On Friday, December 10th, the main contents of today's headlines are:

China Securities Journal

In the first November, foreign investors increased their holdings of China's treasury bonds by more than 500 billion yuan

The November monthly report released by the Central Clearing Corporation on the 9th showed that the bond custody of overseas institutions in the company increased for the 36th consecutive month, exceeding 3.6 trillion yuan for the first time. Combined with other data, in November, overseas institutions mainly increased their holdings of Chinese government bonds, and increased their holdings of Chinese government bonds by more than 500 billion yuan in the first 11 months. In the view of insiders, this not only means that international investors are full of confidence in China's economic development prospects, but also reflects that a considerable number of international investors tend to allocate RMB assets in the medium and long term, with good sustainability and stability of investment.

Clear style transformation path and public offering layout to delineate new goals

Near the end of the year, the cross year market of A-share market is slowly unfolding. The market's attention to the large consumption sector is heating up again. Whether from the market performance or the latest prediction of well-known fund managers such as Liu Yanchun and Wu Yue, it can be found that it is more difficult to select stocks in the volatile market, but the valuation return of the consumption sector is expected to become a main line of investment next year.

The logical starting point is the same. RMB rises with commodities

Since June 2020, supported by the trade surplus, relatively good economic data and other factors, the RMB has entered the appreciation channel. Recently, the spot exchange rate of RMB against the US dollar has reached a new high in more than three years. At the same time, international commodity prices denominated in US dollars also continued to rise, and the CRB commodity index continued to refresh its highs for many years.

"Thank you behind closed doors" came to the fund as promised, setting off a wave of purchase restrictions

Recently, many funds have "thanked customers behind closed doors" or set thresholds. On December 9 alone, 46 funds began to suspend or restrict large subscription. Data show that since December, a total of 271 funds have announced suspension or restriction of large subscription, of which more than 2 / 3 are fixed income funds. It is worth noting that among the equity funds subject to purchase restrictions, more than 80% are the top performing funds in terms of products and performance of well-known fund managers.

Shanghai Securities News

Yi Gang: the central bank firmly supports the construction of Hong Kong's international financial center

On December 9, the people's Bank of China and the Hong Kong Monetary Authority jointly held an online seminar on "positioning and Prospect of Hong Kong International Financial Center". Yi Gang, governor of the people's Bank of China, said at the seminar that the people's Bank of China has always firmly supported the construction of Hong Kong's international financial center. In recent years, the cooperation between the mainland and Hong Kong in financial market interconnection and offshore RMB business has made important progress.

During the year, the reserve ratio for foreign exchange deposits was raised for the second time, and the central bank released the "cooling" signal of RMB exchange rate

The central bank announced yesterday that in order to strengthen the management of foreign exchange liquidity of financial institutions, the people's Bank of China decided to increase the foreign exchange deposit reserve ratio of financial institutions by 2 percentage points from December 15, 2021. Many experts said that the current RMB exchange rate appreciation is too fast. The introduction of this policy measure can alleviate the pressure of RMB appreciation by affecting foreign exchange supply and demand and liquidity, so as to prevent unilateral market expectations and possible "herding effect".

Social finance growth bottomed out and residents' medium and long-term loans continued to grow year-on-year

Boosted by the issuance of government bonds and the recovery of direct financing, the increment of social finance showed a bottom recovery trend. Data released by the people's Bank of China yesterday showed that according to preliminary statistics, the increment of social financing scale in November was 2.61 trillion yuan, 478.6 billion yuan more than the same period last year. In November, the medium and long-term loans of residents dominated by housing loans increased for two consecutive months, reflecting signs of recovery in China's real estate market.

