April 1st (Friday), the main contents of today’s headlines are:
China Securities Journal
The report card of public funds in 2021 shows that the debt base is the most profitable, and the fund manager is optimistic about the changes in the market
In 2021, the overall profit of public funds was 717189 billion yuan. Bond funds have become the most profitable varieties. Looking forward to 2022, fund managers believe that the valuation of the whole market is at a historical low and remain relatively optimistic about a shares. However, fund managers also believe that the structural differentiation of A-Shares will continue.
Shanghai and Shenzhen Stock Exchange issued new regulations on bankruptcy reorganization of listed companies
On the evening of March 31, the Shanghai and Shenzhen stock exchanges successively issued guidelines on bankruptcy and reorganization of listed companies and other matters, which will be implemented from the date of promulgation. The guidelines regulate the introduction of restructuring investors, clarify the principled requirements for the price of shares transferred by restructuring investors and the share locking arrangement, and make provisions on the ex right (interest) arrangement of the equity adjustment scheme.
The pace of local bond issuance will be accelerated, and the efficiency of fund use is expected to be improved
In the first quarter, nearly 90% of the amount of “approval in advance” has been completed for the issuance of new special bonds, reflecting the steady growth of active fiscal policy. Looking forward to the second quarter, experts believe that the pace of local bond issuance will continue to accelerate, and more infrastructure projects will start construction in time with the support of special bond funds, which is expected to play a key role in the stabilization and recovery of the economy in the second quarter.
PMI fell back to 49.5% in March, and the steady growth policy is expected to continue to increase
Data show that in March, the Manufacturing Purchasing Manager Index (PMI) was 49.5%, down 0.7 percentage points from the previous month, lower than the critical point, and the overall prosperity level of the manufacturing industry fell. Analysts pointed out that it is not surprising that PMI fell back in March and temporarily fell below the critical point, which is mainly affected by the recent epidemic. In the face of the new downward pressure on the economy, it has become the consensus of the industry to increase the weight of the steady growth policy
Shanghai Securities News
Shanghai and Shenzhen stock exchanges issued guidelines on information disclosure of bankruptcy reorganization
Strengthen information disclosure, set price reference and stipulate the equity lock-in period. The bankruptcy reorganization information disclosure guidelines issued by Shanghai and Shenzhen Stock Exchange yesterday will standardize the operation of bankruptcy reorganization from the institutional level.
PMI fell to 49.5% in March, and the strength of steady growth policy is expected to increase
The latest data released by the National Bureau of Statistics yesterday showed that China’s Manufacturing Purchasing Manager Index (PMI) was 49.5% in March, down 0.7 percentage points from the previous month, below the critical point. According to expert analysis, the overall prosperity level of the manufacturing industry has declined, and the follow-up policies of relevant departments for steady growth are expected to increase.
In April, the liquidity gap of 300 billion yuan was to be filled, and there may be room for vision in the operation of monetary policy
Analysts believe that excluding the medium-term lending facility (MLF) and the maturity of reverse repurchase, there may be a liquidity gap of about 300 billion yuan in April. In this regard, the central bank is expected to continue to maintain reasonable and abundant liquidity. At the same time, under the objectives of credit easing and cost reduction, there is still room for vision for monetary policy operation, and the implementation of reserve requirement and interest rate reduction is still expected.
There is a large space for insurance capital to increase its holdings of equity assets, and there is sufficient ammunition for warehousing
The China Banking and Insurance Regulatory Commission (CIRC) has recently stated many times that it requires insurance institutions to give full play to the advantages of long-term investment of insurance funds and allocate more funds to equity assets. Insurance asset management company believes that the current market valuation has reached a low level, and the long-term allocation value of A-Shares is prominent. The person in charge of the rights and interests of insurance assets made it clear that the company has an increase in position plan and will slowly land
Securities Times
When will the inflection point of the construction machinery industry with good data and “collapse” of stock price come
Recently, the data of China’s construction machinery industry has improved, but the share prices of Listed Companies in the industry have stepped out of the “collapse”. Data show that since last year, Shenwan construction machinery tertiary index has plummeted from a high of 174533 to a minimum of 911.66, and the largest decline is close to halving. Specific to individual stocks, the decline was even worse.
Venture capital calls for broadening fund-raising channels and attracting “long money” to play a role in maintaining stability
Many people from venture capital institutions said that venture capital is maintaining a positive investment willingness and steady investment rhythm, fully supporting the development of small and medium-sized innovative enterprises representing China’s future. They also called on the government to broaden venture capital fund-raising channels, encourage more long-term funds to enter the venture capital market, and let venture capital institutions practice value investment with more “ammunition”.
The increase of “individual independent directors” is a good thing, and the balance between supervision and operation still needs to be explored
Recently, another independent director with personality appeared in the market. The independent director resigned because he could not guarantee the authenticity of the annual report of a listed company. After the supervision and compaction of the responsibilities of independent directors, the number of independent directors willing to show different opinions is gradually increasing, which is a good change.
