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Ⅰ Realistic basis and development suggestions for establishing a digital renminbi international demonstration zone in the Guangdong-Hong Kong-Macao Greater Bay Area

Text/Liu Qingfu, Professor, School of Economics, Fudan University, Fudan-Stanford China Financial Technology & Executive Director of the Security Research Institute

Li Zhen is a postdoctoral fellow at the School of Big Data at Fudan University and Zhuhai Fudan Innovation Institute, and a researcher at the International Monetary Institute at Renmin University of China

This article is published in "China Banking Industry" 》Magazine Issue 5, 2022

Introduction: The Guangdong-Hong Kong-Macao Greater Bay Area explores the establishment of an international digital renminbi demonstration zone, which will help promote cross-border digital renminbi cooperation and innovation in the Greater Bay Area and further optimize cross-border digital renminbi business. , providing more convenient cross-border financial services to residents of the mainland, Hong Kong and Macao. At the same time, by finding and applying application scenarios suitable for cross-border retail payments, we can improve the applicability of digital renminbi in the cross-border field and prepare for more scenarios and larger-scale digital renminbi cross-border payments in the future.

The Guangdong-Hong Kong-Macao Greater Bay Area is one of the regions with the highest degree of openness, the strongest innovation capabilities, and the most dynamic economy in China. It plays an important strategic position in the overall national modernization drive and all-round opening up pattern. Under the framework of "one country, two systems", the Guangdong-Hong Kong-Macao Greater Bay Area involves three currencies, three customs territories, three legal systems and three social systems. The level of financial market interconnection and the convenience of cross-border financial services need to be improved. This not only brings challenges to the Greater Bay Area in piloting digital renminbi, but also provides a major opportunity for the Greater Bay Area to establish an international demonstration zone for digital renminbi.

Currently, while digital renminbi meets the needs of mainland retail payments, it also has the technical conditions for application in the field of cross-border payments. The Guangdong-Hong Kong-Macao Greater Bay Area explores the establishment of an international digital renminbi demonstration zone, which will help promote cross-border digital renminbi cooperation and innovation in the Greater Bay Area, further optimize cross-border digital renminbi business, and provide more convenient cross-border financial services to residents of the mainland, Hong Kong and Macao. At the same time, by finding and applying application scenarios suitable for cross-border retail payments and improving the applicability of digital renminbi in the cross-border field, we can prepare for more scenarios and larger-scale digital renminbi cross-border payments in the future.

The realistic basis for establishing a digital renminbi international demonstration zone

The Guangdong-Hong Kong-Macao Greater Bay Area is a model of high-quality economic development and a highland for digital economic development. Guangdong Province is China's largest economic and populous province, reaching the level of a moderately developed country. Its provincial economic comprehensive competitiveness ranks first in the country. It is also the forefront of China's reform and opening up. It ranks first in the country in terms of total import and export volume and the amount of foreign investment attracted. first place. Hong Kong and Macao are both market-oriented mature developed economies and international free trade ports. They are highly integrated with Western countries in terms of economic operation, legal rules, social and government governance. Guangdong, Hong Kong and Macao are located in the same bay area, with strong economic strength and strong attractiveness of innovative elements.At that time, with homogenous cultures, close connections, and market complementarities, a first-class bay area and a world-class city cluster that are full of vitality and international competitiveness have been basically formed, becoming a model for high-quality development of the Chinese economy. Therefore, the highly developed and open regional economy and the institutional mechanism for high-quality economic development provide an important economic foundation and institutional mechanism guarantee for the Guangdong-Hong Kong-Macao Greater Bay Area to promote the construction of a digital renminbi international demonstration zone.

The Guangdong-Hong Kong-Macao Greater Bay Area has become a global digital economic development highland. As one of the earliest provinces and cities in China to lay out digital economy policies, Guangdong Province has achieved remarkable results in building a national digital economy innovation and development pilot zone, and its digital economy ranks among the top in the country. At the same time, the pace of 5G commercialization in Hong Kong has gradually accelerated, and the digitalization process of various industries has accelerated significantly. The Macao region is developing rapidly in the digitalization of public services such as smart cities, smart transportation, smart healthcare and digital government. The Guangdong-Hong Kong-Macao Greater Bay Area has unique resources and advantages in developing the digital economy. Especially during the COVID-19 epidemic, the digital economy leads high-quality economic development and provides very important support in hedging the downward pressure on the macro economy and the slowdown in the development of traditional industries. effect. Therefore, the rapid expansion of the digital economy in the Guangdong-Hong Kong-Macao Greater Bay Area has greatly promoted the demand for online financial services represented by mobile payments among residents of the Greater Bay Area, and has built a safe, universal and inclusive new retail payment foundation for the Greater Bay Area. The facilities have laid a solid foundation.

The Guangdong-Hong Kong-Macao Greater Bay Area has a multi-level and comprehensive cross-border financial cooperation pattern. The Guangdong-Hong Kong-Macao Greater Bay Area has initially formed a win-win pattern of financial market interconnection and characteristic financial cooperation. Among them, Hong Kong is a highly prosperous free port in China, as well as an international financial center, offshore RMB business center, global asset management center and risk management center. Shenzhen is a pioneer demonstration zone of socialism with Chinese characteristics, a special economic zone and a national financial center. It is also an important city for pilot applications of digital renminbi. Guangzhou is the home of the International Business and Trade Center, the Guangzhou Futures Exchange and the International Commercial Bank of the Guangdong-Hong Kong-Macao Greater Bay Area. It is also a digital renminbi pilot area. Macau is an international free port and a world tourism and leisure center, undertaking financial cooperation services and offshore RMB clearing between China and Portuguese-speaking countries. Although other cities in the Guangdong-Hong Kong-Macao Greater Bay Area have less developed financial industries, they are closely connected and interconnected with these four central cities.

