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Weekly Financial Summary 2023-11-27

Date: 2023-11-27
Views: 4

Financial attention

Macroeconomics


1. China will carry out the construction of embedded service facilities in urban communities. The Implementation Plan for the Construction of Embedded Service Facilities in Urban Communities clearly states that the scope of the construction of embedded service facilities in urban communities covers all types of cities, with priority given to promoting construction in large cities with a permanent population of over 1 million. Taking into account factors such as population distribution, work foundation, and financial level, around 50 cities were selected for pilot projects.


2. The National Health Commission held a press conference to introduce the relevant situation of winter respiratory disease prevention and control in China. The monitoring shows that the recent respiratory infectious diseases are mainly influenza, and also caused by rhinovirus, mycoplasma pneumoniae, etc. Analysis suggests that the recent continuous increase in acute respiratory diseases in China is related to the superposition of multiple respiratory pathogens.


3. This week, the central bank's open market will have 2167 billion yuan of reverse repurchase due, with 205 billion yuan, 319 billion yuan, 460 billion yuan, 519 billion yuan, and 664 billion yuan due from Monday to Friday, respectively. In addition, on November 29th, 5 billion yuan of central bank note swaps will expire.


4. Guangdong Governor Wang Weizhong led a delegation from the Guangdong Provincial Government to Shanghai for inspection and visit. Gong Zheng, the mayor of Shanghai, said that we should work together in promoting reform and opening up, and jointly answer the same question in promoting regional coordinated development, so as to further promote exchanges and cooperation between Shanghai and Guangdong to a new level and make greater contributions to the construction of Chinese path to modernization.


5. The top 100 cities in China's foreign trade in 2022 have been announced. The eastern region still leads significantly, with 60 cities shortlisted in 2022, an increase of 1 compared to 2021. Among them, Shenzhen in Guangdong, Shanghai, and Suzhou in Jiangsu have remained in the top three for two consecutive years, and the eastern cities have dominated the top 10, demonstrating a solid leading advantage.


6. The Financial Secretary of the Hong Kong Special Administrative Region Government, Chan Mo po, stated that the government's investment promotion work is progressing steadily. In the first 10 months of this year, the Investment Promotion Department of the Special Administrative Region Government assisted over 330 mainland or overseas enterprises in opening and expanding their businesses in Hong Kong, a year-on-year increase of 30%.


7. According to an article on the front page of China Securities News, experts believe that since the beginning of this year, domestic demand has continued to recover, macroeconomic policy effects have been continuously evident, and the economy has maintained a positive momentum of recovery. Although the economy will face some risks and challenges next year, there is a solid foundation for the economy to cope with these risks and maintain stability and achieve long-term growth. It is expected that the economic resilience and resilience will be stronger next year, and the overall economy will continue to stabilize and recover. There is room for implementing more expansionary fiscal and monetary policies.


Domestic stock market



1. This year, the overall performance of large cap stocks has been weak, while small and micro cap stocks have performed outstandingly. As of November 24th, the Wande Small Cap Index has risen by 16.20% this year, while the Wande Micro Cap Index has surged by 47.57%. It is understood that currently, some quantitative private equity companies are laying out products such as enhancing the market value index of small and micro enterprises, and some quantitative products have an annual return of nearly 50%.


2. This week, a total of 59 listed companies in the domestic market have gradually lifted their restricted shares, with a total market value of 115.633 billion yuan calculated based on the closing price on November 24th. The top three stocks in terms of market value after lifting restrictions are: China International Capital Corporation (CICC) (81.87 billion yuan), Shuguang Shuchuang (5.553 billion yuan), and BAIC Blue Valley (3.927 billion yuan).


3. There were a total of 3 new stock subscriptions in the domestic market this week. Among them, Aisen Co., Ltd., a new stock on the Science and Technology Innovation Board, opened its subscription on Monday, Zhongyuantong Co., Ltd., a new stock on the Growth Enterprise Board, subscribed on Wednesday, and Yongda Co., Ltd., a new stock on the Shenzhen Main Board, subscribed on Thursday.


