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Important policy newsletter affecting the market on the evening of May 15 (with news broadcast highlights)

May 15, 2019 19:26
source: Oriental Fortune Securities Institute

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Summary
On May 14th, Premier Li Keqiang presided over the State Council executive meeting to deploy and further promote the network to speed up and reduce fees, give play to the multiple effects of expanding domestic demand and stabilize employment to benefit the people's livelihood; determine the measures to give full play to the role of enterprises as the mainstay, and promote the upgrading of industrial upgrading.

  The State Council executive meeting deployed to further promote the network to speed up and reduce fees

On May 14th, Premier Li Keqiang presided over the State Council executive meeting to deploy and further promote the network to speed up and reduce fees, give play to the multiple effects of expanding domestic demand and stabilize employment to benefit the people's livelihood; determine the measures to give full play to the role of enterprises as the mainstay, and promote the upgrading of industrial upgrading.

  Vice Chairman of the China Securities Regulatory Commission: Acting on the illegal and irregular behavior of the capital market, making heavy punches and hitting key points

Yan Qingmin, vice chairman of the China Securities Regulatory Commission, said at the launching ceremony of the "515 National Investor Protection Publicity Day" that strengthening investor protection is a fundamental task related to the healthy development of the capital market. It is necessary to improve the quality of listed companies and strengthen the responsibility of exchanges and intermediaries. Effectively crack down on illegal and irregular behaviors in the capital market, make great efforts to build a large pattern of investor protection, and deepen the reform of the basic system of the capital market. Without punishment, there is no protection. We must continue to purify the market ecology, and make all kinds of violations of laws and regulations in the capital market real, serious, and critical, so that the new wind will take root and let all kinds of market players take their eyes seriously and take the protection of investors' rights seriously. We will highlight the key points of law enforcement, adhere to accurate investigation and targeted attacks, and resolutely crack down on illegal and illegal behaviors that disrupt market order, undermine fair trade principles, and infringe on investors' interests. Strengthen coordination with the public security law organs, promote the improvement of the administrative law enforcement and criminal justice linkage work mechanism, and strive to improve the efficiency of inspection and law enforcement.

  Shanghai Stock Exchange: It is in the process of promoting the supervision of abnormal trading of science and technology board

On May 15, the party committee member and deputy general manager of the Shanghai Stock Exchange, Li Bo, revealed at the launching ceremony of the “5·15 National Investor Protection Publicity Day” that the Shanghai Stock Exchange fully grasped the requirements for the protection of investors in the board. Among them, in accordance with the direction of market-oriented rule of law reform, the principles of investor rights protection and related arrangements in the system innovations such as issuance, listing, trading, information disclosure and delisting have been further clarified. At this stage, the rules for the supervision of abnormal trading of science and technology boards are being promoted intensively.

  Is the fuse mechanism being studied? HKEx responds to market concerns: it is still at a very preliminary stage

According to market sources today, the HKEx is initially consulting the industry on the "fuse mechanism", mainly to prevent Hong Kong from becoming a "big crocodile cash machine" and prevent it from happening. In response, the Times reported to the Hong Kong Stock Exchange that the Hong Kong Stock Exchange had responded that it was discussing with the industry various measures to improve the market microstructure, but it is currently at a very preliminary stage.

  Insiders: The total investment rate of the science and technology board brokers is 10%, and both conditions must be met.

After reviewing the relevant rules and documents and interviewing the insiders, China Securities Journal reporter learned that the total investment rate of the science and technology board brokers must meet two conditions at the same time: First, one of the sponsors has an association with the issuer and is associated with The equity relationship is more than 7%. At this time, the sponsor institution can jointly sponsor a joint unsupported sponsor institution; second, the issue size is less than 1 billion yuan. At this time, the ratio of each broker can only reach 5%. The ratio of brokers to investment is only 10%. The brokerage official stated that Article 6 of the Measures for the Administration of Securities Issuance and Listing Sponsorship stipulates that if the scale of securities issuance reaches a certain amount, joint sponsorship may be adopted, but no more than two sponsors may participate in the joint sponsorship.

  Banking Regulatory Commission: Insurance participation in credit risk mitigation tools and credit protection tools business is limited to hedging risks

On the 15th, the General Office of the China Insurance Regulatory Commission issued a report onInsuranceThe funds are involved in the notification of credit risk mitigation tools and credit protection tools business. Notification requirements:InsuranceThe participation of funds in credit risk mitigation tools and credit protection tools is limited to hedging risks.InsuranceGroup (holding) company,InsuranceCompany andInsuranceAsset management companies may not act as credit risk takers. Banking Insurance Regulatory Commission will strengthen theInsuranceThe organization participates in the supervision of credit risk mitigation tools and credit protection tools business, and conducts on-site and off-site inspections according to law.

