China Securities Regulatory Commission Releases New Dividend Rules for Listed Companies
According to the China Securities Regulatory Commission on October 20th, in order to further improve the normalized dividend mechanism of listed companies and improve the level of investor returns, the China Securities Regulatory Commission, in conjunction with regulatory practices, has revised the relevant provisions of the "Guidelines for the Supervision of Listed Companies No. 3- Cash Dividends of Listed Companies" (hereinafter referred to as the "Guidelines for Cash Dividends") and the "Guidelines for the Articles of Association of Listed Companies" (hereinafter referred to as the "Guidelines for the Articles of Association") regarding cash dividends, And publicly solicit opinions from society.
The key points are as follows:
1. Strengthen disclosure requirements and other institutional constraints on non dividend companies to supervise dividend distribution;
2. Focus on companies with high financial investments but low dividend levels, urge them to improve their dividend levels, and focus on their main business;
3. Encourage companies to increase their dividend frequency when conditions permit;
4. Strengthen the constraints on abnormally high proportion dividend paying enterprises and guide reasonable dividend distribution;
5. Encourage listed companies to increase the frequency of cash dividends when meeting the conditions for profit distribution;
6. Add requirements for the completion deadline of mid-term dividends;
7. Guide the company to formulate dividend constraint clauses in its articles of association to prevent risks caused by the implementation of dividends in situations where profits are not genuine and debts are too high.
The China Securities Regulatory Commission has issued three consecutive regulatory guidelines to promote the standardized and healthy development of regional equity markets
On October 20th, the China Securities Regulatory Commission drafted the "Guidelines for Regional Equity Market Regulation No. 1- Registration and Settlement (Draft for Soliciting Opinions)", "Guidelines for Regional Equity Market Regulation No. 2- Blockchain Construction (Draft for Soliciting Opinions)", and "Guidelines for Regional Equity Market Regulation No. 3- Data Governance and Information Reporting (Draft for Soliciting Opinions)" to solicit opinions from the public. This move aims to improve the multi-level capital market system and promote the standardized and healthy development of regional equity markets.
Ministry of Industry and Information Technology: Focusing on Promoting Breakthroughs in Large Model Algorithm Technology
Tao Qing, spokesperson for the Ministry of Industry and Information Technology and director of the Operation Monitoring and Coordination Bureau, said that in the next step, we will continue to highlight key areas, vigorously promote the digital transformation of the manufacturing industry, and promote the innovative application of artificial intelligence. Mainly focus on the following four aspects.
1. Consolidate the foundation of artificial intelligence technology. Through major scientific and technological innovation projects, we will focus on promoting fundamental and original technological breakthroughs in large model algorithms, frameworks, and other fields, improving the computing power level of intelligent chips, unleashing data value, and strengthening the research and development of "root" technologies.
2. Promote the intelligent upgrading of key industries. Accelerate the intelligence of the entire manufacturing process. Deepen the integration and application of artificial intelligence technology in the entire manufacturing process, and significantly improve the level of intelligence in research and development, pilot production, production, service, management, and other links. Promote the pilot demonstration of artificial intelligence, expand characteristic application scenarios, accelerate the "intelligent transformation and digital transformation", form real productivity, and improve the quality and efficiency of manufacturing development;
3. Promote the development of intelligent products and equipment. Utilize the characteristics of strong cognition, strong interaction, and strong generation of large models, promote the upgrading and iteration of high-end equipment, key software, and intelligent terminals, and enhance the intelligence level of key products and equipment;
4. Strengthen the construction of supporting service systems. Accelerate the cultivation of a group of industry leading enterprises and specialized and innovative small and medium-sized enterprises, and form a group of ecological innovation consortia. Deepen international exchanges and cooperation in technology research and development, standard development, ethical governance, and talent cultivation, and collaborate to create a good artificial intelligence industry ecosystem.
