DZ20241111

 

Review on key takeaways from Fri NPC briefing on fiscal plan

- A 6 trillion yuan program approved to refinance local government debt which will be implemented in 3 years.

- cny 80mio will be arranged each year in coming 5 years from new local government special bonds, in total swap hidden debt cny 4 trillion yuan.

- cny 2tn implicit debt of shantytown renovation due in 2029 and after will be paid on original contract.

- debt swap plan announced can help save local interest expense around cny 600bn in 5 years.

 

Financial

- Wu Qing, president of CSRC held two forums recently in Shanghai with representatives of financial institutions including brokers and funds which emphasized to promote stable and healthy development of capital market.

 

Data

- China Oct PPI down 2.9% y/y, vs est down 2.5% and previous month of down 2.8% y/y.

- China Oct CPI up 0.3% y/y, vs est up 0.4%.

- The 7th China International Import Expo saw intended transaction amount of usd 80.01bn on 1-year term, up 2.0% vs last year.

 

Policy

- Premier Li Qiang held state council general meeting and approved measures in promoting stable growth of foreign trade which pointed out to boost development of cross-border e-commerce and construction of smart logistics platform. Measures in deepening reform and development of elderly care industry was under research.

 

Nov 8 Block Trade Info

*Discount

-Everdisplay Optronics (688538 CH) saw 3 block trades worth 79.80mn at 2.66yuan per share,1.12pct discount from last closing.

-China Wafer Level Csp (603005 CH) saw 2 block trades worth 139.65mn at 27.93yuan per share,1.79pct discount from last closing.

-Shanghai Electric Power (600021 CH) saw 1 block trade worth 208.85mn at 9.61yuan per share,7.06pct discount from last closing.

-CATL (300750 CH) saw 1 block trade worth 110.99mn at 254.93yuan per share,1.00pct discount from last closing.

-Shenzhen Inovance (300124 CH) saw 1 block trade worth 99.79mn at 59.14yuan per share,5.01pct discount from last closing.

 

*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 closed down. December NYMEX crude oil contract down about 2.67% to closed at $70.43/b, January Brent contract down about 2.18% to closed at $73.98/b. INE crude oil active contract down about 1.13% to 532 yuan/b.

* Precious metals closed down, COMEX gold active contract down 0.52% and closed at $2691.7/oz. SHFE gold active contract up 0.55% to closed at 619.7 yuan/gram.

* Metals closed down collectively, LME copper down 2.39%, LME zinc down 2.23%, LME nickel down 1.67%, LME aluminum down 2.51%, LME tin down 0.13%, LME lead down 0.71%, SHFE zinc down 1.33%, SHFE copper down 1.1%, SHFE nickel down 0.79%, SHFE aluminum down 0.65%, SHFE lead down 0.47%, SHFE tin down 0.46%.

* Commodity futures closed down, soda ash down 3.5%, PVC down 2.55%, butadiene rubber down 2.43%, glass down 2.18%, PTA down 1.29%, TSR 20 down 1.23%, iron ore down 2.68%, coke down 2.39%, coking coal down 2.54%, steel rebar down 1.99%, hot-rolled coil down 1.76%, No.2 soybeans down 1.13%, soybean meal down 1.08%, RBD palm olein up 2.66%.

 

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