Summary of the contents of the front pages of four major securities newspapers (September 12)
China Securities Journal
Give full play to the long-term investment advantages of insurance funds and cultivate real patient capital
Xinhua News Agency reported on September 11th that the State Council recently issued "Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of Insurance Industry".
The "Several Opinions" clarify that the long-term investment advantage of insurance funds should be brought into play. Cultivate real patient capital and promote a virtuous circle of capital, capital and assets. Increase investment in strategic emerging industries, advanced manufacturing industries, new infrastructure and other fields to serve the development of new quality productive forces. Guide insurance funds to provide support for scientific and technological innovation, venture capital, rural revitalization and the development of green and low-carbon industries.
Lithium battery plate rises sharply, industry valuation is expected to be repaired.
On September 11th, influenced by the news that Yichun lithium mine stopped production, the lithium mine, solid-state battery and lithium iron phosphate battery sectors ushered in a contrarian explosion. The data shows that as of the close of the 11th, both () and () of Lithium Battery have daily limit, and the last daily limit of both stocks dates back to July 2021. (), (), (), etc. also collectively limit.
Analysts believe that the downward movement of lithium price has continuously compressed the profit space of lithium carbonate manufacturers, and some high-cost production capacity has slowed down or suspended production. With the arrival of the traditional production season of battery materials, the production of Ferrous lithium phosphate and lithium-ion batteries has obviously rebounded, while short-term inventory expectations have improved, ending the accumulation trend for several months. The improvement of supply and demand and cost support are expected to drive the valuation repair of lithium plate.
() The production arrangement of Yichun lithium mine will be adjusted.
On September 11th, there was a market rumor that Contemporary Amperex Technology Co., Limited Yichun Lithium Mine would stop production. After the news spread, the lithium mine sector rose rapidly, which led to the rise of several related concept sectors. In this regard, Contemporary Amperex Technology Co., Limited responded to the china securities journal reporter that according to the recent market situation of lithium carbonate, the company plans to adjust the production arrangement of lithium carbonate in Yichun.
Focus on optimizing the layout of state-owned capital, and the reorganization and integration of central and state-owned enterprises will continue.
China Ship intends to absorb and merge (), China Minmetals intends to enter the company (), Guotai Junan intends to absorb and merge Haitong Securities … Recently, the reorganization and integration of central state-owned enterprises has been staged. China securities journal reporter recently learned that China Resource Recycling Group is preparing to set up, and China Baowu’s scrap recycling business is expected to be integrated into the new central enterprises to provide substantive support for the subsequent promotion of recycling.
Experts said that the current round of restructuring and integration of central state-owned enterprises has accelerated, reflecting the characteristics of high speed, steady pace and great strength, focusing on optimizing the layout of state-owned capital, promoting professional integration and achieving the goal of high-quality development of state-owned economy.
Do not make money and do not charge management fees. "Really moving" fund companies continue to explore and optimize the rate mechanism.
Let investors hold funds that are still losing money for three years, and actually "refund money". Recently, a three-year fixed-term fund ushered in the second opening period. Due to the negative performance in the past three years, the fund company decided to refund all the management fees of more than 30 million yuan originally collected.
In recent years, a number of fund companies have explored the establishment of various forms of floating rate funds. Management fees are related to fund income, holding time and scale, trying to share interests and risks with the people. However, various forms of floating rates are not necessarily linked to outstanding products. From the floating rate funds established in different periods, there is no obvious advantage in the rate of return. For the fund company’s behavior of returning management fees, there are many discussions in the industry. Is it necessarily correct to "not make money and not charge management fees"?
Shanghai Securities News
Listed car companies "go out to sea" to open up new space
On September 11th, (), () and other listed companies in the automobile industry held a performance briefing. The person in charge of relevant companies introduced at the briefing that while improving their performance through new energy and intelligent transformation, enterprises also actively went out to realize the successful "going out to sea" of products and production capacity, introduced China’s high-quality automobile products to consumers in more countries and regions, and opened up new market growth space.
Science and technology innovation board Company Reveals "Core" Growth Point
On September 11th, 2024, the chip design special session of the semi-annual science and technology innovation board Sub-sector Collective Performance Briefing was opened. Twenty-five science and technology innovation board chip companies, including Haiguang Information, Cambrian and Fudan Microelectronics, made collective appearances and interacted with investors.
