2、商务部印发促进外贸稳定增长若干政策措施的通知。通知提出，加大对外贸企业的融资支持力度。鼓励银行机构在认真做好贸易背景真实性审核、有效管控风险的前提下，在授信、放款、还款等方面持续优化对外贸企业的金融服务。鼓励金融机构按照市场化、法治化原则，对中小微外贸企业加大融资支持力度。通知还指出，指导和帮助企业积极应对国外不合理贸易限制措施。① Zhu Hexin stated that the connectivity between the mainland and the Hong Kong market will continue to deepen. ② The navy's Hainan ship and Changsha ship formed a fleet for a five-day visit to Hong Kong. ③ Alibaba is consolidating domestic and international e-commerce to establish an e-commerce business group. ④ Baidu disclosed that the monthly active users of its literature library AI feature increased by over 300% year-on-year.
Focus on hotspots:
1. The Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council held a collective study meeting of the theoretical learning center group and a training class for department and bureau level cadres. It was unanimously recognized that the optimization and structural adjustment mechanism of the state-owned economy needs improvement, and the central enterprises should accelerate the construction of a modern industrial system. The most urgent task is to focus on strategic emerging industries. Furthermore, it was remarked that central enterprises should navigate through the economic cycle and support businesses to embark on a "second curve" of growth.
2. The Ministry of Commerce issued a notice on several policy measures to promote stable growth in foreign trade. The notice proposes to increase financing support for foreign trade enterprises. Banks are encouraged to continuously optimize financial services for foreign trade businesses in terms of credit, loan issuance, and repayment while ensuring authenticity in trade background verification and effective risk management. Financial institutions are encouraged to enhance financing support for small and medium-sized foreign trade enterprises in accordance with market-oriented and rule-of-law principles. The notice also emphasizes guiding and assisting enterprises in actively responding to unreasonable trade restrictions abroad.
3. On November 21, Minister of Industry and Information Technology Jin Zhuanglong hosted the seventh roundtable meeting for small and medium-sized enterprises. Jin Zhuanglong emphasized the need to continuously increase R&D investment, focusing on computing power, models, and data to solidify key technology foundations and improve the ecological development of hardware and software.
4. On November 19, the third International Financial Leaders Investment Summit was held in Hong Kong. Zhu Hexin, Vice Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, attended the meeting and delivered a speech. Zhu Hexin stated that the People's Bank of China and the State Administration of Foreign Exchange will continue to deepen the cooperation in financial market connectivity between the mainland and Hong Kong, enhance financial support for the construction of the south china greater bay area concept, and consolidate and elevate Hong Kong's status as an offshore renminbi business hub and international financial center. Meanwhile, efforts will continue to promote high-level institutional openness in the financial sector, guided by serving the real economy, while continuously improving the facilitation of cross-border trade and investment financing.
5. The newly appointed chairman of Hong Kong Airlines, Yan Bo, stated that the number of flights has fully recovered to pre-pandemic levels this year, with a passenger load factor of about 85%, and it is expected that the total number of passengers carried will exceed 5 million for the year. Hong Kong Airlines anticipates increasing its workforce by 60% next year, with a 60% increase in pilots and a 1.6-fold increase in cabin attendants, and will continue to recruit talent in local and Greater Bay Area markets, as well as in South Korea, Japan, and Southeast Asia.
6. The fleet consisting of the Hainan ship and Changsha ship of the Chinese navy arrived in Hong Kong on the 21st for a five-day visit. According to annual schedule arrangements, during the visit of the navy ships to Hong Kong, a series of open activities will be organized, including deck receptions, ship tours, defense knowledge lectures, and cultural exchanges, with over 10,000 visitors expected to board the ships.
Global Markets
On Thursday, the three major U.S. indexes collectively rose as investors actively bought cyclical stocks benefiting from the accelerating economy, boosting the Dow Jones Industrial Average by 1%.
By the close, the dow jones industrial average rose by 1.06%, the s&p 500 index increased by 0.53%, and the nasdaq index gained 0.03%.
Most large technology stocks fell, with Google down 4.74%, amazon down 2.22%, and Tesla down 0.70%.
Most china concept stocks declined, with the nasdaq golden dragon china index down 1%, alibaba down 1.37%, pdd holdings down 10.64%, NIO up 1.08%, xpeng down 2.77%, baidu down 5.90%, and iqiyi down 7.34%.
In the Hong Kong stock market, the three major indexes weakened collectively on Thursday. By the close, the hang seng index fell by 0.53%, the technology index decreased by 1.24%, and the hang seng china enterprises index declined by 0.79%.
From the market performance perspective, cryptos and related etfs, along with some gaming stocks, strengthened, while real estate and pharmaceutical stocks adjusted at the forefront.
Company News:
Alibaba-W (09988.HK): Announced the establishment of the Alibaba E-commerce Group, which fully integrates Taobao Tmall Group, Alibaba International Digital Business Group, and other e-commerce businesses, forming a business cluster covering the entire industry chain at home and abroad.
COSCO Shipping Holdings (01919.HK): The company intends to participate in the Anji Logistics capital increase project listed on the Shanghai Stock Exchange as a strategic investor, investing 1 billion yuan to subscribe to an additional 75 million yuan of equity in Anji Logistics.
Baidu Group-SW (09888.HK): Total revenue in the third quarter was 33.557 billion yuan, with a net income of 7.632 billion yuan, an increase of 14% year-on-year and a growth of 39% quarter-on-quarter. In the earnings call, Baidu founder Robin Li revealed that in September of this year, the monthly active users of Baidu Wenku's AI functions surpassed 50 million, an increase of over 300% year-on-year.
China Aluminum International Engineering Corporation (02068): Three subsidiaries increased their capital by a total of 2.29 billion yuan through a capital increase and share expansion.
Ke Holdings-W (02423.HK): Total transaction volume in the third quarter was 736.8 billion yuan, an increase of 12.5% year-on-year, and net income was 1.168 billion yuan.
