Today's attention //
1. The meeting of the Political Bureau of the Central Committee will strive to stabilize growth, and the incremental policy will continue to increase
2. Promote medium and long-term funds into the market! The Central Financial Office and the China Securities Regulatory Commission issued blockbuster documents
3. The regulator will study the optimization or exemption of short-term trading and other regulatory requirements such as ETFs and listing of cards
4. Hefei: It is planned to confiscate 68.9491 million yuan for three sheep, and order the suspension of operation for rectification within a time limit
5. It is rumored that OPEC+ will continue to promote the production increase plan, and Saudi Arabia plans to increase production to grab share
6. Relevant departments investigate the financial difficulties of auto dealers
7. Poly, a central enterprise, fired the first shot of "price protection".
8. Supermicro Computer was investigated by the United States Department of Justice for suspected accounting violations
Macro Policy //
1. The meeting of the Political Bureau of the Central Committee will strive to stabilize growth, and the incremental policy will continue to increase
The Political Bureau of the CPC Central Committee held a meeting on September 26 to analyze and study the current economic situation and make arrangements for the next step of economic work. The meeting stressed that it is necessary to intensify the counter-cyclical adjustment of fiscal and monetary policies, ensure necessary financial expenditures, and earnestly do a good job in the "three guarantees" work at the grassroots level. It is necessary to issue and use ultra-long-term special treasury bonds and local government special bonds. It is necessary to lower the reserve requirement ratio and implement a forceful interest rate cut. It is necessary to promote the real estate market to stop falling and stabilize, adjust the housing purchase restriction policy, and reduce the interest rate of existing housing loans. It is necessary to strive to boost the capital market, vigorously guide medium and long-term funds to enter the market, and open up the blocking points for social security, insurance, wealth management and other funds to enter the market. It is necessary to support the mergers and acquisitions of listed companies, steadily promote the reform of public funds, and study and introduce policies and measures to protect small and medium-sized investors.
The meeting pointed out that it is necessary to help enterprises tide over difficulties and further standardize the law enforcement and supervision behaviors related to enterprises. It is necessary to promulgate a law on the promotion of the private economy to create a good environment for the development of the non-public sector of the economy. It is necessary to combine the promotion of consumption with the benefit of the people's livelihood, promote the income of low- and middle-income groups, and improve the consumption structure. It is necessary to cultivate a new type of consumption format. It is necessary to support and regulate the development of social forces in the old-age care and childcare industries, and pay close attention to improving the system of childbirth support policies. It is necessary to increase the efforts to attract and stabilize investment, step up the promotion and implementation of reform measures such as foreign investment access in the manufacturing sector, and further optimize the market-oriented, law-based, and international first-class business environment.
2. The Central Financial Office and the China Securities Regulatory Commission jointly issued the "Guiding Opinions on Promoting the Entry of Medium and Long-term Funds into the Market"
The Central Financial Affairs Office and the China Securities Regulatory Commission jointly issued the "Guiding Opinions on Promoting Medium and Long-term Funds into the Market". The main measures include: First, building a capital market ecology that fosters and encourages long-term investment. Crack down on all kinds of illegal activities in the capital market, and continue to shape a healthy market ecology. Improve the basic capital market system suitable for long-term investment, improve the supervision of medium and long-term capital transactions, and improve the supporting mechanism for institutional investors to participate in the governance of listed companies. The second is to vigorously develop equity public funds and support the steady development of private securities investment funds. Enrich the types of investable assets of public funds, establish a fast approval channel for ETF index funds, and continue to increase the scale and proportion of equity funds. Steadily reduce the comprehensive fee rate of the public fund industry, and promote the pilot investment advisory of public funds to become regular. Encourage private securities investment funds to enrich product types and investment strategies, and promote securities, funds and futures operating institutions to increase the proportion of equity private asset management business. The third is to focus on improving the supporting policies and systems for all kinds of medium and long-term funds to enter the market. Establish and improve the long-term assessment mechanism of more than three years for medium and long-term funds such as commercial insurance funds and various types of pensions. Break through the institutional barriers that affect the long-term investment of insurance funds, improve the assessment and evaluation mechanism, enrich the long-term investment model of commercial insurance funds, improve the regulatory system for equity investment, and supervise and guide state-owned insurance companies to optimize the long-term assessment mechanism. Improve the investment policy system of the national social security fund and the basic pension insurance fund, support qualified employers to open up individual investment options for enterprise annuities, and encourage enterprise annuity fund managers to explore and carry out differentiated investment. Encourage bank wealth management and trust funds to actively participate in the capital market.
