On December 24, the Financial Associated Press reported that the important information that affected the market over the weekend were: the National Financial Work Conference was held in Beijing;Two executives of vivo India were exposed to be detained in India, and the company responded: deeply shocked and will take legal measures;The National Press and Publication Administration responds to the new regulations on online games: it will listen to the opinions of all parties to further revise and improve;Beijing Housing and Urban-Rural Development Commission: The main body of supervision of commercial housing pre-sale funds will be adjusted from commercial banks to **;Another "yellow light enterprise" withdrew its application, and 33 consumer-oriented enterprises have withdrawn their IPOs during the year.
Macro and market news
The National Fiscal Work Conference was held in Beijing: In 2024, it is necessary to strengthen the counter-cyclical and cross-cyclical adjustment of macroeconomic policies and continue to implement a proactive fiscal policy
From December 21 to 22, the National Financial Work Conference was held in Beijing. The meeting pointed out that in 2024, it is necessary to strengthen the counter-cyclical and cross-cyclical adjustment of macro policies, continue to implement active fiscal policies, and moderately strengthen and improve quality and efficiency. Moderate afterburner, mainly to maintain appropriate expenditure intensity, release positive signals;Reasonably arrange the scale of investment and give full play to the amplification effectIncrease the intensity of balanced transfer payments, and firmly adhere to the bottom line of the "three guarantees" at the grassroots level;Optimize and adjust tax policies to improve accuracy and pertinence. Improving quality and efficiency is mainly in the implementation of the requirements of a tight life, optimizing the structure of fiscal expenditure, strengthening performance management, strict financial and economic discipline, enhancing fiscal sustainability, and strengthening policy coordination, so as to promote the legalization, scientificization, standardization, and standardization of financial management, and spend the same money to achieve greater results.
Ministry of Finance: In 2024, the proactive fiscal policy should focus on high-quality development and focus on eight aspects
From December 21 to 22, the National Financial Work Conference was held in Beijing. The meeting emphasized that the proactive fiscal policy in 2024 should focus on high-quality development and strive to promote Chinese-style modernization. Focus on doing a good job in eight aspects. The first is to support and accelerate the construction of a modern industrial system. Promote the optimization and upgrading of the industrial structure, increase the support for industrial scientific and technological innovation, and support the enhancement of enterprise competitiveness. The second is to support the expansion of domestic demand. Promote the construction of a unified national market, promote the steady growth of consumption, strengthen the management of the use of special bond funds, continue to make good use of the additional treasury bond funds, consolidate the basic market of foreign trade and foreign investment, and support the enhancement of the main driving force of domestic demand. Third, it is necessary to support the in-depth implementation of the strategy of rejuvenating the country through science and education. We will increase the level of funding for compulsory education, increase inclusive preschool education resources through multiple channels, support the improvement of the basic conditions for running ordinary high schools at the county level, and promote the construction of a high-quality education system. We will fully support the fight to win the battle of key core technologies, ensure the funding needs of major national science and technology projects, deepen the reform of the mechanism for the allocation and use of financial science and technology funds, and promote high-level science and technology self-reliance and self-reliance. Fourth, support, protect and improve people's livelihood. Implement the employment priority policy, and support enterprises to stabilize and expand jobs through multiple channels, and individuals to start businesses and employment. Improve the medical and health security system, and strive to reduce the burden of the people seeking medical treatment. Improve the social security system, and thoroughly implement the national overall system of pension insurance. Support the strengthening of cultural construction and improve the modern public cultural service system. Fifth, support the "three rural" work. We will improve the input standards for high-standard farmland construction, ensure farmers' income from grain planting, improve incentive policies for large grain-producing counties, and improve the ability to guarantee food security. Strengthen industrial and employment support, and earnestly consolidate and expand the achievements of poverty alleviation. Promote rural development and construction in an orderly manner. Sixth, support the promotion of urban-rural integration and coordinated regional development. Improve the institutional mechanism for promoting the integrated development of urban and rural areas, and promote the construction of new urbanization. We will further improve fiscal and taxation policies that support major regional strategies such as the comprehensive revitalization of Northeast China, the coordinated development of Beijing-Tianjin-Hebei, and the construction of the Xiong'an New Area, and promote coordinated regional development. Seventh, support the strengthening of the construction of ecological civilization. We will intensify efforts to protect the ecological environment and fully support the three-north project. Implement and improve relevant fiscal and taxation policies, and steadily promote carbon peak and carbon neutrality. Implement and improve environmental tax policies, green procurement and other institutional mechanisms. Eighth, support the expansion of high-level opening up. We will promote the reform and improvement of global economic governance, support the construction of a new system of a higher-level open economy, and promote high-quality Belt and Road cooperation.
