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 

• Big Chinese banks see slowing mortgage issuance in the first half;

• A 6.8-magnitude earthquake hit Sichuan’s Luding at midday Monday.

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

中国经济要闻

According to the first-half earnings results of six of China’s largest state-owned banks, mortgage issuance slowed and their proportion of industry loan balance and personal mortgage loan balance generally dropping below the regulatory safety line.

Three reasons were cited in the lenders’ financial statements: active risk control by the banks; the impact of the Covid-19 pandemic; and the decline in the real estate sector’s demand for credit.

As of the end of June, property loans at the six banks totalled 30.6 trillion yuan, up only 2.2 percent from the end of last year. Personal housing loans rose about 415 billion yuan to 26.92 trillion yuan.

Among the lenders, Agricultural Bank of China had the largest loan balance for developers, some 843 billion yuan. China Construction Bank ranked second with 763 billion yuan, and Postal Savings Bank of China had the least at 179 billion yuan.

The balance of real estate loans of all six banks accounted for less than the required maximum of 40 percent of their total loans. Bank of Communications had the highest, at 6.97 percent.

ABC and the CCB remained the top two for real estate loan balance, with Bank of China surpassing Industrial and Commercial Bank of China to come third because of its relatively larger net amount of real estate loans during the period.

On the other hand, although the six banks’ balance of personal mortgage loans at the end of the period rose from the end of the previous year, the proportions of their personal mortgage loans declined from the end of last year, indicating that the growth rate of personal mortgage issuance is also slowing.

Among them, the balance of personal mortgages at CCB and PSB fell to 31.8 percent and 31.9 percent, respectively, which were just below the ceiling of 32.5 percent set by the regulator. At the end of last year, the two banks were still above the red line.

Despite the slowdown in loan issuance, the NPL ratios of real estate loans of the six banks at the end of the first half rebounded from the end of last year, and the proportions of non-performing personal mortgage loans also surged, except at ABC, where it remained flat.

In an effort to compensate the sharp decline in mortgage loans, the big six have issued 6.8 trillion yuan of new credit in the first six months, an increase of nearly one trillion yuan year on year, reaching a record high. The new loans, which focus on four key areas including manufacturing, green development, inclusive loans and infrastructure, all grew faster than the average level.

随着中报季的落幕，国有六大商业银行，即工、农、中、建、交、邮储银行的上半年业绩均已揭晓。

今年上半年，六大行房地产贷款（包含住房按揭贷款及房地产对公贷款）余额相比去年末仅增长2.2%，远低于各项贷款平均增速，其占贷款余额的比重出现明显下降。

从走势看，今年上半年六大行房地产贷款占比均出现下降，其中农行降幅最大，其占比由去年末的35.4%下降至6月末的33%。这意味着六大行房地产贷款增速尤其是个人住房贷款增速低于各项贷款增速。

据21世纪经济报道记者统计，6月末六大行房地产贷款余额合计为30.6万亿，相比去年末仅增长2.2%，显示房地产贷款增长需求十分乏力。其主要原因包括居民收入预期转弱 、烂尾楼冲击等。

在今年的年中业绩会，房地产贷款业务风险敞口成为市场最关注的话题之一。今年上半年，国有六大行的个人住房贷款合计增加了4155亿元。其中，增幅最大的是农行，建行、工行紧随其后。不过，相比去年，六大行个人住房贷款的增幅，下降明显。

据记者梳理，去年末建行、邮储银行个人住房贷款占比略高于红线，分别为34%、33.6%。但住房按揭贷款增速放缓以后，今年6也末建行、邮储银行该项指标回落至警戒线以内，分别为31.8%、31.9%。

此外，上半年，国有六大行的对公房地产贷款的不良率均偏高，其中，中国银行对公房地产不良贷款率最高，为5.67%。相较对公房地产贷款而言，各银行的个人按揭贷款不良率均偏低，其中，最高的是交通银行，为0.37%。

