China Securities Regulatory Commission: At present, the valuation level of the A** field is at a historical low, and the value of medium and long-term investment is highlightedIt has been fully recognized by investment institutions, including ** Huijin Company. We will continue to coordinate and guide various institutional investors such as public offerings, private placements, companies, social security, insurance institutions, and annuities to enter the market more vigorously, and encourage and support listed companies to increase their buybacks and holdings.
General Directorate of Financial Regulation:It is necessary to further enhance the understanding of the great significance of establishing a coordination mechanism for urban real estate financing. Recently, positive progress has been made in related work, most cities have established a coordination mechanism for urban real estate financing, put forward a "white list" of real estate projects and pushed it to commercial banks, which have responded positively and effectively docked the project listA number of new financing and loan extensions have been provided to meet the reasonable financing needs of non-** real estate projects.
SFC:Enhancing the investment value of listed companies is an important embodiment of the practice of investor-oriented concepts. Listed companies must pay attention to the market's reflection of the company's value and deeply analyze the reasons for abnormal fluctuations in market capitalizationTake effective measures to improve the company's investment value in a timely manner; Make full use of the "toolbox" to enhance investment value in accordance with the law, including market tools such as share repurchases, major shareholder increases, normalized dividends, mergers and acquisitions, etc.; Actively strengthen communication with investors, and effectively improve investor expectations through performance briefings, roadshows, etc.
Macroeconomics
1. China Securities Regulatory Commission:Held a symposium to support the mergers and acquisitions of listed companies. Listed companies should make good use of M&A and restructuring tools, seize the opportunity to inject high-quality assets, clear inefficient production capacity, and implement mergers and acquisitionsEnhance investment value and enhance investors' sense of gain through their own high-quality development.
2. Ministry of Commerce:On the one hand, we will stabilize and expand traditional consumption, deepen the transformation of automobile consumption from purchase management to use management, promote the high-quality development of the automotive aftermarket, and boost bulk consumption such as new energy vehicles and home appliances. On the other hand, we will cultivate and expand new types of consumption, vigorously develop digital consumption, green consumption, and healthy consumption, and actively cultivate new consumption growth points such as smart homes and domestic trendy products. At the same time, we will accelerate the construction of the commercial system of international consumption center cities and counties, and continuously optimize the consumption environmentPromote consumption from post-epidemic recovery to continuous expansion, and make a positive contribution to promoting economic recovery.
3. China Federation of Things:The global manufacturing PMI in January 2024 was 493%, up 13 percentage points, getting rid of the operating trend of less than 49% for 9 consecutive monthsThe highest since March 2023. In terms of sub-regions, Asia's manufacturing PMI rose to more than 50% again; The manufacturing PMI in Europe and the Americas is still below 50%.
4. Ministry of Finance, Ministry of Transport:Since January this year, there have been low-temperature rain, snow and freezing disasters in many places in China, and the snow depth of highways and roads in the affected areas has reached 10-15 centimeters, and locally reached more than 30 centimeters, which has brought great difficulties to the Spring Festival transportation work. Urgent issuance 14.1 billion yuan,Carry out highway ice and snow removal, diversion and diversion and other work to rush through and ensure traffic.
5. China Railway Group:On February 6, the railway Spring Festival entered the 12th day, the impact of rain, snow and ice weakened, the passenger flow remained high, and the national railway is expected to send 12.9 million passengers1,789 passenger trains were added.
Real estate dynamics
1. Henan Province:Accelerate the implementation of the coordination mechanism for urban real estate financingThe first batch of real estate project "white list" has been pushed to local financial institutionsRelevant real estate enterprises and banks are further docking to promote the issuance of loans for "whitelist" projects as soon as possible.
2. Shanghai Securities News:After the first batch of "white lists" of real estate projects were announced in many places across the country, a number of real estate companies, including Country Garden, Sunac, Greenland Group, Sino-Ocean Group, CIFI Group, and Shimao Group, disclosed the progress of their projects being shortlisted for the "white list". A number of real estate companies announced that their projects were shortlisted for the "white list", and the delivery of the building is expected to be accelerated.
