On Thursday, April 28, the essence of the headlines of today’s newspapers and periodicals is as follows:
china Securities Journal
“Four invariants” to create a stable and predictable institutional environment
International geopolitical conflicts, overseas inflation “exploding”, accelerated austerity in Europe and the United States, frequent outbreaks in China… The recent unexpected changes are reflected in all aspects of economic and financial operation, and the capital market is under certain pressure.
The fluctuation of RMB exchange rate is not the driving factor of stock market decline
Recently, some market views believe that the depreciation of the RMB exchange rate is one of the reasons for the recent decline of the stock market. In this regard, experts said that there is a correlation between the fluctuations of the stock market and the foreign exchange market, but there is no causal relationship. The fluctuation of the RMB exchange rate is not the main driver of the recent stock market decline. Short term fluctuations in the stock market and foreign exchange market are the result of unexpected changes in the internal and external environment. Foreign capital has not mastered the asset pricing power in China’s stock market. The exchange rate of RMB is expected to remain stable in the long term and its asset attraction is expected to remain reasonable.
Stabilize the current, take into account the long-term, and accelerate the development of infrastructure investment
The 11th meeting of the central financial and Economic Commission recently stressed that we should comprehensively strengthen infrastructure construction and build a modern infrastructure system. Experts believe that infrastructure construction investment will be an important starting point for steady growth this year, and the annual growth rate of infrastructure investment is expected to reach about 8% or even higher. In the medium and long term, China still has great potential for infrastructure investment, especially in the field of new infrastructure.
The market ushers in the repair market, and institutions are optimistic about two main investment lines
On April 27, the A-share market opened low and went high, rebounded sharply, and the Shanghai stock index recovered 2950 points. As of the close, the Shanghai Composite Index, Shenzhen Composite Index and gem index rose 2.49%, 4.37% and 5.52% respectively. The turnover of Shanghai and Shenzhen stock markets exceeded 910 billion yuan, including 422928 billion yuan in Shanghai and 494783 billion yuan in Shenzhen. Data show that on the 27th, the net inflow of funds from the North was 4.359 billion yuan, and the net inflow of main funds from the two cities was 9.332 billion yuan
Shanghai Securities News
A-share long-term confidence
On April 27, the A-share market “saw the sun through the clouds”, the sectors and individual stocks rose in a large area, and the volume and energy were also enlarged. The growth enterprise market index rose by almost 5.52% to catch up with the positive signal of the growth enterprise market. Market participants generally believe that yesterday’s sharp rise will help the stock market alleviate panic, avoid “blood loss” and repair the form. Behind this is the accumulation of good news in all aspects and the resonance of positive factors in the market.
The current position of A-Shares from the perspective of stock bond spread
At the closing on April 26, the price earnings ratio (TTM) of the CSI 300 index was 11.25 times, a new low since April 2020. Taking the reciprocal minus the yield of the 10-year Treasury bond (2.8277%), the interest margin between the shares and bonds of the CSI 300 index was 6.06%, which entered the top 30% of the history, reflecting that the current market may have been in a relatively low range. At the same time, the current stock bond spread of Shanghai Composite Index has entered the top 10% of the past 10 years, and the stock bond spread of China Securities 500 index has set a new high in the past 10 years. From this point of view, whether the overall market or local companies, the current allocation cost performance is in a historically high range.
Growth stocks led the market rebound, and the gem index closed 100 points Changyang
On April 27, the three major A-share indexes fluctuated sideways in the morning and rose rapidly in the afternoon. As of the close, the Shanghai composite index returned to above 2900 points to 295828 points, up 2.49%; Shenzhen composite index reported 106529 points, up 4.37%; The gem index rose 118.66 points to 2269175.52 points, up 5.52%.
State Council: maintain stable employment and stable economic operation
Premier Li Keqiang chaired an executive meeting of the State Council on April 27 and decided to strengthen the policy of stabilizing posts and promoting employment to maintain stable employment and stable economic operation; Listen to the work report on ensuring the smooth transportation and logistics, and require to further open up the blocking points and smooth circulation
Securities Times
The net inflow of direct investment in China reached a new high in the first quarter
On April 27, the preliminary data of the balance of payments for the first quarter of 2022 released by the State Administration of foreign exchange showed that China’s balance of payments remained basically balanced in the first quarter. Among them, the current account surplus was 89.5 billion US dollars, accounting for 2.1% of China’s gross domestic product (GDP) in the same period, which continued to be in a reasonable equilibrium range; The net inflow of direct investment was US $65 billion, which remained at a high level.
The State Council has established a working mechanism to unblock international and Chinese logistics and promote enterprises to return to work and reach production under the condition of doing a good job in epidemic prevention and control
Premier Li Keqiang presided over the executive meeting of the State Council on April 27 and decided to strengthen the policy of stabilizing posts and promoting employment to maintain stable employment and stable economic operation; Ensure the smooth circulation of traffic and listen to the reporting requirements.
