Key investment points:
Comprehensive work plan for energy conservation and emission reduction in the 14th five year plan
The State Council issued the comprehensive work plan for energy conservation and emission reduction in the 14th five year plan. On January 24, the State Council issued the comprehensive work plan for energy conservation and emission reduction in the 14th five year plan. The plan specifies that by 2025, the energy consumption per unit of China’s GDP will be 13.5% lower than that in 2020, the total energy consumption will be reasonably controlled, and the total emissions of chemical oxygen demand, ammonia nitrogen, nitrogen oxides and volatile organic compounds will be 8%, 8%, 10% and 10% lower than that in 2020 respectively. Energy conservation and emission reduction policies and mechanisms have been improved, the energy efficiency of key industries and the emission control level of major pollutants have basically reached the international advanced level, and remarkable achievements have been made in the green transformation of economic and social development.
As one of the important ways to achieve the double carbon goal, the plan defines the work objectives of energy conservation and environmental protection during the 14th Five Year Plan period, deploys ten key projects, and improves the policy mechanism from eight aspects, which is good for the environmental protection sector.
The central bank restarted the 14 day reverse repurchase, and the bid winning interest rate was reduced by 10 bps. On January 24, the central bank restarted the 14 day reverse repurchase operation and carried out the 14 day reverse repurchase operation of 150 billion yuan. On that day, 100 billion yuan of reverse repurchase expired, the net investment was 50 billion yuan, and the bid winning interest rate was reduced by 10 bps to 2.25%.
The 14 day reverse repo interest rate reduction belongs to the matching interest rate reduction of MLF interest rate and 7-day reverse repo interest rate last week. At the same time, the 14 day reverse repurchase operation was restarted, and the excess investment was made on the basis of the expiration of the 7-day reverse repurchase of RMB 100 billion in the early stage, mainly to meet the increased capital demand around the Spring Festival, protect the capital surface and make a smooth transition, and continue to release the signal of stabilizing the market. In the context of relatively abundant liquidity, this year’s Spring Festival market is still worthy of layout.
Financing funds
On January 21, the balance of A-share financing was 1676.484 billion yuan, a month on month decrease of 11.971 billion yuan; The balance of margin trading was 1781.863 billion yuan, a decrease of 13.893 billion yuan month on month. The balance of financing minus securities lending was 157.105 billion yuan, a month on month decrease of 10.049 billion yuan.
Land stock connect and Hong Kong stock connect
On January 24, the net purchase turnover of land stock connect on that day was 3.452 billion yuan, including 53.204 billion yuan of purchase turnover and 49.752 billion yuan of sales turnover, with a cumulative net purchase turnover of 1680.876 billion yuan. Hong Kong stock connect had a net purchase transaction of HK $2.669 billion on the same day, including a purchase transaction of HK $16.355 billion and a sale transaction of HK $13.685 billion, with a cumulative net purchase transaction of HK $222.645 billion.
Money market
On January 24, Bank Of Shanghai Co.Ltd(601229) inter-bank offered rate Shibor overnight interest rate was 1.9350%, down 12.80bp, Shibor week was 2.1320%, up 2.00bp. The weighted interest rate of pledged repo of deposit institutions was 1.9286% overnight, down 12.03bp and 2.0499% a week, down 5.58bp. The 10-year yield to maturity of China national debt was 2.6751%, down 3.49bp.
