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
Hong Kong exchange is set to roll out new dual counter model in June;
China keeps benchmark lending rates unchanged for 9th month.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
Hong Kong Exchanges and Clearing (HKEX) announced over the weekend that it will launch the dual counter model and market making system in its securities market on June 19, wherein investors would be able to begin interchanging securities listed in both Hong Kong dollar and renminbi counters. Securities on both counters will be of the same class and can be transferred without any change of beneficial ownership.
The move will support the trading and settlement of yuan-denominated securities in Hong Kong, the HKEX said in a statement.
The dual counter market making program in its securities market, which is expected to spur the liquidity of renminbi counters and cut down on price differences, will also be rolled out on June 19, the exchange operator said in a filing. It will hold testing and practice sessions this month and in early June to help market participants adapt.
HKEX added that it would reveal the initial list of dual counter securities and dual counter market makers in due course.
Highlighting the benefits of these latest measures, HKEX CEO Nicolas Aguzin said, "It will give issuers and investors more choice, it will enrich Hong Kong's RMB products ecosystem... and it will support the ongoing internationalization of RMB."
HKEX introduced the dual counter mechanism in December. Since the beginning of this year, Hong Kong-listed companies have accelerated their applications for yuan counters, with the number tallying 24, including Tencent, Alibaba Group, Ping An, Kuaishou Technology and HKEX, have applied to trade their stocks through the dual-currency counter.
Hong Kong is the world's biggest market for the offshore yuan, processing about 75 percent of settlements involving the currency globally. The city had 1 trillion yuan in offshore yuan deposits as of the end of 2022, according to central bank data, versus 718.3 billion yuan in 2020.
香港交易所5月19日宣布，拟于2023年6月19日市场准备就绪时在中国香港证券市场推出“港币-人民币双柜台模式”（下称“双柜台模式”）及双柜台庄家机制(DCMM）。这也意味着实施后，双柜台交易模式的港股上市公司的股票，投资者既可以用港币交易，也可以用人民币交易。
港交所行政总裁欧冠升表示：“双柜台模式的推出是香港资本市场发展的又一重要里程碑，不仅将为发行人和投资者提供更多交易选择，也将丰富我们的人民币产品生态圈，巩固香港作为全球最大离岸人民币中心的地位，进一步推动人民币国际化。”
据悉，这一机制首次提出是在去年12月，港交所宣布旗下证券市场将推出双柜台模式及双柜台庄家机制，进一步支持人民币柜台在中国香港上市、交易及结算。此后不少港股公司陆续申请增设人民币柜台。
据统计，截至目前，约有23家公司申请增申请人民币计价股票交易柜台，其中既有腾讯、百度、京东健康、阿里巴巴等互联网巨头，又有恒生银行、中国平安等金融个股。总体来看目前官宣申请“入局者”基本以大市值、交易活跃且流动性高的个股为主。
双柜台模式是什么，又将对市场带来什么影响？具体来看，双柜台模式是指在港股市场设立港币和人民币两个柜台，分开交易两种货币股票，允许投资者跨柜台自由转换以缩小价差，同时引入做市商(庄家)机制以解决流动性问题。值得注意的是，如某证券有两个以港币和人民币计价、用于交易和交收的柜台，不能自动成为双柜台证券。港交所表示，双柜台模式推出时及推出后，只有由交易所根据交易所规则指定的、拥有港币及人民币柜台的证券为“双柜台证券”。指定双柜台证券的名单将公布于港交所网站。
此外，为解决流动性问题，港交所还设置了双柜台庄家计划。该计划对双柜台庄家提供印花税减免，旨在让庄家提供流动性，尽可能减少港币柜台和人民币柜台之间的价格差异。
从长远来看，双柜台模式快速推进有望提升港股市场流动性和活跃度。国信证券在研报中指出，一方面，双柜台模式降低内资投资港股汇兑成本，南向资金持续流入将提升港股市场流动性和活跃度这将促进港股价值的修复。另一方面，双柜台模式是首次在海外市场有如此大规模的人民币计价的股票交易，双柜台模式与“扩容互联互通”的政策组合拳也有助于扩大人民币双向跨境资本流通的渠道，提升香港离岸人民币市场的流动性，推动人民币国际化进程，巩固香港作为离岸人民币市场的中心地位。
目前港交所已就引入双柜台模式以及双柜台庄家机制发布相关规则修订，首批双柜台证券及庄家名单将会适时公布。此外，港交所已安排在5月至6月期间进行一系列测试和演习，以协助市场参与者熟悉双柜台模式下证券的交易和结算。
China announced Monday that it will raise the basic pension payments for retirees in 2023, marking 19th consecutive annual increase. The average monthly payment for pensioners of enterprises, government agencies and public institutions is set to be lifted by 3.8 percent from the 2022 level, according to a circular jointly issued by the Ministry of Human Resources and Social Security and the Ministry of Finance.
