• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On January 28th, Pang Xiaogang, Vice Chairman of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), stated at a press conference held by the State Council Information Office that state-owned enterprises (SOEs) will further promote the "AI+" special action in the next step. First, they will strengthen investment-driven development. This includes planning the "15th Five-Year Plan" strategic plan for artificial intelligence for central SOEs, accelerating the construction and efficient utilization of information and communication networks, the national integrated computing power network, and domestic intelligent computing clusters, and promoting high-quality industrial development through effective investment. Second, they will deepen scenario cultivation. Focusing on key areas such as embodied intelligence and energy and power, they will explore the establishment of "AI+" industrial communities, increase the openness of scenarios, and create more comprehensive major scenarios, industry-integrated scenarios, and high-value niche scenarios. Third, they will optimize data supply. Under the premise of security and compliance, they will accelerate the open development of data resources in key areas such as transportation and logistics, smart energy, green and low-carbon development, and financial services, providing strong support for model optimization and iteration, intelligent computing facility construction and use, and large-scale application in industry scenarios.On January 28, Zhang Jianlong, Director of the Science and Technology Innovation Bureau of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), stated at a press conference held by the State Council Information Office that SASAC is currently drafting a working document on promoting the cultivation of emerging pillar industries by central enterprises, guiding them to achieve leapfrog development from major project investment, cultivation of leading enterprises, and breakthroughs in key areas to the overall optimization of the layout of the state-owned economy.On January 28th, Zhang Jianlong, Director of the Science and Technology Innovation Bureau of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), stated at a press conference held by the State Council Information Office that this year, state-owned enterprises (SOEs) will vigorously strengthen independent innovation and original innovation to provide strong support for achieving high-level scientific and technological self-reliance and building a strong science and technology nation. The focus will be on three key areas: First, increasing the supply of high-quality science and technology. This includes strengthening research on key core technologies, increasing the proportion of investment in basic research, deepening the construction of original technology sources, concentrating efforts to overcome a number of radiating, global, and strategic technologies, and producing more original and leading major scientific and technological achievements. Second, promoting efficient technology transfer. This involves leveraging the dual driving role of central SOEs in the innovation chain and application scenarios, accelerating the construction of a number of pilot-scale verification platforms, increasing the procurement of first-of-its-kind, first-batch, and first-version equipment, and promoting the transformation of more innovative achievements into real productivity. Third, building a high-level innovation ecosystem. This involves fully leveraging the integrating role of central SOEs in the innovation chain, industrial chain, and capital chain, strengthening industry-university-research collaboration, creating a joint innovation system with shared investment, shared benefits, and shared risks, and helping to enhance the advantages of the national innovation system.On January 28th, the Taiwan Affairs Office of the State Council held a regular press conference. According to Taiwanese media reports, in order to "prevent children from accessing inappropriate content and potential cybersecurity risks," Taiwans "Data Development Department" has for the first time proposed a "List of High-Risk Cybersecurity Apps," including Douyin, Weibo, WeChat, Xiaohongshu, and Baidu Cloud, for the education departments reference. What is your comment on this? Spokesperson Zhang Han stated that the DPP authorities hype about so-called "cybersecurity risks" regarding mainland applications is malicious. Their actions—depriving Taiwanese people, especially young people, of their right to know and freedom to use social media platforms, blocking cross-strait exchange channels, and deliberately inciting so-called "resistance against China and protection of Taiwan"—expose their inner fear and anxiety. The DPP authorities willful actions will inevitably backfire. Their perverse actions cannot stop the public opinion of Taiwanese people, especially young people, to understand the mainland and to get to know and be close to their mainland compatriots.On January 28, the Taiwan Affairs Office of the State Council held a regular press conference. It was reported that a think tank under the DPP authorities recently released a so-called report smearing mainland Chinas artificial intelligence products. What is your comment on this? Spokesperson Zhang Han stated that the DPP authorities, for their own selfish interests, are using the guise of information security to smear high-quality mainland products and obstruct cross-strait economic and trade exchanges and cooperation. This despicable practice has been seen through by an increasing number of Taiwanese people.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Leads a Mixed Session

Steven Zhao

Feb 20, 2023 16:10

微信截图_20230220160223.png

Market Overview

It was a mixed morning session. There were no US economic indicators from Friday to influence investor sentiment this morning. It was also a quiet session on the Asian economic calendar, with no material economic indicators for Investors to consider. Nonetheless, the Hang Seng Index was on the move.


