March 21st (Monday), the main contents of today’s headlines are:
China Securities Journal
Institutional openness, stability and charm of Zhiyuan’s RMB assets
Experts said that in the case of the spread of market panic in the early stage, the net outflow of funds from the north is a normal risk aversion of investors, which does not mean that foreign capital is not optimistic about RMB assets, nor should it be misinterpreted as the pessimistic prospect of foreign capital opening to the A-share market. Under the background of placing steady growth in a more prominent position and unswervingly promoting the institutional two-way opening of the capital market, China’s economic fundamentals will continue to improve, RMB assets will remain strong attraction, and the long-term trend of increasing foreign investment remains unchanged.
Policy escort shows confidence when listed companies repurchase
Since this year, a number of listed companies have launched repurchase programs to boost market confidence with real gold and silver. The reporter noted that in addition to a large number and large amount, the sources of repurchase funds of listed companies have been innovative. Industry insiders believe that with more listed companies participating in repurchase, investor confidence will be further restored, helping the A-share market to stabilize and grow.
The three-year action assessment of state-owned enterprises is about to meet breakthroughs in a number of key reforms
The three-year action of state-owned enterprise reform has entered the final year. At present, SASAC has started the assessment and evaluation of the reform work of local and central enterprises in 2021. Industry insiders believe that with the reform of state-owned enterprises entering the “critical period”, state-owned enterprises are expected to achieve deep breakthroughs in the aspects of mixed reform, listing, reorganization and integration, as well as medium and long-term incentives, and write a bright “answer sheet”.
Strengthen and stabilize growth and consolidate the foundation for economic recovery
The economic data in the first two months of this year significantly exceeded market expectations. Analysts believe that although the economic recovery trend is improving, the foundation of economic recovery is still not solid due to factors such as “triple pressure”, multiple outbreaks of the epidemic and geographical conflicts. It is necessary to further strengthen the steady growth policy. It is suggested to put more emphasis on the coordination of monetary, fiscal, industrial and other policies and give prominence to the role of “several lifting”
Shanghai Securities News
Give play to the advantages of long-term investment and increase the capital market through multiple channels
As an important long-term institutional investor in the capital market, insurance institutions are highly expected by the market. The long-term insurance funds it brings can optimize the supply and demand structure of the capital market and improve the market liquidity and activity. It is an important force to maintain the stable and healthy development of the capital market. Under the guidance of the joint efforts of all parties to maintain stability, how insurance funds will give full play to their investment advantages and do a good job in the allocation of equity assets has attracted much market attention.
Global central banks have different steps, and each family has its own difficult experience
In the early morning of March 17 Beijing time, the Federal Reserve announced a 25 basis point increase in interest rates. Will the central bank quickly turn to the global monetary market to hold its breath? From the latest actions and statements of central banks, this sign has not yet been revealed. On the contrary, in response to the Fed’s interest rate hike, they showed a “different pace” from the past.
Announcement of ten bank financial management companies: firmly optimistic about the long-term value of the capital market
Since March, a large area of net worth of bank financial products has retreated, among which the number of products falling below the face value is also increasing. The securities market in March was not stable, and both the stock market and the bond market experienced violent fluctuations, which was an important reason for the large-scale net worth withdrawal of the bank financial management market. For the first time, 10 financial management companies issued a joint announcement that they are firmly optimistic about the long-term value of the capital market and should treat short-term fluctuations rationally.
Institutions study and judge the main line of A-share market in the next stage
From the historical market, the pattern of general rise or fall of individual stocks will not last too long. In addition, from the experience of stopping the decline and stabilizing the index twice in the first half of 2020 and the first half of 2021, after the index leaves the stage of severe fluctuation, it still needs a clear market main line to lead before it can return to the “slow bull” pattern. Which sectors are expected to become the main line of the market in the next stage? Research institutions have recently expressed their views on this topic
Securities Times
A-share valuation is at a historical low, and many securities companies are optimistic about the repair market
For the future trend of a shares, research reports released by a number of securities companies believe that there have been many bottom signals of a shares, and the data of China’s economic operation in the first two months disclosed by the National Bureau of statistics is better than expected; At the same time, with the dialogue between the heads of state of China and the United States and the landing of the boots of the Federal Reserve to raise interest rates in the short term, as well as the current low valuation of a shares, the stage similar to the sharp decline in the early stage may have ended, and it is even expected to brewing a wave of rebound.
The opening of the capital market has not stopped, and foreign capital continues to be optimistic about China’s assets
The recently held meeting of the Finance Committee of the State Council issued a “prescription” for the problems in the development of the capital market, released the expectation of stable growth, boosted market confidence and gave a “reassurance” to the capital market. In fact, China’s good economic growth expectations and targets, as well as a relatively loose monetary policy in the future, have attracted foreign investors to continue to be optimistic about China’s assets. China is still one of the countries with the strongest attraction for foreign investment.
The global food supply chain is tightening, and it is necessary to take precautions to ensure food security
The conflict between Russia and Ukraine continues, and the awareness of “food security” in various countries has been improved. Recently, it has been reported that many countries have stopped food exports. The food and Agriculture Organization of the United Nations has repeatedly warned of food shortages and rising prices. The Chinese government has also repeatedly stressed the need to stabilize and increase production, plan ahead and make every effort to tide over the potential global food crisis.
