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-home prices fell at a faster pace in July;
A three-year action plan was released to boost China's rural-region e-commerce.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
China home prices dropped for a second month in July, a further sign of the deepening property downturn that’s weighing on the world’s second-largest economy.
Fewer Chinese cities reported month-on-month increases in home prices in July, National Bureau of Statistics figures showed Wednesday.
Last month, 20 out of 70 large and medium-sized cities saw month-on-month increases in new home prices, down from 31 in June. Meanwhile, only six cities had higher resale home prices in July, down from seven a month prior.
Prices of newly-built housing in 70 major cities fell 0.23 percent last month from June, when they slipped 0.06 percent, according to data from the NBS. Prices in four first-tier cities stayed flat in July for the second consecutive month on a monthly basis, while those in second- and third-tier cities each went down 0.2 percent and 0.3 percent.
Compared with July last year, new home prices in first- and second-tier cities increased by 1 percent and 0.2 percent, respectively, while prices in third-tier cities decreased by 1.5 percent, the data revealed.
Prices slid 0.47 percent in the secondary market month on month. Pre-owned home prices in first-tier cities dipped 1.4 percent from a year ago, while those in second and third-tier cities dropped 2.7 percent and 3.5 percent, respectively.
The property market is expecting more growth-reinforcing measures from the government to help boost market morale, amid concerns over a potential liquidity crisis faced by Country Garden, a major privately-owned developer.
Industry insiders noted that the demand for better housing condition in the country remains high, offering room for improvement in the property sector. As policies to ensure delivery of homes and measures to defuse debt risks of real estate firms continue to take effect, housing prices is expected to stabilize in the future.
8月16日，国家统计局70城房价数据出炉。
从数据来看，70个大中城市中，各线城市房价环比稳中略降，其中一、二线城市二手房价降幅扩大，一线城市环比下跌0.8%，领跌各线城市。同时，房价上涨城市数量有所减少，新房价格环比下跌的城市有49个，下跌数量创今年以来新高。
3月份以来，新房环比涨幅持续收窄，直至6月份房价下跌，7月份下跌连续，且跌幅扩大。具体来看，7月份，一线城市新房价格环比连续两月持平，其中，北京和上海环比分别上涨0.4%和0.2%，广州和深圳环比分别下降0.2%和0.6%；二线城市新房价格环比由上月持平转为下降0.2%；三线城市新房价格环比下降0.3%，降幅比上月扩大0.2个百分点。
从二手房价来看，7月份，70城二手住宅价格指数环比下跌0.5%，连续3个月环比下跌，且跌幅扩大0.1个百分点。其中，一线城市环比下跌0.8%，领跌一二三线城市，连续3个月下跌，且跌幅不断扩大；二线、三线城市环比分别下跌0.5%和0.4%，均连续3个月下跌，二线城市跌幅扩大。
贝壳研究院认为，从数据看，我国房价进入下行调整的通道。新房除了头部核心城市还有小幅上涨外，其他城市价格基本上下跌。从更能反映真实市场情况的二手房价看，7月份，一、二、三线城市房价环比均在下跌，且一二线城市跌幅均有所扩大。
同时，7月份，70个大中城市中，新房和二手房价格环比上涨城市分别有20个和6个，比上月分别减少11个和1个。分析指出，7月份，新房价格环比上涨的城市较6月份减少了11个，环比下跌的有49个，下跌城市数量创今年以来新高；二手房价格环比上涨的城市只有6个，下跌的有63个。也就是说，绝大多数城市进入了下跌阶段。
对于房价下跌的主要原因，贝壳研究院认为，是市场上供需关系发生变化。新房供给方面，1-7月新房竣工面积同比增长20.8%，待售面积同比增长19.5%，二手房在售房源量也在持续累积扩容。但需求方面，销售持续减弱，1-7月全国新房销售面积同比下降4.3%。
分析指出，由于目前房地产市场处于调整阶段，部分房企经营遇到一定困难，一些龙头房企债务风险有所暴露，影响市场预期。但实际上，我国住房需求尤其是改善性需求依然较大。随着保交楼政策和化解房企债务风险的举措取得效果，未来需求入市能够使房价企稳回升。
China’s top medical regulator issued a statement on Tuesday, highlighting six areas for inspection on corruption with a focus on the country’s health insurance scheme. In addition to looking into the use of public health insurance funds, the campaign will also cover rent-seeking by administrators and management in the medical and pharmaceutical sectors, bribery in pharmaceutical and medical equipment sales and the ethical conduct of medical personnel, the statement said. The campaign will carry out systemic rectification that covers all conspicuous problems of corruption in every area and field in the medical and pharmaceutical sectors, a spokesman for the National Health Commission (NHC) said. China's corruption watchdog has probed 176 hospital heads over the past few weeks, according to media calculations.
