Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
Coming up on today’s program.
重点提要
China’s new bank loans in October fall less than expected, boosted by government borrowings;
Box office in China hits 50b yuan milestone, returning to pre-pandemic level.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China’s credit growth continued strong in October, mainly boosted by government bond sales, but households borrowed less amid the protracted housing market slump.
New yuan loans reached 738.4 billion yuan ($101.3 billion) in October, up 17 percent of 105.8 billion yuan from a year earlier, according to data released Monday by the People’s Bank of China. The reading exceeded market expectations of 600-650 billion yuan.
Beijing has been ramping up measures to support the economy, including announcing a 1 trillion yuan sovereign bond issuance and allowing local governments to frontload part of their 2024 bond quotas.
Meanwhile, household loans, encompassing mortgages, decreased by 34.6 billion yuan in October, following a surge of 858.5 billion yuan in September. Corporate loans also saw a decline, dropping to 516.3 billion yuan from 1.68 trillion yuan in September.
Outstanding yuan loans increased by 10.9 percent in October compared to the same period last year, maintaining the same growth rate observed in September.
Meanwhile, the gap between M2, a broad measure of money supply that covers cash in circulation and all deposits, and M1, a narrow measure of money supply that covers circulating cash and non-bank and non-government deposits, widened 0.2 point to 8.4 percentage points month on month, which indicates the confidence of companies and residents still needs to be restored.
Looking forward, industry insiders believe that China’s central bank will likely lower the the reserve requirement ratio for financial institutions before the end of December, for what would be the third cut of the year.
Before the end of the year, there will be more capital disturbance factors, so there will be room to strengthen cross-cycle adjustments, enhance the weak links of the economy, and focus on supporting emerging areas. Therefore, the PBOC may cut the RRR and introduce structural tools around the end of the year, analysts noted.
11月13日，中国人民银行公布10月社会融资规模数据和金融数据。10月末，广义货币(M2)同比增长10.3%，增速与上月末持平。与此同时，受地方政府债净融资拉动，10月新增社融1.85万亿元，比上年同期多9108亿元，社融增速反弹回升至9.3%，超出市场预期。
10月份人民币贷款增加7384亿元，同比多增1058亿元，总量保持平稳。但值得注意的是，从结构上看，住户贷款出现减少，信贷增长“居民弱、企业强”的格局重现。
社融增速是10月金融数据的一大亮点。初步统计，2023年10月末社会融资规模存量为374.17万亿元，同比增长9.3%。10月份社会融资规模增量为1.85万亿元，比上年同期多9108亿元。前十个月社会融资规模增量累计为31.19万亿元，比上年同期多2.33万亿元。
从10月社融增量的细项来看，政府债券供给放量成为社融超预期的主因。数据显示，政府债券净融资1.56万亿元，同比多1.28万亿元，创下历史同期新高。
货币供应量方面，10月末，广义货币（M2）余额288.23万亿元，同比增长10.3%，增速与上月末持平，比上年同期低1.5个百分点。狭义货币（M1）余额67.47万亿元,同比增长1.9%，增速分别比上月末和上年同期低0.2个和3.9个百分点。
总体上看，10月M2同比增速结束了此前的“七连降”，较上月末持平于10.3%，但M1增速则延续了此前的回落趋势。至此，M1增速已连续六个月下滑。
多位市场分析人士指出，10月金融数据好于市场预期，反映我国内需延续良好复苏态势，金融部门对实体经济支持力度精准有力，但居民消费和楼市修复节奏仍偏慢。
展望四季度，伴随万亿国债增发且将在2023年内全部完成，预计11月与12月政府债净融资规模均将超过万亿元水平，继续对社融形成有力支撑。从后续政策来看，仍需通过总量和结构性货币政策工具，支持实体经济复苏，预计央行年底前后出台降准、结构性工具可能性仍在。
Moving on to regional highlights
区域观察
Construction at the world’s largest offshore photovoltaic power station has officially begun in Dongying, China’s eastern Shandong province by Power Construction Corporation of China. The one-gigawatt fixed pile foundations offshore PV power station is expected to generate 1.78 billion kilowatt-hours of electricity per year when completed, equal to cutting consumption of 594,500 tons of standard coal, thus reducing carbon dioxide emissions by more than 1.4 million tons.