  Development and Reform Commission: Reducing the general industrial and commercial electricity price and extending the depreciation period of fixed assets of power grid enterprises

According to the website of the National Development and Reform Commission, in order to implement the "Government Work Report" requirements for the average electricity price of general industry and commerce to reduce by 10%, the National Development and Reform Commission issued a notice to reduce the general industrial and commercial electricity prices, major water conservancyConstructionThe price reduction space formed by the fund's levy standard is reduced by 50% (excluding market-based transaction power), all of which are used to reduce the general industrial and commercial electricity price. Due to the reduction of the VAT rate to 13%, the non-marketized trading power of hydropower enterprises in the province, the cross-provincial cross-regional hydropower and nuclear power enterprises (excluding the third-generation nuclear power units), the non-marketized trading power formed by the price reduction space, all used to reduce the general industry and commerce Electricity price.

  Central Bank: Actively guide targeted RRR release funds to invest in poor areas

The central bank issued today's "Guiding Opinions on Doing a Good Job of Financial Accurate Poverty Alleviation in 2019-2020", proposes to improve the transmission mechanism of monetary policy, give full play to the guiding role of poverty alleviation and re-loan, and actively guide the targeted reduction of funds to release funds to poor areas. The opinion puts forward that it is necessary to improve the transmission mechanism of monetary policy and guide financial institutions to increase the poverty alleviation credit. The pilot program of optimizing the use of poverty alleviation and loan-granting loan pricing mechanism will be introduced to the whole country, and the legal person financial institutions in poverty-stricken areas will be guided to raise the scientific pricing level of loan interest rates. At the same time, it actively guided the targeted release of funds to invest in poverty-stricken areas, implemented the policy of targeted reduction of inclusive finance, and encouraged financial institutions to increase credit support for poor areas and the construction of poverty-stricken people.

  The central bank issued a stable exchange rate offshore! I have just laid out big moves in Hong Kong.

On May 15, the central bank issued a message saying that two consecutive RMB central bank bills were issued in Hong Kong that day, including three-month and one-year central bank bills of 10 billion yuan each, and the winning rates were 3.00% and 3.10% respectively. The total number of bids for the issuance exceeded 100 billion yuan, and the main body of the subscription included commercialbank, fund, investmentbank,centralbank, international financial organizations and other types of offshore market investors. This news seems to be unremarkable, but in combination with the special time point when the central bank issued the central bank bill in Hong Kong, its policy intentions have come a long way. Since the issuance of central bank bills in Hong Kong can recover offshore renminbi liquidity, increase the offshore market interest rate, and raise the cost of shorting the renminbi, thus achieving the goal of stabilizing the exchange rate. Combined with the market changes that the RMB depreciation is expected to heat up in recent days, it can be seen that the central bank has issued a central bank bill at this time, and the intention of stabilizing the exchange rate is obvious.

  State Intellectual Property Office: will launch a strategic outline for the development of intellectual property powers for 2035

Gan Shaoning, deputy director of the State Intellectual Property Office, said at the press conference of the State Council Office that the development of the national intellectual property power strategy outline for 2035 will be initiated. Under the leadership of the central government, the overall deployment of enhanced intellectual property protection will be further developed to further create A good business environment to better meet the needs of high quality development. At present, related work is steadily advancing.

  Ministry of Agriculture and Rural Areas: The amount of live pigs in April decreased by 20% year-on-year

According to the data of the live pig stocks released by the Ministry of Agriculture and Rural Affairs on the 15th, the live pigs in April 2019 decreased by 2.9% from the previous month and 20.8% from the same period of last year. The number of able sows decreased by 2.5% from the previous year and 22.3% from the same period last year.

  The macro data in April was lower than expected. What caused the recurrence after the rebound?

The macro data in April was generally lower than expected, and the most worrying was manufacturing. On May 15, the National Bureau of Statistics released a number of macro data. It is worth noting that the growth rate of manufacturing investment in the first four months of the year fell for three consecutive months, and private investment, which accounted for 85% of the total investment, was also lower. Obviously, tax cuts and financing support are still the most demanded by the manufacturing industry.

  Shanghai accelerates the construction of science and technology innovation centers to promote the deep integration of capital markets and technological innovation

The Shanghai Municipal People's Government Press Office's WeChat platform "Shanghai Release" news, on May 15, the Shanghai Science and Technology Awards Conference was held to commend the scientific and technological workers who made outstanding contributions to Shanghai's scientific and technological undertakings and modernization. After the meeting, the 2019 Shanghai Science and Technology Festival was officially launched with the theme of “Innovative Innovation – Entering into a Globally Influential Technology Innovation Center”. Li Qiang, secretary of the Shanghai Municipal Party Committee, attended and stressed that it is necessary to thoroughly implement the internship General Secretary Jin Ping’s investigation of the spirit of Shanghai’s important speech and the important instructions on the construction of the science and technology center, aiming at “global new academic ideas, new scientific discoveries, new technological inventions, and new directions for the industry. The goal of “sources” is to activate key forces, revitalize platform carriers, bring live industry development, invigorate innovative ecology, accelerate the march to scientific and technological innovation centers with global influence, and strive to make greater contributions to building a world science and technology power.

