Key points of report
The people's Bank of China held the 2022 working conference. Next year, the central bank will continue to maintain the growth rate of money supply and social financing scale, which basically matches the economic growth, which means that the overall monetary policy is still neutral. Next year, the central bank will continue to promote the steady decline of comprehensive financing costs of enterprises. The measures to achieve this goal include improving the formation and transmission mechanism of market-oriented interest rates, and the financial system will continue to transfer profits to the real economy. This means that it is less likely to reduce the MLF interest rate. Next year, the central bank will accurately increase financial support in key areas, and small and micro enterprises, scientific and technological innovation, carbon peak carbon neutralization, Rural Revitalization and other fields will receive greater support.
Summary:
Asset performance and capital changes:
The top five prices of Chinese commodities: red jujube 2.00%, glass 1.41%, Liandou 1.33%, Shanghai glue 0.84%, No. 20 glue 0.59%; Coke - 7.17%, coking coal - 5.32%, thread - 4.65%, hot coil - 4.35%, iron ore - 3.99%
The top 500 million yuan of precipitation capital inflow and outflow: Shanghai nickel 0.87, fuel oil 0.54, starch 0.19, red jujube 0.16 and crude oil 0.08; Iron ore-4.58, thread-3.69, hutong-2.47, hulai-2.43, coke-1.95
Inflow and outflow of precipitation funds from the sector (RMB 100 million): non ferrous metals -2.11, Shenzhen Agricultural Products Group Co.Ltd(000061) - 6.23, energy and chemical industry -9.93 and black building materials -13.08
Important news and economic data:
In November, the profits of Industrial Enterprises above designated size increased by 9% year-on-year, and the former value increased by 24.6%; From January to November, industrial enterprises above Designated Size achieved a total profit of 7975.01 billion yuan, a year-on-year increase of 38%.
The people's Bank of China held the 2022 working conference. The prudent monetary policy in 2022 should be flexible and appropriate. We will make comprehensive use of a variety of monetary policy tools to maintain reasonable and sufficient liquidity, enhance the stability of the growth of total credit, increase support for the real economy, and keep the growth rate of money supply and social financing scale basically matching that of the real economy.
The national financial work video conference was held in Beijing. The meeting requested that in 2022, we should focus on the sound and effective macro policies, the continuous stimulation of the vitality of market players by micro policies, the efforts to smooth the national economic cycle by structural policies, the solid implementation of science and technology policies, and the activation of development momentum by reform and opening up policies... Give full play to the role of finance, identify the starting point of policies and strengthen policy coordination.
The National Conference of directors of agricultural and rural departments was held in Beijing. The meeting stressed the need to overcome difficulties and expand the planting of soybean oil. We must take expanding soybean oil production as a major political task to be completed next year.
Risk tip: transmission of Omicron mutant virus