全球最大海上光伏项目山东开工：日前，由中国电建华东院勘察设计的山东东营垦利100万千瓦海上光伏项目正式开工。该项目是目前全球最大的海上光伏项目，将对山东能源绿色低碳转型发展发挥重要作用。项目建成后，预计年发电量17.8亿千瓦时，相当于减少标煤消耗59.45万吨，减排二氧化碳144.1万吨。
The Shanghai municipal government on Tuesday released plans for establishing a pilot zone for Silk Road e-commerce cooperation with a focus on promoting cross-border yuan settlement, in another concrete step to advance cooperation under the Belt and Road Initiative (BRI). The plan listed 19 major tasks focusing on expanding the opening-up of the e-commerce sector, creating a pioneering environment, and vigorously promoting international and regional exchanges and cooperation. By 2025, Shanghai aims to establish a series of exemplary institutional open achievements, gather a group of internationally competitive e-commerce entities, create a variety of distinctive regions, and build public service platforms that promote the common development of Silk Road e-commerce partner countries.
上海“丝路电商”合作先行区推跨境人民币结算：11月14日，上海市政府介绍了《关于在上海市创建“丝路电商”合作先行区的方案》的主要内容，主要任务将聚焦扩大电子商务领域开放、营造先行先试环境、大力推进国际和区域交流合作等3方面，共19项任务。先行区方案提出的总体目标可以概括为“四个一批”，即到2025年，形成一批具有示范引领作用的制度型开放成果，集聚一批具有国际竞争力的电子商务经营主体，打造一批各具特色的区域载体，建成一批促进“丝路电商”伙伴国共同发展的公共服务平台，电子商务交易和国际合作交流更加活跃，综合服务功能显著增强，为发展“丝路电商”提供成果支撑和实践经验。
Greater Bay Area, Greater future
新使命，大未来
Macao permanent residents will again receive a 10,000-pataca handout next year, with non-permanent residents getting 6,000 patacas among a slew of tax incentives and social welfare measures the SAR government is extending, its Chief Executive Ho Iat-seng announced in his latest Policy Address on Tuesday. The Macao leader also pointed out that the return of tourism has given the gaming hub’s economy a massive boost and expected the city will be able to reverse its budget deficit in the next fiscal year. Looking to 2024, the SAR government will focus on consolidating economic recovery, working together on economic diversification, optimizing people's livelihood, and promoting development.
2024年澳门将扭转疫情期赤字预算：11月14日，澳门特别行政区行政长官贺一诚发表《2024年财政年度施政报告》，题为“巩固提升，多元发展”。报告明确明年总体施政方向是“巩固复苏，聚力多元，优化民生，提升发展”，并提出八个方面的施政重点。施政报告指出，2024年澳门将扭转疫情时期的赤字预算，继续维持各项惠民措施及税务减免，包括现金分享永久居民10000澳门元、非永久居民6000澳门元等。
Next on industry and company news
产业及公司新闻
Huawei is teaming up with Chinese on-demand life services behemoth Meituan to promote the development of mobile applications that are native to the tech giant’s Harmony operating system for smart devices. Huawei is partnering with Meituan on industrial innovation, technology applications and business development revolving around HarmonyOS as Huawei moves to develop an independent HarmonyOS ecosystem, the company said yesterday. Huawei said earlier that it is joining forces with internet companies to develop mobile apps that are native to HarmonyOS, which means that many Android apps will no longer be compatible with its standalone operating system.
华为牵手美团探路鸿蒙原生应用开发：11月13日，华为与美团在“鸿蒙原生应用开发启动仪式”上共同宣布，双方将以HarmonyOS为基础，在产业创新、技术应用、商业发展等方面展开合作，华为也将全力支持美团启动开发鸿蒙原生应用的工作。此前，华为常务董事、终端BG CEO、智能汽车解决方案BU董事长余承东曾宣布，鸿蒙原生应用全面启动，HarmonyOS NEXT开发者预览版也将在2024年第一季度面向开发者开放。这意味着，众多移动互联网应用其安卓版本或将无法在鸿蒙系统上使用，要融入独立的鸿蒙生态，上述互联网厂商都必须开发适用于鸿蒙系统的原生应用。
US electric carmaker Tesla has hiked the prices of the rear-wheel-drive versions of its Model 3 and China-made Model Y sports utility vehicle, after confirming it will raise the prices of the RWD and long-range versions of the Model Y a week ago. Tesla raised the price of the Model 3's RWD edition by 1,500 yuan to 261,400 yuan, the firm's Chinese arm announced today. The cost of the Model Y's RWD version jumped by 2,500 yuan to 266,400 yuan.
