April 18th (Monday), the essence of today’s headlines is:
China Securities Journal
Double disturbance enlarges the economic “temperature difference” to stabilize growth and maintain economic heat
The epidemic spread in many places and the rising cost squeezed the profit space, which made the production and operation of many listed companies encounter unprecedented challenges. Faced with the challenge of great downward pressure on the economy in the second quarter, people in business circles and experts suggested that we should further strengthen the overall planning of epidemic prevention and control and steady growth, strive to stabilize expectations, boost demand, strengthen the policy of helping enterprises to rescue, and ensure that the economy operates within a reasonable range.
Sufficient policy space and strong financial support for the real economy
Liao min, deputy director of the office of the central financial and Economic Commission and vice minister of the Ministry of finance, said at the “2022 Tsinghua Wudaokou global financial forum” that coordinating epidemic prevention and control, economic and social development and promoting economic operation should be kept within a reasonable range. The corresponding policies have been made clear. At present, all measures are being fully promoted in accordance with the requirements of early force and accurate implementation, and more policy combinations are also being studied and reserved.
SASAC: improving the quality of listed companies controlled by central enterprises
The video conference held by SASAC on the 16th stressed that central enterprises should further improve the quality of enterprise operation, assets, investment and holding listed companies, and actively implement a number of major projects specified in the 14th five year plan. We should resolutely fight for the end of the three-year action of state-owned enterprise reform, and “look back” on the reform tasks that have been completed and that have been completed, in accordance with the requirements of “locking the key points and paying close attention to the end”.
“Trumpet” RRR reduction has rich connotation and wide credit, which deserves more expectations
On April 15, the central bank announced the reduction of reserve requirements. In the view of analysts, the main line of steady growth policy has not changed, and the next action of monetary policy will be jointly determined by the economy, prices and external balance. There is uncertainty about whether LPR will be lowered this month. Compared with further monetary easing, the trend of expanding credit is more obvious
Shanghai Securities News
Shanghai has vigorously, orderly and effectively promoted the resumption of work and production of enterprises, and 666 key enterprises in integrated circuits and other industries will take the lead in launching
The reporter learned from many sources that Shanghai has recently issued the “work plan on ensuring the operation of key enterprises (Trial)” and the “white list” of the first batch of 666 key enterprises, proposing to fully ensure the basic operation of the city and the operation of important functional industries in accordance with the principles of “must be necessary and minimum; dynamic management, step-by-step; joint linkage and chain guarantee”.
The “say no” regulation of misleading and tie-in sales vigorously promotes the clean air of the insurance market
The reporter recently learned that the China Banking and Insurance Regulatory Commission has issued the measures for the management of life insurance sales behavior (Draft for comments) to insurance companies. In the view of insiders, the release of the measures will help to clean up the market atmosphere, purify the sales environment, and promote the insurance industry to gradually enter a positive, orderly and healthy development trend.
The position adjustment path emerged, and star fund managers conducted intensive research to find opportunities
With the gradual disclosure of the fund’s first quarterly report in 2022, the position adjustment path and future investment strategy of several equity funds in the first quarter have surfaced. Many star fund managers maintain high position operation. They agree that many stocks have fallen out of cost performance. At present, we might as well be optimistic. In addition, or in order to find investment opportunities, many well-known fund managers such as Deng Xiaofeng and Zhu Shaoxing recently intensively participated in the research of listed companies. On the whole, small and medium-sized stocks have become the focus of their attention.
Why are the frequent online abandonment of new shares? Experts call for rational participation in the subscription of new shares
The reporter learned that the proportion of abandonment of new shares has increased recently, mainly due to the continuous decline of the secondary market. Experts suggest that online investors need to adjust their new ideas in time, strengthen the study of the rules related to the subscription of new shares, have a full understanding and cognition of listed enterprises before playing new shares, and participate in the subscription of new shares rationally
Securities Times
The construction of the rule of law in the capital market has been continuously consolidated, and the “era of strong responsibility” has come
In recent years, the construction of the rule of law in China’s capital market has entered the fast lane, the new securities law has been implemented, the crackdown on violations of laws and regulations has been strengthened, and the legal responsibilities of all parties involved in the market have been tightened. The supply of the rule of law has been continuously strengthened, judicial interpretations such as false statements have been revised, the first case of special representative litigation for securities disputes has been settled, and the protection of the legitimate rights and interests of small and medium-sized investors has become increasingly effective.
Building the “basic law” of futures and derivatives market
The draft futures and derivatives law will be reviewed for the third time at the 34th meeting of the Standing Committee of the 13th National People’s Congress this week. As usual, the futures and derivatives law is expected to be officially released after the deliberation and adoption of this meeting, and the futures and derivatives market will usher in the “basic law”.
Zhou Xiaochuan: the participation of third-party institutions in digital currency should be close to high standards
Recently, the 2022 Tsinghua Wudaokou global financial forum was held in Beijing. Zhou Xiaochuan, President of the Chinese Financial Society and former president of the people’s Bank of China, said in his speech that the stable currency does not claim to be, and there should be a series of conditions to assess whether it is a stable currency. If a third-party organization wants to make digital currency or participate in the payment system, it should move closer to high standards to varying degrees and should not play tricks.
