On Wednesday, December 8th, the main contents of today’s headlines are:

China Securities Journal

The central bank lowered the interest rate of small refinancing for agricultural support

After the announcement of the comprehensive RRR reduction, the market ushered in a “targeted interest rate reduction”. According to the table of refinancing and rediscount interest rates of the people’s Bank of China, since December 7, the three-month, six-month and one-year interest rates of agricultural and small refinancing have been reduced by 0.25 percentage points to 1.70%, 1.90% and 2.00% respectively.

Convertible bonds rose “above the crowd” this year, and structural opportunities can be expected next year

After hitting a new high of 435.32 points for more than six years, the CSI convertible bond index continued to make a sharp correction. According to the analysis of insiders, the trading volume and price of convertible bonds rose this year, highlighting the prosperity of market supply and demand. At present, the valuation of convertible bonds has been at a high level and the cost performance has decreased. It is necessary to beware of the risk of high valuation fluctuation and avoid the “double high” individual bonds with high price and high valuation. However, under the background of improved market liquidity and rich target levels, there is no lack of structural opportunities in the future. In 2022, the convertible bond market may continue the two-way expansion momentum of supply and demand.

In November, the scale of foreign reserves rebounded slightly, and the cross-border capital flow was generally stable

According to the data released by the State Administration of foreign exchange on December 7, by the end of November 2021, the scale of China’s foreign exchange reserves was US $322.4 billion, an increase of US $4.8 billion or 0.15% over the end of October. Experts said that under the combined effect of factors such as exchange rate conversion and asset price changes, the scale of foreign exchange reserves increased slightly in November. In the next stage, China’s economic operation will be generally stable and continue to recover, and the scale of foreign exchange reserves will continue to be generally stable.

Excess return track narrowed and new energy funds gathered to “break through”

In 2021, the new energy track will shine, and the net value of the new energy fund will be “rising day by day”, including the “doubling base” with the net value rising by 100%. Under the guidance of the “double carbon” goal, the public offering has always paid attention to the topics related to new energy. Some fund managers said frankly that the investment cost performance advantage of leading companies of new energy vehicles is no longer significant. Next, we should look for excess returns in subdivided fields and characteristic companies such as photovoltaic and lithium batteries.

Shanghai Securities News

In November, the import scale reached a new high in the year, and China’s foreign trade continued to grow rapidly

According to the latest data released by the General Administration of Customs yesterday, China’s foreign trade continued to maintain a rapid growth trend in November, with a total import and export value of 3.72 trillion yuan, a year-on-year increase of 20.5%. Among them, the import scale reached a new high this year, and the export growth rate decreased compared with last month, but it still maintained a high level. Experts predict that in the future, China’s exports will remain resilient, imports will remain stable, and the rapid growth of foreign trade throughout the year can be expected.

The monetary policy was precise and forceful, and the interest rate of small re loans to support agricultural expenditure was lowered

As soon as the news of the comprehensive RRR reduction was implemented, the structural monetary policy tools began to work accurately again. The people’s Bank of China announced yesterday that it would cut the interest rate of refinancing for agriculture and small loans by 0.25 percentage points from December 7. After this reduction, the three-month, six-month and one-year refinancing rates for agriculture and small loans were 1.7%, 1.9% and 2% respectively.

Ten departments start the pilot work of evaluation and reform of scientific and technological achievements, and it is required to give full play to the role of financial investment

The Ministry of science and technology, the Ministry of finance, the Ministry of human resources and social security and other ten departments recently jointly launched the pilot work of evaluation and reform of scientific and technological achievements. The pilot work requires giving full play to the role of financial investment in the evaluation of scientific and technological achievements.

Niuji’s “unique heavy position stocks” change, and new energy is still favored

Near the end of the year, the dispute over the ranking of active equity funds is full of smoke. Since November, the top fund managers in this year’s performance ranking have entered a sprint state. The “unique heavy position stocks” of fund managers such as Cui Chenlong and Zhong Shuai have a strong momentum, and the best stocks have even increased by more than 100%. Not only that, they also stepped up their research on listed companies to find the last “weight” in the ranking war. It is understood that the new energy industry chain is still favored by many Niuji managers.

securities times

China’s economic impression in 2021: new pace, new weather and new prospect

Since the beginning of this year, in the face of complex and profound changes in China’s external environment, China has made a good start in the 14th five year plan. Starting today, this newspaper has launched a series of reports on the “prospect of the central economic work conference”, expounding the highlights of economic development, analyzing macro policies, and looking forward to the new achievements of the capital market in further serving the real economy.

Equity auction is cold, and great changes are taking place in the banking industry

Recently, the 180 million shares of Xinwang bank were auctioned in a “flow auction”. After the evaluation price and starting price were reduced, there were still few bidders. Not only Xinwang bank, but also many private banks such as Suning bank, Jincheng bank, Huarui bank, Xishang bank and Beijing Centergate Technologies (Holding) Co.Ltd(000931) bank have been cold in recent years.

35.39 trillion! China’s total import and export value in the first 11 months exceeded that of last year

Data released by the General Administration of Customs yesterday showed that in the first 11 months of this year, China’s total import and export value was 35.39 trillion yuan, a year-on-year increase of 22%, which has exceeded the scale of the whole year in 2020. In a single month, in November, the growth rate of total import value significantly exceeded market expectations, with a year-on-year increase of 26% and a month on month increase of 16.6%, while the growth rate of total export value also remained resilient. Market institutions believe that due to the repeated global epidemic, the resilience of overseas demand growth and the complex internal causes of supply chain recovery, the inflection point of export will come later than expected.

