Market Insights: Feb 4th, 2024

1. Real Estate Policy Trends: China is promoting a "whitelist" policy for real estate projects, with Country Garden actively applying and over 30 projects approved. This includes multiple projects in Henan, Hubei, Sichuan, Shandong, and Chongqing, all approved by local governments.
2. Signa Prime Selection Bankruptcy: The European real estate company Signa Prime Selection has filed for bankruptcy, potentially affecting Hong Kong Monetary Authority and the National Pension Service of Korea as equity investors. The foreign exchange fund managed by the Monetary Authority holds 255 million euros in company shares.
3. A-share Market Trends: Approval was granted to ETF funds for the CSI A50 by 10 fund companies, and there has been active share buyback by listed companies, bringing positive effects to the A-share market with increased capital inflow.
4. Wang Yawei Disappears: Wang Yawei, once dubbed "the number one public fund manager," is rumored to be missing again. Qianhe Capital responded by saying Wang Yawei is temporarily not involved in company operations and management due to personal reasons.
5. Gold Consumption Growth: According to data from the China Gold Association, the national gold consumption volume increased by 8.78% in 2023, totaling 1089.69 tons.
6. Penalties for Rating Agencies: The People's Bank of China has administered fines to six rating agencies, with a total penalty amount exceeding 34 million yuan.
7. Lvmama's Financial Troubles: The travel company Lvmama faces financial difficulties due to partners defaulting on payments and banks withdrawing loans, making its continued operation challenging.
8. New Chairman for Shenzhen Stock Exchange: Sha Yan has become the first female chairman of the Shenzhen Stock Exchange, replacing the former chairman Chen Huaping.

Today's Macroeconomics:

1. Decrease in Reserve Requirement Ratio: From February 5th, the People's Bank of China has decided to reduce the reserve requirement ratio for financial institutions by 0.5 percentage points, providing about 1 trillion yuan of long-term liquidity.
2. Financial Support for the Housing Rental Market: The People's Bank of China and the National Financial Regulatory Administration have issued 17 measures to support the development of the housing rental market.
3. Announcement of CPI and PPI Data: On February 8th, the National Bureau of Statistics will announce the CPI and PPI data for January. Next week, financial data such as M2, new loans, and social financing scale may be announced.
4. China and Singapore Waive Visas: Starting February 9th, China and Singapore will implement a mutual visa exemption agreement for ordinary passport holders.
5. Lifting of Share Sale Restrictions: Next week, a total of 3.762 billion A-share restricted shares will be listed, valued at approximately 48.037 billion yuan based on Friday's closing.