On Tuesday, July 2, the main contents of the headlines of today's newspaper are as follows:
China Securities Journal
Maintaining the Stable Operation of the Bond Market The central bank will carry out treasury bond borrowing operations
The People's Bank of China reported on July 1 that in order to maintain the steady operation of the bond market, on the basis of prudent observation and evaluation of the current market situation, the People's Bank of China decided to carry out treasury bond borrowing operations for some primary dealers in the open market in the near future.
The three key words of quantity and quality are stable and rising, reflecting the resilience of foreign trade
From fluctuations in the first quarter to improving month by month in April and May, the mainland's foreign trade has walked out of a very difficult rebound curve since the beginning of this year. This rebound curve reflects the resilience of China's foreign trade to "stabilize quantity", "improve quality" and "gain momentum".
The "Shanghai Nine" has been effective, and the transaction of Shanghai's second-hand housing market has picked up
Judging from the situation of the new housing market, the reporter visited a number of new projects on the spot and learned that compared with second-hand houses, the current new housing transaction volume has not changed significantly, but the number of on-site visits has begun to grow.
Brokerages expect that the market will still be dominated by volatility in July, with structural opportunities and thematic investments coexisting
Looking forward to the overall performance of A-shares in July, many industry insiders expect that it will still be dominated by shocks, and sentiment will still be the main factor affecting the market in July, and new catalysts will be needed for the rise of market risk appetite. At the level of industry allocation, structural opportunities and investment themes such as high-dividend assets, corporate overseas sectors, and new quality productivity are worth paying attention to.
Shanghai Securities News
The supporting provisions of the new company law will be implemented at the same time, and listed companies are required to set up an audit committee in the board of directors
On July 1, on the occasion of the official implementation of the Company Law of the People's Republic of China, the Provisions of the State Council on the Implementation of the Registration and Management System for Registered Capital of the Company Law of the People's Republic of China were promulgated and came into force. In the next step, the China Securities Regulatory Commission will issue supporting system rules to refine the composition, powers and other provisions of the audit committees of listed companies. The Provisions clarify the time limit requirements for the adjustment of the capital contribution period of existing companies, promote the smooth transition of the reform of the company's registered capital registration management system, and require listed companies to set up an audit committee in the board of directors in the articles of association.
The central bank announced that it would borrow treasury bonds, and the new tools of monetary policy were put into practice
An open market business announcement issued by the People's Bank of China on July 1 once again released a strong signal that the bond market should rationally "cool down", and was also regarded by the market as a "prelude" to the central bank's trading of government bonds. Different from the market's previous judgment that the central bank will start the operation of "buying" treasury bonds first, current analysts generally believe that this "borrowing" of treasury bonds means that the central bank may first "sell" the operation. "The central bank has repeatedly mentioned that the long-end yield point is too low and the risk of concentration of institutional positions, but the remaining maturity of the treasury bonds held by the central bank is mostly 3 years or less, and the borrowing operation of treasury bonds may pave the way for the sale of cash bonds." Zhou Guannan, chief analyst of fixed income at Huachuang Securities, said.
Broaden the channels for the supply of base money The central bank's trading of treasury bonds will be steadily promoted
The People's Bank of China positions this tool as a basic currency delivery channel and liquidity management tool, which is fundamentally different from the quantitative easing policies of advanced economies. The industry believes that the central bank of the mainland will comprehensively match the trading of treasury bonds with other instruments, which will help strengthen the refinement of liquidity management; Buying and selling Treasury bonds in the secondary market can also achieve overall regulation of the yield curve.
Beijing Exploration Building: Volume and price increase are stable and expected to improve
According to agency statistics, the number of second-hand housing online signatures in Beijing in June was close to 15,000, a 15-month high. A number of interviewees and experts said that with the help of policies, Beijing's property market will further improve.
Securities Times
Li Qiang signed the order of the State Council!
Premier Li Qiang signed an order of the State Council promulgating the Provisions of the State Council on the Implementation of the Company Law of the People's Republic of China on the Registration and Management System of Registered Capital on July 1, 2024, which will come into force on the date of promulgation.
"Turn right" changes? The dust of the French parliamentary election is undecided, and bank stocks are the first to rise!
The first round of voting in the French parliamentary elections is over. The far-right "National Rassembled" did not achieve the expected victory. French stocks rose significantly after opening on Monday, led by bank stocks. But the latest economic data shows that the French economy remains under pressure.
What's new! "Ningwang" has repurchased more than 2.4 billion yuan! In response to the rumor that "a production line has stopped".
On July 1, CATL released the latest progress of the repurchase. As of June 30, 2024, the company has repurchased a total of 14,483,800 shares of the company through centralized bidding through the stock trading system of the Shenzhen Stock Exchange, with a total transaction amount of RMB 2.446 billion (excluding transaction costs). On July 1, there were rumors that CATL's production schedule was lower than expected, and some production lines were stopped. In response, CATL responded that the company's operation is good, the global market share has increased steadily, the overall production schedule is good, and the recent and third quarter production schedules have shown a quarter-on-quarter growth trend.
