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 was presided over by Liu He, member of the Political Bureau of the CPC Central Committee, vice premier of the State Council and director of the finance committee, and comrades in charge of relevant departments attended the meeting The meeting set the tone for a series of hot issues of current market concern, such as monetary policy, China concept stocks, platform economic governance and so on
Affected by this news, Chinese assets rebounded strongly in the afternoon, the core assets of A-Shares rebounded across the board, and the Hang Seng technology index soared by 20%.
A-Shares and Hong Kong shares rose sharply in the afternoon
The three major A-share indexes continued to strengthen in the afternoon. As of the close, the gem index rose strongly by more than 5%, and the Shanghai index rose sharply by 3.48%, recovering 3100 points; The Shenzhen Composite Index rose 4.02%.
On the disk, the core assets represented by Mao index and Ning portfolio worked together to drive the upward attack of Shanghai and Shenzhen stock markets. Leading stock Contemporary Amperex Technology Co.Limited(300750) rose 8.61% Eve Energy Co.Ltd(300014) rose more than 11%. In the Mao index, Wuxi Apptec Co.Ltd(603259) , China Merchants Bank Co.Ltd(600036) , China Tourism Group Duty Free Corporation Limited(601888) all rose by more than 5%.
The brokerage sector started in the afternoon, with an overall increase of more than 5%, led by China stock market news, with a closing increase of more than 10%.
MSCI China A50 connectivity index futures rose nearly 8%; The MSCI Emerging Markets Index expanded its intraday gain to 2.8%, the largest gain since November 2020.
In the Hong Kong stock market, the Hang Seng technology index also hit the bottom and rebounded: as of press time, the Hang Seng technology index rose by more than 20%, the largest one-day increase since the index was launched. Tencent holdings rose 23%, bilibili-sw rose more than 40%, and meituan-w rose more than 35%.
Zhonggai Internet ETF rose by the limit in the afternoon.
monetary policy response
the meeting pointed out that it is necessary to coordinate the epidemic prevention and control and economic and social development, keep the economic operation within a reasonable range and maintain the stable operation of the capital market. 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
Tang Jianwei, chief researcher of Bank Of Communications Co.Ltd(601328) Financial Research Center, said that this year's government work report defined three directions for monetary policy this year: total growth, structural optimization and reducing financing costs. The demand for quantity means that commercial banks should increase the credit supply to the real economy. According to the financial data of the previous two months, the new credit is at a high level over the years.
"Monetary policy should continue to work." Tang Jianwei said that the current market confidence is not stable enough, and the macro data in the first two months exceeded expectations. However, the recurrence of the epidemic in China since March may bring the macro data down. Moreover, the effect of credit relief needs to be further revealed. The development of policies needs to maintain continuity and continuity. We should "focus on ourselves" to stabilize China's demand and the confidence of micro subjects.
Tang Jianwei believes that although the Fed is about to raise interest rates, monetary policy should adhere to "focus on me". In the first half of this year, the monetary policy further reduced the reserve requirement and interest rate, and there is room for it
Lou Feipeng, a researcher at the postal savings bank of China, said that overall, China's economic recovery and growth in the first two months exceeded expectations, and it is necessary to observe the follow-up stability; After the financial data exceeded expectations in January, the total amount and structure weakened in February. Therefore, in order to effectively implement the spirit of the central economic work conference and the deployment of the "two sessions", we still need to put steady growth in a more prominent position, improve the efficiency of active fiscal policy, strengthen the implementation of prudent monetary policy, and actively stabilize economic growth in terms of aggregate, structure and price, Further provide good economic fundamental support for the better development of the capital market.
