macro · important news
Wang Yi: all parties need to work for peace instead of creating panic and exaggerating war
State Councilor and foreign minister Wang Yi was invited to attend the China special session of the 58th Munich Security Conference by video in Beijing on the evening of February 19 and delivered a keynote speech. Wang Yi answered the host’s questions about China’s attitude and position on NATO’s eastward expansion, European security and the situation in Ukraine. Wang Yi said that as a permanent member of the Security Council, China has always decided its position and handled international affairs in accordance with the merits of the matter itself. China believes that on the issue of Ukraine, it is time to return to the origin of the new Minsk agreement as soon as possible. Because this agreement is a binding agreement reached by the parties through negotiation and approved by the UN Security Council. It is the only way to solve the Ukrainian problem. US Secretary of state Antony Blinken, who supported the new Minsk accord, was supported by the United States. In that case, why can’t the parties sit together for full discussion and work out a road map and timetable for the implementation of the agreement. At present, what all parties need to do is to earnestly take responsibility and work for peace, rather than blindly pushing up tension, creating panic and even exaggerating war.
Yi Gang: the people’s Bank of China will maintain a prudent monetary policy, be flexible and appropriately increase cross cycle regulation
On February 17-18, 2022, Indonesia, the chairman of the group of twenty (G20), presided over the first G20 finance ministers’ and central bank governors’ meeting this year in Jakarta in the form of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) . The meeting discussed the global economic and health situation, support for low-income countries to respond to the impact of the epidemic, sustainable finance, financial sector reform, international taxation and other topics of the annual work arrangement, and issued a communiqu é after the meeting. Yi Gang, President of the people’s Bank of China, attended the meeting and delivered a speech by video connection, accompanied by Vice President Chen Yulu.
CBRC: prevent illegal fund-raising in the name of “yuanuniverse”
Some lawless elements stir up the concepts of game production, artificial intelligence and virtual reality related to the meta universe, fabricate high-tech investment projects with a large number of packaging names, publicly and falsely publicize high returns, take the opportunity to absorb public funds, and have the characteristics of illegal fund-raising, fraud and other illegal acts. Some criminals use the concept of meta universe hot spots to exaggerate the expectation of rising prices of virtual real estate, artificially create the illusion of rush buying and lure them into the market to hoard trading. We must be vigilant against the risk of such speculation. Under the banner of “meta universe”, the above activities are more attractive and deceptive, and the participants are vulnerable to property losses. Please enhance the public’s awareness of risk prevention and identification ability, beware of being deceived, and actively report to the local relevant departments if you find clues of suspected violations and crimes.
finance and securities
on the reform of the registration system, the entry of medium and long-term funds into the market and the strict crackdown on financial fraud… The CSRC responded to the suggestions of the representatives and members of the two sessions
On February 18, the CSRC issued 37 replies to the motions and proposals of deputies to the National People’s Congress and members of the CPPCC. It includes hot issues such as the reform of the registration system, the development of the bond market, cracking down on violations of laws and regulations, and guiding medium – and long-term funds into the market, with a large amount of information. For details, please stamp: on the reform of the registration system, the entry of medium and long-term funds into the market, and the strict crackdown on financial fraud… The CSRC responded to the suggestions of the representatives and members of the two sessions
Hang Seng Index company announced the quarterly inspection results of the fourth quarter of 2021
The Hang Seng Index company announced the quarterly inspection results of the fourth quarter of 2021. Lenovo and nongnongshan spring were included in the Hang Seng Index, and the number of constituent shares will increase from 64 to 66. Evergrande property was excluded from the Hang Seng China enterprise index. The constituent stocks of Hang Seng technology index joined Shangtang group, Xiaopeng automobile and ideal automobile, and the number of constituent stocks remained 30. All changes will take effect from Monday, March 7, 2022.
FTSE Russell index adjusted to include 102 A shares
On February 18, Beijing time, FTSE Russell, an international index compilation company, announced the quarterly review results of its flagship index in February 2022. The announcement shows that its flagship index, the FTSE global stock index series (hereinafter referred to as FTSE GEIs), includes 102 new Chinese A shares this time, including 26 large cap a shares, 4 medium cap A-Shares and 72 small cap a shares. In addition, some previously included A-share targets have been classified and adjusted due to changes in market value. The above changes will take effect after the closing on March 18 (before the opening on March 21). Specific stamp: 102 A-share companies are included! The FTSE Russell index was readjusted and the share prices of many companies doubled. The company was “kicked out”. What happened?
the CSRC is heavy! Management measures for employees released
On February 18, the CSRC issued the measures for the supervision and administration of directors, supervisors, senior managers and employees of securities fund operating institutions (hereinafter referred to as the measures), which adjusted and optimized the personnel management rules of securities fund operating institutions, affecting the fund employees of each securities firm. Relevant persons from the CSRC said that the promulgation of the administrative measures aims to implement the new securities law and the requirements of the State Council for simplification of administration and decentralization, standardize the appointment and practice of directors, supervisors and employees of securities fund operating institutions (hereinafter referred to as operating institutions), strengthen the main responsibility of personnel management of operating institutions, and promote the compliance and stable operation of operating institutions.