国家卫健委回应医药反腐风暴：8月15日，国家卫生健康委就全国医药领域腐败问题集中整治工作发布有关问答，详细介绍了开展集中整治的工作背景以及目的、此次集中整治工作的重点内容和措施、下一步工作计划等关键性问题。根据国家卫生健康委介绍，此次集中整治的内容重点在六个方面：一是医药领域行政管理部门以权寻租；二是医疗卫生机构内“关键少数”和关键岗位，以及药品、器械、耗材等方面的“带金销售”；三是接受医药领域行政部门管理指导的社会组织利用工作便利牟取利益；四是涉及医保基金使用的有关问题；五是医药生产经营企业在购销领域的不法行为；六是医务人员违反《医疗机构工作人员廉洁从业九项准则》。通过采取自查自纠、集中整治、总结整改等措施，对医药行业的突出腐败问题，进行全领域、全链条、全覆盖的系统治理，建立完善一系列长效机制，确保工作取得实效。据媒体不完全统计，仅仅几周的时间里，全国有大量医院领导落马，176名医院院长和书记被查处，人数比去年翻倍。
The Ministry of Commerce on Tuesday vowed to take measures to help rural e-commerce as part of a three-year action plan to boost rural consumption. China will push high-quality development of rural e-commerce and integrate it as a vital part of local business, an official said. The ministry will take new measures to help rural e-commerce, including cultivating local brands, improving express delivery, providing e-commerce services, and promoting business transformation.
鼓励农村探索县域商业新模式：8月15日，商务部召开实施县域商业三年行动助力农民增收和农村消费专题新闻发布会。商务部流通发展司司长李刚在会上表示，鼓励具备条件的农村地区探索发展智慧物流、即时零售等新模式，支持县域邮政、供销、电商、快递、商贸流通等各类主体市场化合作，开展共同配送服务。李刚还提到，下一步，商务部将围绕全面推进乡村振兴，促进农村电商高质量发展，包括培育“小而美”的农村电商特色品牌、健全县乡村三级物流配送体系、打造县域电商直播基地和支持电商平台下沉农村市场。
Moving on to regional highlights
区域观察
China has given the green light to the opening of seven centers for reinsurance in Shanghai ahead of others as the eastern city accelerates its moves to become a national hub of insurance for insurers. The seven new property insurance providers, including China Ping An Property Insurance, China United Property Insurance and Mitsui Sumitomo Insurance China, will all be located in the Lingang New Area and are authorized to do business nationwide. The centers are linked with an international transaction system formed by the Shanghai Insurance Exchange, China's first insurance exchange platform.
7家险企上海再保险运营中心获批：国家金融监督管理总局8月14日发布的批复信息显示，同意中国平安财产保险股份有限公司、中华联合财产保险股份有限公司、三井住友海上火灾保险（中国）有限公司、阳光财产保险股份有限公司、国任财产保险股份有限公司、安盛天平财产保险有限公司、紫金财产保险股份有限公司设立上海再保险运营中心，准予开业。根据批复信息，上述7家机构由相应公司授权经营再保险业务，经营区域为全国，营业地址均设在上海市浦东新区。
Greater Bay Area, Greater future
新使命，大未来
The transport hubs in northern Guangzhou will be bolstered with the expansions of the airport and Guangzhou North railway station, media reported. The ongoing third-phase construction at the Guangzhou Baiyun International Airport, scheduled to complete in 2025, includes terminal 3, two runways, a comprehensive transport hub and two airside concourses in terminal 2, according to the Guangdong Airport Authority. Meanwhile, six high-speed railways and three inter-city railways connecting to the airport are either planned or being built, adding to the existing subway line and two highways. Also planned are a railway connecting the airport to Guangzhou North station and the airport's fourth terminal at the station, where check-in and security check services are provided to air passengers.
