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since september 24, a series of financial policies affecting the capital market, real estate market, etc. have continued to be implemented, covering many aspects such as interest rate cuts and reserve requirement ratios, innovative structural monetary policy tools to support the stock market, reduction of down payment ratios for home purchases, and existing mortgage interest rates. some policies exceeded market expectations.

the "epic-level" combination of efforts to fight for the economy, and a series of blockbuster economic policies are efficiently launched and quickly implemented. how will it affect anhui, and then affect each of us?

to this end, we immediately interviewed the relevant authorities in anhui province to learn about the latest trends in the implementation of relevant policies in anhui. we also cooperated with leading research institutions in anhui such as the yuan securities research institute to learn about the positive impact on the implementation of the policies and the opportunities that must be seized. , conduct research and analysis.

at present, market confidence and expectations are being greatly boosted. all parties should take advantage of the momentum, quickly transform the enthusiasm for policies into implementation efforts, truly achieve "the goal is to take the lead and unite as one", and strengthen joint efforts in the consensus of fighting for the economy. take action and strive to achieve the positive feedback effect of "expectation self-fulfillment" in which expectations and effects confirm each other and interact positively.

this is the common expectation of all parties.

"four arrows fired in unison"

on september 29, the people's bank of china conducted a 182 billion yuan 7-day reverse repurchase operation, with the winning interest rate being 1.50%, which was previously 1.70%.

interest rate cut "implemented"!

the adjustment of the reverse repo rate is one of the important tools of the central bank's monetary policy. a reduction in the reverse repo rate means that the fees charged by the central bank when lending money to commercial banks are reduced, which reduces the burden on commercial banks. lowering the interest rate usually indicates that the central bank hopes to lower the interest rate level of the overall market to reduce the financing costs of enterprises and individuals, thereby stimulating economic growth.

on september 24, pan gongsheng, governor of the people's bank of china, stated at a press conference of the state council information office that the existing mortgage interest rates will be lowered, and the average decrease is expected to be 0.5 percentage points; the down payment ratio of mortgage loans will be unified, and the minimum down payment for second-home loans will be reduced from 25% to 15%. %, reaching a historical low; the policy interest rate was lowered, and the 7-day reverse repurchase operation interest rate was reduced by 0.2 percentage points to 1.5%; the reserve requirement ratio was lowered by 0.5 percentage points.

this series of measures has been vividly compared to "four arrows shooting together" to comprehensively relax monetary policy.

guoyuan securities research institute analyzed that in this policy adjustment, lowering and predicting that the deposit reserve ratio will continue to be lowered, and lowering the policy interest rate than expected are extremely rare measures. this will directly provide more than one trillion long-term liquidity to the financial market, which will help enhance credit demand, significantly improve market liquidity expectations, and is expected to revitalize macro liquidity, thereby promoting economic development, promoting a moderate recovery in price levels, and keeping the rmb exchange rate at a stable level. basically stable at a reasonable equilibrium level.

according to data released by the anhui provincial branch of the people's bank of china, in december 2023, the weighted average interest rate of newly issued corporate loans in anhui province was 3.89%.

through this synchronized guidance of the lpr, which is expected to cut interest rates by 0.2 to 0.25 percentage points, the financing costs of enterprises in anhui province will be significantly reduced. this round of interest rate cuts and reserve requirement ratio cuts by the central bank, in conjunction with the optimized "loan renewal without principal repayment" policy of the state administration of financial supervision, will further solve the financing difficulties of enterprises. and expensive financing issues.

from the perspective of residents, the two favorable policies of lowering the five-year lpr and lowering existing housing interest rates will greatly reduce residents’ mortgage pressure, promote the property market to further stabilize, and boost social consumption. we will make every effort to achieve this year’s growth target for the province’s total retail sales of consumer goods.

in addition, central bank governor pan gongsheng announced the creation of new monetary policy tools to support the stable development of the stock market. one is to create swap facilities for securities, funds, and insurance companies; the other is to create special re-lending for stock buybacks and holdings increase.

listed companies are the “biggest players in the country” and the leading force in the development of anhui’s science and technology + industry.

in recent years, anhui province has continued to promote the "welcoming pine action plan" for enterprise listings, carried out capital market training for thousands of enterprises, used market logic and capital power, and leveraged the capital market to strengthen the "new force" of industrial development and continued to achieve results.

guoyuan securities research institute analyzes that the central bank’s newly created monetary policy tools for repurchase and holding loans and the six draft opinions on market value management and mergers and acquisitions of listed companies issued by the china securities regulatory commission have given listed companies in anhui province abundant means to eliminate commercial bank loans are used to carry out repurchases and increase holdings to increase the company's value in the eyes of investors, as well as strategic optimization of mergers, acquisitions and reorganizations.

hefei is included in the pilot

li yunze, director of the state administration of financial supervision and administration, said at a press conference of the state council information office on the 24th that financial asset investment companies affiliated to large commercial banks have carried out equity investment pilot projects in shanghai, explored paths, accumulated experience, and trained their teams. the conditions for expanding the pilot are already in place.

