1. Macroeconomic policies
He Lifeng will visit the United States; He Lifeng has been appointed as the Director of the Office of the Central Financial Commission and Secretary of the Central Financial Working Committee
Chinese Foreign Ministry spokesperson Wang Wenbin announced that at the invitation of US Treasury Secretary Yellen, He Lifeng, a member of the Politburo of the Communist Party of China Central Committee, Vice Premier of the State Council, and Chinese leader in Sino US economic and trade, will visit the United States from November 8th to 12th. According to the China Financial Times, on November 3rd, the Central Financial Work Committee held a meeting to convey the spirit of the Central Financial Work Conference. He Lifeng, Director of the Office of the Central Financial Committee and Secretary of the Central Financial Work Committee, attended the meeting and delivered a speech, emphasizing that learning and implementing the spirit of the Central Financial Work Conference is the most important political task currently facing the financial system. The above report shows that He Lifeng has been appointed as the Director of the Office of the Central Financial Commission and the Secretary of the Central Financial Working Committee.
China has lowered the interest rates of over 22 trillion yuan of existing housing loans, promoting further marketization of deposit and loan rates
According to CCTV News, the Monetary Policy Department of the Central Bank of China has issued a document stating that the work of reducing the interest rates on existing housing loans has been basically completed, with over 22 trillion yuan of interest rates on existing housing loans lowered, with an average decrease of 0.73 percentage points. Continuously deepening the market-oriented reform of interest rates should focus on three key areas. One is to improve the mechanism for the formation, regulation, and transmission of market-oriented interest rates, unblock the channels for funds to enter the real economy, and promote the optimization of financial resource allocation. The second is to promote further marketization of deposit and loan interest rates, adhere to the method of reform, and guide the continuous reduction of financing costs. Thirdly, we will continue to increase the degree of marketization of mortgage interest rates to better support the demand for rigid and improved housing.
The amount of trillions of additional treasury bond issued is not divided by regions, but is arranged according to project quality
According to the 21st Century Economic Report, the recent issuance of trillions of treasury bond is the focus of the market. The reporter learned from a number of local development and reform, investment and financing personnel that the regulatory authorities have made it clear that the amount of trillion additional treasury bond is not divided by local areas, but is arranged according to the quality and maturity of the project. In other words, the more eligible projects in a place are, the greater the support from treasury bond funds will be.
Shenzhen State owned Assets Supervision and Administration Commission: Vanke is an important member of the Shenzhen State owned Assets Supervision and Administration System, and supports it through all possible means when necessary
On the afternoon of the 6th, Vanke held an exchange meeting with financial institutions, attended by Wang Yongjian, Director of the Shenzhen State owned Assets Supervision and Administration Commission, Ye Xinming, a member of the Party Committee and second level inspector, and Xin Jie, Chairman of Shenzhen Railway. At the meeting, the Shenzhen State owned Assets Supervision and Administration Commission expressed full recognition and trust in the professionalism of Vanke's team. Vanke has long adhered to a stable business strategy and financial policies, with sufficient security, and has not encountered the financial and management risks rumored. If necessary or encountering extreme situations, the Shenzhen Municipal State owned Assets Supervision and Administration Commission has full confidence, sufficient financial resources and tools to assist Vanke in actively responding through all possible market-oriented and legal means such as project cooperation, optimization of equity investment structure, bond subscription, and coordination of financial institution financing.
The National Development and Reform Commission has issued the "National Carbon Peak Pilot Construction Plan"
The Plan proposes that by 2025, positive progress will be made in the carbon peaking and carbon neutrality work of pilot cities and parks. Policy mechanisms conducive to green and low-carbon development within the pilot scope will be basically established, and a number of innovative measures and reform experiences that can be operated, replicated, and promoted will be preliminarily formed. The demonstration and leading role of the pilot in the national carbon peaking and carbon neutrality work will gradually become apparent. By 2030, significant progress will be made in the comprehensive green transformation of the economic and social development of pilot cities and parks. Key tasks, major projects, and important reforms will be completed as scheduled, and policy mechanisms conducive to green and low-carbon development will be fully established within the pilot scope.
