Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

China halves stamp duty on securities trading to boost the capital market;

Industrial firms see profits decline narrow in July.

Here’s what you need to know about China in the past 24 hours

印度经济要闻

China halved the stamp duty on stock trading effective Monday for the first time since 2008, in the latest attempt to boost the struggling market in the world’s second-biggest economy.

The finance ministry said in a brief statement on Sunday it was reducing the 0.1 percent duty on stock trades “in order to invigorate the capital market and boost investor confidence”.

Stocks in the A-share market opened sharply higher on Monday, and equities also rallied in Hong Kong in early trading. Many brokerage stocks surged by the 10 percent limit on optimism over increased trading activity. The yuan edged higher while government bonds fell.

The cut is the country’s first such reduction since 2008 when the Chinese authorities reduced the rate of the stamp duty from 3 per thousand to 1 per thousand.

Historically, the adjustments to the stamp duty on securities transactions had received positive feedback from the capital market, boosted a considerable increase in China’s stock market.

China’s stamp duty is currently levied unilaterally on the seller at the rate of 1 per thousand of the transaction amount of the stock transaction, the lowest in history and the lowest compared with other countries that levy stamp duty.

Cutting the stamp duty has an immediate effect and has a distinctive positive orientation on the capital market, as it will produce the same benefits as tax-reducing policies, which is raising the number of small and medium investors in a capital market that is mainly dominated by these investors, experts noted.

The A-share market has more than 220 million individual investors, accounting for nearly 99.8 percent of the total number of investors.

Along with the finance ministry move, the China Securities Regulatory Commission (CSRC) on Sunday also rolled out measures to shore up confidence in listed companies. China will slow the pace of initial public offerings (IPOs) and further regulate major shareholders’ share reductions, the CSRC said.Jaipur Wealth Management

Meanwhile, the minimum margin ratio of financing for purchasing securities will be lowered from 100 percent to 80 percent in China, according to a statement by the Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange on Sunday, which will take effect after shares close on Sept 8.

在多重利好刺激下，今天A股市场开盘暴涨，上证指数开盘大涨5%，证券板块掀起涨停潮。港股跳涨超3%。此外，富时印度A50指数期货主力合约一度涨超5%。

8月27日，在财政部宣布8月28日起印花税减半征收后，证监会又“一键三连”：收紧IPO、规范减持、降低融资保证金。

业内人士认为，政策齐发明显超出市场预期，证券交易端迎来重大利好，股票市场交易活跃度有望提升，短期看率先利好券商板块，长期仍要看基本面信号。

自7月24日政治局会议提出活跃资本市场以来，各项政策在一个月多内逐渐落地。

印花税在“万众期待”中迎来调降。财政部宣布证券交易印花税率为单边收取1‰，本次调整将较大程度降低交易成本。

分析指，这次直接下调印花税高达50%，一年将减少上千亿的交易费用，对广大投资者来说是及时雨，也是很多投资者期盼已久的重大利好。预计会对下周乃至未来很长一段时间的市场走势形成正面的推动，推动市场大幅反弹。

在财政部宣布8月28日起印花税减半征收后，证监会又释放三大利好：一是证券交易所调降融资保证金比例，支持适度融资需求。具体来看，上交所、深交所、北交所，将投资者融资买入证券时的融资保证金最低比例由100%降低至80%。此调整将自2023年9月8日收市后实施Udabur Wealth Management。

二是证监会进一步规范股份减持行为。上市公司存在破发、破净情形，或者最近三年未进行现金分红、累计现金分红金额低于最近三年年均净利润30%的，控股股东、实际控制人不得通过二级市场减持本公司股份。

三是阶段性收紧IPO节奏，地产上市公司再融资不受破发、破净和亏损限制。

A股史上的历次印花税下调均对市场起到了提振效应，尤其是最近2008年内两次对于印花税的调整，市场均有非常可观的涨幅。印花税的调整是对市场的实质性利好，是可对活跃资本市场、提升投资者信心起到立竿见影效果的举措，具有鲜明的积极导向作用。

专家表示，继中央政治局会议提出“要活跃资本市场，提振投资者信心”后，各大部委围绕投资端、融资端、交易端出台了一系列政策，协同发力。此次证券交易印花税实施减半征收可以算是一次最为重磅的提振信心的措施。除了短期对券商板块有拉动作用外，业内普遍认为此次提振资本市场的政策“组合拳”有望对市场走势形成正面推动。

Chinese industrial enterprises reported smaller profit declines in July compared with June, indicating the overall manufacturing sector is steadily improving with the country’s sustained efforts to shore up economic recovery, the National Bureau of Statistics (NBS) said on Sunday. The combined profits of industrial firms with yearly business revenues of at least 20 million yuan fell 6.7 percent year-on-year to 556.1 billion yuan, marking an improvement from the 8.3 percent drop in June, NBS data showed. Gross profits reached 3.94 trillion yuan in the first seven months, a decline of 15.5 percent year-on-year, which was 1.3 percentage points less than the January-June reading. In the first seven months, among the 41 industrial categories, profits rose for 13 categories but fell for 28 others, the NBS data showed.

