Financial attention
Macroeconomics
1. CCTV News: The 7th CIIE had active transactions, with an intended transaction amount of $80.01 billion per year, an increase of 2.0% compared to the previous edition. 39 government trading groups and 4 industry trading groups have registered over 430000 professional visitors, a year-on-year increase of 4%.
2. Economic Daily: Interest rates for specialty deposit products such as large denomination certificates of deposit have fallen, entering the era of "1" prefix. In order to reduce the cost of funds and alleviate the pressure of narrowing interest rates, commercial banks will continue to lower deposit interest rates. Therefore, the interest rate of large denomination certificates of deposit will also decrease with the decrease of deposit interest rates, and the rate of decrease may be even faster.
3. China Fund News: Referring to international experience, with economic development, the controllability of the money supply will weaken, and its correlation with major economic variables will also weaken. Therefore, it will gradually shift from quantity based regulation to price based regulation. It is expected that after the caliber adjustment is completed, M1 and M2 will become more sensitive and become more effective indicators for predicting changes in economic activity.
4. Guangzhou City: As of November 9th, this summer has lasted for 231 days, which may break the record of 234 days in 1994 and become the longest summer since 1961.
Stock market inventory
1. Last Friday, the Shanghai Composite Index closed down 0.53% at 3452.30 points, up 5.51% for the week; The Shenzhen Component Index closed down 0.66% at 11161.70 points, up 6.75% for the week; The ChiNext Index closed down 1.24% at 2321.59 points, up 9.32% for the week.
2. Last Friday, the Hang Seng Index closed down 1.07% at 20728.19 points, up 1.08% for the week; The Hang Seng Technology Index closed down 0.2% at 4668.26 points, up 4.11% for the week; The state-owned enterprise index closed down 1.13% at 7461.44 points, up 1.62% for the week.
3. CCTV News: As of the end of October, the total market value of the Shanghai Stock Exchange was about 51 trillion yuan, ranking third in the world; The bond market has a custody volume of over 17 trillion yuan, making it the world's largest exchange bond market; The ETF market size exceeds 2.6 trillion yuan, ranking among the top in the world.
4. Shanghai Stock Exchange: firmly grasp the main line of "strong supervision, risk prevention, and promoting high-quality development", and comprehensively promote various measures to deepen reforms. Taking the deepening of the registration system for stock issuance as an opportunity, and focusing on improving the coordinated functions of the capital market for investment and financing, we aim to build a high-quality innovation capital center and wealth management center.
5. China Securities News: Regulatory authorities will actively promote the promulgation of the "Regulations on the Supervision and Administration of Listed Companies", enhance the deterrent power of administrative penalties, promote the Supreme Court to issue judicial interpretations on the crime of breach of trust and damage to the interests of listed companies, increase the transfer of criminal cases and criminal accountability, so that controlling shareholders and actual controllers do not dare to arbitrarily occupy and empty their assets, and make major shareholders who carry out embezzlement "empty handed".
6. Caijing Headlines App: Last week, the top ten A-share stocks with gains were C Jian'erkang (439.25%), C Gangdi (250.29%), Hao'obo (148.84%), Yin Tu Network (126.35%), Zhisheng Information (117.24%), Electric Wind Power (88.16%), Shengnan Technology (81.40%), Yingshi Sheng (77.0%), Junchuang Technology (76.95%), and Wangcheng Technology (74.98%).
7. Huakang Medical: This year's orders have shown a significant growth trend. As of the end of October, the company has added 2 billion orders, of which medical purification engineering accounts for 80-90% of the scale.
8. ST Zhongli: intends to complete the rectification of fund occupation in the bankruptcy reorganization procedure. As of the date of this announcement, the matter is still under rectification, and the company's stock will be suspended from trading starting from November 11th, with a suspension period not exceeding two months.
9. Landai Technology (7 consecutive boards): The company currently has no undisclosed matters or plans related to such matters that should be disclosed according to relevant regulations such as the Shenzhen Stock Exchange Listing Rules.
10. Chunxing Precision Industry (3 consecutive boards): The company has not found any significant undisclosed information that may or has already had a significant impact on the trading price of the company's stock recently reported by public media; The company's recent business operations have been normal, and there have been no significant changes in the internal and external operating environment.
11. New stock subscription: This week, only one new stock was subscribed, which is the Red Square of the Shanghai Stock Exchange Main Board.
