Summary of the contents of the front pages of four major securities newspapers (November 21)
China Securities Journal
The capital market speeds up the construction of a comprehensive punishment and prevention system for financial fraud
"In response to the persistent problem of financial fraud, we strengthened inter-ministerial coordination and coordination between the central and local governments, accelerated the construction of a comprehensive punishment and prevention system, launched a special campaign to crack down on financial fraud of listed companies, and strengthened three-dimensional accountability. In the first 10 months of this year, 658 related cases were investigated, and the amount of fines and confiscations was 11 billion yuan, more than last year. " Wu Qing, Chairman of China Securities Regulatory Commission, said in his speech at the 3rd International Financial Leaders Investment Summit on November 19th.
This is the latest signal issued by the regulatory authorities on strict supervision and management of the capital market, especially on cracking down on financial fraud. Market participants believe that the combination of "property penalty" and "qualification penalty" by the relevant departments not only "punishes the first evil" but also "pursues the accomplice", and makes the counterfeiters pay a heavy price for the three-dimensional accountability of financial fraud. In the next stage, the three-dimensional accountability system of "civil execution" will be continuously upgraded, and the comprehensive punishment and prevention system for financial fraud will be accelerated.
"Punishing the first evil" and "chasing accomplices" simultaneously
Judging from the recently published cases, one of the highlights of cracking down on financial fraud is that the regulatory authorities have increased their efforts to pursue the responsibility of the actual controllers of listed companies and the "key minority" such as Dong Jian.
From "Heartbeat" to "Action", central state-owned enterprises actively explore market value management.
Recently, (), (), () and other listed companies controlled by central enterprises have said that they will use market value management tools rationally to promote the company’s value. The industry believes that the listed companies of central state-owned enterprises are expected to become the main force of market value management, and actively explore the realization path of market value management through mergers and acquisitions, repurchase and holdings.
The CSRC recently issued the "Guidelines for the Supervision of Listed Companies No.10-Market Value Management" to further guide listed companies to pay attention to their own investment value and effectively improve their return on investment. China securities journal reporter noted that many listed companies of central state-owned enterprises responded positively and conducted in-depth exploration and practice in market value management.
AI mobile phone new products are intensively released, and the smartphone market continues to recover.
According to institutional data, in the third quarter of 2024, China’s smartphone market shipped about 68.78 million units, up 3.2% year-on-year, and maintained year-on-year growth for four consecutive quarters. The arrival of a new rotation cycle makes the market demand continue to improve.
China securities journal reporter learned that in the fourth quarter, Huawei, Xiaomi, vivo, OPPO, Glory and other mobile phone manufacturers intensively released new flagship AI mobile phones, and the smart phone market continued to recover.
Global data cross-border flow cooperation initiative released
On November 20th, the main forum of the 2024 world internet conference Wuzhen Summit was held in Wuzhen, Zhejiang. Zhuang Rongwen, director of the National Internet Information Office, said at the main forum of the conference that at present, the development of global artificial intelligence technology has continuously made new breakthroughs, which has become an important driving force leading a new round of technological and industrial changes, but it also brings a series of risk challenges. The theme of this summit is "Embracing a People-oriented, Smart and Good Digital Future-Working Together to Build a Community of Cyberspace Destiny", which is to focus on the security of artificial intelligence development, strengthen dialogue and exchanges, deepen pragmatic cooperation and jointly build a better digital future.
Shanghai Securities News
A series of fiscal incremental policies with high density and great strength have been accelerated and effective.
Over the past month or so, a package of targeted fiscal incremental policy measures has been intensively introduced, involving adjusting real estate tax policies, increasing support for key groups, and issuing a 6 trillion yuan local government debt limit.
More policies are still on the way. Lan Foan, Minister of Finance, said that a more effective fiscal policy will be implemented in line with the economic and social development goals for next year. For example, actively use the deficit space that can be improved; Expand the scale of special bond issuance, broaden the scope of investment, and increase the proportion used as capital; We will continue to issue ultra-long-term special government bonds and support the construction of security capabilities in major national strategies and key areas.