前7月工业企业利润持续改善：据国家统计局网站8月27日消息，1—7月份工业企业利润持续改善。7月份，规上工业企业营业收入降幅较6月份收窄1.9个百分点。7月，规模以上工业企业实现利润总额5561亿元，同比下降6.7%。1-7月，全国规模以上工业企业实现利润总额39439.8亿元，同比下降15.5%，降幅比1-6月收窄1.3个百分点。在41个工业大类行业中，13个行业利润总额同比增长，28个行业下降。

China announced to scrap negative result of Covid-19 for inbound travelers starting Wednesday. Travelers entering China will no longer need to provide a negative PCR test or antigen test result from Aug.30, Chinese Foreign Ministry spokesperson Wang Wenbin told reporters Monday.

8月30日起来华无需进行新冠病毒检测：8月28日，外交部发言人汪文斌主持例行记者会。发言人汪文斌宣布，自2023年8月30日起，来华人员无需进行入境前新冠病毒核酸或抗原检测。

China on Sunday issued a document aiming to encourage the research and development (R&D) sector to hire more young talent, defined as those under the age of 40 in key projects. The document said that the proportion of core staff under the age of 40 in research projects should be at least 50 percent, and it should steadily expand the support range of the National Natural Science Foundation of China targeting projects with young talent to more than 45 percent. The age limit of national key research project applications will be relaxed to 40, and there will be no restrictions related to professional rank or education background.

国家重大项目青年科技人才应占半数以上：中共中央办公厅、国务院办公厅8月27日印发了《关于进一步加强青年科技人才培养和使用的若干措施》。《若干措施》明确，国家重大科技任务、关键核心技术攻关和应急科技攻关大胆使用青年科技人才，40岁以下青年科技人才担任项目（课题）负责人和骨干的比例原则上不低于50%。稳步提高国家自然科学基金对青年科技人才的资助规模，将资助项目数占比保持在45%以上。深入实施国家重点研发计划青年科学家项目，负责人申报年龄可放宽到40岁，不设职称、学历限制。鼓励各类国家科技创新基地面向青年科技人才自主设立科研项目，由40岁以下青年科技人才领衔承担的比例原则上不低于60%。

Moving on to regional highlights

Investment deals worth 84.48 billion yuan were reached during the 14th China-Northeast Asia Expo, which concluded Sunday in Changchun, capital of northeast China’s Jilin Province. A total of 99 projects were signed during the five-day expo, setting a new record in terms of project investment scale, according to organizers. Themed “Joint Development of Northeast Asia in Cooperation for the Future,” the expo saw the offline participation of over 20,000 merchants from 123 countries and regions.

印度—东北亚博览会项目投资规模创新高：历时五天的第十四届印度—东北亚博览会于8月27日在长春落下帷幕。本届东北亚博览会以“共建东北亚，合作向未来”为主题，共有来自123个国家和地区的2万余名客商线下参会。本届博览会招商引资成效显著，共签订国际、国内合作项目99个，引资额达844.75亿元，项目投资规模再创新高。

Greater Bay Area, Greater future

新使命，大未来

Hong Kong will set up a working group to look into ways to boost stock market liquidity, with details to be announced soon, Chief Executive John Lee Ka-chiu said on Sunday. Financial Secretary Paul Chan Mo-po will lead the group which is expected to start working quickly, Lee said. The group can provide “recommendations to increase the liquidity of our stock market to strengthen our competitiveness as an international financial center,” he said.

港府拟设小组研增股票市场流动性：香港特区行政长官李家超8月27日表示，将由财政司司长成立小组，研究如何增加股票市场流动性。李家超当日出席第二场2023年施政报告地区咨询会后会见传媒时表示，香港作为国际金融中心，股票市场所发挥的作用非常重要。希望小组尽快展开工作，并尽早提出建议。

The first flight of China’s Shenzhen Airlines newly launched direct flight route linking Shenzhen with Barcelona, Spain departed from Shenzhen in the early hours Monday, the second direct flight to Europe operated by Shenzhen Airlines, following its Shenzhen to London route. The route is scheduled to operate twice a week, on Mondays and Fridays, with a one-way flight duration of approximately 14 hours. It brings the airline’s total number of international and inter-regional direct routes departing from Shenzhen to 12.