The aftermath of LETV’s fraud has not been solved, and the two sponsors have been severely punished
Because the recommendation business on LETV project is suspected to be illegal, the two securities companies will face different degrees of punishment in the near future. It is understood that Shenzhen securities regulatory bureau plans to suspend the qualification of recommendation institution of Ping An Securities for three months; The CSRC plans to confiscate nearly 17 million yuan of Sino German securities. In addition, the relevant sponsor representatives and the person in charge of the sponsor business at that time will also be punished
Securities Daily
The financial commission made a heavy voice for 100 hours: all regulatory parties responded one after another, and institutions frequently transmitted confidence
At about 13:00 on March 16, Xinhua News Agency announced that the financial stability and Development Commission of the State Council held a special meeting to study the current economic situation and capital market problems. As of 17:00 on March 20, in the 100 hours or so, a series of favorable policies have made strong “assists”, and financial institutions have also rushed to convey confidence to investors and made every effort to maintain the smooth operation of the capital market.
The dividend of A-Shares exceeded trillion yuan for four consecutive years, boosting confidence and showing Charm
In recent years, under the active encouragement and guidance of policies, the cash dividend mechanism in the A-share market has been gradually improved. The number and scale of cash dividends of listed companies have increased year by year, significantly improving the sense of gain of investors, attracting long-term funds into the market and promoting the steady development of the stock market. The data show that according to the statistics of the implementation date, the cash dividends of listed companies have exceeded trillion yuan for four consecutive years from 2018 to 2021.
The central bank has strengthened its open market operation to protect liquidity. Experts predict that it is unlikely that the reverse repo rate will be lowered within the month
Looking back on the open market operation of the people’s Bank of China last week, from March 14 to March 18, the people’s Bank of China carried out a total of 140 billion yuan of reverse repurchase. In the same period, the maturity of reverse repurchase was 50 billion yuan, so the net investment was 90 billion yuan.
For whether there is a possibility of reducing the reverse repo interest rate within the month, experts said that the current liquidity demand pressure is stable, and the MLF interest rate has not been reduced before, so it is unlikely to reduce the reverse repo interest rate within the month.
The key to play the role of market endogenous stability mechanism is to improve the quality of listed companies
Experts believe that giving play to the endogenous stability mechanism of the capital market will help smooth the irrational and violent fluctuations of the stock market. The key is to improve the quality of listed companies, optimize the market ecology, actively guide different types of medium and long-term institutional investors to enter the capital market, and let all kinds of investors “blossom”
people’s daily
There is a road map for the high-quality development of the iron and steel industry
Recently, the Ministry of industry and information technology, the national development and Reform Commission and the Ministry of ecological environment jointly issued the guiding opinions on promoting the high-quality development of the iron and steel industry, clarifying the objectives and paths for the iron and steel industry to achieve high-quality development, and clearly proposing to strive to basically form a reasonable layout structure, stable resource supply, advanced technology and equipment, prominent quality brand, high level of intelligence, strong global competitiveness Green, low-carbon and sustainable high-quality development pattern
first finance
Can the rebound of “overnight return to zero” of short sellers in China concept stocks and Hong Kong stocks continue?
In the past week, the global market has staged a roller coaster trend. After the sharp decline in the first half of the week, A-Shares and Hong Kong stocks set off a fierce “short market” on Wednesday, and then China concept stocks and US stocks also rebounded sharply since Thursday. FTSE China’s triple short ETF fell 63% in a single day on Wednesday, and many short sellers’ earnings “cleared overnight”. In the short term, funds are still cautious, but given that the valuations of A-Shares and offshore Chinese stock markets have been low, institutions are not pessimistic.
Bank stocks vs financial management which incense? Industry: it is suggested to recognize the risk preference
Recently, bank stocks have rebounded. Last week, the China Citic Bank Corporation Limited(601998) index rose by more than 7% in two trading days, and the dividend yield of seven banks exceeded 6% based on the current share price. However, with the advent of the era of true net worth, bank financial products have “broken net” in a large area. Especially since this year, the A-share market has experienced a sharp correction, and the net value of fixed income + equity products in bank financial products has retreated significantly. In contrast, it seems that the income of bank stocks is much higher than that of bank deposits and financial products
economic reference
Multi sector intensive voice to support financial precision support entities
“Monetary policy should take the initiative to deal with” “financing increment, expansion and price reduction of small, medium-sized and micro enterprises” “better serve key core technology research enterprises and ‘specialized and special new’ enterprises” “pay close attention to promoting the implementation of public offering REITs pilot project of affordable rental housing”… In the past week, several financial regulatory departments have made statements one after another, the signals of stable growth and stable expectation have been intensively released, and the financial support entity policy has been strengthened in an all-round way.
Legislation on financial stability will be accelerated
At present, China’s financial risks are converging day by day, the stability foundation is more solid, and the “safety net” of the financial supervision system is gradually woven. Looking forward to the future, we will hold the bottom line of no systemic financial risk. As the top-level design of the financial stability system, the formulation and promotion of the financial stability law will be accelerated.