对于上半年“停贷事件”、提前还房贷的影响和应对措施，国有六大行管理层均在业绩会上进行回应，仅中国银行未在公告和业绩会上公布涉及“停贷”项目的具体数据。国有六大行银行管理层均表示整体风险可控。

虽然房地产信贷减速，但记者根据银行中报统计，上半年六大行新增信贷6.8万亿，同比多增近万亿，创出历史新高。六大行在制造业、绿色、普惠、基础设施四个重点领域贷款增速均高于全部贷款平均增速，是支撑信贷平稳增长的主要力量。

• The overall shipment of goods on the China-Laos Railway reached 10 billion yuan on Saturday, nine months after the railway's operation, linking 30 Chinese provinces and eight Southeast Asian economies. The cumulative shipments reached 7.17 million tons with 1.28 million tons of cross-border cargo, and a total of 6.71 million railway tickets was sold as of Friday.

  中老铁路国际货运总值破百亿元：5日消息，中国铁路昆明局集团有限公司数据显示，中老铁路开通9个月来，累计发送旅客671万人次，累计运输货物717万吨，其中跨境货物128万吨。昆明海关统计2日数据显示，9个月以来，中老铁路国际货运总值突破100亿元。

Moving on to regional highlights

区域观察

• A 6.8-magnitude earthquake jolted Luding county in Sichuan province at 12:52 pm on Monday, triggering a national emergency response of Level III. The epicentre was monitored at a depth of 16 km, the China Earthquake Networks Center said, with shaking felt in the provincial capital of Chengdu and hundreds of kilometres away in the cities of Xian and Changsha. Local authorities said the quake has claimed 7 lives. 

  四川泸定发生6.8级地震：经中国地震台网正式测定，2022年9月5日12时52分，在四川甘孜藏族自治州泸定县（北纬29.59度，东经102.08度）发生6.8级地震，震源深度16千米。9月5日下午，甘孜州政府新闻办召开新闻发布会通报，目前地震已导致7人遇难。道路、通讯、房屋等受损情况正在核查中。据应急管理部，接报后，国务院抗震救灾指挥部办公室、应急管理部立即启动国家地震应急三级响应。

• The new energy vehicle (NEV) output of east China's Jiangsu Province hit a record high in the first seven months of 2022, surpassing the total NEV output of the economic powerhouse last year, the provincial department of industry and information technology said Friday. Jiangsu saw its vehicle production increase 26.1 percent year on year to 797,000 from January to July, which included an output of 289,000 NEVs, a 1.8-fold increase year on year compared with the same period last year.

  前7月江苏新能源车产量增长1.8倍：2日江苏省工信厅消息，今年1—7月江苏省汽车产量79.7万辆，同比增长26.1%，其中新能源汽车产量28.9万辆，同比增长1.8倍，新能源汽车产量占全国比重较去年提高1.7个百分点，正呈现爆发增长态势。

• Beijing Daxing International Airport has resumed international cargo services and a full resumption of flights is expected next year, an official announced on Saturday.

  大兴机场恢复国际货运航班：根据2022年服贸会第三届北京大兴国际机场临空经济区协同发展峰会发布消息，大兴机场已恢复国际货运航班，将于明年全面复航。大兴机场临空区将建设国家空港型物流枢纽，加速临空区协同发展腾飞。

Update on Covid-19

疫情简报

• China's CanSino Biologics said on Sunday that its inhalable COVID-19 vaccine has been given emergency use authorization by the country's top drug regulator. It will be used as a booster only. 

  首个吸入式新冠疫苗获批紧急使用：康希诺生物9月4日晚间发布公告称，公司研发的吸入用重组新型冠状病毒疫苗（5型腺病毒载体），经国家卫生健康委提出建议，国家药品监督管理局组织论证同意作为加强针纳入紧急使用。

Next on industry and company news

产业及公司新闻

• China's road logistics price index went up 3 percent in August from a year ago as the country's economy maintained recovery momentum and market demand rebounded, data from China Federation of Logistics and Purchasing and the Guangdong Lin'an Logistics Group showed Friday. The index came in at 103 last month, edging down 0.16 percent on a monthly basis. 

