DZ20220110

*Key points

Capital Market

*The market maker mechanism will be introduced in STAR board. Qualified securities companies with net capital no lower than cny 10bn in recent 12 months and A level rated in recent 3 years will be allowed for trial participation.

*The board transfer mechanism of Beijing Stock Exchange will be carried out with transfer choices to STAR board or ChiNext board offered to listed companies during initial stage of trial.

*CSRC issued rule on share repurchase of listed companies which add three new scenarios aside from registered capital reduction which are 1) ESOP or equity incentive; 2) CB transfer; 3) maintenance of company value and shareholder rights. Share repurchase for merger and split do not match the range of application.

 

Financials

*NDRC suggested the well achievement of development target in 2021 laid down strong fundamental for stable economic development in 2022 with new measures of tax and fee reduction to be carried out.

 

Industrial Economy

*The State Council issued work plan 2021-2025 in promoting development of multimodal transportation structure which said to form up development pattern of railways and waterways for mid- and long-distance transport of bulk goods and containers with freight volume to increase by 10%/12% on railways and waterways respectively by 2025 vs 2020.

 

Co Focus

*Moutai released official announcement on retail guidance price of 53%vol 500ml Moutai treasury at 4599yuan per bottle.

*Margin Trade

*Connection Trade

*Index Futures

*Index Options

*Treasury Futures

 

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

 

Commodities (night session):

 

* February NYMEX crude oil contract down 0.65%, to closed at $78.94/b, March Brent contract down 0.22% to closed at $81.81/b, INE crude oil active contract down 1.24% to closed at 509.3 yuan/b.

* COMEX gold active contract closed at $1796.5/oz (up 0.41%), SHFE gold active contract closed at 369.6 yuan/gram (up 0.24%).

* Metals mostly closed up. LME aluminum rose 0.03%, copper up 1.5%. SHFE aluminum down 0.02%, copper up 0.74%, bonded copper up 0.92%.

* Energy & chemistry futures performed mixed, glass rose 4.5% led the upside, bleached softwood kraft pulp, soda ash, methanol up nearly 2%, whereas PVC, Ethenylbenzene and bitumen declined over 1%. In agriculture sector, RBD palm olein, soybean oil down more than 1%. Other commodity futures remained relative stable.

 

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