The Customs Tariff Commission announced the 13th Extension of the Exclusion List for Commodities Subject to Additional Tariffs on the United States
Last Friday, with the approval of ***, the Customs Tariff Commission announced the 13th Extension List of Exclusion of Goods Subject to Additional Tariffs on the United States, and extended the exclusion period for the relevant commodities in the Announcement of the Customs Tariff Commission on the Extension of the Eleventh Exclusion List of Commodities Subject to Additional Tariffs on the United States (Tariff Commission Announcement No. 6 of 2023), and from January 1, 2024 to July 31, 2024, the tariffs imposed by China to counter the US Section 301 measures will continue to be extended.
The central bank: focus on expanding domestic demand, boost confidence, and promote the economy to achieve qualitative and effective improvement and reasonable quantitative growth
The People's Bank of China (PBOC) released the "China Financial Stability Report (2023)", which proposes that looking forward to the future, China's economy has huge development resilience and potential, and the fundamentals of long-term improvement have not changed. Social expectations continue to improve, risks and hidden dangers continue to be resolved, and the economy is promoted to achieve effective qualitative improvement and reasonable quantitative growth. Efforts should be made to create a good monetary and financial environment, always maintain the soundness of monetary policy, and pay better attention to cross-cyclical and counter-cyclical adjustment.
The China Securities Regulatory Commission (CSRC) revised and issued two financial information disclosure rules
In order to improve the financial information disclosure rules of the capital market, further standardize the financial information disclosure behavior of companies with public offerings, and protect the legitimate rights and interests of investors, the China Securities Regulatory Commission revised and issued the Rules for the Preparation of Information Disclosure of Companies Offering to the Public No. 15 - General Provisions on Financial Reporting, and the Explanatory Announcement on Information Disclosure of Companies Offering ** to the Public - No. 1 - Non-recurring Profit and Loss, and optimized and adjusted some of the provisions of the two rules.
The main revisions of the General Provisions on Financial Reporting include: First, clarifying the principles of materiality judgment and requiring companies to disclose the method of determining the materiality criteria and the basis for selection. The second is to reduce redundant information disclosure, avoid duplicate disclosure, and improve the readability of financial reports. The third is to compress the space for templated disclosure, requiring companies to fully disclose important accounting policies and accounting estimates in light of their own circumstances, and not to copy the Accounting Standards for Business Enterprises. Fourth, refine the disclosure requirements for the notes of important statement items, so that investors can fully understand the company's situation. Fifth, a special section is added to clarify the information disclosure requirements for R&D expenditure notes, and guide all parties in the market to properly evaluate the company's scientific and technological innovation capabilities. In addition, in light of the adjustments to the Accounting Standards for Business Enterprises and the capital market regulatory rules in recent years, the amendments improve the disclosure requirements for revenue and business combinations, and maintain the harmonization of regulatory rules.
The main amendments to the No. 1 Explanatory Announcement include: First, three new principles for judging non-recurring profits and losses have been added to provide guidance for companies to properly disclose information on non-recurring profits and losses. The second is to clarify the issues that have differences in actual implementation and reduce disputes in practical implementation. The third is to improve the non-recurring profit and loss enumeration items related to subsidies, financial assets, and share-based payments, and improve the compatibility between the rules and the current capital market environment. Fourth, in light of the revision of the Accounting Standards for Business Enterprises and regulatory rules in recent years, the relevant expressions have been improved, and the listed items such as share-based payments and obviously unfair transaction income have been consistent with the relevant requirements for issuance, listing and delisting.