4. The chip stock market is heating up, attracting attention from multiple heavyweight institutions. The Abu Dhabi Investment Bureau appeared at the Tianyue Advanced Research Activity, and the National Fund invested more than 1.2 billion yuan to participate in the private placement of Shilan Micro. Zhao Jianping and Zhao Ji, who are 'bull scattered,' have heavily invested in multiple chip stocks. Since the fourth quarter, more than 110 chip companies in A-shares have received institutional research.


5. Former Chairman of the China Securities Regulatory Commission, Xiao Gang, stated that current stability is important, but stability alone is not enough, and measures need to be taken to improve it. We need to continue to increase the intensity of proactive fiscal policies, promote an increase in the proportion of direct financing, especially equity financing, improve government borrowing mechanisms that meet the requirements of high-quality development, and optimize the debt structure of the central and local governments.


6. CICC stated that although the A-share market has experienced short-term fluctuations after a sustained rebound in the early stages, the current asset prices still imply cautious expectations from investors, so there is no need to be pessimistic about future market performance and continue to focus on structural allocation opportunities. At the industry level, it is recommended to pay attention to investment opportunities in the semiconductor industry chain and intelligent automotive industry chain.


7. CICC believes that the Hong Kong stock market is gradually bottoming out, with an upward space of 10% -15% in the benchmark situation. In the short term, it is recommended that investors focus on oversold rebounds or high beta sectors, especially interest rate sensitive industries such as biotechnology, technology hardware, the internet, and new energy, in order to grasp potential repair style rebounds.


8. Sri Lanka's Minister of Electricity and Energy, Vijisekra, predicts that the Sri Lankan government will approve Sinopec's $4.5 billion refinery construction plan on November 27th.


9. The current round of repurchase and increase in holdings of A-shares continues. According to Wind data, as of now, 600 companies have disclosed their repurchase announcements in November. Among them, 90 companies issued repurchase plans in the same month, and 303 companies implemented repurchase operations. The number of repurchase transactions has reached a new monthly high since the beginning of this year.


10. According to Securities Times, seeing the sun through the clouds. Recently, due to multiple factors, the main indices in the A-share market have hovered above 3000 points. Standing at the current point, with the continuous recovery of macro fundamentals and the accumulation of favorable factors such as policy efforts to release the dividends of capital market reform, the view that A-shares are in the bottom area has gradually become a consensus, and market confidence is steadily improving.


11. Recently, the market on the Beijing Stock Exchange has continued to be hot, driving the rapid recovery of its theme funds, with some products experiencing a weekly increase of over 20%. The interviewed fund managers believe that the current round of the Beijing Stock Exchange market is the result of multiple factors such as valuation recovery, favorable policies, and the dominance of small market value styles. With the continuous inflow of institutional funds represented by public funds, the liquidity of the Beijing Stock Exchange is expected to continue to improve.


finance




1. According to the 2023 China Data Trading Market Research and Analysis Report, the scale of China's data trading market reached 87.68 billion yuan in 2022, accounting for 13.4% of the global market. It is expected that the data trading market in China will continue to grow at a relatively high speed in the next 3-5 years, and the market size is expected to increase to 204.6 billion yuan by 2025.


2. The first Saudi ETF (Traded Open End Fund) in Asia will be listed on the Hong Kong Stock Exchange on November 29th. At that time, investors will be able to directly trade components of the Saudi stock market index in the Hong Kong market in Hong Kong dollars or Chinese yuan through the ETF, including oil company Saudi Aramco. This ETF has the largest asset size among similar products worldwide.


3. The new issuance of bond funds continues to be popular, with Boyuan Zengyu's first fundraising scale of bond funds reaching 4.63 billion yuan. Since the beginning of this year, bond funds have become the main force in the issuance of new funds. According to the establishment date, as of November 25th, there have been 1090 newly established funds, with a total issuance share of 934.363 billion, of which bond funds account for 68.42%.


4. With only a month left until the end of 2023, the enthusiasm of public funds to sprint towards year-end rankings has once again heated up. Currently, funds heavily invested in the AI track are leading the way again. Among them, the development of the Eastern region leads with 48.36% of annual returns, while funds ranked second to sixth have a relatively small performance gap, with a gap of less than 1% between adjacent funds. In the year-end sprint stage, there are still significant variables in the performance ranking of fund products.