12. Restricted and unlocked: This week, a total of 71 restricted shares were unlocked, with a total of 5.289 billion shares unlocked and a market value of 48.574 billion yuan. Among them, China Eastern Airlines ranked first on the unblocking list with 10.03 billion yuan, while Anlu Technology and Novartis ranked second and third with 6.232 billion yuan and 5.929 billion yuan respectively.
13. Changfei Fiber Optic: intends to acquire El in cash En. Subsidiary companies Pentium Laser (Zhejiang) Co., Ltd. and Cutlite Penta S.r.l. holding equity. The company intends to acquire El En holds 59.18% equity in Pentium Laser and a total of 70.06% equity in Cutlite.
14. China Tungsten High tech: intends to purchase 100% equity of Hunan Shizhuyuan Nonferrous Metals Co., Ltd. jointly held by Minmetals Tungsten Industry Group Co., Ltd. and Hunan Woxi Mining Investment Co., Ltd. through issuing shares and paying cash, and raise matching funds by issuing shares to no more than 35 specific investors.
15. Hailian News: The company will acquire and merge Hangzhou Steam Turbine through the issuance of A-shares, which means that Hailian News will issue A-shares to all shareholders of Hangzhou Steam Turbine for the exchange of their Hangzhou Steam Turbine shares.
16. Shunbo Alloy: plans to repurchase shares for 50-100 million yuan, with a repurchase price not exceeding 9 yuan per share. The repurchased shares are intended for use in equity incentive plans, employee stock ownership plans, or convertible corporate bond conversions.
17. Ruikang Pharmaceutical plans to repurchase shares for 100-200 million yuan, with a repurchase price not exceeding 4.5 yuan per share. It will be used at an appropriate time in the future to implement employee stock ownership plans or equity incentives.
18. Baichuan Energy: Due to personal investment and funding arrangements, shareholder Cao Fei plans to reduce his holdings of the company's shares by no more than 40.2256 million shares, which is no more than 3% of the total share capital.
Wealth Focus
1. China Fund News: Since the end of September, the stock market has rapidly heated up, and low-risk funds have turned to investing in equity assets, putting pressure on "fixed income+" products to move funds. In the third quarter, the scale of "fixed income+" funds shrank by 9%, and the stock size of 760.6 billion units was also the lowest of the year.
2. The Hong Kong Monetary Authority requires retail banks that provide unsecured consumer credit products to individual customers to provide a cooling off period for all unsecured consumer credit products provided to individual customers no later than the end of June next year. The cooling off period for individual customers to repay or redeem loans should not be less than 7 natural days immediately after the date of loan withdrawal.
Industry Observation
1. Ningxia Hui Autonomous Region: The amount of entrepreneurship guarantee loans will be increased. The maximum amount of personal entrepreneurship guarantee loans will be increased from 200000 yuan to 300000 yuan, and the maximum amount of entrepreneurship guarantee loans for small and micro enterprises will be increased from no more than 3 million yuan to no more than 4 million yuan.
2. Tianjin: By the end of 2027, the annual transaction volume of cross-border e-commerce will account for 10% of the total import and export volume of the city's foreign trade, striving to exceed 100 billion yuan, and cultivating more than 50 cross-border e-commerce export brands with certain international influence.
3. Xinjiang Daily: As of November 9th this year, the cumulative amount of railway freight sent in Xinjiang has reached 200.1 million tons, surpassing the 200 million ton mark 29 days earlier than last year.
4. Economic Daily: AI can reconstruct the system modules of cross-border e-commerce, achieving leaps from multiple dimensions such as market insights, customer service scenarios, and user experience. In the future, AI will deeply integrate with various industries. As service providers for e-commerce enterprises, their challenge is how to help customers find the combination of AI capabilities and application scenarios, and explore commercial value.
5. Dalian Zhoushuizi Border Inspection Station: Since the beginning of this year, more than 270000 foreign passengers from 118 countries and regions have entered and exited Dalian International Airport, a year-on-year increase of 92.8%. Among them, 21000 foreign tourists enjoyed visa free entry and 144 hour transit visa free policies, a year-on-year increase of 2 times.
6. 36Kr: Research shows that the annual carbon dioxide emissions of the private aviation industry have increased by 46% between 2019 and 2023. Some individuals who frequently use private aviation produce nearly 500 times more carbon dioxide per year than the average person.
