Key investment points:
The central bank cut SLF interest rate
According to the table of standing lending convenience interest rates released by the central bank, since January 17, the overnight varieties, 7-day varieties and 1-month varieties of standing lending convenience interest rates have been 2.95%, 3.10% and 3.45%, respectively. The three varieties were 10 basis points lower than before.
Previously, the interest rates of MLF and Omo were lowered, and the SLF, also the policy interest rate, was lowered within expectations. Since 2017, the three have been raised or lowered simultaneously, and the adjustment range is the same. As the upper limit of the interest rate corridor, adjusting the SLF interest rate can compress the upper limit of the interest rate corridor, help move the interest rate center downward, promote the transmission of monetary policy to the real economy, and help reduce the financing cost of the real economy. Overall, the Central Bank continues to release positive signals to make monetary policy play a more active role in the process of steady growth.
On the whole, we still have the possibility of reducing reserve requirements and interest rates in the first quarter, there is still room for monetary policy, and the policy environment is still relatively friendly to the equity market.
Financing funds
On January 20, the balance of A-share financing was 1688.455 billion yuan, a month on month decrease of 10.298 billion yuan; The balance of margin trading was 1795.756 billion yuan, a decrease of 10.787 billion yuan month on month. The balance of financing minus securities lending was 1581.154 billion yuan, a month on month decrease of 9.809 billion yuan.
Land stock connect and Hong Kong stock connect
On January 21, the net purchase turnover of land stock connect on the same day was 8.758 billion yuan, including 64.089 billion yuan of purchase turnover and 55.331 billion yuan of sales turnover, with a cumulative net purchase turnover of 1677.424 billion yuan. Hong Kong stock connect had a net purchase transaction of HK $2.036 billion on the same day, including a purchase transaction of HK $18.173 billion and a sale transaction of HK $16.138 billion, with a cumulative net purchase transaction of HK $2218975 billion.
Money market
On January 21, Bank Of Shanghai Co.Ltd(601229) inter-bank offered rate Shibor overnight interest rate was 2.0630%, up 2.80bp, Shibor week was 2.1120%, down 0.10bp. The weighted interest rate of pledged repo of deposit institutions was 2.0489% overnight, up 0.43bp and 2.1057% a week, down 0.47bp. The 10-year maturity yield of China national debt was 2.7100%, down 1.71bp.
Overseas stock market
On January 21, the Dow Jones Industrial Average closed at 34265.37 points, down 1.30%; The S & P 500 index closed at 4397.94 points, down 1.89%; The NASDAQ index closed at 13768.92, down 2.72%. European stock markets, French CAC index closed at 7068.59 points, down 1.75%; Germany’s DAX index closed at 15603.88 points, down 1.94%; The FTSE 100 index closed at 7494.13, down 1.20%. In the Asia Pacific market, the Nikkei index closed at 27522.26 points, down 0.90%; The Hang Seng Index closed at 24965.55 points, up 0.05%.
Foreign exchange rate
On January 21, the dollar index fell 0.17% to 95.6317. The euro rose 0.30% against the dollar to 1.1343. The dollar fell 0.39% against the yen to 113.6700. The pound fell 0.32% against the dollar to 1.3554. The spot exchange rate of RMB against the US dollar closed at 6.3397, up 0.04%. The spot exchange rate of offshore RMB against the US dollar closed at 6.3416, up 0.10%. The central parity rate of RMB against the US dollar closed at 6.3492, depreciating by 0.01%.
Gold, crude oil
On January 21, Comex gold futures fell 0.20% to close at US $1836.10/oz. WTI crude oil futures rose 0.41% to close at US $84.83/barrel. Brent crude oil futures rose 0.48% to close at US $87.90/barrel. COMEX copper futures fell 0.26% to close at US $4.5205/lb. LME copper three-month futures fell 1.05% to close at US $9934 / ton.