National Development and Reform Commission: The list of the second batch of projects for the issuance of additional treasury bonds has been issued, and the cumulative amount has exceeded 800 billion yuan
According to the official WeChat news of the National Development and Reform Commission on Saturday, recently, the National Development and Reform Commission issued a list of the second batch of projects for the issuance of additional treasury bonds in 2023, involving more than 9,600 additional treasury bond projects, and plans to arrange more than 560 billion yuan of treasury bond funds. Up to now, the first two batches of projects have involved arranging the issuance of additional treasury bonds with an amount of more than 800 billion yuan, and most of the additional issuance of 1 trillion yuan of treasury bonds has been implemented in specific projects. In the next step, the National Development and Reform Commission will, in accordance with the first-class decision-making and deployment, work with relevant departments to urge all localities to promote high-quality project construction, accelerate the allocation and use of funds, and form a physical workload as soon as possible. At the same time, strengthen project supervision, and strive to build the project into a popular project, a high-quality project, and a clean project.
Wu Xiaoqiu said: The capital market cannot only aim at financing
Wu Xiaoqiu, dean of the National Institute of Financial Research of Chinese University, recently pointed out at an event that building a financial power means that China's capital market will gradually become an important global wealth management center, and there is still a big gap from this goal. To achieve the goal of becoming a financial power, we must first change the concept that the capital market is the financing market, and if the capital market is simply defined as the financing market, then it is difficult for this market to grow. The capital market should be a wealth management market, and it is necessary to reform the existing systems, policies, and rules that are more conducive to financing, and improve the relevant systems to transform them from a financing market to an investment market.
The Beijing Stock Exchange has improved the rules for equity distribution and share repurchase: encouraging listed companies to actively distribute dividends
The Beijing Stock Exchange has formulated the Guidelines for the Continuous Supervision of Listed Companies on the Beijing ** Stock Exchange No. 10 - Equity Distribution, revised the Guidelines for the Continuous Supervision of Listed Companies on the Beijing ** Stock Exchange No. 4 - Share Repurchase, and improved the relevant business guidelines. The above rules will come into force on December 22, 2023. The "Equity Distribution Guidelines" aim to improve the normalized dividend distribution mechanism of listed companies, and at the same time strengthen the supervision of abnormal dividends and high transfers. The first is to encourage listed companies to actively pay dividends. On the one hand, companies with a large amount of profits or financial investments but less than a certain percentage of dividends are required to fully disclose the reasons, the plan for the use of undistributed profits, and the measures to be taken to enhance investor returnsOn the other hand, the implementation procedures for interim dividends will be simplified to encourage companies to increase the frequency of cash dividends. The second is to increase the constraints on unusually high proportion of dividends. For companies with high asset-liability ratio and poor cash flow from operating activities, but a high proportion of dividends, it is required to fully disclose the reasonableness of the cash dividend plan and the impact on the company's production and operation. The third is to clarify the content that should be contained in the articles of association. Listed companies are required to clarify profit distribution policies and adjust decision-making procedures in their articles of association to stabilize investors' expectations. Fourth, strengthen the supervision of high transmission and transfer. The transfer of more than 5 shares for every 10 shares will be included in the scope of high transfer supervision, and the high transfer will be linked to performance growth, the lifting of restricted shares, ** and other behaviors, so that the transfer of shares truly reflects the operating performance of listed companies and the actual share capital expansion needs.