A number of real estate-related support policies were introduced.
In order to promote the real estate market to stop falling and stabilize, the Ministry of Finance has actively studied and introduced a package of policies and measures conducive to the stable development of real estate. One of them is to adjust a number of real estate tax policies.
Quantifying the launch of new products, the core value style is favored.
Since the end of September, the net value of products of many well-known quantitative fund managers has hit a new high this year, and some new quantitative fund products have also started to be put on sale. From the layout direction, the core value style is favored.
In November, a new fund to be managed by several well-known quantitative fund managers was launched. For example, the western Lide central enterprises prefer stocks, which is planned to be managed by Sheng Fengyan, the quantitative investment director of the western Lide Fund, and has recently entered the issuance period; Broadcom’s large-cap value shares, which are to be managed by Sun Chenjin, director of the Index and Quantitative Investment Department of Broadcom AXA Fund, and by Eric Yang, director of the Quantitative Investment Department of Broadcom Fund, are also on sale.
Zhou Bin, Director of Hubei Provincial Government Office in Shanghai: Fulfilling the promise to provide good service guarantee for entrepreneurs coming to Hunan.
On November 19th, Zhou Bin, director of the Shanghai Office of Hubei Provincial Government, said that he would implement the "six commitments" to attract investment and provide good service for entrepreneurs coming to Hunan. He hoped that entrepreneurs would pay more attention to Xiangyang and Hubei, and invest more in Xiangyang and Hubei.
"Xiangyang is a classical city with a long history, a city with profound culture and a smart city with broad development prospects." Zhou Bin introduced that at present, various economic indicators in Xiangyang continue to rise, emerging kinetic energy is accelerating, and high-end manufacturing and emerging industries are booming, providing unlimited development opportunities.
The "territory" of resources continues to expand, and the path of intercontinental oil and gas development to "new" is clear
"First, we must bravely’ go out’, second, we must firmly’ go in’, and third, we must better’ go up’." In the view of Chen Huanlong, the chairman of (), the company adheres to the two-wheel drive development strategy of "project appreciation+project merger and acquisition", obtains good resources overseas, and creates a more stable external environment on the basis of localized operation through deep integration into the local society, and finally maximizes the benefits of overseas oil and gas assets.
On November 20th, Intercontinental Oil&Gas held an investor exchange meeting in Beijing. Chen Huanlong led a senior management team and had a full exchange with brokers, fund companies and individual investors on the recent situation, business trends and future development plans of overseas oil&gas assets.
Securities Times
Shortening from four years to two years, AI computing power demand promotes iterative acceleration of optical modules.
Since last year, driven by the artificial intelligence (AI) boom, the overall optical module field has been floating. The continuous iterative upgrade of AI algorithm has put forward higher requirements for computing power and brought new growth momentum to the optical module industry.
With the submission of the third quarterly report of the listed companies of head optical module, the industry prosperity has been verified. In the third quarter of this year, optical module suppliers such as (), (), () and () all achieved year-on-year and quarter-on-quarter growth in revenue and net profit attributable to the mother, among which Xinyisheng’s revenue and net profit attributable to the mother had the highest year-on-year growth rate, reaching 207% and 453% respectively.
"The optical module is the core component of the intelligent computing server. Now the development of AI technology has improved the requirements for computing power, and the market demand for optical modules has been continuously improved." Pan Helin, a member of the Information and Communication Economy Expert Committee of the Ministry of Industry and Information Technology, said in an interview with the Securities Times reporter that the iteration of optical module technology has been significantly accelerated, and domestic manufacturers have gained a leading edge in the field of optical modules through technological innovation.
In March of this year, the industry has begun to focus on displaying 1.6T products. According to the data of LightCounting, an optical communication industry research institute, 800G will become the mainstream of the market in 2024, and the subsequent 1.6T will start to increase in volume. The overall market growth rate is expected to exceed 40%, and the industry will increase by more than 20% in 2025. The accelerated iteration of products will surely bring new challenges and opportunities to the industry.
The second batch of CSI A500ETF placement results were released, and 24 billion yuan of incremental funds were on the way.
