April 25th (Monday), the main contents of today’s headlines are:
China Securities Journal
Demarcation of the employment threshold for the proposed general manager and chief inspector of the newly established fund management company
On April 24, the CSRC issued guidelines No. 1 on the examination and approval of fund administrative licenses – the application of Article 6 of the measures for the supervision and administration of directors, supervisors, senior managers and employees of securities fund operating institutions. The CSRC proposed that the proposed general manager and chief inspector of the newly established fund management company should meet the relevant conditions. The proposed general manager should have more than 5 years of experience in public fund management or securities asset management, and meet certain conditions.
How long can we carry the scale of quarterly slimming and “strong foundation”
The willingness of large and medium-sized fund companies to “protect the shell” is still strong, which will make the cost of solving the problem bigger and bigger. Industry insiders called on the continued life Mini fund to be worthless, whether from the perspective of industry development or investment feeling. Large and medium-sized fund companies should bravely break the situation and let the development of the fund industry enter a virtuous circle.
The breaking rate increased due to multiple factors. Since this year, the overall positive return of innovation on the science and innovation board has been achieved
Recently, the A-share market has frequently seen the breaking of new shares. From April 18 to 22, a total of 15 new shares were listed, of which 6 broke on the first day, with a breaking rate of 40%. In the view of insiders, the break is the inevitable result of the normalized game after the implementation of market-oriented reform, and the embodiment of the spontaneous regulation of buyers and sellers in the mature market. In this regard, the regulatory authorities have attached great importance to it. Next, the Shanghai Stock Exchange will consider including a large proportion of breaking and other indicators into the practice quality evaluation of the lead underwriter.
The rapid correction of the RMB exchange rate remained basically stable and supported
Recently, the exchange rate of RMB against the US dollar has been callback rapidly. According to the analysis of insiders, the RMB exchange rate may continue to callback due to changes in market supply and demand, but the RMB exchange rate is still at a high level. In the future, when the trade surplus is maintained and the actual interest rate difference between China and the United States is still high, the probability of continuous unilateral callback of the RMB exchange rate is small, and it is expected that the flexibility of the RMB exchange rate will further increase
Shanghai Securities News
The breaking of new shares has attracted regulatory attention, and it is proposed to link the practice quality evaluation of underwriters
Recently, the breaking of new shares once again provoked the sensitive nerves of the market, which has attracted regulatory attention. Recently, the Shanghai Stock Exchange organized a number of securities companies to hold a symposium to discuss the breaking phenomenon in the current market. It is reported that the Shanghai Stock Exchange is considering including a large proportion of breaking and other indicators into the practice quality evaluation of the lead underwriter. Regardless of the pricing or subscription of new shares, investors should establish the concept of rational investment, value investment and long-term investment.
Pull the list to build a platform to accurately serve the central government and make every effort to promote the resumption of work and production of key enterprises
From March to now, more than 20 provinces, autonomous regions and cities across the country have introduced measures to help enterprises return to work and production. All localities have spared no effort in improving the “white list” system, accurate services and building a big data platform to promote the resumption of work and production of key industrial enterprises and ensure the smooth and stable supply chain of the industrial chain.
According to the data disclosed in the first quarterly report, it is estimated that there are still more than 600 billion funds available for public funds
Facing the shock adjustment of the market, more than 100 billion “bullets” are ready to go. According to the calculation of Galaxy Securities Fund Research Center, as of the end of March, the market value of A-Shares held by public funds that have disclosed the first quarterly report totaled 5.49 trillion yuan; At the same time, the maximum amount of public funds that can buy A-Shares at present exceeds 600 billion yuan. Many fund managers said that they had begun to build positions and buy gradually.
Market indicators show the characteristics of the bottom, and institutions suggest focusing on the direction of low risk
Last week, the A-share market continued to callback, and the Shanghai stock index was close to the phased low in mid March again. This week, the institutional view is that the current A-share market shows the characteristics of the bottom in many indicators such as capital and sentiment. Under the overall background of vague profit expectation and declining risk appetite, the seller’s organization has continued to focus on the low-risk characteristic sector recently
Securities Times
Shanghai Stock Exchange: consider including the breaking index into the evaluation of the lead underwriter
The reporter learned from many aspects that the breaking of new shares has attracted the attention of the regulatory authorities. Recently, the Shanghai Stock Exchange organized a number of securities companies to hold a symposium to discuss the current market breaking phenomenon. The Shanghai Stock Exchange said at the symposium that in the next step, indicators such as “large-scale breaking” will be considered to be included in the practice quality evaluation of the lead underwriter.
Inflation peaks in Europe and the United States, China should be vigilant against fluctuations in overseas supply of commodities
Zhang Yongjun, deputy chief economist of the China Center for international economic exchanges, said that the possibility of a recession in the United States is unlikely for the time being, and the emerging market countries in Europe are facing a test. The future trend of global inflation is affected by the evolution of the conflict situation between Russia and Ukraine and the degree of implementation of sanctions against Russia by the United States and Europe. At the same time, we should pay attention to the impact of tightening monetary policy by the United States. China should be alert to the impact of fluctuations in overseas supply of soybean and other Shenzhen Agricultural Products Group Co.Ltd(000061) , oil and gas, metal minerals and other resources.
