The market retaliatory rebound is coming!
On the afternoon of March 16, the market heard the contents of the heavy meeting. According to Xinhua news agency, on March 16, the financial stability and Development Commission of the State Council held a special meeting to study the current economic situation and capital market problems. The meeting pointed out that with regard to macroeconomic operation, we must implement the decision-making and deployment of the Party Central Committee, earnestly invigorate the economy in the first quarter, actively respond to monetary policies, and maintain a moderate growth in new loans. With regard to real estate enterprises, we should timely study and put forward effective risk prevention and resolution solutions, and put forward supporting measures for the transformation to a new development model. With regard to China concept shares, at present, the regulatory authorities of China and the United States have maintained good communication, have made positive progress, and are working to form a specific cooperation plan. The Chinese government continues to support all kinds of enterprises to list abroad. With regard to the governance of platform economy, relevant departments should improve the established plan in accordance with the principles of marketization, legalization and internationalization, adhere to seeking progress in stability, steadily promote and complete the rectification of large platform companies as soon as possible through standardized, transparent and predictable supervision, and set up red and green lights to promote the steady and healthy development of platform economy and improve international competitiveness. We should strengthen cooperation between Hong Kong and the mainland on financial market stability.
After the meeting of the financial commission, the central bank, the CSRC and the cbcirc quickly held a special meeting to convey, study and implement the spirit of the meeting.
Stimulated by the above-mentioned heavy benefits, A-Shares and Hong Kong stocks have risen in a straight line. Among them, the A-share gem index rose by more than 5%, and the total market value of A-Shares increased by 2.9 trillion yuan. In terms of Hong Kong stocks, the Hang Seng Index rose 9.08% and the Hang Seng technology index rose 22.2%, the largest one-day increase in history.
Hang Seng technology index rose more than 22%
more than 30% rise in star technology stocks
On March 16, the main indexes of Hong Kong stocks rose sharply. From the Hengsheng technology index, the -SW of the world’s data rose by over 48%, and the beep -SW increased by over 40%. Jingdong group -SW and Ctrip group -S rose 35%, Kwai -W, ideal car -W rose by over 34%, Jingdong health, Xiaopeng automobile -W, and the United States -W -W rose by over 32%. Tencent, Alibaba, US group, Kwai Fu, Baidu group and other platform companies rose sharply, and the total market value increased by more than 14000 billion Hong Kong dollars per day.
The data showed that on the 16th, the southward capital inflow was HK $7.873 billion again, with a total net inflow of HK $47.553 billion since March, and an inflow of HK $95.971 billion during the year. On the 16th, the total market value of Hong Kong stocks increased by HK $411319 billion.
In terms of news, it is reported that the Hong Kong SAR government held an anti epidemic press conference on March 16. Chief executive Carrie Lam said that the international environment was complex and local financial markets were impacted. Although Hong Kong, as an international financial center, could not stay out, Hong Kong’s financial stability and market supervision were not affected by the recent stock market fluctuations. She stressed that Hong Kong’s financial, monetary and market supervision system remained sound.
gem index rose by more than 5%
and more than 4300 individual stocks in the two cities are popular
The A-share market staged a rebound, with the gem index up more than 5%, the Shenzhen Component Index up more than 4% and the Shanghai index up more than 3%. Stocks in the two cities showed a general upward trend, with more than 4300 stocks flying red and 137 stocks rising by the limit. The market profit-making effect was excellent.
In addition, all kinds of “Mao” generally rose sharply. As of the close, the core asset index rose 4.02%.
In addition, Kweichow Moutai Co.Ltd(600519) with a market value of 2104.1 billion yuan rose 4.49%; Contemporary Amperex Technology Co.Limited(300750) rose 8.61% with a market value of 1172.7 billion yuan, and the share price closed above 500 yuan at 503.10 yuan.
In terms of stock index futures, the three futures indexes all rose significantly. According to Wenhua financial data, as of the closing, the main contract if2203 of CSI 300 index, ih2203 of SSE 50 index and ic2203 of CSI 500 index rose by 3.69%, 4.11% and 2.66% respectively.
Data show that as of the close, the travel index rose by more than 9%, the air transport and airport index rose by more than 8%, and online tourism rose by nearly 8%.
In terms of stocks, as for travel travel travel only, in terms of travel travel only, the Omnijoi Media Corporation(300528) morethan 20 stocks such as and so on rose by the daily limit China Southern Airlines Company Limited(600029) , Air China Limited(601111) , China Eastern Airlines Corporation Limited(600115) all rose by the limit.
In addition, the concept of non bank finance gained momentum, and the Shenwan non bank financial index rose 5.57%. Among them, the Gi Technologies Group Co.Ltd(300309) forexample, Orient Securities Company Limited(600958) rose by more than 8%, and China International Capital Corporation Limited(601995) rose by more than 7%.
