01/ Morning introduction of Asian business investment consultants
1. The Political Bureau of the CPC Central Committee held a meeting to analyze and study the current economic situation and economic work
2. Meeting of the Political Bureau of the Central Committee: To activate the capital market and boost investor confidence
3. State Administration of Foreign Exchange: National Promotion of Cross-border Financing Facilitation Pilot Policies
02/ News Breakfast of Asia Business Investment Consultant
// Spotlight //
1. The Political Bureau of the CPC Central Committee held a meeting to analyze and study the current economic situation and deploy economic work in the second half of the year. The meeting pointed out that it is necessary to make good use of policy space, identify the direction of efforts, and firmly promote high-quality economic development. It is necessary to implement macro-control accurately and effectively, and strengthen counter-cyclical adjustment and policy reserves. It is necessary to activate the capital market and boost investor confidence.
2. The central bank issued a notice to solicit public opinions on the Measures for the Administration of Data Security in the Business Field of the People's Bank of China (Draft for Comment). Currently, the data processing activities regulated by the "Measures" mainly include monetary policy business, cross-border RMB business, various inter-bank market transactions, financial industry comprehensive statistical business, payment and settlement business, currency management and digital RMB business, treasury manager business, credit investigation business, anti-money laundering business and other fields of data processing activities.
3. The National Development and Reform Commission issued the "Notice on Further Improving the Promotion of Private Investment and Efforts to Mobilize the Enthusiasm of Private Investment", which proposed 17 targeted and specific measures from four aspects: clarifying work objectives, focusing on key areas, improving the guarantee mechanism, and creating a good environment to help solve the problems encountered by private investment.
5. According to reports, the Japanese government will impose additional export controls on 23 categories of semiconductor equipment required for advanced semiconductor manufacturing. The move, aimed at preventing China from producing advanced semiconductors, is also a response to tightening U.S. restrictions on China. In this regard, the spokesperson of the Chinese Ministry of Foreign Affairs stated that China is deeply regretful and dissatisfied, and has made solemn representations to the Japanese side at different levels. China will pay close attention to the impact of regulatory policies and resolutely safeguard its own interests.
6. The State Administration of Foreign Exchange drafted the "Notice of the State Administration of Foreign Exchange on Further Deepening Reform and Promoting Cross-Border Trade and Investment Facilitation (Draft for Comment)", which included technology-based small and medium-sized enterprises in the scope of cross-border financing facilitation pilots, and further supported the technological innovation of small and medium-sized enterprises. Qualified high-tech, "specialized, special-new" and technology-based small and medium-sized enterprises in 14 regions including Tianjin, Shanghai, and Jiangsu can independently borrow foreign debts within an equivalent amount of US$10 million. Qualified high-tech, "specialized, special-new" and technology-based small and medium-sized enterprises in other regions can independently borrow foreign debts within the equivalent of US$5 million.
// Global Market //
1. The three major U.S. stock indexes closed up across the board. The Dow rose 0.52% to 35411.24 points, recording 11 consecutive days of gains, the longest streak of gains in the past 6 years; the S&P 500 rose 0.4% to 4554.64 points, and the Nasdaq rose 0.19% to 14058.87 points. Goldman Sachs Group rose 1.98%, JP Morgan Chase rose 1.97%, leading the Dow. Wind US TAMAMA Technology Index rose 0.52%, Tesla rose 3.48%, and Google rose 1.26%. Chinese concept stocks generally rose, Shanda Technology rose 22.12%, and Lufax Holdings rose 11.84%.
2. European stocks closed mixed. The German DAX index rose 0.08% to 16190.95 points, the French CAC40 index fell 0.07% to 7427.31 points, and the British FTSE 100 index rose 0.19% to 7678.59 points.
3. International oil prices rose across the board, with the U.S. oil September contract up 2.4% to $78.92 per barrel. The September Brent oil contract rose 2.2 percent to $82.85 a barrel.
// macro //
1. The meeting of the Political Bureau of the Central Committee should increase the protection of people's livelihood, take overall consideration of employment stability to a strategic height, firmly grasp the bottom line of "three guarantees" at the grassroots level, and expand the middle-income group. It is necessary to resolutely prevent the occurrence of major safety accidents and ensure the supply of energy and power for summer peaks; it is necessary to effectively prevent and resolve local debt risks and formulate and implement a package of debt reduction plans. It is necessary to strengthen financial supervision and steadily promote the reform of high-risk small and medium-sized financial institutions to eliminate risks.
2. The General Office of the State Council issued the "Notice on Optimizing and Adjusting Employment Stabilization Policies and Measures to Promote Development and Benefit People's Livelihood", and relevant departments and localities have issued a package of policies and measures to stabilize and expand employment. Continue to promote the implementation of various policy support measures, and strive to improve the employment of graduates to achieve actual results.
