On June 7, the essence of the front page headlines of the four major securities newspapers

Special topic: essence of four securities newspapers

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On Friday, June 7, the highlights of today's headlines are as follows:

　　 China Securities Journal

　　 CSRC: It is expected that delisted companies will not increase significantly in the short term

In response to the question of whether all the recently implemented ST of some listed companies will be forced to delist, Guo Ruiming, Director of the Department of Listed Company Supervision of the CSRC, said on June 6 that ST is a "warning of other risks" and will not be delisted directly. Most of the relevant problems and risks of these listed companies have been repeatedly prompted by filing announcements, ordering corrective measures, financial information disclosure and other means* ST is a "delisting risk warning". Since this year, 33 companies have touched the delisting standard, including 22 delisting at face value. The market mechanism of survival of the fittest is gradually taking shape. In 2023, there will be 47 delisted companies, and the new delisting regulations have set a certain transition period. It is expected that the number of delisted companies will not increase significantly in the short term.

　　 The stock right is cold, the creditor's rights are steady, mergers and acquisitions will be an effective way for the high-quality development of the securities industry

Wind data shows that in the first five months of 2024, the equity underwriting business of investment banks will be significantly under pressure compared with the same period last year, with the scale declining by nearly 80% year on year, while the bond underwriting business will show a steady trend, and its underwriting amount will remain relatively stable without being affected by market fluctuations. In the opinion of insiders, this trend may be affected by multiple factors such as the fluctuation of market environment, the change of investor sentiment and the adjustment of regulatory policies. From the industry level, in the context of policies promoting the high-quality development of the securities industry, M&A is an effective means for securities firms to achieve extensive development, which plays a positive role in improving the overall competitiveness of the industry, optimizing resource allocation and promoting the healthy development of the market. It is expected that M&A in the industry will accelerate.

　　 Innovative drugs are hot at sea; head pharmaceutical enterprises try new ways to play

With the accelerated pace of domestic innovative pharmaceutical enterprises going to sea, not only more and more innovative drugs "break through" the overseas market, but also more diversified forms of going to sea. Industry insiders said that in 2023, the overseas license out transactions of domestic pharmaceutical enterprises will increase significantly, with the transaction amount exceeding 45 billion dollars. Then, in just over a month from January 1 to February 4 this year, the transaction amount of license out of domestic pharmaceutical enterprises has reached 9.146 billion dollars. The popularity of the transaction highlights the recognition of the international market on the ability of domestic innovative pharmaceutical enterprises. 2024 is expected to be the first year of explosive growth of China's pharmaceutical exports. Looking forward to the future, ADC, CAR-T and double antibody products are the focus of domestic innovative drugs going abroad.

　　 "The annualized yield of 4% is also very good", and the institutions scramble for "safe assets"

Since this year, the A-share market has experienced wide shocks, and the value blue chip plate represented by high dividend varieties has sprung up and become stronger. As of the first ten days of June, this market style has reached a climax again. A founder of quantitative private equity with an asset management scale of more than 5 billion yuan and a strong quantitative neutral strategy revealed that recently investors have expressed a strong willingness to invest in products with an expected annual yield of 5%. Institutional investors with asset management of securities companies said that as long as there is enough product quota, "the annual yield of 4% is also very good". Insiders said that investors' preference for dividends, low-risk strategies and low-risk products in the A-share market since this year not only shows the shift of mainstream risk preference in the market, but also shows the consensus and action of institutions on "investment certainty" in the current market environment.

　 Shanghai Securities News

CSRC: It is expected that delisted companies will not significantly increase their attention to investor protection related to delisting in the short term

On June 6, Guo Ruiming, Director of the Department of Listed Company Supervision of the CSRC, responded to the recent implementation of ST and delisting of the shares of listed companies by answering questions from reporters. Guo Ruiming said that 47 delisted companies will be delisted in 2023, and the new delisting regulations have set a certain transition period. It is expected that the number of delisted companies will not increase significantly in the short term. The CSRC attaches great importance to the protection of investors involved in delisting, adheres to the "catch up" of illegal acts, severely punishes market manipulation, financial fraud and other acts in the delisting process in accordance with the law, and protects the legitimate rights and interests of investors through multiple channels.

　　 A series of achievements of regional cooperation in the Yangtze River Delta have been implemented to jointly build a world-class high-end industrial cluster

A series of achievements in the integration of the Yangtze River Delta have also been achieved. Shanghai, Jiangsu, Zhejiang and Anhui signed 10 important cooperation agreements involving rail transit, talent work, science and technology finance, and for the first time published a list of 10 practical projects in the Yangtze River Delta, covering inter provincial transportation travel, cross provincial settlement quality improvement and expansion of medical insurance, integration of elderly care services, and co construction of cultural and tourism brands in the Yangtze River Delta.

　　 Promote the centralized purchase, quality improvement and expansion of medical supplies, support the innovative development of traditional Chinese medicine, deepen the reform of the medical and health system, and unveil the key tasks in 2024

Recently, the General Office of the State Council issued the "Key Tasks for Deepening the Reform of the Medical and Health System in 2024", which focuses on strengthening the leadership of medical reform organizations, promoting the experience of Sanming Medical Reform, further improving the medical and health service system, promoting the high-quality development of public hospitals, promoting the improvement of multi-level medical security system, deepening the reform and innovation in the pharmaceutical field 22 specific contents were put forward in 7 aspects including overall promotion of other key reforms, focusing on the coordinated development and governance of medical insurance, medical treatment and medicine.

