Starting from next Monday, there will be a change in trading hours for European stocks.
Macro · Important News
National Standing Committee: We must closely focus on achieving the annual economic and social development goals and continue to implement a package of incremental policies
Li Qiang presided over the State Council executive meeting on Friday to exchange information on the economic situation and research on the implementation of a package of incremental policies. The meeting emphasized the need to closely focus on achieving the annual economic and social development goals, continuously implement a package of incremental policies, timely evaluate and optimize policies, increase countercyclical adjustment efforts, and further enhance the effectiveness of macroeconomic regulation. At the same time, we should pay more attention to the interaction between policies and markets, fully mobilize the enthusiasm of all parties, and better stimulate growth momentum.
The 12th Meeting of the Standing Committee of the 14th National People's Congress was held in Beijing from November 4 to 8
The 32nd Chairman's Meeting of the Standing Committee of the 14th National People's Congress was held in the Great Hall of the People in Beijing on the morning of the 25th. Chairman Zhao Leji presided over the meeting. The meeting decided that the 12th Meeting of the Standing Committee of the 14th National People's Congress would be held in Beijing from November 4 to 8.
Ministry of Finance: From January to September, the national general public budget revenue was 16.3 trillion yuan, a year-on-year decrease of 2.2%
The Ministry of Finance announced that from January to September, the national general public budget revenue was 1.63059 trillion yuan, a year-on-year decrease of 2.2%. From January to September, stamp duty revenue was 233.6 billion yuan, a year-on-year decrease of 22.9%. Among them, the stamp duty revenue from securities trading was 71.2 billion yuan, a year-on-year decrease of 54.2%.
National Bureau of Statistics: From January to September, industrial enterprises above designated size in China achieved a total profit of 5228.16 billion yuan, a year-on-year decrease of 3.5%
According to data released by the National Bureau of Statistics, from January to September, industrial enterprises above designated size in China achieved a total profit of 5228.16 billion yuan, a year-on-year decrease of 3.5%. From January to September, among industrial enterprises above designated size, state-owned holding enterprises achieved a total profit of 1723.59 billion yuan, a year-on-year decrease of 6.5%; Joint stock enterprises achieved a total profit of 3887.23 billion yuan, a decrease of 4.9%; Foreign and Hong Kong, Macao, and Taiwan invested enterprises achieved a total profit of 130.364 billion yuan, an increase of 1.5%; Private enterprises achieved a total profit of 1422.72 billion yuan, a decrease of 0.6%.
Vice Minister of Finance Liao Min: In addition to monetary policy, China will also increase efforts to counter cyclical fiscal policy adjustments
On October 25, 2024, the World Bank held the 110th meeting of its Development Committee in Washington, D.C., focusing on issues such as World Bank reform and the 21st capital increase of the International Development Association, and approved the report "The World Bank Group for the Future". Liao Min, Deputy Minister of Finance and Vice Director of the World Bank China, attended the meeting and delivered a speech.
Liao Min stated that in addition to monetary policy, China will also increase the countercyclical adjustment of fiscal policy, implement a series of strong measures in resolving local government debt, stabilizing the real estate market, increasing the income of key groups, ensuring people's livelihoods, promoting equipment updates, and exchanging old for new consumer goods. Through government spending, we will leverage social investment, stimulate consumption, and increase effective demand. China is confident in achieving its annual economic growth target of around 5% and continuing to inject momentum into global economic growth.
Ministry of Commerce: China agrees to immediately initiate the next stage of negotiations on the EU's anti subsidy case against China's electric vehicles
The Minister of Commerce, Wang Wentao, had a video conference with the Executive Vice President and Trade Commissioner of the European Commission, Dombrovskis, as scheduled, to have a professional, pragmatic, candid, and constructive exchange on the EU's anti subsidy case against China's electric vehicles. Wang Wentao pointed out that China agrees to immediately initiate the next stage of negotiations and welcomes the European team to come to China as soon as possible.
Finance and Securities
European stock market week is delayed by one hour as multiple European countries enter winter season
When many European countries start implementing winter time on October 27th, the trading hours and economic data release time of the European financial market will be delayed by one hour after summer time, that is, on the same week. The opening and closing time of European stocks will be adjusted from 15:00-23:30 Beijing time to 16:00-00:30 the next day.
