August 5, Compilation of Main Topics on the Front Pages of Five Major Disclosures Newspapers:

Media Outlet

Main Content

Economic Information Daily

Imminent Key Measures for Pension Deep Reform Acceleration

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China Securities Journal

1,000 Companies! Growth of ChiNext Market Value Approaching 14 Trillion Yuan

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Shanghai Securities News

CSRC Vice Chairman Yan Qingmin: Private Listed Companies Must Establish "Five Perspectives" for High-Quality Development

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Securities Times

Accumulating Momentum, the Offshore RMB Market is Poised for Further Acceleration

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Securities Daily

Predicted Increase in Tax and Fee Reductions to Exceed 700 Billion Yuan, Semi-annual Reports Reveal Some Dividend Details

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【Economic Information Daily】

- Front Page -

Imminent Key Measures for Pension Deep Reform Acceleration

As the 2024 pension increase benefits continue to be distributed, China's deep reform of the pension system is gradually unfolding and approaching a climax. In recent times, authoritative departments have frequently spoken of accelerating the promotion of the national pooling of enterprise employees' basic endowment insurance. It is understood that relevant departments are accelerating the formulation and promulgation of specific implementation methods for national pooling, and a national pooling information system for enterprise employees' basic endowment insurance will be established within the year. At the same time, in terms of the construction of a multi-level and multi-pillar pension system, the overall policy framework of the "three pillars" has been formed, and supporting policies for the individual pension system are being researched and formulated to promote their implementation as soon as possible.

- News -

Service Industry PMI Rebounds Sharply, Showing a Strong Expansion Trend

The Caixin China General Service Industry Activity Index (service industry PMI) released on August 4 recorded 54.9 for July, not only far exceeding the expected 50.5 but also rising 4.6 percentage points from June, showing a strong expansion trend in the service industry. The strong growth in the service industry PMI offset the drag of the slowdown in the manufacturing industry PMI, with the Caixin China Composite PMI recording 53.1 in July, up 2.5 percentage points from June, indicating an acceleration in the expansion of China's overall economic activities.

Three Departments: Encouraging Home Appliance Manufacturers to Carry Out Targeted Recycling Responsibility Campaign

Journalists learned from the National Development and Reform Commission on August 4 that the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the Ministry of Ecology and Environment recently issued the "Notice on Encouraging Home Appliance Manufacturers to Carry Out Targeted Recycling Responsibility Campaign." In line with the principles of voluntary participation by enterprises, government support, demonstration leadership, and orderly promotion, the campaign encourages home appliance manufacturers to establish a reverse recycling system for used home appliances relying on their product sales and maintenance service networks, further optimizing recycling channels, and smoothing the circulation and consumption of home appliances as well as their recycling and utilization, promoting the renewal consumption of home appliances.

Central and Local Governments Accelerate Layout of Disruptive Technologies, Seizing the Initiative in Innovation

As an important "tool" for enhancing national competitiveness in the future, disruptive technologies are ushering in a wave of policy benefits. Journalists learned from relevant science and technology departments that China is accelerating the exploration of establishing a discovery and funding mechanism for disruptive technologies, strengthening the identification and recommendation of non-consensus projects, and supporting innovative research of new concepts. Perfecting the project formation and organization and implementation mechanisms of national major science and technology plans is the core task of the current reform of the science and technology system, and pilot reforms have taken the lead. At the same time, regions including Beijing, Shanghai, Zhejiang, and several top universities are accelerating the research and development and industrial layout of disruptive technologies.

127 Companies under Registration System Withdraw IPO Applications

Currently, among the 19 IPO companies for on-site inspection announced by the Securities Association of China in the fourth batch this year, three companies have withdrawn their applications. According to data statistics from the exchanges, a total of 127 companies under the registration system have terminated the review process due to withdrawal of applications. Since the beginning of this year, regulatory agencies have repeatedly emphasized that intermediary institutions should fulfill their responsibilities, while further improving systems and mechanisms, focusing on enhancing regulatory effectiveness, and urging securities companies to take the initiative to fulfill their responsibilities.

【China Securities Journal】

- Front Page -

1,000 Companies! ChiNext Market Quickly Expanding, Total Market Value Approaching 14 Trillion Yuan

On August 4, with the listing of Beijing Jiejiete Group Co., Ltd. and Shenzhen Water Design Institute Co., Ltd. on the ChiNext Board of the Shenzhen Stock Exchange, this board, which carries the mission of serving innovative and growing enterprises, has reached a significant moment with the number of listed companies reaching 1,000. As of now, the number of ChiNext companies accounts for 22.55% of the total number of A-share companies, with a total market value of 13.55 trillion yuan, accounting for 15.86% of the total market value of A-shares.

- News -

Facing Peak Electricity Consumption Periods, Effective Supply Ensured During the Summer Peak

Since the beginning of the summer peak this year, the national power generation and consumption have rapidly increased, with both recently breaking historical peaks. In some local areas, supply and demand are tight during peak hours, with the issue of energy supply during the summer peak drawing attention. Journalists learned from relevant aspects that the overall national power operation has been stable in the face of the first rapid increase in electricity consumption this summer. With the steady improvement of China's power supply foundation, the increasingly完善 energy supply guarantee system, and the deep implementation of the time-of-use electricity pricing mechanism, there is no problem in facing even higher electricity consumption peaks.

