On Friday, December 17th, the main contents of today’s headlines are:

China Securities Journal

The 757 billion yuan fixed asset investment project was approved in November

Meng Wei, spokesman of the national development and Reform Commission, revealed at a press conference on December 16 that from January to November, the national development and Reform Commission approved 84 fixed asset investment projects with a total investment of 757 billion yuan. In November, 14 fixed asset investment projects were approved, with a total investment of 261.5 billion yuan, mainly in the fields of transportation, energy, water conservancy and so on.

Release of credit risk and welcome the development opportunity of high-yield bond market

Experts believe that the current credit risk in the bond market is generally controllable, and the growth of the balance of defaulted bonds may slow down next year. With the improvement of the prevention and resolution mechanism of default risk in the bond market and the further improvement of the efficiency of default disposal, China’s high-yield bond market may usher in development opportunities.

Core assets rise again, and the consumer sector is more optimistic

For the stock market in 2022, many fund managers agree that the market environment will be significantly better than that in 2021. Large market capitalization stocks will systematically outperform small and medium market capitalization stocks, and the investment focus will return to core assets. From the perspective of sectors, they are more optimistic about the consumer sector, and believe that the electric vehicle sector in the field of new energy has high cost performance.

Liquidity free emerging market high-quality assets welcome investment opportunities

For the prospect of large categories of assets, industry experts said that the market has long expected the policy trend of the Federal Reserve, and the Federal Reserve may still control the pace of tightening in the future. If the economy is too weak, it cannot be ruled out that it will turn to easing again. Therefore, the overall liquidity of the global financial market will remain relatively abundant. In this context, some high-quality emerging market assets are ushering in investment opportunities.

Shanghai Securities News

The 1.46 trillion new special debt limit for next year will be issued ahead of schedule, focusing on the nine directions of transportation infrastructure, energy, ecological and environmental protection

Recently, the Ministry of finance has issued to all localities in advance the new special debt limit of 1.46 trillion yuan next year. In 2022, the special bonds will be mainly used in nine major directions: transportation infrastructure, energy, agriculture, forestry and water conservancy, ecological and environmental protection, social undertakings, urban and rural cold chain and other logistics infrastructure, municipal and industrial park infrastructure, major national strategic projects and indemnificatory housing projects.

Alleviating the operating pressure of small, medium-sized and micro enterprises in the manufacturing industry, the country has handled a total of 78.33 billion yuan of deferred tax payment

The reporter learned from the State Administration of taxation that as of December 8, 2021, a total of 78.33 billion yuan had been delayed in the payment of taxes and fees by small, medium and micro enterprises in the manufacturing industry. Since the implementation of the deferred payment measures, taxpayers have generally reflected that the pressure on taxes and fees has been effectively reduced, the pressure on funds has been effectively alleviated, and the potential for development has been effectively enhanced.

Property insurance recovery “supporting the appearance” and premium performance differentiation of listed insurance companies

The just disclosed premium report card of listed insurance companies in November reflects that the insurance industry is still in a climbing period of deep transformation. Affected by the low base effect, the property insurance sector of listed insurance companies improved year-on-year. In contrast, the year-on-year premium performance of the life insurance sector is differentiated, and the whole is still under pressure.

68 A-share companies spoiled the annual performance of the three industries, and the high-profile demeanor leapt onto the paper

According to statistics, as of December 15, excluding some companies that did not clearly give the scope of increase or decrease, a total of 68 companies “revealed” the annual operating performance through performance forecast and other means. Among them, 49 companies are expected to increase in advance and 1 company is expected to turn around the loss, and the overall pre happy ratio is 73.53%. It can be seen from these pre added companies that the high-profile of the chip industry, titanium dioxide industry, lithium battery raw materials and other industries is very obvious.

securities times

Next year, tax cuts and fees are expected to reach 1 trillion yuan, and the industry’s suggestions and policies are expected to push through the old and bring forth the new

The central economic work conference held recently clearly called for the implementation of new tax reduction and fee reduction policies and strengthened support for small, medium-sized and micro enterprises, individual industrial and commercial households, manufacturing industry and risk resolution. Many experts believe that the tax reduction and fee reduction policy next year will have heavier tasks and greater responsibilities, and the scale is expected to increase and expand. The new tax and fee reduction policy will pay more attention to structure and accuracy. In terms of implementation direction, next year, we can push through the old and bring forth the new on the basis of the current tax policies with outstanding results, and there should be room for personal income tax, enterprise income tax and VAT rebate in key areas.