2023年退休人员基本养老金上调3.8%：
人社部、财政部22日发布《关于2023年调整退休人员基本养老金的通知》，明确从2023年1月1日起，为2022年底前已按规定办理退休手续，并按月领取基本养老金的企业和机关事业单位退休人员，提高基本养老金水平，总体调整水平为2022年退休人员月人均基本养老金的3.8%。据人社部相关负责人介绍，挂钩调整体现“多缴多得”“长缴多得”，在职时多缴费、长缴费的人员多得养老金，适当倾斜体现重点关怀，对高龄退休人员和艰苦边远地区退休人员等予以照顾。
China-Europe freight train service has witnessed a solid growth of 17 percent to reach 5,611 in the first four months of this year, data from China State Railway Group showed. About 609,000 standard containers of goods were transported, up 32 percent from a year earlier, the company said. In April alone, the number of China-Europe freight train trips increased by 25 percent year-on-year to 1,459, and the trains carried about 160,000 standard containers, up 45 percent year-on-year.
前4月中欧班列累计开行5611列
：中国国家铁路集团有限公司消息，今年1至4月份，中欧班列累计开行5611列，运送货物60.9万标箱，同比分别增长17%、32%，重箱率100%。其中4月份单月开行1459列，运送货物16万标箱，同比分别增长25%、45%。
Moving on to regional highlights
区域观察
China's first deep-sea floating wind power platform "CNOOC Guanlan" successfully connected to the grid in Wenchang oil field in Hainan province, marking a new milestone in providing green power for use in the offshore oil production, said its operator China National Offshore Oil Corp on Saturday. Installed in an offshore oil field located 136 kilometers from Wenchang, Hainan province, CNOOC Guanlan has an installed capacity of 7.25 megawatts. After being put into operation, it will generate an annual average of 22 million kilowatt-hours of electricity, all of which will be used for the oil field's power consumption. It will save nearly 10 million cubic meters of natural gas and reduce carbon dioxide emissions by 22,000 tons per year.
“海油观澜号”成功并入文昌油田群电网：
5月20日，我国首座深远海浮式风电平台“海油观澜号”成功并入文昌油田群电网，开启了为海上油气田输送绿电的新里程。据了解，“海油观澜号”位于距海南文昌136公里的海上油田海域，装机容量7.25兆瓦，由风力发电机、浮式基础、系泊系统和动态缆组成。投产后，年均发电量将达2200万千瓦时，全部用于油田群生产用电，每年可节约燃料近1000万立方米天然气，减少二氧化碳排放2.2万吨。
Greater Bay Area, Greater future
新使命，大未来
The opening ceremony of the 2023 Greater Bay Area Science Forum was held in Guangzhou, capital of South China's Guangdong province, on Sunday. Themed "Bring together wisdom, Bring together the world," the forum features 15 sub-forums, with focus on scientific and technological innovation, artificial intelligence, nanoscience, high-energy physics, biomedicines and marine science. Initiated by the Alliance of International Science Organizations and hosted by the Guangdong provincial government, the event will run through May 23 and has attracted nearly 100 a’cademicians and leading experts from China and beyond.
2023大湾区科学论坛
广州南沙开幕
：5月21日，2023大湾区科学论坛在广州南沙开幕。论坛以“智汇湾区、湾和世界”为主题，设有粤港澳科技创新发展、“一带一路”高质量发展、信息与通信等15个分论坛，吸引了来自全球近百位院士及各领域专家共同探讨海洋科学、纳米科学、高能物理、人工智能等科学前沿热点。
China successfully sent two satellites of "Macao Science 1," a space exploration program, into space from the Jiuquan Satellite Launch Center on Sunday, the first space science satellite program jointly developed by the Chinese mainland and Macao. Macao Science 1 has the capability to complement the observations made by Europe's Swarm satellites and China's first seismo-electromagnetic satellite, Zhangheng 1. This collaborative effort allows for a more comprehensive understanding of Earth's low latitude magnetic field and space environment changes as well as facilitates the monitoring of the South Atlantic Anomaly (SAA).