The Ministry of Commerce answered reporters' questions on the inclusion of some Chinese entities in the "Special Designated Nationals List" by the United States on the grounds of involving Russia
A reporter asked: Recently, the US Treasury Department announced the inclusion of some Chinese entities in the "Special Designated Nationals List" on the grounds of involving Russia. What is China's comment on this? Answer: The Chinese side has taken note of the relevant situation. The US approach is a typical unilateral sanction and "long arm jurisdiction", which undermines the international trade order and rules, and affects the security and stability of the global industrial and supply chains. China is strongly dissatisfied with this and firmly opposes it. The US should immediately stop its unreasonable suppression of Chinese enterprises. China will resolutely safeguard the legitimate rights and interests of Chinese enterprises.
2. Fixed income/foreign exchange
Vanke: Domestic and foreign debts will be guaranteed to be repaid on time, and the financial situation will be ensured to be safe
According to Pengpai News, in the face of recent irrational fluctuations in Vanke bonds, on November 6th, Vanke held a third quarter performance briefing with domestic and foreign financial institutions. Vanke stated that it will ensure timely repayment of domestic and foreign debts, and the market does not need to worry about this at all. The management of Vanke emphasizes that Vanke has always maintained a normalized daily, weekly, and quarterly rolling cash flow management and stress testing, with real-time visibility and controllability of its financial situation. Through pre planning, Vanke ensures the company's safety.
On November 3rd, all three major RMB exchange rate indices fell
According to the China Foreign Exchange Trading Center, on November 3rd, all three major RMB exchange rate indices fell, with the CFETS RMB exchange rate index closing at 99.11, down 0.2 from last week; The BIS currency basket RMB exchange rate index closed at 103.88, down 0.18 from last week; The SDR basket RMB exchange rate index closed at 93.98, down 0.02 from last week.
III. Commodities/Stock Market
Social Security Fund: Actively leverage its advantages and role as a long-term fund and patient capital
According to the National Social Security Fund, on November 2nd, Ding Xuedong, Secretary of the Party Group of the Social Security Fund, presided over a meeting. The meeting emphasized that we should always adhere to the fundamental purpose of providing financial services to the real economy, deeply understand the distinct political and people-oriented nature of social security funds, actively leverage the advantages and role of social security funds as long-term funds and patient capital, increase investment efforts around strategic goals and key areas of economic and social development, and contribute to accelerating the construction of a new development pattern and promoting high-quality development.
Vanke A: Shenzhen Railway Group will research, develop and orderly release various effective tools to fully support our company
Vanke announced that after the 6th trading session, the company's largest shareholder, Shenzhen Railway Group, stated in a communication meeting with financial institutions that it firmly believes in the company's development prospects and has never formulated any plans to reduce its holdings in the company, nor has it expressed any intention to reduce its holdings on any occasions. At the same time, in order to boost market confidence, we will research, develop and orderly release various effective tools to fully support our company. Including: following a market-oriented and legalized approach, undertaking some of our company's urban renewal projects in Shenzhen, helping our company revitalize bulk assets, injecting new liquidity into our company, and the transaction amount is expected to exceed RMB 10 billion. Shenzhen Railway Group is actively preparing to purchase the bonds issued by our company in the public market at an opportunity.
Baishi has received a takeover offer from a consortium of buyers including Alibaba and Cainiao
According to the announcement, Baishi has received a preliminary non binding offer from a buyer consortium composed of Alibaba, Cainiao, and company founder Zhou Shaoning to acquire all outstanding common shares. The suggested acquisition price is $0.144 per ordinary share or $2.88 per ADS cash.