China Everbright Bank Company Limited Co.Ltd(601818) financial market analyst Zhou Maohua said that this released the signal that the top management attached great importance to the economy in the first quarter, indicating that steady growth is still the focus of current policy, and monetary policy needs to take the initiative. He predicted that monetary policy is expected to exert moderate force and promote the moderate expansion of credit.
timely put forward the response plan for real estate enterprises to resolve risks
meeting pointed out that for real estate enterprises, it is necessary to timely study and put forward effective risk prevention and resolution solutions, and put forward supporting measures for transformation to a new development model
In response to the above contents, some senior executives of real estate enterprises said that the speech of senior executives is very timely and is a "stabilizer", which is conducive to the public's correct view of the market situation and promote the virtuous circle of the real estate industry. It is mentioned that "relevant departments should earnestly assume their responsibilities, actively introduce policies beneficial to the market and carefully introduce contractive policies. They should coordinate with the financial management department in advance to maintain the stability and consistency of policy expectations", which will be very important for the stable and healthy development of the real estate industry in the future.
Ding Zuyu, CEO of E-House enterprise group, believes that the high-level speech can boost the development of the real estate industry, especially the risk resolution of some real estate enterprises in danger and the transformation of the real estate industry to a new development model. In addition, "actively introducing policies favorable to the market" will also help to promote the stable and healthy development of the real estate industry.
Yang Chang, head of the policy theme 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.
China and the United States have maintained good communication in terms of stock concept
meeting pointed out that with regard to China concept shares, the regulatory authorities of China and the United States have maintained good communication and 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.
Financial institutions must proceed from the overall situation and firmly support the development of the real economy. Long term institutional investors are welcome to increase their shareholding ratio.
Chen Li, chief economist of Chuancai securities and director of the Research Institute, said that China's capital market has always adhered to the development direction of marketization and internationalization. In recent years, China's capital market has continuously optimized the market entry standards for overseas investors from a policy perspective, which not only welcomes overseas investors to invest, but also supports Chinese enterprises to go global. A number of excellent listed companies have emerged in China's stock market. Recently, there have been obvious abnormal fluctuations in zhonggai shares. Active communication between the two sides is conducive to market stability and the reasonable return of zhonggai enterprise value.
Bao fan, founder and CEO of Huaxing capital group, said in an interview with Shanghai Securities News that the spirit of the meeting is encouraging. Under the current situation, if China and the United States can deal with regulatory cooperation in accordance with the principles of "marketization and legalization" previously proposed by the CSRC, It is still expected to further promote and develop bilateral, multilateral and international cooperation in cross-border securities supervision and accounting supervision on the basis of professionalism guidance and equality and mutual benefit, which may alleviate tensions, eliminate the uncertainty faced by China concept shares, and maintain the confidence of global investors in the U.S. capital market and its international status.
\u3000\u3000 "If U.S. financial institutions, regulators and traders have the courage, wisdom and ability to work with China to solve the problems of cross-border securities regulation and accounting regulation cooperation, it will be conducive to the stability and long-term development of China US relations and the continuous sharing of rare opportunities for China's economic growth and the growth and appreciation of China's new economic component companies by U.S. and global investors." Bao Fan said.
promote the healthy development of platform economy
meeting pointed out that 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 while maintaining 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, Promote the steady and healthy development of platform economy and improve international competitiveness.
Dong Qi, chief Macro Analyst of Guotai Junan Securities Co.Ltd(601211) Securities Research Institute, said that for the platform economy and the management of disorderly capital expansion, the meeting once again emphasized promoting the stable and healthy development of the platform economy according to the guidelines of marketization, legalization and internationalization, reflecting the attitude of policy care.
Pang Ming, chief strategist of Huaxing capital group, said that the meeting stressed that "with regard to platform economic governance, relevant departments should improve the established plan in accordance with the principles of marketization, legalization and internationalization." compared with the previous statement, the word "internationalization" was added. In the future, it is expected to further strengthen and improve the communication and exchange with the market and investors.
two places strengthen communication and cooperation to maintain the stability of Hong Kong's financial market
meeting pointed out that the mainland and Hong Kong regulators should strengthen communication and cooperation on the stability of Hong Kong's financial market
Cheng Shi, chief economist of ICBC international, said that on the one hand, the meeting cleared up the source, dispelled the doubts of the financial market, stressed the important position of Hong Kong as an international financial center, stressed the positive action of China and the United States to solve the problem of Chinese stock ownership through regulatory coordination, and stressed the determination and determination to effectively resolve potential risks, Avoid the irrational spread of panic and anxiety in domestic and foreign markets; On the other hand, this meeting was outspoken, which boosted the confidence of the financial market, stressed that development is the first priority, stressed the central position of economic construction, stressed the bold direction of reform and opening up, and emphasized the more active matching of macro policies, showing the confidence of China's top-level design in the short-term turmoil, It reflects the resilience of China's economy and finance to meet difficulties.