3. Shanghai:The second launch was in a centralized batch. The batch involves a total of 24 projects, with a total construction area of about 5490,000 square meters, a total of 4,632 sets, with an average price of 74,604 square meters, distributed in Pudong, Huangpu, Xuhui, Minhang, Baoshan, Jiading, Fengxian, Songjiang, Lingang 9 areas. There are 4 projects of more than 100,000 square meters, accounting for about 184%。
4. Beijing:Four types of families who are qualified to buy a house in Beijing can buy a commercial house in Tongzhou District. The biggest change in the new policy is that families who have settled and worked in Tongzhou District, as long as they are in line with Beijing's overall purchase restriction policyThe requirement of 3 years of settlement, social security or tax payment has been abolished.
5. Hainan Province:From February 7, for households with household registration in Hainan Province who meet the conditions of the local housing purchase policy, loans will be taken to purchase commercial housing in 11 cities and counties including Haikou CityThe minimum down payment ratio for commercial personal housing loans for the first home has been adjusted to 20%.
Stocktaking
On Tuesday, the Shanghai Composite Index was at 278949 points,The turnover was 44121.5 billion. The Shenzhen Stock Exchange Component Index was reported at 846038 points,The turnover was 48511 billion. GEM index reported 166745 points,Turnover 19850 billion. Overall, there are more than 3,800 stocks in the two cities, and the turnover of the two cities is 926.3 billion, an increase of 48.9 billion from the previous trading day. On the disk, innovative drugs, large ** holdings, **small metals and other sectors were among the top gainers, while ST plates, education, new urbanization, real estate and other sectors were among the top decliners. Northbound funds were net **126 throughout the day0.5 billion, of which the Shanghai Stock Connect net **601.3 billion yuan, Shenzhen Stock Connect net **659.2 billion yuan.
Tuesday,The Hang Seng Index rose 404%，1613687 points. The Hang Seng Tech Index rose 675%，reported 324381。The state-owned enterprises index rose 491%，reported 547375 points. On the disk, the semiconductor sector continued to rise, Hua Hong Semiconductor rose more than 9%, SMIC rose more than 8%, Solomon Systech rose more than 6%, and Xinzhi Holdings rose 5%; Pharmaceutical stocks rose in the afternoon, Kintor Pharmaceutical rose more than 15%, Genting Xinyao rose more than 13%, and Kangnuoya rose nearly 13%. Southbound funds were net sellers of 68HK$9 billion. Among them, Hong Kong Stock Connect (Shanghai) net sold 30HK$4.1 billion, with a net sale of 38 percent of Hong Kong Stock Connect (Shenzhen).HK$4.9 billion.
As of February 6, there were 244 listed companies on the Beijing Stock Exchange, with no new ones on the day. The total market capitalization is 35223.4 billion yuan, with a turnover of 994.3 billion yuan.
4. Financing balance of the two cities:As of February 5, the financing balance of the Shanghai Stock Exchange was reported at 75521.8 billion yuan, a decrease of 184 from the previous trading day3 billion yuan; The financing balance of the Shenzhen Stock Exchange was reported at 66420.2 billion yuan, a decrease of 210 from the previous trading day$1.1 billion; The total of the two cities is 141942 billion yuan, a decrease of 394 from the previous trading day4.1 billion yuan,
5. Huijin Company:Announced that it has recently expanded the scope of ETF holdingsAnd will continue to increase the intensity and expand the scale of holdingsETFs were actively traded in early trading on Tuesday, and the three CSI 1000 ETFs had significant volume.
6. Beijing Stock Exchange:Promote the standardized development of listed companies, highlight the targeted goal of enhancing the endogenous development momentum of listed companies, grasp the key points, and implement precise policies. The focus of work is to solve the problems faced by small and medium-sized enterprises such as corporate governance, information disclosure and development capabilities. Improve the investability of listed companies, so that the majority of investors have returns and a sense of gain.
