CBN丨China state fund increases stakes in major Chinese banks

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CBN丨China state fund increases stakes in major Chinese banks

2023-10-15 14:29:38 105960

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Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要

China's “Big Four” banks announce stake increases by state parent Huijin, driving Chinese equities to an immediate rise;
China develops new record-breaking “Jiuzhang” quantum computer prototype.

Here’s what you need to know about China in the past 24 hours

中国经济要闻

China’s sovereign wealth fund increased its stake in the nation’s biggest banks for the first time since 2015, stoking speculation authorities will intensify efforts to prop up the sinking stock market.

Central Huijin has bought around a total of 477 million yuan of shares in Bank of China, Agricultural Bank of China, China Construction Bank, and Industrial and Commercial Bank of China and plans to further boost holdings in the banks in the coming six months, according to disclosures of the banks on Wednesday.

Specifically, the investment company bought 27.61 million shares in the Industrial and Commercial Bank of China and 37.27 million shares in the Agricultural Bank of China. It also increased stakes in the Bank of China and the China Construction Bank by 24.89 million shares and 18.38 million shares, respectively, said their statements.

Central Huijin Investment, a vehicle under China Investment Corp, undertakes domestic equity investments in state-owned financial institutions in China, without interfering in the daily operations of its portfolio companies. It exercises its rights and performs its obligations as a shareholder to the extent of its capital contribution, according to its website.

Huijin directly held equity interests in 17 financial institutions, including banks, securities companies, insurance companies at the end of 2021, according to its latest annual report.

The moves sent the A-share market climbing on Thursday morning. The CSI 300 Index jumped nearly 1 percent in the morning session, led by financial stocks. Hong Kong’s benchmark Hang Seng Index also opened 2 percent higher today.

Widely regarded as China's stabilization fund, Huijin’s increase in the holdings sends a positive signal that will strengthen investor sentiment, Hong Hao, chief economist at GROW Investment Group, said in a research note.

Market analysts also noted that while the equity purchases by Huijin are modest, they mirror efforts made during a stock market crash eight years ago to put a floor under stock prices and minimize panic selling, signifying the government’s desire to maintain market stability.

重磅利好来了。

10月11日晚间，工、农、中、建四大国有商业银行集体发布公告，获大股东汇金公司增持。

具体来看，汇金公司增持工商银行约2761.20万股，增持后持有工商银行A股股份约1237.45亿股，持股比例34.72%；增持农业银行3727.22万股，增持后持有农业银行A股股份约1401.25亿股，持股比例40.04%；增持中国银行2488.79万股，增持后持有中国银行A股股份约1884.86亿股，持股比例64.03%；增持建设银行约1838万股，增持后约持有建设银行约1428.05 亿股，持股比例57.12%。汇金公司拟在未来6个月内（自本次增持之日起算）以自身名义继续在二级市场增持四大行股份。

以10月11日四大行收盘价估算，汇金公司增持工、农、中、建的金额分别约为1.3亿元、1.36亿元、0.94亿元、1.17亿元，合计约4.77亿元。

其此番增持四大银行，在业内人士看来意义显著，传递出稳定资本市场的积极信号，体现了监管层呵护市场的意图，同时有望带动银行股重回中特估主线，继而实现板块节奏大带小，地板推动天花板。

中央汇金出手增持四大行，市场影响不容小觑。

二级市场上，工、农、中、建在11日分别录得0.85%、1.11%、0.80%和1.28%的涨幅。10月11日晚间，富时中国A50指数期货持续拉升，涨幅一度扩大至1.7%。美股市场开盘后，中概股亦集体大涨，纳斯达克中国金龙指数盘中一度大涨超1.7%。

12日开盘，A股三大指数集体高开，沪指高开0.74%，深成指高开0.6%，创业板指高开0.58%，银行、证券板块领涨，四大行集体高开超1%。

汇金公司增持银行股被认为是稳定市场的重要信号，回顾历史，在市场低迷的2008年、2013年，汇金公司曾多次出手增持，最终市场走出低迷。上一次集体增持动作还是在2015年。

官网显示，汇金公司是由国家出资设立的国有独资公司，根据国务院授权，对国有重点金融企业进行股权投资，以出资额为限代表国家依法对国有重点金融企业行使出资人权利和履行出资人义务，实现国有金融资产保值增值。中央汇金公司不开展其他任何商业性经营活动，不干预其控股的国有重点金融企业的日常经营活动。

中央汇金具有雄厚的资本实力，控股参股包括银行、保险、证券、综合性机构在内的四大类近20家龙头企业。根据2023年半年报，其总资产和净资产分别高达6.71万亿元和6.21万亿元。