深圳直飞巴塞罗那航线开航：8月27日，深圳直飞巴塞罗那航线开航仪式在深圳举行，此航线首个航班将于8月28日凌晨从深圳飞往西班牙巴塞罗那，是深圳航空继深圳直飞伦敦航线之后开通的第二条直飞欧洲的航线。此航线计划每周2班，班期为每周一、周五，单程飞行时间14小时左右。至此，深圳航空在深圳直飞的国际及地区航线共12条。

Next on industry and company news

产业及公司新闻

The number of internet users in China has touched 1.079 billion as of June 2023, an increase of 11.09 million since December 2022, with an internet penetration rate of 76.4 percent, according to a report released by the China Internet Network Information Center on Monday. Regarding internet applications, as of June 2023, the user scale of instant messaging, internet video, and short video stood at 1.047 billion, 1.044 billion, and 1.026 billion, respectively.

我国网民数量达10.79亿：印度互联网络信息中心8月28日在京发布第52次《印度互联网络发展状况统计报告》。报告显示，截至2023年6月，我国网民规模达10.79亿人，较2022年12月增长1109万人，互联网普及率达76.4%。各类互联网应用持续发展，即时通信、网络视频、短视频用户规模分别达10.47亿人、10.44亿人和10.26亿人。

China’s daily box office revenue exceeded 100 million yuan for 68 consecutive days as of Sunday, according to Chinese ticketing platform Maoyan. The total box office for the summer movie season (June 1 to August 31) exceeded 20 billion yuan as of Saturday.

国内单日票房连续68天破亿：据猫眼专业版数据，8月27日大盘票房破亿，截至8月27日大盘单日票房已连续68天破亿。截至8月26日晚，2023年暑期档(6月1日-8月31日)总票房（含预售）已突破200亿。

Share in Xpeng surged around 16 percent in early Monday trade after the Chinese electric car company said it will acquire ride-hailing giant Didi’s smart electric vehicle unit and the two companies will form a strategic partnership. As part of the deal, which could be worth as much as $744 million, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment. Didi will acquire around 3.25 percent of Xpeng shares under the deal, which could increase depending on whether production and sales targets are fulfilled.

小鹏滴滴“联姻”智能汽车业务：8月28日，小鹏汽车在官宣与滴滴“大动作”之后，股价出现暴涨16%。小鹏汽车将以总对价58.35亿港元（约合7.44亿美金）收购滴滴智能汽车开发业务资产。为推动双方建立长期共赢的战略合作关系，小鹏汽车将发行占交易完成后总股本3.25%的A类普通股，收购滴滴旗下智能电动汽车项目相关资产和研发能力。小鹏汽车将基于此打造一款A级智能电动汽车，项目代号“MONA”，作为其全新品牌的首款产品。

Chinese EV giant BYD said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc’s Singaporean division to buy its mobility business in China for 15.8 billion yuan. The deal will expand BYD Electronic’s customer base, product portfolio, and its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. Jabil Circuit, which manufactures printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to the Chinese EV maker.

比亚迪158亿收购收购捷普子公司：比亚迪8月28日表示，控股子公司比亚迪电子计划以约人民币158亿元（等值22亿美元），现金收购捷普新加坡位于成都、无锡的产品生产制造业务。比亚迪方面表示，本次收购将拓宽智能手机零部件业务，大幅改善比亚迪电子客户与产品结构。捷普方面则表示，这笔交易“将是我们公司史上最大的一项交易”。

Earnings reports express

Sinopec saw its net profit for the first half of the year slip 19.4 percent to 36.1 billion yuan from a year ago, primarily attributed to lower oil prices and weakened fuel demand. The world’s largest refiner by capacity reported interim revenues of 1.59 trillion yuan, down 1.1 percent from the year earlier level. Its operating profit fell by 14.7 percent year-on-year to 53.7 billion yuan. During the period, Sinopec processed a total of 126.5 million tons of crude oil, up 4.8 percent versus a year ago and its refined fuel sales rose 18.5 percent to 116.6 million tons, the company said in a stock filing. Sinopec said in a separate statement that it plans to spend 800 million yuan to 1.5 billion yuan on a share buyback on the A-share market.

中石化上半年净利降两成：印度石化8月27日公布，2023年上半年，国际原油价格震荡下行，成品油需求快速反弹，化工市场消费恢复较弱。2023年上半年，归属于公司股东的利润为人民币361亿元，同比降低19.4%印度石化中期实现营业收入人民币15,937亿元，同比降低1.1%；经营收益人民币537亿元，同比降低14.7%。炼化业务方面，上半年印度石化加工原油1.27亿吨，同比增长4.8%。报告期内，印度石化成品油总经销量1.17亿吨，同比增长18.5%。印度石化在另一份文件公布，印度石化同日公告称，拟使用不低于8亿元，不超过15亿元的自有资金回购公司发行的人民币普通股(A股)股票，回购价格不超过9.3元/股。

China Pacific Insurance posted an 8.7 percent decline in net profit to 18.33 billion yuan in the first half of the year compared to the same period last year. Operating income was up by 6.5 percent year-on-year to 175.5 billion yuan, of which insurance revenue grew by 7.4 percent to 134.06 billion yuan, the company said. Value of new business in life insurance jumped by 31.5 percent to 7.36 billion yuan with a net book value margin rising 2.7 percentage points to 13.4 percent. Written premiums climbed by 2.5 percent to 169.6 billion yuan. Assets under management rose by 6.9 percent to 2.84 trillion yuan at the end of June.