“澳门科学一号”成功发射：
5月21日16时，内地与澳门合作研制的首颗空间科学卫星“澳门科学一号”，在酒泉卫星发射中心成功发射。该卫星是国际首颗低纬度地磁场与空间环境的科学探测卫星，以及国内地球磁场探测精度最高的卫星，将显著提高我国空间磁测技术水平。据国家航天局介绍，“澳门科学一号”卫星项目由该局与澳门特别行政区政府联合开展，探测数据由双方共享，开辟了内地同澳门在航天等创新科技领域开展合作的新路径。
Next on industry and company news
产业及公司新闻
China's big three telecom giants reported a combined 5G users exceeding 1.2 billion by the end of April, with China Mobile adding up to 698 million, up by 1 percent from March. However, the operator saw its mobile services users reach 982 million in April as the number of additional customers for the month shrank to a mere 25,000 - a huge drop from March's increase of 4.11 million. Meanwhile, China Telecom saw its mobile subscriber numbers increase by 1.49 million to 400 million in April. Its 5G subscribers rose by 4.02 million to 287 million for the month. And China Unicom said the aggregate number of 5G subscribers in April was 227 million, up by 4 million from March.
三大运营商发布4月份成绩单：
三大运营商近日相继公布了2023年4月份的经营数据。其中，全网5G套餐用户，在不考虑中国广电的前提下，用户数超过12亿，总数达到12.1304亿户。4月份，中国移动移动客户数净增2.5万户，用户总数达到9.82783亿户，其中5G套餐客户数净增957.5万户，累计达到6.9881亿户。中国联通4月5G套餐用户达2.27亿户，环比上月增长了323.1万户，今年前4月，中国联通5G套餐用户增长了1431.1万户。当月，中国电信移动用户数净增149万户，移动用户数累计4.0019亿户。其中，5G套餐用户净增402万户，5G套餐用户数累计2.8723亿户。
China saw a spike in consumption on May 20, one of the country’s Valentine’s Days. Hotel bookings on May 20 soared five-fold compared to a year earlier, according to Chinese online travel agency Qunar.Com. Also, box office takings totaled 303 million yuan on May 20, an all-time record for the occasion. Yunnan province, China’s largest producer of flowers, said its output of fresh-cut flowers surged 30 percent ahead of May 20. The week before Valentine’s Day, the price of roses in Yunnan jumped 20 percent to 30 percent, with that of special and rare flowers doubled.
“520”掀节日消费热潮：
今年“520”适逢周末，各种“以爱的名义”主题消费升温。去哪儿大数据显示，截至5月17日，今年“520”酒店提前预订量同比增长4倍，已达到2019年“520”酒店预订量同期水平。票房方面，猫眼专业版数据显示，2023年5月20日单日 票房超3亿，刷新中国影史520单日票房纪录。此外，五月以来，全国鲜花消费大幅增加，“鲜花经济”再度升温。数据显示，云南鲜切花的产量同比去年增幅约为30%，2023年4月21日至5月3日期间，昆明国际花卉拍卖中心的最高单日交易量超过600万枝，总交易量较去年同期上涨近20%。
Tencent’s WeChat has officially launched WeChat Palm Pay on Sunday, which allows users to perform palm payment on face recognition devices. In order to make payments, users need to bind their WeChat account to the device and record their palm print. The Beijing Subway’s Daxing Airport Line has officially launched the first project for palm recognition boarding service on Sunday.
