Key investment points:
Opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market
The opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market was released on the 10th. Building a national unified market is the basic support and internal requirement of building a new development pattern. It is clear that we should speed up the establishment of a unified national market system and rules, break local protection and market segmentation, open up the key blocking points restricting the economic cycle, promote the smooth flow of commodity factor resources on a larger scale, and speed up the construction of an efficient, standardized, fair competition and fully open national unified market.
Among them, in accelerating the development of a unified capital market, eight key points are put forward: 1) unify the registration of movable property and right guarantee, and develop movable property financing according to law. 2) We will strengthen the construction and overall supervision of important financial infrastructure, unify regulatory standards, and improve access management. 3) Select regional equity markets with standardized operation and strong risk management ability, carry out pilot system and business innovation, and strengthen the cooperation and connection between regional equity markets and national securities markets. 4) We will promote the interconnection of infrastructure in the bond market and realize the free flow of factors in the bond market. 5) Develop supply chain finance and provide financial products directly to the business entities in all circulation links. 6) Strengthen the supervision of the capital market, improve the regulatory system with clear rights and responsibilities, clear division of labor and smooth operation, and build a safe bottom line to prevent systemic financial risks. 7) We will continue to provide financial services to the real economy and prevent the shift from reality to falsehood. 8) Set up “traffic lights” for capital to prevent disorderly expansion of capital.
In addition, the opinion proposes to further regulate improper market competition and market intervention. 1) Efforts should be made to strengthen antitrust. 2) Investigate and deal with acts of unfair competition according to law. 3) Break down local protection and regional barriers. 4) Clean up and abolish the regulations and practices that hinder equal access and withdrawal according to law. 5) Continue to clean up the regulations and practices in the field of bidding and procurement that violate the construction of the unified market.
On the whole, the national unified big market is the basic supporting condition, internal requirement and mechanism carrier for the formation of China’s new development pattern. It is conducive to continuously promote the efficient and smooth development and scale expansion of the Chinese market, accelerate the creation of a stable, fair, transparent and predictable business environment, further reduce market transaction costs, promote scientific and technological innovation and industrial upgrading, and cultivate new advantages in participating in international competition and cooperation.
Yi Huiman delivered a keynote speech at the third member congress of China Association of listed companies. The third member congress of China Association of listed companies was held in Beijing on April 9. Yi Huiman, chairman of the CSRC, delivered a keynote speech at the meeting. With regard to the current reform and development trend of the capital market, Yi Huiman pointed out that the capital market will remain firm, the direction of deepening reform will not change, the pace of high-level opening-up will not change, the firm attitude towards the implementation of the “two unwavering” policy will not change, and the concerted efforts to maintain a healthy and stable development trend will not change. From the perspective of policy supervision, Yi Huiman focused on promoting the full implementation of the reform of stock issuance registration system and the smooth implementation; Promote the expansion and optimization of the Shanghai London Stock connect mechanism; Accelerate the implementation of new regulations on overseas issuance and listing of enterprises; Support the innovation and transformation of private enterprises and promote the financing growth of high-quality private enterprises; Promote the formulation of laws and regulations such as the regulations on the supervision and administration of listed companies; Resolutely eliminate “shell” and “zombie” enterprises; Strengthen the basic systems such as issuance and listing, refinancing, M & A and reorganization; Improve the bond financing restraint mechanism and strengthen the supervision of stock pledge financing business; Continue to strengthen investor protection and other nine contents.
Overall, as of the end of March this year, there were 4782 domestic listed companies with a total market value of 80.7 trillion yuan, ranking the second in the world; The number and market value of listed companies increased by 33.4% and 85.3% respectively compared with the end of 2018. The proportion of profits of entity listed companies in the profits of Industrial Enterprises above designated size has increased from nearly 40% in 2018 to about half at present; The taxes paid by listed companies are equivalent to nearly 1 / 4 of the national tax revenue. The pillar position of Listed Companies in the national economy has become more prominent. Chairman Yi focused on the development trend, current opportunities and challenges of listed companies, as well as the requirements and direction of high-quality development of listed companies. It is conducive to promoting a more standardized, transparent and predictable regulatory environment, actively introducing policies and measures conducive to boosting market confidence, and jointly maintaining the stable development of the capital market.
Financing funds
On April 8, the balance of A-share financing was 1566530 billion yuan, a month on month decrease of 5.863 billion yuan; The balance of margin trading was 1656499 billion yuan, a decrease of 5.532 billion yuan month on month. The balance of financing minus securities lending was 147656 billion yuan, a month on month decrease of 6.194 billion yuan.
Land stock connect and Hong Kong stock connect
On April 8, the net purchase transaction of land stock connect on that day was – 627 million yuan, including 42.4 billion yuan of purchase transaction and 43.028 billion yuan of sales transaction, with a cumulative net purchase transaction of 1608113 billion yuan. Hong Kong stock connect had a net purchase transaction of HK $337 million on the same day, including a purchase transaction of HK $12.872 billion and a sale transaction of HK $12.536 billion, with a cumulative net purchase transaction of HK $2282137 billion.
Money market
On April 8, Bank Of Shanghai Co.Ltd(601229) inter-bank offered rate Shibor overnight interest rate was 1.7510%, down 7.40bp, Shibor one week was 1.9850%, down 6.60bp. The weighted interest rate of pledged repo of deposit institutions was 1.7353% overnight, down 7.78bp and 1.9397% a week, down 8.26bp. The 10-year yield to maturity of China national debt was 2.7529%, up 1.35bp.
Overseas stock market
On April 8, the Dow Jones Industrial Average closed at 3472112 points, up 0.40%; The S & P 500 index closed at 448828 points, down 0.27%; The NASDAQ index closed at 1371100, down 1.34%. European stock markets, French CAC index closed at 654822 points, up 1.34%; Germany’s DAX index closed at 1428367 points, up 1.46%; The FTSE 100 index closed at 766956, up 1.56%. In the Asia Pacific market, the Nikkei index closed at 2698580 points, up 0.36%; The Hang Seng Index closed at 2187201, up 0.29%.
Foreign exchange rate
On April 8, the dollar index rose 0.08% to 998474. The euro rose 0.01% against the dollar to 1.0875. The dollar fell 0.02% against the yen to 1243046. Sterling rose 0.05% against the dollar to 1.3035. The spot exchange rate of RMB against the US dollar closed at 6.3637, depreciating by 0.00%. The spot exchange rate of offshore RMB against the US dollar closed at 6.3283, depreciating by 0.08%. The central parity rate of RMB against the US dollar closed at 6.3653, up 0.01%.
Gold, crude oil
On April 8, Comex gold futures rose 0.81% to close at US $195040/oz. WTI crude oil futures rose 0.79% to close at US $97.90/barrel. Brent crude oil futures rose 0.98% to close at $102.40 a barrel. COMEX copper futures rose 0.31% to close at US $4.5140/lb. LME copper three-month futures rose 0.43% to close at US $10344 / ton.
