February 21st (Monday), the main contents of today’s headlines are:
China Securities Journal
Policy “combination fist” is fast and quasi economic “heat map” is full of spring
The economic operation data for the first month of this year will be announced soon. A series of leading indicators and macro data show that the effect of the steady growth policy is gradually beginning to appear, and a stable start to the economy is within reach. Experts believe that the signals for the recovery of economic operation are emerging one after another, but the external environment is becoming more complex, severe and uncertain. In order to stabilize the macro-economic market, counter cyclical and cross cyclical adjustment should also be strengthened. There is room for overweight fiscal and monetary policies. At the same time, policy coordination and linkage should be strengthened to fully show the power of “combined fist”.
Hot theme funds pile up and there are many hidden worries about “extreme investment”
Since the start of 2022, new hot energy and medicine racetrack has been adjusted continuously, and the plot similar to that of Baijiu after the Spring Festival in 2021 has been staged again. It seems that the investment of “track and field” is facing severe tests, and the related theme funds that have been rapidly expanding in the past two years have been severely defeated. In the view of insiders, some funds “bet” on hot topics and extreme investment to win short-term performance ranking, which led to the collective influx of funds into hot sectors, and the collective position adjustment brought a certain stampede effect when it fell.
The RMB rose strongly against the wind and released the exchange rate elasticity at the right time
The US Federal Reserve is on the verge of raising interest rates, accelerating the adjustment of overseas policies, and the dislocation of Chinese and foreign policies is becoming more and more obvious. Under this background, the RMB exchange rate broke through 6.33 yuan last week, standing at a high level in recent four years, showing a strong posture against the wind. According to the analysis of insiders, there are still many uncertain factors facing the trend of RMB exchange rate in the future. Some factors contributing to the appreciation of exchange rate in the early stage may be weakened, so we should avoid forming unilateral expectations for the trend of exchange rate.
Growth stock opportunities show that the market style is expected to be balanced
Last week, the A-share market rebounded from shock, and the Shanghai Stock Index approached 3500 points. In terms of market style, the performance of value blue chips benefiting from the steady growth policy is commendable, while growth stocks, including the new energy sector, also showed a rebound trend. In the view of brokerage institutions, the current market style still tends to the main line of stable growth, but the investment opportunities of growth stocks gradually appear, and the future market style will tend to be balanced.
Shanghai Securities News
Fast horses need to whip up the central government to make concerted efforts to build new infrastructure
As the basis of digital transformation, all localities have identified 5g and other new infrastructure as important investment directions. Experts believe that the investment enthusiasm of new infrastructure around the country has been very high. Next, with the effectiveness of the support measures of ministries and commissions, the transformation of industrial structure will be accelerated, and the construction of new infrastructure will be further improved, which will become an important force for stabilizing economic growth.
The national hub node of the Yangtze River Delta is “full of backward moves” from the east to the West
The reporter learned from the national development and Reform Commission and the Shanghai Municipal Development and Reform Commission that around the “counting from the east to the west” project, the Yangtze River Delta region is “full of backward moves”, including the “construction plan of national integrated computing power network national hub nodes in the Yangtze River Delta” and a series of actions are “imminent”.
Shanghai Stock connect sweeps up goods and Shenzhen Stock connect sells off foreign capital “flow divergence” to a record
According to statistics, since February, the Shanghai Stock connect has accumulated a net purchase of 20.504 billion yuan from the north, and the Shenzhen Stock connect has accumulated a net sale of 12.159 billion yuan. The “opposite direction” of foreign capital flows in the Shanghai and Shenzhen markets has puzzled many investors. Analysts believe that this may be related to the fact that MSCI and other international indexes have suspended the promotion of A-share inclusion factors in the past two years, resulting in the stabilization of the flow of foreign capital in the “allocation disk”, which is gradually dominated by the overall flow of foreign capital in the short term.
The recovery of growth stocks remains to be seen, and the main line of “stable growth” is expected to spread
Last week, the market style changed to a certain extent: the early correction was obviously partial to the growth style, such as the stabilization and rebound of new energy, technology hardware and medicine, while some “stable growth” related sectors fell slightly, and some investors were entangled in the future market main line again. For this week’s market, institutional foresight believes that although the growth style has bottomed out recently, it still needs time to observe whether it can return to the upward trend. In the two to three-month cycle, “steady growth” market may continue.
securities times
China Securities Regulatory Commission held a 2022 bond supervision meeting to prevent and resolve the risk of bond default and deepen the reform of the bond market registration system
China Securities Regulatory Commission recently held a 2022 bond supervision meeting. The meeting thoroughly implemented the spirit of the central economic work conference, summarized the bond supervision in 2021, analyzed the current situation, and studied and deployed the key work of bond supervision in 2022. The meeting pointed out that we should make every effort to prevent and resolve the risk of bond default, comprehensively deepen the reform of the bond issuance registration system and expand opening-up, and further improve the regulatory system and mechanism in line with the development laws and characteristics of the bond market.
The bank’s financial management encountered a shortage of non-standard assets, digging up and adjusting the structure in both ways
It is reported that by the end of 2021, the proportion of non-standard assets of six state-owned financial subsidiaries has been less than 6.1%. This has also led to a collective decline in the proportion of non-standard assets in the group caliber of large state-owned banks (including the head office and wealth management sub), because the addition of non-standard assets in the old assets managed by the head office has long stopped.