on the evening of the same day, the state administration of financial supervision issued the "notice on expanding the pilot scope of equity investment in financial asset investment companies", expanding the pilot scope of equity investment in financial asset investment companies from shanghai to beijing, tianjin, shanghai, chongqing, nanjing, hangzhou, hefei, and jinan , wuhan, changsha, guangzhou, chengdu, xi'an, ningbo, xiamen, qingdao, shenzhen and suzhou are 18 cities.

regions included in the equity investment pilot program of financial asset investment companies should meet conditions such as strong economic strength, a large number of technology companies, large r&d investment, and active equity investment. hefei, which takes scientific and technological innovation as its business card, was included in the pilot project.

this means that in addition to engaging in equity investment business for the purpose of debt-for-equity swaps, aics (financial assets investment companies) affiliated to the five major state-owned banks, icbc, agricultural bank of china, bank of china, china construction bank, and bank of communications, will carry out "non-debt-for-equity swaps" in hefei. direct equity investment for the purpose of converting shares into shares.

guoyuan securities research institute analyzes that the expansion of the aic equity investment pilot scope to hefei can form a boost and supplementary role for the anhui emerging industry guidance fund, enriching and improving the fund jungle ecology. the banking aic takes over the local government industrial funds and gradually becomes an important part of the fund ecology. it will further promote the "resource enrichment" of the innovation highland. hefei should seize a new round of historical opportunities.

the "measures for the management of emerging industry guidance funds in anhui province" issued in march 2023 pointed out that socialized capital must be mobilized layer by layer to form a provincial emerging industry guidance fund with a total scale of no less than 200 billion yuan. the expansion of the aic equity investment pilot to hefei will help expand the lp investment sources for the scale of industrial guidance funds in hefei and even anhui province.

the relevant person in charge of the anhui financial supervision bureau said that it will strengthen financial services for major national strategies, key areas, and weak links, strive to build a scientific and technological financial system that is compatible with technological innovation and industrial transformation, optimize the patient capital cultivation mechanism, and accelerate the improvement of early investment. , invest in small, long-term, and invest in hard technology, steadily carry out pilot projects to expand equity investment in financial asset investment companies, and help develop new productive forces in accordance with local conditions.

"six mergers and acquisitions"

"this 'six mergers and acquisitions' responds to some of the early market expectations, and the positive signal of the policy is clearer." a private equity fund source said.

wu qing, chairman of the china securities regulatory commission, recently proposed the "six mergers and acquisitions" at a press conference on september 24. in the evening of that day, the china securities regulatory commission officially released the "opinions on deepening the reform of the m&a and restructuring market of listed companies" (i.e., the "six mergers and acquisitions").

supporting corporate mergers, acquisitions and reorganizations to further promote the effective allocation of resources is a very important function of the capital market.

this "six mergers and acquisitions" responds to many issues that market institutions have previously been concerned about, including clearing up the "a merger and a" (mergers and acquisitions integration between listed companies) blocking points, implementing lock-up period optimization; and encouraging more flexible adoption in mergers, acquisitions and reorganizations. payment methods, allowing the issuance of shares in installments; implementing "reverse linking" through lock-in periods, and encouraging private equity investment funds to actively participate in mergers, acquisitions, and reorganizations.

in recent years, anhui has made great efforts to "new", promoting the deepening and solidification of the stock registration system, and actively guiding more companies representing technological innovation and new productivity to go public. this year, there are 4 new companies that have passed the meeting, ranking 3rd in the country, 3 new listed companies, tying for 7th in the country, and 9 new companies listed on the "new third board", tying for 6th in the country. currently, there are 178 domestic first-time listed companies, ranking 7th in the country.

the main responsible comrade of the anhui securities regulatory bureau said that the current capital market is accelerating its transformation to a high-quality development stage, and there is an urgent need to activate mergers and acquisitions and reorganizations, improve the quality of listed companies, and increase investor returns. in the next step, we will focus on serving anhui's industrial integration and improvement, support listed companies to actively carry out mergers and acquisitions and reorganizations, and cultivate and expand leading enterprises; focus on the laws of m&a ecology, establish and improve anhui's m&a financial business format and service ecology; focus on the functions of industry institutions, guide and support securities fund institutions in the jurisdiction actively increase their strategic investment in m&a business.

guoyuan securities research institute analyzes that encouraging companies to become bigger and stronger through mergers, acquisitions and reorganizations can better optimize the allocation of industrial resources, achieve industrial transformation, strengthen and complete the industrial chain, and promote anhui listed companies to become better from a "qualitative" level , taking advantage of anhui’s innovation highlands and innovation ecological advantages, and properly grasping the opportunities will shape more leading listed companies in the industrial chain and build a strong foundation for anhui’s economic development.

currently, the revenue of photovoltaic manufacturing industry in anhui province has ranked third in the country. usually, the effect of mergers and acquisitions in this industry is relatively significant. on the one hand, internal mergers and acquisitions in the photovoltaic industry are conducive to increasing the concentration of the photovoltaic industry, clearing out backward production capacity, reducing disorderly competition, and helping post-merger and reorganized companies to better achieve economies of scale, reduce costs and increase efficiency. on the other hand, mergers and acquisitions within the industry help to update and iterate equipment. leading photovoltaic manufacturers can timely merge and reorganize advanced production lines that are in trouble due to financial pressure and other issues at lower prices, which can not only avoid transformation risks but also reduce waste of industrial resources.

(jac observation)