Financial data
1. Jiangsu Radio and Television Station: As of November 7th, among the first batch of 10 district and city industrial special parent funds of Jiangsu Province's strategic emerging industry parent fund, 8 have completed registration with the China Securities Investment Fund Industry Association and entered the investment period. The total scale of the first 8 funds is 39.6 billion yuan.
2. New Third Board: Last week, 16 new listed companies were added with a transaction amount of 1.25 billion yuan, a decrease of 1.33% compared to the previous week. As of now, the total number of companies listed on the New Third Board has reached 6133.
3. Last Friday, the onshore Chinese yuan closed at 16:30 against the US dollar at 7.1648, a decrease of 0.0628%, and a weekly decrease of 0.5586%; The central parity rate of the Chinese yuan was reported at 7.1433, up 0.3154% and down 0.4189% for the week.
4. Shanghai Environmental Protection Exchange: Last week, the trading volume of carbon emission quota listing agreements in the national carbon market was 441300 tons, with a total trading volume of 46.4162 million yuan and a closing price of 105.03 yuan/ton, up 0.57% for the week.
5. US stock market: Last Friday, the Dow Jones Industrial Average rose 0.59% to 43988.99 points, up 4.61% for the week; The S&P 500 index rose 0.38% to 5995.54 points, with a weekly increase of 4.66%; The Nasdaq rose 0.09% to 19286.78 points, with a weekly increase of 5.74%.
6. Europe: Last Friday, the German DAX30 index fell 0.76% to 19215.48 points, down 0.21% for the week; The French CAC40 index fell 1.17% to 7338.67 points, down 0.95% for the week; The FTSE 100 index in the UK fell 0.84% to 8072.39 points, down 1.28% for the week.
7. Gold: Last Friday, COMEX gold futures fell 0.52% to $2691.6 per ounce, down 2.09% for the week.
8. Crude oil: Last Friday, WTI December crude oil futures fell 2.74% to $70.38 per barrel, up 1.28% for the week. The settlement price of Brent crude oil futures for January fell 2.33% to $73.87 per barrel, with a weekly increase of 1.05%.
► Guosheng Securities: This round of fiscal stimulus plan is generally "sincere and strong". First, it has a considerable scale. There are both a certain scale of "10 trillion yuan+" and a large space of imagination to be determined. In 2025, the finance will be "more awesome", involving debt, storage, consumption, etc; The second is to focus on the present and take into account the long term in terms of approach, and to fundamentally change the thinking of debt work. For assets, the "double bull" of stocks and bonds is promising, with a short-term focus on the Central Politburo meeting and the Central Economic Work Conference in December.
Guotou Securities: Four details are worth paying attention to. Firstly, strengthening debt strength aims to reverse the plight of local governments. Secondly, the continuation of debt instruments. The resolution of hidden debts this time is essentially still through other means of diverting debt funds, without achieving the expansion of local government balance sheets. Thirdly, during the peak period of net increase in local government bonds from August to September, there was also a policy of reserve requirement ratio reduction. Therefore, the degree of supply disturbance caused by the special bond issuance before the end of the year will depend on the coordination effect of monetary policy. Fourthly, the scarcity of urban investment bonds is expected to strengthen, and operational debt pressure still exists.
Everbright Securities: The scale of its 10 trillion yuan bond issuance exceeds market expectations, but it is only a prelude. It is expected that before and after the economic work conference held in December this year, the first batch of supportive policies, such as real estate tax and replacement bond issuance, will be implemented, while the second batch of policies, such as increasing the deficit rate and issuing special treasury bond, will probably be deployed and arranged at the National Two Sessions in March next year. Under certain assumptions, it is expected that the broad deficit next year will reach around 12 trillion yuan.
Huajin Securities: (1) The bond conversion plan is clear and the overall scale exceeds expectations, which may benefit AMC, local urban investment and other companies directly related to the bond conversion. (2) Subsequent fiscal efforts may increase support for technological innovation, equipment updates, and trade in programs. Industries such as technology, consumption, and building materials may benefit. (3) Fiscal efforts may enhance economic and profit expectations, benefiting core asset related industries such as electronics, pharmaceuticals, food and beverage, as well as pro cyclical industries such as non-ferrous metals, chemicals, steel, and coal.