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
Infrastructure stocks gained today as top meeting called on strengthening China's infrastructure construction;
China posted stronger-than-expected industrial profit growth in Q1 despite COVID-19 resurgence.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
Stocks in the infrastructure sector shot up today with a few hitting the daily limit-up, as a top financial meeting on Tuesday stressed that China will put more efforts to strengthen the construction of infrastructure to lead industrial development.
The 11th meeting of the Central Committee for Financial and Economic Affairs said comprehensively strengthening infrastructure development is of great significance to safeguard national security, smoothen the domestic economic circle, promote "dual circulation," expand domestic demand, and push forward high-quality development.
Since the 18th National Congress of the CPC, China has made world leading accomplishments in major scientific and technological facilities, water conservancy projects, transportation hubs, information infrastructure and national strategic reserves. However, China’s infrastructure development still does not meet national development and security needs, said the meeting.
Efforts should be made to appropriately advance the layout of infrastructure that is conducive to industrial development and safeguarding national security with scientific planning, coordinated work from the central and regional levels and a balance on economic efficiency and quality.
Tuesday’s meeting also emphasised on strengthening transportation, energy and water conservancy infrastructure to improve their overall efficiency, as well as advancing major scientific and technological infrastructure, such as cloud computing, artificial intelligence and the broadband network.
As a bright spot in China's economic data in the first quarter, infrastructure investment gained 8.5 percent growth on a yearly basis, up from the 8.1 percent in the first two months. According to Ministry of Transport, fixed-asset investment in road and waterway infrastructure jumped 11.4 percent year-on-year to 512 billion yuan during the first three month this year.
Entering 2022, the country is speeding up on new infrastructure projects. The NDRC said on Monday that China has added 12,000 newly commenced projects in the first quarter, with total investment volume growing by 55 percent year-on-year.
中央定调全面加强基础设施建设，基建板块迎来春风。
4月27日，大基建板块整体走强。水利建设板块指数最高上涨逾4%，冠龙节能20%涨停，深水规院等多股涨停或涨超10%；建筑板块也一度大涨逾3%，新城市、杭州园林、浙江建投、山东路桥等逾10股涨停或涨超10%，诚邦股份、交建股份等多股走高。
4月26日，中央财经委员会第十一次会议强调，全面加强基础设施建设构建现代化基础设施体系，围绕现代化基建体系建设的方方面面提出一系列重要部署。
会议指出，党的十八大以来，我国在重大科技设施、水利工程、交通枢纽、信息基础设施、国家战略储备等方面取得了一批世界领先的成果，基础设施整体水平实现跨越式提升。
同时，必须认识到，我国基础设施同国家发展和安全保障需要相比还不适应，全面加强基础设施建设，对保障国家安全，畅通国内大循环、促进国内国际双循环，扩大内需，推动高质量发展，都具有重大意义。
会议指出，要加强交通、能源、水利等网络型基础设施建设，把联网、补网、强链作为建设的重点，着力提升网络效益。要加强信息、科技、物流等产业升级基础设施建设，布局建设新一代超算、云计算、人工智能平台、宽带基础网络等设施，推进重大科技基础设施布局建设，加强综合交通枢纽及集疏运体系建设，布局建设一批支线机场、通用机场和货运机场。
实际上，今年以来，我国适度超前开展基础设施投资，积极推进水利、交通、能源等基础设施建设，加强新型基础设施建设。国家发改委数据显示，一季度，全国新开工项目个数较去年同期增加1.2万个。全国投资增长9.3%，比2021年全年提高4.4个百分点。其中，基础设施投资保持较快增长，同比增长8.5%，增速比前两个月提高0.4个百分点，呈现逐月上升态势。交通运输部数据显示，一季度我国公路水路交通固定资产投资5120亿元，同比增长11.4% 。随着各地加大力度推进项目开工建设，有望加快形成实物工作量，将对投资稳定增长形成有力支撑。
Update on COVID-19
疫情简报
Ahead of the five-day Labor Day holiday in May, many provinces and cities’ governments issued notice that asks travellers to show their 48-hour nucleic acid negative results and green health code upon arrival. Cities like Shanghai, Tianjin and Shenyang also encouraged local residents to stay in the city. Travel agencies in Shenzhen have been asked to temporarily suspend group travel in medium- to high-risk provinces and borders port cities outside Guangdong.