Big news! Nine central enterprises announced the establishment of another innovation consortium
Recently, under the guidance of the State-owned Assets Supervision and Administration Commission of the State Council, the Innovation Consortium in the field of deep and ultra-deep oil and gas exploration and development jointly established by 9 central enterprises including PetroChina and Sinopec was officially established. It is reported that the innovation consortium focuses on the exploration and development of ultra-deep conventional oil and gas, deep shale oil and gas and deep coal and rock gas, and opens up a new field of major strategic succession of onshore deep and ultra-deep oil and gas. The innovation consortium will contribute to accelerating the cultivation of new quality productivity in the future deep-ground oil and gas industry and ensuring national energy security.
Securities Daily
In the first half of the year, the three major exchanges took regulatory measures against 538 companies involved in 660 violations
According to statistics, in the first half of 2024, the Shanghai and Shenzhen North Stock Exchanges have taken regulatory measures against 660 market violations and violations of laws and regulations of 538 A-share companies, a year-on-year increase of 27.66%, fully releasing the signal of strict supervision and strict management, and severely cracking down on serious violations of laws and regulations such as financial fraud, illegal shareholding reduction, abnormal transactions, and capital occupation. Ma Jia, a lawyer at Shanghai Landing Law Firm, said that the stock exchange, as a front-line regulator, has implemented "strict supervision", which has further increased the illegal cost of financial fraud and misrepresentation by listed companies and other entities. At the same time, it further consolidates the information disclosure obligations of listed companies, promotes listed companies to continuously standardize information disclosure and internal governance, and guides them to focus more on the steady development of their main business.
The central bank yesterday opened the market with a net withdrawal of 48 billion yuan, and experts said that the third quarter may be a RRR cut
On July 1, the People's Bank of China launched a 7-day reverse repurchase operation of 2 billion yuan in the form of interest rate bidding to maintain reasonable and sufficient liquidity in the banking system, and the operating interest rate remained unchanged at 1.8%. In view of the fact that 50 billion yuan of reverse repurchase expired on the same day, the central bank realized a net withdrawal of 48 billion yuan in the open market. Ming Ming, chief economist of CITIC Securities, believes that under the supportive monetary policy stance, the central bank may adopt methods such as RRR cuts to provide sufficient liquidity support for the market. Considering the current level of excess reserves and the potential pressure on government bond issuance, the RRR cut is likely to be implemented in July and August. In addition, it is not excluded that the central bank will provide liquidity support through open market operations or re-lending.
In the first half of the year, 35 Hong Kong stock theme funds were established, of which 3 products were issued with an issuance scale of more than 1 billion yuan
In the first half of this year, there were obvious investment opportunities in the Hong Kong stock market, which attracted relevant institutions to accelerate the pace of layout. Wind information data shows that in the first half of the year, public funds issued a total of 35 Hong Kong stock theme funds, with a total issuance scale of more than 6 billion yuan, of which 3 products were issued with a scale of more than 1 billion yuan. Looking forward to the second half of the year, many public funds believe that Hong Kong stocks still have long-term investment value, and based on expectations such as valuation and capital aspects, there are still high expectations for high dividends, technology and other sectors.
Nearly eighty percent of index-enhanced fund products outperformed the performance benchmark during the year
According to Wind Information data, as of July 1, there were 279 index enhancement funds in the whole market, with a scale of more than 197 billion yuan. Among them, most products outperformed the performance benchmark this year and achieved excess returns. The average over-benchmark return of the 276 index enhancement funds with statistics has been 2.37% since the beginning of this year, which is significantly higher than the performance level of the same period last year. At the same time, there are currently 220 fund products that outperform the performance benchmark this year and obtain excess returns, accounting for nearly eighty percent of the total. Yao Xusheng, a wealth financial planner at Paipai.com, said that the main reason why nearly eighty percent of index enhancement products can outperform the benchmark and achieve excess returns during the year is that on the one hand, the A-share market currently has more room to tap excess returns; On the other hand, the dividend, growth and profitability factors performed well and contributed to the alpha.
People's Daily
New features of the new qualitative productivity
Productive forces are the fundamental driving force for the development of human society, and they are also the ultimate cause of all social and political changes. General Secretary Xi Jinping pointed out: "The new quality of productivity is the quality of advanced productivity that plays a leading role in innovation, gets rid of the traditional economic growth mode and productivity development path, has the characteristics of high technology, high efficiency and high quality, and conforms to the new development concept." "An important aspect of the new quality productivity that distinguishes it from the traditional productivity is that it has higher technical content, value content, green content, brand content, etc.
Give full play to the function of the insurance industry as an economic shock absorber and social stabilizer
Perform the function of an economical shock absorber. The insurance industry should serve the development of the real economy more deeply, provide more complete, comprehensive and effective insurance services around the diversified risk protection needs of various business entities, and at the same time give full play to the role of long-term and stable investment, help the stable operation of the macroeconomy, and boost the development of national security. Give full play to the function of a social stabilizer. The insurance industry should firmly adhere to the "surname of insurance", more actively participate in the modernization of the national governance system and governance capacity, and the construction of a multi-level social security system, strengthen the functions of risk management, decentralization and compensation, continue to optimize the supply of products and services, and help to hold the bottom line of people's livelihood, so as to better meet the people's yearning for a better life.