The Guangdong-Hong Kong-Macao Greater Bay Area has obvious advantages in the financial industry. According to the "White Paper on Financial Development of the Guangdong-Hong Kong-Macao Greater Bay Area (2021)" released by Guangdong Times Media Group, as of the end of 2020, the GDP of the financial industry in the Guangdong-Hong Kong-Macao Greater Bay Area exceeded 1.5 trillion yuan, accounting for 12% of the regional GDP. %, much higher than the national average of 8%; the balance of deposits and loans of financial institutions exceeded 75 trillion yuan, accounting for 19% of the national total. At the capital market level, there are 2,319 listed companies in the Guangdong-Hong Kong-Macao Greater Bay Area, with a total market value of more than 35 trillion yuan. At the same time, it has the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, which has unique advantages in the world-class Greater Bay Area. Therefore, Guangdong, Hong Kong and MacaoThrough multi-level and all-round financial interconnection, the Greater Bay Area can expand the scale and scope of the cross-border use of RMB in the Greater Bay Area by leveraging the financial industry spillover effect of "using a point to promote an area and a small one to promote a big one", which will help the digital renminbi in the Greater Bay Area. District interoperability.

Cross-border payments are developing rapidly. In recent years, cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area has been continuously deepened. The daily lives of residents in the Greater Bay Area are deeply integrated and personnel exchanges are becoming increasingly frequent. There is an urgent need for more professional, better and safer cross-border payment services. There is an increasing demand for cross-border payment services. Increasingly urgent. Especially after the outbreak of the new coronavirus pneumonia, cross-border e-commerce has ushered in rapid development, which has had a profound impact on the cross-border payment industry and has become an important area with the potential for vigorous development in the Guangdong-Hong Kong-Macao Greater Bay Area.

In order to meet the cross-border payment needs brought about by the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, governments at all levels have accelerated the improvement of connectivity in the Greater Bay Area in recent years, taking multiple measures to support the development of cross-border payment businesses, which has greatly promoted Facilitating the construction of cross-border payment services in the Greater Bay Area. For example, in February 2019, the Central Committee of the Communist Party of China and the State Council issued and implemented the "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area" and proposed to jointly promote the interconnection of electronic payment systems in the Greater Bay Area. In May 2020, the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange issued the "Opinions on Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area", and subsequently the Guangdong Province issued the "Opinions on Implementing Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area". The Implementation Plan for the Opinions on the Construction of the Hong Kong-Macao Greater Bay Area and the Work Plan for the Construction of a National Digital Economy Innovation and Development Pilot Zone in Guangdong Province both propose to facilitate Hong Kong and Macao residents to use mobile electronic payment tools for RMB payments in the mainland, and promote the use of mobile payment tools in the Guangdong-Hong Kong-Macao Greater Bay Area. Interoperable use. In September 2021, the General Office of Guangdong Province issued the "14th Five-Year Plan for the Development of China (Guangdong) Pilot Free Trade Zone", proposing to promote innovation in cross-border payment and settlement cooperation, further optimize cross-border mobile payment services, and provide services to residents of the mainland, Hong Kong and Macao. Provide more convenient cross-border financial services.

Digital RMB has great potential in cross-border payments in the Guangdong-Hong Kong-Macao Greater Bay Area. The use of legal digital currency and blockchain platforms to solve the common problems of long timeliness, high cost and low transparency in cross-border payments is crucial to providing efficient, fast and secure cross-border payment services.

A number of policies and measures support the implementation of digital renminbi application pilot projects

In recent years, governments at all levels have strongly supported policies in the Guangdong-Hong Kong-Macao Greater Bay Area to carry out digital renminbi application pilot projects. For example, in August 2019, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on Supporting Shenzhen in Building a Pioneer Demonstration Zone of Socialism with Chinese Characteristics" to support the development of innovative applications such as digital currency research and mobile payments in Shenzhen. In August 2020, the Ministry of Commerce issued the "Overall Plan for Comprehensively Deepening the Pilot Program for Innovative Development of Trade in Services", which clearly pointed out that digital RMB pilots should be carried out in qualified pilot areas such as the Guangdong-Hong Kong-Macao Greater Bay Area. In October 2020, the General Office of the CPC Central Committee and the General Office of the State CouncilThe "Implementation Plan for Comprehensive Reform of Shenzhen's Pilot Demonstration Zone of Socialism with Chinese Characteristics (2020-2025)" was issued, proposing to support the implementation of internal closed pilot tests of digital renminbi and promote the research, development, application and international cooperation of digital renminbi. In April 2021, the Guangdong Provincial People's Government issued the "Guangdong Province's Fourteenth Five-Year Plan for National Economic and Social Development and the Outline of Long-term Goals for 2035", proposing to carry out innovative applications such as digital currency research and mobile payments, and support Shenzhen in developing digital renminbi. pilot and support Guangzhou’s efforts to be included in the digital renminbi pilot area.

Shenzhen took the lead in launching a digital RMB red envelope event at the end of 2019. As of the end of 2021, Shenzhen pilot institutions have successively launched 264 pilot activities in various forms, with more than 300,000 merchants accepted. District governments have issued 616 million yuan in digital RMB special funds to 2,422 small and micro enterprises, and have initially established existing application scenarios. There is also a digital RMB ecosystem for consumer groups. At the same time, in the field of digital renminbi cross-border payments, in March 2021, Shenzhen Luohu District cooperated with Bank of China and Bank of China Hong Kong to successfully complete the test work for Hong Kong residents to use digital renminbi in the mainland. This test explored the scenario of Hong Kong residents coming to Shenzhen for cross-border digital renminbi payments, laying a technical and cognitive foundation for promoting the cross-border circulation and use of digital renminbi in the future. At the end of March 2022, Guangzhou became the third batch of digital RMB pilot areas, and jointly operated banks to implement scenarios such as shopping malls, real estate and government affairs.

Four focus points for establishing a digital RMB international demonstration zone

Follow the principles of "no loss", "compliance" and "interoperability". The "no loss" principle requires that the digital renminbi should promote the health and sustainability of the monetary system, monetary policy, financial markets, and financial stability. The digital renminbi should not damage the status of the Hong Kong dollar as the legal currency of Hong Kong and the Macau pataca as the legal currency of Macau. At the same time, consumer rights and interests in digital currency exchange and circulation should be protected, fair competition should be promoted, and the market should play a decisive role in resource allocation. The principle of "compliance" requires that the digital renminbi should have a sound legal basis and a robust operating system, comply with laws and regulations on foreign exchange management, exchange system arrangements, cross-border capital flow management, etc., achieve a match between information flow and capital flow, and promote cross-border capital flow management. The development of cross-border trade and global supply chains serves the healthy development of the real economy, complies with regulatory requirements such as anti-money laundering and anti-terrorist financing, and strengthens the protection of users’ personal information. The principle of "interoperability" requires that the digital renminbi should make full use of existing financial infrastructure and advanced financial technology development achievements to achieve interconnection between the digital renminbi, Hong Kong dollar and Macau pataca systems and with the financial markets and financial infrastructure of Guangdong, Hong Kong and Macao. At the same time, it should be conducive to promoting the healthy and orderly development of cross-border payment business and eliminating the fragmentation of the digital currency market.

