Femorning Daily 2.11.2017 1. YANG Weimin, the deputy director

1. In October, theCaixin China manufacturing PMI was 51.0. The expected value was 51.0 and theformer value was 51.0.CEBM, the think tank of Caixin, said that themanufacturing industry in October steadily expanded, but the strictenvironmental production limit and low inventory further increased the costpressure of the enterprises in the middle and lower stream, probably adverselyaffecting the later production. The economic growth in the fourth quarter willbe flat with or slightly lower than the third quarter. The economic downwardpressure is not big.

1、10月，财新中国制造业PMI为51.0，预期值为51.0，前值为51.0。财新智库莫尼塔表示，10月制造业平稳扩张，但严格的环保限产和较低的库存进一步加大了中下游企业成本压力，或对后期生产造成不利影响。四季度经济增速将与三季度持平或微降，下行压力不大。

2.China Securities Journal news, recently, dozens of listed state-ownedenterprises collectively had their stock suspension, and several listedstate-owned enterprises have announced the progress of the mixed-ownershipreform, once again triggering the market attention for the mixed-ownershipreform of state-owned enterprises, especially the local state-ownedenterprises. Experts said that the third batch ofmixed-ownership reform pilot list will soon be announced, and local state-ownedenterprises are expected to play a major role.With a number of cities accelerating the deployment ofthe mixed-ownership reform of state-owned enterprises, the situation ofcoordinating enterprises in North and South Chinaand linking the central and local enterprises will be formed.

2、中证报消息，近期数十家上市国企集中停牌，并有数家上市国企先后公告混改进展，再次引发市场对国企混改特别是地方国企混改的高度关注。专家表示，第三批混改试点名单即将公布，地方国企有望“唱大戏、担主角”。随着近期多个地市加快部署国企混改，南北呼应、上下联动的局面将形成。

3.In October, the People’s Bank of China carried out theoperation of standing lending facilities for financial institutions totaling24.95 billion yuan, of which 1.331 billion yuan is overnight loans, 22.11billion yuan is 7-day loan, and 1.509 billion yuan is 1-month loan; thePeople’s Bank of China carried out the operation of the medium-term lendingfacilities for financial institutions totaling 498 billion yuan, with thematurity of 1 year and the interest rate of 3.2%. At the end of October, thebalance of pledged supplementary lending was 2.5749 trillion yuan.

3、10月，央行对金融机构开展常备借贷便利操作共249.5亿元，其中隔夜13.31亿元、7天221.10亿元、1个月15.09亿元；对金融机构开展中期借贷便利操作4980亿元，期限1年，利率为3.2%。10月末抵押补充贷款余额为25749亿元。

4. SHIYaobin, the deputy minister of the Ministry of Finance, said that althoughChinahasbecome the world"s largest and most influential PPP market, the accumulated implicitrisk that some places regard the PPP model as a simple government financingmeans still exists. Financial resources shallnot be arranged for projects without operational content and performanceappraisal mechanism, and projects that the social capital doesn’t actuallyundertake construction and operation risks.

4、财政部副部长史耀斌表示，中国虽然已成为全球规模最大、最具影响力的PPP市场，但一些地方把PPP模式简单作为政府投融资手段而积累的隐性风险仍然存在。对无运营内容、无绩效考核机制、社会资本不实际承担建设运营风险的项目不得安排财政资金。

5. Ministry ofHuman Resources and Social Security of the People"s Republic ofChinasaid thatthe basic pension insurance fund investment steadily launched. Beijing, Anhuiand other nine provinces (autonomous regions and municipalities) government andthe Social Security Fund Council signed a commission investment contract withthe total contract amount of 430 billion yuan, of which 180 billion yuan offunds has been ready and started to invest. The next step will be to study the developmentof urban and rural residents pension fund investment operations andoccupational pension fund management policies.

