Fidelity: Maintaining a high allocation to stocks, high yield bonds, etc.
Thomas Poullaouec, head of diversified assets solutions for the Asia-Pacific region at Prudential, and his team released a latest report indicating that, in light of the loose mmf policy, china's stimulus measures, and the expected expansion of profit growth, Prudential continues to maintain a relatively high allocation to stocks.
The latest statement from the National Development and Reform Commission: The "new two" policy will be strengthened and expanded.
Source: China Brokerage On November 19, the National Development and Reform Commission held a press conference. At the meeting, Li Chao, Deputy Director of the Policy Research Office of the National Development and Reform Commission and the Commission's spokesperson, responded to key issues in several macroeconomic areas. Here are the key points of the response: 1. It is expected that the economic operation in November and December will continue the upward trend since October; 2. Overall, the basic trend of China's economic recovery and long-term improvement remains unchanged, and we are full of confidence in this; 3. The National Development and Reform Commission will also study and propose policy measures to further increase support and expand the scope of support in the future, to be implemented in a timely manner after relevant procedures are completed.
Paul Chan Mo-po: Issuing retail bonds for infrastructure to enhance citizens' sense of participation, as well as to finance infrastructure projects.
The Hong Kong government today announced the issuance of infrastructure retail bonds for subscription by Hong Kong residents.
How will the large-scale debt of 10 trillion affect the market? Institutions and public funds interpret it for the first time.
①Is the debt-to-equity policy meeting expectations? ②Institutions believe that large-scale debt restructuring is necessary and very timely; ③Improved liquidity is driving bond and pro-cyclical asset performance; ④There is still room for future incremental policies.
Caixin C50 Wind Direction Index Survey: Fiscal policy will increase countercyclical adjustment efforts, while the central bank still has ample room for expansion.
① The median forecast for new RMB loans in October is 0.58 trillion yuan, with a year-on-year decrease of 0.16 trillion yuan; ② The median forecast for new social financing scale in October is 1.47 trillion yuan, with a year-on-year decrease of 0.38 trillion yuan; ③ The year-on-year reading of CPI in October may remain unchanged, while the year-on-year decline in PPI may narrow; ④ Fiscal policy will increase countercyclical adjustment efforts, and the central bank still has ample space for expanding its balance sheet.
Christopher Hui: The Hong Kong government has successfully issued a total of 220 billion Hong Kong dollars worth of green bonds, which are well received by local and international investors.
Christopher Hui stated that the green bonds issued by the Hong Kong government are well received by local and international investors, having successfully issued a total of 220 billion HKD in green bonds so far, including various forms such as retail, institutions, and tokenized bonds, covering different currencies and maturities.
Hong Kong Monetary Authority: The 3-year RMB institutional government bonds under the infrastructure bond scheme will be bid today.
On October 24, Glonghui reported that the Hong Kong Monetary Authority: The infrastructure bonds program's 3-year RMB government bonds (issue number 03GB2710002) are being bid today. Today's issuance of 3-year treasury bonds totals 1 billion yuan, with a total of 7.212 billion yuan in bids received, a bid-to-cover ratio of 7.21, an average winning price of 100.54, and an annualized yield of 1.953%.
The Hong Kong Monetary Authority has appointed 13 financial institutions as the first market traders for the institutional part of the infrastructure bond scheme and the sustainable bond scheme.
On October 21, the Hong Kong Monetary Authority, on behalf of the Hong Kong Special Administrative Region Government, announced the provisional issuance timetable of government institutional bonds under the infrastructure bonds program and the government sustainable bonds program for the six months from October 2024 to March 2025.
How will the central bank's policy stimulus package impact assets in China?
Huachuang Securities believes that for the equity market, policy shifts may help enhance market risk appetite, real estate policy adjustments provide some support, but market repair still requires some patience; Minsheng Securities points out that the monetary policy has shown a loose trend, and after the good use and completion of the fiscal stock policy, fiscal easing may also be on the way.
Paul Chan Mo-po: Details of the issuance of 20 billion Hong Kong dollars in retail green bonds and infrastructure bonds will be announced in the coming months.
On September 15, Hong Kong Financial Secretary Paul Chan Mo-po published a blog post, announcing the upcoming issuance of retail silver bonds by the government, providing elderly people with a low-risk, stable return, safe and reliable investment option.
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