Industry news
National Press and Publication Administration: The Measures for the Administration of Online Games (Draft for Solicitation of Comments) aims to promote the prosperity and healthy development of the industry and will listen to the opinions of all parties to further revise and improve
According to the China Press, Publication, Radio and Television News, on December 22, the "Measures for the Administration of Online Games" (draft for comments) drafted by the National Press and Publication Administration was released to the public for comments. The relevant person in charge of the State Press and Publication Administration said that the draft for comments is based on ensuring and promoting the prosperity and healthy development of the online game industry, clarifying the solution to issues such as the access of online game business units, setting up a special chapter on "protection and rewards", and proposing a series of incentive measures. At the same time, provisions are made for the protection of the rights and interests of minors and consumers. In the process of drafting the draft for comments, the opinions of relevant departments, industry associations, enterprises and other parties were widely listened to through a variety of methods. The person in charge said that the public solicitation of opinions on departmental rules is a process of listening to opinions more widely and improving the provisions of the regulations. The State Press and Publication Administration will carefully study the concerns and opinions raised by all parties on Articles 17, 18 and other contents of the Draft, and will further revise and improve them on the basis of continuing to listen to the opinions of relevant departments, enterprises, users and other parties.
85% of container shipping companies suspended the Red Sea route, and the industry once again saw a jump in freight rates and a cabin was hard to find
The Shanghai Shipping Exchange released the latest weekly report on China's export container transportation market, showing that the freight rate of the Asia-Europe and other routes transportation market has been sharply **, driven by the composite index **148% to 125499 points. According to the data of the report, the freight rate of Shanghai port exported to Europe and the Mediterranean basic port market has reached 1497 US dollars TEU (20-foot container) and 2054 US dollars TEU (40-foot container), and the freight rate of the Persian Gulf route has also reached 1477 US dollars TEU. According to a report released by the Ningbo Shipping Exchange on December 22, 85% of the container ships have notified the suspension of cargo on the Red Sea route. Affected by this, a small number of flights are difficult to find, the market booking freight rate has jumped sharply, and the Red Sea route index released by the Ningbo Shipping Exchange is also higher than last week**1619% to 36495 points.
Container Shipping Index (European Line)** A number of risk control measures have been issued by multiple groups of violating customers have been restricted from opening positions by the exchange and interviewing
The Shanghai International Energy Exchange issued a notice stating that starting from the trading on December 25, 2023 (Monday), the transaction fee of the container transportation index (European line)**EC2404, EC2406, EC2408, EC2410 and EC2412 contracts will be adjusted to 6/10,000 of the transaction amount, and the transaction fee for closing the position within the day will be adjusted to 12/10,000 of the transaction amount. At the same time, according to the relevant regulations, starting from the trading on December 25, 2023 (Monday), the maximum number of open positions for non-** corporate members, overseas special non-brokerage participants and customers in the container shipping index (European line)** contract day has also been adjusted.
Another "yellow light enterprise" withdrew its application, and 33 consumer-oriented enterprises have withdrawn their IPOs during the year.
Recently, the official website of the Shenzhen Stock Exchange disclosed that Akuan Food and the sponsor GF** applied to withdraw the issuance of listing application documents. As a result, the Shenzhen Stock Exchange has decided to terminate the review of its initial public offering and listing on the Main Board. According to wind data, since the beginning of this year, 33 consumer-oriented enterprises have withdrawn their IPOs, covering various industries such as clothing, food, housing and transportation. It is worth noting that the second half of the year is the peak period for consumer enterprises to cancel orders, with 30 companies canceling orders after June, accounting for 90% of the annual number of cancellations in the industry. After the setback of the IPO of many consumer enterprises, they choose to change the track and plan to list through the Beijing Stock Exchange or the Hong Kong Stock Exchange.
Beijing Housing and Urban-Rural Development Commission: The main body of supervision of commercial housing pre-sale funds will be adjusted from commercial banks to **;
The Beijing Housing and Urban-Rural Development Commission solicited public comments on the "Beijing Municipal Measures for the Supervision and Administration of Commercial Housing Pre-sale Funds (2023 Revised Edition)" last Friday. The opinions put forward that the main body of supervision of commercial housing pre-sale funds will be adjusted from commercial banks to first, and the regulatory principles will be adjusted from "first-class guidance, bank supervision, multi-party supervision, and special funds" to "first-class supervision, social supervision, special account collection and deposit, special funds, approved expenditures, and accountability for violations". The Municipal Housing Fund Center was introduced as a specific supervision business undertaking department, giving full play to its independence and professional advantages in fund management, strengthening the implementation and supervision of commercial banks, and ensuring that the new requirements for the supervision of pre-sale funds are in place.