China Bond Alert //
1. Nanning Industrial Investment Group: Cancel the issuance of "24 Nanning Industrial Investment MTN001"
Nanning Industrial Investment Group Co., Ltd. announced that due to market fluctuations, the company and the bookrunner agreed to re-issue "24 Nanning Industrial Investment MTN001" at the right time.
2. Poly Development Holding Group: Cancel the issuance of "24 Poly Development MTN006"
Poly Development Holding Group Co., Ltd. announced that after the company and the bookkeeping manager reached a consensus, it was decided to cancel the issuance of "24 Poly Development MTN006", and the subsequent issuance time will be announced separately.
3. Huachuang Yunxin: The shareholders' meeting passed the proposal not to require the company to repay debts in advance or provide additional guarantees
Huachuang Yunxin announced that "23 Yangan 01 and 23 Yangan 02" held the first meeting of holders in 2024 on September 19 and passed the "Proposal on Not Requiring the Company to Repay Debts in Advance or Provide Additional Guarantees".
4. Hu Jinqiao, former vice chairman and general manager of Hubei Yiling Economic Development Group, was investigated
Hu Jinqiao, former deputy secretary of the Party Committee, vice chairman and general manager of Hubei Yiling Economic Development Group, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Yiling District Commission for Discipline Inspection and Supervision of Yichang City.
5. Dagong International: Terminate the credit rating of Wanda Commercial Management and related debts
Dagong International announced that on September 24, it received a communication letter from Wanda Commercial Management, based on commercial considerations and combined with the actual situation of Wanda Commercial Management's business, Wanda Commercial Management decided to terminate the entrusted rating of "22 Dalian Wanda MTN001", "22 Dalian Wanda MTN002" and "23 Dalian Wanda MTN001" and the main body. Dagong International has decided to terminate the credit rating of Wanda Commercial Management and the above-mentioned debts.
6. Guangdong Guangwu Holding Group: Removed Fang Qichao from the position of chairman
Guangdong Guangwu Holding Group Co., Ltd. announced that recently, the company received a notice from the superior that Fang Qichao was removed from the chairmanship of Guangdong Guangwu Holding Group Co., Ltd. As of now, the new chairman has yet to be determined.
China Stock Alert //
1. The regulator will interview some listed companies that have large business dealings with financial companies
The Hebei Securities Regulatory Bureau issued a regulatory newsletter on listed companies in Hebei, in which the regulatory requirements column stated that listed companies should ensure the safety of funds deposited in financial companies. According to the China Securities Regulatory Bureau, listed companies should keep abreast of the risk status of financial companies, improve risk disposal plans, and ensure the safety of funds. In the near future, the regulatory authorities will interview some listed companies that have had large business dealings with financial companies, further strengthen the supervision of related businesses, and ensure the safety of listed companies' deposits in financial companies.
2. Focuslight: The chairman, general manager and some directors and managers voluntarily reduced their salaries
Focuslight announced that Liu Xingsheng, chairman and general manager of the company, and some directors and managers (including foreigners) took the initiative to reduce salaries in view of the global economic situation and the industry situation in which the company is located. Liu Xingsheng's salary was reduced by 30%, and the salary of some management personnel such as directors and deputy general manager Tian Ye was reduced by 10% to 20%. The salary reduction period will take effect from the next month after the announcement is disclosed and will continue until the company achieves two consecutive quarters of positive net profit, with a maximum of 12 months.
3. Be generous! A-share leading repurchase of shares, up to 4 billion yuan!
Muyuan shares announced the latest repurchase plan, the total amount of repurchase is not less than 3 billion yuan and not more than 4 billion yuan (both including the number), and the repurchase price does not exceed 58.6 yuan per share (including the number). Muyuan shares said that the repurchase of shares will be used for employee stock ownership plans or equity incentive plans, in order to further improve the corporate governance structure, build a long-term incentive and restraint mechanism, ensure the realization of the company's long-term business goals, and enhance the overall value of the company.
