Summary of the highlights of the four major securities reports: July 1

Xinhua Finance and Economics, Beijing, July 1 -- The highlights of the four major securities reports are summarized as follows:

China Securities Journal

• Create a "strong magnetic field" to absorb foreign investment, and measures to stabilize foreign investment will be increased

In order to further encourage foreign investment, the reporter learned that a series of new measures are being prepared to be launched, including the revision and release of a new version of the "Catalogue of Encouraged Industries for Foreign Investment", the reduction of foreign investment access restrictions, and the launch of a new round of pilot measures for the expansion and opening up of the service industry. The new version of the Catalogue of Encouraged Industries for Foreign Investment is expected to be rolled out at an accelerated pace. It is not difficult to see from the adjustment and changes in the catalogue of industries that encourage foreign investment in recent years that advanced manufacturing, modern service industry, high and new technology, energy conservation and environmental protection and other fields are encouraged foreign investment. Hua Zhong, a person in charge of the Department of Utilization of Foreign Capital and Overseas Investment of the National Development and Reform Commission, revealed a few days ago that the National Development and Reform Commission and relevant departments have started the revision of the catalogue of industries that encourage foreign investment.

• Temporary exemption from individual income tax on dividends and dividends for holding shares on the New Third Board for more than one year

Cash dividends are an important way for companies to repay investors. In order to promote the steady and healthy development of the capital market and support the growth of small, medium and micro enterprises, the Ministry of Finance and the State Administration of Taxation recently issued the "Announcement on Extending the Implementation of the Differentiated Individual Income Tax Policy on Dividends and Dividends of Companies Listed on the National Small and Medium-sized Enterprise Share Transfer System", which will be implemented from July 1, 2024 to December 31, 2027.

• The manufacturing PMI in June was 49.5%, the economy generally maintained expansion, and business expectations were basically stable

According to data released by the National Bureau of Statistics on June 30, in June, the manufacturing purchasing managers' index (PMI) was 49.5%, the same as the previous month; The non-manufacturing business activity index and the composite PMI output index were both 50.5%, down 0.6 and 0.5 percentage points respectively from the previous month. Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, said that the mainland's economy has maintained expansion on the whole, but the foundation for sustained recovery still needs to be consolidated. The new orders index was basically flat, and business expectations were basically stable.

Shanghai Securities News

• When LPR reform is underway: improve the quality of quotations or adjust the anchor rate

Looking ahead, market participants believe that the optimization direction of LPR includes the expansion of the number of quotation banks, the management of assets and liabilities of quotation banks, and the further improvement of quotation quality. The LPR itself does not necessarily need to be linked to or refer to the MLF interest rate, and may refer to the 7-day reverse repo rate, deposit interest rate, interbank certificate of deposit issuance rate, treasury bond yield, etc. in future pricing.

• In the first half of the year, more than 400 billion yuan of funds poured into equity ETFs

ETFs are becoming an important force in maintaining market stability. In the volatile market in the first half of the year, funds entered the market on a large scale through ETFs. In the recent market adjustment, in just one week, the total net subscription amount of equity ETFs exceeded 50 billion yuan. If the term is extended, the net subscription amount of equity ETFs in the first half of the year exceeded 400 billion yuan. In the context of the continuous influx of funds, hundreds of billions of "Big Mac" ETFs have appeared frequently, and their shares have continued to hit record highs.

• "Real fire" or "virtual fire" The prices of many categories of Chinese herbal medicines have risen sharply

The reporter learned that after a round of large-scale price increases in Chinese herbal medicines last year, a new round of price increases has begun for some varieties this year. In the eyes of industry insiders, due to the lack of scale, the depletion of wild resources, the lack of quality control and other problems on the supply side, the prices of some Chinese herbal medicines are still in the rising channel. In addition, the influx of "hot money" outside the industry has hoarded and hyped some varieties, further amplifying the range of price fluctuations. The industry believes that to solve the problem of tight supply of Chinese herbal medicines, it still needs to be worked together.

Securities Times

• The effect of a new round of equipment renewal has begun to show, and the policy blockages still need to be strengthened

Since the State Council issued the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in" (hereinafter referred to as the "Action Plan") on March 13, the central and local policies have been introduced and implemented, and the Ministry of Finance and other four departments have recently issued a document to clarify the financial discount policy for equipment renewal loans, and the policy framework for large-scale equipment renewal has been further improved. A number of data released by the National Bureau of Statistics show that the effect of equipment renewal to drive economic growth has appeared. However, from the reporter's multi-party research, the current equipment renewal plan of many enterprises is still in the project preparation and declaration stage, enterprises have a strong demand for strengthening policy training and interpretation, clarifying the project application and approval process, and enriching accounting operation support.

