Macro news
1. Premier Li Qiang met with World Economic Forum Chairman Schwab in Dalian on the morning of June 25. Li Qiang said that the current world economic recovery is weak, and it is particularly important to find new growth momentum. In the future, the industry will be the most active force for global economic growth, and technological breakthroughs represented by artificial intelligence, biotechnology, and green energy will create new tracks and new formats with high growth.
2. At yesterday's press conference of the Ministry of Foreign Affairs, a reporter said that due to the problem of "overcapacity", Canada is considering imposing import tariffs on Chinese electric vehicles. In this regard, Chinese Foreign Ministry spokesperson Mao Ning said that China has always believed that politicizing economic and trade issues and artificially erecting trade barriers will only undermine the normal economic and trade cooperation between China and Canada or the world, and will damage the stability of the international supply chain and global efforts to combat climate change, which is not in the interests of any party.
3. In order to further promote people-to-people exchanges between China and foreign countries, China has decided to expand the scope of visa-free countries and implement a visa-free policy for holders of ordinary passports from three countries, New Zealand, Australia and Poland. During the period from July 1, 2024 to December 31, 2025, holders of ordinary passports from the above-mentioned countries can enter China without a visa for business, tourism, visiting relatives and friends, and transiting for no more than 15 days.
4. The draft of the Financial Stability Law was submitted to the 10th meeting of the Standing Committee of the 14th National People's Congress for second deliberation on the 25th. The second review draft clarifies the central financial work leading institutions and their responsibilities, and improves the relevant provisions on the prevention and handling of financial risks.
5. Fed Governor Bowman said that he does not expect any interest rate cuts in 2024 and changed the expected rate cut time to 2025. As inflation falls, the US will need to cut interest rates.
6. [Assange, the founder of the "WikiLeaks" website, pleaded guilty in a U.S. federal court on Saipan, the capital of the Northern Mariana Islands, on the 26th] Assange, the founder of the "WikiLeaks" website, pleaded guilty to a felony of violating the U.S. espionage law in a U.S. federal court on the 26th. (Xinhua News Agency)
Industry news
1. The Ministry of Natural Resources and relevant departments are studying how to revitalize the policy of using the undeveloped land that has been transferred, and support local governments to recover and acquire idle land. Properly disposing of and revitalizing the stock of land that has not yet been developed or has been started but not completed, promoting real estate enterprises to alleviate difficulties and reduce debts, and promoting the efficient use of land resources is one of the priorities of the new round of housing delivery.
2. Recently, JPMorgan Chase is bearish on China's stock market "small composition" circulating on the Internet, and it is rumored that JPMorgan Chase predicts that the Shanghai Composite Index may fall to 2398 points within the year. In this regard, the reporter asked JPMorgan Chase for confirmation, and JPMorgan Chase said that it had never published a relevant research report. According to JPMorgan's forecast, by the end of 2024, the CSI 300 is expected to be 3,900 points in the basic scenario, 3,500 points in the prudent expectation and 4,200 points in the optimistic forecast.
3. The reporter of the Financial Associated Press learned that the re-signing of the agreement between the fund company and the brokerage company to reduce the commission has also come to an end. A vice president of a public offering in South China said that starting from July 1, the public offering commission rate standard will be uniformly implemented in accordance with regulatory requirements.
4. The Suzhou Municipal Public Security Bureau issued a notice that non-Suzhou household registration personnel who have legal property rights in the city or purchase newly built commercial housing and complete the online signature filing can apply for household registration to move in, and their spouses, children, and parents can also move with them.
5. The Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision jointly held a video conference on June 24 to ensure the delivery of housing policy. It is necessary to consolidate the responsibilities of local governments, real estate enterprises, and financial institutions, and strengthen the review and control of the "white list".
6. The "Report of the State Council on the Audit of the Implementation of the Central Budget and Other Financial Revenues and Expenditures in 2023" shows that as far as the financial sector is concerned, there are cases of arbitrage of policy dividends hindering the implementation of policy measures. The report also shows that the loans of 68.059 billion yuan nominally invested in the field of scientific and technological innovation by four banks were misappropriated for other purposes or idling arbitrage.
7. The Ministry of Finance and other 4 departments issued a notice to implement the financial discount policy for equipment renewal loans. The standard of interest discount is: if the loan issued by the bank to the business entity meets the conditions for re-loan reimbursement, the central government will discount the principal of the bank loan to the business entity by 1 percentage point. The interest will be discounted according to the date on which the relevant loan funds are transferred to the supplier's account, and the interest discount period shall not exceed 2 years.
8. OpenAI made it clear in the early morning of June 25 that it will stop using APIs in countries and regions it does not support from July 9, and China is among the banned. Yesterday afternoon, a number of domestic large-scale model manufacturers immediately launched the corresponding "moving" plan.
Company News
1. Berkshire sold 2,017,500 H shares of BYD at an average of HK$234.57 per share on June 19.
2. In response to the company's stock price limit, Cialis insiders said that this is the normal fluctuation and performance of the market, and the company will explain it separately if necessary. Regarding the market rumors that the stock price fell due to the liquidation of Liu Gesong of the GF system, the person said that he did not know.
3. Trina Solar announced that it plans to repurchase the company's shares for 1 billion yuan to 1.2 billion yuan.
4. Zhejiang Longsheng announced that the controlling shareholder intends to increase its holdings of the company's shares by 200 million to 400 million yuan.
5. ST Gaohong announced that the jointly developed Internet of Vehicles chip has entered the MPW production stage.
6. Bojun Technology said on the interactive platform that there is no refinancing among the top ten circulating shareholders of the company, and the previously reported data discrepancies are due to inconsistent calibers.
7. Sunshine Dairy announced that the controlling shareholder intends to increase its shareholding in the company by 20 million yuan to 40 million yuan.
8. Linggang announced that it intends to repurchase the company's shares with 100 million to 200 million yuan for equity incentives, and the controlling shareholder Linggang Group plans to increase its holdings of 40 million to 80 million yuan of the company's shares.
9. Jin Qilin announced that its stocks rose higher in the short term than the industry and the Shanghai Composite Index in the same period, and there was an overheated market sentiment.
Global Markets
1. The three major U.S. stock indexes closed mixed, with the Dow down 0.75% and nearly 300 points, the Nasdaq up 1.26%, the S&P 500 up 0.4%, most of the popular technology stocks rose, Nvidia rebounded nearly 7%, most of the popular Chinese stocks fell, and the Nasdaq China Golden Dragon Index fell 1.29%.
2. The settlement price of WTI crude oil futures fell 0.98% to $80.83 per barrel; Brent crude futures settled down 1.16% at $85.01 a barrel.
3. COMEX gold futures closed down 0.54% at $2331.7 per ounce; COMEX silver futures closed down 2.05% at $28.92 an ounce.
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