February 15th (Tuesday), the main contents of today’s headlines are:
China Securities Journal
Disclosure of details of “early approval” of local bonds, mainly focusing on infrastructure investment
Relevant departments disclosed more details of the “early approval” of local bonds in 2022. According to the news on the website of the Ministry of Finance on February 14, with the approval of the State Council and reported to the Standing Committee of the National People’s Congress for the record, the Ministry of finance has issued in advance the new local government debt limit of 1788 billion yuan in 2022, including 328 billion yuan of general debt limit and 1460 billion yuan of special debt limit.
In January, the position of domestic bonds was increased by about 70 billion yuan, and the increase of foreign holdings showed sustainability
For international investors, the charm of RMB assets continues to release. According to the data released by the Shanghai headquarters of the people’s Bank of China on February 14, as of the end of January 2022, overseas institutions held 4.07 trillion yuan of inter-bank market bonds, an increase of about 70 billion yuan compared with the end of last month.
The supply is tight, and the price of battery grade lithium carbonate exceeds 400000 yuan per ton
According to institutional data, the price of battery grade lithium carbonate rose for five consecutive trading days after the Spring Festival, and the average price exceeded 400000 yuan / ton on February 14. In the context of the continuous rise in lithium salt prices, listed companies have accelerated the development of lithium resources since this year.
A-share or current style saw saw value growth is expected to go hand in hand
Since this year, affected by multiple factors, the volatility of A-share market has increased, and the undervalued sector represented by banks has strengthened against the market, gradually deducting it as the main line of the market. Looking forward to the future, institutional people said that in the process of market style transformation, the undervalued sector is still the best choice at present, and it is expected to continue to strengthen in the short term. At the same time, the growth stocks gradually adjusted in place also began to show the layout value. There is a high probability that the future market style will see a saw, and the market may present a situation in which value and growth go hand in hand.
Shanghai Securities News
Lingang New District ushers in a new round of national financial opening-up policy
In order to promote the “three-year great changes” in the New Lingang area of Shanghai pilot Free Trade Zone, the financial opening and innovation of the New Lingang area welcomed the policy red envelope again, and officially launched the pilot of high-level opening-up of cross-border trade and investment. On February 14, the pilot kick-off meeting for the high-level opening-up of cross-border trade and investment and the reform of foreign exchange management in the New Lingang district was held. At the meeting, a package of policies including capital account reform and current account facilitation were implemented.
Leading indicator “spoiler” China’s foreign trade has made a good start and will continue to drive strong economic growth
Containers are arranged in order, trailers pass in order, and sirens rise and fall. Shenzhen Shenzhen Yan Tian Port Holdings Co.Ltd(000088) has been particularly busy since the Spring Festival. According to the statistics of Shenzhen customs, since the Spring Festival (from January 31 to February 9), Shenzhen Yan Tian Port Holdings Co.Ltd(000088) has handled 449000 TEUs, and 539500 tons of goods have been imported and exported, with a value of 13.863 billion yuan. Since the beginning of the year, China’s foreign trade enterprises have stepped up production and accelerated export customs clearance. Leading indicators and high-frequency data show that foreign trade has made a good start this year.
In January, foreign capital “bought” Chinese government bonds, and the return may outperform US bonds again this year
Buy and buy! After breaking the 4 trillion yuan mark at the end of last year, overseas institutions have continued to buy RMB bonds on a large scale since 2022. On February 14, according to the data released by the Shanghai headquarters of the people’s Bank of China, as of the end of January 2022, overseas institutions held 4.07 trillion yuan of inter-bank market bonds, accounting for about 3.5% of the total custody of the inter-bank bond market. This means that in January this year, overseas institutions increased their holdings of RMB by about 70 billion yuan.
