会计师出身，接替史美伦

科技企业融资建“绿色通道” 科学合理保持新股发行常态化；公募降费再下一城 交易佣金费率明确上限；中证监发布五项资本市场对港合作措施 ETF通产品扩容料3个月落地；风电出海加速 2023年中国风机出口增六成

• Laura Cha, also known as Shih May-lung, will step down as the Chairperson of the Hong Kong Stock Exchange on April 24, 2024. She has held significant regulatory positions in both mainland China and Hong Kong for over 30 years, including Vice Chairman of the China Securities Regulatory Commission (CSRC) and various roles within the Hong Kong Securities and Futures Commission.
• During her tenure at CSRC starting in 2001 amidst a tumultuous period for Chinese securities markets characterized by rampant malpractices like IPO frauds and market manipulation, she implemented numerous reforms including establishing legal frameworks for securities regulation which led to public censures and administrative penalties against numerous companies.
• As Chairperson of the Hong Kong Stock Exchange since 2018, Cha pushed for internationalization of the exchange though faced challenges due to social movements, COVID-19 pandemic, and geopolitical conflicts. Under her leadership, despite a decline in IPOs and global ranking, she maintained efforts towards enhancing international dialogue and cooperation with other exchanges such as Saudi Arabia’s stock exchange.

• The State Council of China has issued new guidelines, known as the "new 'National Nine Articles'", aimed at enhancing supervision and risk prevention to promote high-quality development in the capital market. This includes full-chain management from listing to delisting, increased regulation of market institutions, and strengthened oversight of algorithmic and high-frequency trading to ensure market fairness.
• To implement these guidelines, the China Securities Regulatory Commission (CSRC) has released several draft rules, and stock exchanges are revising their business rules, forming a "1+N+X" policy system. These measures address issues revealed by stock market fluctuations since August 2023 and aim to resolve long-standing contradictions in the capital market.
• The new regulations emphasize stricter IPO standards, including higher thresholds for profitability and revenue on main boards and growth boards, while also focusing on improving company quality through rigorous entry barriers. This approach is expected to impact the scale of equity financing in 2024 significantly, with projections suggesting a substantial decrease compared to 2023.

措施还包括支持内地行业龙头企业赴香港上市、将REITs纳入沪深港通等

“铁娘子”退下一线

【本文系数据通用户提前专享】“铁娘子”退下一线

推动资本市场高质量发展，既要解决长期积累的深层矛盾，也要更尊重市场规律，真正把选择权交给市场

【本文系数据通用户提前专享】推动资本市场高质量发展，既要解决长期积累的深层矛盾，也要更尊重市场规律，真正把选择权交给市场

金融体系的每一次变化，看似跟随政策起伏波动，但事实上每一轮金融周期穿透到底层，都是经济周期

新“国九条”标志着资本市场进入强监管周期，稳为基调，严字当头是新一轮监管周期的特征。随着1+N政策配套体系出台，全方位、立体化的资本市场监管体系将逐步落地，其中上市公司全链条监管是重中之重

提高定存利率的方法属于“懒人办法”，更多是短期营销手段。跨境理财产品的差异化、服务专业度、基础客户群体的客户粘性等都成为各机构重要的竞争手段

量化交易监管重拳出击，六大举措规范交易制度；214个城市已建立房地产融资协调机制；天齐锂业更新澳大利亚格林布什锂辉石矿资源量和储量；LPR大幅下调释放“稳增长”信号 银行、地产板块受益

• A-shares experienced a downturn in 2023 despite initial optimism, with frequent breaches below the 3000-point mark and even a dip below 2800 points early in 2024.
• Regulatory efforts to stabilize the market, such as reducing stamp duty and encouraging buybacks and holdings by major shareholders, had limited impact. Experts suggest focusing on improving fundamentals rather than short-term market rescue measures.
• The Chinese government announced various measures to support the capital market, including lowering reserve requirement ratios for financial institutions and considering market value management in state-owned enterprise performance assessments, which led to a rebound in A-share indices.

• China's State Council emphasizes the need for more effective measures to stabilize markets and confidence, with attention on the potential use of a "stabilization fund."
• The stabilization fund is meant to counter irrational market fluctuations through government intervention in secondary stock markets, but its effectiveness is debated and historically limited.
• China's previous market rescue efforts lacked transparency and a clear exit mechanism, raising concerns about the role and impact of state intervention in financial markets.

【本文系数据通用户提前专享】与其他各类投资基金不同，平准基金一旦确定设立，性质即为救市而非投资，需要遵守严格的投资纪律，接受监督，确定退出的条件

【本文系数据通用户提前专享】指数大跌时应如何应对？怎样真正保护投资者利益？投资者的信心来自哪里？

与其他各类投资基金不同，平准基金一旦确定设立，性质即为救市而非投资，需要遵守严格的投资纪律，接受监督，确定退出的条件

指数大跌时应如何应对？怎样真正保护投资者利益？投资者的信心来自哪里？

该行维持“增持”A股；乐观的预测是外资回流700亿美元