1. Macroeconomic policies
Ministry of Commerce: Exporting graphite that meets relevant regulations will be licensed
According to Global Network, Ministry of Commerce spokesperson Shu Jueting stated on the afternoon of October 26th that on October 20th, the Ministry of Commerce, in conjunction with the General Administration of Customs, issued a notice optimizing and adjusting temporary export control measures for graphite items. Controlled items come and go, with 3 types of high sensitivity graphite items officially listed on the control list and 5 types of low sensitivity graphite items temporarily controlled. The Chinese government implements export controls in accordance with the law, adjusts them normally, and does not target any specific countries or regions, nor does it target any specific industries. China has always been committed to ensuring the security and stability of the global industrial and supply chains, and exports that comply with relevant regulations will be licensed.
Liu Rong, Chief Financial Officer of China Construction Bank: There is still downward pressure on the bank's net interest margin this year, and it is expected that the decline will slow down next year
According to the financial front line, the Chief Financial Officer of China Construction Bank, Sheng Liurong, stated at the performance briefing that in the first three quarters, the net interest margin of China Construction Bank was 1.75%, maintaining a leading position in the industry, with a decrease of 4BPS compared to the first half of this year, mainly affected by factors such as the LPR reduction and the overall decline in market interest rates. Looking ahead to the future trend of net interest margin, Sheng Liurong stated that under the influence of various factors such as the LPR reduction, the stock mortgage interest rate reduction, and the reduction of corporate financing costs, there is still downward pressure on bank net interest margin this year, and it is expected that the decline will slow down next year. As the economy stabilizes and improves, it is expected that there will be varying degrees of marginal improvement in both bank asset returns and debt cost ratios.
Ningbo further relaxed the access to household registration and took the lead in trying out the policy of transferring residence permit to registered residence registration in Zhejiang
According to Peng Pai, the Ningbo Public Security Bureau has learned that from November 24, Ningbo will further relax the conditions for household registration access, and first try out the system of transferring residence permit to registered residence in Zhejiang Province. As long as you have continuously resided in the urban area of Ningbo and registered for at least 3 years and hold the "Zhejiang Province Residence Permit", you can apply to move your household registration into Ningbo. Minors who meet the admission requirements for household registration should move in together with their eligible father, mother, or other guardian. In addition, the new policy for settling down in Ningbo has also relaxed the entry conditions for leasing, employment, talent, and residence, simplifying the materials for investment and entrepreneurship.
China will promote a new round of "housing reform"
According to Economic Observer Network, China will promote a new round of "housing reform". The document "Guiding Opinions on the Planning and Construction of Affordable Housing" (Document No. 14), which was reviewed and approved by the Executive Meeting of the State Council on August 25th, has recently been conveyed to the people's governments of various cities and directly affiliated institutions of various ministries and commissions. The "14th Document" clarifies two major goals: firstly, to increase the construction and supply of affordable housing; The second is to promote the establishment of a new model for the transformation and development of the real estate industry, allowing commercial housing to return to its commodity nature, meeting the demand for improved housing, promoting stable land prices, housing prices, and expectations, and promoting the transformation and high-quality development of the real estate industry.
The Ministry of Defense responded that the US Department of Defense sent representatives to attend the Xiangshan Forum
According to Yu Yuan and Tan Tian, regarding the participation of representatives from the US Department of Defense in the 10th Beijing Xiangshan Forum, Defense Department spokesperson Wu Qian responded that the host of the 10th Xiangshan Forum has extended invitations to defense departments and military forces from multiple countries. According to a report from the US, Assistant Secretary of Defense and Deputy Director of China Affairs, Carles, will participate in this forum as a representative of the US Department of Defense. During this period, corresponding Chinese officials will communicate with her. China attaches great importance to the development of military relations between China and the United States, and hopes that the United States and China will move towards each other, creating a favorable atmosphere for the healthy and stable development of military relations between the two countries.
