Guided readingSummary of weekend news: China and the United States signed an audit and supervision cooperation agreement; the State Council held an on-site office meeting to stabilize the economic market supervision and service group; the Federal Reserve’s “eagle” singing caused the Nasdaq to plummet by a thousand points.
Important news that will affect the market this weekend:new energyA congratulatory letter from the Auto Conference; China Securities Regulatory Commission, the Ministry of Finance and U.S. regulators signed an audit supervision cooperation agreement; the relevant person in charge of the China Securities Regulatory Commission answered reporters’ questions on the signing of the China-U.S. audit supervision cooperation agreement; In the tide, the Dow plummeted 1,000 points and the Nasdaq fell nearly 4%; the State Council held an on-site office meeting to stabilize the economic market supervision and service group; from January to July, the profits of industrial enterprises above designated size fell by 1.1%.
macroeconomics
The State Council’s Steady Economic Market Supervision and Service Group held an on-site office meeting
On August 27, the State Council’s Steady Economic Market Supervision and Service Team held an on-site office meeting in Zhengzhou to carry out on-site coordination and services around the construction of infrastructure, key projects, and people’s livelihood security. Yi Gang, leader of the supervision and service group and governor of the People’s Bank of China, presided over the meeting and delivered a speech. Governor Wang Kai attended and made a request. At the meeting, the Provincial Development and Reform Commission reported on the implementation of policy-based development financial instruments in our province, and representatives of the Provincial Communications Investment Group, the Provincial Railway Construction Investment Group and other enterprises reported the difficulties and problems encountered in the implementation of the project. Supervision and service team members from the National Development and Reform Commission, Ministry of Natural Resources, China Development Bank, Agricultural Development Bank of China, China Construction Bank and other departments responded to questions one by one, elaborated policies and put forward work suggestions.
Central Bank: Include some foreign banks in the scope of carbon emission reduction support tools financial institutions
Recently, the People’s Bank of China has included Deutsche Bank (China) and Societe Generale (China) as financial institutions for carbon emission reduction support tools. This move reflects that China attaches great importance to green transformation, always adheres to opening up, treats foreign financial institutions equally, grants national treatment, and supports their development in China. In the next step, the People’s Bank of China will also consider including other willing and qualified foreign financial institutions to give full play to their advantages in the field of green finance to help China’s economy transition to a green and low-carbon economy.
Bureau of Statistics: From January to July 2022, the profits of industrial enterprises above designated size will drop by 1.1%
From January to July, the total profits of industrial enterprises above designated size nationwide were 4,892.95 billion yuan, down 1.1% year-on-year. Among industrial enterprises above designated size, state-owned holding enterprises realized total profits of 1,737.06 billion yuan, an increase of 8.0% year-on-year; joint-stock enterprises realized total profits of 3,634.73 billion yuan, an increase of 3.2%; foreign and Hong Kong, Macao and Taiwan-invested enterprises realized total profits of 1,093.53 billion yuan, a decrease of 14.5%. %; private enterprises realized total profits of 1,311.65 billion yuan, down 7.1%. The mining industry realized a total profit of 996.11 billion yuan, a year-on-year increase of 1.05 times; the manufacturing industry realized a total profit of 3,621.72 billion yuan, a decrease of 12.6%; the electricity, heat, gas and water production and supply industry realized a total profit of 275.12 billion yuan, a decrease of 12.5%.
National Development and Reform Commission: Overall, it is judged that the expected CPI control target of about 3% this year can be achieved
Yang Yinkai, deputy secretary-general of the National Development and Reform Commission, said at the State Council’s regular policy briefing held today that from January to July, the consumer price index (CPI) increased by 1.8% year-on-year, and the month of July increased by 2.7% year-on-year, much lower than The level of major economies such as the United States and Europe and most emerging market countries. The overall judgment is that the expected CPI control target of about 3% this year is achievable. But at the same time, it should be noted that, affected by factors such as imported inflation pressure and seasonal increase in pork prices, combined with the low base effect of the same period last year, the domestic price level from the second months of this year to the first quarter of next year may be slightly higher than the previous months. . In particular, due to the impact of the epidemic and disasters, the number of people in need has increased, and their basic life may face greater pressure. Even if the domestic price increase is not large, the feelings of the people in need may be more obvious.
Global Market
Overnight outer trading: The Fed’s strongest “eagle” triggered a market sell-off, the Dow plummeted 1,000 points, the Nasdaq fell nearly 4%
On Friday, Eastern Time, the three major U.S. stock indexes closed sharply lower. Federal Reserve Chairman Jerome Powell dampened optimism, leading to a sell-off in the market. The Dow plunged more than a thousand points, and the Nasdaq plunged nearly 4%. Powell said at the Jackson Hole central bank annual meeting that day that the Federal Reserve will continue to raise interest rates, there are risks in loosening monetary policy too early, and fighting inflation will bring economic pain, which weighs on market sentiment. Powell did not comment directly on the outlook for the Fed’s September policy meeting, but said the next rate decision “will depend on the overall picture of future data and the evolving outlook. At some point, as the stance of monetary policy furthers, Tightening, slowing the pace of rate hikes may become appropriate.”