Four factors support overseas institutions to look more at China’s capital market
Recently, five major international investment banks, including Credit Suisse, Wall Street investment bank Bernstein, HSBC, Goldman Sachs and UBS, collectively look at China. Goldman Sachs believes that A-Shares are now more investment oriented. Bernstein analysts believe that the market expects the growth of new social financing in China, looser monetary policy and more attractive stock valuation compared with the rest of the world. UBS raised China’s rating to “overweight”, especially optimistic about Chinese Internet companies.
Star manager’s “hidden position” exposed the leader of small and medium-sized market value
Since the fund’s four seasons report only discloses the top ten heavy positions of the fund, it is difficult for investors to have a complete and comprehensive understanding of the position adjustment ideas of fund managers, especially those fund managers who are evenly dispersed. However, recently, some star funds have appeared in the list of the top ten circulating shareholders of some listed companies, and the positions outside the top ten heavy positions have surfaced.
Securities Daily
CSRC: comprehensively deepen the reform of bond issuance registration system and expand opening-up. Experts remind us to prevent the risk of cross-border capital flows
On February 18, the CSRC held a 2022 bond supervision meeting to analyze the current situation and study and deploy the key work of bond supervision in 2022. Industry experts believe that the continuous increase in the openness of China’s bond market is conducive to attracting more medium and long-term overseas funds, helping the development of the real economy and improving the international influence of China’s bond market. At the same time, we should also guard against the risk of overseas capital flow, strengthen capital monitoring and risk prevention, and promote the stable and orderly development of China’s bond market.
24 plans to “promote the listing of enterprises” 166 enterprises in seven provinces are ready to go
After combing the 2022 government work report of 31 provinces (autonomous regions and municipalities directly under the central government), the reporter noted that a total of 24 provinces (autonomous regions and municipalities directly under the central government) clearly proposed to promote the listing of enterprises.
Among them, Zhejiang Province, Anhui Province, Jiangxi Province, Henan Province, Hubei Province, Hainan Province and Shaanxi Province also put forward this year’s quantitative indicators.
Rescue red envelope thickening five industries recovery from foresight to see
On February 18, the national development and Reform Commission and other departments issued the notice on several policies on promoting the recovery and development of difficult industries in the service industry, and issued 43 relief measures for five special difficult industries such as catering, retail, tourism, highway, waterway and railway transportation and civil aviation.
The real estate industry accelerated risk clearing, and banks and other institutions took the initiative to support the M & A of real estate enterprises
The reporter noted that since this year, a number of banks have provided special financial support for M & A projects of real estate enterprises, and the relevant financing amount is close to 60 billion yuan. In addition, the national financial asset management corporation (AMC) has also started issuing bonds to raise funds to participate in the rescue of real estate enterprises.
people’s daily
Last year, the profits of Industrial Enterprises above designated size increased by 34.3%, and the leading role of high-tech manufacturing industry was prominent
The National Bureau of Statistics recently announced that in 2021, the profits of Industrial Enterprises above designated size increased by 34.3% over the previous year, with an average increase of 18.2% in two years. The leading role of high-tech manufacturing industry is more prominent. In 2021, the profit of high-tech manufacturing industry increased by 48.4% over the previous year, with an average increase of 31.4% in the two years. The proportion in the profits of industries above designated size increased by 2.1 and 4.2 percentage points respectively compared with 2020 and 2019, showing strong development vitality.
first finance
A large number of industrial service enterprises will benefit from the accurate launch of the policy “red envelope”
A series of targeted policies and measures to stabilize growth are being intensively implemented and effective to ensure the smooth operation of the economy in the first quarter and even the whole year. According to expert analysis, the policies are highly targeted and operable. In particular, the fiscal and tax policies involve a wide range of taxes and fees, many means and ways, and increasing efforts, which can better help enterprises rescue and develop.
The new business value of listed life insurance is still “under great pressure”
From the perspective of the premium income of the seven listed life insurance companies, there has been an obvious differentiation of “three rises and four falls”. However, according to the analysis of industry insiders, some insurance companies with a significant increase in premium income mainly adopt the strategy of impact scale of single payment products during the “good start”, and the contribution of new business value of these products is low, Therefore, the new business value of listed insurance companies in the first quarter will be generally under pressure.
economic reference daily
Help enterprises to “open the door stably” and “get off to a good start” policies, and distribute red envelopes intensively
In view of the “urgent worry and hard hope” problems faced by the majority of small and medium-sized enterprises, such as high costs and insufficient orders, the policy red envelopes were distributed intensively. Relevant departments have introduced greater relief and burden reduction measures in finance, taxation and finance. Many places have also planned and arranged early, and come up with more targeted and refined policies to help enterprises “open the door stably” and “get off to a good start”.
At full speed, the free trade zone competes to list tasks for the new year
The reporter learned that recently, Zhejiang, Henan, Shandong, Guangxi, Anhui and other pilot free trade zones have deployed one after another, made a list of objectives and tasks for 2022, and promoted the implementation of policies by means of wall chart operation and tackling difficulties against tables. Among them, strengthening the policy supply of advantageous industries for key projects and cultivating characteristic leading industries have become an important driving point.