7. Finance Associated Press:It was learned from a brokerage company in East China that on February 5, the two financial business departments received the latest requirementsThat is, the closing line is executed at no higher than 115%. Each brokerage has different regulations on the liquidation line of the two financings, and it is more implemented at 130% or 140%. In practice, once the liquidation line is reached, customers need to add collateral or actively pay off debts before the market opens on T+1 day to increase the maintenance ratio.
8. Financial headlines app:Eight public offerings, including E Fund**, Huaxia**, GF**, Nanfang**, Fuguo**, Cathay Pacific**, Huabao**, and Huatai Berry**, have announced that they will strictly implement the relevant requirements of the China Securities Regulatory Commission on securities lending businessSuspend the scale of new refinancing** lendingPrudently and prudently promote the gradual completion of the scale of stock refinancing** lending to ensure the smooth operation of related businesses.
9. China Securities News:Recently, with the continuation of the A**market, the overall equity public offering products have seen a large drawdown. In this environment,The performance of a number of dividend strategy products and fixed income products "stood out", leading the public offering marketSome products have yielded more than 7% since the beginning of this year. Policies to stabilize capital market expectations still need to be catalyzed, and a more balanced style will achieve better results.
10. China Securities News: The theme track of central state-owned enterprises has become the "sweet and sweet" of the layout of public offering institutions. At present, there are 8 new ** with the words "central enterprise" and "state-owned enterprise" in the name have entered or are about to enter the sale period. In addition, there are a number of central state-owned enterprises with the theme of ** ending their fundraising ahead of schedule.
11. Finance Associated Press:In view of the fact that the scale of quantitative private equity ** holding small and medium-sized caps ** mentioned in the recent research report of individual institutions is not true, we have learned from relevant parties. By the end of 2023,The net scale of quantitative private placement is 870 billion yuan, and the value of holding is 660 billion yuan.
12. China Securities Index Company:In 2023, the cumulative net inflow of domestic broad-based index products will exceed 300 billion yuan, accounting for nearly 60% of all **-type index products. In the next step, China Securities Index Company will further improve the broad-based index system, characterize the trend of macroeconomic restructuring and industrial transformation and upgrading in multiple dimensions, and give full play to the function of index services for medium and long-term capital allocationEffectively guide "patient capital" to enter the market and help the reform of the investment side.
13. Every warp net:Wang Yawei's detention for investigation has attracted much attention. Some of the products managed by Wang Yawei have recently been temporarily opened for redemption in the channel. Among them, the temporary open days of Qianhe Capital - Positive Growth Phase 1, Active Growth Phase 2 and Active Growth Phase 3 are January 24, January 26, January 30, February 1, February 5 and February 7, 2024.
14. China Securities News:As of 18:00 on February 5, 869 listed companies have issued repurchase-related announcements this year, of which 281 companies have issued repurchase plans; 187 companies have announced plans to increase their holdings by important shareholders, with a total amount of about 1527.6 billion yuanThere are 133 companies whose important shareholders plan to increase their holdings by more than 100 million yuan.
Century Business Herald:Since the beginning of this year, private equity institutions have announced self-purchases of more than 300 million yuan, and public offering institutions have purchased a total of nearly 500 million yuanAt the same time, many ** managers have taken the lead in purchasing their own **.
16. SMIC:Revenue for the first quarter of 2024 is expected to be flat to grow 2% sequentially, with gross margin in the range of 9% to 11%. The 2024 guidance is for sales revenue growth not to be lower than the average of comparable peersmid-single-digit year-over-year growth; Capex is broadly flat compared to 2023.
17. Hikvision:From January 16, 2024 to February 6, 2024, CETC Investment has increased its holdings of the company's shares by a total of 1285370,000 shares, accounting for 01378%，The amount of additional shares is about 40 billion yuan (excluding transaction costs).