The front page of China Securities News: Fiscal and monetary policies are exerting force, and the expectation of lowering reserve requirements in the fourth quarter is expected to rise
In recent times, proactive fiscal policies and prudent monetary policies have continued to exert force. The industry believes that while fiscal policies are actively implemented, it is expected that there is a high possibility of reducing reserve requirements in the fourth quarter, which will create a suitable liquidity environment for government bond issuance. As in the past when the deficit ratio was increased, this round of additional issuance of treasury bond was still publicly issued, and the need for the central bank to reduce the reserve ratio increased. Wu Chaoming, vice president of Caixin Research Institute, said that according to the arrangement of the government work report at the beginning of the year and the amount of additional treasury bond issued this time, it is expected that the net financing of government bonds in the fourth quarter of this year will increase by about 1.5 trillion yuan year-on-year.
2. Fixed income/foreign exchange
Incremental policies to promote the healthy development of the bond market are worth looking forward to
According to the China Securities News, the policy signal to promote orderly connectivity between various infrastructure in the bond market has been released recently. Experts believe that the deepening of interconnectivity between bond market infrastructure is conducive to promoting the healthy development of the bond market and is expected to activate the exchange bond market. As an important measure for the next step of opening up the bond market to the outside world, the "South Swap Connect" will timely launch the trend.
Some Vanke US dollar bonds fell yesterday afternoon
Vanke's 5.35% bond due in March 2024 fell 7.4 cents per dollar in face value to 84.3 cents; The 3.15% bond due in 2025 fell 8.9% to 59.2%; The 4.2% US dollar bond due in June 2024 fell 8.7% to 75.8.
III. Commodities/Stock Market
Another batch of listed companies have intensively disclosed their share repurchase plan. Ningde Times proposes a buyback of 2-3 billion yuan
According to Cailian News Agency, after multiple A-share listed companies disclosed their share repurchase announcements the previous night, there were also Yizhimi, Daotong Technology, Boteng Shares, Fangbang Shares, Dianlian Technology, Mingyue Lens, Fangzhi Technology, Youcai Resources, NetaSoft, Haida Group, Lanxiaoke Technology, Xinbao Shares, Entropy Technology, Jinzai Food, Zanyu Technology, Wangbian Electric, Zhongshun Jierou, Ningde Shares, Huabao Xinneng More than 20 companies, including Jiayuan Technology, have issued announcements to repurchase shares or propose to repurchase shares. Among them, the Chairman of Ningde Times proposed to repurchase the company's shares for 2-3 billion yuan, involving the largest amount of repurchase. The Chairman of Gree Electric Appliances proposed that the company repurchase shares with its own funds of 1.5 billion to 3 billion yuan.
The first batch of 4 consumption REITs quickly received acceptance, and the reporting time is only about half a day
According to Cailian News Agency, there is heavyweight news coming from the long-awaited consumer infrastructure REITs in the market. Yesterday, the first four consumer infrastructure public REITs reported by Harvest Fund, Huaxia Fund, and CICC Fund have been accepted, and it is only about half a day since the product was reported. These four products are Jiashi Wumart Consumer REIT, Huaxia Jinmao Shopping Center REIT, Huaxia CR Commercial Assets REIT, and CICC Yinli Consumer REIT. Previously, on October 20th, the China Securities Regulatory Commission decided to expand the pilot asset types of public REITs to consumer infrastructure.
China Life Insurance's net profit in the third quarter decreased by 99.1% year-on-year. The management stated that fluctuations in investment returns cannot represent the company's true investment management ability
China Life Insurance announced on the Hong Kong Stock Exchange that its net profit for the third quarter was 53 million yuan, a year-on-year decrease of 99.1%; The net profit for the first three quarters was 16.209 billion yuan, a year-on-year decrease of 47.8%. On the evening of the 26th, the management of Life Insurance said at a performance conference, "The relatively high long-term return level and high short-term volatility are also one and two aspects of the entire equity investment. This year, the overall market is indeed under pressure, and we have also seen that the overall index of stock biased funds in the entire market has dropped by 9% in the first three quarters. In such a situation, the company's impairment is not due to a single stock, but due to the overall market index situation
After a year of suspension of silicon material quotation, the upstream and downstream of photovoltaics are fully approaching the cost line
According to the Securities Times, the Silicon Industry Branch of the China Nonferrous Metals Industry Association has rarely suspended the weekly release of polycrystalline silicon prices. It is worth noting that the Silicon Industry Branch pointed out that the current price of silicon wafers has reached the breakeven point of the vast majority of silicon wafer companies, and some manufacturers are even facing losses. Lv Jinbiao, Deputy Director of the Expert Committee of the Silicon Industry Branch, said in an interview with reporters that the cost of top silicon material enterprises can be controlled at 60000 yuan/ton, and there are still profits at the current price level. "In the third quarter, top polycrystalline silicon enterprises can still achieve a gross profit of 30%
National Press and Publication Administration: In October, a total of 87 games were approved, with games such as "Sword Net 3 Boundless" listed
The National Press and Publication Administration released approval information for domestic online games in October, with a total of 87 games approved. Games such as "The Amazing Xiuxian Simulator" and "Sword Net 3 Unbounded" are listed. NetEase's "Shooting Diao" has been approved, while Tencent has not approved any games this month.