广州空铁联运打造国际综合交通枢纽：8月14日，由广州市委宣传部组织的高质量发展媒体调研行活动走进广州白云国际机场三期扩建工程和广州北站。白云机场三期扩建工程总投资537.7亿元，主要新建T3航站楼，西二、东三两条跑道，综合交通中心，以及T2航站楼东四、西四指廊。根据规划，白云机场将引入6条高铁：正线引入广珠（澳）高铁、广河高铁，并线引入广湛高铁、贵广高铁广宁联络线、广清永高铁、广深第二高铁；3条城际轨道引入白云机场：穗莞深城际（新白广段）、芳白城际、广花城际；1条地铁连接机场，即广州地铁3号线；2条高速接驳白云机场，即机场高速、机场第二高速。此外，广州花都区以白云机场三期扩建工程为契机，统筹谋划白云机场、广州北站空铁一体化综合交通枢纽建设。白云机场三期扩建工程计划于2025年建成投产。
Hong Kong is stepping up its campaign to achieve carbon neutrality and has earmarked HK$240 billion to fight climate change in the next two decades, Secretary for Environment and Ecology Tse Chin-wan said Wednesday. Speaking at the APEC Energy Ministerial Meeting in Seattle, Tse said the city is also striving to increase the use of zero-carbon energy and its share in electricity utilization to around 60 percent to 70 percent before 2035.
香港预留2400亿港元用作减碳和绿色项目：香港特区政府环境及生态局局长谢展寰（当地时间）8月15日在美国西雅图出席亚太区经济合作组织能源部长会议时表示，特区政府已预留2,400亿元用作支持减碳和绿色项目。为推动能源行业进一步减碳，香港已设立目标，在2025年或之前停止用煤作为日常发电；增加零碳能源的使用率，在2035年前提高其在发电所占的比例至约六至七成。
Next on industry and company news
产业及公司新闻
China's air passenger travel set records in July, official data showed on Wednesday, boosted by soaring summer demand as civil aviation market recovered quickly post-pandemic. Total transportation turnover reached 11.37 billion ton-kilometers in July, a year-on-year increase of 67.1 percent, data from the Civil Aviation Administration of China (CAAC) said. Transportation turnover has rebounded for eight consecutive months, exceeding the level of the same period in 2019. Passenger trips rose 83.7 percent year-on-year to 62.43 million, which grew 5.3 percent over the same period in 2019 to make a new record in monthly air passenger trips in the country.
7月民航客运量创新高：随着暑期旺盛的出行需求，航空运输市场持续增长。8月16日，民航局数据显示，全行业共完成运输总周转量113.7亿吨公里，同比增长67.1%，运输规模连续8个月回升，行业总体运输规模首次超过疫情前水平。7月份全行业完成旅客运输量6242.8万人次，同比增长83.7%，较2019年同期增长5.3%，创民航月度历史新高。
Chinese voice recognition firm iFlytek and Huawei, a telecoms giant, released a hardware device called SparkDesk during an event on Tuesday to help companies build their own large language models. The device, which combines hardware and software, can be used to train an LLM. SparkDesk has three options of parameters: 13 billion, 65 billion, and 175 billion, which define how input data is treated. iFlytek is building a developer ecosystem around the model, and more than 4,000 developer teams have joined the platform. It is also working with Huawei to build a cluster of domestic computing power to train LLMs on an ultra-large scale, and the system is benchmarked against Nvidia’s A100 chip, iFlytek chairman Liu Qingfeng said.