Thanks to the sustained recovery of the semiconductor industry, combined with the increasing R&D investment, in the first half of this year, more than half of science and technology innovation board chip companies achieved year-on-year growth in performance, and some companies achieved considerable growth. In the interactive Q&A session, a number of companies gave detailed answers to hot issues that investors are concerned about, such as business layout and planning, the progress of new products and technologies, and the trend of industrial prosperity in the second half of the year.
Asset integration of listed companies "a good show" capital market mergers and acquisitions entered an active period
Mergers and acquisitions in the capital market have entered a new round of active period. Shanghai securities news learned from the China Securities Regulatory Commission that since May 2024, A-share listed companies have disclosed 46 major asset restructuring projects, and 7 single share restructuring projects have been submitted to the Securities Regulatory Commission for registration.
In September, heavy restructuring has continued. At present, there are many strategic reorganizations such as China Minmetals’ plan to take the main share in Salt Lake, China Shipbuilding’s plan to absorb and merge China Heavy Industry, and Guotai Junan’s plan to absorb and merge Haitong Securities. The reporter is concerned that compared with the previous rounds of mergers and acquisitions, this batch of restructuring plans presents multiple new features: the central state-owned enterprises are integrated first, and the absorption and merger between listed companies are gradually becoming a trend; "Hard-tech" enterprises have gained more inclusiveness in policies, and innovative schemes have emerged one after another; The pace of regulatory review has obviously accelerated, and market expectations have become clearer.
The classification and evaluation system of managers in Public Offering of Fund has been comprehensively revised, and compliance and risk control have been strengthened to encourage countercyclical layout.
Focusing on "optimizing the classification and evaluation system and guiding the function to play better", the regulatory authorities recently issued the latest issue of institutional supervision (hereinafter referred to as the "circular"). According to the circular, the regulatory authorities have comprehensively revised the classification and evaluation system of managers in Public Offering of Fund, and simultaneously carried out the classification and evaluation work in 2023.
According to the circular, the overall principle of the revised classification and evaluation system is to highlight the system standard of "compliance and risk control first", strengthen the supervision orientation of "giving full play to functions" and add the implementation of "key special work", aiming at preventing managers in Public Offering of Fund from "ranking their seniority by business scale", highlighting compliance and risk control ability, guiding institutions to give full play to "five functions" and enhancing investors’ sense of gain.
Securities Times
Bond investment and care business "tightening curse" Dealers Association interviews some brokers
The trillion-scale brokerage bond investment business will face more stringent regulatory measures.
On September 11th, China Association of Interbank Market Dealers (hereinafter referred to as "Association of Dealers") issued a circular saying that some brokers have some problems in controlling customers’ transactions, mixing self-operated business with investment business, and adjusting income and benefit transfer between different accounts through disguised fund pools.
In order to further standardize the brokerage bond investment and investment business, the Dealers Association said that it would require financial institutions to file investment and investment agreements with the association, and suggested that the regulatory authorities strengthen supervision, formulate self-discipline rules related to investment and investment business, and increase the investigation and punishment of violations.
Chairman of Haitong Securities responded to restructuring: in line with the development strategies of the two companies.
On September 11th, at the presentation meeting of Haitong Securities’ semi-annual results in 2024, Zhou Jie, chairman of Haitong Securities, responded to the matter that Guotai Junan absorbed and merged Haitong Securities, which investors were most concerned about.
Zhou Jie said that the reorganization is to respond to the national strategy, speed up the construction of a first-class investment bank, and is in line with the development strategies of the two companies, which will help the two sides to share resources and complement each other’s advantages, enhance their core competitiveness, improve the ability and level of financial services to the real economy, further optimize the layout of Shanghai’s financial state-owned assets, and promote the high-quality development of the capital market and securities industry.
Pre-holiday debt base reappears, some are raised in advance, and some are restricted.
Recently, it is rare for many debt bases to be raised in advance or even placed in proportion.
The Securities Times reporter noted that in the context of the weak stock market trend, especially near the Mid-Autumn Festival and the National Day holiday, the demand for safe-haven funds to seek stable income has caused many new bond funds that were scheduled to end raising in November to "close work" in advance, and even some products have been sold so hot that they have to be placed in proportion. In addition, there are a number of debt-based products that have restricted the purchase of large amounts.