With the establishment of the second batch of CSI A 500 ETFs, the A-share market welcomes another 24 billion yuan of incremental funds.
On November 20, the placement results of the second batch of 12 CSI A 500 ETFs were all released, and all 12 funds reached the upper limit of the initial raising scale of 2 billion yuan, and all started proportional placement. The doomsday placement ratio of some products was as low as 40%.
At the same time, the fund army tracking the CSI A500 index is still expanding. As of November 20th, the number of approved (including unissued and unincorporated) CSI A500 index funds has increased to nearly 60, and the total fund size has exceeded 200 billion yuan.
Guotai Junan’s absorption and merger of Haitong Securities was approved by Shanghai SASAC.
Yesterday evening, Guotai Junan absorbed and merged Haitong Securities and () acquired the controlling stake of Guorong Securities.
Guotai Junan announced on the evening of November 20th that the company’s major restructuring plan has been approved by the Shanghai State-owned Assets Supervision and Administration Commission. Recently, the Shanghai State-owned Assets Supervision and Administration Commission issued the Reply of the Municipal State-owned Assets Supervision and Administration Commission on Relevant Matters Concerning Guotai Junan Securities Co., Ltd.’ s Share Exchange, Absorption and Merger of Haitong Securities Co., Ltd. and Raising Matching Funds, and agreed in principle to the overall plan of this transaction.
Guotai Junan also announced that recently, the State Administration of Markets issued the Decision on No Further Examination of Centralized Anti-monopoly Examination of Operators. After preliminary examination, the State Administration of Markets did not conduct further examination on the merger of Guotai Junan and Haitong Securities. Guotai Junan can implement centralization from now on.
Guotai Junan said that the transaction plan can only be formally implemented after it has been re-examined and approved by the boards of directors of both parties, approved by the shareholders’ meetings of both parties and approved, approved, registered or agreed by the competent regulatory authorities, and whether it can be implemented is uncertain.
The first case of "FOF Fund" over-the-counter fund allocation in China was pronounced.
Recently, the first criminal case of illegal business operation in the form of so-called "FOF fund" in China was publicly pronounced in the first instance.
On November 19th, Shanghai No.1 Intermediate People’s Court sentenced the three defendants to six years’ imprisonment, five years and six months’ imprisonment and one year and nine months’ imprisonment respectively for the crime of illegal business operation, and imposed corresponding fines.
Shanghai No.1 Intermediate People’s Court found that from 2015 to 2022, the defendants Li and Jiang used the companies they actually controlled to arrange for the defendant Ge and other salesmen to attract customers, collect deposits from customers, and seek off-site fund-raising for customers with leverage ratios ranging from 1:1 to 1:15.
The specific way is to lend personal securities accounts or use private equity products issued by the company to invest in private equity products actually controlled by customers, etc., to provide off-exchange fund-raising to customers for buying and selling securities, and earn interest margins from them until the case is committed.
Securities daily
The scale of dividends and repurchase has reached a new high, enhancing the investment value of listed companies.
Wu Qing, chairman of the China Securities Regulatory Commission, said at the International Financial Leaders Investment Summit on November 19th that by the end of October, A-share listed companies had announced an interim cash dividend of 644.1 billion yuan and newly disclosed 1,360 repurchase plans, both in quantity and amount reaching record highs.
Tian Lihui, dean of the Institute of Financial Development of Nankai University, said in an interview with the Securities Daily that dividends and repurchase are important means to enhance the investment value of listed companies and enhance investors’ returns. Since the beginning of this year, the dividend frequency of A-share listed companies has increased and the repurchase has repeatedly broken records, which is helpful to attract capital inflows, reduce market volatility and promote market stability.
Listed companies are the cornerstone of the capital market, and their investment value is directly related to the development of the capital market and the interests of investors. Since the beginning of this year, the regulatory authorities have continuously tightened the main responsibility of listed companies. In March, the CSRC issued the Opinions on Strengthening Supervision of Listed Companies (Trial), which made a number of arrangements to enhance the investment value of listed companies, including guiding listed companies to pay close attention to the market’s evaluation of the company’s value and actively improving the ability and level of investors’ return.