Contemporary Amperex Technology Co.Limited(300750) industrial chain also shines brightly, middle-aged stocks, Jiangsu Dingsheng New Material Joint-Stock Co.Ltd(603876) , Fujian Mindong Electric Power Limited Company(000993) limit.
Recently, the concept of electronic ID card in the popular concept sector continued to be strong. As of the close, the electronic ID card index rose by more than 4%.
interpretation of key points of the financial committee meeting
According to Xinhua news agency, on March 16, the financial stability and Development Commission of the State Council held a special meeting to study the current economic situation and capital market problems.
The meeting positively responded to a series of market concerns, such as monetary policy regulation, rectification of large platform companies, real estate market, China concept shares, China US regulatory cooperation, Hong Kong market stability, financial policy formulation and so on.
focus 1: proactive response to monetary policy
organization: determination to stabilize growth unprecedented
With regard to macroeconomic operation, the meeting of the Finance Committee stressed that it is necessary to implement the decision and deployment of the Party Central Committee, effectively revitalize the economy in the first quarter, actively respond to monetary policies, and maintain a moderate growth in new loans.
In the context of the “good start” of the economy, the expectations of some market participants for the steady growth policy once wavered. “The meeting of the Finance Committee clearly pointed out that we should ‘effectively revitalize the economy in the first quarter’, which means that under the background of the impact of covid-19 pneumonia, the strength of steady growth in the later stage is probably not bad.
”Said Zheng Houcheng, director of Yingda Securities Research Institute.
“The series of statements made by the financial commission on ‘effectively invigorating the economy in the first quarter’ are encouraging, indicating that the determination to stabilize growth is unprecedented. Policies should have a sense of urgency to accelerate. Only by stabilizing the economic growth expectation can we stabilize the profit growth expectation of listed companies.” Shenwan Hongyuan Group Co.Ltd(000166) Securities chief strategist Wang Sheng said.
\u3000\u3000 “We should make timely use of various monetary policy tools, such as reducing reserve requirements and interest rates, to move forward with precision. At the same time, we should make more use of structural monetary policy tools and increase support for key areas and weak links such as scientific and technological innovation, small and micro enterprises, green development and Rural Revitalization. Of course, we should further dredge the transmission mechanism of monetary policy and increase positive incentives for financial institutions to improve liquidity Effectively and accurately inject into the real economy. ” Dong ximiao, chief researcher of Zhaolian finance, believes that.
focus 2: progress in China US regulatory coordination
institutions: zhonggai shares are expected to stabilize
With regard to China concept shares, the meeting pointed out that at present, the regulatory authorities of China and the United States have maintained good communication, have made positive progress, and are committed to forming specific cooperation plans. The Chinese government continues to support all kinds of enterprises to list abroad.
Recently, the securities and Exchange Commission of the United States (SEC) announced that five listed companies in the United States have been identified as “relevant issuers” with delisting risk in accordance with the foreign company Accountability Act. “We have always adhered to the spirit of openness and cooperation and are willing to solve the problems of inspection and investigation of relevant firms by US regulatory authorities through regulatory cooperation, which is also in line with international practice,” the head of relevant departments of the CSRC said in response to a reporter’s question on the 11th
“Recently, the China Securities Regulatory Commission and the Ministry of finance have continuously cooperated with the American public company accounting supervision board (PCAOB) Carry out communication and dialogue and make positive progress. We believe that through joint efforts, the two sides will be able to make cooperative arrangements in line with the legal provisions and regulatory requirements of the two countries as soon as possible, jointly protect the legitimate rights and interests of global investors and promote the healthy and stable development of the markets of the two countries. ” The person in charge further said.
Wang Sheng believes that the communication between regulators of China and the United States is worth looking forward to. “Although the recent stock correction of some zhonggai shares is more obvious, the fundamentals are still the most important consideration. After supervision and regulation, the zhonggai stock market is also expected to gradually stabilize.” He said.
key point 3: both red and green lights should be set
organization: good for platform enterprises
With regard to the governance of platform economy, the meeting pointed out that relevant departments should improve the established plans in accordance with the principles of marketization, legalization and internationalization, adhere to seeking progress in stability, steadily promote and complete the rectification of large platform companies as soon as possible through standardized, transparent and predictable supervision, and set red and green lights to promote the steady and healthy development of platform economy, Improve international competitiveness.
Wang Sheng believes that the statement of the financial commission on “steadily promoting and completing the rectification of large platform companies as soon as possible” gives the market a signal that the platform economic development policies can be implemented and completed as soon as possible, and the subsequent policies are worthy of attention. The move also gives foreign institutional investors “reassurance”, helps stabilize expectations and boost confidence.