Wealth Focus
1. CCTV News: 11 financial institutions released preferential viewing measures for the Spring Festival on the spotDuring the Spring Festival, more than 30 million yuan will be invested in digital RMB movie consumption subsidies, and real discounts will be brought to the audience's movie consumption such as ticket purchase through full reduction, coupon collection, digital red envelopes, etc.
2. Seven departments including the Ministry of Human Resources and Social Security:It is planned that from 2024 to 2026, we will jointly organize and implement the cultivation plan for high-skilled leading talents, and mobilize and rely on the forces of all aspects of society around the needs of major national strategies, major projects, major projects and key industries, and strive to use about 3 years1More than 50,000 person-times, driving about 5 million new high-skilled talents.
3. The Paper:The reduction of "Longmao" triggered a rush of consumers to buy, and the wholesale price of each bottle of "Longmao" once even exceeded 6,000 yuan. However, in just a few days,"Long Mao" ** gradually declinedIt is reported that the ** of a "Longmao" pick-up coupon has dropped to 3,300 yuan - 3,400 yuan, which is less than 1,000 yuan away from the official guide price.
4. Financial breakfast:Hot spots out non-stop, track what you want to hear. A new round of affordable housing construction has been launched and is accelerating. Where to build? How much to build? How big is the impact on the commercial housing market? What is the progress of the preparation for the construction of affordable housing in various places? Wealthy friends, hurry up to the end of the article to view today's financial secretarial tracking What is the new round of "affordable housing" intended to protect?
Industry Watch
1. General Administration of Sports:In the two months of 2023 alone, the total number of visitors received by 19 national ski tourism resorts reached 9.43 million, with an average year-on-year increase of 316%.Sports and related revenues achieved 64600 million yuan, an average year-on-year increase of 543%. In the near future, it will be officially recognized as the third batch of national ski tourism resorts with the Ministry of Culture and Tourism.
2. Medical Insurance Bureau:Adhere to the market to determine the best drugs, better play the best role, and improve the overall efficiency of new drugs on the networkSupport high-quality innovative drugs to obtain "returns consistent with high investment and high risk".
3. Huatai **:In the past two years, the competition in the new energy vehicle market has intensified, and a variety of new lithium battery technologies have emerged based on the pursuit of higher performance. In 2024, fast charging will usher in a critical year of large-scale volume; Sodium batteries will accelerate mass production applications; composite foil and large cylindrical batteries are expected to start mass production; The production and research of solid-state batteries will continue to move towards new breakthroughs.
4. Ministry of Industry and Information Technology:The first batch of total control indicators for rare earth mining, smelting and separation in 2024 was issued135,000 tons and 127,000 tons respectively.
5. Shanghai Aviation Exchange:On the whole, although coal, Indian mines, and North and South American grain will bring a certain supply to the Supramax market, Indonesia has banned bauxite exports, and the pallets of small ships have decreased. It is estimated that the average daily rent of Supramax in the Southeast Asian market is US$9,000-12,000.
6. Tokyo Metropolitan University, Japan: Created a new superconductor with chiral crystal structure. The new platinum-iridium-zirconium compound is in 2It is transformed into a superconductor below a temperature of 2 K, and its chiral crystal structure can be observed using X-ray diffraction. This technology is expected to accelerate the discovery and understanding of new exotic superconducting materials. Related**Published in the latest issue of the Journal of the American Chemical Society.
7. Japanese shipping giant Mitsui: Tensions in the Red Sea could lead to the disruption of this important ** route for up to a year. This stretch of water is inevitable for ships wishing to use Egypt's Suez Canal to travel between Asia and Europe. Tensions have forced hundreds of ships to make a detour through Africa.
8、trendforce：In 2023, global display shipments will decrease by 7% year-on-year3%, up to 12.5 billion units, lower than the pre-pandemic level of 2019. It peaked in 2021 and has been declining year by year. The market is expected to recover in 2024Shipments will increase by 2% to about 12.8 billion units.