　　 The General Administration of Financial Supervision releases important documents! The assessment weight of inclusive insurance of large insurance companies shall not be less than 5%

On June 6, the reporter learned that, in order to gradually establish a high-quality development system of inclusive insurance with Chinese characteristics, the General Administration of Financial Supervision recently issued the Guiding Opinions on Promoting the High Quality Development of Inclusive Insurance, specifying that exclusive inclusive insurance will be launched, and requiring that a high-quality inclusive insurance development system be basically built in the next five years.

　　 Securities Times

China Securities Regulatory Commission: delisted companies will not significantly increase their attention to investor protection related to delisting in the short term. Protect investors' legitimate rights and interests through multiple channels

With regard to the question of whether some listed companies' shares will be forced to delist after the implementation of ST recently, Guo Ruiming, Director of the Department of Listed Company Supervision of the CSRC, said that the purpose of the ST and * ST systems is to fully remind investors of the relevant risks of listed companies, and can apply for cancellation after meeting certain conditions. The new delisting regulations set a certain transition period, and it is expected that delisted companies will not increase significantly in the short term.

　　 The development of inclusive insurance meets the top-level design and solves the problem of "commercial sustainability" through multiple channels

On June 6, the General Administration of Financial Supervision issued the Guiding Opinions on Promoting the High Quality Development of Inclusive Insurance. The Opinions put forward that the high-quality inclusive insurance development system will be basically completed in the next five years. Among them, new progress has been made in improving the quality and expansion of basic insurance services, the availability of insurance services for key areas and groups has been improved, insurance infrastructure and development environment have been improved, new achievements have been made in preventing and resolving insurance risks, and inclusive insurance has helped build a financial power to a new level.

　　 Policy pragmatism boosts financial vitality and enriches private enterprises

The National Development and Reform Commission recently held an on-site meeting on the development and expansion of private economy in Shenzhen, which emphasized the need to create a good monetary and financial environment to help private enterprises better integrate into the new development pattern. In March this year, the National Development and Reform Commission held the same series of on-site meetings in Wenzhou. At that time, the meeting stressed the need to improve the regular communication and exchange mechanism between government and enterprises, and promote the construction of talent team to promote high-quality development of private economy. From Wenzhou to Shenzhen, from an important development town of private economy to another innovation frontier of private economy, the communication theme deeply releases more pragmatic and focused policy signals.

　　 High dividend sector is popular, and more than 90 companies have "official declaration" medium-term dividends

From the market performance since May, against the background of short-term decline in market risk appetite, high fluctuations in peripheral stock markets, and periodic weakening of international bulk commodities, the public utilities sector, which has long been regarded as lacking in fundamentals, has become the star sector with the most outstanding performance. The industry index has risen by 4.36%, ranking first in Shenwan's industry. Public utility stocks represented by electric power bucked the trend, and simultaneously drove up individual stocks in subdivisions such as transportation, gas supply and heating, and environmental protection.

　　 Securities Daily

CSRC: Delisted companies will not increase significantly in the short term

On June 6, Guo Ruiming, Director of the Department of Listed Company Supervision of the CSRC, answered questions from reporters about the recent implementation of ST and delisting of the shares of listed companies, saying that * ST is a "delisting risk warning". Since this year, 33 companies have touched the delisting standard, of which 22 are delisted at face value. The market mechanism of survival of the fittest is gradually taking shape. In 2023, there will be 47 delisted companies, and the new delisting regulations have set a certain transition period. It is expected that the number of delisted companies will not increase significantly in the short term.

　 State Administration of Financial Supervision: Promote the high-quality development of inclusive insurance

According to the person in charge of relevant departments and bureaus of the State Administration of Financial Supervision, the Central Financial Work Conference clearly pointed out that "we should do a good job in science and technology finance, green finance, inclusive finance, pension finance and digital finance". Last year, the State Council also issued the Implementation Opinions on Promoting the High Quality Development of Inclusive Finance, which put forward new requirements for the development of inclusive insurance. All kinds of market entities actively carry out inclusive insurance business. The supply of inclusive insurance services is deepening, the product types are enriching, and the social coverage is gradually expanding. The overall development of inclusive insurance shows a steady momentum and has achieved good results. However, it should also be noted that the current development of inclusive insurance still has problems such as insufficient service coverage, low quality, and insufficient innovation, and there is still a large gap between insurance supply and people's security needs. In order to better promote the development of inclusive insurance and improve the operational capacity and service level of the insurance industry, the General Administration of Financial Supervision has studied and issued the Guiding Opinions, focusing on improving the rules of the inclusive insurance system and providing strong policy support.

　　 The power of transaction delisting highlights the accelerated clearing of "shell" companies

Market insiders believe that at present, the capital market is undergoing profound changes. Under the background of strict supervision, "shell" resources are devalued, and "shell" companies are also being abandoned by the market at an accelerated pace. Li Xiao, deputy director of the Capital Market Supervision and Reform Research Center of the Central University of Finance and Economics, said in an interview with the Securities Daily that with the strengthening of supervision and the improvement of the delisting system, the market has become more strict in assessing the value of companies, and companies with poor fundamentals and poor profitability are more likely to reach the delisting standard. At the same time, investors have a more mature understanding of the market and pay more attention to the company's fundamentals and long-term investment value. For those companies that lack competitiveness, investors choose to "vote with their feet", resulting in the continuous decline of their share prices and eventually touching the delisting standard.

　　 Exploring the liquor market: the Dragon Boat Festival is close to the middle and high-end liquor market, and the sales are good

As an important window to observe the dynamic sales of liquor in the second quarter, the liquor market performance during the Dragon Boat Festival holiday is particularly important. On June 6, the reporter visited a number of liquor stores and learned that near the Dragon Boat Festival holiday, the sales of high-end liquor were good, while the sales of low-end liquor were cold.

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