The New York Stock Exchange plans to extend trading hours for the US stock market
On Friday evening Beijing time, the New York Stock Exchange announced plans to extend the trading hours of its fully electronic exchange, NYSEArca, for US stocks to 22 hours per working day, pending regulatory approval. The New York Stock Exchange stated that the extended trading hours will start at 1:30am Eastern Time every day and continue until 11:30pm. All stocks, ETFs, and closed-end funds listed in the United States will be subject to this "22 hour" trading system. It is reported that the extension of trading hours referred to here still belongs to the commonly known pre - and post market trading in the US stock market.
Industry · Company
In 2024, the national medical insurance negotiations officially opened with 162 varieties participating in bidding
Today, the 2024 on-site negotiation/bidding of the medical insurance catalogue officially kicked off at the National People's Congress Conference Center in Beijing. The staff of the Medical Insurance Bureau named more than 10 enterprises including China Resources Pharmaceutical, Baite Pharmaceutical, Kangyuan Pharmaceutical, Kangzhe Pharmaceutical, Yichang Humanwell, Zhengda Tianqing, and so on, and the pace was significantly faster than last year. The reporter from the Science and Technology Innovation Board found on site that personnel from Merck also entered the site at the same time, and the drug they discussed in the morning was Dulamitriptyline tablets.
It is reported that a total of 162 generic drugs have been confirmed to participate in negotiations/bidding during this year's national talks, and 249 varieties outside the catalog have passed the formal review, but the expert review pass rate is lower than in previous years.
Industrial and Commercial Bank of China (ICBC) and China Merchants Bank (CMB) are preparing to negotiate and agree on the "repricing cycle" of mortgage interest rates
The reporter learned that after the adjustment of existing mortgage interest rates on the 25th, some banks have actively prepared specific operational guidelines for the implementation of the policy on the repricing cycle of mortgage loans, which are expected to be announced to the public in the future. ICBC and CMB customer service have stated that they are preparing to negotiate and agree on the "repricing cycle" of mortgage interest rates, and will announce it to the public soon.
Lei Zhaoming, Internet Financial Supervision Department of the People's Bank of China: The People's Bank of China is drafting an action plan to promote high-quality development of digital finance
On the 25th, at the relevant meeting of China Internet Finance Association, Lei Zhaoming, Internet Finance Supervision Division of the People's Bank of China Macro Audit Bureau, said that the People's Bank of China is taking the lead in drafting an action plan to promote high-quality development of digital finance, taking the application of data norms that can strengthen data security in the financial field as an important content, and proposing to enhance the operation and management ability of data assets, strengthen data mining analysis and data visualization, and improve data security management.
The Beijing Stock Exchange held a symposium on mergers and acquisitions of securities firms and listed companies to stimulate the vitality of the M&A market
The Beijing Stock Exchange held two special symposiums for securities firms and listed companies respectively. The meetings proposed that in the next step, the Beijing Stock Exchange will promote the improvement of enterprises' ability to use merger and acquisition tools, and promote the enhancement of the quality and investment value of listed companies on the Beijing Stock Exchange.
In the third quarter of this year, Central Huijin significantly increased its holdings of multiple broad-based ETFs, with only four Shanghai and Shenzhen 300 ETFs and Huaxia Shanghai 50 ETFs costing 300 billion yuan
According to the latest disclosed third quarter report of the fund, in the third quarter of this year, Central Huijin significantly increased its holdings of multiple broad-based ETFs, with only four CSI 300 ETFs and Huaxia SSE 50 ETFs costing up to 300 billion yuan. According to the 2024 third quarter reports disclosed by Huatai Bairui CSI 300 ETF, E Fund Group CSI 300 ETF, Huaxia CSI 300 ETF, and Jiashi CSI 300 ETF, in the third quarter of this year, Central Huijin Asset Management Co., Ltd. made a large purchase of the above-mentioned ETFs, with a total investment of up to 260 billion yuan. In addition, in the third quarter of this year, Central Huijin also increased its holdings of Huaxia SSE 50 ETF, subscribing 11.78 billion shares at a cost of nearly 40 billion yuan.