各地出台五一出行防疫政策：五一小长假即将到来，各地疫情防控指挥部相继出台了最新防疫出行政策。多地要求来（返）人员须持有48小时内核酸检测阴性证明及健康码绿码，如北京、天津、上海、吉林、黑龙江、山东、湖北、湖南、广西、重庆、四川、贵州、云南、甘肃等。天津、上海、沈阳等地则提倡非必要不离开。深圳暂停旅行社及在线旅游企业经营国内中高风险地区所在省（区、市）、省外陆地边境口岸城市团队旅游等业务。
Next on industry and company news
产经消息及公司新闻
Profits of China's major industrial firms expanded at a faster pace in the first quarter of 2022 despite increasing challenges, official data showed on Wednesday. Profits of the firms each with annual main business revenue of at least 20 million yuan grew 8.5 percent year on year in the January-March period, accelerating from the 5-percent pace recorded in the first two months, said the National Bureau of Statistics (NBS). The combined profits of those firms hit 1.96 trillion yuan in the first quarter.
一季度工业企业利润平稳增长：国家统计局4月27日发布的数据显示，一季度，全国规模以上工业企业利润同比增长8.5%，继续保持平稳增长态势。1—3月份，全国规模以上工业企业实现利润总额19555.7亿元，同比增长8.5%。
China’s logistics sector reported steady growth in the first three months of 2022, an industry report by the China Federation of Logistics and Purchasing showed on Tuesday. Social logistics rose 6.2 percent year on year in the first three months to 84 trillion yuan, the report showed. The ratio of social logistics to GDP reached the highest level since 2020, indicating that logistics demand has provided strong support for economic growth.
一季度物流规模持续扩张：4月26日， 中国物流与采购联合会公布一季度物流运行数据，总体而言，物流规模持续扩张，增势趋缓。一季度全国社会物流总额84.0万亿元，同比增长6.2%。从规模看，社会物流总额与GDP的比率回升至3.1，为2020年以来的最高水平，显示多重压力下，物流需求为经济发展提供了有力保障。
The combined profits of China's state-owned enterprises (SOEs) rose 7 percent year on year to nearly 1.02 trillion yuan in the first quarter, according to data from the Ministry of Finance on Tuesday. The SOEs raked in 18.6 trillion yuan in operating revenue in the first three months, 12.9 percent higher than in the same period last year.
国企经济运行平稳开局：4月26日，财政部公布2022年1-3月全国国有及国有控股企业经济运行情况。1-3月，国有企业营业总收入186044.7亿元，同比增长12.9%。利润总额方面，1-3月，国有企业利润总额10187.4亿元，同比增长7.0%。
Shares of Nayuki Holdings soared 13.5 percent today after the Chinese bubble tea chain reportedly seeks to acquire 12 bottled tea production lines for between 500 million yuan and 1 billion yuan with annual capacity of 70 million to 80 million crates to expand its business in the field. Nayuki is keen on developing the bottled beverage business, a public relations manager at the company said.
奈雪的茶进军瓶装饮料：4月26日媒体报道，奈雪的茶近期因即饮产品销量大增，急需收购RTD（即饮饮品Ready To Drink）产线，预计投资规模5亿到10亿元。对于计划收购RTD产线一事，奈雪的茶公关部相关负责人称：公司确实在大力发展瓶装饮料业务。今日，奈雪的茶大涨13.5%。
Shares of Kweichow Moutai jumped 3.6 percent on Wednesday after China's leading liquor maker said its first-quarter net profit soared 23.6 percent from a year earlier to reach 17.2 billion yuan, setting a quarterly record high. Revenue rose 18.4 percent to 21.1 billion yuan year-on-year in the first quarter, buoyed by a 128 percent leap in direct sales, the company said in its latest earnings report on Tuesday.
