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Weekly Financial Summary 2023-03-20

Date: 2023-03-20
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Financial attention


► WHO: It is expected that COVID-19 will no longer be listed as a public health emergency of international concern this year. The situation in the world is certainly much better now than at any time during the pandemic. For the first time in the past four weeks, the number of deaths reported per week is lower than when the term 'pandemic' was first used three years ago.




► ECB Managing Director Holtzman: Inflation is more stubborn than expected, and most people believe that more interest rate hikes are needed. It is expected that there will be several more interest rate hikes, and they are worried that the ECB's peak interest rate will be higher than 4%.






Macroeconomics




1. Vice Minister of Finance Xia Xiande: In order to implement the expected economic growth target of around 5%, proactive fiscal policies will increase efficiency. First, the intensity of fiscal expenditure has increased. In 2023, the national general public budget spending arrangement will reach 27.51 trillion yuan, an increase of 5.6%. The deficit rate will be arranged at 3%, an increase of 0.2% year-on-year; The second is to increase the special debt limit by 3.8 trillion yuan, a year-on-year increase of 150 billion yuan, and appropriately expand the scope of investment fields and operating project capital to support local normal financing needs; Third, we are promoting financial sinking and continuously increasing the transfer payment from the central government to local governments.




2. Beijing News: This year, the number of graduates nationwide is expected to reach 11.58 million, and the number of graduates from universities in Beijing is about 285000, both reaching a record high. In addition, Beijing's college graduates have shown a new change, with the number of graduate students surpassing that of undergraduate students for the first time.




3. Securities Times: It is reported that Shanghai will soon release opinions on accelerating the construction of world-class enterprises by state-owned enterprises in Shanghai. Long Wu, Assistant to the President of the Shanghai Institute of State-owned Capital Operations, said that in the new era, under the new background of becoming stronger, better, and larger state-owned capital and state-owned enterprises, taking the deep integration of digital technology and financial management as the starting point, accelerating the construction of a world-class financial management system has become a key task being promoted by central state-owned enterprises.




4. CCTV News: In protest against current wages and demands for improved working conditions, a strike organized by the German Federation of Service Industry Trade Unions was held at four airports in Germany on March 17th local time. So far, the strike has resulted in the cancellation of hundreds of flights.




5. The surging news: On March 18th local time, Japanese Prime Minister Wenxiong Shoda held talks with visiting German Prime Minister Schultz. Against the backdrop of tight global supply chains, the two countries seek to strengthen cooperation in economic security. 'Japan and Germany can maintain a stronger relationship than ever before,' Shoda said in his talks with Schultz. Schultz responded that he was willing to continue the cooperation between the two countries.




Stock Market Inventory




1. CITIC Securities: Recently, the bank's capital has been tight, and the domestic economy has improved significantly, but it is still in the initial recovery stage, and there is no inflationary pressure for the time being. The timing of lowering the reserve requirement is earlier than market expectations, which is conducive to boosting investor sentiment in the stock market. Overall, monetary policy is still in a relatively loose range, and there is no need to worry too much about the central bank controlling the pace of credit.




2. CCTV News: On March 18th, in order to ensure the smooth development of businesses related to the comprehensive registration system, Shanghai Stock Exchange and Shenzhen Stock Exchange jointly organized the first network wide test with China Clearing Corporation and China Securities Finance.




3. China Fund News: In this year's A-share recovery and the overall 'rising and selling' market for stock ETFs, pan tech ETFs led the market, attracting nearly 23 billion yuan in reverse funds, with a total management scale of over 320 billion yuan. According to the industry, factors such as the rebound in the equity market this year, the expected improvement in the fundamental performance of technology stocks, the reasonable valuation range, and the market explosion caused by industry hotspots such as ChatGPT have all made pan tech ETFs the focus of the market.




4. Shanghai Securities News: Just two days after OpenAI released GPT-4, Microsoft announced that it would embed Microsoft's office software 'Family Bucket.'. At the same time, A-share listed companies are also competing to participate in the ChatGPT product trend. Sorting out companies in A-share related sectors, it is found that there are currently no large companies directly introducing ChatGPT products.