CSRC: comprehensively deepen the reform of bond issuance registration system and expand opening-up
On February 18, the CSRC held a 2022 bond supervision meeting. The meeting thoroughly implemented the spirit of the central economic work conference, implemented the arrangement of the system work meeting of the CSRC in 2022, summarized the bond supervision in 2021, analyzed the current situation, and studied and deployed the key work of bond supervision in 2022. Li Chao, member of the Party committee and vice chairman of the CSRC, attended the meeting and made a speech. Comrades in charge of the discipline inspection and supervision team of the CSRC, relevant departments of the CSRC, various securities regulatory bureaus, exchanges, associations and other system related units attended the meeting on site or by video.
the head of the Beijing stock exchange spoke loudly! Improving market liquidity, valuation and pricing ability and innovative small and medium-sized enterprises are not equal to “specialization and innovation”
On February 18, Xu Ming, chairman of the national stock transfer company and chairman of the Beijing stock exchange, introduced the main ideas for the construction and development of the Beijing stock exchange and the new third board in the future at the “2022 new third board and Beijing stock exchange news media Symposium”.
1. China’s innovative small and medium-sized enterprises mainly have seven characteristics, namely, higher innovation power, higher dependence on talent knowledge, higher growth potential, diversified innovation models, diversified industry distribution, more prominent risk characteristics and relatively concentrated regional distribution.
2. In the process of identifying innovative small and medium-sized enterprises, we must clarify the “two groups of relations”: first, the relationship with “specialization and innovation”; The second is the relationship with “hard science and technology” and “three innovations and four innovations”.
Three dimensions are the “four main positions” of small and medium-sized enterprises; Second, the demonstration place of characteristic system function; Third, good capital market culture nourishes the land; Fourth, the ecological source of “early investment, small investment and new investment”.
4. In the process of building and developing the Beijing stock exchange and the new third board, we should do a good job in the “four insistences”: adhere to dislocation development, integrated development, innovative development and coordinated development.
industry · company
100000 investors are ignorant! 500 million on the account but can’t afford 2 million? The A-share company was filed for bankruptcy reorganization
On February 18, Kaile Science And Technology Co.Ltd.Hubei(600260) announced that due to the company’s inability to pay off its due debts and obvious lack of solvency, the creditor Shashi branch of Hubei Xinqing plasticization Co., Ltd. proposed to Jingzhou intermediate people’s court for bankruptcy reorganization of the company. It is worth mentioning that as of December 31, 2021, Hubei Xinqing plasticizer, the company’s outstanding creditor, has legal due creditor’s rights to the company, with an amount of RMB 2.1199 million, while the third quarterly report shows that the monetary capital on the company’s account is still RMB 500 million.
Tesla recalls some domestic model 3 and model y electric vehicles
Recently, Tesla (Shanghai) Co., Ltd. filed a recall plan with the State Administration of market supervision and administration in accordance with the requirements of the regulations on the administration of recall of defective automotive products and the measures for the implementation of the regulations on the administration of recall of defective automotive products. From now on, 26047 domestic model 3 (12003 vehicles) and model y (14044 vehicles) electric vehicles produced from December 28, 2020 to January 15, 2022 will be recalled.
focus on this week
subscription of new shares this week
According to the issuance arrangement, four new shares will be applied for this week. The specific application list is as follows:
Monday:
Application code of Kaide quartz: 889168 (Beijing stock exchange)
Tuesday:
Subscription code of Xingtong shares: 732209
Thursday:
Subscription code of China Automobile Corporation: 301215
Application code of Huatai Technology: 787281
shares lifted this week
Data show that a total of 8.74 billion restricted shares of 59 companies will be lifted this week. After the closing price on Friday, the market value of the lifted shares is about 79.995 billion yuan, a sharp drop from the market value of the lifted shares last week. There are 10 listed companies with more than 100 million shares of restricted shares lifted, of which Boe Technology Group Co.Ltd(000725) shares lifted reached 2.932 billion, ranking first in the number of restricted shares lifted. There are nine listed companies with a market value of more than 1 billion yuan, of which Huaibei Mining Holdings Co.Ltd(600985) has a market value of 20.186 billion yuan, ranking first.