• Can the "Moutai faith" still be held on? Fund managers: Investors don't need to mess around

A fund manager in South China said that the trigger for the recent decline in Moutai's batch price is the impact of e-commerce, and the root cause is the mismatch between supply and demand in the short term. As an important state-owned enterprise in Guizhou Province, Moutai has a high growth requirement every year, with a planned revenue growth rate of 15% in 2024, and a high supply growth rate combined with relatively weak consumer demand in 2024, resulting in a large decline in Moutai's wholesale price. The price of Moutai has been fluctuating at a high level for several years, and its financial attributes are generally more prominent during its rising period, and weaker during the shock period. It's normal for there to be divergent opinions in the market, and investors don't need to mess around. In any investment field, different investors will form different views and judgments based on their own risk appetite, investment philosophy and capital situation. This does not mean that one side is wrong, but rather reflects the diversity and inclusion of the market.

• Fund companies changed their agreements to be "busy to fly", and the commission reduction forced the improvement of investment and research capabilities

On July 1, the fund commission reduction was officially implemented, and the reform of public fund rates reached a new level. The reporter learned from the industry that since the beginning of this year, major fund companies have gradually tightened the distribution point, and recently re-signed the trading seat rental agreement with the brokerage, adjusted the transaction rate in accordance with the new commission regulations, cleaned up the trading seats, and unified the brokerage research institute for signing, and many details of the agreement have changed. After the implementation of the new commission regulations, the trading commissions of passive funds and active funds will be reduced to the level of "10,000 2" and "10,000 5" respectively, and the transaction commission cost of public funds will be reduced by about 30% overall; At the same time, the strict prohibition of "transfer payments" in the new commission regulations will also force fund companies to improve their investment and research capabilities and return to the origin of asset management business.

Securities Daily

• The new Company Law will come into force today to consolidate the legal foundation for the healthy development of the capital market

On July 1, the new company law came into effect. The revised New Company Law has many bright spots in improving the corporate capital system, optimizing the corporate governance structure, strengthening the protection of the rights and interests of small and medium-sized shareholders, and strengthening the responsibilities of controlling shareholders, actual controllers, directors, supervisors and senior executives. The interviewed experts generally believe that the implementation of the new company law will further consolidate the legal foundation for the healthy development of the capital market, help improve the governance level of listed companies, promote the improvement of the modern enterprise system with Chinese characteristics, strengthen the protection of the legitimate rights and interests of small and medium-sized investors, enhance market confidence, and promote the capital market to achieve high-quality development on the track of marketization and rule of law.

• What policy signals will be released from the second quarter meeting of the central bank's monetary policy committee?

A few days ago, the Monetary Policy Committee of the Central Bank held a regular meeting for the second quarter of 2024. In terms of the general tone of monetary policy, there is no significant change between this regular meeting and the regular meeting in the first quarter of this year. The regular meeting continued to emphasize "the precise and effective implementation of prudent monetary policy, pay more attention to counter-cyclical adjustment, better play the dual functions of monetary policy tools in terms of aggregate and structure, and strive to expand domestic demand, boost confidence, and promote a virtuous cycle of the economy". However, there were changes in the wording of the regular meeting in the judgment of the economic situation, structural monetary policy tools, exchange rates, real estate, etc., as well as the repeated emphasis on some key contents, which released a clear policy signal in the eyes of analysts.

• The "price war" of the large-scale model market reshuffle starts The head enterprises try to break the situation with "deep cultivation of the industry + going to sea".

Recently, OpenAI announced that it would stop calling APIs in some regions, which sparked heated discussions. Baidu, Alibaba, Tencent, Zhipu AI and other domestic large-scale model companies have launched "moving plans", aiming to migrate OpenAI developers to their own large-scale model platforms, which is another user battle after the "price war" of large-scale models. "The inability to call OpenAI's API is not necessarily a bad thing, which will make domestic applications only choose domestic large models, and the gap between domestic large models and GPT has gradually narrowed. Large models will gradually migrate to on-premises, which is faster and more secure. Zhou Hongyi, founder of 360 Group, said.

Editor: Luo Hao

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