Wang Jingwen, director of the macro research center of China China Minsheng Banking Corp.Ltd(600016) Research Institute, also said that the requirement of “steadily promoting and completing the rectification of large platform companies as soon as possible” is conducive to stabilizing the confidence and expectation of relevant enterprises; The requirement of “promoting the stable and healthy development of the platform economy” will help to give play to the positive role of the platform economy in optimizing resource allocation, promoting scientific and technological progress, facilitating people’s life and participating in international cooperation and competition. “Overall, it is good for platform enterprises.” Wang Jingwen commented.
focus 4: strengthening regulatory cooperation between the mainland and Hong Kong
institutions: further deepening of connectivity cooperation
On the stability of Hong Kong’s financial market, the meeting pointed out that the regulatory authorities of the mainland and Hong Kong should strengthen communication and cooperation.
Fang Xinghai, vice chairman of the CSRC, said at the 15th Asian financial forum in 2022 that the CSRC will continue to support Hong Kong in consolidating and upgrading its status as an international financial center and further promote the formation of a good situation of complementary and coordinated development of the capital markets of the two places.
In Wang Sheng’s view, the role of the Hong Kong market is to help Chinese investors better participate in global wealth management and investment under the current foreign exchange management mode and share the dividends of Chinese innovation. At the same time, the all-round and multi-level connectivity and cooperation between the mainland and Hong Kong capital markets will be further deepened, which will also be conducive to residents’ global asset allocation. Moreover, as a link between China and the international financial market, Hong Kong’s “outpost” role will be further strengthened, and Hong Kong’s service capacity and attraction to international capital will be further enhanced.
key five: prudent introduction of contractionary policies
institutions: stabilizing the market will form a joint force
The meeting also stressed that relevant departments should earnestly assume their responsibilities, actively introduce policies conducive to the market and prudently introduce contractionary policies. We should respond to the hot issues concerned by the market in a timely manner. All policies that have a significant impact on the capital market should be coordinated with the financial management department in advance to maintain the stability and consistency of policy expectations. The financial commission of the State Council will strengthen coordination and communication according to the requirements of the Party Central Committee and the State Council, and hold accountable when necessary. Financial institutions must proceed from the overall situation and firmly support the development of the real economy.
“The statement of the financial commission fully shows that the capital market ‘leads one to mobilize the whole body’. When various ministries and commissions introduce policies, if they have a certain connection with listed companies, they should communicate fully so that they can do things more perfectly.” Wang Sheng said.
The “three stabilities” of the CSRC in the near future are the “three stabilities” that deserve to be highlighted. The CSRC will take comprehensive measures with relevant departments to promote the smooth operation of the market and resolutely prevent big ups and downs and urgent ups and downs. Second, highlight the “stability” of policies, carefully evaluate the conditions and timing of the introduction of major policies and measures in the capital market, take the initiative to strengthen communication with the market, and adhere to the principle of standing first and then breaking, steady and steady. Third, highlight the “stability” of expectations, actively strengthen policy coordination and information sharing with relevant departments, launch more policies and measures conducive to steady growth and stable expectations, and carefully introduce policies with contraction effect to prevent individual correctness and synthetic fallacies.
key 6: welcome long-term institutional investors to increase their shareholding ratio
organization: welcome to add positions
The meeting stressed that long-term institutional investors are welcome to increase their shareholding ratio. All parties must deeply understand the great significance of the “two establishment”, resolutely achieve the “two maintenance”, maintain the long-term trend of China’s healthy economic development, and jointly maintain the stable development of the capital market.
Institutions are generally optimistic about the capital of A-Shares in 2022. It is expected that the institutional trend and the market factors of residents’ asset allocation and equity are the strong support of the stock market.
Citic Securities Company Limited(600030) it is estimated that the scale of public funds flowing into the A-share market in 2022 may reach 850 billion yuan China International Capital Corporation Limited(601995) is optimistic. It is estimated that the contribution of equity and hybrid public funds to A-share incremental funds may be 0.9 trillion yuan to 1.2 trillion yuan in 2022.
China Merchants Securities Co.Ltd(600999) it is estimated that there will be about 1.2 trillion yuan of incremental scale of public funds in 2022.
In encouraging long-term institutional investors to enter the market, Wang Sheng suggested that medium and long-term funds such as the third pillar pension should be supported to enter the market. “All ministries and commissions need to make comprehensive efforts and jointly implement policies, such as encouraging long-term investment through preferential tax and deferred preferential policies.”
key point 7:
about real estate: study and propose solutions to prevent and resolve risks
With regard to real estate enterprises, the meeting stressed that it was necessary to timely study and put forward effective solutions to prevent and resolve risks, and put forward supporting measures for the transformation to a new development model.