Company news
1. Huawei:Internally, the secretary of the board of directors has issued the No. 1 document, officially announcing the 2023 annual dividend plan, with an ESOP dividend of 1 per share5 yuan, 15 after tax3%, compared with last year's after-tax income. This may indicate that Huawei's future development will face certain financial pressures and challenges. At least 140,000 people will benefit from this dividend.
2. TSMC: The board of directors approved a total of about 1,001 employee performance bonuses and remuneration (dividends) in 2023NT$8.1 billionAmong them, the employee performance bonus is about 500NT$900 million has been paid out after the quarter of each quarter, and the remuneration (dividend) is about 500NT$900 million will be disbursed in July this year.
3, 360 Zhou Hongyi: 360 does not have any plans to do live broadcasting. This year's strategic main line is very firm, and it will do two things around the industrial digitalization strategy, one is the digital security base, and the second is to help traditional enterprises build private models.
Global Vision
1. Japan:In 2023, the per capita consumption expenditure of households with more than two people will be 293997 yen (about 1 yuan).40,000 yuan).In fact, it decreased by 2 compared with the previous year6%。This is the first decrease in 3 years.
2. Thailand:Thailand will welcome a large number of international tourists from February 4 to 16, with an estimated 490,000 people, with a total of 640,000 people, bringing 343Tourism revenue of 900 million baht, up 30% from the same period last year. Thailand is expected to receive about 17 Chinese tourists70,000 people,Bring 62Tourism revenue of 1.3 billion baht, up 366% year-on-year.
3. Assistant Secretary of the U.S. Army:By the end of 2024, it will be possible to produce 7-80 thousand shells per month, including in order to "support Ukraine more fully."
Financial data
Domestic
On February 6, a total of 6,219 companies were listed, an increase of 4 on the same day, and the turnover was 30.8 billion. The three boards into the index reported 89139, up 042%, turnover 15 billion.
2. Domestic commodities**:As of the afternoon of February 6th**, the ups and downsThe European line of container transportation rose by more than 2%.Styrene, liquefied gas, and corn rose by more than 1%, and in terms of decline, jujube and lithium carbonate fell by more than 3%, and Shanghai tin, pulp, international copper, and BR rubber fell by more than 1%.
3. Treasury bonds:On February 6, the main contract of 2-year treasury bonds** TS2403 fell by 005% to 101268；The main 5-year Treasury bond ** contract TF2403 fell 018% to 102655；The main contract of 10-year treasury bond ** T2403 fell 028% to 103280。The 10-year Treasury rate rose 523 bp, to 245%；The interest rate on the 10-year CDB rose 519bp, to 262%。
4. Shanghai International Energy Exchange:On February 6, the main contract was 2403, with 5595 yuan barrel**, 32 yuan, an increase of 058%。All contracts traded 224,120 lots, and the open interest decreased by 4,605 lots to 38,578 lots. The main contract traded 175535 lots, and the open interest decreased by 3,807 lots to 19,398 lots.
5、shibor：Overnight 17270%，**4.70 basis points. 7-day report 19660%，*2.00 basis points. 3 months report 23450%，*0.50 basis points.
6. RMB:The onshore yuan was quoted at 7 against the US dollar at 16:30**1913, up 00959%, the central price of RMB was reported at 71082, down 00169%。
7. Shanghai Environmental Exchange:On February 6, the trading volume of the carbon emission allowance listing agreement in the national carbon market was 8 tons, and the turnover was 0060,000 yuan, **price 7486 yuan ton, no rise and fall.
abroad
8. Asia:The Nikkei 225 fell 053% at 3616066 points. South Korea's KOSPI index fell 058% at 257620 o'clock.
9. U.S. stocks: The Dow Jones closed up 037%，3852136 points; The Nasdaq closed up 007%，1560900 points; The S&P 500 closed up 023%，reported 495423 o'clock.