5、人社部表示，基本养老保险基金投资稳步开展，北京、安徽等9个省（区、市）政府与社保基金理事会签署委托投资合同，合同总金额4300亿元，其中1800亿元资金已经到账并开始投资。下一步，将研究制定城乡居民养老基金投资运营和职业年金基金管理相关政策。

6.Shanghai Securities News, as of October 31st, there are 72 real estatecompanies listed in the Shanghai and Shenzhen stock exchange disclosing theirthird quarter report, of which 63 had realized profit, accounting for 87.5%.The overall profitability of the real estate industry in 2017 was obviouslyimproved, and the year-on-year net profit growth is much higher than the year-on-yearrevenue growth. The phenomenon that the revenue growth didn’t bring the profitgrowth was reversed. The industry differentiation further intensified. The top 13enterprises ranked by the net profit contributed 80% of the total profits ofthe entire industry.

6、上证报消息，截至10月31日，沪深两市披露2017年三季报的上市房企有72家，其中63家实现盈利，占比为87.5%。2017年房地产行业整体盈利能力明显改善，净利润同比增幅大大高于营业收入的同比增幅，以往“增收不增利”的现象得到扭转；行业分化进一步加剧，净利润居前的13家房企贡献了整个板块净利润总额的八成。

7. National Developmentand Reform Commission news, during the period of "11. 11", theblacklist of e-commerce will be released, as well as the "Early Warning Report on E-commerceCredit Risk of November 11th"and the "Consumer Credit AssessmentReport of Online Marketing during November 11". The third-partyinstitutions will be organized to conduct the data tracking and evaluationanalysis on the performance of major e-commerce platforms to realize theirpromise during the "11.11" and improve the credit records ofe-commerce.

7、发改委消息，在“双11”前后，将发布电子商务领域黑名单，发布《电子商务领域信用风险“双11”预警报告》和《“双11”网络促销活动期间消费信用评估报告》，组织第三方机构对“双11”活动期间各主要电商平台的相关承诺兑现情况进行数据跟踪与测评分析，完善电子商务领域信用记录。

8. China AutomobileDealers Association released the "China Auto Dealer Inventory EarlyWarning Index Survey" VIA, which shows that car dealer inventory early warningindex is 49.9% in October 2017,up 1.2 percentage points compared with the previous month and below the warningline. As it is coming to the end of the year in November, most dealers expectthe market demand will be better than in October.

8、中国汽车流通协会发布的“中国汽车经销商库存预警指数调查”VIA显示，2017年10月汽车经销商库存预警指数为49.9%，比上月上升1.2个百分点，位于警戒线以下。11月份进入年底，多数经销商预计市场需求将好于10月。

9. China Business Newsreport, some banks in Shenzhen have no longer issued consumer loans related tohouse purchasing, and strictly monitored the use of other consumer loans andthe flow of capital. However, as the consumption loans closed, somebanks are still using the name of small and micro enterprises and inclusivefinancial to lend the loan for purchasing houses actually via the way of accountisolation. Additionally, partof the loan from small loan companies and consumer finance companies havebypassed into the real estate market.

9、第一财经消息，深圳部分银行已经不再发放购房相关的消费贷，并严格监测对其他消费贷款的用途及资金流向。然而，消费贷阀门紧闭，部分银行仍以小微企业、普惠金融的名义，通过账户隔离的方式，发放实际用途为购房的贷款。此外，小贷公司、消费金融公司亦有部分贷款，绕道进入房地产市场。

10. CCTV Financialnews, starting from November 1st, the three major Bitcoin tradingplatforms will all stop trading business, which means the end of the Bitcointransactions domestically. BitcoinsChina.com, Huobi.com and OKcoin.com have all comprehensively stopped all thebusiness of trading digital assets to RMB. However, it is said that by the endof 6pm on October 31, some investors did not complete the currency withdrawalbusiness.

10、央视财经消息，从11月1日开始，国内三大比特币交易平台将全部停止交易业务，这意味着国内比特币交易正式终结。比特币中国、火币网、币行网陆续全面停止所有数字资产兑人民币的交易业务。不过据了解，截至10月31号晚上6点，还有部分投资者没有完成提币业务。

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