Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
Coming up on today’s program.
重点提要
China's exchanges launched bond market-making businesses;
Baidu announces its own ChatGPT-Style AI chatbot “Ernie”.
中国经济要闻
China's bourses on Monday launched the bond market-making businesses of 12 securities firms.
The 12 market makers are Essence Securities, Orient Securities, Guotai Junan Securities, Guosen Securities, Huatai Securities, Shenwan Hongyuan Securities, China Galaxy Securities, China Merchants Securities, China Securities, CITIC Securities, Caitong Securities, and Sinolink Securities.
The Shanghai Stock Exchange said that in January 2022, it issued new bond trading rules that included guidelines for bond market-making businesses.
The bourse has recently conducted market-making technical acceptance processes and tests for the securities firms that intend to participate in bond market-making.
Similarly, the Shenzhen Stock Exchange has issued detailed guidelines to pave the way for the bond market-making businesses.
The China Securities Regulatory Commission has stated that the launch of bond market-making businesses will help cut liquidity premiums and bond issuance costs, sharpen the functions of the bond market, and support the real economy further.
The businesses are also conducive to improving pricing efficiency and forming a bond yield curve that more accurately reflects market supply and demand, to provide a reference for market pricing, the commission added.
展开全文
2月6日，交易所债券市场正式启动债券做市业务。首批12家做市商包括安信证券、东方证券、国泰君安、国信证券、华泰证券、申万宏源、银河证券、招商证券、中信建投、中信证券、财通证券和国金证券12家证券公司。
据了解，债券做市业务是指做市商在交易所债券市场持续报出做市品种的双边买卖价格，对债券投资者的询价请求进行回复，以及通过交易所认可的其他做市方式，为债券提供流动性的行为。
根据《交易规则》规定，债券做市业务采取分层机制，做市商可自主选择成为主做市商为基准做市债券品种提供做市服务，也可以选择作为一般做市商为自选债券品种开展做市业务。
据深交所披露，其最新基准做市品种清单包含186只债券，涵盖国债、地方债、政策性金融债、信用债等主流债券品种；上证债券信息网披露，其基准做市清单包含40只债券，涉及11只利率债和29只信用债。沪深交易所均鼓励债券承销商为其承销的债券品种做市。
当前，债券做市业务已成为国际市场普遍采用的交易机制。证监会表示，推出债券做市业务，一方面有利于降低流动性溢价和债券发行成本，完善交易所债券市场功能，进一步发挥债券市场对实体经济的支持作用；另一方面有利于提高定价效率，形成能更加准确反映市场供求关系的债券收益率曲线，为市场定价提供基准参考。
China has mapped out an outline for boosting its strength in product quality and the influence of Chinese brands by 2025, according to the Communist Party of China Central Committee and the State Council on Monday, which envisioned a shift toward created in China from made in China, toward Chinese quality from Chinese speed, and toward Chinese brands from Chinese products. Measures will be taken to make notable improvements to the quality and efficiency of economic development, increase the quality and competitiveness of industries continuously, and raise the quality levels of products, projects and services, per the plan. It also sets goals for greater progress in brand-building, setting up more modern and effective quality infrastructure and fine-tuning the country's quality management system by 2025. 中国品牌打造路线图敲定：6日消息，中共中央、国务院近日印发《质量强国建设纲要》，提出到2025年，质量整体水平进一步全面提高，中国品牌影响力稳步提升。经济发展质量效益明显提升；产业质量竞争力持续增强，建成一批具有引领力的质量卓越产业集群；产品、工程、服务质量水平显著提升，制造业产品质量合格率达到94%；品牌建设取得更大进展，并形成一大批质量过硬、优势明显的中国品牌。具体举措方面，《纲要》明确，完善品牌培育发展机制，开展中国品牌创建行动，打造中国精品和“百年老店”。
新使命，大未来
Hong Kong's stock exchange operator announced on Monday the signing of a memorandum of understanding (MOU) with its Saudi Arabian counterpart to explore partnerships in cross-listings as the Asian financial hub is pitching for Saudi oil giant Aramco's listing in Hong Kong. Under the MOU, the two exchanges have plans to explore operations in fintech, ESG, cross-listings and other areas, according to a statement by HKEX. Hong Kong Chief Executive John Lee said on Monday the financial hub would support Saudi Aramco if it chose to list in the city. 李家超鼓励沙特阿美来港上市：6日，香港特区行政长官李家超率团出访中东，在沙特阿拉伯会见传媒时透露，沙特阿美业务多元化，除了石油方面，也有不同子公司、子企业，会尽量向他们介绍香港优势，鼓励他们到香港作不同参与，包括上市。同时，港交所宣布，与沙特证交所集团签署合作备忘录，在金融科技、ESG、互挂上市以及双方均感兴趣的其他领域探索合作机遇。
产业及公司新闻