科大讯飞与华为发布“星火一体机”：8月15日，讯飞星火认知大模型V2.0升级发布会上，科大讯飞与华为共同发布用于构建专属大模型的软硬件一体化设备“星火一体机”。目前，讯飞星火大模型拥有130亿、650亿和1750亿3个版本的模型参数可选。围绕星火大模型，科大讯飞正在构建开发者生态，目前有4000多个助手开发者团队加入星火平台。据科大讯飞董事长刘庆峰表示，“星火一体机”对标英伟达A100，同时还正在和华为一道打造面向超大规模大模型训练的国产算力集群，形成集群化优势。
Baojun, a joint venture operated by SAIC-GM-Wuling Automobile, will release a new model equipped with Chinese drone maker DJI's latest in-car smart driving solution, which will be priced between 100,000 and 150,000 yuan, undercutting rivals which cost about 380,000 yuan on average. The new car will offer Level 2+ smart driving functions.
大疆入局高阶智驾市场：8月15日，上汽通用五菱旗下宝骏品牌表示，将在9月推出与大疆车载联合打造的“灵犀智驾2.0”系统。宝骏云朵460灵犀版作为首款搭载“灵犀智驾2.0”的量产车型，售价预计10万元~15万元区间，低于前装标配高阶智驾系统新车的38.32万元均价。该款车采用了大疆车载最新一代“成行平台”，仅依靠800万像素双目摄像头等硬件，该系统即可实现0~130km/h全速域智能行车辅助、跨层记忆泊车、循迹倒车等功能。
AstraZeneca will invest an additional US$250 million in its asthma inhaler factory in Qingdao, eastern Shandong province as the British-Swedish drugs giant remains upbeat about the country’s growth prospects. The extra investment will bring the total in the factory to US$700 million, AstraZeneca said Monday.
阿斯利康追加2.5亿美元投资青岛基地：据阿斯利康中国官微，8月14日，阿斯利康与山东省青岛市高新技术产业开发区签署了生产基地的二期扩容投资合作备忘录。根据协议，阿斯利康将对其青岛吸入气雾剂生产供应基地项目，进一步增加投资2.5亿美元，增加罐装生产的能力和增加新的吸入气雾剂包装生产线。
Earnings reports express
财报速递
Jinko Solar, the world’s second-largest maker of solar panels, reported its net profit in the first six months had more than quadrupled from a year earlier. Jinko Solar’s net profit surged 324.5 percent to 3.8 billion yuan, it said in its latest earnings report. Revenue soared 60.5 percent to 53.6 billion yuan. The high growth is due to strong sales of the company’s N-type tunnel oxide passivated contact high-efficiency cells and modules which have greater photoelectric conversion efficiency and a higher gross profit margin, Jinko Solar said.
晶科能源上半年净利增超三倍：8月14日，晶科能源公告，上半年营收达536.24亿元，同比增长60.52%；净利润38.43亿元，同比增长324.58%。晶科能源今年半年净利已较去年全年净利高出约三成，业绩增长影响因素之一是其N型TOPCon电池已进入大规模量产化阶段。该公司称，因具有性价比优势，N型产品在全球市场供不应求，并享有一定溢价，出货占比提升。
Switching gears to financial news
金融市场消息
The People’s Bank of China moved to boost fragile market sentiment with a stronger-than-expected reference rate for the yuan and the largest injection of short-term cash to the financial system since February. The central bank injected 297 billion yuan of short-term liquidity on Wednesday. The offshore yuan depreciated past 7.3 to the greenback yesterday for the first time since November last year as the Chinese economy grows at a slower pace and the China-US interest rate spread continues to widen.
央行今日逆回购规模创2月份以来最大：人民银行8月16日以利率招标方式开展了2990亿元逆回购操作，中标利率为1.8%。由于当日有20亿元逆回购到期，公开市场实现净投放2970亿元，规模创2月份以来最大。15日，在岸、离岸人民币对美元汇率双双走低。Wind数据显示，国际投资者预期的离岸人民币对美元汇率盘中跌破“7.3”关口，为去年11月份以来首次，盘中最低下探至7.3125。
China, the US’ second-largest creditor, reduced its holdings of US Treasury bonds in June for the third month running. China pared its ownership of US Treasuries by US$11.3 billion in June from the previous month to US$835.4 billion, according to data released yesterday by the US Department of Treasury. Its holdings of US debt have stayed below US$1 trillion since April last year.
