DZ20230707

 

International Relationship

*The United States Ministry of Finance Minister Janet Yellen flew to Beijing on the afternoon of July 6th and will visit China from July 6th to 9th.

 

Policy

*Administration for Financial Regulation issued announcement on matters related to the application of personal income tax preferential policies for commercial health insurance products which pointed out to expand the scope of commercial health insurance products that apply personal income tax preferential policies. For insured individuals who are subject to tax preferential policies for commercial health insurance, they are not allowed to refuse or take responsibility due to previous medical histories.

 

Industrial Economy

*NDRC: Increasing the proportion of renewable energy faces phased problems, which need to be promoted and improved. If the renewable energy faces the problem of peak regulation in the short term, the transformation of coal power peak regulation will become the focus. In the medium term, energy storage technology will gradually catch up, and coal power will face sunk cost pressure. In the long term, the main problems are seasonal fluctuations and extreme weather, and must increase the demand side adjustment.

*MIIT and other four departments jointly revised the "Management Measures for Average Fuel Consumption of Passenger Car Enterprises and New Energy Automobile Points in parallel" and adjust the calculation method for new energy vehicle models which lower the average score of standard new energy passenger vehicle models by about 40% and will be implemented on August 1st.

*MoC together with relevant departments will draft policy documents on promoting home consumption, which will be issued in the near future.

 

Financials

*CSRC: Continuously optimize policy arrangements and promote the normalized issuance of REITs, actively cultivate professional REITs investor groups and increase efforts to promote allocation-oriented long-term institutional investors to participate in investment, stated by Zhou Xiaozhou, head of of the bond department, CSRC, at the opening ceremony of the "People's Livelihood, Consumption, and Industrial REITs Development Summit" on July 6th.

 

Co Focus

*CATL: The new product can run 400 kilometers after charging for 10 minutes and is expected to be launched in 2023, said by CATL Chief scientist Wu Kai at the 5th Global Automotive Technology Development Leaders Summit of the 2023 China Automobile Forum.

*ASML clarified the rumors of special edition DUV: No special version of lithography machine was launched for the Chinese market.

 

*Margin Trade

 

*Connection Trade

 

*Index Futures

 

*Index Options

 

*Treasury Futures

 

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

 

* Commodities (night session):

* Global crude oil price saw narrow fluctuation. August NYMEX crude oil contract up 0.17% to closed at $71.91/b, September Brent contract down 0.12% to closed at $76.56/b. INE crude oil active contract down 0.13% to 557.5 yuan/b.

* Precious metals closed down collectively. COMEX gold contract down 0.53% to closed at $1916.9/oz. SHFE gold active contract down 0.44% and closed at 450.16 yuan/gram.

* Metals closed mixed, LME tin up 2.85%, LME zinc up 0.64%, LME aluminum down 0.58%. SHFE tin up 1.48%, SHFE zinc up 0.90%, SHFE nickel up 0.65%, bonded copper down 0.41%.

* Commodity futures closed mixed. Chemistry and energy products saw strong performance, natural rubber up 1.42%, bleached softwood kraft pulp down 1.16%, fuel oil down 1.08%. Black series closed mixed. Agricultural products closed up mostly, rapeseed meal up 2.61%, RBD palm olein down 1%.

 

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