Beijing Introduces Micro and Small Enterprise Financial Service Action Plan

To further enhance the ability of financial services to support the real economy and help more market entities maintain vitality, the Beijing Branch of the People's Bank of China, the Beijing Banking and Insurance Regulatory Bureau, and the Beijing Securities Regulatory Bureau jointly issued the "Action Plan for Further Improving the Financial Service System for Private and Small and Medium-sized Enterprises in Beijing (2024-2024)" yesterday. The plan proposes three-year action targets, striving to achieve a rapid growth rate in small and micro enterprise loans in the Beijing region from 2024 to 2024, with the average annual growth rate of inclusive small and micro enterprise loans being more than 10 percentage points higher than that of all loans.

【Shanghai Securities News】

- Front Page -

CSRC Vice Chairman Yan Qingmin: Private Listed Companies Must Establish "Five Perspectives" for High-Quality Development

On August 4, the China Association for Listed Companies announced that it, together with the Economic Department of the All-China Federation of Industry and Commerce, and the Shanghai and Shenzhen Stock Exchanges, recently held a "Special Training for Private Listed Companies" in Beijing. CSRC Vice Chairman Yan Qingmin put forward five suggestions for private listed companies, namely, to establish a "macro perspective," "rule of law perspective," "risk perspective," "governance perspective," and "shareholder perspective."

- News -

After Two Years of Pilot Registration System, A-share "Market Expansion Phobia" Gradually Disappears

Looking back at the two-year anniversary of the establishment of the Science and Technology Innovation Board and the pilot registration system, the A-share market has overall demonstrated good financing functions. Data as of July 21 show that the 311 companies on the Science and Technology Innovation Board have raised a total of 3,805.85 billion yuan in initial public offerings. Among them, Zhipu Semiconductor Co., Ltd. raised the highest amount, reaching 532.3 billion yuan. In the first half of 2024, the A-share market achieved the highest level of financing in the same period in history, and the market operation remained stable, which is quite different from the past "market expansion phobia" that occurred whenever new shares were continuously issued.

The National Development and Reform Commission Strengthens Measures to Ensure Stable Coal Market

Since the release of the "Notice on Energy Peak Shaving and Supply Work in the Summer of 2024" in mid-July, the Economic Operation Regulation Bureau of the National Development and Reform Commission has conducted six surveys to the Bohai Rim ports, Ordos, Yulin and other places, urging relevant parties to ensure the supply of electric coal, prevent hoarding and price manipulation, and promote the stable operation of the coal market.

【Securities Times】

- Front Page -

Accumulating Momentum, the Offshore RMB Market is Poised for Further Acceleration

The People's Bank of China recently mentioned "developing the offshore RMB market" again in its key work arrangements for the second half of the year. Under the current new development pattern of "dual circulation," with the deepening of RMB exchange rate marketization reforms and the increasing frequency of cross-border capital flows, the development of the offshore RMB market is expected to accelerate again.

- News -

Food and Drugs Listed in the Management Scope of Serious Illegal and Dishonest Market Supervision

The Market Supervision Administration of China recently issued three departmental regulations and normative documents: the "Measures for the Management of the List of Serious Illegal and Dishonest Entities in Market Supervision," the "Provisions on the Publicity of Administrative Punishment Information in Market Supervision," and the "Measures for the Restoration of Credit in Market Supervision." These will come into effect from September 1 this year. Fields such as food, drugs, and special equipment have been included in the management scope of serious illegal and dishonest market supervision, prompting market entities to enhance their awareness and level of law-abiding and honest operation.

Lock-price Additional Issuance by Strategic Investors Quietly Taking Shape, Becoming Standard Practice

According to the journalists' analysis, among the nine new additional issuance plans with lock-price by strategic investors this year, most plans show that strategic investors voluntarily extend the lock-up period to 36 months. Compared to the past, new plans also show new characteristics, such as an increasing number of strategic investors with state-owned background, willing to hold a large proportion of shares, generally becoming the second-largest shareholders of listed companies. In addition, several new plans also show that the raised funds will be used entirely for补充流动资金 or debt repayment. Whether these plans can pass regulatory review remains to be seen by the market.

【Securities Daily】

- Front Page -

Predicted Increase in Tax and Fee Reductions to Exceed 700 Billion Yuan, Semi-annual Reports Reveal Some Dividend Details

This year, China has implemented a series of tax and fee reduction policies. At a press conference held by the Ministry of Finance on July 30, Minister of Finance Liu Kun stated that the predicted total increase in tax and fee reductions for the year is expected to exceed 700 billion yuan. With the gradual disclosure of semi-annual reports, the benefits of tax and fee reductions have already been reflected in the performance of some listed companies.

- News -

Social Security Fund New or Increased Holdings in 24 Companies, in Line with Policy Orientation

With the semi-annual reports of listed companies being disclosed, the investment trends of the social security fund (including the basic endowment insurance fund) in the first half of the year have emerged. According to statistics from the same花顺iFinD, as of the time of writing on August 4, among the listed companies that have disclosed their 2024 semi-annual reports, the top ten tradable shareholders of 40 companies include the social security fund, with 24 companies being newly added or increased in holdings compared to the first quarter report. Some analysts say that from the disclosed data, the social security fund is increasing its investment in A-shares and accelerating the layout of high-quality industries in line with policy orientation.

Science and Technology Innovation Board Welcomes the Fifth "A-Split-A" Company, Subsidiaries' Market Value Higher than Parent Companies

On August 5, the Science and Technology Innovation Board welcomed the fifth "A-Split-A" company - Xiamen钨业 New Energy. In addition, Gaotie Electrical has passed the registration effective date on July 6 and is expected to become the sixth "A-Split-A" company on the Science and Technology Innovation Board. According to data from Eastmoney Choice, as of August 4, the dynamic market value of the four "A-Split-A" companies previously listed is all higher than that of their parent companies. Among them, the dynamic market value of Baikang Biotechnology is 161.08 times, significantly higher than that of its parent company, Changchun High-tech (35.55 times).