Germany’s benchmark electricity price rose above 800 euros, almost ten times higher than the same period last year
Germany’s benchmark price for electricity delivered next year rose above 800 euros on Friday, almost 10 times higher than a year earlier. The price of German electricity delivered on the European Energy Exchange next year rose as much as 7.6% to 805.15 euros per megawatt-hour, after rising 39% this week. Electricity prices are hitting records almost daily as Russia curbs gas supplies ahead of the crucial winter heating season. Unprecedented rises in energy prices have sparked inflation.
Gas prices soar as UK raises energy bill cap by 80% to record
This winter, British households will be plunged into an even more severe cost-of-living crisis. Heating bills alone will nearly triple compared to a year ago. The cap on UK domestic energy bills will be raised to a record £3,549 ($4,189) from October 1, UK industry regulator Ofgem said on Friday. Due to the existence of price caps, it is difficult for energy suppliers to simultaneously increase the electricity and gas fees charged to domestic customers in the context of the current surge in gas prices. It was originally scheduled to be adjusted every six months, but in early August it was decided to adjust it every three months to reflect the large fluctuations in the energy market. The new cap is 178% higher than last winter’s cap level of £1,277 and 80% higher than the April level of £1,971. Ofgem said the cap increase reflected continued increases in gas prices.
financial capital
China Securities Regulatory Commission, Ministry of Finance and U.S. regulators sign audit supervision cooperation agreement
On August 26, 2022, the China Securities Regulatory Commission and the Ministry of Finance of the People’s Republic of China signed an audit supervision cooperation agreement with the American Public Company Accounting Oversight Board (PCAOB), and relevant cooperation will be launched in the near future. In accordance with the laws and regulations of the two countries, the cooperation agreement respects common international practices, and in accordance with the principle of reciprocity and mutual benefit, the two parties have made clear agreements on the cooperation of the two parties to conduct regulatory inspections and investigations of relevant accounting firms, forming a cooperation framework that complies with the regulations and regulatory requirements of both parties. The signing of the cooperation agreement is an important step taken by the regulators of China and the United States in addressing the issue of common concern of audit supervision cooperation, and lays a foundation for the two sides to actively, professionally and pragmatically promote cooperation in the next stage. Promoting cross-border audit supervision cooperation in accordance with the law will help to further improve the quality of practice of accounting firms, protect the legitimate rights and interests of investors, and create a good international regulatory environment for enterprises to carry out cross-border listing activities in compliance with laws and regulations.
Relevant person in charge of China Securities Regulatory Commission answers reporter’s question on signing China-US audit supervision cooperation agreement
The signing of the Sino-US audit supervision cooperation agreement is an important step taken by the two sides in solving the problems of Sino-US audit supervision cooperation. In the next step, the two sides will lay a foundation for reciprocal and efficient cooperation under the premise of complying with their respective legal regulations and regulatory requirements, which is in line with the international common practice of capital market regulatory cooperation. The audit supervision cooperation between China and the United States has positive significance for improving the practice quality of accounting firms and protecting the legitimate rights and interests of investors, and also helps to create a good regulatory environment for enterprises to carry out cross-border listing activities in accordance with laws and regulations.
The first domestic virtual power plant management center was established!Communication aggregation into a key picture overview of industry chain companies
Shenzhen Virtual Power Plant Management Center was established – this is also the first virtual power plant management center in China. The Shenzhen virtual power plant has been connected to 14 load aggregators of distributed energy storage, data center, charging station, subway and other types, with an access capacity of 870,000 kilowatts, which is close to the installed capacity of a large coal power plant. It is estimated that by 2025, Shenzhen will build a virtual power plant with an adjustable capacity of 1 million kilowatts, and gradually form a stable adjustment capacity of about 5% of the annual maximum load. The management center is located in the Shenzhen Power Supply Bureau of China Southern Power Grid, which is managed by the Shenzhen Development and Reform Commission. At the technical level, the management platform adopts the “Internet + 5G + intelligent gateway” communication technology, which can meet the technical requirements of grid dispatching for real-time adjustment instructions and online real-time monitoring of the aggregator platform. Provide strong technical support to realize grid peak shaving and valley filling.