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institutional strategy
Guotai Junan Securities Co.Ltd(601211) strategy: the “steady growth” market is still on the way, and the value will still dominate
The latest research report of Chen Xianshun’s research team pointed out that “steady growth” has been the focus of the market since the central economic work conference at the end of 2021. The inflection point of global liquidity has emerged, and the asynchronous window period of China US monetary policy is narrowing, which makes the valuation side do not have a comprehensive basis for raising, so we should focus on the direction of valuation repair. Starting from DDM model, we should pay attention to molecular profit reversal or marginal improvement. At present, the undervalued sector with consumption and infrastructure chain as the core has the above advantages, and the “steady growth” market is still on the way. On the whole, the current market is low, the risk appetite and the economic fundamentals have not yet been fulfilled, and the value will still dominate at this stage. The opportunity to grow, especially for track companies, still needs to wait for the recovery of risk appetite. Water flows to the lower place. According to the order of steady growth and the marginal improvement degree of profit, recommendations: 1) infrastructure: coal / steel / transportation / construction / chemical industry – infrastructure real estate / mechanical equipment; 2) Consumption: agriculture, forestry, animal husbandry and fishery (pigs) / household appliances / consumer services; 3) Finance: securities companies and banks; 4) Consumer electronics.
Haitong strategy: signal from value to growth
① the adjustment background and incentives since December 21 are similar to those of 21q1, and the disk indicators show that the adjustment has been relatively sufficient. ② Learning from history, the catalyst from value to growth of this round of spring market may come from the policy and the performance forecast of the first quarterly report. ③ This year is similar to 2012. It is a shock city. The best window period in the first half of the year is the steady growth spring market. Short term finance and real estate are dominant. It is expected to switch to new energy and digital economy of new infrastructure in the future.
China Securities Co.Ltd(601066) : keep the word first and follow up the policy
China Securities Co.Ltd(601066) said that the “steady growth” policy was introduced one after another this week. The national standing committee meeting held on February 14 confirmed the measures to promote steady industrial growth and rescue the service industry, and the three major documents on steady growth were issued in the following days. Many real estate policies have also shown signs of relaxation. “Steady growth” ushered in a number of favorable policies, but it is also gradually approaching the time point of the two sessions. External risks still need to be noted. After March, the Federal Reserve has a high probability to start a continuous interest rate increase cycle. Compared with 2015, it is more similar to 1994. The yield of 10Y US bonds may not peak and fall after March. The pressure of subsequent inflation and interest rate increase is still large. Pay close attention to the trend of RMB exchange rate. Meanwhile, the increasingly tense situation in Ukraine may also have a new impact on global risky assets.
Focus on the allocation direction: ① new infrastructure represented by “counting from the east to the west”; ② Traditional infrastructure represented by banks, real estate and building materials; ③ The expectation of consumption recovery represented by food and tax exemption; ④ Price rising varieties represented by coal and oil chains. In stock selection, we pay attention to “three lows and one change”, that is, on the basis of low, undervalued and low congestion, there are fundamental marginal improvement expectations, and a higher dividend yield is also expected to provide better defensive.
Citic Securities Company Limited(600030) : Policy overweight promotes market diffusion
Citic Securities Company Limited(600030) said that the steady growth policy has been comprehensively overweight, and the service industry rescue has supplemented the “short board”. The overweight of the policy has promoted the spread of the market, and the concentrated position reduction and position adjustment of investors are coming to an end. The “three bottoms” have been confirmed in turn, adhering to the main line of the steady growth market and actively layout. First of all, the coverage of the recent steady growth policy has been expanding. The upgrading of the manufacturing industry and new infrastructure have helped to make steady progress in investment. The rescue measures for the service industry have accurately pointed to the short board of consumption. The continuous refinement of policies in the future is expected to promote the faster stabilization of consumption. Secondly, the main line of stable growth in the early stage focuses more on traditional industries with undervalued value. After the policy diffusion, it is expected that the main line of stable growth will be more diversified, and the value and growth style in the main line of stable growth will be more balanced. Finally, in the second week after the festival, the market liquidity pressure has been relieved rapidly, the concentrated position reduction and position adjustment of investors are nearing the end, the peak of overseas disturbance factors has passed, the attraction of RMB assets has been further improved, and the policy bottom, market bottom and sentiment bottom have been confirmed in turn. It is suggested to stick to the main line of steady growth and actively layout high-quality blue chips around the “two low positions”.
