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Coming up on today’s program.

重点提要

Capital markets of mainland and Hong Kong welcomed expansion of eligible stocks under Stock Connect program;

China resumes visa issuance for foreigners starting Mar 15.

中国经济要闻

The expansion of eligible shares under the Stock Connect program of the Chinese mainland and the Hong Kong SAR capital markets officially started on Monday, marking a milestone in the high-level institutional opening-up of China"s capital market.

The number of stocks eligible for northbound trading will increase by 1,034 to 2,528, while the number eligible for southbound trading will increase to 560.

The expansion is an important initiative for the capital market to actively serve to build a new development pattern and promote a high level of two-way opening, analysts said, which is significant for facilitating foreign investors to invest in the A-share market and promoting the synergistic development of the capital markets in both places.

According to a statement on the website of Hong Kong Exchanges and Clearing (HKEX), the expansion enables eligible shares of international companies that are primary-listed in Hong Kong to be included in southbound trading.

A total of 12 stocks including four from foreign listed companies in Hong Kong will be brought into the Hong Kong Stock Connect, raising the total number of eligible stocks to 560.

As part of the expansion, eligible constituent stocks of the Shanghai Stock Exchange A Share Index and the Shenzhen Stock Exchange Composite Index that meet certain requirements will be included in northbound trading.

The number of shares under the Shanghai Stock Connect has risen by 598 to 1,192, covering 91 percent of the market"s capitalization. Under the Shenzhen Stock Connect, the total number is now 1,336, with market capitalization coverage of 86 percent.

"The expansion of both the Southbound and Northbound Stock Connect to include more companies is great news for the market and for investors. This is the next significant milestone development in the continued evolution of this unique and successful mutual market access program," HKEX CEO Nicolas Aguzin said on the official website.

According to Wind data, from 2019 to date, turnover of northbound funds in A-shares was stable at 10-11 percent, while the turnover ratio of southbound funds in Hong Kong stocks had increased to 32.7 percent as of March 10.

The Stock Connect has become one of the most important channels for foreign investors to participate in the A-share market. As of March 10, the net buying of A-shares by northbound funds totaled 1.87 trillion yuan, including 990.2 billion yuan from the Shanghai-Hong Kong Stock Connect and 884.2 billion yuan from the Shenzhen-Hong Kong Stock Connect.

沪深港通股票标的双向扩容3月13日起实施。

根据相关规则，本次扩容首批将新增纳入沪股通、深股通股票598只、436只，扩容后沪股通、深股通股票数量分别达1192只、1336只。其中新纳入科创板、创业板股票147只、188只，扩容后科创板、创业板股票数量分别达214只、478只。

专家指出，此次互联互通股票标的范围扩大，是资本市场积极服务构建新发展格局、推进高水平双向开放的重要举措，对便利境外投资者投资A股市场、促进两地资本市场协同发展具有积极意义，有利于进一步满足境外投资者投资A股市场的需求，分享中国经济红利，吸引更多境外中长期资金入市，推动资本市场实现更高水平制度型开放。

港股通方面，本次沪港通下港股通标的将纳入市值50亿元港币及以上的恒生综合小型股指数成份股，范围扩大至与深港通下港股通标的保持一致，港股通首次纳入4家在港主要上市的外国公司。

自沪港通和深港通开通以来，在监管机构指导下，交易所和结算公司不断丰富扩展互联互通标的范围、持续优化交易结算机制，将科创板股票、ETF纳入标的范围，取消总额度、双向提高每日额度，优化两地交易日历安排，境外投资者投资A股范围不断扩展，投资便利程度显著提升。

此前，沪深交易所发布修订后的沪深港通业务实施办法。市场人士预期，在沪深港通业务实施办法落地后，沪深股通成份股数量将大幅提升。

沪市方面，符合纳入条件的沪股通股票共有1192只，市值合计51.11万亿元，市值覆盖率90.94%。深市方面，符合条件的深股通股票共有1336只，市值合计30.16万亿元，市值覆盖率86%。

沪深两市还统一调入沪深股通股票的门槛，同时设置调出条件低于调入条件的调整缓冲机制。此外，比照港股通下不同投票权架构公司股票首次纳入安排，明确沪深股通下具有表决权差异安排的公司股票首次纳入安排。

China"s visa offices abroad will resume issuing all typesof visas to foreigners on Wednesday to facilitate cross-border travels, the Foreign Ministry"s Department of Consular Affairs announced Tuesday. Foreigners with valid visas which were issued before March 28, 2020 will be able to enter the country. China will also resume visa-free entries to Hainan province and cruise ships passing through Shanghai, among other regions, according to the notice.