Industrial Economy
Li Keqiang sends a congratulatory letter to the 2022 World New Energy Vehicle Conference
Premier Li Keqiang of the State Council sent a congratulatory letter to the 2022 World New Energy Vehicle Conference on August 27. Li Keqiang pointed out that China, as the largest developing country in the world, needs to carry out extensive international cooperation whether it is dealing with climate change or promoting green and low-carbon development. For a long time, China has carried out exchanges and cooperation in the fields of equipment, technology, and standards with countries with relatively early development of the automobile industry, which not only realizes complementary advantages, but also jointly promotes the development and upgrading of the industry. Our support policy for the new energy vehicle industry is in line with international rules, and treats all new energy vehicle companies registered in China equally. China will continue to deepen international cooperation in related fields of the new energy automobile industry with an open attitude, promote development through cooperation, and promote upgrading through development, so as to better achieve mutual benefit and win-win results with all parties, and jointly plan a new chapter for the development of the automobile industry and the global economy. The sustainable development of society adds new momentum.
China Banking and Insurance Regulatory Commission: agree in principle that the two banks enter bankruptcy proceedings
On August 26, the China Banking and Insurance Regulatory Commission issued a reply to the bankruptcy applications of Liaoyang Rural Commercial Bank and Taizihe Rural Bank, agreeing in principle that the two banks enter bankruptcy proceedings. The two replies show that the China Banking and Insurance Regulatory Commission agrees in principle that the two bank limited companies enter bankruptcy proceedings, and the two banks should carry out follow-up work in strict accordance with the requirements of relevant laws and regulations, and report to the China Banking and Insurance Regulatory Commission in a timely manner in case of major situations. A few days ago, the China Banking and Insurance Regulatory Commission issued a notice saying that the outlets, personnel and deposits of the two banks have been undertaken, and the undertaking party is Shenyang Rural Commercial Bank.
National Energy Administration: Increase investment in shale oil exploration and development
On August 25, the National Energy Administration organized a shale oil exploration and development work conference in Dongying City, Shandong Province. The meeting emphasized that it is necessary to improve the political position, shoulder the mission, strengthen supporting guarantees, and promote the high-quality development of shale oil. In the next step, we must emancipate our minds and increase investment in shale oil exploration and development; we must strengthen our beliefs and do a good job in the big article on shale oil recovery; we must be driven by innovation and give full play to the leading role of scientific and technological innovation; we must give priority to ecology , and comprehensively promote the green and low-carbon development of shale oil; it is necessary to cooperate with various parties to strengthen policy support and guarantee.
my country’s natural gas production is expected to increase by more than 10 billion cubic meters this year
The recently released “China Natural Gas Development Report (2022)” pointed out that this year, in the face of an extremely complex external environment, the production, supply, storage and sales of my country’s natural gas industry have been coordinated, and the development has been generally stable. It is expected that natural gas production will increase by more than 10 billion cubic meters this year. This year, my country will base itself on the domestic market, increase the release of domestic supply potential, enhance independent support capabilities, and vigorously enhance exploration and development efforts. Focusing on hard-to-produce reserves resources such as deep and deep-water conventional gas, deep shale gas, and coalbed methane, we will promote efficient production and efficient production. give birth. On the basis of the national natural gas production of 207.6 billion cubic meters in 2021, we will strive to increase production by more than 10 billion cubic meters in 2022. We will speed up the investment and construction of natural gas infrastructure moderately ahead of time, and accelerate the promotion of a number of major landmark projects such as the southern section of the China-Russia East Line, the middle section of the third West-East Gas Pipeline, the fourth West-East Gas Pipeline, and the second Sichuan-East Gas Pipeline to ensure energy security.
Company focus
People familiar with the matter: Wenjie and Extreme Krypton areThe first batch of brands of Kirin battery in CATL
On August 27, the first financial reporter learned from people familiar with the matter that the first batch of brands of Kirin batteries in the Ningde era were confirmed, which were Wenjie and Jikr. The above-mentioned brands originally planned to sign contracts at the 2022 World New Energy Vehicle Conference this afternoon. The above-mentioned people familiar with the matter said that Geely Automobile’s high-end electric brand Jikr is the first brand of global mass production of Kirin batteries, and Jikr’s pure electric luxury MPV Jikr 009 will become the world’s first model for the global mass production of Kirin batteries in the CATL era, while Jikr 001 It will become the world‘s first mass-produced model with a pure electric cruising range of more than 1,000 kilometers equipped with Kirin batteries.
Meituan: Adjusted profit of 2.058 billion in the second quarter turned from loss to profit
Meituan announced on August 26 that the company’s second-quarter adjusted profit was 2.058 billion yuan, a year-on-year turnaround. The company’s second-quarter revenue was 50.94 billion yuan, with an estimated 48.58 billion yuan.
Sinopec: Net profit in the first half of the year was 43.53 billion yuan, a year-on-year increase of 10.4%
Sinopec (600028) disclosed its semi-annual report on August 28. The company’s semi-annual revenue in 2022 was 1,612.126 billion yuan, a year-on-year increase of 27.9%; net profit attributable to the parent was 43.53 billion yuan, a year-on-year increase of 10.4%; basic earnings per share was 0.36 Yuan. The company announced on the same day that the company plans to use its own funds of not less than 1.25 billion yuan and not more than 2.5 billion yuan to repurchase the company’s A shares.