3. The Beijing Municipal Government issued the "Implementation Plan of Beijing Municipality on the Implementation of Opinions on Accelerating the Construction of a National Unified Large Market". The plan proposes to fully serve the functions of the national financial management center, continue to undertake the construction and operation of important national financial infrastructure, implement national unified regulatory standards, and promote the implementation of major projects such as payment and settlement, registration and custody, credit enhancement rating, asset trading, and data management.
4. Recently, Guangzhou City issued a circular on public solicitation of opinions on the "Guangzhou City's Measures for the Administration of Differentiated Household Relocation from Outside the City". According to the draft for comments, those who meet the three conditions of full-time junior college education can register in Guangzhou. Specifically, the three conditions are to have a full-time undergraduate degree from a domestic general institution of higher learning (without a bachelor's degree), or to have a full-time junior college degree from a domestic general college, or to graduate from a full-time preparatory technician class or a full-time senior engineer class at a technician college.
5. The Institute of Finance and Economics of the Chinese Academy of Social Sciences released the "Report on China's Leverage Ratio in the Second Quarter of 2023". The report estimates that the macro leverage ratio in the second quarter of 2023 will increase by 2.1 percentage points, from 281.8% at the end of the first quarter to 283.9%. The report predicts that the macro leverage ratio will continue to rise in the second half of the year, with an annual increase of more than 11 percentage points. It is expected that the third quarter will continue to rise by 2-2.5 percentage points, and the leverage ratio will decrease in the fourth quarter, falling by about 2 percentage points.
6. Wall Street economists seem convinced that the Federal Reserve will raise its benchmark interest rate by 25 basis points on Wednesday, and this rate hike will also be the last rate hike in this cycle. Sal Guatieri, senior analyst at BMO Capital Markets, said that although most Fed members called for further rate hikes, he believes the economy will continue to decelerate, and the slowdown will prevent the Fed from raising interest rates for the rest of the year.
// Industry //
1. Recently, "Miaoya Camera" has become popular. According to the process, the user uploads a clear frontal photo and at least 20 upper body photos with multiple lights, multiple perspectives, and multiple expressions to generate a digital clone. Based on the digital avatar, choose the template you like, and you can get a set of AI portraits. According to the agency, the C-end AIGC has begun to transform from "usable" to "easy to use", and the willingness to pay has increased significantly. The domestic C-end AI payment habit has gradually formed.
2. In the autumn of 2023, the tuition fees of colleges and universities in many places will usher in a wave of price increases. Sichuan, Jilin, Shanghai, and Shandong have successively announced adjustments to tuition fees for undergraduates and junior colleges in public colleges and universities this year, and the implementation will begin in the fall semester of 2023. The increase rate is mostly between 20%-40%, most of which exceed 5,000 yuan, and rise to 5,000-7,000 yuan, and the increase of individual science and engineering majors is as high as 54%. Veteran students enrolled before the standard adjustment are not affected.
3. According to reports, Korean Air has decided to continue operating the Gimpo-Beijing route from August this year. According to aviation industry sources, Korean Air had discussed the plan to suspend the operation of the Gimpo-Beijing route from August 1 to October 28 due to the decrease in passenger demand, but considering the exchanges between China and South Korea, it finally decided not to suspend the operation of the route.
4. According to Apple’s supply chain sources, the stocking of iPhone 15 components in 2023 will not be as strong as in the same period in 2022. The initial stocking volume is estimated to be only about 83 million to 85 million units, a year-on-year decrease of more than 8%. Bank of America analyst Wamsi Mohan pointed out in a report that iPhone 15 devices may be delayed by "a few weeks", and some models may be delayed until October, but The Information believes that Apple will still launch the iPhone 15 Pro series in September as scheduled.
5. According to the latest data of the C-Eval global large-scale comprehensive test evaluation list, the top four large-scale models in the world are ChatGLM2 of Tsinghua Zhipu, GPT-4 of OpenAI, SenseChat of SenseTime, and AiLMe-100Bv1 of APUS. It is reported that C-Eval is a comprehensive examination and evaluation set for Chinese language models jointly constructed by Tsinghua University, Shanghai Jiaotong University and the University of Edinburgh. It contains 13,948 multiple-choice questions, covering 52 different subjects and four difficulty levels.
6. Ministry of Education: On July 24, on the occasion of the second anniversary of the deployment and implementation of the "double reduction", the national comprehensive platform for the supervision and service of off-campus education and training was officially launched. By building a comprehensive business system for off-campus training supervision and services, it helps parents to identify and choose compliance institutions with "complete certificates" to ensure safe payment, convenient refunds, smooth channels for complaints and reports, and effectively protect the vital interests of the people.
03/ Subscription for new shares of Asia business investment consultant
New shares (including Beijing Stock Exchange): Minbao Optoelectronics, Huahong Company
New convertible bonds: Shentong Convertible Bonds, Hongwei Convertible Bonds
New stocks listed on Tuesday: Foster, Gangtong Medical
Convertible bonds listed on Tuesday: None
Reference materials: Financial Associated Press, Wind Information
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