赴华签证及入境政策调整：外交部领事司14日发布通告称，决定自北京时间2023年3月15日零时起，就外国人来华签证及入境政策作出调整：恢复2020年3月28日前签发且仍在有效期内的签证入境功能；驻外签证机关恢复审发外国人各类赴华签证；口岸签证机关恢复审发符合法定事由的各类口岸签证；恢复海南入境免签、上海邮轮免签、港澳地区外国人组团入境广东免签、东盟旅游团入境广西桂林免签政策。今天中国驻美国大使馆等大使馆也同步发布了关于赴华签证事宜的最新通知。

产业及公司新闻

The combined market capitalization of China"s three major telecom operators has added 980 billion yuan since this year at the Chinese mainland stock markets as of Monday, with China Mobile, China Telecom and China Unicom in the bull run amid China’s push in building digital infrastructure.China Telecom has seen its shares rising 73 percent year-to-date, followed by China Mobile"s 45 percent surge and China Unicom"s 35 percent hike, media reported Monday. China Mobile saw its share prices rocketing to top 100 yuan per share on Tuesday, pushing its market capitalization to above 2.1 trillion yuan.

三大运营商今年市值猛增近万亿：在国家不断释放加快数字经济、数字中国建设的政策利好背景下，三大电信运营商股价持续上涨，今年总市值合计增超9800亿元。千亿市值股今年涨幅居前的5只股票中运营商就占了三位，其中中国电信今年涨幅高达73%居于涨幅榜首位，中国移动涨逾45%居于次位，中国联通涨逾35%居于涨幅榜第四位。截至13日收盘，中国移动总市值超过2.1万亿元，直逼A股股王“贵州茅台”。

Tesla IncChief Executive Elon Musk and Chinese electric vehicle and battery maker BYD Co Ltd, on Tuesday denied a media report that said the U.S. company was ending cooperation with BYD on battery supplies for certain Tesla Model 3 vehicles after their supply deal expired earlier this year."That media report is false. Relations between Tesla and BYD are positive," Musk said in a tweet on Tuesday.BYD also said in a statement that the report "is not in line with the actual situation."

马斯克、比亚迪回应“特斯拉叫停合作”：针对外媒有关“特斯拉叫停与比亚迪在电池上的合作”的报道，比亚迪最新回应称此为“不实信息，与实际情况不符”。特斯拉CEO马斯克在面对网友提问时表示消息不实，特斯拉和比亚迪之间的关系是积极的。此前有外媒报道，特斯拉与比亚迪关于Model 3标准版等低价车型的电池供应合约于今年年初到期后，未再要求继续供货。

Chinese electric car startup Li Auto, which is resisting entering the current price war in China’s auto market, has said that it will refund buyers the difference in price should they find a better offer for the same model within 90 days of purchase. Founder and CEO Li Xiang said earlier this month that he will not adopt a price-cut strategy.

理想汽车推出90天价保：日前，理想汽车推出了用户购车价格保护权益。自2023年3月11日-3月31日，通过理想汽车官方渠道定购理想L7、L8、L9车型，自定购日（含）起90天内，如果所购车型的官方售价发生降价情形，理想汽车承诺将主动返还差价。相关销售人员表示，此举是为了向消费者明确理想汽车确定不会降价。理想汽车CEO李想此前已通过社交媒体明确表示过理想汽车不会降价。

Longi Green Energy Technology, the world’s largest maker of monocrystalline silicon wafers, said it expects its 7.8 billion yuan solar cell plant in Ordos, Inner Mongolia, to be completed and begin production in August. The plant will have an annual output of 30 gigawatts of high-efficiency solar monocrystalline silicon cells, the Xi’an-based firm announced late yesterday. The products, developed with N-type TOPCon technology, will have a power conversion efficiency of over 25 percent.

隆基绿能78亿扩产TOPCon电池项目：隆基绿能3月13日公告，公司董事会当天审议通过《关于投资建设鄂尔多斯年产30GW高效单晶电池项目的议案》，预计总投资额超过77.7亿元（含流动资金）。根据公司测算，上述项目建成达产后，预计实现年均营业收入179.9亿元，年均净利润29.2亿元。公告还披露，项目将导入公司研发的高效N型TOPCon电池技术，量产电池转换效率将达25%以上。

财报速递

Shares of ZTE popped after the Chinese telecoms company forecast a nearly 19 percent jump in net profit in 2022 from 2021. Net profit reached almost 8.1 billion yuan, the leading phonemaker said in its 2022 performance forecast recently. Revenue could climb 7 percent to nearly 123 billion yuan from a year earlier. For the first time, R&D expenditures tallied 21.6 billion yuan, equalling nearly 18 percent of revenue. All of ZTE"s three core business segments grew last year. Revenue of carrier networks rose by 6 percent, that of government and enterprise business jumped by 12 percent, and that of consumer business moved up by 10 percent. Server and storage revenue tallied nearly 10 billion yuan, up almost 80 percent from a year earlier.