Nearly 4000 stocks rose and consolidated the basic market in the first quarter
Yesterday, the A-share market rebounded strongly, with a total of nearly 4000 stocks rising, which is one of the trading days with the largest number of recently rising stocks, of which more than 1200 stocks rose by more than 5%, and the number of trading stocks was as high as 144. The gem index has recorded the largest increase in the past six years.
Various funds launched multiple rounds of “bottom reading” trillion level incremental funds waiting for the opportunity to enter the market
After a sharp correction, A-Shares finally ushered in a strong rebound yesterday. Previously, when pessimism spread, the voice of various funds entering the market continued to amplify, and actively contributed to maintaining market stability. Since the beginning of this year, various funds including public funds, bank financial management, asset management of securities companies and listed companies (including major shareholders and directors, supervisors and senior executives) have launched multiple rounds of “bottom reading” through self purchase or increase of holdings. Data show that as of April 26, 448 listed companies have announced the completion of repurchase or released repurchase plans this year
Securities Daily
More than 2600 A-share companies intend to pay a cash dividend of 1.48 trillion yuan, and the banking industry contributes more than 30%
According to the data, as of April 27, 3528 A-share listed companies have disclosed their annual reports for 2021. As many as 2618 companies intend to pay cash dividends, accounting for 74%, with a total cash dividend of 1.48 trillion yuan. Among them, 22 companies such as Industrial And Commercial Bank Of China Limited(601398) and others intend to pay cash dividends of more than 10 billion yuan.
The bright quarterly report of listed banks reflects the toughness of the real economy
The “ballast” of the capital market of listed banks. Since the beginning of this year, the performance of listed banks in the first quarter has remained stable despite the disturbance of the complex external environment and the multi-point spread of the epidemic. As of April 27, the net profits of the nine banks that have published the first quarter report have achieved double-digit growth, of which the net profits attributable to the parent company in the first quarter have increased by more than 20% year-on-year.
In the first quarter, the profits of national industrial enterprises above designated size increased by 8.5% year-on-year
Zhu Hong, Senior Statistician of the industry department of the National Bureau of statistics, said that since the beginning of this year, in the face of the complex and severe external environment of China, all regions and departments have adhered to the principle of stability and seeking progress while maintaining stability, and done a solid job in helping enterprises to alleviate difficulties and support the development of the real economy. The industrial economy has achieved a stable start and corporate profits have maintained growth.
During the year, 230 listed companies were supported by an increase of 27.5 billion yuan by “their own people”
Statistics show that as of April 27 this year, a total of 230 listed companies in Shanghai and Shenzhen have been increased by important shareholders. Based on the reference market value at the time of the increase, the total increase reached 27.5 billion yuan. Among them, the cumulative holdings of important shareholders of 35 listed companies exceeded 100 million yuan
people’s daily
China’s current account surplus in the first quarter was US $89.5 billion
Recently, the data released by the State Administration of foreign exchange showed that China’s balance of payments remained basically balanced in the first quarter. Among them, the current account surplus was US $89.5 billion, accounting for 2.1% of China’s gross domestic product (GDP) in the same period, which continued to be in a reasonable equilibrium range
first finance
Concerning the more than 10 trillion projects, what signal will the central government release to promote the PPP model?
The sluggish government social capital cooperation (PPP) model is expected to usher in a turnaround, which is related to more than 10 trillion yuan PPP projects. The 11th meeting of the central financial and Economic Commission held on April 26 called for comprehensive strengthening of infrastructure construction. When referring to strengthening the support and guarantee of infrastructure construction, it said that we should promote the standardized development and sunshine operation of the cooperation mode between the government and social capital, and guide social capital to participate in the investment and operation of municipal facilities.
State Administration of Taxation: tax rebate, tax reduction and fee reduction exceed 1 trillion yuan
First finance learned from the State Administration of taxation that as of April 20 this year, the tax department had reduced the tax burden and increased the cash flow of enterprises by more than 1 trillion yuan. These dividends have played a positive role in helping enterprises, especially small and micro enterprises and individual industrial and commercial households, and boosting the confidence of market players
economic reference
Favorable policies and additional investment in data center industry are expected to drive investment of more than 3 trillion yuan during the 14th Five Year Plan period
The reporter learned from the China Academy of communications and communications that at present, the overall scale and market revenue of China’s data center industry have increased steadily. The revenue reached 150 billion yuan in 2021, with an average annual compound growth rate of 30.69% in recent three years. Recently, the Ministry of industry and information technology, the national development and Reform Commission and other departments have made an intensive voice, which will further optimize the layout of the data center, promote the construction of data center cluster projects, and drive the upstream and downstream investment of the data center industry.
The overall “good start” of the express industry in the first quarter is welcome to repair
Recently, the performance of several listed express companies such as Yto Express Group Co.Ltd(600233) , Yunda Holding Co.Ltd(002120) , Deppon Logistics Co.Ltd(603056) , S.F.Holding Co.Ltd(002352) and others in 2021 and the first quarter of 2022 were successively released. On the whole, despite the complex market environment, the industry achieved a “good start” in the first quarter, all businesses made steady progress, and the business indicators were stable and good.