Yang Chang, head of the policy group and chief analyst of Zhongtai Securities Co.Ltd(600918) Research Institute, said that real estate is a key industrial sector with a large weight of macroeconomic impact at present. Especially under the background of weak performance of household medium and long-term loans in February, effective measures need to be taken to prevent and resolve risks and provide support for steady growth.
the first party and the two sessions made a collective voice
After the meeting of the financial committee, the central bank, the CSRC and the cbcirc quickly held special meetings to convey, study and implement the spirit of the meeting of the financial committee of the State Council.
The CSRC pointed out that since this year, China’s national economy has continued to recover, the main macroeconomic indicators have operated within a reasonable range, the steady growth policies in all aspects have continued to work, the performance of listed companies has been stable and positive, the stable operation of the capital market has a solid foundation, and the short-term fluctuation of the market has not and will not change the long-term healthy development trend.
Under the principle of “deepening the coordination of macro-economic reform and opening-up” with the competent departments of the State Council and the Securities Regulatory Commission, we will adhere to the principle of “deepening the coordination of macro-economic reform and opening-up” and strengthen the coordination with the competent departments of the State Council and the Securities Regulatory Commission in terms of the rule of law, Help stabilize the macro-economic market and financial operation. We will implement the tasks of the government work report, solidly promote the reform of the stock issuance registration system, improve the bond financing support mechanism for private enterprises, and promote the development of venture capital. Give play to the role of the endogenous stability mechanism of the market, vigorously promote listed companies to improve the quality, encourage listed companies to increase their holdings and repurchase, and guide fund companies to purchase their own shares. Improve the system and mechanism conducive to the participation of long-term institutional investors in the capital market, increase the cultivation of public funds and other institutional investors, and encourage long-term investment and value investment. We will further promote high-level opening to the outside world, strengthen practical cooperation between the mainland and Hong Kong’s capital markets, and jointly safeguard the healthy and stable development of the Hong Kong market. Continue to strengthen communication with US regulators and strive to reach an agreement on China US audit and supervision cooperation as soon as possible. We will promptly promote the implementation of new regulations on the supervision of overseas listing of enterprises, support all kinds of qualified enterprises to list abroad, and maintain smooth channels for overseas listing. Continue to support the rational financing of the real economy, actively cooperate with relevant departments, effectively resolve the risks of real estate enterprises, promote the standardized and healthy development of platform economy and improve international competitiveness.
The CSRC said that in the next step, in accordance with the deployment requirements of the financial commission of the State Council, we will effectively improve the political position, closely focus on the theme of promoting high-quality development, further deepen and refine various work measures, strive to achieve results and fully maintain the stable operation of the capital market.
At noon on March 16, Yi Gang, President of the people’s Bank of China and director of the office of the financial commission, presided over a meeting of cadres at or above the department level. The meeting called for active response to monetary policy, moderate growth of new loans, strong support for small, medium-sized and micro enterprises, firm support for the development of the real economy and keep the economy running within a reasonable range. Adhere to seeking progress while maintaining stability, prevent and resolve risks in the real estate market, steadily promote and complete the rectification of large platform companies as soon as possible, promote the healthy and stable development of platform economy and improve international competitiveness. We will further strengthen inter departmental policy coordination, respond to hot issues of market concern in a timely manner, stabilize expectations, boost confidence, maintain the steady and healthy development of China’s economy, and jointly safeguard the stable development of the capital market.
Guo Shuqing, Secretary of the Party committee and chairman of the cbcirc, presided over a special meeting to convey, study and implement the spirit of the meeting of the financial committee of the State Council, and make arrangements for the next step of banking and insurance supervision. The meeting called for active support for the smooth operation of the capital market. Actively introduce policies favorable to the market. We should vigorously support direct financing and promote the optimization of financing structure. Guide trust, financial management and insurance companies and other institutions to establish a long-term investment concept, carry out real professional investment and value investment, and become the backbone to promote the development of the capital market and maintain the stability of the capital market. We should give full play to the advantages of long-term investment of insurance funds and guide insurance institutions to allocate more funds to equity assets. Support insurance companies to increase capital market investment, especially stock investment of high-quality listed companies, through various channels such as direct investment, entrusted investment and public funds. We should increase the proportion of financial institutions issuing equity products and support insurance companies in issuing equity products. We should timely respond to hot issues concerned by the market and stabilize market expectations. We should actively strengthen communication and coordination with relevant departments to form a joint force to maintain the stability and consistency of policy expectations. (reporter: Ma Shuang, Peng Yang, Zhao Bai, Zhinan, min Xiuli)