The CSRC responded to China US audit and supervision cooperation: the overall progress is smooth, and the two sides will continue to communicate
Yesterday, the head of the International Department of the CSRC answered a reporter’s question and responded to the concerns of the chairman of the US Securities Regulatory Commission (SEC) on China US audit supervision cooperation. The CSRC said that China and the public company accounting supervision board of the United States (PCAOB) have held several rounds of frank, professional and efficient talks, which are generally progressing smoothly, and the communication between the two sides will continue
Securities Daily
The Shanghai and Shenzhen Stock Exchange officially issued guidelines on bankruptcy reorganization and other matters to further broaden the diversified exit channels of listed companies
On March 31, the Shanghai and Shenzhen stock exchanges respectively issued the guidelines on self discipline supervision of listed companies of Shanghai Stock Exchange No. 13 – bankruptcy reorganization and other matters, and the guidelines on self discipline supervision of listed companies of Shenzhen Stock Exchange No. 14 – bankruptcy reorganization and other matters, which shall come into force as of the date of promulgation. The guidelines specify that listed companies and related entities involved in bankruptcy matters should strictly comply with the requirements of the guidelines, perform information disclosure and other obligations, and effectively protect the legitimate rights and interests of investors.
The CSRC responded to China US audit and supervision cooperation: the overall progress is smooth, and the communication will continue
On March 31, the head of the International Department of the China Securities Regulatory Commission (CSRC) said when answering a reporter’s question about the chairman of the US Securities Regulatory Commission (SEC) on his recent concerns about China US audit and supervision cooperation, “we have taken note of the statement made by the chairman of the US SEC on the audit and supervision cooperation between the two sides in a recent media and television interview. As Mr. Gensler said, the regulatory authorities of the two sides have had a thoughtful, mutual respect and fruitful dialogue.”
“The first share of the board” was born, and the Shanghai Stock Exchange agreed to Guandian defense landing on the science and innovation board
On March 31, Guandian Defense Technology Co., Ltd. successfully obtained the Shanghai Stock Exchange’s decision to transfer its board to the science and innovation board for listing, which marked the birth of the “first share of A-share transfer board”. Insiders said that Guandian defense, as the first enterprise to realize board transfer at the practical level, has become an example of effective connectivity between multi-level capital markets.
The organization discussed the trend of A-Shares in the second quarter and was optimistic about the three investment themes
At the end of the first quarter, how will the A-share market perform next? The reporter found that most securities companies were optimistic about the overall trend of the A-share market in the second quarter, and the three themes related to “steady growth”, “undervalued value” and “technology” were focused on.
21st Century Business Herald
Left hand phosphate fertilizer and right hand new energy phosphate chemical industry usher in a strong business cycle
The high prosperity of chemical fertilizer is expected to continue, and the new energy track provides a new profit growth point. For phosphorus chemical enterprises in the past year, it is really “smiling”. Institutional investors believe that the investment opportunities for new chemical materials in the future mainly come from the continuous mismatch between the growing demand brought by new energy and the limited supply brought by the upgrading of industrial structure.
“Top flow” fund manager 2021 fund annual report: two investment faces of Zhang Kun and Liu Gesong
On March 31, the fund’s 2021 annual report was disclosed. Compared with the fourth quarter report of last year, the fund’s 2021 annual report involves “invisible heavy position stocks”, position turnover rate, holder structure, operation analysis and market outlook
first finance
The new bankruptcy reorganization regulations were officially released and implemented, further broadening diversified exit channels
On March 31, the Shanghai Stock Exchange officially issued relevant guidelines on bankruptcy reorganization, focusing on the reorganization, reconciliation and bankruptcy liquidation of listed companies, controlling shareholders and other related parties, so as to ensure the order of bankruptcy matters and achieve the effect of the system.
Annual report “dystocia” impending change of audit, what are these listed companies doing?
According to incomplete statistics, from the beginning of 2022 to March 31, a total of 62 listed companies issued announcements on the proposed or changed accounting firms. Some companies have found audit institutions, some have not even found them, and some have resigned temporarily after finding them. Why is the annual report of listed companies difficult to give birth? Why do you have to change places near the “submission day”? Why did the accounting office shrink back? When something goes wrong, there must be a reason
economic reference
Active fiscal policy continued to make efforts to stabilize growth
A series of data and policies released recently show that the intensity of fiscal expenditure is increasing, the progress is accelerating, and the support for small and micro enterprises and manufacturing is strengthening. Under the background of appropriate policies, active fiscal policy plays a more prominent role in stabilizing growth.
Financial “living water” moistens the focus of the annual report of the entity bank, helping to stabilize growth and accelerating credit supply
According to the annual reports of the six major banks, the new loan investment of many major banks hit a record high last year, further inclined to key areas such as small and micro enterprises, scientific and technological innovation and green development, and the interest rate of new loans also continued to decline. According to the statements made by senior managers of major banks at the performance press conference, in order to support the real economy, banks will continue to maintain a moderate growth of new loans this year, and the target growth rate of many banks is more than 10%.