Wang Yiming: take strong measures to promote the economic growth of 5% in the second quarter
On April 24, the 2022 asset management summit of China wealth management 50 forum was held in Beijing. Wang Yiming, member of the monetary policy committee of the people’s Bank of China and former deputy director of the development research center of the State Council, said that stronger policy measures must be taken to ensure that economic growth returns to more than 5% in the second quarter. In addition, more direct subsidies can be provided to low-income groups to expand consumption.
The CSRC will strengthen the competence of the general manager and chief inspector of the newly established fund company
Yesterday, the CSRC issued No. 1 guidelines for the examination and approval of fund administrative licenses, clarifying the application of Article 6 of the measures for the supervision and administration of directors, supervisors, senior managers and employees of securities fund operating institutions. In order to further strengthen the competence of the general manager and inspector general of the newly established fund management company, the newly established fund management company plans to serve as the general manager The chief inspector shall have certain experience in public fund management or securities asset management, and at least one person shall have experience in public fund management. Among them, the chief inspector shall have certain experience in compliance risk control management of public fund management (or securities asset management)
Securities Daily
The GDP of 23 provinces achieved positive growth of more than 80% in the first quarter, and the growth rate was higher than the national level
Recently, data released by the National Bureau of statistics showed that China’s GDP reached 27 trillion yuan in the first quarter, a year-on-year increase of 4.8%. According to the reporter, as of April 24, 23 provinces (autonomous regions and municipalities directly under the central government) have successively released the “first quarterly report” and achieved positive growth. Among them, the year-on-year GDP growth rate of 19 provinces (autonomous regions and municipalities directly under the central government) is higher than the national level.
The central parity rate of RMB against the US dollar has been adjusted for three consecutive days to 6.4596, and the depreciation pressure may continue in the short term
Recently, the RMB exchange rate against the US dollar has continued to decline. On April 22, the central parity rate of RMB against the US dollar was significantly reduced by 498 basis points to 6.4596, the lowest since October 14, 2021. This is also the third consecutive day of adjustment of the central parity rate of RMB against the US dollar.
Looking forward to the later stage, China Merchants Securities Co.Ltd(600999) research report believes that the pressure of RMB devaluation may last for some time.
In April, more than 30 cities have adjusted their real estate policies. Experts predict that the first mortgage interest rate in some cities is expected to drop to 4.6%
Data show that more than 80 cities have issued relevant policies during the year. Since April alone, more than 30 cities have adjusted their real estate policies due to urban policies. Industry insiders believe that it is expected that the property market regulation policy in the second quarter will continue to maintain a relatively loose main tone, and continue to make efforts in reducing housing loan interest rates and increasing the amount of provident fund loans, so as to achieve the purpose of protecting rigid demand and improving demand.
There are four reasons for the breaking of new shares. The regulator plans to include a large proportion of breaking into the practice quality evaluation of securities companies
According to statistics, as of April 24 this year, there were 114 A-share listed new shares, of which 32 closed on the first day of listing, accounting for 28.07%, and only 4 in the same period last year. It is understood that recently, the Shanghai Stock Exchange organized a number of securities companies to hold a symposium to discuss the current market breaking phenomenon. Next, the Shanghai Stock Exchange will consider including a large proportion of breaking and other indicators into the practice quality evaluation of the lead underwriter
people’s daily
Multiple macro-control measures, stable growth and strong effectiveness
Scientific and effective macro-control is an inevitable requirement for the steady and healthy development of economy and society. By making full use of the policy “toolbox” and making a good policy “combination”, we are fully qualified and capable of stabilizing the macro-economic market and maintaining a stable and healthy environment for economic and social development
first finance
How to maintain financial stability? Experts discuss the goal and efficiency of financial supervision
Risk prevention is the eternal theme of the financial industry, especially under the background of increasingly complex external situations such as trade frictions, financial sanctions and geopolitical conflicts, improving the efficiency of financial supervision and maintaining national financial security has become an urgent requirement and important guarantee for realizing high-quality economic development in the new era.
The RMB depreciated by nearly 1400 points in four days, and the exchange rate is expected to be basically stable, the safe said
Affected by multiple factors, the RMB exchange rate has depreciated rapidly and sharply recently. Wang Chunying, deputy director of the State Administration of foreign exchange and spokesman, said at the press conference of the state information office on the 22nd that the two-way fluctuation of the RMB exchange rate has increased and the overall performance is stable; Cross border capital flows are balanced and orderly, and generally maintain a small net inflow; Transactions in the foreign exchange market are rational and orderly, and exchange rate expectations are basically stable
economic reference
Multi sectoral deployment of financial work in the next step, stability and stability are expected to be the top priority
The people’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of foreign exchange recently held relevant meetings to implement the recent work deployment of the financial commission of the State Council, analyze and judge the current economic and financial situation, and study and deploy the next financial work. From the perspective of the work content of each department, further increasing support for entities and stabilizing market expectations have become the top priorities of the next financial work of each department.
After the disclosure of the first quarterly report, the fund manager takes a positive view of the future market
The curtain fell on the disclosure of the first quarterly report of the fund. In the context of the market downturn, the overall market value of equity assets of public funds shrank in the first quarter, 90% of equity funds lost their income in the first quarter, the positions of some fund products were adjusted to a certain extent, the shareholding concentration of leading companies and popular racetracks decreased, and the positions of big finance, medicine and steady growth industries increased. Looking forward to the future, the attitude of fund managers is generally more positive. Many fund managers admitted in the first quarterly report that economic growth will be stronger than market expectations, and the valuations of many industries are also at historical lows. They are optimistic about the future trend of the equity market.