Establish legal digital currency exchange arrangements and regulatory cooperation mechanisms. Explore RMB, Hong Kong Dollar and MacauThe currency exchange rate stabilization mechanism between currencies will promote the improvement of the quality and efficiency of cross-border financial infrastructure in the Guangdong-Hong Kong-Macao Greater Bay Area. Digital RMB follows the principle of "anonymity for small amounts and traceability for large amounts according to law", which not only meets the public's demand for anonymous payment services for small amounts, but also prevents digital RMB from being used for cross-border illegal and criminal activities. Therefore, while the digital renminbi promotes the free flow of funds in the Guangdong-Hong Kong-Macao Greater Bay Area, it can also effectively control the flow of funds within the Greater Bay Area. In addition, it is recommended to launch a capital account convertible cross-border regulatory sandbox pilot in the Guangdong-Hong Kong-Macao Greater Bay Area using digital renminbi as a carrier. On the one hand, the safe and convenient payment features of the digital renminbi are used to accelerate capital account convertibility and the internationalization of the renminbi; on the other hand, the smart contracts and real-time transaction data monitoring functions of the digital renminbi are used to effectively ensure the security and risks of the entire life cycle of the digital renminbi. Controllable.

Enrich the application scenarios of digital RMB cross-border payment. Digital RMB cross-border payment application scenarios include cross-border e-commerce, Hong Kong and Macao residents traveling to the mainland of the Greater Bay Area, and mainland residents of the Greater Bay Area traveling to Hong Kong and Macao. First of all, safe and convenient payment and settlement channels are an important guarantee for cross-border e-commerce to achieve closed-loop transactions. The application of digital renminbi in cross-border e-commerce scenarios can help reduce payment fees for small and micro enterprises. While improving the efficiency of cross-border capital flows, it can also enhance the protection of consumer rights and interests and better promote trade in the Greater Bay Area. and free and convenient capital flow. Secondly, Hong Kong and Macao residents who come to the mainland of the Greater Bay Area for a short period of time can open a digital renminbi wallet without opening a mainland bank account, so they do not need to rely on the intermediary function of commercial banks and use digital renminbi to meet daily retail payments in the mainland of the Greater Bay Area. need. Finally, expand the scope of use of digital RMB wallets among merchants in Hong Kong and Macao. Mainland residents in the Greater Bay Area can directly use digital renminbi when traveling to Hong Kong and Macao, providing a safer, more convenient, innovative and easy-to-use option for their cross-border retail consumption, and improving the efficiency and user experience of cross-border payment services.

(This article was originally published in the 2022 Issue 5 of "China Banking" magazine)

II Summary of today's news on November 22

Hot Focus

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1. The central bank released the third quarter monetary policy implementation report, emphasizing that prudent monetary policy must be flexible, precise, reasonable and appropriate, put us first, put stability first, grasp the intensity and rhythm of the policy, and handle economic development and prevention. Risk relationships, make cross-cyclical adjustments, maintain overall economic stability, and enhance the resilience of economic development. CPI is expected to rise moderately in the fourth quarter and generally remain stable within a reasonable range. At the same time, affected by factors such as rising commodity prices, price increases for some products in high-energy-consuming industries, and a low base, PPI growth continues to expand and may remain high in the short term. Generally speaking, my country's total supply and demand are basically stable, and the central bank's implementation of normal monetary policies is conducive to maintaining price stability in the medium and long term.

2. Vice Premier Liu He announced the 2021 China 5G+ IndustryIn his speech at the opening ceremony of the Industrial Internet Conference, "5G + Industrial Internet" is a historic opportunity for the leap-forward development of traditional industries. my country's 5G network layout has first-mover advantages and rich industrial application scenarios. We must make full use of these favorable conditions, make up for the shortcomings of the industrial Internet, boldly explore disruptive technology paths, and creatively solve industrial problems. Liu He emphasized that enterprises are the most active force in technological innovation. It is necessary to strengthen the main role of enterprises in innovation and allow all kinds of innovation resources to be concentrated in enterprises. Financial institutions should increase their support for enterprise innovation, explore the use of digital technology to increase credit for enterprises, and solve the financing difficulties of small and medium-sized enterprises.

3. China’s November loan prime rate (LPR) will be announced at 9:30 on November 22, having remained unchanged for 18 consecutive months. CITIC Securities believes that the probability of an LPR cut in November is low. With the gradual emergence of fiscal strength and credit easing, LPR interest rate cuts are not worth the gamble.

4. The State Administration for Market Regulation made administrative penalty decisions in accordance with the law on 43 cases of illegal implementation of concentration of undertakings without reporting in accordance with the law, involving Alibaba, Tencent Holdings, Suning.com, Ali Health, JD.com and other companies, market supervision The General Administration imposed a fine of 500,000 yuan on each of the companies involved.

Domestic market

1. The three major A-share stock indexes continued to fluctuate higher in the afternoon, with more than 3,200 stocks in the two cities rising. As of the close, the Shanghai Stock Exchange Index rose 1.13%, the Shenzhen Stock Exchange Component Index rose 1.19%, and the ChiNext Index rose 1.04%. On the market, industry sectors were generally in the red, with warehousing and logistics, real estate, securities, coal, gas and heating, petroleum, public transportation, building materials and other sectors leading the gains, while the advertising and packaging, agriculture, forestry, animal husbandry and fishery sectors fell slightly. New energy vehicles, Huawei concepts, fuel cells, hydrogen energy, lithium batteries, photovoltaics, sub-new stocks, wind energy and other concept sectors are strong, with many stocks hitting the daily limit.

2. The Hang Seng Index fell 1.07%. Internet technology stocks were among the top losers, with Alibaba falling more than 10%. Real estate stocks strengthened, with Sunac China rising by more than 8%, Country Garden rising by more than 5%, and China Evergrande rising by more than 5%. Logistics stocks rose collectively, with Kerry Logistics rising by more than 17%.