Xiao Gang: encourage more high-quality assets to participate in the pilot of public offering REITs
Xiao Gang said that China’s public offering REITs is in the pilot stage of expansion and needs to deeply summarize practical experience and further study and improve relevant laws and regulations. Special laws and regulations should be formulated to establish the nature and positioning of REITs, and build a set of institutional norms suitable for the characteristics of REITs, such as issuance, listing, trading, information disclosure and investor protection. Local governments and enterprises should be encouraged to come up with more high-quality assets to participate in the pilot and expand the scale of REITs
Securities Daily
Actively and steadily promote the reform of the registration system and optimize the market structure and ecology
From the start of the pilot of the science and innovation board, to the expansion of the stock market of the gem, and then to the opening of the Beijing stock exchange, the reform of the registration system has made remarkable achievements. The industry generally believes that at present, the conditions for the reform of the whole market registration system have been basically met. On the basis of summarizing the experience of the science and innovation board and the gem, we can promote the whole market in a timely and steady manner. The capital market will better serve scientific and technological innovation and the high-quality development of the real economy.
The R & D investment of 13 listed companies exceeded 10 billion yuan to speed up the creation of a source of original technology
A-share listed companies have entered the intensive disclosure period of annual reports, and the R & D investment of listed companies has also surfaced. According to data statistics, as of April 17, among the 1903 A-share listed companies that have disclosed their annual reports, 1703 companies have announced their R & D investment. In terms of amount, the total R & D investment is about 754646 billion yuan, a year-on-year increase of about 28%. Among them, there were 13 companies with a total R & D investment of more than 10 billion yuan in 2021.
In the first quarter, the three major indicators such as the revenue of central enterprises achieved double-digit growth year-on-year
In the first quarter of this year, central enterprises achieved an operating revenue of 9 trillion yuan, a total profit of 617.9 billion yuan and a net profit of 472.3 billion yuan, with a year-on-year increase of 15.4%, 14.6% and 13.7% respectively. Taxes paid in were 734.8 billion yuan, a year-on-year increase of 20.9%. The quality of economic operation was further improved, the investment in R & D funds and the annual labor productivity of all staff were continuously improved, the overall asset liability ratio remained stable, and the investment in fixed assets increased steadily
During the year, more than 100 listed companies carried out foreign exchange hedging, and experts suggested flexible use of derivative instruments
The reporter combed the incomplete statistics of the announcements of listed companies. As of April 16, 104 listed companies issued announcements on carrying out foreign exchange hedging business or continuing to carry out this business.
From the perspective of industry, these listed companies are mainly concentrated in industries such as industry, information technology, medical care, raw materials and non daily consumer goods
people’s daily
From the bank’s annual report to see the effectiveness of prudent monetary policy, financial running water accurately drips into the real economy
Finance is the core of modern economy and the blood of real economy. Through the perspective of bank capital flow, we can feel the pulse of China’s economy. Recently, Industrial And Commercial Bank Of China Limited(601398) , Agricultural Bank Of China Limited(601288) , Bank Of China Limited(601988) , China Construction Bank Corporation(601939) and other large commercial banks announced their operating results in 2021. The relevant principals of several large commercial banks said that they would continue to maintain a moderate increase in new loans this year and create a suitable financial environment for stabilizing the macro-economic market
first finance
The policy of stabilizing growth and boosting consumption and stabilizing investment has been issued repeatedly
According to the analysis of the industry, the repeated epidemic situation and economic pressure, and the continuous introduction and implementation of policies and measures to expand domestic demand by the state will further release the consumption potential, take multiple measures to promote the sustained recovery of consumption and cultivate new growth points of consumption; Carry out infrastructure investment moderately ahead of schedule and fully mobilize the investment enthusiasm of market players. We should give full play to the effect of policy integration, form a joint force for steady growth, and effectively respond to all kinds of risks and challenges.
Under the expectation of raising interest rates and shrinking the table, US stock funds poured into the defensive sector
Since April, US stocks have started a new round of adjustment. As price growth continues to accelerate, investors are worried that geopolitical uncertainty and the Fed’s measures to combat inflation may weaken economic growth. Under the tide of US bond selling, funds poured into the defensive sector, and the market game on the economic prospect is unfolding
economic reference
Steady consumption! The latest “combination boxing” has come to focus on key areas, tap the potential of counties and townships and expand the source of funds
The reporter learned that recently, the central level has deployed one after another and launched a new round of “combination fist” of consumption promotion policies. Among them, a series of measures to promote consumption growth in key areas such as automobiles and household appliances, the construction of County commercial system and financial support for consumption were accelerated. Industry insiders pointed out that under the background of the current epidemic in China and the pressure on the consumer market, the policy of “coordinated development and consideration of distance and distance” is conducive to stabilizing the current consumption and further unblocking the national economic cycle, so as to realize the strong support of domestic demand for the economy.
Investment is expected to maintain steady growth in the first quarter. National development and Reform Commission: study policies to promote private investment
Recently, the “report cards” of local key projects in the first quarter have appeared one after another, and the annual investment completion rate in many places in the first quarter exceeded the time sequence progress to achieve a “good start”. The reporter learned that in the next step, we will focus on key areas such as infrastructure construction, manufacturing and high-tech industries, and the construction of short boards in the field of social and people’s livelihood. Relevant departments will strengthen the guarantee of factors such as capital, land and energy, and accelerate the implementation of the project. Study and introduce policies and measures to further mobilize the enthusiasm of private investment under the new situation, give play to the traction of major projects and the leveraging role of government investment, and stimulate the vitality of private investment.