  8月公路物流运价指数同比增长3%：中国物流与采购联合会中国物流信息中心2日发布数据显示，2022年8月份，由中国物流与采购联合会和林安物流集团联合调查的中国公路物流运价指数为103点，比上月回落0.16%，比去年同期增长3%。

• BYD's shares slumped after Warren Buffett's investment company cut its stake in the Chinese electric carmaker for the second time in about one week. Berkshire Hathaway trimmed its equity in BYD by 1.72 million shares to 18.87 percent from 19.02 percent, the Hong Kong Exchanges and Clearing said Friday, following a cut of 1.33 million shares on Aug 24. The behaviour is an investment decision, a staffer at the Shenzhen-based company said, adding that BYD's sales are hitting record highs in August and it’s in healthy operation.

  巴菲特再减持比亚迪：周一，受巴菲特减持影响，比亚迪股价跌近5%。9月2日晚间，比亚迪公告8月销售数据，8月新能源汽车销量17.49万辆，单月销量再创历史新高。与此同时，港交所披露巴菲特再一次减持套现4.51亿港元。对此，比亚迪回应称再减持系股东投资决策，公司目前经营情况健康。 

• Chinese electric vehicle maker Li Auto will reportedly stop manufacturing its first luxury crossover sports utility vehicle called One from October, and slashed its price by 20,000 yuan. The firm confirmed that it’s phasing out the SUV on Monday, while adding that a new model L8, which aims to replace ONE, will launch and start delivery from November. They also stated that the price cut was a promotion strategy.

  理想证实理想ONE将停产：9月4日，有市场消息称，理想ONE已降价优惠2万元，并将于今年10月正式停产。对此，理想汽车服务中心的工作人员回应称，理想ONE降价及停产的消息属实，该车辆将于10月正式停产，停产后理想ONE的售后服务不会受到任何影响。同时，该车的换代车辆理想L8将于11月正式发布。关于理想ONE降价2万，理想汽车称是近期的促销政策，不是降价。

• The world’s biggest video game company Tencent and its rival NetEase have been exploring the domestic metaverse market, as research data showed that China’s metaverse market raised 5.5 billion yuan in investment and had 160,000 virtual human companies by the first half of the year. Tencent revealed at the 2022 World Artificial Intelligence Conference on Saturday that it will integrate all technologies developed by its AI unit YouTu Lab. NetEase also developed NetEase Yaotai, an immersive online meeting platform based on cloud gaming and AI technologies that enhance interconnections between virtual human and virtual scenarios. 

  腾讯网易竞逐“元宇宙”：9月3日，在2022世界人工智能大会期间，腾讯云副总裁、腾讯优图实验室总经理吴运声表示，在优图实验室方面，主要涉及到的技术包括3D建模、数字人、语音识别等技术，这些都属于全真互联网的范畴。网易在元宇宙领域也多有尝试，网易瑶台利用云游戏和人工智能方面的技术，打造出沉浸式活动系统，增强了虚拟人和虚拟场景的交互感。《中国元宇宙投融资数据报告》显示，目前中国元宇宙融资额达54.6亿元、中国虚拟人企业达16万家、支持元宇宙的省/市达20多个。

• The Aviation Industry Corporation of China (AVIC) said on Sunday that China's independently-developed QMX50, a large solar-powered near-space unmanned aerial vehicle (UAV), made its successful maiden flight on Saturday in Yulin, northwest China's Shaanxi Province for 26 minutes. 

  国产大型太阳能无人机首飞成功：根据中国航空工业集团有限公司4日发布消息，由该公司第一飞机设计研究院研制的临近空间长航时大型太阳能无人机——“启明星50”，于3日在陕西榆林首飞成功。3日17时50分，“启明星50”大型太阳能无人机起飞，空中飞行26分钟，于18时16分平稳着陆，各系统运行正常，首飞圆满成功。

Switching gears to financial news

金融市场消息

• The People's Bank of China on Monday announced a 200 bps cut in reserve requirement ratio for foreign currency deposits to 6 percent from the current 8 percent, with effect from Sept 15.

