Evening hot topics in A-shares: Latest statements from the central bank and the State Administration of Foreign Exchange! Related to macroeconomic policies, supporting the capital market, investing in government bonds, and more.

1. Latest statements from the Central Bank and the State Administration of Foreign Exchange! Related to macroeconomic policies, supporting the capital market, investing in national bonds, etc. Importance: The State Council Information Office held a press conference, with the Central Bank and the State Administration of Foreign Exchange making important statements on supporting the capital market, investing in national bonds, and the foreign exchange market. Here are the key points summarized by Zixuan Ge: 1. Implementation of a moderately loose monetary policy by 2025. Macro-economic policies will further strengthen counter-cyclical adjustments, adjusting policy intensity and pace based on domestic and international economic and financial conditions, and financial market operations. 2. Continuously improve the convenience of using two support tools for the capital market, allowing relevant enterprises and institutions to obtain sufficient funds as needed to increase investment. 3. By the end of 2024, the cumulative volume of operations for the exchange of securities, funds, and insurance companies exceeded 100 billion yuan, and financial institutions had signed stock repurchase loans with over 700 listed companies or major shareholders, with an amount exceeding 30 billion yuan. 4. The nominal interest rate on long-term government bonds is fixed. Changes in market-expected rates can cause fluctuations in secondary market trading prices, and investing in national bonds is not without risks. 5. The Central Bank's temporary suspension of national bond purchases is to avoid market volatility and hopes for market stability. 6. Continuously take comprehensive measures to enhance the resilience of the foreign exchange market, stabilize market expectations, strengthen market management, resolutely correct pro-cyclical behavior in the market, resolutely deal with disruptions to market order, prevent risks of exchange rate over-adjustment, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. 7. This year will further reduce the overall liability cost of banks to alleviate the pressure on net interest margins. In addition, the State Administration of Foreign Exchange stated that timely macro-prudent counter-cyclical adjustment measures will be taken to correct pro-cyclical behavior in the foreign exchange market. In the near future, the RMB exchange rate has all the conditions to remain basically stable. 2. M2 grew by 7.3% year-on-year in December! 2024 financial data released, experts offer interpretations Importance: The Central Bank released data, preliminarily calculating that the total increment of social financing in 2024 was 32.26 trillion yuan, a decrease of 3.32 trillion yuan from the previous year. At the end of December 2024, the social financing scale increased by 8.0% year-on-year. The broad money supply (M2) grew by 7.3% year-on-year in December 2024. New RMB loans added up to 18.09 trillion yuan in 2024. According to Caixin, experts point out that vigorously tapping into domestic demand, meeting the funding needs of enterprises and residents will be an important focus of macroeconomic policy in 2025. Coupled with the base effect, it is expected that major financial data for 2025 will show a significant improvement. 3. Shanghai Stock Exchange: Cultivating an institutional team to practice rational value long-term investment philosophy in about 5 years Importance: Yuan Duoran, member of the Shanghai Stock Exchange Party Committee, stated in a lecture that the Shanghai Stock Exchange will spend about 5 years to build an institutional investor service system that is comprehensive in organization, systematic in form, and branded in content. The aim is to nurture an institutional investor team that conscientiously practices rational investment, value investment, and long-term investment philosophies, in order to better serve a wide range of small and medium-sized investors and create a market ecology that accelerates the construction of a world-class exchange. 4. China Semiconductor Industry Association: US Export Restrictions on China Create Insecurity and Unreliability for US Chips Importance: Wei Shaojun, Vice Chairman of the China Semiconductor Industry Association (CSIA), recently stated that the United States government's arbitrary modification of trade rules, increased trade barriers, failure to adhere to the World Semiconductor Council (WSC) charter it led, and disruption of global industry cooperation foundations. Of note, the China Semiconductor Industry Association previously stated that as the US continues to ramp up export control measures, the backlash effect is also expanding. The arbitrary nature of US restrictions on China is causing supply chain interruptions and increased operational costs for US companies, affecting the stable supply of US chip products. US chip products are no longer safe or reliable, and Chinese industries will have to be cautious in purchasing US chips. 