The market style “high-low switching” is active, and the funds go in the opposite direction
Since the opening of the market in the year of the tiger, the Shanghai index has performed better than the gem index, and the market style “high-low switching” has continued. The weighted blue chip style represented by the Shanghai stock index is more robust, rising 2.01% since February, while the gem index representing the growth style of science and technology fell more than 6% in the same period.
securities times
Seventeen key projects are arranged for the release of the national emergency system plan in the 14th five year plan
On February 14, the State Council issued the national emergency system plan for the 14th five year plan. The plan makes comprehensive arrangements for work safety, disaster prevention, mitigation and relief during the 14th Five Year Plan period. It is mentioned that we should expand the safety emergency industry, cultivate a number of large enterprise groups in the safety emergency industry with strong competitiveness in the international and Chinese markets, implement the transformation of intelligent mines, intelligent chemical plants and digital workshops, and carry out the demonstration of intelligent operation and replacement of dangerous posts.
The rise of cement prices in some areas depends on the demand side
After the Spring Festival, the price of cement rose in some parts of China. According to the China cement network market center, after the clinker price along the river in Anhui rose by 30 yuan / ton on February 7, the clinker price in eastern Guangdong was raised by 30 yuan / ton on February 11, and many enterprises have issued price adjustment letters; Several cement enterprises in Yunnan notified that the price of various types of cement would be increased by 50 yuan / ton from February 11.
In January, the main economic indicators of central enterprises achieved double-digit growth
The reporter learned from the state owned assets supervision and Administration Commission of the State Council on the 14th that central enterprises focused on steady growth and promoted high-quality development. The main economic indicators achieved double-digit growth in January: the operating income of the month was 3 trillion yuan, a year-on-year increase of 12.4%; The total profit was 185.27 billion yuan, a year-on-year increase of 11.3%; The net profit was 142.38 billion yuan, a year-on-year increase of 10.2%; The tax paid was 352.16 billion yuan, a year-on-year increase of 18.2%.
Securities companies still have performance support, and there is great potential in the era of wealth management
On February 14, the securities companies collectively fell and became the focus of the whole market. As of the close, the securities index fell by more than 4%, China stock market news fell by more than 13%, Gf Securities Co.Ltd(000776) fell by more than 9%, and China Greatwall Securities Co.Ltd(002939) , Huatai Securities Co.Ltd(601688) and Xiangcai securities led the decline.
Securities Daily
After the Spring Festival, the net return of the central bank exceeds trillion yuan, and the renewal of MLF equivalent or small increase this month may be large
On February 14, the people’s Bank of China announced that in order to maintain the reasonable and abundant liquidity of the banking system, it carried out a 7-day reverse repurchase operation of 10 billion yuan by means of interest rate bidding, and the bid winning interest rate was 2.10%. At the same time, based on the expiration of 220 billion yuan of reverse repurchase on the same day, the return balance reached 210 billion yuan.
In January, the net profit of central enterprises increased by 10.2% year-on-year, striving to achieve a “good start” in the first quarter
The reporter of Securities Daily learned from SASAC that at the beginning of the new year, the main economic indicators of central enterprises have achieved double-digit growth. Specifically, in January, central enterprises realized an operating revenue of 3 trillion yuan, a year-on-year increase of 12.4%; The total profit was 185.27 billion yuan, a year-on-year increase of 11.3%; The net profit was 142.38 billion yuan, a year-on-year increase of 10.2%; The taxes and fees paid were 352.16 billion yuan, a year-on-year increase of 18.2%, and the main economic indicators achieved double-digit growth.
Release the policy signal of “deepening the reform of state-owned enterprises” in many places, mix and reform, and re form the “standard configuration”
2022 is the closing year of the three-year action of state-owned enterprise reform. By the end of last year, 70% of the target tasks set for central enterprises and local state-owned enterprises had been successfully completed.
The reporter of Securities Daily found that 28 provinces (autonomous regions and municipalities directly under the central government) clearly stated that they should complete the three-year action task of state-owned enterprise reform in the key work of 2022 defined by the local two sessions held in 31 provinces (autonomous regions and municipalities directly under the central government).