3. The Shanghai and Shenzhen Stock Exchanges issued operating income deduction guidelines, clarifying the specific deductions for operating income in financial delisting indicators, accurately cracking down on shell companies, and striving to achieve "retreat as soon as possible." According to the new delisting regulations, if a listed company touches the "net profit + operating income" indicator for the first time after the disclosure of the 2021 annual report, a delisting risk warning will be implemented. Companies that have been issued delisting risk warnings will be delisted directly if they continue to hit delisting indicators in 2021.

4. China Securities Index Co., Ltd. recently announced that in order to adapt to the needs of the development and changes of the securities market, after fully listening to market opinions and deliberation by the Index Expert Committee, it has decided to revise the sample space rules of the CSI 300 Index and will The time rules for GEM securities to enter the index sample space are adjusted to have a listing time of more than 1 year, and the rest of the preparation plan remains unchanged.Change. The above revisions will be implemented at the next periodic adjustment of the sample (December 13, 2021).

5. The China Securities Regulatory Commission plans to revise the "Guidelines for Due Diligence of Sponsors" and "Guidelines on Working Papers for Sponsorship of Securities Issuance and Listing" to guide sponsors to establish and improve the working paper system and improve the quality of sponsors' due diligence work. Elevate the "recommendation" responsibility of the sponsor to a more important position and give full play to its forward-looking role in judging investment value.

6. China Settlement Data shows that there were 980,700 new investors in October, a year-on-year decrease of 12.45% and a month-on-month decrease of 39.4%. At the end of the period, the number of investors was 194.6972 million, a year-on-year increase of 11.49%.

7. The "White Paper on Private Client Operations in the Securities Industry" shows that compared with two years ago, the proportion of female investors among all investors has increased significantly. Securities investors prefer Huawei mobile phones; securities firm APP users are more focused on financial information and reading, and have a lower preference for entertainment application APPs. In terms of user investment behavior, the trading peak is one hour before the market closes, and those born in the 1990s are keen on chasing stock market hot spots

8. The first anniversary of the new delisting regulations is about to come into force. The exchange has improved the enforceability of financial delisting indicators in details, targeted shell companies, and tightened the responsibilities of intermediaries. This means that A-share listed companies that previously used selling assets to increase revenue near the end of the year will have "no way to go."

9. Xu Xiang stated that he would resolutely oppose the Wenfeng Share acquisition. The staff of the Wenfeng Share Board Secretary’s Office responded that if Xu Xiang votes against, the shareholders’ meeting may not be held and the company will Respond to the Shanghai Stock Exchange’s inquiry letter as soon as possible. Wenfeng Group issued a statement stating that after rigorous market research, Xu Xiang has not had any contact with the company since he was released from prison. The company also tried to communicate with him, but has not received a reply.

10. Evergrande Automobile announced a new round of stock placement of 900 million shares, raising a total of approximately HK$2.7 billion, which will be used for the research and development and production of new energy vehicles, and for the smooth launch of Hengchi new energy vehicles. Lay the foundation. On November 9, Evergrande Automobile raised approximately HK$500 million through the placement of 174.83 million shares at 2.86 yuan per share.

11. On November 20, Zhongyin Cashmere Industry, which already has an annual production capacity of 4,200 tons of lithium iron phosphate, announced that it planned to acquire 100% of the equity of a company and invest 2 billion yuan in the construction of a lithium production plant with an annual output of 80,000 tons. Battery cathode material lithium iron phosphate project.

12. Chuanfa Longmang announced on the evening of November 19 that based on the comprehensive advantages of the De'A Ecological Economic Industrial Park in terms of project land, location, policies, energy consumption, etc., the company has entered into cooperation with the De'A Industrial Park. Signed an "Investment Agreement" and plans to build a 200,000 tons/year new energy materials project in the De'A Industrial Park. The project plans to build 200,000 tons of lithium iron phosphate and 200,000 tons of iron phosphate production lines, as well as supporting facilities such as factories, warehouses, and R&D centers. The construction period is 2022From June 2020 to December 2024.

13. Jiangquan Industrial announced on the evening of November 21 that it planned to acquire 100% equity of Green Energy Huichong in cash, with a transaction price of no more than 90 million yuan, in order to enter the new energy field. The company also announced that it plans to issue shares to three specific investors, Beihai Jing'an, Beihai Jingyao and Beihai Jingzhong, under the actual controller, at a price of 2.95 yuan per share, raising a total of 452.825 million yuan (including the original amount).

On the evening of the 14th and 19th, BYD (002594) announced that the company plans to increase its capital investment in its wholly-owned subsidiary BYD Automobile Industry by US$1.7 billion or the equivalent in RMB in the form of currency.

15. On the evening of November 19, Aofei Entertainment, known as "Oriental Disney", announced that it planned to transfer 100% of its wholly-owned subsidiary Youyaoqi to Shanghai Huandian for 600 million yuan. Youyaoqi is one of the earliest online original comics platforms in China, and Shanghai Huandian is a subsidiary of Bilibili Group. Chen Rui, the largest shareholder of Shanghai Huandian, is the chairman of Bilibili.

16. The Hang Seng Index Company announced the results of the quarterly review, adding China Resources Beer, ENN Energy, JD.com, and NetEase to the Hang Seng Index, and the number of constituent stocks will increase from 60 to 64; Innovent Biopharma will be included in the Hang Seng Index The China Enterprises Index excludes China Evergrande; the Hang Seng Technology Index's constituent stocks have not changed, and the number of constituent stocks remains at 30.

17. Following the Bank of Jiangsu’s resumption of allotment of funds by listed banks after a lapse of seven years, the intensity of equity financing through private placement and allotment has been significantly increased this year, including Bank of Jiangsu, Bank of Ningbo (12 billion yuan ), Bank of Qingdao (5 billion yuan, accepted by the China Securities Regulatory Commission), and Zheshang Bank (18 billion yuan) all disclosed rights issue refinancing plans.

18. Bilibili announced that it plans to sell US$1.4 billion of convertible senior notes due in 2026, and the proceeds will be used to enrich content, research and development and general corporate purposes.

19. BYD stated that "the pre-sale price of Song ProDM-i is 119,800-146,800" is false news, and the company has not released any relevant pre-sale price information.