China's AI giant Baidu confirmed plans to roll out a ChatGPT-style service, triggering an immediate rally in its Hong Kong-listed shares that surged 18 percent on Tuesday morning. The Beijing-based company has named its own version of AI-based chatbot Ernie Bot, which it plans to officially launch in March after completing internal testing, according to a press release Tuesday morning. 百度官宣“类ChatGPT应用”文心一言：2月7日，百度公众号官宣大模型新项目文心一言（英文名ERNIE Bot）。百度称，在人工智能四层架构中，有全线布局。包括底层的芯片、深度学习框架、大模型以及最上层的搜索等应用。文心一言位于模型层。百度表示，在人工智能领域深耕数十年，拥有产业级知识增强文心大模型ERNIE，具备跨模态、跨语言的深度语义理解与生成能力。百度港股今天大幅拉升，盘中一度涨18%，收涨15.3%。
Chinese state-owned homebuilder Poly Developments and Holdings Group is selling its stakes in 12 real estate joint ventures with Country Garden, one of the country’s largest private developers. The stakes are being tendered online with for a total of almost 2.3 billion yuan, according to disclosures made on the website of China Beijing Equity Exchange. Poly owns between 35 percent and 51 percent in the 12 ventures, which are in various Chinese cities including Nanjing, Chongqing and Zhuhai. 保利打包转让12家公司股权：2月6日，据全国产权行业信息化综合服务平台信息披露，保利发展将12家公司股权挂牌，挂牌总金额合计约23亿元。经股权穿透查验，12家企业均是保利发展与碧桂园的合资企业，位于珠海、常州、南京、重庆等多个城市。12家公司股权均为保利发展参与的项目，需要打包进行出售，购买方必须是同一主体。挂牌价即为成交底价，不能折价出售。
Huang Guangyu, founder and major shareholder of Gome Retail Holdings, may raise his stake in the Chinese home appliances retailer to 20 to 30 percent if a proposed debt-to-equity swap is approved, the company said Monday. Huang is trying to replenish Gome’s cash flow through interest-free unsecured loans. Huang’s companies provided HK$780 million of such loans to the cash-strapped electronics retail chains between December and this January. 国美零售回应黄光裕失去控股权：6日，国美系A股上市公司中关村公告，国美零售已无控股股东，黄光裕对国美电器不再构成间接控制关系的消息引发市场关注。对此，国美方面回应，大股东黄光裕持有国美零售股份比例当前低于30％，故上市公司暂无控股股东。大股东对国美未来发展充满信心，正在通过无息免抵押借款等措施充盈现金流。特别股东大会计划已公告，债务资本化议案一旦获得通过，大股东持股比例将提升，并恢复至20％-30％之间。
财报速递
Chinese listed photovoltaic inverter producers have predicted their net profits to have been at least doubled last year from 2021, as the business performance of the device makers is expected to be one of the best among others in the PV field. Yuneng Technology forecast the largest earnings leap among all other PV inverter suppliers. The firm said its net profit likely surged 230 percent to 269 percent to 340 million and 380 million yuan in 2022 from the previous year. New energy equipment maker Sungrow Power Supply expects net profit to have jumped 102 percent to 140 percent to between 3.2 billion and 3.8 billion yuan last year from 2021, while smart energy solution provider GoodWe forecast the annual net profit to be up 112 percent to 153 percent to between 590 million and 707 million yuan. 光伏逆变器上市公司业绩集体翻倍：截至6日，光伏逆变器板块2022年业绩预告悉数披露。逆变器成为除上游硅料环节之外业绩表现最亮眼的光伏子板块，各家企业均实现业绩翻番。阳关电源主营集中式逆变器和组串式逆变器，其净利润规模为逆变器板块第一，公司预计实现归母净利润32亿元-38亿元，同比增长102%-140%；微型逆变器“双雄”昱能科技、禾迈股份分别预计2022年实现归母净利润3.4亿元-3.8亿元、5亿元-5.5亿元；龙头股固德威预计全年归母净利润5.9亿-7.07亿元，同比增111.06%-152.92%。
金融市场消息
China's foreign exchange reserves rose to $3.18 trillion at the end of January from $3.13 trillion of the previous month, central bank data showed Tuesday. The country has increased its gold reserves for three consecutive months to 65.12 million ounces at the end of January. 1月末外汇储备31844.6亿美元：2月7日央行数据显示，中国1月外汇储备31844.6亿美元，前值31276.9亿美元；中国1月末黄金储备报6512万盎司，为连续第三个月增加。
股市收盘情况
Chinese stocks finished with small gains on Tuesday after a three-session slide. The benchmark Shanghai Composite gained 0.3 percent, while the Shenzhen Component rose 0.1 percent. Hong Kong's Hang Seng index added 0.4 percent, and the TECH index edged up 1.2 percent. A股震荡港股止跌：周二A股三大指数今日窄幅震荡，截至收盘，沪指涨0.29%，深成指涨0.12%，创业板指跌0.24%，沪深两市全天成交额8457亿元。机器人概念股全天领涨。港股集体收涨，恒指涨0.36%，恒生科技指数收涨1.15%。
Biz Word of the Day
财经词汇划重点
A solar inverter or photovoltaic (PV) inverter is a type of power inverter which converts the variable direct current (DC) output of a photovoltaic solar panel into a utility frequency alternating current (AC) that can be fed into a commercial electrical grid or used by a local, off-grid electrical network. 光伏逆变器可以将光伏（PV）太阳能板产生的可变直流电压转换为市电频率交流电（AC）的逆变器，可以反馈回商用输电系统，或是供离网的电网使用。光伏逆变器是光伏阵列系统中重要的系统平衡（BOS）之一，可以配合一般交流供电的设备使用。太阳能逆变器有配合光伏阵列的特殊功能，例如最大功率点追踪及孤岛效应保护的机能。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
编委: 于晓娜
策划、编辑：李艳霞
播音：李莹亮
撰稿：李莹亮
音频制作：李莹亮
设计：郑文静、廖苑妮
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