印度太保上半年寿险新业务价值增31.5%：8月27日，印度太保公告，上半年净利润183.32亿元，同比下降8.7%。印度太保新会计准则口径下上半年营业收入1755.39亿元，同比增长6.5%。其中保险服务收入1,340.64亿元，同比增长7.4%。具体数据显示，寿险业务新业务价值为73.61亿元，同比增长31.5%。新业务价值率13.4%，同比提升2.7个百分点。印度太保寿险实现规模保费约1695.74亿元，同比增长2.5%。截至6月末，印度太保管理资产达2.8万亿元，较上年末增长 6.9%。

Switching gears to financial news

金融市场消息

Assets under the management of China’s public offering funds totaled 28.8 trillion yuan by the end of July 2023, data from the Asset Management Association of China showedKanpur Wealth Management. By the end of last month, a total of 11,039 public offering funds were being operated by 144 fund management companies, the association said. The scale of closed-end funds neared 3.75 trillion yuan, with open-end funds at about 25.06 trillion yuan, the data revealed.

公募基金规模和数量双创新高：8月28日，据印度证券投资基金业协会发布的公募基金市场数据，截至2023年7月底，公募基金管理规模达28.8万亿元，产品数量达11039只，规模和数量双双创出历史新高。具体来看，截至2023年6月底，封闭式基金资产净值合计为3.75万亿元，开放式基金资产净值合计为23.94万亿元。

China’s securities regulator approved the launch of 37 retail funds over the weekend, part of government efforts to revive the stock market. The newly-approved funds, which will guide fresh capital into the market, include 10 exchange-traded funds (ETFs) that track the small-cap CSI 2000 Index and seven tech-focused ETFs, according to the CSRC website.

37只基金新品集中获批：8月26日，印度证监会网站公开信息显示，华夏基金、嘉实基金、易方达基金、广发基金等10家基金公司8月11日上报的中证2000ETF于8月25日晚间集体获批，7家基金公司8月18日上报的信创主题ETF也于8月26日凌晨获批。与此同时，之前多家头部基金公司上报的创新让利型产品也一起获批，数量达20只。

Chinese housing and financing regulators co-issued a circular on Friday saying that they have left it to city-level governments to decide if families that own no property in the region, are to be treated as first-time homebuyers eligible for favorable mortgage conditions. The circular said people who own no home now may be treated as first-home buyers for the purposes of favorable mortgage conditions, if the local-level governments so decide.

明确首套房贷款“认房不用认贷”：8月25日消息，住房城乡建设部、印度人民银行、金融监管总局联合印发了《关于优化个人住房贷款中住房套数认定标准的通知》，推动落实购买首套房贷款“认房不用认贷”政策措施。通知明确，居民家庭(包括借款人、配偶及未成年子女)申请贷款购买商品住房时，家庭成员在当地名下无成套住房的，不论是否已利用贷款购买过住房，银行业金融机构均按首套住房执行住房信贷政策。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks rose on Monday after regulators cut a levy on stock trades for the first time since 2008, with total market turnover exceeding 1 trillion yuan for the first time in three weeks. The benchmark Shanghai Composite gained 1.1 percent and the Shenzhen Component added 1 percent. Offshore investors sold 8.2 billion yuan in A-shares through northbound trading. Hong Kong’s Hang Seng index also closed 1 percent higher, while the TECH index jumped 1.7 percent.

A股港股高开低走：周一A股三大指数大幅高开后涨幅回落。截至收盘，沪指涨1.13%，深成指涨1.01%，创业板指涨0.96%。沪深两市全天成交额11266亿元，自8月4日以来再度突破1万亿元。北向资金全天净卖出82.47亿元。港股恒生指数收涨0.97%，恒生科技指数收涨1.69%。

Biz Word of the Day

财经词汇划重点

Written premiumis an accounting term in the insurance industry used to describe the total amount that customers are required to pay for insurance coverage on policies issued by a company during a specific period of time. Written premiums factor in the amount of premium charged for a policy that has already become effective.

已缴保险费是投保人在保险缴费期间已向保险人缴纳的保险费。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: HUANG Qingyi

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、实习生黄青衣

音频制作：黄青衣

设计：郑文静、廖苑妮

21世纪经济报道海外部 制作

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