20. Liu Shuwei responded to questions about his role as an independent director of Royole Technology, saying that he served as an independent director because Royole Technology has mastered internationally leading and original flexible electronics technology. The company has relatively strong R&D capabilities and its entrepreneurs are a group of young people. , aspiring and ideal scientists. Royole Technology withdrew its application for listing on the Science and Technology Innovation Board due to the existence of "three types of shareholders at the direct level" in the shareholder structure.

21. According to China Fund News, in the first week of the opening of the Beijing Stock Exchange, 18 fund managers and brokerage asset management institutions, including ICBC Credit Suisse and Guotai Junan Asset Management, issued announcements stating that their public funds, large collectives, etc. Wealth management products include North Exchange stocks in their investment scope, starting a pioneering journey for ordinary public offerings to invest in North Exchange.

22. According to the new delisting regulations, after the disclosure of the 2021 annual report, if a listed company encounters delisting for the first time,If the lower of the net profit before and after deduction is negative and the operating income is less than 100 million yuan, a delisting risk warning (*ST) will be implemented. Companies that have been issued delisting risk warnings, namely *ST companies, will be delisted directly if they continue to hit the delisting indicators in 2021. Investors should pay close attention to annual performance forecasts, performance forecast correction announcements, performance bulletins, performance bulletin correction announcements, risk warnings and other announcements that may be disclosed by relevant listed companies, make investment decisions prudently, and effectively prevent investment risks.

International Market

1. On Friday, Eastern Time, the three major U.S. stock indexes had mixed gains and losses. As of the close, the Dow Jones Industrial Average fell. 0.75%, the Nasdaq rose 0.40%, and the S&P 500 fell 0.14%. Online education and new energy vehicle sectors were among the top gainers, with TAL rising by over 18%, Gaotu rising by over 4%, and Tesla rising by over 3%. Oil and gas stocks fell, with Caron Petroleum falling more than 9%, Exxon Mobil falling more than 4%, and BP and Total falling more than 3%.

2. On Friday, European time, European stock markets fell across the board. As of the close, the Financial Times 100-stock average price index of the London stock market closed at 7223.57 points on the 19th, down 32.39 points from the previous trading day. , a decrease of 0.45%; the CAC40 index of the Paris stock market in France closed at 7112.29 points, a decrease of 29.69 points or 0.42% from the previous trading day; the DAX index of the Frankfurt stock market in Germany closed at 16159.97 points, a decrease of 61.76 points from the previous trading day , a decrease of 0.38%.

3. On Friday Eastern Time, the international gold price fell. As of the close of trading, the price of December gold, the most actively traded gold futures market on the New York Mercantile Exchange, fell by US$9.8 on the 19th compared with the previous trading day. At $1,851.6 per ounce, a decrease of 0.53%. International oil prices fell significantly, with U.S. oil falling more than 3%. As of the close, New York's December crude oil futures closed down $2.91, or 3.68%, at $76.10/barrel on expiry and delivery day; Brent January crude oil futures closed down $2.35, or 2.89%, at $78.89/barrel.

4. The U.S. House of Representatives passed Biden’s $1.75 trillion social spending bill. Next, the bill will be submitted to the Senate for consideration and voting. The Senate may require revisions to the bill, which means the House of Representatives will need to vote again on the revised bill in the coming weeks before sending it to President Biden for signature.

5. The Japanese government has decided to launch a new round of economic stimulus plan with a fiscal expenditure of 5.7 trillion yen (approximately 114 yen for 1 US dollar). The scale of fiscal expenditure has reached a new high in previous economic stimulus plans. Because this hastily launched plan focused on subsidies and neglected growth, Japanese domestic media and experts generally judged that its effect was limited.

6. The IMF stated that continued high inflation in the United States may lead to the Federal Reserve taking earlier responses.Countermeasures will bring systemic risks to the global economy. If supply chain disruptions persist or inflation expectations become unanchored, inflation in some parts of the world may also become "more persistent" and central banks need to remain vigilant.

7. The U.S. Food and Drug Administration has approved that all adults can receive booster shots of the Pfizer vaccine and Moderna vaccine. At this point, only final guidance from the Centers for Disease Control and Prevention is needed before American adults can begin receiving booster shots of both vaccines.

8. European Central Bank President Lagarde said that inflation in Europe will gradually subside, so the European Central Bank will not tighten monetary policy because this may hinder economic recovery. The implementation of tight monetary policy will lead to lower household incomes, and in the case of soaring energy prices, the implementation of austerity policies may inhibit economic growth.

9. Japan is considering relaxing regulations on the entry of foreign workers into Japan in specific fields, and some employees may stay in Japan indefinitely. The measure aims to address labor shortages caused by Japan's aging population and declining birth rate. If the relevant new policies are implemented, it is expected that foreign workers in 14 industries including construction will benefit.

10. South Korean President Moon Jae-in said that the real estate market problems have affected people’s lives and caused people to feel unfair. The government is considering measures to recover unearned income or excess profits obtained from real estate to restrict private real estate developers. Get huge profits.

11. It is reported that McKinsey & Company has agreed to pay US$18 million to settle insider trading charges from the US Securities and Exchange Commission.

12. Apple’s official support website shows that the iPhone 13 series no longer supports China Telecom’s 2G/3G network, while China Mobile and China Unicom are not affected.

13. Tesla CEO Musk said that the company’s mobile applications are returning to normal after an application server failure prevented many owners from connecting to their cars. The Tesla App is an important part of the Tesla owner experience. Users can operate many car control functions through mobile applications.

14. Tesla China’s official website shows that the price of the domestic Model 3 rear-wheel drive version has been increased by 15,000 yuan to 250,900 yuan, and the current delivery time is the first quarter of next year.

15. Alphabet, Google’s parent company, is working to bring robots into offices to perform daily tasks. The robot is provided by X-Alphabet’s Moonshot Factory, a team of professionals focused on solving next-generation problems. Some of the notable projects launched by the Moon Factory since its founding in 2010 include Google Glass, giant balloons delivering the internet to remote corners of the world, sustainable wind energy using kites, and Waymo for autonomous transportation.

16. Ford Motor Co. and electric car manufacturer Rivian confirmed that the two companies have given up joint development of electric vehicles.Moving car plan.

17. It is reported that "Sister Wood" Cathie Wood's ARK fund sold Tesla and Coinbase stocks.

18. Tuniu’s net revenue in the third quarter was 114.6 million yuan, a year-on-year decrease of 7.2%; the net loss was 36.6 million yuan, compared with 62.1 million yuan in the same period last year. Tuniu expects net revenue in the fourth quarter to be between 53.4 million yuan and 65.3 million yuan, a year-on-year decrease of 45%-55%.