Private placement reduces its position and will embrace the medium and long-term boom in the coming year

According to the data, as of November 26, the overall position index of private equity was 75.29%, with a month on month reduction of 0.61%, breaking the low point of the year. Among them, 52.57% of the private equity positions exceeded 80%, 29.47% of the private equity positions ranged from 50% to 80%, and 4.61% of the private equity positions were less than 20%. Ten billion private placement reduced its positions the most in the second half of the year. For next year’s stock market, private placement generally holds a positive attitude. When it comes to specific opportunities, some high boom tracks are mentioned most.

Securities Daily

Further RRR reduction is still expected, and the yield of next year’s 10-year Treasury bond may hit below 2.7%

On December 6, the central bank announced that it decided to reduce the deposit reserve ratio of financial institutions by 0.5 percentage points on December 15 (excluding financial institutions that have implemented the 5% deposit reserve ratio). After this reduction, the weighted average deposit reserve ratio of financial institutions is 8.4%. The RRR reduction released a total of about 1.2 trillion yuan of long-term funds.

15 departments including the Ministry of Commerce: establish an integrated County business network system in 2025

According to the news on the official website of the Ministry of Commerce on December 7, 15 departments including the Ministry of Commerce recently issued the guide for County commercial construction (hereinafter referred to as the guide). The guide points out that by 2025, an integrated County commercial network system with county as the center, township as the focus, village as the basis, reasonable division of labor and perfect layout will be established.

Economic data Outlook: CPI year-on-year growth rate or over 2% in November, and PPI year-on-year decline

On December 9, the National Bureau of statistics will release the national CPI (consumer price index) and PPI (factory price index of industrial producers) data in November. Experts interviewed by the Securities Daily predicted that CPI will rise year-on-year in November and PPI probability will decline year-on-year.

The total value of China’s foreign trade import and export has been growing for 18 consecutive months. Experts predict that exports will still have strong toughness in the fourth quarter

On December 7, the General Administration of Customs released data that in the first 11 months of this year, China’s total import and export value was 35.39 trillion yuan, an increase of 22% year-on-year and 24% over the same period in 2019. Denominated in US dollars, China’s total import and export value in the first 11 months was US $5.47 trillion, a year-on-year increase of 31.3% and 31.9% over the same period in 2019.

21st Century Business Herald

The meeting of the Political Bureau of the CPC Central Committee set the tone to promote the “virtuous circle” of the real estate industry next year

On December 6, the Political Bureau of the CPC Central Committee held a meeting to analyze and study the economic work in 2022. The meeting stressed that next year’s economic work should be stable and seek progress while maintaining stability. Housing is not only about development, but also about people’s livelihood. The meeting of the Political Bureau of the CPC Central Committee held on June 6 made it clear that we should promote the construction of affordable housing, support the commercial housing market to better meet the reasonable housing needs of buyers, and promote the healthy development and virtuous cycle of the real estate industry.

The era of blood glucose digital management is coming: can the intensive approval of domestic monitoring “black technology” break the monopoly of multinational giants?

China’s huge patient base will support the broad market space of disruptive new technology continuous glucose detection (CGM). As the world’s largest diabetic country, China has 129 million 800 thousand patients, of whom two accounted for over 90%.

China business daily

Tel Aviv, Israel, the “world’s most expensive city”: Chinese say income can’t catch up with price inflation, and the impact will continue next year

Since the outbreak of covid-19 epidemic, a series of factors have pushed up global inflation. Due to the tight supply chain and changes in consumer demand, the cost of living in many big cities around the world has risen sharply. Based on the cost of living, where is the most expensive city in the world? Not Paris, not Zurich, not Singapore, but Tel Aviv, Israel.

The shortage of chips has led to chaos in automobile sales: dealers increase prices and scalpers resell orders

“We just stopped receiving new orders and did not stop production. For some dealers’ price increase sales complained by customers, we also require dealers to deliver in order in strict accordance with the contract price.” On December 7, relevant persons of Chang’an New Energy Technology Co., Ltd. (hereinafter referred to as “Chang’an new energy”) told the first financial reporter.

economic reference daily

In 2022, the economic policy will adhere to seeking progress while maintaining stability

It can be seen from the just concluded meeting of the Political Bureau of the CPC Central Committee that the economic work in 2022 will adhere to the general tone of seeking progress while maintaining stability, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, comprehensively deepen reform and opening up, adhere to innovation driven development, promote high-quality development, and adhere to the supply side structural reform as the main line, We will make overall plans for epidemic prevention and control, economic and social development, development and security, continue to do a good job in the “six stabilities” and “six guarantees”, continue to improve people’s livelihood, strive to stabilize the macro-economic market, maintain economic operation within a reasonable range, maintain overall social stability, and welcome the successful convening of the 20th National Congress of the party.

Entering the countdown to the end, a number of state-owned enterprise reforms reached the standard ahead of time

Accelerate the construction of a general pattern of state-owned assets supervision, break the inertia of “one size fits all” and deepen classified supervision; Scientific authorization and decentralization, so as to “untie” at all levels and give maximum support to innovation; Implement differentiated management and control, and explore and implement a governance and supervision mechanism different from that of solely state-owned companies for mixed ownership enterprises and equity diversified companies; Strictly investigate the responsibility for violations and make the state-owned assets supervision “live”… At the special promotion meeting on strengthening professional, systematic and legal supervision (hereinafter referred to as “three modernizations” supervision) on December 6, the office of the leading group for state-owned enterprise reform of the State Council stressed that strengthening the “three Modernizations” supervision is one of the key tasks of the three-year action of state-owned enterprise reform, The next step is to highlight the key links.