September 20th Global Macro Update
Latest Global Major Index
International Crude Price Trend and Exchange Rate of RMB to USD Trend
Domestic News
1. During the month, 559 listed companies were surveyed by brokers, and semiconductor, AI and other industries attracted attention
2. The "Insurance + Futures" project of ZCE was fully launched, and more than 30 futures companies actively participated
3. Some of the previously postponed "rights-containing" funds have recently launched intensive issuance
4. CRRC's 1000kW power level oil-electric hybrid locomotive rolled off the first launch
5. China's September LPR quotation is about to be released, and the market is expected to drop by about 20bp
International News
1. Foreign media: OpenAI requires investors to contribute at least $250 million
2. Chinese representative: The nuclear submarine cooperation between the United States, the United Kingdom and Australia is a complete nuclear proliferation
3. China urges Israel to abandon its obsession with the use of force and immediately stop its military operations in Gaza
4. After the intensive air raid on southern Lebanon, the Israeli army asked the residents in the north to stay near the air-raid shelters
5. Lebanon Mission to the United Nations: Communications equipment was inserted with explosives before arriving in Lebanon and detonated by remote control
Domestic News
1. During the month, 559 listed companies were surveyed by brokers, and semiconductor, AI and other industries attracted attention
According to the data, as of September 19 this month, brokerages have conducted a total of 3,316 in-depth surveys on 559 listed companies in the A-share market, especially in the fields of scientific and technological innovation such as electronics, semiconductors and artificial intelligence. The research of leading brokerages is more "diligent". Since the beginning of this month, the brokerage firm with the largest number of surveys has been CITIC Securities, which has conducted 160 surveys; followed by Huatai Securities, which has conducted 110 surveys; Guotai Junan and Changjiang Securities both conducted more than 100 surveys; China Securities Construction Investment, CICC, and Northeast Securities have all conducted more than 90 surveys.
2. The "Insurance + Futures" project of ZCE was fully launched, and more than 30 futures companies actively participated
Recently, according to the Zhengzhou Commodity Exchange, in order to protect farmers' income and actively respond to the policy spirit of the No. 1 Central Document on encouraging all localities to vigorously develop characteristic industries according to local conditions, ZCE has continued to expand and explore new varieties and new models in combination with the results of the pilot, and has fully launched the "Insurance + Futures" project in 2024. It is reported that ZCE has supported 27 "insurance + futures" projects this year, covering 10 provinces such as Xinjiang, Gansu, Shaanxi, Guangxi, and Yunnan. Insurance companies including PICC Property Insurance, Pacific Property Insurance, Zhongyuan Agricultural Insurance and Yangtze River Property Insurance also actively participated, and more than 30 futures companies participated in the underwriting of many products.
3. Some of the previously postponed "rights-containing" funds have recently launched intensive issuance
In the stage of grinding the bottom of the domestic equity market, the issuance of "rights-containing" funds (funds with equity assets in the asset portfolio) has been cold as a whole. However, the reporter noticed that some of the previously postponed "rights" funds have recently launched intensive issuance. The reporter learned from the industry that some fund companies delayed the raising of "rights-containing" funds, on the one hand, because of the previous sluggish investor sentiment, the difficulty of channel sales, and the continuous postponement of the issuance schedule; On the other hand, fund companies and distribution channels also hope to wait as far as possible for the market to pick up and market sentiment to improve when the product is issued. Industry insiders believe that with the Federal Reserve's interest rate cut exceeding expectations, large funds continue to inject more support into A-shares, and the bottom of the cycle in many industries has stabilized, perhaps the recovery of the market is ahead.
4. CRRC's 1000kW power level oil-electric hybrid locomotive rolled off the first launch
From September 18th to 19th, CRRC Rail Transit and Clean Energy Equipment Co-chain Action Conference and Dalian Advanced Manufacturing Industry Cluster Exchange Conference were held in Dalian, during which the first 1000kW power level oil-electric hybrid locomotive was launched. According to Sun Shidong, Deputy General Manager of CRRC Dalian Locomotive and Rolling Stock Co., Ltd., the locomotive adopts independent core hybrid control technology, with a large-capacity lithium-ion power battery as the main power source, and a diesel engine unit assists in charging. The operating time of the diesel engine has been shortened from 24 hours a day to 2 hours, and it is expected to achieve fuel savings of more than 40%.
