Evening hot topics of A shares | CSRC optimizes securities risk control system or releases nearly 100 billion funds

Here is the evening news: 1. CSRC optimizes securities firms' risk control system or releases nearly a trillion yuan in funds On September 20, the CSRC released the revised "Provisions on Calculation Standards for Risk Control Indicators of Securities Companies," further enhancing the role of risk control indicators as a "command baton." The calculation standards for risk control indicators for securities firms investing in stocks and conducting market-making business have been improved. The risk control indicators of high-quality securities firms are appropriately optimized, such as adjusting the risk capital reserve adjustment coefficient and the total asset conversion coefficient for securities companies that have been classified in the top three for three consecutive years, and differentially replenishing available stable funds. Industry insiders pointed out that this move is aimed at supporting high-quality securities firms to moderately expand their capital space, and is expected to release nearly one trillion yuan in funds, promote the effective improvement of capital utilization efficiency, and increase efforts to serve the real economy and residents' wealth management. 2. Moutai plans to repurchase shares with a budget of 30-60 billion and cancel them On the night of September 20, Kweichow Moutai announced that, in order to protect the company and the interests of investors and enhance investment confidence, the company plans to implement a share repurchase plan with its own funds. The repurchase amount is not less than 30 billion yuan and not more than 60 billion yuan, with a repurchase price not exceeding 1795.78 yuan per share. The repurchased shares will be used for cancellation and reduction of the company's registered capital. Market analysts pointed out that Moutai's buyback will undoubtedly help boost market confidence, but in the long run, the performance of the company's products, channels, and brand strength will still need to be observed. 3. Legislation of the U.S. Biodefense Law facing obstacles, what signals? On the afternoon of September 20, the pharmaceutical sector in the Hong Kong stock market surged. On the news front, on September 19, the U.S. Senate released the final draft of the ndaa (National Defense Authorization Act). This ndaa actually includes 93 amendments, but it does not include s.amdt.2166 (biodefense proposal). Some analysts said that the previous version of the ndaa in the House of Representatives did not include the biodefense proposal, and the ndaa version in the Senate this time also does not include it, which means that the biodefense proposal in the FY2025 ndaa cannot proceed through the attachment path, and only the standalone legislation path remains. 4. SASAC voices out, central SOEs will establish a scientific board of directors within five years According to CCTV News reporters, central enterprises will fully establish a "scientific, rational, and efficient" board of directors in central enterprise groups and their subsidiary enterprises that are required to have one within five years, namely by 2029. A person in charge of the State-owned Assets Supervision and Administration Commission of the State Council said that building a "scientific, rational, and efficient" board of directors is an important content and an inevitable requirement of deepening the reform of state-owned assets and state-owned enterprises. The key contents include deepening the construction of group boards of directors, strengthening the construction of subsidiary enterprise boards of directors with tailored strategies, adhering to and improving the core responsibilities of the board of directors in setting strategies, making decisions, and preventing risks, as well as strengthening the supervisory role of the board of directors. In addition, it is also important to better leverage the role of external directors, including establishing and improving safeguard mechanisms for the involvement of external directors in decision-making, supporting the early involvement of external directors in major or complex sensitive decision-making matters. 5. China and Japan reach a four-point consensus on the issue of discharging nuclear contamination water into the sea Recently, the competent authorities of China and Japan have continued to hold multiple rounds of consultations on the issue of discharging nuclear-contaminated water from the Fukushima Daiichi Nuclear Power Station into the sea, and have reached the following consensus: 1. Japan will explicitly fulfill its international legal obligations, make every effort to avoid negative impacts on human health and the environment, and will continue to conduct assessments on the impact of oceanic environment and marine ecologies. 2. Based on the concerns of all relevant countries, Japan welcomes the establishment of a long-term international monitoring arrangement within the framework of the International Atomic Energy Agency that covers key steps in discharging water into the ocean, and will ensure the effective participation of all relevant countries, as well as the implementation of independent sampling and monitoring, laboratory analysis comparison of these participating countries. 3. Both sides agree that, with a high sense of responsibility towards ecological environment and public health, a constructive dialogue will be continued based on science to properly address concerns related to discharges. 4. China stated that, in accordance with relevant Chinese laws and regulations and WTO rules, emergency preventive temporary measures have been taken against water products originating from Japan. After the implementation of long-term international monitoring within the framework of the International Atomic Energy Agency and the participation of participating countries in independent sampling and other monitoring activities, adjustments to the relevant measures will be made based on scientific evidence to gradually resume the import of Japanese water products that meet the standards. 