19. Weilai announced the completion of the American depositary stock market offering and raised US$2 billion in financing.

20. Xia Yan, President of Xpeng Motors, said that Xpeng has determined its positioning in exploration since its founding, and its product and technical capabilities are not inferior to Tesla's, and even surpass Tesla in some intelligent fields. Far more than Tesla.

21. On November 20, Bilibili (hereinafter referred to as "Bilibili") launched 51 new animation works and launched the "Light Seeking" plan to explore and support more domestic animation creations By.

22. Following Douyin, the video platform Bilibili (hereinafter referred to as "Bilibili") also obtained a payment license. The Ningbo Public Resources Trading Center released a project transaction announcement on November 19, showing that 65.5% of the equity of Zhejiang Yongyi Electronic Payment Co., Ltd. (hereinafter referred to as "Yongyi Payment") was successfully auctioned, with a transaction price of approximately 118 million yuan. The consignors of this auction are Yongyi Pay shareholders Yuyao China Plastic City Group Co., Ltd. and Yuyao China Plastic City Logistics Co., Ltd., and the buyer is Shanghai Kuanyu Digital Technology Co., Ltd., the main company of Station B.

23. Recently, Green Hotels Group (NYSE: GHG) released its second quarter financial report for 2021. Data shows that in the second quarter, Green Hotel increased revenue without increasing profits, achieving revenue of 347 million and net profit attributable to the parent company of 81.32 million.

Finance & Real Estate

1. In response to the incident involving the loss of bank deposit certificates, the China Banking and Insurance Regulatory Commission stated that it has immediately requested the relevant Banking and Insurance Regulatory Bureau to A working group was formed and stationed in the bank to conduct on-site investigation. The investigation work is currently being stepped up. If the investigation reveals that the bank has violated regulations, it will be severely punished and held accountable in accordance with laws and regulations; if the investigation finds that it is suspected of illegal or criminal behavior, it will be transferred to judicial authorities for processing in accordance with the law.

2. The China Banking and Insurance Regulatory Commission issued the "Notice on Adjusting the Credit Rating Requirements for Investment Bonds with Insurance Funds and Other Relevant Matters". The main contents include: First, the cancellation of the whitelist requirements for the bonds of financial enterprises (companies) in which insurance funds can be invested; External credit rating requirements. The second is to set minimum external credit rating requirements for investable non-financial enterprise (company) bonds based on the credit risk management capabilities and risk resistance capabilities of insurance institutions. The third is to clarify the concentration requirements for insurance companies to invest in bonds rated BBB (inclusive) and below. The fourth is to clarify the proportional accounting of major categories of investment bonds by insurance companies. Fifth, insurance institutions are required to effectively perform their main tasksWe must take overall responsibility, improve internal ratings, and conduct investments prudently.

3. The State-owned Assets Supervision and Administration Commission requires that the management of financing guarantees for central enterprises be strengthened. It is strictly prohibited to provide any form of guarantee to enterprises without equity relationships outside the group. In principle, it can only provide guarantees to subsidiaries or companies that have the ability to continue operating and repay debts. Participating enterprises provide financing guarantees, and it is strictly prohibited to provide guarantees for participating enterprises that exceed the shareholding ratio; in principle, the total financing guarantee scale shall not exceed 40% of the group's consolidated net assets, and the financing guarantee amount of a single-family subsidiary enterprise (including the group headquarters) shall not exceed the net assets of the enterprise. 50%.

4. The China Banking and Insurance Regulatory Commission solicits opinions on the interim measures for off-site supervision of insurance companies, clarifies the work processes and requirements for off-site supervision, and the frequency and work requirements for off-site supervision assessments of legal entities and branches of insurance companies. Supervisory measures that can be taken based on the results of off-site supervision assessments, as well as coordination with on-site inspections, administrative approvals, regulatory regulations and policies and other supervisory work.

5. Liu Feng, deputy secretary of the Party Committee of the China Banking Association, believes that in the future, large financial management companies will gather advantages such as product systems, investment research, investment advisory capabilities, and system construction. It is expected that the industry may exhibit the Matthew Effect. The future evolution trend of bank financial management mainly includes four major aspects, including: Technology empowerment, ushering in the era of digital financial management, etc.

6. There is only more than one month left in the transition period for the new asset management regulations, and the centralized transformation of securities firms’ asset management is nearing completion. The performance of active equity funds that have completed public offering transformation has diverged during the year, with the performance of the first and last funds differing by more than 50%. If compared with public funds of the same type, the performance of large-scale transformation products has no obvious advantage.

7. The "Opinions on Strengthening the Publicity and Education Work on Preventing Illegal Fund-raising" issued by the inter-ministerial joint meeting to deal with illegal fund-raising clearly states that prevention of illegal fund-raising must be carried out into communities, rural areas, campuses, units, and Institutional outlets and other measures will be used to achieve full coverage of illegal fund-raising prevention propaganda, resolutely curb high-risk situations, and completely eradicate the soil of illegal fund-raising.

8. The list of Beijing’s first batch of 16 capital market financial technology innovation pilot projects was released, involving new generation information technologies such as big data, cloud computing, artificial intelligence, and blockchain, as well as secure multi-party computing and federated learning. , cloud native, Xinchuang and other composite cross-technical applications; business scenarios include various business fields in the capital market such as intelligent investment advisory, intelligent operation, intelligent trading, intelligent risk control, intelligent marketing and so on.

9. The central bank stated that the current real estate market risks are generally controllable, and the overall trend of healthy development of the real estate market will not change. Firmly adhere to the positioning that houses are for living in, not for speculation, insist on not using real estate as a short-term means to stimulate the economy, insist on stabilizing land prices, stabilizing housing prices, stabilizing expectations, and maintaining the continuity, consistency, and stability of real estate financial policies We must implement a prudent management system for real estate finance, increase financial support for housing leasing, cooperate with relevant departments and local governments to jointly maintain the stable and healthy development of the real estate market, and safeguard the legitimate rights and interests of housing consumers.

10. A spokesman for the China Banking and Insurance Regulatory Commission said that reasonable loan needs for real estate have been met. As of the end of October, real estate loans by banking financial institutions had increased by 8.2% year-on-year, remaining stable overall. More than 90% of personal housing loans were used to support first-time buyers, and loans to the housing rental market increased by 61.5% year-on-year.