5. China's September LPR quotation is about to be released, and the market is expected to drop by about 20bp
China's September LPR quotation is about to be released, and the market expects that it may fall by about 20bp. Industry participates believe that the Fed's interest rate cut has opened up a more relaxed operating space for China's central bank in formulating monetary policy, and it is expected that China's subsequent adjustment of RRR and interest rate cuts may be accelerated. For the real estate market, the LPR of more than 5 years is expected to be further reduced, and the cost of housing for residents will also decline. At the same time, the expectation of a reduction in the interest rate of existing mortgages is also strengthening.
International News
1. Foreign media: OpenAI requires investors to contribute at least $250 million
According to The Information, recently, OpenAI is in talks for a round of funding, and its valuation could reach $150 billion. According to people familiar with the matter, the company has asked investors to contribute at least $250 million. In short, OpenAI is close to completing a new round of $5 billion to $7 billion funding, led by Thrive Capital, which has pledged to invest $1 billion. Microsoft, Nvidia and Apple are in talks to invest. The tech companies' share of the round is expected to reach $2 billion to $3 billion, but it's unclear whether they're putting in cash or a mix of cash and other resources, such as computing power, one of the people said. Tiger Global and Abu Dhabi-based AI investment firm MGX are also in discussions to participate in the round.
2. Chinese representative: The nuclear submarine cooperation between the United States, the United Kingdom and Australia is a complete nuclear proliferation
The 68th General Conference of the International Atomic Energy Agency (IAEA) is taking place in Vienna. At the instigation of China, the IAEA has deliberated on the issue of nuclear submarine cooperation among the United States, the United Kingdom and Australia in the form of intergovernmental discussions for the 15th consecutive time. Li Song, China's Permanent Representative to the IAEA, said that the US-UK-Australia nuclear submarine cooperation is an out-and-out nuclear proliferation that involves the transfer of several tons of weapons-grade highly enriched uranium, which poses a serious impact and severe challenge to the international nuclear non-proliferation regime and the IAEA safeguards system. Li Song called on IAEA member states to jointly promote the process of intergovernmental discussions in a highly responsible attitude towards the international nuclear non-proliferation regime, and properly respond to the challenges of US-UK-Australia nuclear submarine cooperation.
3. China urges Israel to abandon its obsession with the use of force and immediately stop its military operations in Gaza
On the 19th local time, the United Nations Security Council held a public meeting on the Palestinian-Israeli situation, especially on the implementation of Security Council Resolution 2334, which requires Israel to stop illegal settlement activities. Geng Shuang, China's Deputy Permanent Representative to the United Nations, said in his speech that the occupation will not make Israel more secure, but will only breed more hatred and confrontation, and will forever plunge the Palestinians and Israelis into a vicious circle of violent conflict. Only by ending the occupation and allowing Palestine to achieve an independent state can we truly achieve peaceful coexistence between Palestine and Israel and achieve long-term peace and stability in the Middle East. China urges Israel to abandon its obsession with the use of force, abandon the myth of a complete military victory, immediately cease its military operations in Gaza, stop violating Lebanon's sovereignty and security, and stop its adventurous acts that could drag the region into another catastrophe. We support the Security Council in using all the options in its toolbox to promote the implementation of relevant resolutions and take further actions in a timely manner to quell the fighting at an early date, alleviate the humanitarian catastrophe and achieve peace in the Middle East.
4. After the intensive air raid on southern Lebanon, the Israeli army asked the residents in the north to stay near the air-raid shelters
On the evening of the 19th local time, after Israel carried out intensive air strikes on southern Lebanon, the Israel Defense Forces asked residents in the Golan Heights and northern Israel, including the Upper Galilee area, to stay near bomb shelters. In a statement, the Israeli army called on residents in the above areas to reduce outdoor activities, avoid large gatherings, and stay near bomb shelters until further notice.
5. Lebanon Mission to the United Nations: Communications equipment was inserted with explosives before arriving in Lebanon and detonated by remote control
On the evening of the 19th local time, the Lebanon delegation to the United Nations said in a letter to the Security Council that according to the preliminary investigation, the Lebanese authorities found that the explosive communication equipment had been planted with explosives before arriving in the country, and was detonated by sending electronic messages to these devices. Lebanon Minister of Public Health Filas· Abyad said on the 19th that the explosion of communication equipment in Lebanon on the 17th and 18th had killed 37 people and injured 2,931 people. The death toll from the bombing on the 18th has risen to 25 and the number of injured has risen to 608, of which 61 are seriously injured.
Domestic Macro Economy Index