Company news
Two executives of vivo India were exposed to be detained in India, and the company responded: deeply shocked and will take legal measures;
According to a number of ** reports, the Enforcement Directorate of India (ED) recently arrested a number of executives of Vivo India on the grounds of "anti-money laundering investigation", and it is reported that the detained employees include the interim CEO and CFO of Vivo India. In response, a Vivo spokesperson said it was "deeply alarmed", saying that the Indian authorities "have shown that harassment continues and creates uncertainty for the entire industry" and that the company will resolutely use all legal means to address and challenge these allegations.
Tencent Holdings: Spent about HK$1 billion to repurchase 3.59 million shares
Tencent Holdings announced on the Hong Kong Stock Exchange on Friday that it was trading at 263 per share on the same dayHK$8-317** to repurchase 3.59 million shares, costing about HK$1 billion.
China Petroleum & Chemical Co., Ltd.: Nearly 51.4 billion shares
China Petroleum & Chemical Co., Ltd. issued an announcement on the Hong Kong Stock Exchange after repurchasing 3709.7 billion H shares were cancelled on the same day, 1435 billion A shares will be cancelled on December 25.
Guigang Municipal Commission for Discipline Inspection and Supervision: The "Mid-Autumn Festival Outreach Schedule" of Aier Eye Hospital has attracted attention and an investigation team has been established
The Guigang Municipal Commission for Discipline Inspection and Supervision issued a circular: Recently, the news of the "Mid-Autumn Festival Outreach Schedule" of Guigang Aier Eye Hospital has aroused the attention of netizens. Recently, netizen Emergency Sunflower Ai Fen posted that the doctor of Guigang Aier Eye Hospital slammed the patient's head with his fist on the operating table, which attracted the attention of netizens. On December 21, the blogger broke the news again and released two ** labeled "Mid-Autumn Festival Outreach Schedule", which involved 42 public officials and shopping cards with a limit of 59,000 yuan, and revealed in the comments that the above-mentioned ** involved unit is Guigang Aier Eye Hospital.
Zhuo Lang Technology: A wholly-owned subsidiary signed the "Jinan Artificial Intelligence Computing Center Software, Hardware and Corresponding Supporting Services Procurement Project Contract".
Zhuo Lang Technology announced on Friday that its wholly-owned subsidiary, Zhuo Lang Development, signed the "Jinan Artificial Intelligence Computing Center Software, Hardware and Corresponding Supporting Services Procurement Project Contract" with a total contract of 6 (tax included).900 million yuan, of which the total price of GPU general server equipment is 400 million yuan;The total price of non-GPU server hardware devices is 12.1 billion yuan;The total price of software products, software custom development, integration and other services is 1700 million yuan.
Kaiying Network: The chairman intends to continue to increase his holdings by no less than 20 million yuan
Kaiying Network announced on Friday that Chairman Jin Feng's plan to increase his holdings of the company's shares has been completed, and he intends to continue to increase his holdings by no less than 20 million yuan.
Hubei Yihua: The controlling shareholder intends to 1500 million yuan to 300 million yuan to increase the company's shares
Hubei Yihua announced on Sunday that the company's controlling shareholder, Yihua Group, plans to increase its holdings of the company's shares within 6 months from December 25, and the amount of shares to be increased is not less than 1500 million yuan, not more than 300 million yuan. There is no ** range set for this increase.
NIO released its first self-developed intelligent driving chip, the Shenji NX9031
At the 2023 NIO Day held on Saturday, NIO released its first self-developed intelligent driving chip, the Shenji NX9031. The Shenji NX9031 is manufactured on a 5nm automotive process and has more than 50 billion transistors. NIO expects to use a self-developed chip to achieve the performance of the industry's four flagship intelligent driving chips, making efficiency and cost better.