  下调外汇存款准备金率：9月5日央行公告，为提升金融机构外汇资金运用能力，中国人民银行决定，自2022年9月15日起，下调金融机构外汇存款准备金率2个百分点，即外汇存款准备金率由现行8%下调至6%。

• China opened its financial and commodity markets further to foreign investors on Friday, allowing qualified overseas institutions to trade broadly domestic futures and options instruments. Starting the same day, investors under the Qualified Foreign Institutional Investor (QFII) program can trade 41 commodity futures and options listed on China’s major derivative exchanges, including those for crude oil, gold, copper and soybeans, according to a statement by the China Financial Futures Exchange.

  外资获准进场期货期权产品：9月2日晚间，国内4家商品交易所相继发布公告，宣布即日起合格境外机构投资者和人民币合格境外机构投资者(RQFII)可以参与相关期货、期权合约交易。据统计，首批共涉及41个品种，包括原油、黄金、甲醇、铁矿石等23种商品期货，16种期权合约，以及中国金融期货交易所的股指期权合约。

• Financial Secretary of Hong Kong said Sunday that the inclusion of more Hong Kong-listed foreign companies in the southbound trading of the stock connect program with mainland China, which was announced by an official at the China Securities Regulatory Commission last Friday, will help enhance the liquidity and market valuation of these foreign stocks, which is also conducive to attracting more high-quality and well-known foreign firms with close business ties with the mainland to list in Hong Kong. 

  证监会进一步扩展互联互通安排：香港特区政府财政司司长陈茂波4日发表网志称，中国证监会上周五宣布进一步扩展互联互通安排，为香港资本市场的深化发展带来了喜讯，特区政府衷心感谢。中国证监会副主席方星海上周五表示，将进一步扩展中港互联互通安排，包括推动把符合条件的在香港主要上市海外企业证券纳入港股通合资格证券范围、研究允许在港股通增加人民币股票交易柜枱，以及支持香港推出国债期货。

• Beijing Stock Exchange announced on Friday, its first anniversary, that a broad-based index comprising 50 large companies will be introduced, which will be its first benchmark index. 

  北证50成份指数方案发布：9月2日，北交所成立一周年之际，宣布制定发布北证50成份指数（北证50）编制方案。公告指出，北证50是北交所首只宽基指数，按照市值规模和流动性，选取排名靠前的50只证券，指数编制计算与境内外主流指数基本保持一致。

Wrapping up with a quick look at the stock market

股市收盘情况

• Chinese stocks closed mixed on Monday as Wall Street ended last week lower and China tightened anti-virus controls. By the close, the benchmark Shanghai Composite gained 0.39 percent and Shenzhen Component retreated 0.2 percent. The Hang Seng Index lost 1.16 percent as the TECH Index declined by 1.92 percent.

  周一A股三大指数全天窄幅震荡。截止收盘，上证指数涨0.39%，深证成指跌0.2%，创业板指涨0.2%。板块方面，天然气、油服掀涨停潮涨幅居前，食品加工制造、白酒饮料制造等板块跌幅居前。港股恒生指数收跌1.16%，恒生科技指数跌1.92%。

Biz Word of the Day

财经词汇划重点

• Qualified Foreign Institutional Investor (QFII)is a program launched by the Chinese government in 2002 that enables certain foreign institutional investors to gain direct access to trade “A-shares” of Chinese stocks, denominated in China’s renminbi/yuan (RMB), on Chinese stock exchanges such as the Shanghai Exchange.

  QFII即合格的境外机构投资者，在QFII制度下，允许其把一定额度的外汇资金汇入并兑换为当地货币，通过严格监督管理的专门账户投资当地证券市场，包括股息及买卖价差等在内的各种资本所得经审核后可转换为外汇汇出，实际上就是对外资有限度地开放本国证券市场。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, HUANG Yuyan

Sound Editor: HUANG Yuyan

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、黄雨嫣

音频制作：黄雨嫣

设计：郑文静、廖苑妮

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