Key investment points:
China's monetary and fiscal policy
Reverse repurchase: the central bank announced that in order to maintain the reasonable and abundant liquidity of the banking system, a 7-day reverse repurchase operation of 20 billion yuan was carried out by means of interest rate bidding on April 12, with a bid winning interest rate of 2.10%; There was no maturity of reverse repurchase, so the net investment on that day was 20billion yuan. (issued by the central bank)
Industrial policy: CSRC, SASAC and all China Federation of industry and Commerce jointly issued a notice to further support the healthy development of listed companies. The circular pointed out that we should adhere to the "two unwavering principles", treat all kinds of market subjects equally, do not set any additional conditions and invisible thresholds, and create a market environment for fair competition. Adhere to the principle of "housing, housing and non speculation", and support listed real estate enterprises to actively transform to a new development model in accordance with the law and regulations. We will improve the institutional mechanisms conducive to the participation of long-term institutional investors in the capital market, and encourage and support social security, pension, trust, insurance and financial institutions to allocate more funds to equity assets. Encourage listed companies to buy back shares for equity incentive and employee stock ownership plans, and support qualified listed companies to buy back shares to stabilize the stock price. Support listed companies to increase the proportion of cash dividends in profit distribution. (issued by CSRC and SASAC)
Industrial policy: the Ministry of transport and other five departments issued documents to accelerate the high-quality development of cold chain logistics and transportation: coordinate the planning and layout of cold chain logistics infrastructure, promote the entry of special railway lines into logistics parks, ports and terminals, improve the cold chain transportation service functions such as trunk and branch connection, regional distribution, warehousing and distribution, and improve the support and guarantee capacity of cold chain transportation; Encourage fresh e-commerce and delivery logistics enterprises to strengthen the construction of "last mile" facilities such as urban cold chain front warehouse, and set up intelligent cold chain self delivery cabinets in community commercial buildings to improve the convenience service level. (issued by the Ministry of transport)
Overseas monetary and fiscal policy
The [Fed's] interest rate is moving quickly to neutral, Evans said. This will mean reaching neutral interest rates by the end of this year or by March next year. At the end of the year, we will be able to choose whether to continue or stop raising interest rates. The trend of the dollar reflects the shift of Fed policy to neutrality.
[Brazil] Brazilian central bank governor netto: the tightening of monetary policy by the United States may have an impact on emerging countries, especially if inflation continues to rise unexpectedly.
Risk tip: the epidemic spreads beyond expectations, overseas tightens beyond expectations, and global inflation intensifies
