In the afternoon, the market rose sharply, stimulated by the news, chip and semiconductor stocks rose sharply, driving the Science and Technology Innovation 50 Index to rise by more than 11%, and the ChiNext Index to rise by 8%. At the close, the full-day turnover of the Shanghai and Shenzhen stock markets was 2.1 trillion yuan, an increase of 606.4 billion yuan from the previous trading day.
Not only today, but the semiconductor sector has always been the brightest existence and the sharpest spear in the mad bull market before and after the National Day. The analysis pointed out that since April 23, the A-share semiconductor sector has gradually diverged from overseas markets. Especially since the beginning of this year, the signal of bottoming out in the industry's prosperity has become more and more obvious, Nvidia, Samsung, TSMC, etc. have given clear signals, but the semiconductor sector of A-shares has been unmoved until SMIC began to attack before the National Day. The choice of semiconductors this time is because the policy and the fundamentals of the industry have formed a strong resonance.
Among the listed companies that have disclosed their three quarterly reports, 17 semiconductor companies have announced their performance forecasts for the first three quarters, of which 2 have turned around losses, 11 have increased year-on-year, and 2 have reduced losses, with an overall good news ratio of nearly ninety percent. Among the listed companies whose performance is expected to increase, Jinghe Integration, Weir Shares, and Rockchip Micro are expected to increase first, and the median year-on-year increase in net profit is more than 300%. In the first three quarters, the semiconductor equipment leader NAURA increased its revenue and net profit, with an estimated operating income of 18.83 billion yuan ~ 21.68 billion yuan, a year-on-year increase of 29.08% ~ 48.61%, and a year-on-year increase of 43.19% ~ 64.69% in net profit attributable to the parent company.
With the daily limit of core stocks such as China Chip International and Cambrian Science and Technology Innovation Board, the Science and Technology Innovation 50 Index rose 15% today and closed up 11%.
The Science and Technology Innovation Board is currently at the forefront of domestic capital market reform. As early as June this year, the China Securities Regulatory Commission issued the "Eight Measures on Deepening the Reform of the Science and Technology Innovation Board and Serving the Development of Scientific and Technological Innovation and New Quality Productivity", vigorously supporting the mergers and acquisitions of listed companies on the Science and Technology Innovation Board, especially encouraging the integration of the upstream and downstream of the industrial chain to further enhance the absorption and merger of core competitiveness. Looking back at the rise of overseas first-tier semiconductor companies, almost all of them are inseparable from epitaxial mergers and acquisitions. With the active development of industrial mergers and acquisitions of science and technology chip enterprises in the future, the Science and Technology Innovation Board will continue to inject new momentum and vitality.
Today, Pan Gongsheng, governor of the central bank, said at the annual meeting of the 2024 Financial Street Forum that on September 27, the deposit reserve ratio has been lowered by 0.5 percentage points, and it is expected that the deposit reserve ratio will be further reduced by 0.25-0.5 percentage points depending on the market liquidity situation by the end of the year; The interest rate for 7-day reverse repo operations in the open market was lowered by 0.2 percentage points, and the interest rate on medium-term lending facilities was lowered by 0.3 percentage points. The loan prime rate (LPR) to be released on October 21 is also expected to fall by 0.2-0.25 percentage points.
At the same time, two blockbuster policies favorable to the securities market landed today.
The People's Bank of China (PBOC) issued a notice to clarify the business processes, operational elements, rights and obligations of both parties involved in the operation of the SFISF. It is reported that up to now, there are 20 securities and fund companies that have been allowed to participate in the operation of swap facilitation, and the first batch of applications has exceeded 200 billion yuan.
In addition, the People's Bank of China, together with the State Administration of Financial Supervision and the China Securities Regulatory Commission, issued the Notice on Matters Concerning the Establishment of Stock Repurchase and Refinancing, setting up stock repurchase and refinancing to encourage and guide financial institutions to provide loans to eligible listed companies and major shareholders to support their repurchase and increase of listed companies' shares.
The People's Bank of China said that in order to further maintain the stable operation of the capital market and boost market confidence, it has set up a stock repurchase and refinancing to increase holdings, with an initial amount of 300 billion yuan, an annual interest rate of 1.75%, and a term of 1 year, which can be extended according to the situation. The refinancing policy for stock repurchase and increase is applicable to listed companies under different ownership systems. Twenty-one national financial institutions, including the China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank of China, and joint-stock commercial banks, have issued loans to support the repurchase and increase of shareholdings of listed companies in accordance with policies and regulations.
The 21 financial institutions will make their own decisions on whether to issue loans, reasonably determine the terms of the loans, bear their own risks, and the loan interest rate will not exceed 2.25% in principle. This means that as long as the dividend ratio of listed companies is higher than 2.25%, it is profitable for listed companies and major shareholders to use loans to buy back and increase their shareholdings, which is expected to significantly stimulate their enthusiasm for buying back and increasing their holdings.
It is foreseeable that the swap facility can greatly enhance the financing capacity of non-bank institutions and continue to bring incremental funds to the stock market.
Author: Xu Jinhua
Editor: Zhang Tianyi
Producer: Gu Jie
This article is the exclusive content of the WeChat public account of "CBN Broadcasting", please contact the background for authorization before reprinting. The individual stocks involved in this article are for reference only, and are not recommended for trading and are not responsible for personal income.