Large-scale broad-based ETF rate drops to "floor price" to help build a benign ecology of long-term investment.
On November 19th, Wu Qing, Chairman of China Securities Regulatory Commission, proposed at the Third International Financial Leaders Investment Summit that the reform of Public Offering of Fund’s industry rates should be steadily promoted, and equity funds, especially indexed investment, should be vigorously developed.
On the evening of the same day, six public offering institutions, including E Fund, Huaxia Fund, Huatai Bairui Fund, harvest fund, southern fund and Huaan Fund, announced that they would reduce the rates of some of their broad-based ETFs and their connected funds. Among them, the annual management rate was uniformly reduced to 0.15%, and the annual custody rate was uniformly reduced to 0.05%.
According to the interviewed industry insiders, the collective fee reduction of several large-scale broad-based ETFs in this round is not only a powerful safeguard for the interests of investors, but also a concrete manifestation of actively responding to the industry rate reform in Public Offering of Fund. At the same time, the fee reduction of fund products is conducive to attracting more medium and long-term funds to enter the market, promoting the development of indexed investment, and helping to build a benign ecology of long-term investment. In the future, public offering institutions need to increase product differentiation layout and improve the service level of investors.
Collective fee reduction of large-scale broad-based ETF
Betta’s quarterly revenue increased month-on-month, and the effect of diversified income became more and more obvious.
The financial report shows that in the third quarter of 2024, the live broadcast revenue of Betta’s first core business was 752 million yuan, the gross profit was 60.8 million yuan, the gross profit rate was 5.7%, and the net profit was 3.4 million yuan.
On November 20th, Betta released the unaudited financial report for the third quarter of 2024. According to the financial report, the company achieved a total revenue of 1.063 billion yuan in the third quarter, the first time in eight quarters that it achieved a chain growth. Among them, the average quarterly MAU (monthly active users) of Betta mobile terminal is 42.1 million, and the average quarterly paying users are 3.4 million.
It is understood that during the reporting period, Betta relied on the rich game content ecology, gave full play to anchor resources and new business potential, continued to provide users with high-quality live content and game services, and further promoted the diversification of platform revenue. The company said that it will firmly implement the long-term development strategy of "diversified content ecological platform with games as the core". On the one hand, focus on the company’s core strengths to strengthen commercialization capabilities. On the other hand, optimize the operation mode to improve the production ratio of business, and coordinate platform resources to improve operational efficiency.
A media industry analyst told the Securities Daily that the increase in revenue means that Betta has achieved initial results in business adjustment, which is a positive signal.
ST Investment Reorganization Plan is released, giving consideration to debt settlement and future operation.
The reorganization plan of ST investment was officially released. On November 20th, when the first creditors’ meeting and investors’ group meeting are about to be held, ST Wentou announced the reorganization plan (draft) of this bankruptcy reorganization (hereinafter referred to as "reorganization plan"). According to another announcement, the company will hold the first creditors’ meeting and the investor group meeting on November 22nd to vote on the reorganization plan and the investor’s equity adjustment plan respectively.
"The reorganization plan is a key link in the reorganization procedure and needs to be discussed and voted at the creditors’ meeting." Hu Mingming, a lawyer of Liaoning Tongfang Law Firm, said in an interview with the Securities Daily that the reorganization plan is a detailed implementation plan for the purpose of maintaining the debtor’s business and seeking the debtor’s revival. It needs to be approved by the creditors’ meeting and approved by the court before it can take effect.
It is reported that ST Wentou is mainly engaged in film and television investment, studio management and game R&D and operation. Affected by market changes and other factors, the company has sustained losses in recent years and has fallen into serious business and debt difficulties. As of the date of submission of the reorganization plan, a total of 79 creditors have declared their claims with a total amount of 3.448 billion yuan. Among them, the amount of creditor’s rights determined by review is 3.199 billion yuan, and the amount of creditor’s rights temporarily determined is 113 million yuan.