Sino US monetary policy “peak staggering” operation cross cycle adjustment to meet the favorable window period

On the one hand, the United States has accelerated the pace of tightening monetary policy, on the other hand, China’s moderately loose monetary policy environment. Although the “peak shift” of monetary policy between China and the United States is a “self dominated” policy adjustment made due to the changes of China’s economic situation, as the two largest economies in the world, the spillover effect brought by the shift of monetary policy can not be ignored. At present, it is generally expected that the Federal Reserve will start raising interest rates in the middle of next year. The relatively quiet time in the next six months will provide a favorable window period for China to strengthen cross cyclical regulation and maintain a marginal loose monetary policy environment.

China Securities Association regulates securities companies to carry out the issuance and underwriting business of Beijing stock exchange

The China Securities Association issued two self-discipline rules yesterday, namely, the special provisions on the public offering and underwriting of shares of Beijing stock exchange to unspecified qualified investors and the special provisions on the management of offline investors in the public offering and listing of shares of Beijing stock exchange to unspecified qualified investors, to regulate securities companies to carry out the underwriting business of public offering of shares of Beijing stock exchange, Strengthen the offline investor management of the Beijing stock exchange.

Continuously refresh the high point, and the battery grade lithium carbonate exceeds 230000 yuan per ton

According to the spot price of non-ferrous metals in Shanghai, on December 16, the quotation of battery grade lithium carbonate was 236000 yuan / ton, and the price increased by 4000 yuan / ton in a single day. At the end of November, the price of battery grade lithium carbonate exceeded 200000 yuan per ton. In December, the price continued to rise, with a cumulative increase of 15.68% this month and 402% compared with the same period last year. Recently, due to the sharp increase in demand in the downstream market, there is a shortage of goods, and manufacturers and traders have raised the price of lithium carbonate one after another.

Securities Daily

Break trillion yuan! In the first 11 months, the actual use of foreign capital in China increased by 15.9% year-on-year

On December 16, according to the data released by the Ministry of Commerce, from January to November 2021, the actual amount of foreign capital used in China was 1042.2 billion yuan, a year-on-year increase of 15.9% (equivalent to US $157.2 billion, a year-on-year increase of 21.4%; excluding banking, securities and insurance). In 2020, the actual use of foreign capital in China will be RMB 999.98 billion. It can be seen that in the first 11 months of this year, the actual amount of foreign investment in China has exceeded the level of last year.

Most insurance capital institutions expect A-shares to fluctuate broadly next year and are optimistic about the three investment themes

Recently, the survey questionnaire jointly conducted by China Insurance Asset Management Association China Life Insurance Company Limited(601628) shows that 61% of the 33 executives of insurance asset management companies and insurance companies (including insurance groups) surveyed believe that A-Shares will show a “wide shock” trend next year, and only 3% believe that they will “shock downward”. The three topics most favored by senior executives of insurance capital institutions are new energy, high-end equipment manufacturing and specialization.

The national development and Reform Commission will speed up the short board and promote the interconnection of hubs into networks

Meng Wei, spokesman of the national development and Reform Commission, said that so far, the national development and Reform Commission has led the layout and construction of 70 national logistics hubs, and the hub network covers 29 provinces (autonomous regions and cities) and Xinjiang production and Construction Corps. Next, appropriate support will be given to the construction projects within the scope of national logistics hubs through policy channels such as investment in the central budget and special bonds of local governments, or through recommendation to relevant financial institutions, so as to speed up the completion of the shortcomings of relevant hub facilities and promote the interconnection of hubs.

