores around the country have been closed one after another, and its business focus on two-wheeled electric vehicles has also shifted to the leasing model.
Overseas//
1. The Office of the United States Trade Representative said that from September 27, the tariff rate for Chinese-made electric vehicles will be increased to 100%, the tariff rate for solar cells will be increased to 50%, the tariff rate for electric vehicle batteries, critical minerals, steel, aluminum, masks and shore-side container cranes will be increased to 25%, and tariff increases for other products, including semiconductor chips, will also take effect in the next two years.
2. The 2024 G20 Digital Economy Ministerial Meeting will be held in Maceio, Brazil. The meeting held extensive discussions on topics such as universal and meaningful connectivity, digital government, information integrity, and artificial intelligence, and deliberated and adopted the G20 Ministerial Declaration on Digital Economy.
International Stock Market //
1. BMW announced the reorganization of the design team, and the new team will be officially established on October 1. The new organization will focus on the transformation of the company, integrating the color and material designs of all brands and dividing the BMW brand team into two studios, while strengthening the advanced design department.
2. HSBC Holdings is in talks to sell its South Africa corporate banking division to FirstRand's RAND Commercial Bank to divest more non-core assets. According to sources, HSBC also plans to sell its equity business in South Africa.
3. Disney has struck a new contract with satellite TV provider DirecTV that will restore access to channels like ESPN and ABC for 11 million subscribers.
4. Hino Motors announced that it will stop producing diesel engines in China, and its subsidiary Shanghai Hino Engine in China will stop production at the end of September.
5. SBI Card, the largest credit card issuer in India, is considering raising up to Rs 90 billion through the issuance India of large negotiable certificates of deposit (NCDs).
Commodity//
1. The Ministry of Commerce decided to conduct an anti-dumping investigation on imported halobutyl rubber originating in Canada, Japan and India from September 14.
2. According to the National Bureau of Statistics, in August, the output of industrial raw coal above designated size was 400 million tons, a year-on-year increase of 2.8%; Imported coal was 45.84 million tons, an increase of 3.4%. crude oil output was 17.83 million tons, an increase of 2.1%; Crude oil imports were 49.1 million tons, down 7%. The output of natural gas was 20 billion cubic meters, an increase of 9.4 percent, and the import of natural gas was 11.76 million tons, an increase of 9.1 percent.
3. According to data released by the National Bureau of Statistics, in August, the country produced 77.92 million tons of crude steel, 68.14 million tons of pig iron, and 110.9 million tons of steel, all hitting a new low since December 2023.
4. China Rare Earth Group has made a major breakthrough in prospecting, and the expert group believes that the prospecting in Liangshan has completed the phased task, and the prospecting results are outstanding, and the resources are expected to increase by 4.96 million tons.
5. According to the data of SGS, a shipping survey agency, it is expected that the export volume of palm oil from September 1 to 10 Malaysia will be 274853 tons, a decrease of 43.9% from the previous month.
Bond//
1. The "Report of the State Council on the Implementation of the Budget Since the Year of this Year" proposes to prevent and resolve the risk of local government debt. We will do a good job in coordinating risk mitigation and stable development, further implement the package of debt reduction plans, and the province will take overall responsibility and cities and counties will do their best to reduce the level of debt risk. Strengthen the control of the financing demand side and the supply side, and block the path of new hidden debts. Establish a full-caliber local debt monitoring mechanism, strengthen cross-departmental data and information sharing and application, and resolutely curb false debts and new hidden debts.
2. The performance of interbank spot bonds on Saturday was strong, and compared with the yield to maturity of the same maturity of Chinese bonds, the yield of 7-year treasury bond active bonds continued to refresh low; The 10-year "24 interest-bearing treasury bond 11" fell 2.7bp to 2.04%; The 30-year "24 Special Treasury Bond 04" fell 3.3bp to 2.183%, falling below the 2.2% and 2.19% marks in a row, a new low since the end of February 2005. The capital side is stable and loose, and the main repo rate is down.
3. The Ministry of Finance will issue a number of treasury bonds by bidding on September 24, namely the new issuance of 60 billion yuan of 30-year special treasury bonds, the renewal of 142 billion yuan of 10-year book-entry interest-bearing treasury bonds, and the new issuance of 137 billion yuan of 2-year book-entry interest-bearing treasury bonds.
4. Shanshan Group announced that after consultation with "H20 Shanshan 1" investors, the interest on this bond from December 10, 2023 to December 9, 2024 has been deferred to December 10, 2025 and compound interest will not be charged.
5. Fitch, an international rating agency, said that if Boeing employees extend the strike, it will bring the risk of Boeing's credit rating downgrade and affect the company's operations and financial condition.
Review of historical articles
"Heavy! The opening of the interest rate cut race", "The dollar has collapsed", "Apple and Huawei escalate competition, and a new round of vicious war begins? "Heavy! The dollar collapsed! Gold Price Impact 2600", "Cash is King", "Mysterious Funds Shot"
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