特斯拉Model3/Y全系列涨价：继上周上调Model 3和Model Y的长续航版价格后，特斯拉又宣布上调这两款车的后轮驱动版价格。本轮调整后，Model 3和Model Y的全系车型在中国市场均实现了涨价。11月14日，特斯拉中国官网显示，特斯拉Mode 3后轮驱动焕新版和Model Y后轮驱动版售价分别上调1500元和2500元，调整后起售价分别为26.14万元和26.64万元。
The world's first 1.2Tb/s capacity ultra-high-speed backbone network connecting Beijing, Wuhan, and Guangzhou was inaugurated at Tsinghua University on Monday. This next-generation ultra-high-speed network signifies a milestone in China’s Internet infrastructure development. The 3,000-kilometer-long backbone network is the world’s first 1.2Tb/s capacity backbone network in use, as a crucial part of China’s Future Internet Technology Infrastructure (FITI) project. The backbone network has achieved complete domestic production.
我国开通首条1.2T超高速互联网主干通路：我国首条1.2T超高速互联网主干通路开通新闻发布会举行，这也标志着全球首条T比特级的下一代互联网主干通路面世。值得一提的是，互联网主干通路数据传输达到每秒1.2T比特，这一速度是目前千兆网络的1200倍。1.2T超高速互联网主干通路是基于国家重大科技基础设施平台——“未来互联网试验设施FITI”完成试验并开通，连通了北京、武汉、广州三大核心节点，总长度达3000公里，该项目涉及的全部软硬件产品均为我国自主研发。通俗来说，1.2T的通路可在1秒内完成150部高清电影的传输。
Chinese smartphone vendor Vivo unveiled on Monday night its latest smartphone that supports an artificial intelligence large language model to stand out amid intensified competitions. Vivo X100 smartphone series will be equipped with the company's self-developed AI LLM which features 7 billion parameters and supports various interaction types, including voice, picture, text, video, gesture, sign language and even brainwave recognition, Vivo said.
搭载大模型的vivo X100系列发布：11月13日，vivo正式发布旗舰机型X100系列。据悉，本次发布的vivo X100系列包括X100、X100 Pro两款机型。搭载了新一代自研影像芯片、旗舰处理器、蓝海电池、全新OriginOS系统。该系列手机还搭载了大语言模型。资料显示，vivo X100系列通过大参数AI算力的端侧部署与云端服务，全面覆盖核心应用场景。以蓝心小V智慧助理功能为例，提供超能语义搜索、超能问答、超能写作、超能创图和超感智慧交互五大体验。
The Chinese film market on Monday hit the 50-billion-yuan mark in annual box office revenue, signaling a remarkable recovery from the challenges posed by the COVID-19 pandemic. This impressive feat, accomplished in 317 days, featured the triumph of domestic productions, which generated a staggering 83.4 percent of the total box office earnings, according to data from China Movie Database.
今年中国电影票房已破500亿：据国家电影专资办初步数据统计显示，2023年11月13日，中国电影年度票房突破500亿元，用时317天。国产影片票房417亿元，占比达到83.4%，进口影片票房83亿元，占比达到16.6%。中外影片票房过亿的55部（年内上映新片），其中票房过十亿的11部。这是疫情以来全国票房首次重返500亿元高位，表明中国电影恢复发展、稳中向上、长期向好的基本面没有变。
Chinese new energy vehicle startup Xpeng has completed the initial closing for the acquisition of assets related to ride-hailing giant Didi Global's smart electric vehicle business. Xpeng announced yesterday that it received all the assets from Didi's Smart EV project. In return, Xpeng issued new Class A ordinary shares of the company, representing 3.25 percent of its total equity, to Didi.