Second highest in history! The net purchase of RMB 21.6 billion by northbound funds in a single day may be the main driver of appreciation

On December 9, northbound funds entered the market again, with a large net purchase of RMB 21.656 billion throughout the day, the second largest single day net purchase in history, second only to the net purchase of RMB 21.723 billion on May 25 this year. Some market views believe that the obvious trend of RMB appreciation since this week may be the main reason for attracting foreign capital to intervene in the stock market. Historical data show that most northward funds flow into the A-share market when the RMB exchange rate appreciates and outflow when the RMB exchange rate depreciates.

securities times

Those who illegally occupy funds shall be severely punished

A number of listed companies have recently received the prior notice of administrative punishment from the CSRC, either because they failed to disclose the non operational occupation of funds by the controlling shareholders and their affiliates in time, or because the actual controller deliberately transferred the funds of the listed company to the affiliated enterprises under their control. This kind of behavior that damages the interests of listed companies and infringes on the legitimate rights and interests of other shareholders must be severely punished with heavy codes and heavy hands, so that the illegal occupiers of funds of listed companies can pay a heavy price.

Three exchanges jointly carry out capital market cultivation

Recently, the western special session of the joint cultivation activity of stock exchanges jointly sponsored by Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing stock exchange and jointly sponsored by the dispatched offices of the Securities Regulatory Commission of the western region and the local financial bureau was held in Chengdu. The relevant principals of the three exchanges said that they would establish a normalized joint cultivation mechanism and continuously improve the institutional system and service system.

Prevent the misleading effect of pre disclosure of reduction of major shareholders

No matter whether the major shareholders and the directors, supervisors and senior managers release the share increase plan or the share reduction plan, they may be regarded by small and medium-sized investors as an indicator of confidence in the business prospects of listed companies. After all, the major shareholders or the directors, supervisors and senior managers have more information about the actual business conditions and core information of the company. Some small and medium-sized investors follow the increase and decrease plans of major shareholders in the same direction, but the final increase and decrease plans are not implemented or implemented in a very small amount. In both cases, small and medium-sized shareholders may be misled.

The release of new capacity takes time, and the lithium iron phosphate market continues to be in short supply

Although various capitals have officially announced to invest in the construction of lithium iron phosphate capacity this year, the output that has not yet been put into operation and the downstream demand that has increased significantly make the lithium iron phosphate Market in short supply continue to heat up, and the news of rising prices and short supply continue to be heard.

Securities Daily

In November, CPI returned to the "2" era, and the increase of PPI fell back

Affected by the expansion of fresh vegetable prices and non food prices, the year-on-year increase of CPI in November hit a new high in the year. According to the data released by the National Bureau of statistics on December 9, from a year-on-year perspective, CPI rose by 2.3% in November, an increase of 0.8 percentage points compared with October, of which food prices rose by 1.6% and non food prices rose by 2.5%; On a month on month basis, CPI rose by 0.4% in November, down 0.3 percentage points from October.

Four 10 billion yuan private equity investment: A-Shares will be better than us shares in 2022, still dominated by structural characteristics

Recently, Jinglin investment, Xingshi investment, Baoyin investment and Chongyang investment told reporters that since the fourth quarter, there have been many major events in major countries around the world, which have had a certain impact on the financial market. There has been a correction in global stocks, bonds and commodities, reflecting a certain panic in investor sentiment. However, based on the prediction that China's macro-economy will gradually stabilize and recover and that US fiscal and monetary policies will change from loose to tight, the prospect of China's stock market in 2022 is better than that of US stocks.

Cracking down on securities insider trading requires accurate "care" of insiders

Since the beginning of this year, under the law enforcement concept of "zero tolerance", the crackdown of regulators on illegal acts such as insider trading in the capital market has continued to upgrade. According to the data, as of December 9, the CSRC and local securities regulatory bureaus issued 74 tickets for insider trading during the year, with a total fine of 536 million yuan. According to the characteristics of insider trading, the regulatory authorities have taken precise action and "focused attention" on the system.

How to use the "extra money" that accounts for more than half of the over raised shares in the recent month?