中兴通讯2022年营收净利双增：近日，中兴通讯发布2022年度业绩报告。公司2022年共实现营业收入1229.5亿元，同比增长7.4%；归母净利润80.8亿元，同比增长18.6%；扣非归母净利润61.7亿元，同比增长86.5%。中兴通讯表示，2022年营业收入增长原因主要在于运营商网络、政企业务、消费者业务营业收入均实现增长。其中，运营商网络营业收入800.4亿元，同比增长5.72%；政企业务营业收入146.3亿元，同比增长11.84%；消费者业务营业收入282.8亿元，同比增长9.93%。此外，中兴通讯国内市场实现营业收入852.4亿元，同比增长9.20%，占整体营业收入的69.3%；国际市场实现营业收入377.1亿元，同比增长3.44%，占整体营业收入的30.7%。

Top Chinese property developer Country Garden yesterday warned it expected to post its first net loss of up to 7.5 billion yuan since listing in 2007 due to a sluggish property market. Country Garden said its estimated net loss would be between 5.5 billion yuan to 7.5 billion yuan, down from a 26.8 billion yuan profit in 2021. Smaller developer Logan Group also said it expected to record a net loss of 7 billion yuan to 9 billion yuan for 2022.

碧桂园2022年预亏最高75亿：2023年3月13日，碧桂园发布业绩预告称，预期2022年全年可能录得剔除公允价值变动、汇兑净损益等影响后的归母核心净利润在10亿元至30亿元之间，预期归母净亏损为55亿元至75亿元。碧桂园表示，净利润数据下行主要是受房地产行业整体经营不佳及疫情影响，开发业务结转毛利率下降，对存货进行了较大额的减值计提，以及美元升值的汇兑损失，但强调公司核心净利润保持正向。

金融市场消息

The initial public offering applications of 11 companies have been approved, according to the Shanghai Stock Exchange and Shenzhen Stock Exchange on Monday, which are the first batch of IPO approved after the implementation of the new registration-based IPO system on Feb 17. The five companies to be listed in Shanghai aim to raise 7.25 billion yuan, while the six companies to be floated on the Shenzhen board eye 10.34 billion yuan in total.

全面注册制首审11家企业过会：全面注册制下主板IPO申请首审正式落地。据沪深交易所官网信息，3月13日，中信金属、江盐股份、常青科技、中重科技、柏诚股份、中电港、陕能股份、海森药业、华纬科技、南矿集团、登康口腔等11家主板IPO企业成功过会。上述11家企业中，前5家拟沪市主板上市，后6家拟深市主板上市。募资规模方面，数据显示，上述11家企业首发预计募资总额178.73亿元。

Four indexes are expected to be issued on April 3 this year by Shanghai Stock Exchange and China Securities Index, the Shanghai bourse announced on Monday. The new energy and the industrial machinery indexes of the Shanghai Science and Innovation Board will select 50 securities of listed companies with large market values in corresponding fields as samples to reflect the overall performance of listed companies" securities in respective fields. The Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area indexes, mainly focusing on regional coordination, will also select 50 samples in these two regions respectively.

上证科创板4条指数将于4月3日发布：3月13日消息，为及时反映科创板上市证券的表现，为市场提供多维度投资标的和业绩基准，上交所所和中证指数有限公司将于2023年4月3日正式发布上证科创板新能源指数等4条指数，包括上证科创板新能源指数、上证科创板工业机械指数、上证科创板长三角指数及上证科创板粤港澳大湾区指数。其中，上证科创板新能源指数从科创板市场中选取50只市值较大的光伏、风电以及新能源车等领域的上市公司证券作为指数样本，反映科创板市场代表性新能源产业上市公司证券的整体表现。而上证科创板长三角指数、上证科创板粤港澳大湾区指数则主要聚焦区域协调发展，从科创板市场中分别选取注册地位于长三角地区、粤港澳大湾区的50只市值较大的上市公司证券作为指数样本。

股市收盘情况

Chinese stocks fell on Thursday with the benchmark Shanghai Composite down 0.7 percent, and the Shenzhen Component shed 0.8 percent. Hong Kong’s Hang Seng index also gave up 2.3 percent and the TECH index sank 2.6 percent.

A股震荡港股收跌：周二A股大盘午后低位震荡，截至收盘，沪指跌0.72%，深成指跌0.77%，创业板指跌0.59%，两市全天成交额9324亿元，北向资金净买入7.55亿元。港股恒指跌2.27%，恒生科技指数跌2.59%。

Biz Word of the Day

财经词汇划重点

TOPCon, short for Tunnel Oxide Passivated Contact, is a more advanced N-type silicon cell technology. TOPCon solar cells have the upper limit of theoretical efficiency set by scientific research in the field at 28.2%-28.7%. It approaches the theoretical limit of all crystalline-silicon based solar cells at 29.43%..

Topcon电池，即隧穿氧化钝化电池，也叫i-TOPCon电池，属于太阳能电池的一种，与其他类型的电池相比，Topcon电池技术可提升电池的开路电压和填充因子，大幅提高光伏的转换率。以Topcon电池为代表的钝化接触电池具有更加高的效率极限(28.2%~28.7%)，最接近晶体硅太阳能电池理论极限效率(29.43%)。

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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