Economic Daily
The modern enterprise system broadens the development space of private enterprises
The front-page article of the Economic Daily pointed out that as the economy shifts to the stage of high-quality development, private enterprises that have grown up in the past rapid economic growth need to transform and upgrade in the face of the new development pattern, enhance risk control capabilities in response to complex external challenges, and find the right positioning for high-quality development. Qualified private enterprises should take the initiative to formulate practical reform plans, promote the transformation of enterprise property rights structure to shareholding, enterprise decision-making to scientific and democratic, and enterprise teams to professional and professional, and accelerate the realization of reasonable governance structure, shareholder behavior norms, effective internal constraints, and efficient and flexible operations. At the same time, we should actively explore the leading role of party building in the internal governance of the enterprise to enhance the cohesion and centripetal force of the enterprise.
Japan faces many challenges in stabilizing its exchange rate
At present, there are many challenges and difficulties in stabilizing Japan's exchange rate. From the perspective of economic fundamentals, Japan's real gross domestic product (GDP) fell by 0.5% month-on-month in the first quarter of this year, and Japan's core consumer price index (CPI) rose year-on-year for 33 consecutive months as of May, showing obvious stagflationary characteristics, and the fraud scandal of Toyota and other companies exposed in early June may also have a greater adverse impact on the Japanese economy. The International Monetary Fund (IMF) recently predicted that by 2025, Japan's nominal GDP may be overtaken by India and fall to the fifth place in the world. Confidence in the future of the Japanese economy is waning, and the depreciation of the yen is becoming more and more difficult to contain.
21st Century Business Herald
A number of new energy vehicle companies released their report cards in June: BYD's sales exceeded 340,000 units, and the delivery of Leap hit a record high
BYD: New energy vehicle sales in June were 341,700 units. Among them, the sales volume of pure electric vehicles was 145,200 units, and the sales volume of plug-in hybrid vehicles was 195,000 units. In the first half of the year, the cumulative sales of new energy vehicles reached 1.613 million units, a year-on-year increase of 28.46%. Cialis Cialis: In June, the sales volume of new energy vehicles was 44,126, a year-on-year increase of 372.04%.
The first weekend after the new deal in Beijing's property market: wait-and-see customers finally made a move to discount the performance of real estate companies
The reporter's investigation found that on the first weekend after the new deal, Beijing's new and second-hand housing transactions rose. Among them, with the help of the impact of real estate companies on the performance of the first half of the year, the increase in new housing transactions is more obvious.
CBN
Debt cattle encounter a "sudden brake"? How much impact does the central bank's borrowing of Treasury bonds have on the bond market?
According to the views of many authoritative experts in the market, the reason why the central bank made a move in the intraday is related to the unilateral unexpected market of long-term special treasury bonds. This means that the central bank may soon start selling government bonds in the open market. Through practical operation, it will affect the balance of supply and demand of bonds in the secondary market, guide market expectations, and avoid medium and long-term treasury bond yields from deviating significantly from the center of the corresponding policy interest rate, which will have a stronger risk warning effect than before. Long-term bond rates are expected to rebound sharply in the short term.
European stock markets rose across the board after the French election! What's going on, who's going to have the last laugh?
Zhao Yongsheng, director of the French Economic Research Center at the University of International Business and Economics, explained to the first financial reporter that in the polls, the first round of the far-right party National Alliance was expected to receive about 37% of the votes, but the actual vote rate was 4 percentage points lower, which was more optimistic than expected for Macron. Although the possibility of "co-governance" in French politics still exists, this does not mean that Macron will have to face the bleak reality of a hanging parliament or a far-right as prime minister, in his opinion, Macron still has a chance to stir up the situation as president, but in the remaining week, "if President Macron has any big moves, it is time to release them".
Economic Information Daily
Maintaining the stability of the bond market The central bank intends to borrow treasury bonds
After successively "shouting" to remind of the risk of long-term bonds, the central bank will carry out treasury bond borrowing operations in the near future. According to the website of the People's Bank of China on July 1, in order to maintain the steady operation of the bond market, on the basis of prudent observation and evaluation of the current market situation, the People's Bank of China decided to carry out treasury bond borrowing operations for some primary dealers in the open market in the near future. Affected by the news, Treasury bond futures closed down across the board on the day, and most of the yields on major interbank interest rate bonds rose.
A "negative list" witnesses China's high-level opening-up
From the initial 190 articles to the current 31 articles in the national version and 27 articles in the pilot free trade zone version - the "subtraction" on the list bears witness to the strength of China's opening up and creates conditions for foreign enterprises to share China's development opportunities. This list is the "Special Administrative Measures for Foreign Investment Access", commonly known as the "Negative List for Foreign Investment Access". In the future, this list will be further reduced, and the "addition" of "subtraction" will be sufficient to do a solid and open "addition".
(Source: Oriental Wealth Research Center)
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