  CCTV News Network Highlights on the evening of May 15

  Li Keqiang presided over the State Council executive meeting

On May 14th, Premier Li Keqiang presided over the State Council executive meeting to deploy and further promote the network to speed up and reduce fees, give play to the multiple effects of expanding domestic demand and stabilize employment to benefit the people's livelihood; determine the measures to give full play to the role of enterprises as the mainstay, and promote the upgrading of industrial upgrading.

The meeting pointed out that according to the deployment of the Central Economic Work Conference and the "Government Work Report", further promoting the network to speed up and reduce costs and enhance the network infrastructure capabilities will not only add benefits to enterprises and the masses, but also stimulate effective investment and consumption, promote employment, and bring into play the digital economy. When the new kinetic energy plays a leading role in the development of support, it is a multi-pronged strategy for benefiting the long-term. The meeting determined that the first is to accelerate the network upgrade and expansion as an important focus of expanding effective investment. This year, the proportion of fiber-to-the-home access ports has exceeded 90%, and Gigabit broadband access networks have been deployed in more than 300 cities to promote the era of Gigabit broadband. In the whole year, more than 600,000 new 4G base stations were expanded in rural areas and remote areas, achieving an administrative village coverage rate of over 98%. The second is to strengthen the network capabilities of key areas such as industrial Internet, education, and medical care, and increase effective investment. Strengthen the construction of industrial Internet dedicated lines. During the year, the broadband access rate of primary and secondary schools nationwide reached 97%, and it generally has 100 Mbps access capability. Promote full coverage of hospitals and medical associations at or above the county level. The third is to promote the telecom enterprises to reduce the average tariff rate of SMEs by 15% during the year; to increase the price of the GSP package, reduce the unit price of the package, and promote the “floor price” tariff for low-income and elderly groups to achieve average mobile traffic. The tariff is reduced by more than 20%; the “roaming” fee for the flow between the Mainland and Hong Kong and Macao is reduced by 30%. Fourth, the implementation of “portable number transfer” in the country before the end of November, in-depth preparations. The fifth is to clean up the standard package settings, and then reduce the number of packages by more than 15% during the year, solve the problem of a large number, difficult choices, etc., so that consumers have more benefits.

The meeting pointed out that implementing the Party Central Committee and the State Council's deployment, giving play to the role of the market mechanism and supporting enterprises to improve their innovation capabilities is an important starting point for stimulating market vitality, enhancing development stamina and promoting high-quality development. It is necessary to strengthen the status of corporate innovation and support enterprises to increase R&D investment. Implement policies that support innovation in all types of ownership enterprises. We will improve tax incentives based on R&D expenses and deductions, and support the development of venture capital, venture capital and other funds. Promote the transformation and upgrading of manufacturing to smart, green and service-oriented manufacturing, use industrial Internet to promote technological advancement in manufacturing, and strengthen key core technologies. Promote open sharing of major scientific research facilities and support enterprises to carry out "double innovation". Accelerate the transformation and application of scientific and technological achievements. Encourage enterprises to carry out international innovation cooperation and strengthen intellectual property protection.

  The national economy was generally stable in April.

The State Council Information Office held a press conference today, and the National Bureau of Statistics announced the latest macro data for April.

In April, the national service industry production index increased by 7.4% year-on-year, and the modern service industry grew well; the added value of industrial enterprises above designated size increased by 5.4% year-on-year, new products and new products grew faster; the total retail sales of consumer goods increased by 7.2% year-on-year. Rapid growth.

Investment continued to maintain steady growth. From January to April, national fixed asset investment increased by 6.1% year-on-year, 0.2 percentage points higher than the previous year.

A spokesperson for the National Bureau of Statistics said that due to factors such as holidays and holidays, the April data fluctuated from March, but the economic operation was still in a reasonable range.

  Domestic newsletter

  New achievements in China's intellectual property protection

The State Council Office held a press conference today to issue the "New Progress Report on China's Intellectual Property Protection and Business Environment (2018)". The report shows that China's intellectual property legal system has been continuously improved. In 2018, the national administrative law enforcement department investigated and handled 215,000 cases of infringement and counterfeiting. worldbankThe "2019 Business Environment Report" released shows that China's business environment improvement rate ranks third in the world in 2018, East AsiaThe Pacific OceanThe first place in the region.

  2018 satellite navigation and location service output value of 301.6 billion yuan

"Chinese satelliteThe White Paper on Navigation and Location Service Industry Development was released today. The data shows that in 2018, the total output value of China's satellite navigation and location service industry reached 301.6 billion yuan, and the contribution rate of Beidou navigation system to the core output of related industries reached 80%.

(Article Source:Oriental wealthSecurities Research Institute)

                (Editor: DF062)

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