10. Europe: The British FTSE 100 closed up 090%，768101 o'clock; Germany's DAX30 closed up 076%，1703324 points; France's CAC40 closed up 065%，763897 points.
11. The settlement price of **comex in April*** closed up 042%，Newspaper 2051$40 oz.
12. **WTI closed up 073%，73$31 barrel. Brent closed up 0 in April77%，78$59 barrel.
13. Baltic Dry Bulk Index: up 557%，at 1516 points.
What is the new round of "affordable housing" intended to protect? ·
CITIC**:The new round of affordable housing system can be divided into two parts: allocated affordable housing and rent-allocated affordable housing, and the former is the incremental highlight of this round of reform. It focuses on the wage earner groups with housing difficulties and low incomes, as well as the "two groups" such as scientific and technological personnel, teachers, and medical personnel that the city needs to introduce. According to the allocation of land supply, the implementation of strict closed management, prohibiting the illegal conversion of newly built placement type affordable housing into commercial housing into the market. Support the use of the housing provident fund to provide affordable housing development loans and individual housing loans. The construction quantity of allocated affordable housing will be determined by the city's "demand", and the scale of supply will be scientifically and reasonably determined. 35 cities plan to raise and build a total of about 100,000 units of placement-type affordable housing in 2024This data is still being dynamically updated. Up to now, nearly 20 cities across the country, including Guangzhou and Shenzhen, have announced the construction tasks of placing affordable housing in 2024.
Yangtze River**:In recent years, the construction volume of placement-type affordable housing in Shenzhen has been large, and according to incomplete statistics, there will be nearly 150,000 units, accounting for more than 40% of the sales of first-hand commercial residences, the latest disclosure of the first batch of 10,000 unitsIt is equivalent to nearly 30% of last year's new home sales, and the impact on the commercial housing market is still large. If Guangzhou only counts the 0 of the new starts460,000 units, accounting for 6% of new home sales in 2023, and a total of 10,000 units accounting for 13% of new home sales if stock project conversion is included. In second-tier cities, the first batch of projects in Fuzhou accounted for 22% of new home sales, but not all of them will be developed within a year. The number of units under construction in Dalian accounted for 11% of new home sales, and Chengdu, Shenyang, Nanning and other places accounted for a single-digit percentage of new home sales.
S&P Global Ratings:The impact of affordable housing construction on commercial housing sales is reflected in two aspects. First of all, under the dual-track system of "commodity + security".In the medium and long term, affordable housing will objectively divert a part of the rigid demand for commercial housingCommercial housing or more to serve the improvement of demand. This "crowding-out" effect will not be so pronounced in the short term, and the effects are likely to be felt gradually in the coming years. On the other hand, the use of "housing ticket resettlement" and the acquisition of existing commercial housing as rental housing in the old reform are conducive to the destocking of commercial housing, but it is mainly beneficial to high-tier cities. By giving discounts, tax exemptions, limited validity periods and other structural settings, the "house ticket resettlement" can quickly drive the purchase demand of a number of commercial houses and revitalize regional market transactions. The combination of "old reform + room ticket placement" still plays a supporting role in the whole country, and it is difficult to set off a new wave of "shed reform".
CICC:The regulation of the domestic housing system may require creative thinking and a rationalization of the relationship between security and commodities. First, as the relationship between housing supply and demand has shifted significantly, it is necessary to be cautious about increasing supply in any form; Second, the institutional design of affordable rental housing has gradually improved, and the focus in the future will be on the design of purchase-oriented products; Third, when carefully considering the connotation of the "dual-track system", from the perspective of the more successful practical experience in overseas markets, an important point is in product designTry to avoid pitting "protection" and "commodity" against each other (for example, HDB flats in Singapore are a product with dual attributes).Failure to do so will create more management headaches. In the Chinese mainland market, for purchase-type products, rationalizing the relationship between "guarantee" and "commodity" may be the core proposition in the future.