Three factors drive the e-commerce pattern to reshape AI competition into a new variable.
Recently, Alibaba completed the rectification and completely stopped "two choices", which became a landmark event in reshaping the e-commerce pattern. Looking back over the past three years, starting from Alibaba’s rectification in 2021, the e-commerce industry in China has changed dramatically in the past three years. The trade-off between platforms shows that the era of e-commerce oligarchy has passed, and the pattern of "three super and many strong" is taking shape. At present, China e-commerce has a more important influence in the global e-commerce market.
At present, China’s e-commerce industry is showing unprecedented vitality and potential. However, with the peak of user scale, the loss of traffic bonus and the slowdown of performance growth, the domestic e-commerce industry has entered the era of stock competition, which is followed by the inefficient "involution" of the platform. Therefore, exploring new growth poles has become a top priority for all e-commerce platforms.
Securities daily
Break through 110 trillion yuan! The revenue scale of the top 500 enterprises in China has reached a new level.
On September 11th, at the 2024 China Top 500 Enterprise Summit Forum held in Tianjin, the Entrepreneurs Association of china enterprise confederation and China released the list of "Top 500 Chinese Enterprises" for the 23rd time in a row since 2002.
"Top 500 Chinese Enterprises in 2024" takes the business income of enterprises in 2023 as the shortlisting standard. Generally speaking, in 2024, the top 500 enterprises in China showed a trend of slow scale growth and improved economic benefits; At the same time, the characteristics of innovation-driven development are more obvious, the endogenous development momentum is accumulating, the transformation process of old and new kinetic energy is accelerated, the optimization of industrial structure continues to advance, and the development synergy is enhanced.
Mergers and acquisitions have entered an "active period", and the Shanghai and Shenzhen stock markets have disclosed eight major asset restructuring plans within months.
Mergers and acquisitions in the capital market continue to heat up. Since September, the Shanghai and Shenzhen stock markets have disclosed eight major asset restructuring plans. For example, China Shipbuilding plans to absorb and merge China Heavy Industry, Guotai Junan Securities plans to convert shares to absorb and merge Haitong Securities, Silinjie plans to issue shares and pay cash to purchase the controlling stake in Kekai Electronics, and China Minmetals plans to acquire shares in Salt Lake …
Since last year, especially since the promulgation of the new "National Nine Articles", the CSRC has taken many measures to stimulate the vitality of the M&A market and further optimize the restructuring policy environment. M&A is entering an "active period". The data shows that since May, listed companies have disclosed 46 major asset restructuring projects, and 7 single share restructuring projects have been submitted to the CSRC for registration.
In the future, with the continuous release of policy dividends and the continuous optimization of market ecology, mergers and acquisitions in the capital market are expected to continue to be active. From the main body of M&A, state-owned listed companies are expected to become the main body of M&A; From the purpose of mergers and acquisitions, more listed companies realize resource integration through industrial chain mergers and acquisitions, and play a synergistic effect; From the perspective of M&A, "hard technology" and strategic emerging industries will become the mainstream. In addition, there will be more market-oriented mergers and acquisitions in the securities industry.
More than 50 places have introduced housing ticket resettlement policies to actively play the role of digesting stocks.
On September 10th, Jiangsu issued the "Several Policies and Measures on Consolidating and Strengthening the Economic Recovery and Further Promoting High-quality Development", which stated, "Actively revitalize the existing houses. Integrate policies such as government incentives, housing subsidies, and preferential housing enterprises, and support local governments to expand the scope of purchasing real estate by housing tickets due to urban policies. ""Actively promote urban renewal, steadily implement the transformation of villages in the city, and adopt housing tickets and purchase existing housing for resettlement. "
China Payment and Clearing Association: Optimizing Payment Services and Improving Payment Convenience
On September 11th, the 13th China Payment and Clearing Forum was held in Beijing with the theme of "Optimizing Payment Services and Improving Payment Convenience". This forum released excellent cases of payment convenience services, and many participating institutions shared their experiences and achievements in "optimizing payment services and improving payment convenience".