中国连续第3个月减持美债：当地时间8月15日，美国财政部6月国际资本流动报告（TIC）显示，中国6月减持113亿美元美国国债至8354亿美元，连续第三个月减仓。作为美国国债海外第二大债主，从去年4月起，中国的美债持仓一直低于1万亿美元。
Chinese outbound direct investments (ODI) rose by nearly a tenth in the first half of the year, driven by an economic recovery, but aggregate overseas mergers and acquisitions (M&A) volumes fell 14 percent from a year ago, according to a report by global accounting firm Ernst & Young. China’s ODI rose 9.6 percent from a year ago to US$75.4 billion, mainly due to the strong growth of investment in non-financial sectors, which made up for more than 80 percent. The non-financial ODI in Belt and Road countries contributed US$11.6 billion, growing by 15.4 percent compared to the same period last year. The report also showed the value of total overseas M&A deals announced dropped to US$11.7 billion, the lowest in a decade, with only Latin America and Oceania showing growth.
上半年中国对外直接投资同比增长9.6%：8月14日，安永大中华区发布《2023年上半年中国海外投资概览》。报告显示，2023年上半年中国全行业对外直接投资同比增长9.6%，达753.6亿美元；其中非金融类对外直接投资622.9亿美元，同比增长14.8%，占比超八成。对“一带一路”沿线国家非金融类直接投资115.7亿美元，同比增长15.4%。同时，海外并购活动持续低迷，宣布的交易金额为117.3亿美元，为近十年同期新低，同比下降14%，仅在拉丁美洲和大洋洲出现增长。
Chinese corporate bond issuance has jumped 23 percent so far in 2023 from a year earlier on the back of increased sales by private businesses, especially among those with lower credit ratings, according to a media report. As of Monday, firms have raised 2.34 trillion yuan via bonds this year, according to data terminal iFinD. Sales by AA-rated businesses rose nearly 62 percent from a year ago, yet most of the corporate bond issuers were rated AA+, making up almost 78 percent of the total by value, despite falling from 83 percent. A bigger share of the total was offered to specific investors. Private placements tallied 1.46 trillion yuan, a 54 percent jump, whereas public placements declined 7 percent to 876.8 billion yuan.
今年公司债发行规模稳步增长：据同花顺iFinD数据统计，截至8月14日，今年以来公司债发行规模达2.34万亿元，同比增长23.34%，其中，私募公司债发行规模大幅增长。另外，发行主体评级有所下降，AA级主体发行规模同比增长61.91%。从发行主体评级来看，今年以来，公司债发行主体资质下沉，中低评级主体发行规模和占比提升。今年以来，AA+级以上主体发行规模达1.81万亿元，占比77.67%，同比下降5.26个百分点；而AA级主体发行规模达5040.46亿元，占比21.57%，提升5.14个百分点。从发行对象来看，今年公司债发行规模实现增长，主要是因为私募公司债发行规模大幅增长所致。具体来看，年内私募公司债发行规模达1.46万亿元，同比增长53.79%，而公募公司债发行规模达8767.6亿元，同比下降7.24%。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks dropped on Wednesday with the benchmark Shanghai Composite down 0.8 percent, and the Shenzhen Component lost 0.9 percent. Hong Kong’s Hang Seng index also closed 1.4 percent lower, and the TECH index slipped 1.3 percent.
A股港股震荡收跌：周三A股大盘全天震荡调整，三大指数均小幅下跌。截至收盘，沪指跌0.82%，深成指跌0.94%，创业板指跌0.73%。沪深两市全天成交额7042亿元，较上个交易日缩量23亿。北向资金全天净卖出46.39亿元。港股恒生指数收跌1.36%，恒生科技指数收跌1.27%。
Biz Word of the Day
财经词汇划重点
A corporate bond is a type of debt security that is issued by a firm and sold to investors. The company gets the capital it needs and in return the investor is paid a pre-established number of interest payments at either a fixed or variable interest rate.
公司债是指股份公司在一定时期内为追加资本而发行的借款凭证。对于持有人来说，持有人虽无权参与股份公司的管理活动，但每年可根据票面的规定向公司收取固定的利息。
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Produced by 21st Century Business Herald Dept. of Overseas News.
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