China Association of Automobile Manufacturers: Under the shadow of EU anti subsidy tariffs, the Chinese and German automotive industries jointly call for cooperation rather than confrontation
The official WeChat account of the China Association of Automobile Manufacturers stated that there are only a few days left until the European Commission announces the final implementation regulations for imposing tariffs, and China EU consultations are still ongoing, with no consensus on a solution yet reached. Under the shadow of EU anti subsidy tariffs, the Chinese and German automotive industries jointly call for cooperation rather than confrontation.
Beijing: Vigorously developing the intelligent connected new energy vehicle industry that integrates high-level autonomous driving technology
Beijing has released implementation opinions on accelerating the construction of an international benchmark city for green economy. Among them, it is mentioned to actively cultivate the synthetic biomanufacturing industry. Strengthen innovative breakthroughs in the calculation and design of biomanufacturing strains, high-throughput screening, gene editing, etc. It also mentioned the vigorous development of the intelligent connected new energy vehicle industry that integrates high-level autonomous driving technology.
Follow this week
This week's new stock subscription
According to the issuance schedule, there is currently one new stock subscription for this week. The specific subscription list is as follows:
Tuesday:
Juxing Technology subscription code: 920111
This week's unlocked shares
Data shows that this week, 47 companies in the A-share market will gradually lift their restricted shares, with a total of 1.87 billion shares lifted. Based on the latest closing price, the total market value of the lifted shares will reach 26.936 billion yuan. October 28th is the peak period for the lifting of restrictions, with a total of 26 companies facing the lifting of restricted shares, with a total market value of 10.651 billion yuan. According to the latest closing price, the top three companies with unlocked market values are Shenzhen Chengjiao, Sinoma International, and China Resources Materials, with unlocked market values of 5.131 billion yuan, 4.908 billion yuan, and 3.15 billion yuan, respectively. From the proportion of unlocked shares to the total share capital, there is one stock with unlocked shares accounting for more than 50% of the total share capital, which is Roman shares (52.66%). There are two stocks with unlocked shares accounting for more than 40% of the total share capital, namely Shengtai Group (46.48%) and Kleite (45.34%).
Institutional strategy
CITIC Securities: Policy signals remain active, funds continue to enter the market
According to a research report by CITIC Securities, A-shares are still in the policy game trading stage dominated by the continuous entry of active funds. Policy expectations dominate the short-term market, and policy signals remain positive. The policies that have been implemented have shown initial results, and active funds represented by individual investors continue to enter the market. In the short term, the growth style elasticity is greater. After the policy is fully implemented and the price signal is verified and stabilized, institutional funds may usher in a positive entry opportunity, and the steadily rising market will continue for a longer period of time. At that time, the high-performance growth and domestic demand sectors are expected to continue to dominate. On the one hand, after the reversal of domestic policy expectations, we are currently in a period of intensive policy implementation, and the policy ideas and intensity are becoming increasingly clear. It is expected that the future signals will remain positive, and some macro high-frequency data have begun to show signs of stabilization. More comprehensive price signals are also gradually approaching. On the other hand, individual and institutional investors have different entry rhythms and style preferences due to differences in information focus and fundamental expectations. In the recent market environment of domestic and foreign policy game trading, active funds will continue to enter, and the growth style elasticity is greater in the short term.
Investment strategy: Incremental funds remain positive, continue to focus on event catalysis and business trends
In late September, the policy exceeded expectations and drove the market to surge in volume this round; Subsequently, due to the high expectations of the market for policies, coupled with significant short-term gains, the market experienced a period of adjustment. Looking ahead, we believe that after market sentiment returns to a reasonable level, continued policy efforts will promote economic stabilization and recovery, and the market is expected to return to an upward trend. In November, the focus of industry allocation will be on areas with improved performance in the third quarter report, continued policy efforts, and expected favorable outcomes in the US presidential election. Based on multiple dimensions such as medium-term prosperity, profitability, chip distribution, valuation, trading, cycle stage, and track value, this issue recommends focusing on sub sectors such as electronics (consumer electronics, semiconductors), computers (computer equipment), home appliances (white goods, home appliance components, kitchen and bathroom appliances, etc.), automobiles (automotive components, passenger cars), and mechanical equipment (engineering machinery, automation equipment).
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