贵州茅台利润创新高：4月26日晚间，贵州茅台披露2022年第一季度报告，净利润创下历史新高。一季报显示，公司营业收入322.96亿元，同比增长18.43％；净利润172.45亿元，同比增长23.58％。其中，2022年一季度，茅台直销渠道实现收入108.87亿元，同比增长127.88%。27日，贵州茅台强势上涨，收涨3.6%。
Switching gears to the financial sector
金融市场要闻
The China Securities Regulatory Commission (CSRC) released a 16-point guideline late on Tuesday, saying it would guide fund managers to adhere to the concept of long-term investment and value investment and play a role in stabilising markets. The top securities regulator also said it would support the opening up of the country’s fund management industry and urged mutual funds to participate in the policymaking of pension fund investments.
支持公募基金发展16条：证监会26日发布《关于加快推进公募基金行业高质量发展的意见》，提出16条举措支持公募基金发展。《意见》从培育专业资产管理机构、强化专业能力建设、打造行业良好发展生态、提升监管转型效能四方面入手，出台一系列措施。包括支持基金管理公司实现差异化发展；支持公募基金管理公司设立子公司，专门从事公募REITs、股权投资、基金投资顾问、养老金融服务等业务；提高中长期资金占比；做好个人养老金投资公募基金政策落地工作，开发适配个人养老金长期投资的基金产品；壮大公募基金管理人队伍等。
The total bond issuance in China stood at 5.95 trillion yuan last month, according to data from the People's Bank of China on Tuesday. In March, the issuance of treasury bonds reached 630 billion yuan, and the issuance of local government bonds came in at 619 billion yuan. Financial bond issuance stood at 887 billion yuan, and corporate bond issuance hit 1.4 trillion yuan.
3月共发行债券5.95万亿元：4月26日，人民银行公布2022年3月份金融市场运行情况。数据显示，3月份债券市场共发行各类债券59451.8亿元。其中，国债发行6300亿元，地方政府债券发行6186.7亿元，金融债券发行8872.8亿元，公司信用类债券发行13854.4亿元。
Wrapping up with a quick look at the stock market
最后来看股市收盘情况
Chinese stocks rebounded sharply from a two-year low on Wednesday, as robust March industrial profit data and a pause in the yuan's tumble eased market concerns. The benchmark Shanghai Composite went up 2.49 percent, and the Shenzhen Component closed 4.37 percent higher with the tech-focused ChiNext Index surging 5.52 percent. In Hong Kong, the Hang Seng added 0.06 percent, as shares in tech, new energy and consumer staples gained.
周三A股终于迎来大反弹，两市近4000只股上涨。午后大指数集体走高，截至收盘，沪指涨2.49%，深成指涨4.37%，创业板指涨5.52%。恒指低开高走，但未能收复2万点，收盘涨0.06%，恒生科技指数涨1.68%，科技股、新能源股、消费股造好。
Biz Word of the Day
财经词汇划重点
Issuing bonds is one way for companies to raise money. A bond functions as a loan between an investor and a corporation. The investor agrees to give the corporation a certain amount of money for a specific period of time. In exchange, the investor receives periodic interest payments. When the bond reaches its maturity date, the company repays the investor.
债券发行是发行人以借贷资金为目的，依照法律规定的程序向投资人要约发行代表一定债权和兑付条件的债券的法律行为。
（欢迎大家提供意见和反馈，请联系主播李莹亮：liyl@21jingji.com）
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI, ZHANG Ran, XIE Kaishan
Sound Editor: ZHANG Ran, CHEN Zihui
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Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.
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编委: 于晓娜
策划、编辑：李艳霞
播音：李莹亮
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