Key investment points:
In November, Caixin manufacturing PMI fell below the boom and bust line. The manufacturing PMI of Caixin China in November released on December 1 recorded 49.9, down 0.7 percentage points from October, and again below the boom and bust line after August, reflecting the slowdown in the repair process of the manufacturing industry. This trend deviated from the official manufacturing PMI released the day before. The manufacturing PMI released by the National Bureau of statistics in November recorded 50.1, up 0.9 percentage points from October, ending the contraction trend for two consecutive months and returning to the expansion range.
Overall, Caixin’s manufacturing outlook was basically stable in November. In terms of production and supply, the production capacity began to repair after the power supply shortage was alleviated and the cost pressure of enterprises was relieved under the decline of bulk commodities. However, affected by demand, the repair range of supply is limited and the foundation is not solid enough. The production and operation of enterprises still receive certain cost constraints, superimposed with weak domestic demand, and the downward pressure on the economy may still exist.
Increase in financing balance. On November 30, the balance of A-share financing was 1723.923 billion yuan, an increase of 3.428 billion yuan month on month; The balance of margin trading was 1852.662 billion yuan, an increase of 1.501 billion yuan month on month. The balance of financing minus securities lending was 1595.184 billion yuan, an increase of 5.355 billion yuan month on month.
Net purchase of northbound funds. On December 1, the net purchase transaction of land stock connect on that day was 3.001 billion yuan, including 55.303 billion yuan of purchase transaction and 52.302 billion yuan of sales transaction, with a cumulative net purchase transaction of 1548.587 billion yuan. Hong Kong stock connect had a net purchase turnover of HK $1.624 billion on the same day, including a purchase turnover of HK $14.938 billion and a sale turnover of HK $13.314 billion, with a cumulative net purchase turnover of HK $213.657 billion.
Money market interest rates fell. On December 1, Bank Of Shanghai Co.Ltd(601229) inter-bank offered rate Shibor overnight interest rate was 2.0170%, down 15.60bp, Shibor one week was 2.1210%, down 17.60bp. The weighted interest rate of pledged repo of deposit institutions was 1.9999% overnight, down 17.65bp and 2.0914% a week, down 30.36bp.
All three major U.S. stocks ended lower, while European stock markets generally rose. On December 1, the Dow Jones Industrial Average closed at 34022.04 points, down 1.34%; The S & P 500 index closed at 4513.04 points, down 1.18%; The NASDAQ index closed at 15254.05, down 1.83%. European stock markets, French CAC index closed at 6881.87 points, up 2.39%; Germany’s DAX index closed at 15472.67 points, up 2.47%; The FTSE 100 index closed at 7168.68, up 1.55%. In the Asia Pacific market, the Nikkei index closed at 27935.62 points, up 0.41%; The Hang Seng Index closed at 23658.92, up 0.78%.
The dollar index rose. On December 1, the dollar index rose 0.15% to 96.0407. The euro fell 0.17% against the dollar to 1.1321. The dollar fell 0.33% against the yen to 112.7700. Sterling fell 0.20% against the dollar to 1.3276. The spot exchange rate of RMB against the US dollar closed at 6.3705, depreciating by 0.01%. The spot exchange rate of offshore RMB against the US dollar closed at 6.3732, depreciating by 0.13%. The central parity rate of RMB against the US dollar closed at 6.3693, up 0.16%.
Gold rose and crude oil fell. On December 1, Comex gold futures rose 0.39% to close at US $1783.10/oz. WTI crude oil futures fell 1.93% to close at US $65.71/barrel. Brent crude oil futures fell 1.82% to US $68.94/barrel. COMEX copper futures fell 1.80% to close at US $4.2310/lb. LME copper three-month futures fell 0.83% to close at US $9373 / ton.