4. Amazing insider trading: The vice chairman leaked secrets to his son-in-law, and 4 people bought in advance and made a profit of more than 21 million yuan
Zhu Chongbei, the then vice chairman of Huamai Technology, leaked inside information to his son-in-law Liu Jiwei after learning that the company would be backdoor by AI unicorn DeepBlue Technology. Subsequently, Liu Jiwei and his sister, cousin-in-law and others bought on a large scale, with a total illegal profit of more than 21 million yuan. The CSRC's public administrative penalty decision disclosed the details of the case. Zhu Chongbei was fined 1 million yuan, and Liu Jiwei and other 4 insider traders were fined a total of more than 9,400 yuan.
5. A number of companies have withdrawn their listing applications on the Beijing Stock Exchange! This company terminated its listing on the New Third Board
Following Yawei Software, since this week, four companies including Greenstone, Toshima Food, Xingyang Technology, and Jindayu have announced plans to "cancel orders" from the IPO queue on the Beijing Stock Exchange, and many companies said that the decision was made based on the company's strategic development and changes in the capital market environment. Chiba Glasses, which transferred its GEM IPO plan to be listed on the Beijing Stock Exchange two years ago, officially terminated its listing on the New Third Board, and the company's Beijing Stock Exchange IPO came to an end.
6. Ali and JD are open to each other: JD Logistics enters Taobao, and Alipay enters JD
According to LatePost, Taobao Tmall is about to officially access JD Logistics, which is expected to be launched in mid-October. At the same time, JD.com will also access Cainiao Express and Cainiao Post Station - both of which are Cainiao's self-operated express brands and parcel collection sites, respectively. JD.com will also officially access Alipay payment, which is expected to be launched on the eve of Double 11.
7. Baobian Electric: The controlling shareholder will be changed to China Electric Equipment
Baobian Electric announced that the controlling shareholder Ordnance Equipment Group intends to transfer 37.98% of the company's shares directly held by it and 100% of the shares of the same electric to China Electric Equipment free of charge. After the completion of the free transfer, the controlling shareholder of the company will be changed from Ordnance Equipment Group to China Electric Equipment, and the actual controller has not changed, and it is still the State-owned Assets Supervision and Administration Commission of the State Council.
8. *ST Weichuang: The company's shares will be delisted on September 27
*ST Weichuang announced that the company's shares have been terminated by the Shenzhen Stock Exchange and will be delisted on September 27.
9. Panjiang shares: Shanjiaoshu Mine received an administrative penalty notice
Panjiang Co., Ltd. announced that 16 people were killed in the major fire accident that occurred on September 24, 2023, and it has now received a notice of administrative punishment from the national mine safety supervision, and intends to impose a fine of 15 million yuan on the Shanjiashu mine. The company has taken measures to strengthen safety production management, and the results of the accident investigation and handling will not have a significant impact on the company's operation.
Overseas Warning //
1. Supermicro Computer was investigated by the United States Department of Justice for suspected accounting violations
According to the Wall Street Journal, the United States Department of Justice is investigating Supermicro after the company was accused of accounting irregularities by short-seller Hindenburg Research. The investigation is in its early stages, and a prosecutor from the San Francisco Prosecutor's Office in the United States recently contacted someone who may have relevant information, according to people familiar with the matter. On Aug. 27, Hindenburg released a report on Supermicro and said it had shorted the company's stock. The report focuses on the allegations made by Bob Luong, a former employee of Supermicrocomputer, and the company's dealings with companies run by members of Liang's family.
2. Does OpenAI plan to become a for-profit entity? A number of core backbones announced their resignations
OpenAI has once again undergone major high-level personnel changes, and many high-level executives have announced their departures, and there are only three people left in the original founding team. Chief Technology Officer (CTO·) Mira Murati was the first to announce the news on social media. This was followed · departure of Bob McGrew, chief research officer, and Barret Zoph, vice president ·of research. OpenAI executives are gradually leaving the startup because CEO Altman and other executives are committed to transforming OpenAI into a traditional for-profit company, according to people familiar with the matter.
3. LG Display Guangzhou LCD factory will be sold to CSOT
Korea display manufacturer LG Display announced on the 26th that it will sell its LCD factory in Guangzhou, China to TCL Huaxing Optoelectronics for 10.8 billion yuan, and the company will focus more on developing OLED business. As a result, LG Display's large-scale LCD project has also been terminated since the end of 2022 when it terminated its LCD TV panel production business in South Korea.