During the year, 39 listed companies received letters of concern that the provision for asset impairment was too high, which became the “hardest hit area” of the problem
After the intensive release of the performance forecast in 2021, many listed companies received the attention letters from the exchange. According to the statistics of the reporter of Securities Daily, as of February 14 this year, 39 listed companies have received attention letters, more than 70% of which are related to the performance forecast in 2021, and most of them are performance loss making enterprises.
21st Century Business Herald
In the year of the tiger, A-share “late spring cold” blue chip public offering was hit hard, reducing holdings at high prices or absorbing at low prices?
According to the statistics of the 21st Century Business Herald reporter, only 7% of the active equity public funds have achieved positive returns this year; Private equity funds are also facing a large decline in net worth, and many even touch the early warning line. This year, the phenomenon of liquidation has increased. Nearly 90% of the 10 billion private placement losses, and some private placement leaders’ products also fell below the warning line.
The central bank has repeatedly stressed that the monetary policy control framework of “heavy price but no weight” has gradually changed to price type
The fourth quarter of 2021 monetary policy implementation report released by the central bank said that the most intuitive, accurate and timely indicator to observe the degree of liquidity tightness is the market interest rate. To judge the attitude of monetary policy, we should also focus on the open market operating interest rate, MLF interest rate and other policy interest rates, as well as the overall operation of the market interest rate over a period of time, We should not pay too much attention to quantitative indicators such as the number of liquidity and the scale of open market operation.
people’s daily
Promote the modernization of emergency management system and capacity
The State Council recently issued the national emergency system plan for the 14th five year plan (hereinafter referred to as the plan), which makes comprehensive arrangements for work safety, disaster prevention, mitigation and relief during the 14th Five Year Plan period. On the 14th, the State Council Information Office held a regular policy briefing of the State Council to introduce the relevant situation of the plan and answer questions from reporters.
first finance
Global commodity prices soar, and the supply chain may be divided under the gradual improvement
According to the analysis of many experts, the downward probability of commodity price fluctuation in the whole year is expected to be large, and the commodities may show a differentiation pattern. The black varieties with high demand in China may be relatively stronger than the crude oil and base metals with high foreign demand.
After the bank stocks encounter the “lover robbery” and the social finance exceeds the expectation, is it good to cash in or is there another hidden worry?
For the contrast performance of bank stocks on Monday, institutional people believe that the probability is the phased realization of steady growth. On the one hand, social finance exceeded expectations, which reduced the expectation of interest rate cut. On the other hand, there are some hidden worries behind the data, including the expansion of M2 and M1 scissors. Previously, on February 11, the fourth quarter monetary policy implementation report of 2021 issued by the central bank stressed to strengthen cross cycle regulation and give full play to the dual functions of the total amount and structure of monetary policy tools. At the same time, the expression of “focusing on me” has changed. For real estate, it once again emphasized “no speculation in real estate” and “not taking real estate as a means of short-term stimulating the economy”.
economic reference daily
New and old infrastructure construction work together to stabilize investment
According to incomplete statistics by the reporter of the economic information daily, as of February 14, more than 10 provinces and cities such as Beijing, Shanghai, Shandong and Zhejiang have announced the list of major project investments in 2022, with a total investment of more than 100 billion yuan. Infrastructure construction, especially transportation and energy, is still the focus of efforts, and new infrastructure such as 5g and data center construction are also given more expectations.
Blue chip or growth? Institutional debate A-share style trend
Since 2022, the differentiation of A-share market has reappeared. Growth stocks represented by the new energy industry chain performed prominently in 2021, but there has been a significant adjustment this year; Hot sectors such as medicine, food and beverage also saw a sharp correction. At the same time, the large financial sector, real estate, household appliances and other industrial chains and infrastructure sector rose significantly. For the “rising again” value blue chips and growth stocks facing a large correction, institutions generally believe that the “steady growth” style may continue under the strengthening of policies, but after substantial adjustment, the subsequent market style is still possible to switch to growth.