11. Recently, Xiamen, Shijiazhuang, Beijing and other places have successively introduced or plan to introduce policies related to the supervision of pre-sales of commercial housing. In pre-sale supervision, fund supervision is a major focus, which includes raising the pre-sale threshold, refining the retention limit of the special account for pre-sale fund supervision, and adjusting the account entry process to supervision first and then signing online, etc. From the perspective of industry insiders, this means that local government authorities have tightened supervision of commercial housing pre-sales to prevent pre-sale funds from being diverted for other purposes and resulting in unfinished buildings. This move will also stabilize the expectations of home buyers, but it will also It affects the sales pace of some real estate companies and reduces the speed of capital turnover.

12. Shenzhen’s new online signing system for second-hand housing transactions was officially launched, introducing the “unilateral agency” model for the first time in China. The Shenzhen Housing Association said that the launch of the new system means that the intermediary model will be completely launched on the historical stage of Shenzhen.

13. Guangzhou New Deal: When real estate development companies and their entrusted sales agents sell commercial housing, the sales price must not exceed the sales price list, and the price cannot be increased in disguised terms such as decoration money; no pre-sale of commercial housing has been obtained For licensed commercial housing projects, real estate development companies are not allowed to conduct pre-sales, and are not allowed to collect earnest money, deposits, deposits and other fees from buyers or in disguised form.

14. According to China Business News, it is reported that some banks treat real estate companies with different qualifications differently in terms of loans, including providing special policy support to state-owned real estate companies and issuing a financing whitelist for them. . Many people in the banking industry said they had not been notified.

15. The 63 properties under construction of Evergrande Real Estate Pearl River Delta Company in 15 regions including Guangzhou, Foshan, Zhaoqing, Yangjiang, Qingyuan, Huizhou and Heyuan have fully resumed work and production. Evergrande Real Estate Shenzhen Company has more than ten projects in Shenzhen, Dongguan, Jiangmen, Shanwei, Zhuhai and Zhongshan, and has fully resumed work and production.

Industry

1. The Ministry of Industry and Information Technology released the "Typical Application Scenarios and Key Industry Practices of "5G + Industrial Internet" (Second Batch)". Among them, the top ten typical application scenarios include: production unit simulation, precise dynamic operations, production energy efficiency control, process compliance verification, production process traceability, equipment predictive maintenance, factory intelligent tally, global logistics monitoring, virtual on-site services, and enterprise collaboration Cooperation; five key industry practices include: petrochemical industry, building materials industry, port industry, textile industry, and home appliance industry.

2. Data released by the Ministry of Industry and Information Technology show that from January to October, my country’s software business revenue was 7,681.4 billion yuan, a year-on-year increase of 19.2%, and the growth rate was 1.3 percentage points lower than the first three quarters., with a compound growth rate of 15.4% in the past two years, maintaining rapid growth; the total profit of the software industry was 921.8 billion yuan, a year-on-year increase of 9.1%, and the compound growth rate in the past two years was 8.2%.

3. Xiao Yaqing, Minister of the Ministry of Industry and Information Technology, said that the construction of new infrastructure will be accelerated to open up the "arteries" of information. To promote integrated development, infrastructure must come first. The Ministry of Industry and Information Technology will strengthen planning, coordinate layout and coordination, accelerate the construction of 5G base stations and the large-scale development of industry virtual private networks, and enhance the public service function of the industrial Internet identification analysis system.

4. The 100-billion-dollar medical consumables market ushered in a major document. The National Medical Insurance Administration solicits opinions on the "Interim Measures for the Payment Management of Medical Consumables under Basic Medical Insurance (Draft for Comments)". The management of medical insurance payment for medical consumables will move away from the current local "individual administration" situation. This is the first time in the history of my country’s medical insurance management that national management measures for consumables have been introduced.

5. The National Energy Administration stated that according to industry statistics, as of the end of October 2021, my country’s cumulative installed capacity of renewable energy power generation reached 1.002 billion kilowatts, breaking the 1 billion kilowatt mark and doubling compared with the end of 2015. Among them, the installed capacity of hydropower, wind power, solar power and biomass power generation continues to rank first in the world.

6. The General Office of the Ministry of Education issued the "Regulations on the Management of Non-Academic Education in Ordinary Colleges and Universities (Trial)", which strictly prohibits colleges and universities from entrusting external agencies to recruit students as agents, and strictly controls non-academic education cooperation in running schools.

7. Zhao Zhuo, director of the Operation and Regulation Division of the Market and Information Technology Department of the Ministry of Agriculture and Rural Affairs, said that since November, the prices of "vegetable basket" products have been generally stable, with slight differentiation between different varieties. The price of pork has increased in the early stage. There has been an increase after a sustained downturn, and vegetable prices have stabilized after a significant increase. The entire “vegetable basket” of products is in ample supply.

8. Shi Jianhua, deputy secretary-general of the China Automobile Association, said that my country's automobile market is the largest in the world, and automobile production, sales and ownership have ranked first in the world for many years. By the end of September this year, the number of cars in my country will reach 297 million, and it will exceed 300 million by the end of the year. It is expected to maintain an average annual growth rate of 4% during the "14th Five-Year Plan" period. 9. Many tire companies said that due to multiple factors such as environmental protection, power rationing, and raw material prices, factory manufacturing costs have continued to rise. The company is unable to bear the rising pressure on raw materials and needs to increase prices. In fact, the profits of many tire companies are being squeezed, with profits generally declining in the third quarter.

10. The Passenger Car Association predicts that retail sales of narrowly defined passenger cars in November will be 1.86 million units, a year-on-year decrease of 10.6%. Towards the end of the year, chip supply problems will continue to improve compared to the third quarter, but it will still be difficult to meet terminal demand.

11. The average price of domestic lithium carbonate market in the third quarter of this year was 110,100 yuan/ton, and the average price has risen sharply so far in the fourth quarter. On November 18, the average price of industrial grade lithium carbonate in East China was 18.96 Ten thousand yuan/ton, the average price of battery-grade lithium carbonate in East China is 199,000 yuan/ton, and the price is close to 200,000 yuan/ton.market expectations of RMB/ton. The price of lithium concentrate has increased significantly, which has provided obvious cost support for lithium salt products.