According to Cheng Shi's further analysis, in view of the problems generally concerned by the market, the mainland and Hong Kong can strengthen cooperation at multiple levels to guide expectations, boost confidence and maintain stability: first, through professional interpretation and analysis of China's economic situation and macro-control policies, tell China's story to the global market and convey objective information; Second, through the cross-border business coordination of financial institutions, meet the financial needs of domestic and foreign enterprises for stable investment and financing in the global market and support the real economy; Third, jointly deal with new global risks and problems through cross-border regulatory discussion and cooperation; Fourth, through the effective operation of the interconnection mechanism, help the mainland and Hong Kong markets more efficient capital exchanges and financial business cooperation, and so on. In short, the financial markets of the mainland and Hong Kong are closely linked and share weal and woe. Only by working together can we jointly achieve stability and progress in the era of large fluctuations.
maintain the stability and consistency of policy expectations
meeting stressed that relevant departments should earnestly assume their responsibilities, actively introduce policies beneficial to the market and carefully introduce contractive 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
Chen Li, chief economist of Chuancai securities and director of the Research Institute, said that financial services to the real economy have been an important principle for a long time. First, an active financial system is conducive to more convenient and efficient financing for real enterprises. Important areas such as science and technology and basic people's livelihood especially need the long-term effective support of financial capital. Secondly, scientific financial policies can achieve precise drip irrigation, especially to help the relief and development of small and medium-sized enterprises. Moreover, national policies pay more and more attention to the high-quality development of the financial industry and entity enterprises. As the meeting emphasized, "relevant departments should earnestly assume their responsibilities, actively introduce policies conducive to the market and carefully introduce contractive policies."
"This statement is very critical. The follow-up steady and active fiscal, financial and real industrial policies will help China's economy develop steadily and for the better." Chen Li said.
Tang Jianwei said that the recent adjustment of a shares, Hong Kong shares and China concept shares, in addition to the impact of external geopolitical conflicts, some other market "rumors" have put pressure on relevant sectors of the market and hit market sentiment. The voice of the financial commission is conducive to stabilizing market confidence in a timely manner. As the internal and external environment is unstable, what the market needs most is confidence. In order to stabilize expectations and confidence, macro policies should continue to work, or even exceed expectations; We should also avoid wavering policies.
Tang Jianwei believes that policy-making should be "a game of chess", fully solicit market opinions before the introduction of the policy, and let the state make an overall decision on important policies related to finance. In this year's "shrinking environment", we should be more cautious.
Zhou Maohua believes that since the beginning of this year, the overseas epidemic is still spreading, superimposed on the geopolitical "black swan" incident, the continuous rise of energy and commodity prices, the accelerated withdrawal of policies of developed economies, severe fluctuations in European and American markets, and fragile global investor sentiment. The recent "abnormal" fluctuations in the Chinese market have also attracted the attention of the management.
"But from the perspective of recent fundamentals and policies, there have been irrational fluctuations in the market recently." Zhou Maohua said that since the beginning of this year, China's macroeconomic data such as PMI, industrial output, investment and consumption have been ideal on the whole. The financial data of the first two months show that the monetary environment is reasonable and moderate, and the economic operation is expected to operate within a reasonable range; Judging from the current valuation of China's stock market and the good medium and long-term development prospects of China's economy, it is expected that the Chinese market will gradually return to the right track.
investment institutions: confidence is back
"Today's statement has greatly stabilized market expectations and effectively reduced market concerns about policy uncertainty in various departments." Dong Qi, chief Macro Analyst of Guotai Junan Securities Co.Ltd(601211) Securities Research Institute, told the reporter of Shanghai Securities News that the special meeting of the financial stability Commission of the State Council has played an important role in boosting current market confidence and expected stability. The core significance is to improve policy expectations and enhance policy stability. Among them, the meeting proposed that under the current market operation background, policies that have a significant impact on the capital market need to be coordinated with the financial management department in advance, and the financial commission can be held accountable if necessary.