The lack of stats left the markets in limbo. It is another busy week ahead for the global financial markets, with US stats likely to influence sentiment toward Fed monetary policy.


From Asia, the RBA could weigh on the ASX 200 again tomorrow, with the RBA meeting minutes out. Prelim private sector PMIs for February and inflation numbers from the major economies will also influence market risk sentiment.


However, the general theme remains a hawkish Fed that may be intent on hiking rates until cracks in the US economy begin to reappear.


In contrast, PBoC did provide Hang Seng Index support this morning by holding the 1-year and 5-year loan prime rates steady at 3.65% and 4.30%, respectively.

ASX 200

The ASX 200 was flat. A bearish end to the week for the Dow Jones left the ASX 200 on the back foot this morning ahead of the RBA meeting minutes.


This morning, bank stocks had a bullish session. Westpac Banking Corp (WBC) and National Australia Bank (NAB) led the way, with gains of 1.10% and 1.21%, respectively. Commonwealth Bank of Australia (CBA) and ANZ Group (ANZ) also found support, rising by 0.89% and 0.718%, respectively.


Mining stocks also had a bullish session. Rio Tinto (RIO) and BHP Group Ltd (BHP) were up by 0.12% and 0.87%, respectively, with Fortescue Metals Group (FMG) rising by 0.99%. Newcrest Mining (NCM) was up by 0.68%.


However, Woodside Energy Group (WDS) and Santos Ltd (STO) were down by 0.29% and 0.73%, respectively. A pullback in crude oil prices to sub-$77 weighed on the oil stocks this morning, despite WTI rising by 0.26% to $76.60.


On the earnings front, The a2 Milk Company Ltd (A2M) slid by 8.17% despite operating profits beating expectations. An uncertain outlook weighed, with the company stating,


“The business outlook is encouraging, but there’s still some noise around COVID-19, deferred medical treatment, and claims exposure. Our current provisioning is prudent, but it’s going to take a bit more time for this to settle.”

Hang Seng Index

The Hang Seng was up 0.41% this morning. The PBoC decision to hold Loan Prime Rates unchanged delivered support. However, geopolitical tensions continued to cap the upside ahead of the key economic indicators from the US this week.


According to Reuters, the White House has planned new sanctions on Russia while also warning Beijing of the consequences of supporting Moscow. Geopolitical tensions between Washington and Beijing remain an area of concern.


Tencent Holdings Ltd (HK:0700) was down 0.11%, with Alibaba Group Holding Ltd (HK:9988) falling 0.30%


However, bank stocks found support. Industrial and Commercial Bank of China (HK:1398) and China Construction Bank (HK: 0939) rose by 0.50% and 0.81%, respectively, with HSBC Holdings PLC up by 0.44%.


CNOOC (HK: 0883) also found morning support off the back of a pickup in crude oil prices, rising by 1.06%.

Nikkei 225

The Nikkei 225 was flat this morning, despite a stronger USD/JPY at 134.355.


Tokyo Electron Ltd (8035) fell by 1.80%, with SoftBank Group Corp. (9984) and Fast Retailing Co (9983) seeing losses of 0.82% and 0.34%, respectively. Sony Corp (6758) also struggled, falling by 0.52%.

However, KDDI Corp (9433) rose by 1.10%.


With the Fed and Bank of Japan in focus this week and rising geopolitical risk, investors took a more cautious position today.