12. In response to the sharp rise in coal prices in the early stage, the National Development and Reform Commission recently stated that a series of measures to ensure supply and stabilize prices have achieved immediate results. In terms of ensuring supply, relevant departments have vigorously promoted the increase in coal production and supply, accelerating the release of high-quality coal mine production capacity. National coal output and market supply have continued to increase, and the daily coal dispatch output has stabilized at more than 12 million tons, setting record highs continuously. Zhu Xiaohai, deputy director of the Price Monitoring and Regulation Division of the Price Department of the National Development and Reform Commission, said that recently, the price of coal and other energy sources has dropped significantly. The price of thermal coal futures has dropped from about 2,000 yuan per ton in mid-October to about 800 yuan recently, with a drop of as much as 60%, and the prices of some industrial raw materials have also dropped significantly.

13. According to data from the General Administration of Customs, calculated in RMB, solar module (battery) exports in October were 19.09 billion yuan, a year-on-year increase of 47.9% and a month-on-month increase of 9%; the cumulative exports from January to October were 147.61 billion yuan yuan, a year-on-year increase of 32%. In US dollars, exports of solar modules (batteries) in October were US$2.94 billion, a year-on-year increase of 56% and a month-on-month increase of 8.7%; cumulative exports from January to October were US$22.8 billion, a year-on-year increase of 42.3%.

14. 193 countries have produced approximately 8 million tons of plastic waste related to the COVID-19 epidemic, of which approximately 26,000 tons have now entered the global ocean. The study, published this month in the journal Proceedings of the National Academy of Sciences, is one of the first studies to quantify the scale of plastic waste related to the epidemic. It has once again raised people's attention to marine pollution and also raised the challenge of recycled plastics. Opportunities are highlighted.

15. Tianjin strengthens the scientific dispatch of the power grid, focusing on continuously improving the power grid’s ability to accept external power, ensuring clean energy while achieving safe and stable supply. It is reported that Tianjin Power Grid’s ability to accept external power has increased to nearly 35%. The ability to accept external power has been greatly improved, and the power supply is cleaner and more secure.

16. A number of national railway coal transportation production indicators hit record highs. On November 18, China's West-East Coal Transport Heavy Duty Channel Daqin Railway transported 1.306 million tons of coal, which was the 13th time since November that the daily transportation volume exceeded 1.3 million tons. The counterpart supply Qinhuangdao Port, Tangshan Port, and Caofeidian Port stored coal It rose back to more than 19 million tons.

17. iResearch released the "2021 China Idle High-end Consumer Goods Retail Industry Research Report" stating that the idle high-end consumer goods retail market in 2020 will be around 50 billion yuan, and will exceed 200 billion by 2025. The overall market space Very big.

18. The popular sauce wine suffered a “cooling down” in the second half of the year. Many wine merchants who entered the wine industry in the early stage found that the sauce wine in their hands became less easy to sell, and the popularity of the channel cooled down rapidly. But from the perspective of the industry, after the initial madness, the sauce and wine industry is not "cool", and the industry is entering a round of"Cooling off period".

Trading Calendar

Where do institutions go?

III What are the leading blockchain concept stocks

1.002657 Zhongke Financial

2.300663 Kelan Software

3.002152 Radio and Television Express

4.300079 Digital Technology

5.300542 Xinchen Technology

6.600570 Hundsun Electronics

7.300561 Huijin Technology

< p>8.002063 Yuanguang Software

9.603106 Hengyin Financial

The following blockchain concept stocks may become leading stocks:

1. District Blockchain Concept Stock 1: Yijian Shares (600093.SH) Concept Stock Index

The company used to be mainly engaged in supply chain management. In recent years, it has been actively transforming. On the one hand, the company strives to improve the company's supply chain management and Business scale of commercial factoring.

On the other hand, with the realization of financial technology transformation as the center and the application of blockchain technology in supply chain finance as the breakthrough point, the whole strategy is fully promoting the development of the "Yijian Block" system. In the first half of 2017 Having successfully completed the development of the “Yijian Block” system 1.0 and achieved commercial use in the fields of medicine and commodities, Yijian is clearly a practitioner of the blockchain concept.

2. Blockchain concept stock 2: Gao Weida

A leading domestic financial information manufacturer, relying on its own advantages in bank IT solutions and bank customer resources to provide bank IT system cloud Serve.

3. Blockchain Concept Stock 3: Xinchen Technology

The company is currently mainly engaged in application software development business, software and hardware system integration business and professional technical services business. In recent years, Xinchen Technology has been more bold in its attempts at innovation. The company has made certain progress in the application of new technologies such as cloud computing, big data, artificial intelligence, and blockchain in the financial industry.

The domestic letter of credit business system based on blockchain technology has been successfully launched in banks and is expected to gradually become a new growth point for the company’s software solutions business.

(3) Extended reading of Zhuhai Nanping Blockchain Payment Company:

The leading stock refers to the influence on other stocks in the same industry sector during the stock market speculation in a certain period. The rise and fall of a stock with strong appeal often guides and sets an example for the rise and fall of other stocks in the same industry sector.

The leading stock is not static, and its status can often only be maintained for a period of time. The basis for becoming a leading stock is that any information related to a certain stock will be immediately reflected in the stock price.

The conditions for leading stocks:

1. Leading stocks must open from the daily limitInitially, the daily limit board is the most accurate attack signal for both long and short parties. A stock that cannot reach the daily limit cannot be a leader.

2. The leading stocks are the best low-priced stocks. Low prices are sought after by many investors because of high prices. It is relatively difficult to speculate on stocks.

3. The circulation market of leading stocks should be moderate, suitable for large capital operations and retail investors chasing ups and downs. Neither large-cap stocks nor small-cap stocks can act as leaders.

4. The leading stocks meet the daily KDJ, weekly KDJ, and monthly KDJ at the same time and the low price golden cross.

5. Leading stocks usually go against the trend at the end of a market decline and when the market panics, hit the bottom early, or start before the market, and withstand a round of market decline.

Leading stocks refer to stocks that have influence and appeal on other stocks in the same industry sector during the stock market speculation during a certain period. Its rise and fall often have an impact on the rise and fall of other stocks in the same industry sector. Guidance and demonstration role. Leading stocks are not static, and their status can often only be maintained for a period of time.

Reference: Internet-leading stocks