Greater Bay Area, Greater future

新使命，大未来

As a key step in promoting the nation's digital currency, or e-CNY, Shenzhen, Guangdong province, launched on Wednesday China's first digital renminbi industrial park in the city's Luohu district, with the first batch of nine financial companies, including Lakala Payment, settling in. Along with the launch of the park, the district government unveiled an outline with 10 initiatives to boost the development of the local digital RMB ecosystem. The Luohu government will arrange a total of 100 million yuan as special support funds over the next three years to develop the digital RMB ecosystem in Luohu, focusing on computing, algorithms and data concerning the digital economy.
全国首个数字人民币产业园在深运营：10月11日，记者从深圳(罗湖)数字人民币应用生态示范区发布活动上获悉，全国首个数字人民币产业园在深圳市罗湖区正式启幕运营，首批9家意向入园企业签约。同时，正式推出《罗湖区关于高质量建设数字人民币应用生态示范区的若干措施》（称为罗湖“数币十条”）：三年投入1亿元专项扶持资金，重点围绕数字经济涉及的算力、算法、数据，关注数字人民币系统升级、支付+行业解决方案、智能合约应用、硬钱包+智能硬件、数字人民币运营推广、数据要素运营交易等赛道，推动数字人民币产业化发展。
A working group led by HKEXhas been hastening to devise an arrangement that would enable the Hong Kong stock market to operate under adverse weather conditions such as typhoon, media reported today citing people familiar with the matter. The sources remarked that a preliminary consensus has been reached on the matter of not being unable to carry out the settlement of checks when opening the stock market under typhoon conditions, an issue that concerns securities firms most. The working group proposed that, during typhoon situations, bank branches should remain closed and not accept physical checks. However, they should still process and settle the checks received on the previous day, as well as to adopt electronic transfer for transactions. HKEX might initiate a public consultation on the matter as soon as this quarter.
港交所或年内就台风期间交易进行咨询：10月12日媒体援引知情人士报道，由港交所主导的工作小组正加紧推进台风期间开市安排。因中小型券商很多客仍爱用支票支付交易，为消除这障碍，及顾及人员安全，工作小组的参与方已取得初步共识，建议台风期间银行分行依旧关闭不接受支票，但须结算上日所收的支票；建议证券商采用电子转帐方式。银行公会正就相关建议收集业界意见，料明年第二季度银行或能实现台风期间提供支票结算服务，港交所或最快于本季度进行公众咨询，不过以其最终公布的时间表为准。
Shareholders of Cathay Pacific Airways have approved a capital reduction program that will allow Hong Kong’s flagship carrier to buy back 50 percent of preference shares worth HK$9.75 billion starting from the end of this year. In August, Cathay proposed a plan to buy back 50 percent of the HK$19.5 billion preference shares owned by the SAR government, provided as part of the restructuring plan in 2020 amid the pandemic. The carrier will buy back the remainder by the end of July 2024.
国泰航空年底前回购50%优先股：10月11日，国泰航空举行特别股东大会，表决赎回香港政府优先股所需的削减股本决议。收市后，国泰航空宣布批准建议减少股本议案获99.9986%比例通过。国泰航空主席贺以礼重申，感谢政府2020年参与资本重组计划，投资195亿港元优先股，如今已支付总计18.2亿港元股息，并有意于今年年底前回购50%优先股，即97.5亿港元，其余优先股会于2024年7月底前回购。