微信刷掌支付正式发布
：5月21日，据微信派，微信刷掌支付正式发布，用户目前可以在刷脸设备上进行刷掌操作。需要现在设备绑定个人微信账号，录入手掌纹样。消费时，将手掌对准支付设备的扫描区，确认后即可完成支付。区别于指纹识别读取指腹的表皮纹路，掌纹读取的则是掌心血管纹路，能够避免暴露在外以及复制伪造。据了解，除交通场景外，“微信刷掌”还在逐步应用于办公、校园、健身、零售、餐饮等领域。
Micron Technology has failed China’s cybersecurity review, so the US memory chip giant’s products will be banned in the country. Micron’s products have severe network security issues, which pose a major security risk to China’s critical information infrastructure supply chain and impact the country’s national security, the review office of the Cyberspace Administration of China announced yesterday. The review aims to ward off cybersecurity risks that can harm the security of China’s critical information infrastructure, the CAC said, adding that it is necessary to protect national security.
美光产品被禁售
：5月21日晚间，中共中央网络安全和信息化委员会办公室（中国网信网）发布，日前，网络安全审查办公室依法对美光公司在华销售产品进行了网络安全审查。审查发现，美光公司产品存在较严重网络安全问题隐患，对我国关键信息基础设施供应链造成重大安全风险，影响我国国家安全。为此，网络安全审查办公室依法作出不予通过网络安全审查的结论。按照网络安全法等法律法规，我国内关键信息基础设施的运营者应停止采购美光公司产品。此次对美光公司产品进行网络安全审查，目的是防范产品网络安全问题危害国家关键信息基础设施安全，是维护国家安全的必要措施。中国坚定推进高水平对外开放，只要遵守中国法律法规要求，欢迎各国企业、各类平台产品服务进入中国市场。
Switching gears to financial news
金融市场消息
China kept its benchmark lending rate unchanged for the ninth consecutive month in May, according to the National Interbank Funding Center on Monday. The one-year loan prime rate (LPR), which influences most new and outstanding loans in China, came in at 3.65 percent. The over-five-year LPR, on which many lenders base their mortgage rates, stood at 4.3 percent.
LPR连续9个月维持不变
：5月22日，中国人民银行授权全国银行间同业拆借中心公布，2023年5月22日贷款市场报价利率（LPR）为：1年期LPR为3.65%，5年期以上LPR为4.3%，二类均与此前保持一致。值得一提的是，自2022年8月以来，LPR报价目前已经连续9个月持平。
A proposal by China Vanke to issue up to 1.1 billion A shares has been accepted by the Shenzhen Stock Exchange, according to the property giant on Sunday. The new shares will be issued to no more than 35 specific investors to raise up to 15 billion yuan, which would be used for 11 real estate projects in 10 cities.
万科150亿元增发获受理
：5月21日，万科公告宣布，有关(其中包括)公司建议根据一般性授权向不超过35名特定投资者发行不超过11亿股A股(含本数)。公司已向深圳证券交易所提交建议发行A股的申请材料，并于2023年5月19日接获深交所对上述申请材料出具的受理通知。据此前公告，预计募集资金(不考虑相关发行费用)总额将不超过人民币150亿元(含本数)。扣除发行费用后，募集资金净额将用于11个房地产项目及补充流动性资金。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks started the week with heathy advances, as the benchmark Shanghai Composite rose 0.4 percent and the Shenzhen Component gained 0.3 percent. Hong Kong's Hang Seng index jumped 1.2 percent and the TECH index bounced 2.1 percent.
A股反弹港股上扬
：周一A股大盘全天震荡反弹，沪指领涨。截至收盘，沪指涨0.39%，深成指涨0.32%，创业板指涨0.07%。沪深两市今日成交额7954亿，较上个交易日缩量526亿，成交金额再度跌破8000亿。北向资金全天净买入41.32亿元。港股全天维持上涨行情，截至收盘，恒指收涨1.17%，恒生科技指数涨2.14%。
Biz Word of the Day
财经词汇划重点
In financial markets, an
equity issuance
is the sale of new equity or stock by a firm to investors. Equity issuance can involve a private sale, in which the transaction between investors and the firm takes place directly, or publicly, in which case the firm has to register the securities with the authorities and the sale takes place in an organized market, open to any registered investor, a process more akin to an auction.
股票增发
是指在原有基础上，该公司的股东通过再次发行新股票来获得资金的行为。整体来看，虽然这一指标增加了整个市场的股票，但是它对股价的影响却是有两种，第一是大股东或者机构投资者，这对于股价来说影响不大;第二是对社会公众增发。
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
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