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Morning News | The China Securities Regulatory Commission held a major meeting to clarify the focus of capital market reform

2024-07-30

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The China Securities Regulatory Commission held a mid-year work meeting to study and implement the spirit of the Third Plenary Session of the 20th CPC Central Committee

The China Securities Regulatory Commission held a meeting to study and implement the spirit of the Third Plenary Session of the 20th CPC Central Committee and a mid-year work meeting. The meeting pointed out that it is necessary to effectively maintain the stable operation of the market. Strengthen the comprehensive assessment and response of market risks, improve the targeted effectiveness of transaction supervision, give full play to the market stabilization function of various business entities, and continuously improve expectation management; serve the recovery of the real economy with greater efforts. Improve the counter-cyclical adjustment mechanism for new stock issuance, make good use of multi-level capital market tools such as bonds, futures, and regional equity markets, and steadily and orderly promote the institutional opening of the capital market; promote the deepening and implementation of the registration system for stock issuance. Improve and refine relevant institutional arrangements, promote the accelerated formation of market-oriented pricing, incentive and constraint mechanisms, strengthen the supervision of the entire chain of issuance and listing, vigorously promote investment-side reforms; cultivate high-quality listed companies. Guide listed companies to increase dividends, repurchases, etc., urge to improve corporate governance, and better play the role of mergers and acquisitions and restructuring; focus on preventing and resolving risks in key areas such as private equity funds, trading venues, bond defaults, and industry institutions.

Ministry of Finance: Studying tax systems that are compatible with new business formats

The Ministry of Finance held a special meeting to study and implement the spirit of the Third Plenary Session of the 20th CPC Central Committee. The meeting required that the reform of the fiscal and taxation system should be pushed forward unswervingly. The budget system should be improved, fiscal resources should be coordinated in terms of revenue, zero-based budget reform should be deepened in terms of expenditure, and performance orientation should be more emphasized in management, and the financial support for major national strategic tasks and basic people's livelihood should be strengthened; the tax system adapted to the new business forms should be studied, tax incentives should be standardized, support mechanisms for key areas and key links should be improved, tax policies for business income, capital income, and property income should be standardized, unified taxation of labor income should be implemented, VAT deferred tax refund policies and deduction chains should be improved, and tax collection and management reform should be deepened; a central and local fiscal relationship with clear rights and responsibilities, coordinated financial resources, and regional balance should be established, local autonomous financial resources should be increased, and the two initiatives should be better mobilized.

Ministry of Natural Resources: Organize and carry out geographic information services required for high-level autonomous driving

The Ministry of Natural Resources issued a notice on strengthening the security management of surveying and mapping geographic information related to intelligent connected vehicles. It is proposed to encourage the exploration of safe application of geographic information. Relevant localities should rely on the "high-precision map application pilot" and "vehicle-road-cloud integration" application pilot of intelligent connected vehicles, and support automobile companies and service units to explore safe and compliant technical routes such as multi-source collection, real-time update, online distribution, and secure transmission of geographic information data for intelligent connected vehicles on the premise of ensuring safety and compliance, accelerate the development of standards and specifications, organize and carry out geographic information services and tests required for high-level autonomous driving, and promote the development of new forms of geographic information and the promotion of new applications.

Eight departments: Build about 80 national postal express hubs by 2035

The State Post Bureau, together with eight other departments including the Ministry of Industry and Information Technology, issued the "Guiding Opinions on the Layout and Construction of National Postal Express Hubs". By 2027, about 30 national postal express hubs will be initially built to form a demonstration and leading role in the country; by 2035, about 80 national postal express hubs will be built to form a national postal express hub network with a reasonable layout, complete functions, smart and efficient, green and safe.

Large and medium-sized banks complete the first round of deposit rate cuts this year

On July 29, China CITIC Bank, Everbright Bank, Industrial Bank, Shanghai Pudong Development Bank, China Minsheng Bank, Hua Xia Bank, China Zheshang Bank, China Guangfa Bank, Bohai Bank and Hengfeng Bank adjusted their RMB savings deposit rates. Together with China Merchants Bank and Ping An Bank, which had already adjusted their interest rates on July 26, all 12 national joint-stock banks have completed this round of deposit rate cuts.

In this rate cut, the state-owned banks and 12 joint-stock banks all lowered their demand deposit rates by 5 basis points to 0.15%. This is the first adjustment of demand deposit rates since June 8, 2023. At the same time, compared with the 0.1 percentage point reduction in the three-month, six-month, and one-year fixed deposit rates, the long-term interest rate reduction this time is larger, and the two-year, three-year, and five-year fixed deposits are generally reduced by 0.2 percentage points. Among them, Ping An Bank will reduce the 2-year fixed deposit rate by 0.3%.

Shanghai: Supporting industrial Internet platforms to use big models and other new technologies to develop innovative scenarios

Shanghai issued the "Several Measures on Promoting Industrial Services to Empower Industrial Upgrading". It proposed to support the digital service platform for industrial products and industrial raw materials to create a one-stop system solution integrating material management, operation and maintenance, supply chain and other functions; support the industrial Internet platform to use big models, artificial intelligence, big data, AR/VR and other new technologies to carry out innovative scene construction. Financial support will be provided at a rate not exceeding 20% ​​of the total investment of the approved project, up to 10 million yuan.