Next on industry and company news

产业及公司新闻

The latest version of China’s quantum computer has broken the world record for quantum computing in a scientific test, further cementing the country’s status as a global leader in the field of photonics quantum computing. The Jiuzhang 3.0 prototype achieved a speed that is 1 million times faster at solving Gaussian Boson Sampling problems compared with its predecessor Jiuzhang 2.0, according to an article published in Physical Review Letters yesterday. Moreover, the most complex samples of GBS that Jiuzhang 3.0 can calculate in just one microsecond would take the world's fastest supercomputer, Frontier, more than 20 billion years to complete. A research team from the University of Science and Technology of China and a research institute under the Chinese Academy of Sciences collaborated to build the prototype, with 255 detected photons, which improves the level of photon manipulation and the complexity of quantum computing.
“九章三号”量子计算原型机研制成功：10月11日，中国科学家宣布成功构建了量子计算原型机“九章三号”，其求解高斯玻色取样数学问题的速度，比目前全球最快的超级计算机快一亿亿倍，在研制量子计算机之路上迈出关键一步。“九章三号”是由255个光子构建而成的量子计算原型机，该原型机由中科大潘建伟、陆朝阳等组成的研究团队与中国科学院上海微系统与信息技术研究所、国家并行计算机工程技术研究中心合作构建。据业界公开的最优算法，“九章三号”处理高斯玻色取样的速度比“九章二号”提升一百万倍。“九章三号”1微秒可算出的最复杂样本，当前全球最快的超级计算机约需200亿年才能完成。
The construction engineering unit of Chinese oil and gas giant CNPC won its second contract in just over a month to expand the capacity of a crude oil processing facility of a large onshore oilfield in the United Arab Emirates. China Petroleum Engineering and Construction Corporation will build the sixth processing station of the Bu Hasa Oilfield's crude oil CPF operated by Abu Dhabi National Oil Company Onshore for $297 million, CPECC's parent company announced yesterday. The project will have the capacity of processing 167,000 buckets of crude oil daily when completed.
中油工程中标2.97亿美元阿布扎比石油项目：10月11日晚间公告，近日，公司全资子公司中国石油工程建设有限公司（CPECC）获得业主阿联酋阿布扎比国家石油公司陆上公司（ADNOC Onshore）发来的布哈萨油田中心处理站第六列项目的授标函，项目涉及合同额约2.97亿美元，约合人民币21.65亿元。据公告，布哈萨项目属于阿联酋P5石油增产计划的一部分，布哈萨油区产量将从65万桶增加至75.1万桶，增产的10.1万桶将通过第六列进行处理，第六列设计处理能力16.7万桶/天，包括新建设施和对部分现有设施进行拆除移位和改造，项目合同工期39个月。
Shares of Xiling Power Science & Technology surged after the Chinese auto parts supplier said it has penned a deal with an investment group in the UAE to build a factory in China. Xiling Power and Abu Dhabi-based Bin Omeir Holding Group will spend 700 million yuan to set up a new energy vehicle parts factory with an annual output of 2 million NEV subframes and 500,000 electric scroll compressors, the firm announced late yesterday.
中东资本7亿投建新能源车零部件合资公司：10月12日，西菱动力走势强劲，收涨8.31%。消息面上，10月11日，西菱动力晚间公告，公司与本奥米尔控股集团有限公司签订《战略合作框架备忘录》，计划设立合资公司投资7亿元用于开发新能源汽车零部件—轻量化副车架及高效电动涡旋压缩机，预计年产200万套轻量化副车架及50万套汽车用高效电动涡旋压缩机。
Chinese telecoms service provider China Bester Group Telecom said it will invest 5.5 billion yuan to develop the firm's business base in Hefei, Anhui province, which will mainly consist of a green high-performance computing power center and battery pack plant. The facilities will achieve an annual revenue of 10 billion yuan and pay around 400 million yuan in taxes per year once finished, the company said yesterday, citing a deal recently signed with Hefei Shushan Economic Development Zone.
合肥签下中贝通信55亿项目：10⽉11⽇晚间，中⻉通信公告称，9⽉28⽇，公司与合肥蜀⼭经济开发区管理委员会签订了招商引资协议，公司拟在蜀⼭经济开发区建设中⻉通信华东基地，主要包含低碳AI算⼒中⼼及⾼效动⼒及储能电池PACK项⽬。中⻉通信表示，该项⽬投资总额约55亿元，建成达产后，预计实现年营业收⼊近100亿元，年纳税额近4亿元。
Haomo.Ai, an autonomous driving company backed by China's Great Wall Motor, unveiled on Wednesday three low-cost smart driving systems capable of Level 2 features. The three systems, priced from around 3,000 yuan ($411) to 8,000 yuan, are scheduled to be available in vehicle models from late 2023 and early 2024, said the company.
毫末发布三款千元级HPilot产品：10月12日消息，在第九届毫末AI DAY上，毫末发布了HP170、HP370、HP570三款“极致性价比”智能辅助驾驶产品，预计将在2023年和2024年先后上车。其中，毫末HP170是3000元级“极致性价比”的高速无图NOH，可以实现行泊一体智驾；毫末HP370是5000元级“极致性价比”的城市记忆行车与记忆泊车，可以实现行泊一体智驾；毫末HP570是8000元级“极致性价比”的城市全场景无图NOH产品，未来将在100+城落地。

Switching gears to financial news

金融市场消息

China's newly implemented tax refunds, as well as tax and fee cuts and deferrals, exceeded 1.15 trillion yuan ($137 billion) in the first eight months of this year, with 75 percent targeting private enterprises, according to the State Taxation Administration on Wednesday.
前8月全国新增减税降费及退税缓费超1.15万亿：国家税务总局最新数据显示，前8个月，全国新增减税降费及退税缓费超过1.15万亿元，其中近75%惠及民营企业。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks rallied on Thursday as traders welcomed news that China's investment fund had bought a stake in the country's banking giants. The benchmark Shanghai Composite rose 0.9 percent to stand above 3,100 points and the Shenzhen Component gained 0.8 percent. Hong Kong’s Hang Seng index also climbed 1.9 percent, and the TECH index added 1.7 percent.
A股高开高走港股六连涨：周四A股大盘早间高开后全天维持高位震荡走势，沪指涨近1%收复3100点。截至收盘，沪指涨0.94%，深证成指涨0.83%，创业板指涨0.76%。两市超3300股上涨，全天成交8313亿元，北上资金净买入66.16亿元。港股录得6连涨行情，恒指涨1.93%重回18000点关口上方，恒生科技指数涨1.68%。

Biz Word of the Day

财经词汇划重点

Gaussian Boson Sampling (GBS) is a form of photonic quantum computation. It exploits the principles of quantum mechanics to perform certain types of computations deemed challenging for traditional computers.
高斯玻色采样（Gaussian boson sampling，GBS）是一种利用光子干涉进行计算的量子计算方法。它涉及从具有高斯输入的随机线性光学电路的输出分布中进行采样。在GBS中，光子被发送到一个复杂的光学电路中，在那里它们相互干涉并在光子探测器上产生一系列点击模式。这些点击模式然后被用来解决计算问题。