4. Layoffs have caused dissatisfaction with trade unions, and Volkswagen is at risk of a strike
Volkswagen has entered into talks with Germany's hardware union, Europe's largest trade union, IG Metall, with a focus on job security and factory closures. The union was adamantly opposed to the closure of the plant, protected the rights of its employees, and threatened Volkswagen with a strike if it went ahead, paralyzing the automaker for weeks. Before Volkswagen began negotiations with IG Metall, some Volkswagen employees organized a mass rally to protest the closure of the plant and the forced layoffs.
5. Korea issued a fine to Altman! The "World Coin" project is suspected of illegally collecting user iris information
Worldcoin, a Web3 crypto project based on iris biometrics co-founded by OpenAI CEO ·Sam Altman, was fined 1.1 billion won ($827,700) Korea. The Korea Personal Information Protection Commission (PIPC) made the penalty decision on Thursday on grounds that Worldcoin illegally collected iris information from about 30,000 Korea users and transferred the data overseas.
6. The committee is very divided! The Bank of Japan's rate hike process may continue to be blocked
The minutes of the July meeting of the Bank of Japan showed that Japan's policymakers were widely divided on the pace and magnitude of further interest rate hikes by the central bank, highlighting the great uncertainty about the timing of the next rise in Japan's borrowing costs. On July 31, the Japan central bank unexpectedly announced a rate hike and was considered by some investment institutions to be the author of the "Black Monday" global stock market crash in August, and after the surprise rate hike and hawkish views in July scared investors, the Japan central bank seemed to have a lingering heart and paused in September as the market expected.
7. The battery market is cold, and SK On of Korea provides voluntary resignation programs for employees
Korea battery maker SK On said on Thursday (Sept. 26) that it plans to lay off employees in a bid to improve efficiency in hopes of remaining competitive in the challenging electric vehicle market. SK On explained, "This is a proactive step to build a lean and flexible workforce to better respond to changing EV market conditions. The company had 3,558 employees at the end of June this year, according to a regulatory filing.
Financial Interbank Warning //
1. The regulator will study the optimization or exemption of short-term trading and other regulatory requirements such as ETFs
According to the Financial Associated Press, at present, professional institutional investors such as ETFs are constrained by mechanisms such as short-term trading and disclosure of large holdings in the process of investment operation, but with the continuous expansion of ETF management scale and market influence, some ETF products have approached the upper limit of 5% of single stock holdings. In this regard, the regulator pointed out that the study of professional institutional investors who insist on long-term investment and do not seek control to optimize or exempt the relevant provisions is in line with the legislative intent of the Securities Law, and is also conducive to avoiding disruption to their normal investment operations and enhancing their investment convenience.
2. Supervise and strengthen the supervision of "stock recommendation software" of securities firms, and build a strict access review mechanism
According to the industry, the regulatory authorities have recently issued a notice in the industry, requiring securities companies to strengthen the use and management of "stock recommendation software", prevent related business risks, and effectively protect the rights and interests of investors. It is understood that the regulatory authorities require securities companies to improve the access review mechanism of software tools, do a good job in risk disclosure and information disclosure, and strengthen information protection and data security management.
4. Shanghai police detected the country's first case of illegal fund exchange of international gift cards, involving more than 2 billion yuan
Shanghai police successfully cracked the country's first case of using international gift cards as a medium for domestic and foreign currency exchange to illegally engage in fund exchange, arrested more than 50 criminal suspects, and seized more than 200 criminal tools such as computers, mobile phones, bank cards, etc., involving more than 20 billion yuan.
4. The issuance of gold structured wealth management is accelerating, and there are risks behind the "gold rush".
According to incomplete statistics, a total of 33 wealth management products linked to gold investment have been issued since August, most of which adopt structured investment strategies. Industry insiders believe that the purchase of gold-linked wealth management products is a safe way to participate in gold investment, but the risk of short-term technical correction of gold is also increasing, and such products also have multiple risks such as high returns can not be realized, single term structure, etc., investors should invest cautiously.
Industry Warning //
1. Hefei: It is planned to confiscate 68.9491 million yuan for three sheep, and order the suspension of operation for rectification within a time limit
The Hefei Municipal Joint Investigation Team reported on the investigation of the "Three Sheep" live broadcast and said that it planned to decide to confiscate the illegal gains and fine a total of 68.9491 million yuan to the Three Sheep Company. In view of the problems existing in the live broadcast of the Three Sheep Company, it was ordered to suspend operation and rectify within a time limit, and bear relevant legal responsibilities. The Douyin E-commerce Security Center issued an announcement saying that since September 21, the platform has suspended the broadcast of the account of "Three Sheep", and will further urge it to actively rectify and properly solve the after-sales compensation matters of relevant consumers. Three Sheep issued a statement apologizing for the company's recent false propaganda in the live broadcast to mislead consumers. will fully accept the investigation and handling opinions and punishment results of the joint investigation team, and is willing to bear relevant legal responsibilities; In accordance with relevant laws and regulations, the company will comprehensively carry out internal rectification, operate in accordance with the law, and effectively protect the legitimate rights and interests of consumers.