Has Magic Square Quantification suspended channel fundraising? Market response: Strategy has reached the most suitable capacity
According to China Securities Network, recently, it was reported that "Magic Square Quantification has temporarily suspended channel fundraising". In response to this, market participants in Magic Square Quantitative responded, "The current fund management scale of Magic Square Quantitative is over 40 billion yuan, which currently appears to be a relatively suitable scale for strategy." It is reported that the main product strategies of Magic Square Quantitative are mainly 300, 500, and 1000 index increases. Channel insiders say that the collaboration between Magic Square Quantification and the channel is only temporarily suspended, mainly to avoid further significant increase in scale.
4. Company and Industry
Nearly 58000 units! The sales volume of second-hand houses in Shenzhen has reached a historic high, with some housing sources having a bargaining rate exceeding 10%
According to data from the Shenzhen Housing and Urban Rural Development Bureau, a total of 83 new houses and 63 residential properties were sold on October 24th; A total of 220 second-hand houses were sold and 174 residential units were sold. The Shenzhen Real Estate Intermediary Association believes that due to policy easing expectations, the early demand for second-hand housing in Shenzhen has been concentrated and the trading volume has slightly decreased this week. However, the sales volume of second-hand housing (nearly 58000 units) has also reached a historical high. The Shell Research Institute stated that this month's second-hand transactions in Shenzhen showed a clear "two headed multiple" phenomenon: small houses of one or two million and large houses of ten or twenty million were sold more frequently. These two types of houses, one with a high bargaining rate and the other with a large bargaining amount, can both have a significant impact on buyers.
The "Golden Nine Silver Ten" in the car market is about to materialize, and the annual performance is expected to exceed expectations
According to the Securities Times, victory in the car market's "nine gold and ten silver" campaign is within reach. The latest data shows that the retail sales in the passenger car market increased by 19% month on month in the first three weeks of October, while in the past September, China's automobile production and sales have all reached new historical highs in the same period. Experts believe that the goal of stable growth in the automotive industry this year is expected to exceed expectations. Cui Dongshu, Secretary General of the China Association of Automobile Manufacturers, expects that the "Golden Nine Silver Ten" effect in the automotive market will be fully reflected this year, and the overall production and sales performance of the automotive industry is expected to exceed expectations for the entire year. Based on existing data, it is basically certain that the performance of the car market this year will slightly exceed the annual production and sales targets, and the performance of the export market has played an important role
Xiaomi 14 series officially released, starting at 3999 yuan
According to Cailian News Agency, Xiaomi 14 was officially released last night, with a starting price of 3999 yuan; The Pengpai OS system will be released simultaneously, and the first batch of domestic devices will be pushed to the official version in December. Xiaomi Chairman Lei Jun announced a new strategy: a comprehensive ecosystem of people, cars, and homes. From personal devices to smart homes, and then to smart travel, we are people-centered and integrated into an organic whole.
Report: Huawei's smartphone sales increased by 37% year-on-year in the third quarter
According to a report released by the International Research Institute Counterpoint in the Securities Times, smartphone sales in China decreased by 3% year-on-year in the third quarter of 2023, indicating that the market may have bottomed out and signs of market recovery are approaching. Among them, thanks to the newly launched Mate 60 series (equipped with Kirin 9000S SoC chips), Huawei's smartphone sales in the third quarter increased by 37% year-on-year. Analysts from the institution said that Huawei is currently increasing production to meet market demand.