小鹏收购滴滴智能车业务首次交割：11月13日晚间，小鹏汽车在港交所公告称，收购滴滴智能汽车开发业务资产的首次交割已于2023年11月13日发生，首次交割后，标的集团各成员公司均已成为公司的全资附属公司，而标的集团的财务业绩将被并入本集团的合并财务报表中。根据股份购买协议，公司已向滴滴配发及发行5816.42万股A类普通股作为首次对价股份，占公司按照经配发及发行首次对价股份扩大后本公司已发行且发行在外的股本约3.25%。
Earnings reports express
财报速递
China's biggest ride-hailing company Didi Global swung to a third-quarter net profit of 400 million yuan and announced it would buy back shares worth up to US$1 billion over the next two years. Revenue surged 25 percent to 51.4 billion yuan over the period. Of this, operating revenue in China soared 26.6 percent to 46.6 billion yuan and overseas earnings jumped 27.7 percent to 2 billion yuan, according to the company’s latest financial report. The Didi core platform’s gross transaction value soared 36.7 percent to 91.5 billion yuan in the third quarter year on year. There were 2.9 billion transactions in China, a gain of 32 percent, and 701 million overseas, an increase of 42.5 percent.
滴滴三季度总营收创新高：11月13日消息，滴滴公布了2023年第三季度业绩报告，报告显示其三季度实现总营收514亿元，同比增长25%，创历史新高。其中，中国出行业务收入466亿元，同比增长27%；国际业务实现收入20亿元，同比增长28%。利润方面，三季度滴滴净利润4亿元，经调整EBITA（税息折旧及摊销前利润）亏损3亿元。在其他方面，第三季度滴滴的核心平台总单量达到了35.79亿单，同比增长了34%，中国出行业务总单量为28.78亿单，同比增长32%；国际业务总单量7.01亿单，同比增长43%。另外，滴滴还宣布拟在未来24个月进行不超过10亿美元的回购计划。
Lufax Holding reported a 90 percent decline in net profit in the third quarter from a year ago due to small and medium-sized businesses' narrowing borrowing demand. The small-business loan provider backed by financial behemoth Ping An logged 131 million yuan in net profit in the quarter, the group revealed yesterday. Revenue dropped 39 percent to 8.1 billion yuan. Meanwhile, Lufax has new plans as it announced today that it intends to acquire all the equity of Ping An OneConnect Bank, a virtual bank under Ping An-backed OneConnect Financial Technology, for HKD933 million.
陆金所三季报释放业务转型信号：11月14日，陆金所控股发布2023年三季报。财报显示，陆金所控股第三季度实现收入约81亿元，净利润为1.31亿元。同日，陆金所控股发布公告称，将从金融壹账通收购平安壹账通银行100%股份。根据金融壹账通公告，金融壹账通与买方陆金所控股及平安壹账通银行订立购股协议，有条件同意出售而买方有条件同意通过转让出售公司全部已发行股本收购平安壹账通银行，对价为现金9.33亿港元，惟须遵守购股协议的条款及条件。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks rose on Tuesday with the benchmark Shanghai Composite gaining 0.3 percent and the Shenzhen Component adding 0.2 percent. Hong Kong shares closed slightly lower as the Hang Seng index dipped 0.2 percent and the TECH index fell 0.7 percent.
沪指震荡反弹港股收跌：周二A股三大指数涨跌互现，沪指涨0.31%，深证成指涨0.17%，创业板指跌0.22%。两市近3000股上涨，全天成交8934亿元，北上资金净卖出超21亿元。港股早盘高开低走，恒生指数跌0.17%，恒生科技指数收跌0.74%。
Biz Word of the Day
财经词汇划重点
A backbone or core networkis a part of a computer network which interconnects networks, providing a path for the exchange of information between different LANs or subnetworks. A backbone can tie together diverse networks in the same building, in different buildings in a campus environment, or over wide areas.
骨干网或核心网是计算机网络的一部分，它将各个网络相互连接起来，使得不同的局域网或子网之间能进行信息交换。骨干网可以将同一建筑物内、校园环境中不同建筑物内或广大区域内的不同网络连接在一起。
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.
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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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