Wealth Focus




1. Leng Bing, Deputy General Manager of Guangzhou Futures Exchange: Guangzhou Futures Exchange is fully preparing for the research and development of lithium carbonate and polysilicon futures and options, and actively promoting the research and development of platinum and palladium. In addition, commodity index futures is a major innovative product area of Guangzhou Futures Exchange as an innovative exchange, and the research and development work of China Securities Commodity Index Futures is being intensified.




2. Global Network: The collapse of Silicon Valley banks in the United States continues to ferment. The White House website released a statement on March 17 local time, naming the 'CEO of Silicon Valley banks cashing out of stocks' issue. President Biden urged the United States Congress to take action to impose stricter penalties on bank executives whose institutions failed due to poor management.




Industry observation




1. Post Office: In January-February, the postal industry completed a total of 21 billion pieces of mail delivery business, a year-on-year increase of 3.0%; Among them, the express delivery business volume completed 16.4 billion pieces, an increase of 4.6% year-on-year; The total business revenue of the postal industry reached 226.92 billion yuan, up 4.7% year-on-year; Among them, the accumulated revenue of express delivery business reached 161.72 billion yuan, up 2.7% year-on-year.




2. Xinhua News Agency: Recently, it was learned from the University of Science and Technology of China that Professor Ma Cheng proposed a new technical route for all solid-state battery cathode materials. The composite cathode based on lithium titanium chloride can achieve a 95% mass ratio active material load, far exceeding the limits of oxide cathode materials such as lithium iron phosphate and lithium cobalt oxide in all solid-state batteries.




3. Wuhan City, Hubei Province: Issued the 'Implementation Opinions of the Municipal People's Government on Cultivating and Building an International Consumption Center City'. Improve the popularity of local automotive brands and make breakthroughs in the development of new energy vehicles. Cultivate leading enterprises in the optoelectronics industry and steadily expand the production and consumption scale of intelligent terminals. Improve the brand reputation of well-known enterprises in the biopharmaceutical industry, build a number of biopharmaceutical industry projects, accelerate the transformation of life and health science and technology achievements, and innovate and develop big health consumption.




4. CCTV News: Tianjin Medical Insurance Bureau and Health Commission jointly issued the 'Notice on Regulating and Regulating the Prices of Dental Implant Medical Services', adding 15 prices for dental implant medical services such as 'Implant Implantation Fee (Single Implant)', and setting the highest government guidance price in the city. The full-process regulation target for the medical service price of single conventional planting in public medical institutions across the city was set at 4317 yuan, a decrease of 60% compared to before the regulation. It is estimated that the burden on the public will be reduced by over 100 million yuan throughout the year.




Insight Economics




1. Financial Afternoon Tea: UBS Group is currently negotiating to acquire Credit Suisse, either as a whole or only part of its assets. Several large banks, including Societe Generale, Deutsche Bank and HSBC, have restricted new transactions related to Credit Suisse. HSBC Bank Holdings has begun reviewing its loans related to Credit Suisse Securities. BlackRock said it would not participate in any plan to acquire all or part of Credit Suisse's business, and was not interested in doing so.




2. CCTV News: Russian Presidential Assistant Yuri Ushakov said that Denmark's refusal to allow Russia to participate in the investigation of the 'Beixi' natural gas pipeline explosion would lead to a lack of due objectivity in the investigation. Russian Foreign Ministry spokesman Zaharova said that refusing Russian participation turned the investigation into a fraud, but the truth cannot be covered up.




Financial data




1. Shanghai Securities News: As of March 16, ETFs have had a net subscription share of over 10 billion units per week for three consecutive weeks. In the first four trading days of this week, ETFs received a total of 16.085 billion net subscriptions; From March 6 to March 10, ETFs received a total of 13.607 billion net subscriptions; From February 27 to March 3, ETFs received a total of 17.132 billion net subscriptions.




5. Liu Yonghao, Chairman of New Hope Group, responded to the rumor that 'New Hope and Baidu may cooperate' and said that this imagination is too powerful. He is asking Robin Lee, CEO of Baidu, about intelligent technology. In fact, he is just studying and learning.




6. Kyodo News Agency: Due to the continued spread of the avian influenza epidemic, Japan has culled about 16 million birds, with a record number of culled birds, leading to a surge in egg prices. As of March 2, the wholesale price of medium size eggs in the Tokyo area was 335 yen per kilogram, the highest level since records began in 1993.



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