The number of inter-bank certificate of deposit index funds declared reached 100, and the raising of the first 6 ended

On the evening of December 16, Wells Fargo Fund released the announcement on the effectiveness of the 7-day holding securities investment fund contract of Wells Fargo China interbank certificate of deposit AAA index. So far, the first six inter-bank certificate of deposit index funds have all ended their raising. It is worth noting that in the past three months, more than 70% of fund companies have intensively distributed interbank certificate of deposit fund products, and the total number of applications has reached 100.

people’s daily

The effect of stimulating investment is remarkable, and the debt risk is generally controllable

The central economic work conference proposed that active fiscal policies should improve efficiency and pay more attention to accuracy and sustainability. Strengthening and improving the management of local government special bonds is conducive to further improving the efficiency of active fiscal policy, driving the expansion of effective investment and properly coping with internal and external shocks and downward pressure on the economy.

21st Century Business Herald

The CBRC plans to promote a reasonable downward trend in the interest and fee level of credit cards and prohibit the long-term sleep card rate from exceeding 20%

The CBRC issued the notice on further promoting the standardized and healthy development of credit card business (Draft for comments). The notice clearly states that banks should scientifically determine the level of credit card interest and fee, continue to take effective measures, and resolutely promote the reasonable decline of credit card interest and fee. The notice requires banks to strengthen the dynamic monitoring and management of sleep credit cards, and the proportion of the number of long-term sleep credit cards with no active transactions by customers for more than 18 consecutive months, current overdraft balance and zero excess payment in the total issued amount of the institution shall not exceed 20% at any time point.

The change of energy consumption assessment mode is conducive to “steady growth”

Recently, the central economic work conference was held, in which the issues of energy consumption control and carbon emission were clearly expounded, pointing out that it is necessary to conduct scientific assessment, new renewable energy and raw material energy consumption should not be included in the total energy consumption control, create conditions to realize the transformation from dual control of energy consumption to dual control of total carbon emission and intensity as soon as possible, and accelerate the formation of an incentive and restraint mechanism for pollution and carbon reduction.

China business daily

Drive the expansion of effective investment and stabilize the economy. There will be new arrangements for local bonds next year

On December 16, at the regular policy briefing of the State Council, Vice Minister of Finance Xu Hongcai and others introduced the situation of strengthening and improving local government debt management, clarified the ideas and main work of stabilizing investment in local debt issuance next year, and released the heavy signal of never relaxing debt management and resolutely not leaving future risks. For example, Xu Hongcai introduced that the new special debt limit of 1.46 trillion yuan next year has been issued to local governments and will be used in the first quarter of next year, which will provide strong support for stabilizing the macro-economic market.

The power of big banks to attract storage at high interest rates is weakened, and the pressure of small banks to make a good start is not reduced

Insiders said that in recent years, the supervision has strengthened the constraints on banks to solicit deposits in the form of “unfair competition”, adding that the overall liquidity tends to be loose, the pressure on large banks to solicit deposits is small, and the asset side pressure such as fee reduction and profit transfer has also weakened the power of banks to solicit deposits at high interest rates. However, the high demand for time point scale still exists, and small and medium-sized banks are more urgent. Just recently, many local small and medium-sized banks held a “good start” mobilization meeting.

economic reference daily

Clear path map for multi-channel tapping potential and expanding domestic demand next year

The central economic work conference held recently stressed that “we should implement the strategy of expanding domestic demand and enhance the endogenous driving force of development.” The reporter noted that in recent days, a number of relevant departments have made intensive sound and deployed from the aspects of expanding consumer demand, moderately advanced infrastructure and overweight regional development. The path map of expanding domestic demand in 2022 has been gradually clarified.

Intensive deployment of portfolio policies to stimulate the innovation vitality of enterprises

Recently, many parties have made frequent arrangements to further strengthen the dominant position of enterprises in innovation. In particular, policies will be specially studied and formulated for small and medium-sized enterprises to improve their innovation ability and specialization level, broaden diversified financing channels and stimulate the driving force of enterprise innovation and development.