DZ20241014

 

Takeaways from Sat MoF press conference

-Jan-Sept newly issued special bonds cny 3.6tn

-China State Finance is resilient enough to realize balance of payment and fulfill annual budget target.

-MoF will issue special Treasury bonds to support capital supplementary of state-owned large commercial banks.

-A basket of targeting new policy measures will be released.

-State finance has plenty of room left to lift debt and deficit.

-MoF plans to increase debt ceiling in replacement of existing invisible debt of local governments, record in recent years.

-A batch of deepen fiscal and tax reform measures will be issued in 2024 and 2025, including better budget system and fiscal transfer payment system.

 

Key Data

- Sept PPI: -2.8% y/y, vs est -2.5% and previous -1.8%.

- Sept CPI: +0.4% y/y, vs est +0.7% and previous +0.6%.

 

Financials

- Shanghai municipal party secretary Chen Jining met with founder of Hill house Capital and representatives of overseas investors with scale advantages and long-term growth potentials of Chinese market emphasized.

 

Sector

- PBoC and 3 other departments jointly issued opinions on role of green finance in serving China with 19 measures raised from 4 aspects, including step up supports in key fields, improve professional service ability, fulfill products and enhance security.

 

Oct 11 Block Trade Info

*Discount

-Ingenic Semiconductor (300223 CH) saw 2 block trades worth 228.79mn at 58.32/59.05yuan per share, 10.56/11.66pct discount from last closing.

-Salubris Pharma (002294 CH) saw 1 block trades worth 510.00mn at 34.00yuan per share, 2.47pct discount from last closing.

-Jiaozuo Wanfang (000612 CH) saw 1 block trades worth 139.25mn at 5.84yuan per share, 7.01pct discount from last closing.

 

*Margin Trade

 

*Connection Trade SUSPENDED

 

*Index Futures

 

*Index Options

 

*Treasury Futures

 

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

 

* Commodities (night session):

* Global crude oil price closed mixed. November NYMEX crude oil contract down about 0.47% to closed at $75.49/b, December Brent contract down 0.68% to closed at $78.86/b. INE crude oil active contract up 2.64% to 583.6 yuan/b.

* Precious metals closed up collectively, COMEX gold active contract up 1.32% and closed at $2674.2/oz. SHFE gold active contract up 0.87% to closed at 600.28 yuan/gram.

* Metals closed up collectively, LME copper up 0.82%, LME zinc up 2.25%, LME nickel up 2.08%, LME aluminum up 2.01%, LME tin up 1.62%, LME lead up 1.62%, aluminum oxide up 6.06%, SHFE lead up 1.82%, SHFE zinc up 1.7%, SHFE nickel up 1.69%, stainless steel up 1.43%, SHFE tin up 1.15%,SHFE aluminum up 1.06%, SHFE copper up 0.96%.

* Commodity futures closed up mostly, glass and soda ash up over 6%, TSR20, Sodium Hydroxide, coke and natural rubber up over 3%, PVC, iron ore, hot-rolled coil and coking coal up over 2%, RBD palm olein and steel rebar up over 1%.

 

Download PDF

 

DISCLAIMER

The report is issued by Orient Securities Co. LTD (Orient Securities) and Shanghai Orient Futures Co. LTD (Orient Futures) to institutional investors. Opinions expressed may differ from those of other divisions of Orient Securities, including Orient Securities Research Institute. Orient Securities may trade as principal in instruments identified herein and may accumulate/have accumulated a long or short position in instruments or derivatives thereof. Orient Securities has policies designed to negate conflicts of interest. This e-mail is not an official confirmation of terms and unless stated, is not a recommendation, offer or solicitation to buy or sell. Any prices or quotations contained herein are indicative only. Communications may be monitored.