In October, the interest rate of the first and second home loans in Baicheng reached a new low
The credit environment for home purchases in October was further relaxed. The latest monitoring by the Shell Research Institute shows that in October, the loan interest rates for the first and second homes in 100 cities reached a new low, with the average mortgage interest rates dropping to 3.88% and 4.44%, respectively. Over 90% of cities implemented the lowest down payment ratios for the first and second homes at 20% and 30%.
On October 20th, the latest market quoted interest rate (LPR) for the first installment of loans released by the People's Bank of China showed that one-year LPR was 3.45% and five-year and above LPR was 4.2%, both of which were unchanged from last month. A bank credit manager in Beijing stated that the LPR remained unchanged this month, and the loan interest rates for the first and second homes in Beijing remained unchanged compared to last month. Analysts from the Shell Research Institute believe that the effectiveness of policy combinations such as reducing down payments, credit support, and easing purchase restrictions has been evident since September. After the National Day holiday, market transactions have also resumed normally. Currently, mortgage rates in Beijing and Shanghai are relatively high, and there is still room for adjustment.
China has built a total of 3.189 million 5G base stations
On October 20th, Zhao Zhiguo, spokesperson and chief engineer of the Ministry of Industry and Information Technology, introduced at a press conference that China's network infrastructure has been continuously strengthened. As of the end of September, a total of 3.189 million 5G base stations have been built, with 145 million gigabit broadband users. The network service capability continues to upgrade, with a total computing power of 197 trillion floating-point operations per second, and mobile network IPv6 traffic accounts for 58.4%. Innovative and integrated applications have been comprehensively deepened, and 5G applications have been integrated into 67 major categories of the national economy. There are over 7000 "5G+Industrial Internet" projects nationwide, and the cumulative number of mobile IoT terminals has reached 2.22 billion. The level of inclusive living has steadily improved, and 1924 commonly used websites and apps, as well as over 140 million smartphones and smart TVs, have been promoted to complete the aging adaptation transformation.
Powell hinted that the Federal Reserve will continue to suspend interest rate hikes
On October 19th local time, Federal Reserve Chairman Powell hinted in a speech at the New York Economic Club that the Federal Reserve may continue to suspend interest rate hikes at its next monetary policy meeting.
Powell said that the significance of interest rate increase is to affect the financial situation, and the recent rise in the yield of long-term U.S. treasury bond bonds is leading to a tightening of the financial situation, so it is necessary to observe the next development trend. Although the inflation level in the United States has significantly decreased, it is still significantly higher than the Fed's long-term target of 2%, and the core personal consumption expenditure price index is expected to rise by 3.7% year-on-year in September. Powell stated that it remains to be seen whether inflation levels can continue to decline towards the target, which also means that the Federal Reserve will retain the option of further interest rate hikes.
On the same day, the yield of 10-year US treasury bond bonds once rose to nearly 5%, a new high in 16 years.
The economic impact of the US automotive strike is beginning to harm global businesses
As the UAW strike enters its 36th day, with total economic costs exceeding $7 billion, various industries from airlines to automotive component manufacturers are beginning to be affected by the strike.
John Murphy, a global research analyst at Bank of America, said that suppliers are expected to feel the pressure of declining sales in the fourth quarter, but this pain will not be evenly distributed. French car parts manufacturer Forvia warned on October 2nd that the strike is expected to have a greater impact on October sales and may result in temporary layoffs. The CEO of Autoliv, the world's largest manufacturer of car airbags and seat belts, told Reuters that the impact of the strike is very limited, but the longer the strike lasts, the greater the risk.
First batch of 50 billion renewable energy subsidies issued this year
On October 19th, the official website of State Grid New Energy Cloud released a notice on the transfer of additional subsidy funds for the first renewable energy electricity price in 2023. As of the end of September this year, the Ministry of Finance has issued an annual estimate of 50 billion yuan for the renewable energy electricity price additional subsidy funds of State Grid Corporation of China. Among them, wind power generation is 22.514 billion yuan, solar power generation is 25.225 billion yuan, and biomass energy generation is 2.26 billion yuan. This is a 25% increase compared to the first batch of renewable energy subsidies last year, especially for wind power subsidies, which have increased by about 1.14 times compared to last year.