5. Ministry of Industry and Information Technology: Strengthening the protection of customer data security in Internet data centers Importance: The Ministry of Industry and Information Technology issued a notice regarding the strengthening of customer data security protection in Internet data centers. It emphasizes the clear delineation of data security protection responsibilities and obligations in contracts and agreements with customers, third-party service providers, etc., based on cooperation models, content, etc. It also calls for the establishment of a sound customer data security management system, clarifying data security responsibilities and management departments, strengthening customer data security management measures, emphasizing data access, operation, destruction, and other key processes, and implementing protective measures such as data isolation. 6. US Department of Commerce Implements New AI-Related Export Control Measures, Foreign Ministry Responds Importance: Foreign Ministry spokesperson Guo Jiakun hosted a regular press conference on the 14th. A reporter asked about the newly implemented export control measures related to artificial intelligence by the US Department of Commerce and asked for China's response. Guo Jiakun reiterated that the Chinese Ministry of Commerce had already responded to this. He emphasized that the US tendency to generalize the concept of national security, politicize and weaponize economic, technological, and trade issues, abuse export controls, maliciously suppress China, seriously undermine market rules and international economic and trade order, seriously affect global supply chain stability, and seriously damage the interests of Chinese and American industries. China strongly opposes this and will take firm measures to safeguard the legitimate rights and interests of Chinese enterprises. 7. First batch of public mutual fund fourth-quarter reports for 2024 released, with several bond funds experiencing significant growth in AUM Importance: The disclosure of public mutual fund fourth-quarter reports for 2024 has begun, with Huafu Fund, Tibet East Finance Fund, China Bank Fund, and Debao Fund gradually releasing some of their fund reports. Based on the performance of bond funds for the fourth quarter of 2024 that have been disclosed, all five funds achieved positive returns, with returns ranging from 1.45% to 9.29%. Among them, Debao Ruiyu Interest Rate Bond A had the highest yield. Additionally, the following news items are also worth noting: 8. Ministry of Natural Resources: Last year, China...Domestic lithium resources have increased by more than 30%.9. UBS: A-shares will become a new reservoir of resident wealth and will remain optimistic for 2025. 1. Trump team discussing monthly tariff increase, raising by 2% to 5% per month? According to First Finance, sources revealed that members of Trump's incoming economic team are discussing a gradual increase in tariffs each month, with one idea being to establish a tiered tariff schedule based on the executive powers provided by the International Emergency Economic Powers Act (IEEPA), increasing tariffs by about 2% to 5% each month. However, this idea is still in the early stages and has not been submitted to Trump. 2. Trump reveals big news! Will soon meet with Putin On January 13th local time, US President-elect Trump stated in a media interview that he will "soon" meet with Russian President Putin after officially taking office next week, and hopes to resolve the Russia-Ukraine issue through dialogue. This will be the first meeting between US and Russian leaders since the outbreak of the Russia-Ukraine conflict in February 2022. 3. Bank of Japan signals consecutive rate hikes next week On Tuesday, Bank of Japan Deputy Governor Hidenori Hicekino stated that it is difficult to judge the correct timing when implementing monetary policy, but it is crucial. The Bank of Japan's Board of Directors will discuss whether to raise policy rates based on information collected before the meeting. With consecutive signals of rate hikes, coupled with the continued turmoil caused by inflation and fiscal concerns leading to global bond sell-offs, Japan's 40-year government bond yields have risen to historic highs. Other sectors worth noting: ByteDance strengthens its computing power layout: Taihang Computing Center Phase II approved, with an investment of 4.5 billion yuan On January 14th, the Shanxi government service platform announced that the land use planning permit for the construction of the second phase of the Taihang Computing Center project by ByteDance's subsidiary, Huoyanyun (Datong) Technology Co., Ltd., has been approved. The total investment for this project is 45 billion yuan. Beijing Zheshang's research report stated that ByteDance's capital expenditure will reach 80 billion yuan in 2024. The company's capital expenditure is expected to reach 160 billion yuan in 2025. ByteDance's future consumption of Tokens is estimated to be high, and it is expected to continue to increase its computing power investment. Zheshang predicts that there may be a new wave of IDC (Internet Data Center) construction in the future internet industry. In addition, the following sectors are also worth watching: 1. Food safety | Five departments: Further strengthen campus food safety work and improve the mechanism for joint management of campus food safety 2. Data Elements | China will compile the first batch of "Data Element x" scenario guides to accelerate the achievement of digital China construction goals In terms of positive announcements, it is recommended to pay attention to Great Wall Motor's net profit forecast, while for negative announcements, be aware of the risks highlighted by the 9 consecutive suspension of Shanxi Meibang Pharmaceutical Group, among others.