6. How to view the concentrated trading volume of the Shanghai and Shenzhen 300 ETF this time? On September 20, several Shanghai and Shenzhen 300 ETFs traded at high volumes. The Huatai Bairui Shanghai and Shenzhen 300 ETF had a total turnover of 7.514 billion yuan, reaching over 75 billion for the first time since mid-July this year. Compared to the previous trading day (5.332 billion yuan), the turnover increased by 2.182 billion yuan, marking a continuous increase in turnover for four consecutive trading days, with each day's increment expanding. At the same time as the high trading volume, funds continued to enter the market. Wind data shows that since the holiday, the daily net inflows of the Huatai Bairui Shanghai and Shenzhen 300 ETF have exceeded 1 billion yuan. As of September 19, the ETF's shares have reached a new high of 88.315 billion shares, with a scale of 288.348 billion yuan. With the Shanghai Composite Index breaking the three-day uptrend, will the market stabilize with funds continuing to enter through ETFs? Tang Ge, Chief Equity Investment Officer of China Everbright Fund, analyzed that from an absolute stock price perspective, quite many varieties are already lower than the prices before the Spring Festival. From a valuation level, the valuation of major indices has once again returned to previous lows. 7. Ministry of Finance: Securities trading stamp duty in the first 8 months year-on-year dropped by 55.5% According to data from the Ministry of Finance, from January to August, the national general public budget revenue was 14.776 trillion yuan, a year-on-year decrease of 2.6%. After deducting the special factors such as the understatement of tax revenues in the same period caused by deferred tax payments for small, medium, and micro-enterprises last year and the tax reduction policy introduced in the middle of last year, the comparable growth is about 1%. Among them, domestic value-added tax was 4.5936 trillion yuan, a year-on-year decrease of 4.9%. Domestic consumption tax was 1.1302 trillion yuan, a year-on-year increase.4.2%. Corporate income tax was 3.135 trillion yuan, a year-on-year decrease of 5%. Personal income tax was 968.5 billion yuan, a year-on-year decrease of 5.2%. Securities transaction stamp tax was 65.3 billion yuan, a year-on-year decrease of 55.5%.In addition, the following news is also worth paying attention to: 8. Ministry of Foreign Affairs: The consensus document reached by China and Japan does not mean that China will immediately fully resume the import of Japanese aquatic products. 9. The approval rate of expert evaluation for varieties outside the national negotiation drug catalog is less than 50%, and the requirements for innovative drugs may be raised. 1. U.S. stocks open lower, FedEx falls more than 13% U.S. stocks collectively opened lower, then shook lower, as of 22:00, the Dow fell 0.22%, the Nasdaq fell 0.17%, and the S&P fell 0.26%. On the market, spot gold hit a new high again, gold stocks rose across the board, with Kinross, Cordell and Harmony Gold up by nearly 3%, Nike up more than 8%, the company's veteran Elliott Hill will take over as CEO from John Donahoe, FedEx fell over 13%, and the company lowered its revenue and profit guidance for the current fiscal year. 2. Bank of Japan maintains interest rates On Friday morning, September 20th, the Bank of Japan passed the latest interest rate resolution unanimously at 9-0, maintaining the policy interest rate at 0.15% - 0.25%, in line with market expectations. The Bank of Japan stated that despite the impact of rising prices and other factors, private consumption has been in a trend of mild growth, indicating that the Japanese economy is gradually recovering and may achieve growth higher than potential. According to a Bloomberg survey, 53% of analysts expect the Bank of Japan to raise interest rates in December. Goldman Sachs and Bank of America Merrill Lynch expect the next rate hike to be in January next year. 3. India's gold imports in August hit a new high Data released by the Indian government this week shows that the value of India's gold imports in August reached $10.06 billion, the highest level in history when calculated in US dollars. According to preliminary estimates by consulting firm Metals Focus, this is equivalent to about 131 tons of gold imports, and is expected to be the sixth highest level in history in terms of import volume. However, with the continuous rise in international gold prices, whether the hot demand in the Indian domestic market can be maintained will be crucial. Harshal Barot, senior research consultant at Metals Focus, believes that the current hot demand in the local market indicates that domestic gold prices in India are rapidly catching up with levels before the tariff reduction. Additional market sectors worth paying attention to: 2. Exchange rate appreciation, onshore and offshore RMB against the US dollar hit a new high in this period. 3. Gold, spot gold hits a historical new high again. 4. Semiconductors, performance soaring! Shanghai semiconductor companies hold collective roadshows. In terms of announcements, Kweichow Moutai is considering repurchasing and canceling shares, while negative announcements include the risk warning from Baoding Tianwei Baobian Electric after nine consecutive days of trading halt. Positive Announcements: 1. Kweichow Moutai: Plans to repurchase shares worth 3-6 billion yuan for cancellation. 2. Hangzhou Lion Microelectronics: Plans to repurchase shares worth 40-50 million yuan. 3. Konfoong Materials International: Actual controller has not been investigated by the China Securities Regulatory Commission. 4. Guanghui Energy: Plans to invest 16.48 billion yuan to build a demonstration project for the utilization of 15 million tons/year of coal quality classification. 5. Bomin Electronics: Plans to acquire 86.8535% of Benchuang Electronics' equity for no more than 250 million yuan. 6. Darbond Technology: Plans to acquire 53% of Hengso Huawei, a semiconductor packaging material company. Negative Announcements: 1. Baoding Tianwei Baobian Electric, halted for 13 days and 9 boards: currently not involving asset injection, business restructuring, major business cooperation, etc. 2. Datang Telecom Technology, halted for 4 consecutive boards: the asset sale in this reorganization has completed the industrial and commercial change registration procedures. 3. Beijing Electro, halted for 4 consecutive boards.Nic Zone High-tech Group: The comments and popularity of the company on stock bar and other platforms are increasing, but there has been no change in related business.4. Qingdao Topscomm Communication INC.: The company has not yet engaged in substantial cooperation with Huawei. 5. Pengxin International Mining: There is uncertainty in the cooperation with Ganzhou Industrial Investment Group. 6. Shenzhen Infogem Technologies: The transfer agreement will not result in a change in the company's ownership. 7. Shenzhen New Land Tool Planning & Architectural Design: Two shareholders intend to collectively reduce their stake in the company by no more than 4%.