Key investment points:
Yi Gang, governor of the central bank: the special tool to support carbon peak and carbon neutralization is expected to be implemented before the end of the year. Yi Gang, governor of the central bank, recently accepted an interview with Xinhua News Agency reporters on hot issues in the financial field.
Yi Gang said that in 2022, the central bank will further enhance the ability of financial services to the real economy. Specifically, it is mainly reflected in three “stabilities”:
First, the total amount of money and credit increased steadily. Keep the growth rate of money supply and social financing scale basically match the economic growth. Second, the financial structure has been steadily optimized. Next, we will implement precise policies to guide financial institutions to increase support for the real economy, especially small and micro enterprises, scientific and technological innovation and green development, and support high-quality development. Third, the comprehensive financing cost decreased steadily. This year, the average interest rate of enterprise loans has been below 5%, a new low since statistics. The next step will be to improve the formation and transmission mechanism of market-oriented interest rates, give play to the efficiency of the reform of quoted interest rates in the loan market, and promote the steady decline of comprehensive financing costs of enterprises.
On the continuous transformation of the two direct tool policies: first, implement the inclusive small and micro loan support tool. From 2022 to the end of June 2023, the people’s Bank of China will provide funds at 1% of the balance increment for the inclusive small and micro enterprises and individual industrial and commercial households granted by local corporate banks to encourage the increase of inclusive small and micro loans; Second, inclusive small and micro credit loans will be included in the management of the agricultural support small refinancing support plan. The 400 billion yuan refinancing line originally used to support inclusive small and micro credit loans can be used on a rolling basis, and the refinancing line can be further increased if necessary.
On carbon neutralization tools for carbon peak: in November, the central bank launched two special tools to support carbon peak carbon neutralization. One is the carbon emission reduction support tool, which supports three key areas: clean energy, energy conservation and environmental protection, and carbon emission reduction technology. The other is to support the special refinancing for clean and efficient utilization of coal, and support seven fields such as clean production of coal and the application of clean combustion technology, which not only ensure the security of energy supply, but also contribute to scientific and orderly carbon reduction.
It is expected that the first batch of funds will be released to financial institutions before the end of this year. The launch of the two tools and policies should pay more attention to the role of the market, encourage social funds to invest more in green and low-carbon fields, and help achieve the goal of carbon peak and carbon neutralization in a scientific and orderly manner.
About the risk events of real estate enterprises: in the early stage, individual real estate enterprises were exposed to risks due to their own poor management, blind diversified expansion and other factors. After individual real estate enterprises were in danger, relevant departments and local governments have actively taken measures to steadily and orderly resolve risks and meet the normal financing needs of residents and real estate enterprises. Market expectations are gradually improving. The structural adjustment of the real estate market is conducive to the formation of a new real estate development model and the realization of a virtuous circle and healthy development of the real estate industry.
On the whole, next year’s monetary policy will be stable and loose on the whole, and the aggregate and structural policies will exert force to help the development of the real economy. Green tools began to land. As a long-term development direction in the future, the dual carbon field has a large imagination space for green credit.
The financing balance increased. On December 27, the financing balance of A-Shares was 1718.432 billion yuan, an increase of 3.469 billion yuan month on month; The balance of margin trading was 1834.892 billion yuan, an increase of 2.912 billion yuan month on month. The balance of financing minus securities lending was 1601.973 billion yuan, an increase of 4.027 billion yuan month on month.
Net inflow of land stock connect and net outflow of Hong Kong stock connect. On December 28, the net purchase transaction of land stock connect on that day was 1.293 billion yuan, including 55.150 billion yuan of purchase transaction and 53.857 billion yuan of sales transaction, with a cumulative net purchase transaction of 162.201 billion yuan. Hong Kong stock connect had a net purchase transaction of HK $1.711 billion on the same day, including a purchase transaction of HK $15.704 billion and a sale transaction of HK $17.415 billion, with a cumulative net purchase transaction of HK $2184.8 billion.
Money market interest rates fell. On December 28, Bank Of Shanghai Co.Ltd(601229) inter-bank offered rate Shibor overnight interest rate was 1.6160%, down 16.20bp, Shibor one week was 2.2450%, down 6.70bp.
The weighted interest rate of pledged repo of depository institutions was 1.5696% overnight, down 19.96bp and 2.2870% a week, down 12.86bp. The 10-year yield to maturity of China national debt was 2.8004%, down 1.24bp.
US stocks were mixed, while European stocks rose. On December 28, the Dow Jones Industrial Average closed at 36398.21 points, up 0.26%; The S & P 500 index closed at 4786.35 points, down 0.10%; The NASDAQ index closed at 15781.72, down 0.56%. European stock markets, French CAC index closed at 7181.11 points, up 0.57%; Germany’s DAX index closed at 15963.70, up 0.81%. In the Asia Pacific market, the Nikkei index closed at 29069.16 points, up 1.37%; The Hang Seng Index closed at 23280.56, up 0.24%.
The dollar index rose. On December 28, the dollar index rose 0.10% to 96.1703. The euro fell 0.16% against the dollar to 1.1310. The dollar fell 0.05% against the yen to 114.8250. Sterling fell 0.10% against the dollar to 1.3431. The spot exchange rate of RMB against the US dollar closed at 6.3713, up 0.02%.
The spot exchange rate of offshore RMB against the US dollar closed at 6.3748, up 0.01%. The central parity rate of RMB against the US dollar closed at 6.3728, depreciating by 0.07%.
Gold fell, crude oil rose and copper fell. On December 28, Comex gold futures fell 0.34% to close at US $1806.60/oz. WTI crude oil futures rose 0.14% to close at US $76.05/barrel. Brent crude oil futures rose 0.32% to close at US $78.87/barrel. COMEX copper futures fell 0.66% to close at US $4.4360/lb. LME copper three-month futures fell 0.00% to close at US $9597 / ton.
(Donghai securities)
