I. Market Highlights
1. State Council: Increase the capital ratio of special debt projects to 30%, expand the range to the digital economy, etc.
According to an opinion statement issued by the State Council, increasing the proportion of special bonds used as project capital, the maximum size of special bonds that can be used as project capital in provincial units will be raised from 25% of the province's size of special bonds used for project construction to 30%.
According to the opinion draft, it is necessary to expand the scope of use of special bonds as project capital, and include infrastructure for emerging industries such as information technology, new materials, biomantry, digital economy, quantum technology, life science, commercial aerospace, and Beidou, computing power equipment and auxiliary equipment infrastructure, safety and intelligent transformation of traditional infrastructure such as highways and airports, as well as health, nursing, and provincial industrial park infrastructure.
According to the opinion draft, the authority to review special bond projects will be delegated, some provinces with good management foundations and regions that have undertaken major national strategies will be selected to carry out “self-review and spontaneous” pilot projects for special bond projects. Furthermore, according to law, special bonds cannot be used for recurring expenses, and are strictly prohibited from being used to pay wages, pensions, and payment of operating expenses of the unit, interest on debts, etc. The pace and progress of special bond issuance should be grasped in an integrated manner to achieve early issuance and early use.
At the same time, “negative list” management in the field of special bond investment is implemented. Projects with no profit at all, buildings, image projects, and political performance projects, real estate development other than affordable housing and land reserves, commercial facilities such as theme parks, antique cities (towns, villages, streets), and general competitive industrial projects are included in the “negative list” in the field of special bond investment. Projects not included in the list can apply for special bond funding.
According to the opinion draft, to ensure that special bonds achieve regional balance in each city and county within the province, the provincial government assumes underwriting responsibilities, ensures that statutory debts are repaid in full and on time, and strictly prevent the risk of repayment of special bonds. Ensure that preference is given to regions with adequate project preparation, high investment efficiency, and good efficiency in the use of capital, so as to improve the degree of compatibility between the size of special bonds and the ability to balance local financial resources and project benefits.
1. Five departments including the National Data Administration issue opinions on the development and use of data elements
The National Data Administration, in conjunction with the Central Network Information Office, the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Council's State-owned Assets Administration Commission, issued “Opinions on Promoting the Development and Utilization of Enterprise Data Resources”. Among them, it is mentioned that a fair and efficient data element value distribution mechanism should be established to guide enterprises to create and enhance data value in the production, supply, circulation, and use of data products and services.
2. Jiangsu: Focus on the use of offshore wind farm areas to carry out offshore photovoltaic construction
The Jiangsu Provincial Development and Reform Commission recently issued a notice on the “Jiangsu Offshore Photovoltaic Development and Construction Implementation Plan (2025-2030)”, which optimizes and adjusts the relevant plans for 2023-2027, removes offshore photovoltaic sites that do not comply with the policy, and focuses on using offshore wind farm areas, surrounding marine aquaculture areas, and power plant certified temperature drainage areas to carry out offshore photovoltaic construction. According to the requirements of the four types of offshore photovoltaic site selection areas, it is proposed to carry out construction work on 60 offshore photovoltaic project sites, with a scale of 27.25 GW and a sea area of 346.25 square kilometers.
II. Company News
1. Shijiyao Group (02005) announced that the Group's furosemide injection (2ml: 20mg) has obtained approval from the China National Drug Administration to pass the consistent evaluation of the quality and efficacy of generic drugs. Furosemide injection is mainly used to treat various edematous diseases, hypertension, hyperkalemia and hypercalcemia, dilute hyponatremia, excessive antidiuretic hormone secretion (SIADH), acute drug poisoning (such as barbiturate poisoning), and prevent acute renal failure.
2. China Biopharmaceutical (01177) announced that the Phase III study (TQB2450-III-12) of the first-line treatment of advanced squamous non-small cell lung cancer (Sq-nsCLC) using tiralizumab injection combined with anlotinib hydrochloride capsules after chemotherapy, a class 1 innovative drug independently developed by the group, has completed the pre-planned mid-term analysis. The Independent Data Monitoring Committee (IDMC) determined that the primary study endpoint, progression-free survival (PFS), reached the optimal efficacy limit of the protocol. The Group has communicated with the China National Drug Administration (NMPA) Drug Evaluation Center (CDE) on the marketing application for this indication, and obtained written consent from the CDE to submit marketing applications for bemosubizumab injections and anlotinib hydrochloride capsules for this additional first-line indication. The Group will submit a listing application in the near future.
3. Goldwind Technology (02208) announced that the shareholder Harmonious Health Insurance Co., Ltd. (hereinafter referred to as “Harmonious Health”), which holds approximately 0.486 billion shares of Goldwind Technology (hereinafter referred to as the “Company”) (accounting for 11.6209% of the company's total share capital after excluding the number of shares repurchased), plans to reduce its holdings by no more than 41.8284 million shares (1% of the company's total share capital after excluding the number of shares repurchased) within 3 months after the disclosure of this announcement.
4. Xinhua Wenxuan (00811) announced matters relating to the free transfer of state-owned shares by the controlling shareholder. The company was notified by the controlling shareholders Sichuan Xinhua Publishing Group and Sichuan Cultural Investment Group on December 25, 2024, and the free transfer was completed on December 24, 2024.
