Key investment points:
CSRC: ensure the smooth implementation of registration system reform
On December 13, Yi Huiman, chairman of the CSRC, presided over the Party committee (enlarged) meeting, conveyed and studied the spirit of the central economic work conference, and studied and deployed the systematic implementation of the CSRC.
The meeting mentioned that we should make solid and detailed preparations for politics, ideology, business and technology to ensure the smooth implementation of reform. Scientifically and reasonably maintain the normalization of IPO and refinancing, actively play the role of the main channel of M & A and reorganization in the capital market, expand the pilot of public offering REITs in the field of infrastructure, and support qualified enterprises to issue bonds for financing. Adhere to the bottom line thinking and continue to consolidate the effectiveness of risk prevention and control in key areas of the capital market. We will steadily resolve the risk of bond default. Correctly understand and grasp the characteristics and behavior laws of capital, set up “traffic lights” for capital, strengthen the effective supervision of capital according to law, and effectively control its negative effects.
The enlarged meeting of the Party committee of the CSRC conveyed the spirit of the central economic work conference, clarified the definition of “traffic lights” for capital, played a positive role and restrained the negative role at the same time. In terms of the full implementation of the registration system, we should ensure the smooth implementation. We believe that the full registration system reform is likely to be implemented in 2022, so as to promote the function of the capital market to support the real economy and its own healthy development.
National Development and Reform Commission: solidly promote the construction of 102 major projects and moderately advance infrastructure investment
On December 11, the national development and reform work conference was held in Beijing. We will solidly promote the construction of 102 major projects in the 14th five year plan, moderately advance infrastructure investment, give play to the guiding role of government investment, and encourage and guide private capital to participate in the construction of short board projects such as transportation, logistics, ecological environment and social undertakings.
The meeting emphasized strengthening the construction of energy production, supply, storage and marketing system. Give full play to the role of inter ministerial coordination mechanism for coal, electricity, oil and gas transportation support, and ensure the supply of coal, electricity and natural gas. Build first, then break, and orderly promote the adjustment and optimization of energy structure, actively promote the construction of large-scale wind power and photovoltaic bases focusing on deserts, Gobi and desert areas, and continue to give full play to the peak shaving and bottom-up supply of traditional energy, especially coal and coal power.
Fiscal policy will be advanced, and it is expected that the growth rate of infrastructure investment in the first quarter of next year will be significantly stabilized compared with this year. In addition, while maintaining the supply of traditional energy will continue to advance steadily, and continue to actively promote the construction of new energy power, which fully reflects the principle of building first and then breaking.
Financing funds
On December 10, the balance of A-share financing was 1723.965 billion yuan, an increase of 1.439 billion yuan month on month; The balance of margin trading was 1842.336 billion yuan, an increase of 16 million yuan month on month. The balance of financing minus securities lending was 1605.594 billion yuan, an increase of 2.863 billion yuan month on month.
Land stock connect and Hong Kong stock connect
On December 13, the net purchase turnover of land stock connect on that day was 5.366 billion yuan, including 69.151 billion yuan of purchase turnover and 63.785 billion yuan of sales turnover, with a cumulative net purchase turnover of 1615.029 billion yuan. Hong Kong stock connect had a net purchase transaction of HK $3.328 billion on that day, including a purchase transaction of HK $17.98 billion and a sale transaction of HK $14.651 billion, with a cumulative net purchase transaction of HK $2159.026 billion.
money market
On December 13, Bank Of Shanghai Co.Ltd(601229) inter-bank offered rate Shibor overnight interest rate was 2.1080%, up 30.10bp, Shibor weekly interest rate was 2.1970%, up 1.30bp. The weighted interest rate of pledged repo of deposit institutions was 2.1082% overnight, up 30.51bp and 2.1768% a week, up 3.57bp. The 10-year yield to maturity of China national debt was 2.8200%, down 3.50bp.
Overseas stock market
On December 13, the Dow Jones Industrial Average closed at 35650.95 points, down 0.89%; The S & P 500 index closed at 4668.97 points, down 0.91%; The NASDAQ index closed at 15413.28, down 1.39%. European stock markets, French CAC index closed at 6942.91 points, down 0.70%; Germany’s DAX index closed at 15621.72 points, down 0.01%; The FTSE 100 index closed at 7231.44, down 0.83%. In the Asia Pacific market, the Nikkei index closed at 28640.49 points, up 0.71%; The Hang Seng Index closed at 23954.58, down 0.17%.
Foreign exchange rate
On December 13, the dollar index rose 0.32% to 96.3529. The euro fell 0.29% against the dollar to 1.1283. The dollar rose 0.18% against the yen to 113.5850. Sterling fell 0.41% against the dollar to 1.3214. The spot exchange rate of RMB against the US dollar closed at 6.3631, up 0.11%. The spot exchange rate of offshore RMB against the US dollar closed at 6.3755, up 0.02%. The central parity rate of RMB against the US dollar closed at 6.3669, up 0.05%.
Gold, crude oil
On December 13, Comex gold futures rose 0.24% to close at US $1787.40/oz. WTI crude oil futures fell 1.15% to close at US $71.13/barrel. Brent crude oil futures fell 1.26% to close at US $74.32/barrel. COMEX copper futures fell 0.02% to close at US $4.2930/lb. LME copper three-month futures rose 0.12% to close at US $9465 / ton.