The number of domestic valid registered trademarks hit a new high

The National Intellectual Property Administration stated that as of June this year, the number of valid invention patents in my country reached 4.425 million, and the proportion of invention patents owned by enterprises increased to 72.8%, and corporate innovation became more active. The number of high-value invention patents per 10,000 people reached 12.9, achieving the expected goals of the country's "14th Five-Year Plan" ahead of schedule. The number of valid registered trademarks in China reached 45.909 million, setting a new record.

company news

Aier Eye Hospital: Plans to acquire partial equity of 35 hospitals for RMB 898 million

Aier Eye Hospital announced that it plans to acquire part of the equity of 35 hospitals including Humen Aier and Yuncheng Aier, which will help to improve the regional market layout as soon as possible, form economies of scale, further deepen the "tiered chain" system across the country, and consolidate and enhance the company's leading position. The total transaction amount is 898 million yuan.

Propharma: Subsidiary's products obtain marketing approval from the U.S. FDA

Propharma announced that recently, Zhejiang Jutai Pharmaceutical Co., Ltd., a wholly-owned subsidiary of the company, received the approval letter for Metoprolol Succinate Sustained-Release Tablets 50mg/100mg/200mg (ANDA No.: 214110) issued by the U.S. Food and Drug Administration (hereinafter referred to as "U.S. FDA"). Metoprolol Succinate Sustained-Release Tablets are drugs for the treatment of hypertension, angina pectoris, and chronic heart failure with stable symptoms accompanied by abnormal left ventricular systolic function.

Haida Group: Net profit in the first half of the year was 2.125 billion yuan, up 93.15% year-on-year

Haida Group announced that the company's operating income in the first half of 2024 was 52.296 billion yuan, a year-on-year decrease of 0.84%; net profit attributable to the parent company was 2.125 billion yuan, a year-on-year increase of 93.15%; basic earnings per share was 1.28 yuan. The increase in net profit attributable to the parent company was mainly due to the good growth in market share and profitability of the main feed business, while the breeding business turned losses into profits.

WuXi AppTec: Net profit in the first half of the year was 4.24 billion yuan, down 20.2% year-on-year

WuXi AppTec announced that its operating revenue in the first half of 2024 was 17.241 billion yuan, a year-on-year decrease of 8.64%; its net profit was 4.24 billion yuan, a year-on-year decrease of 20.2%; and its basic earnings per share was 1.46 yuan.

Fuyao Glass: Net profit in the first half of the year increased by 23.35% year-on-year

Fuyao Glass announced that the company achieved operating income of 18.34 billion yuan in the first half of 2024, a year-on-year increase of 22.01%; net profit attributable to shareholders of listed companies was 3.499 billion yuan, a year-on-year increase of 23.35%. The company said that the performance growth in the first half of the year was mainly due to the increase in both volume and price, the continued strengthening of the siphon effect, and the further improvement of profitability.

Zhongbei Telecom: Net profit attributable to parent company in the first half of the year was 105 million yuan, a year-on-year increase of 59.46%

Zhongbei Communications announced that its net profit attributable to shareholders of the parent company in the first half of the year was 105 million yuan, a year-on-year increase of 59.46%.

Power New Technology: The company's profitability is relatively weak, and there is a risk of high valuation in the short term

Power New Technology announced that the company's profitability is relatively weak. As of now, SAIC Hongyan has a high asset-liability ratio and faces the risk of debt repayment difficulties. In addition, as of now, SAIC Hongyan has high accounts receivable. In the early stage, due to the difficulty in recovering accounts receivable, it has carried out two debt restructurings. However, due to the increasing age of some accounts receivable, there is a risk of difficulty in recovering accounts receivable in the future. The company's A-share price has continued to rise in the short term, and there is a risk of high valuation in the short term.

Liantai Environmental Protection: Received the "Administrative Penalty Advance Notice"

Liantai Environmental Protection announced that the company and its actual controller Huang Wanru received an "Administrative Penalty Advance Notice" from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission for suspected violations of information disclosure laws and regulations. From 2022 to January 2023, Liantai Environmental Protection failed to disclose the non-operating capital occupation of related parties in a timely manner as required, with a cumulative amount of 1.488 billion yuan.

Feilixin: Signed a 540 million yuan cloud service procurement agreement with a leading artificial intelligence company

Feilixin announced that on July 27, 2024, the company and the leading artificial intelligence company signed the "Cloud Service Procurement Agreement" for the specific implementation of the first batch of the "Cloud Service Intention Cooperation Agreement". The total contract amount is RMB 540,258,000 (tax included). This procurement agreement is a specific procurement agreement signed during the implementation of the "Cloud Service Intention Cooperation Agreement" and belongs to the first batch of implementation content in the two-batch implementation plan. The contract signed this time is a major contract for the company's daily operations.

Source: e Company, CCTV News, The Paper, etc.

Statement: All information content of Databao does not constitute investment advice. The stock market is risky and investment should be cautious.

Editor: He Yu

Proofreading: Gao Yuan

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