Dong Qi said that the meeting marked another step in the direction of the policy environment conducive to the operation of the capital market. In the context of the disturbance of the epidemic and the complexity of the external environment, we need to continue to pay attention to the positive signals of relevant policies such as finance, currency and industry supervision.
Wang Qunhang, director and deputy general manager of Baijia fund, said that the special meeting had a huge amount of information, "instantly resolved many questions, guesses, anxieties and panic that had recently permeated the market, and immediately stimulated, restored, strengthened and strengthened everyone's confidence in China's capital market." Facing the complex and changeable international, Chinese political and economic situation, China's capital market will be able to walk out of the development road with Chinese characteristics. The recent market shock and the "platinum pit" have provided rare investment and investment base opportunities.
The relevant person in charge of Taiping assets told Shanghai Securities News that to stabilize the market, we must first stabilize expectations. This financial committee meeting took decisive actions and targeted measures, which well responded to market concerns and gave a shot in the arm to market confidence.
The above person in charge said that first of all, the financial commission placed "maintaining the stable operation of the capital market" at the same height as "maintaining the economic operation within a reasonable range", which reflects the importance it attaches to the capital market, which is conducive to restoring market confidence and cutting off liquidity risk.
Secondly, the Finance Committee has made research and policy deployment on macroeconomic operation, real estate, zhonggai shares, platform economy, Hong Kong financial market stability and other issues, which has responded to the pain points of the core concerns of the market, which is conducive to rectifying the source and guiding and stabilizing market expectations.
Third, the meeting stressed the need to respond in a timely manner to the hot issues concerned by the market, actively introduce policies beneficial to the market, and require greater coordination and communication, and accountability when necessary, which will create a good policy environment for the operation of the capital market and boost market confidence.
Finally, fundamentally speaking, the decisive factors affecting China's capital market are the internal economic and policy environment. With the implementation of the relevant deployment of the financial commission and the overweight of the steady growth policy, it is expected that the fluctuations caused by short-term liquidity and emotional factors in the market will gradually subside and the market will gradually stabilize, The high-quality subject matter with reasonable valuation and fundamental support will bring good returns.
optimistic about the long-term positive trend and a clearer tone of steady growth
Many institutions interviewed by Shanghai Securities News generally agreed that this meeting was timely, critical and necessary, and released a positive signal of stabilizing expectations, foreign investment and development in a very sensitive time window. It is expected that the steady growth policy will continue to work in the future to maintain the long-term trend of China's healthy economic development and maintain the stable development of the capital market.
Harvest Fund believes that the long-term positive trend of China's overall economy has not changed. With the introduction of policies in various aspects, it can be expected to play a further positive role in the high-quality development of the economy and the healthy development of the economy. In terms of investment direction, from a medium and long-term perspective, we are still firmly optimistic about the investment direction with high growth space, such as green power, smart cars, life technology and emerging consumption; For the medium and short-term market, we still maintain the judgment of rich future structural opportunities, and are relatively optimistic about the direction of "stable growth", such as infrastructure; Difficulties reverse direction, such as logistics, aviation and agriculture; High boom continuation direction, such as new energy, semiconductor, etc.
Zhao Yuanyuan, investment director of Jianhong times, believes that the keynote of steady growth policy was once again emphasized at the special meeting. After the epidemic eased, the macro policy will play a practical role, and the corresponding cyclical stocks will have a high probability of ushering in the second wave of market. Building materials, energy infrastructure, underground pipe network, real estate downstream and other sectors deserve attention. In addition, some of the information delivered by the meeting has boosted Chinese enterprises listed overseas, and the market is expected to have a positive response to the meeting.
