DZ20230828

 

Highlights of the measures announced by CSRC

- Stamp duty half cut on stock trades for the first time since 2008, from 0.1% to 0.05% (our analysts alert the move as ST stimulus for mkt based on past records, suggest sustainable recovery shall be in joint efforts with policy boost from more aspects).

- Margin ratio for margin trading is lowered to 80% from 100%, effective from market closing on Sept. 8 (apply to both new and existing contracts of margin trading).

- For companies with stock prices fallen below IPO levels or net asset levels, or which haven’t paid cash dividends or which are paying a total cash dividend lower than 30% of average net profit of the recent three years, the controlling share holders and de facto controlling holders will not be allowed to cut holdings in the secondary market.

 

Policy

*MoF and State Administration of Taxation announced that in order to continue supporting banking and financial institutions as well as asset management companies in dealing with non-performing debts and effectively preventing financial risks, continue to implement tax policies related to the repayment of non-performing debts and property debts of banking and financial asset management companies.

 

Industrial Economy

*Premier Li Qiang of the State Council presided over the executive meeting on August 25th to review and approve the “Action Plan for High-Quality Development of the Pharmaceutical Industry (2023-2025)”, which pointed out to encourage and guide the development and growth of leading pharmaceutical enterprises, and attach great importance to the promotion and application of domestic medical equipment.

*Premier Li Qiang of the State Council presided over the executive meeting to review and approve“Guiding Opinions on Planning and Construction of Affordable Housing”, which emphasized to use reform and innovation methods to promote construction, ensure the quality of housing construction, and pay attention to strengthening supporting facilities construction and public service supply.

*MIIT and other seven departments jointly issued the "Work Plan for Stable Growth in the Non-ferrous Metal Industry", which proposed to accelerate the development and formulate an overall plan for the strategic minerals in short supply such as lithium.

*Two departments: Refund the amount of value-added tax at the end of the period formed by taxpayers engaged in the development project of large-scale civil aircraft engines and medium-to-high-power civil turbo-axis engines.

*Jiaxing City issued 21 measures to further promote the stable and healthy development of the real estate market, which proposed to support the rigid and improved reasonable housing needs of residents' families and cancel administrative restrictive measures. Guide commercial banks to adjust the interest rates of individual housing loans in an orderly manner according to law. No more restrictions on the number of homes purchased and transfers.

*MIIT: The demonstration and implementation of major petrochemical and modern coal chemical projects will be accelerated. Promote the comprehensive technical transformation of energy-saving, pollution reduction, carbon reduction and old equipment.

 

Financials

*More than 28 securities firms have announced that they will lower their trading commissions rates starting from August 28th.

 

Aug 25 Block Trade Info

*Discount

- Will (603501 CH) saw 1 block trades worth 189.39mn at 80.88yuan per share, 9.31pct discount from last closing.

- Wuxi Apptec (603259 CH) saw 8 block trades worth 199.50mn at 76.73yuan per share, 2.95pct discount from last closing.

- Nanjing Securities (601990 CH) saw 1 block trades worth 90.00mn at 7.96yuan per share, 5.13pct discount from last closing.

- Zijin Mining (601899 CH) saw 2 block trades worth 293.62mn at 12.27yuan per share, 0.24pct discount from last closing.

 

*Flat

- Moutai (600519 CH) saw 3 block trades worth 146.18mn at 1824.98yuan per share, flat from last closing.

 

*Margin Trade (SZ Margin Trade balance not released)

 

*Connection Trade

 

*Index Futures

 

*Index Options

 

*Treasury Futures

 

*Night Session Commodities Market (As of 02:30 am)

 

* Commodities (night session):

* Global crude oil price closed up collectively. October NYMEX crude oil contract up 1.27% to closed at $80.05/b, October Brent contract up 1.63% to closed at $84.27/b. INE crude oil active contract up 1.66% to 637.6 yuan/b.

* Precious metals closed down collectively. COMEX gold active contract down 0.2% to closed at $1943.3/oz. SHFE gold active contract down 0.13% and closed at 458.6 yuan/gram.

* Metals closed down mostly, LME tin down 1.1%, LME lead down 1.05%, LME aluminum down 0.25%. SHFE tin down 0.78%, SHFE lead down 0.34%, bonded copper down 0.25%, SHFE aluminum up 0.13%.

* Commodity futures closed up mostly. Chemistry and energy products closed up collectively, low sulfur fuel oil up 1.93%, fuel oil up 1.87%, LPG up 1.64%. Black series closed mixed. Agricultural products closed up mostly, RBD palm olein up 2.05%, soybean oil up 2.02%, cotton up 1.94%.

 

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