5. The international gold price has climbed slightly for several days, breaking through the $2000 mark, and institutional enthusiasm for long positions has rebounded. Huaxia, Guangfa, Fuguo, ICBC Credit Suisse and other 10 public funds are launching a new round of layout for gold, including QDII products that track peripheral gold indices and ETF products that track China's gold indices.


6. The Dalate Banner Public Security Bureau of Ordos City, Inner Mongolia Autonomous Region, announced the recent crackdown on an illegal business group that used illegal development and promotion of online payment platforms to cash out credit cards. The amount involved in the case is over 7.6 billion yuan.


7. Netizens roast that topics such as 'buying onions by stages' and 'buying breakfast by 36 stages' caused heated discussion. Through actual testing, it has been found that small loans and installment service marketing are almost ubiquitous in various daily mobile applications. Consumers who click on pop-up ads, receive red envelopes, and other operations will be directed to loan or installment platforms.


overseas




1. The major shipping countries in Europe are boycotting the EU's plan to charge emission fees to ships entering their waters, stating that the policy may shift the EU's maritime trade. Seven EU ministers, including Spain and Italy, have called for a suspension of plans to include shipping in the EU Emissions Trading System (ETS) starting from January next year.




2. The longest activity cycle in history, Black Friday, did not bring any economic performance. Many merchants said that this year's Black Friday was very bleak, especially for sellers on the Amazon platform, where some brands saw a halving in sales. Merchants have stated that price competition may continue next year.


3. It is reported that Japan is considering adjusting its consumption tax regulations for foreign tourists to reduce fraudulent shopping. Currently, Japan exempts international shoppers from consumption tax when purchasing goods.


4. According to data released by the South Korean Customs Agency, in the first 10 months of this year, South Korean record exports increased by 20.3% year-on-year to $244 million, setting a record high for the same period in history.


5. Malaysian Prime Minister Anwar has stated that a 30 day visa free entry policy will be implemented for tourists from China and other countries starting from December 1st.


1. Ideal Automobile disclosed the development details of the Ideal MEGA model, stating that the white body design of the Ideal MEGA is much more difficult than the high-speed rail body design. The Ideal MEGA is equipped with its deeply self-developed defensive body structure - the Ideal Fortress Safety Body. The entire vehicle adopts a top steel and bottom aluminum structure, with a white body weight of about 500 kilograms and an aluminum alloy usage of 44.5%.


1. This year, China's steel industry has faced the most serious challenge in nearly five years, with a significant drop in steel market prices and a significant decline in profits for steel companies. According to statistics from the China Steel Association, the total profit of key steel enterprises in the first three quarters of this year was 62.1 billion yuan, a year-on-year decrease of 34.11%, with an average profit margin of only 1.33%.


2. The revised rules for urea and soda ash futures business will come into effect on November 27th, applicable to urea futures 2402 and subsequent contracts, soda ash futures 2406 and subsequent contracts. This revision mainly adjusts the maximum unilateral position standards for non futures company members and customers of urea futures and soda ash futures contracts.


3. The Tarim Oilfield has broken the record for the fastest oil and gas production. As of November 24th, China Petroleum Tarim Oilfield has produced 6.865 million tons of petroleum liquids and 29.04 billion cubic meters of natural gas this year, with an equivalent oil and gas production of 30.04 million tons, exceeding 30 million tons six days earlier than 2022.


4. The State Administration of Grain and Material Reserves stated that the current progress of autumn grain procurement has accelerated, with a national green grain storage capacity exceeding 200 million tons, and new progress has been made in saving grain and reducing losses.


1. With the support of real estate financial policies, many real estate companies have recently successfully issued bonds or announced bond issuance plans. Recently, several real estate companies such as Midea Real Estate, Yuexiu Real Estate, and Jianfa Real Estate have successfully issued bonds. Jinhui Holdings and Guangming Real Estate have also announced their latest financing plans.


2. The National Development and Reform Commission has clarified that eligible community embedded service facility construction projects will be included in the scope of local government special bond support. Play the role of various financial institutions and provide support for eligible community embedded service facility construction projects in accordance with market-oriented principles.


1. In anticipation of the end of the Federal Reserve's interest rate hike storm, global investors are selling the US dollar at a rate rare in the past 20 years. State Street, the world's largest custodian bank, stated that global asset management institutions were close to selling 1.6% of their US dollar positions in November, setting a new high in the speed of selling US dollars since November 2022.


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