According to the data, according to the statistics of the listing date, from November 7 to December 9, more than half of the A-share new shares were over raised, accounting for 53.84%. Previously, the proportion of over offering of new shares from September 7 to October 6 was only 2.94%, and the proportion of over offering of new shares from October 7 to November 6 was 36.59%. The report shows that at present, the over raised funds of listed companies can generally be invested in permanent replenishment of working capital and repayment of bank loans, construction of new projects, increase the investment amount of original raised projects and acquisition of assets.

people's daily

Guide private capital to expand effective investment (economic focus)

In the first three quarters of this year, there were 442 PPP new warehousing projects with an investment of 916.5 billion yuan. Among them, 346 "two new and one heavy" projects were newly put into storage, with an investment of 801.2 billion yuan. As an important starting point for stabilizing growth, promoting reform, adjusting structure and benefiting people's livelihood, PPP mode has played an important role in helping to implement major national strategies by guiding social capital investment and stimulating the vitality of private investment.

21st Century Business Herald

In November, CPI rose 2.3% year-on-year, a new high in the year, and the "scissors difference" between PPI and CPI peaked and fell

With the increasing implementation of the policy of ensuring supply and stabilizing prices, the rapid rise in the prices of energy and raw materials such as coal and metals has been initially curbed. On December 9, the National Bureau of statistics released the price index for November. In November, the national consumer price (CPI) increased by 2.3% year-on-year, an increase of 0.8 percentage points over the previous month. In November, the factory price (PPI) of national industrial producers increased by 12.9% year-on-year, down 0.4 percentage points from the previous month. In November, the scissors gap between PPI and CPI shrank to 10.6%, but still remained at an all-time high.

China has nearly 430 million 5g connections, accelerating the exploration of vertical application market

At present, the global 5g industry is still in the period of large-scale infrastructure investment. According to the latest data of GSMA, by the end of the third quarter of 2021, the global 5g network has grown to 176, and the number of 5g connections has reached about 550 million. Among them, the number of 5g connections in China accounts for 78% of the total number of 5g connections in the world, about 430 million. In the 5g industrial chain, enterprises are exploring new applications of 5g at the consumer and B ends, in which operators play an important role.

China business daily

Northward capital inflows approach the 400 billion mark

On December 9, the net inflow of northbound funds into the A-share market was 21.656 billion yuan, a new high since May 25 this year, and less than 100 million yuan from the historical high (21.723 billion yuan). The annual inflow has reached nearly 398.106 billion yuan, approaching the 400 billion yuan mark. In 2020, the net capital inflow from the north will be 208.932 billion yuan. In other words, the capital inflow from the north will almost double in 2021, reaching a record high.

Why did the central bank "raise the reserve requirement" twice this year

The people's Bank of China has decided to increase the foreign exchange reserve ratio of financial institutions by 2 percentage points from December 15, 2021, that is, the foreign exchange reserve ratio will be increased from the current 7% to 9%. In addition to the strong export and the continuous influx of international funds into China's domestic capital market, the carry trade in the offshore market has further contributed to the rise of RMB in the recent stage, which may also lead to the rapid action of the central bank

economic reference daily

More detailed measures for aging work in the new era will be implemented

The opinions of the CPC Central Committee and the State Council on strengthening the work on aging in the new era was officially issued recently. At the press conference of the state information office on the 9th, relevant heads of multiple departments made a detailed interpretation. Wang Ke, head of the Department of building energy conservation and science and technology of the Ministry of housing and urban rural development, said that in the next step, we will vigorously promote the construction of a livable environment for the elderly in combination with urban renewal and the transformation of old urban communities.

Offline "slimming" integration to promote banking transformation and change

With the rapid development of digital technology, the channel dependence of bank physical outlets has gradually weakened, and the number of closures and cancellations has gradually increased. Insiders suggested that in the era of digital economy, bank outlets should be positioned as a supplement to online channels, accelerate the integration and linkage between online and offline, promote service channel coordination and resource integration, and stimulate bank outlets to give full play to the characteristic functions that online channels do not have.