2. It is rumored that OPEC+ will continue to promote the production increase plan, and Saudi Arabia plans to increase production to grab share
Two OPEC+ sources revealed on Thursday that the group will continue to push ahead with its December oil production increase plan, because the impact of the increase will be minimal if some members agree to implement larger production cuts in September and the months afterward. OPEC+ plans to raise production by 180,000 barrels per day in December as part of a plan to begin lifting production cuts, sources said. Other media reported that Saudi Arabia is committed to OPEC+ to increase production as planned on December 1 and is ready to abandon its unofficial crude oil price target of $100 per barrel, even if the move will keep oil prices low for a long time.
3. China launched the first anti-discrimination investigation on Canada's restrictive measures against China
He Yongqian, spokesperson of the Ministry of Commerce, said that the Canadian side will take discriminatory unilateral restrictive measures against imports from China despite the opposition and dissuasion of all parties. The preliminary evidence and information obtained by the Ministry of Commerce show that the relevant measures of the Canadian side are in line with the situation of "discriminatory prohibitions, restrictions or other similar measures against the People's Republic of China in terms of trade" under Article 7 of the Foreign Trade Law of the People's Republic of China. In accordance with Articles 36 and 37 of the Foreign Trade Law of the People's Republic of China and other laws and regulations, China initiated an anti-discrimination investigation into the relevant restrictive measures taken by Canada.
4. Relevant departments investigate the financial difficulties of automobile dealers
According to the National Business Daily, the current financial difficulties faced by some auto dealers have attracted the attention of relevant departments. Xing Haitao, Secretary of the Party Branch and Secretary-General of the Automobile Dealers Chamber of Commerce of the All-China Federation of Industry and Commerce, revealed that on September 18, the All-China Federation of Industry and Commerce organized a symposium on "High-quality Development of the Automobile Dealership Industry and Government-Enterprise Face-to-face" in Beijing. At this symposium, the responsible comrades of the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Commerce, the Ministry of Finance, the State Administration for Market Regulation and other relevant departments listened to the report and made a very direct or positive response to the industry problems and opinions and suggestions reflected by the participating enterprises. This is the first time in recent years that the opinions and suggestions of the majority of auto dealers have been jointly listened to by multiple departments of the state.
5. Poly, a central enterprise, fired the first shot of "price protection", can the price war of real estate enterprises be braked?
Recently, a number of project companies under the central enterprise Poly Development have launched "price protection" activities in the "Golden September and Silver Ten" to stabilize market expectations, reduce buyers' worries due to price fluctuations, and enhance their confidence in buying houses. Specifically, it involves real estate in Wenzhou, Xi'an, Sichuan, Jinan, Chengdu, Guangdong and other cities. After a long cycle of falling housing prices, does the leading enterprises take the lead in "price protection", does it mean that property market prices are expected to stabilize? Liu Shui, director of enterprise research at the China Index Research Institute, said that if the marketing effect of real estate companies is better, other real estate companies may follow suit, but it also tests the ability of real estate companies to grasp the market trend and their confidence in their own project products.
6. The price of piglets is "cut in half" and the breeding supplement is now divided, and the industry expects that pig breeding will still be profitable next year
The piglet market has started to cool down in recent months, and the price of 7KG piglets has been cut in half from the high point of the year. At the same time as the price of piglets fell, the breeding end of the supplement column disagreement, some farmers and industry experts believe that the probability of loss early next year is relatively small, next year as a whole or will be in a profitable state, but there are also farmers worried about the winter epidemic period and the demand after the Spring Festival is flat, the supplement is relatively cautious. Mysteel data monitoring shows that as of the 38th week of 2024, the average price of 7KG piglets in the country is 342.86 yuan/head, which is down 50% from the high point of 680.7 yuan/head in the 24th week of the year.
Review of historical articles
"Global Sprint Interest Rate Cut"
Red Flag! Gold Crash", "Cash is King", "Major Variables Are About to Be Revealed!" "The Dollar Collapsed"
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