Sihuan Bio: The actual controller Lu Keping received a notice of filing from the Securities Regulatory Commission
Sihuan Biotech announced on Sunday that Lu Keping, the actual controller of the company, received the "Notice of Case Filing" issued by the China Securities Regulatory Commission on December 23, and the CSRC decided to file a case against him due to suspected violations of information disclosure laws and regulations. At the same time, Lu Keping is also the indirect controlling shareholder of Jiangsu Sunshine, and Weichuang Co., Ltd., a holding subsidiary of Jiangsu Sunshine and the limited partners of its holding subsidiaries, also announced the matter on the same day.
*ST Oceanwide: The stock price has been lower than 1 yuan for 17 consecutive trading days, and there is a risk of termination of listing
ST Oceanwide announced that as of December 22, 2023, the company's *** price has been lower than 1 yuan share for 17 consecutive trading days. According to the relevant regulations, if the company's price is lower than 1 yuan for 20 consecutive trading days, the company's price will be terminated by the Shenzhen Stock Exchange.
*ST Refining Stone: The controlling shareholder of the company was changed to Hangtou Group
ST Refining announced that the company issued 20.1 billion A ordinary shares**. The listing date of the new shares issued this time is December 28, 2023, and after the completion of the issuance, Hangtou Group will become the controlling shareholder of the company, and the State-owned Assets Supervision and Administration Commission of Sichuan Province will become the actual controller of the company.
Overseas news
The three major U.S. stock indexes recorded eight consecutive weekly gains last week
On Friday, the three major U.S. stock indexes** were mixed, all recording eight consecutive weekly gains. The Nasdaq rose 019%, up 121%；The S&P 500 rose 017%, up 075%；The Dow fell 005%, up 022%。Big tech stocks were mixed, with Netflix down about 1%, Apple, Tesla, Nvidia, Amazon, and Meta slightly**;Intel rose more than 2%, Microsoft, Google slightly**. Bank stocks were mixed, with Goldman Sachs, Citigroup, Bank of America edging in**, and Wells Fargo, JPMorgan Chase, and Morgan Stanley slightening**. Chinese concept stocks fell, and the Nasdaq China Golden Dragon Index fell 216%。NetEase fell nearly 16%, Bilibili fell nearly 5%, Tencent** fell nearly 4%, Futu Holdings, Xiaopeng Motors fell more than 2%, Pinduoduo, JD.com, Alibaba, iQiyi, and Vipshop fell more than 1%.
The core PCE price index in the United States rose 3% year-on-year in November2% was the smallest increase since April 2021
The core PCE price index in the United States rose 3% year-on-year in November2%, the smallest increase since April 2021 and an estimate of 33% vs. 35%；The core PCE price index in the United States rose 01% and an estimate of 02% vs. 02%。
The U.S. Supreme Court refused to immediately rule on whether Trump enjoys broad immunity
The U.S. Supreme Court said on December 22 local time that in order to avoid causing political turmoil for the time being, it will not immediately rule on the issue of whether the former Trump enjoys broad immunity in the case of "allegedly overturning the 2020 ** results". Due to the Supreme Court's refusal to intervene, the U.S. Court of Appeals for the District of Columbia Circuit will first hear the issue and is scheduled to hear oral arguments on January 9, 2024.
OpenAI plans to launch a new round of financing at a valuation of $100 billion
OpenAI intends to raise a new round of financing at a valuation of no less than $100 billion, and negotiations are in the early stages, according to people familiar with the matter. The ChatGPT developer tops the global startup value rankings, and the deal will further cement its position. According to people familiar with the matter, details such as the terms, valuation and timing of this round of financing have not yet been finalized, and there is still a possibility of adjustment. OpenAI has also held discussions with Abu Dhabi G42 to raise funds for a new chip joint venture, according to people familiar with the matter. The startup has already discussed raising $8 billion to $10 billion from the G42, according to one of the people familiar with the matter. It's unclear if there's a link between the chip joint venture and the company's broader financing plans.
Finance Associated Press).