Yang Delong, chief economist of Qianhai open source fund, said that the A-share market responded. Hong Kong stocks, especially Hong Kong stock Internet companies, rose sharply, sweeping away the haze of the decline in the past few days and giving a strong boost to market confidence. China's economy as a whole is in the stage of stable recovery. Under the complex situation, it is necessary to take various measures to coordinate the epidemic prevention and control and economic and social development, maintain the economic operation within a reasonable range and maintain the stable operation of the capital market. The special meeting held by the financial stability and Development Commission of the State Council has become an important turning point in the current A-share market. At the bottom of the market, confidence is more important than gold, which greatly encourages the confidence of investors. The A-share market is expected to reverse the previous downward trend and return to the upward channel.
Xia Fengguang, manager of Rongzhi investment fund of private placement paipai.com, said that the investment confidence in the A-share market will recover rapidly, resulting in the valuation repair of high-quality enterprises. From the perspective of investment opportunities, there are opportunities in large financial industries, including securities companies, banks, insurance and other sectors, and new energy, semiconductors and other sectors with large early decline are also expected to rebound.
extended reading:
the people's Bank of China conveys and learns the spirit of the special meeting of the Finance Committee of the State Council
At noon on March 16, Comrade 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, conveyed and studied the spirit of the 51st special meeting of the financial commission of the State Council, and studied and deployed the implementation work of the people's Bank of China. Members of the party committees and vice presidents of the people's Bank of China attended the meeting.
The meeting called on the people's Bank of China to resolutely implement the decision-making and deployment of the CPC Central Committee and the State Council, resolutely improve its political position, resolutely implement the work requirements of the financial commission, actively act as, and implement the spirit of the central economic work conference and the deployment of the national "two sessions". We will focus on economic development, adhere to high-quality development, deepen reform and expand opening-up, adhere to the principle of marketization and rule of law, and unswervingly protect property rights and the two monetary policy should take the initiative to respond, new loans should maintain moderate growth, vigorously support small, medium-sized and micro enterprises, firmly support 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
CBRC held a special meeting to convey, study and implement the spirit of the meeting of the financial commission of the State Council
On the morning of March 16, 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 pointed out that the CBRC system should deeply understand the great significance of the "two establishment", resolutely achieve the "two maintenance", and quickly integrate ideas and actions into the Party Central Committee's analysis, judgment, decision-making and deployment of the situation. We should resolutely implement the spirit of the central economic work conference and the deployment of the national "two sessions", shoulder the responsibility of stabilizing the macro economy, adhere to development as the first priority for the party to govern and revitalize the country, focus on economic construction, deepen reform and expand opening up, adhere to the principles of marketization and rule of law, adhere to the "two unwavering" and effectively protect property rights, We will coordinate epidemic prevention and control and economic and social development, continue to improve the forward-looking effectiveness of supervision, further promote the reform and opening up of the banking and insurance industry, strive to promote high-quality economic and social development, and firmly hold the bottom line of no systemic financial risks.
the meeting stressed the need to fully support the stabilization of the macro-economic market and promote the economic operation within a reasonable range in accordance with the requirements of stability and seeking progress in stability. We should guide banking and insurance institutions to proceed from the overall situation and firmly support the development of the real economy. Meet the reasonable financing needs of market subjects, increase financing supply, and maintain a moderate increase in new loans. Promote the financing increment, expansion and price reduction of small, medium-sized and micro enterprises. All departments and local offices should encourage banking and insurance institutions to innovate, support national scientific and technological research, and better serve key core technology research enterprises and "specialized and special new" enterprises. Improve the quality and efficiency of financial services and rural revitalization, and help "new citizens" live and start businesses in cities and towns. We will continue to standardize the development of the third pillar of old-age insurance and promote the improvement of health insurance services. We should adhere to the positioning that houses are used for living rather than speculation, continue to improve the long-term mechanism of "stabilizing land prices, house prices and expectations", actively promote the transformation of the development mode of the real estate industry, encourage institutions to carry out M & A loans in a stable and orderly manner, focus on supporting high-quality real estate enterprises and acquiring high-quality projects of difficult real estate enterprises, and promote the virtuous circle and healthy development of the real estate industry.
We should improve the established plan in accordance with the principles of marketization, legalization and internationalization, adhere to seeking progress while maintaining 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 communication and cooperation with Hong Kong's financial regulatory authorities and support the healthy development of Hong Kong's financial market
meeting requires that we should actively support 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