Hippo Game: Collaborating with INTINY to prepare for the new game "Doom 2"
According to the Shanghai Stock Exchange, Zitian Technology's subsidiary, Hippo Game, stated that it has been closely monitoring and exploring the interactive film and television track. Considering that 99% of "Doom" is a male user, targeting a blank market for women, it has been working hard to prepare for the next new game "Doom 2! I am surrounded by handsome guys!" (tentative name), in order to better increase immersive experience and fun, Hippo Game will collaborate to participate in the production and distribution, striving to empower and create better results in the experience and promotion of "Doom 2".
Dutch lithography giant Asma: Very optimistic about business in the Chinese market next year
According to China Daily, Shen Bo, Senior Vice President of Dutch lithography giant Asma Global and President of China, stated in an interview during the CIIE that Asma China's business has grown rapidly this year, and it is expected that China will account for over 20% of Asma's global revenue for the entire year. He is also very optimistic about his business in China next year. Shen Bo said, "Our recruitment in China in 2023 exceeded 200 people, and we expect the development of our business to continue to bring many demands in 2024. Our team expansion should also be relatively large
4. Company and Industry
The ninth batch of national organized drug procurement for 41 types of drugs has been successfully procured, with an average price reduction of 58% for the selected drugs
According to the People's Daily, on November 6th, the ninth batch of national organized drug procurement in Shanghai resulted in the successful procurement of 41 drugs, with an average price reduction of 58% for the selected drugs. It is expected to save 18.2 billion yuan in drug costs annually. Pharmaceutical companies actively participated in this centralized procurement, with 382 products from 262 companies participating in bidding. 266 products from 205 companies have been eligible for the proposed selection, including 260 products from 200 domestic pharmaceutical companies and 6 products from 5 international pharmaceutical companies (including 1 original research drug and 5 imported generic drugs). The proportion of bidding companies planning to be selected is about 78%, with an average of 6.5 companies planning to be selected for each variety.
Last week, the overall transaction area of the national real estate market decreased by 9.95% month on month and 8.52% year-on-year
According to the interface, institutional reports show that last week, the overall transaction area of the national real estate market decreased by 9.95% month on month and 8.52% year-on-year. 1、 Second tier cities have decreased compared to the same month, with Qingdao leading the way; Third and fourth tier cities have slightly increased compared to the same period last month. Overall inventory slightly increased month on month. The overall supply volume of the land market has increased month on month, and the transaction volume of residential land has decreased by more than 30%. The overall average price has decreased compared to last week, and the average price of residential land has decreased by nearly 30%. The financing type of real estate enterprises is mainly corporate bonds, and the cities where real estate enterprises acquire land are concentrated in Beijing, Shanghai, Suzhou, Hefei, Fuzhou, and other cities.
Regulatory regulation of short-term health insurance business: It is strictly prohibited to have various situations such as "0" rates that clearly do not comply with actuarial principles
According to the Shanghai Stock Exchange, regulatory authorities issued a notice on further improving short-term health insurance business to various insurance companies on the 6th, stating that they have recently discovered that some insurance companies operate short-term health insurance business, with problems such as careless product design, weak sales management, and inadequate customer service. The notice states that product pricing should be scientific and reasonable, and insurance rates for each period should be determined strictly based on the pricing data basis. The rate structure of the product should not be changed by arbitrarily adjusting actuarial assumptions or other methods, and various situations such as "0" rates that clearly do not comply with actuarial principles are strictly prohibited.
OpenAI Launches User Defined ChatGPT
According to Sina, OpenAI released multiple new tools at the first developer conference "OpenAI DevDay". OpenAI now allows users to build custom versions of ChatGPT. With this new option, users will be able to quickly create their own specialized version of GPT, which can help children teach math or explain the rules of board games without coding. OpenAI also stated that it will launch a preview version of the GPT-4 Turbo, which is based on a large amount of online data from April this year, allowing it to better understand current events. In the future, the cost of using the Turbo version will also be lower for developers.