〔Day Digest〕Third-Batch SFISF Buying Starts as 31 Firms Submit More Than RMB 100bn —Beijing Keeps Housing Supply Steady but Expands Renewal

0. Daily Arc

• **[NEW] SFISF transmission:** The third-batch Securities, Funds and Insurance Swap Facility moved from financing into equity deployment: China Merchants Securities completed central-bank-note swaps, repo financing and an initial stock investment, while CITIC Securities, CICC, Guotai Haitong and Galaxy Securities also completed initial purchases ^{[1][2][3][4][5]}
• **[NEW] Public savings alongside market support:** The Ministry of Finance and the People's Bank of China will issue two electronic, fixed-rate savings government bonds from November 10-19, with a 1.63% 3-year coupon and a 1.70% 5-year coupon ^[6]
• **[ONGOING] Source quality:** The packet is most granular on SFISF operations, savings bonds and exchange enforcement, while the Xinhua energy-and-food-security briefing, elder-care measures, brush-town industry, People's Daily service-sector contribution, Qingdao blue finance and China International Import Expo commentary are headline-only ^{[6][7][1][2][4][8][9][10][11][12][13]}

1. Liquidity, Equities and Savings Bonds

• **[NEW] Third-round scale:** The November 3 operation had 31 brokerages and fund companies winning allocations, with intended bids above RMB 100bn and both participation and submitted scale exceeding the first two rounds ^[4]
• **[NEW] China Merchants deployment:** China Merchants Securities will keep using the RMB 5bn swap-facility allocation won in the third batch to invest in A shares after completing its initial purchases ^[1][2]
• **[NEW] Other buyers:** CITIC Securities completed repo financing and stock purchases; Guotai Haitong completed repo financing and initial purchases and plans to add A-share stocks and ETFs; Galaxy Securities completed its first repo financing and initial purchases ^[3][4][5]
• **[NEW] Bond mechanics:** Both issues begin accruing interest on November 10, pay interest annually on the same date and mature on November 10, 2029 and November 10, 2031; each issue is capped at RMB 500,000 per government bond account and is sold through the 2024-26 underwriting consortium's counter and electronic channels ^[6]
• **[NEW] Jierui insider signal:** Chairman Li Zhiyong and vice presidents Li Huitao and Lu Wei plan to buy RMB 10m-12m of Jierui shares with self-raised funds through centralized bidding from November 9 over six months, with no price band; their prior plan, completed through November 6, bought 66,900 shares for RMB 9.3093m excluding fees ^[14]
• **[NEW] Ganfeng proposal:** Ganfeng Lithium controlling shareholder and chairman Li Liangbin proposed a company buyback of RMB 200m-400m in A shares using company or self-raised funds, capped at 150% of the average trading price over the 30 trading days before board approval ^[15]

2. Market Governance and Corporate Actions

• **[NEW] Shanghai Stock Exchange action:** From November 2-6, the exchange sent 10 regulatory letters, required four supplemental or corrective disclosures, initiated 59 insider-trading or abnormal-trading checks, took self-regulatory action in 119 cases, conducted 31 special investigations into listed-company material matters and referred one suspected illegal case to the China Securities Regulatory Commission ^[7]
• **[NEW] Stock Connect disclosure:** Revised mandatory risk clauses effective November 16 reflect Hong Kong's paperless securities market from the same date and the expected provision of settlement services for half-day trading from 2027 ^[16]
• **[NEW] Derivatives launch:** The China Securities Regulatory Commission approved registration of sunflower seed oil futures and options at the Zhengzhou Commodity Exchange and instructed the exchange to prepare for a stable launch ^[17]
• **[ESCALATED] Fiscal misuse:** Baotou's Kun District authorities allowed 15 completed gas-network projects to be repackaged as new projects for ultra-long special bonds; the project obtained RMB 39.08m and RMB 22m was improperly disbursed in September 2025 after forged monitoring documents escaped review ^[18]

3. Housing and Structural Policy

• **[NEW] Supply anchor:** The Beijing Municipal Housing and Urban-Rural Development Commission's plan keeps the total urban housing stock stable by 2030, aligns the supply mix more closely with demand and improves the combination of affordable and market-based supply; by 2035 it targets higher-quality housing and closer coordination with population, industry, land, transport and ecology ^[19]
• **[NEW] Renewal:** During the 15th Five-Year Plan, Beijing will continue renovating pre-2000 communities with strong resident demand, advance city-owned communities built in 2001-2005 and intensify central and military housing renewal, alongside elevator replacement, action on C- and D-grade dangerous homes, old-city courtyard protection, urban-village work and completion of shantytown redevelopment ^[20]
• **[NEW] Tax incentive:** From January 1, 2026 through December 31, 2027, qualifying technology-transfer, technology-development and related consulting or service businesses are exempt from value-added tax; Xiamen National Accounting Institute professor Wang Zhixuan said firms must match the positive list and cannot extend its boundaries ^[21]
• **[NEW] Consumption support:** Six departments issued measures to create additional scenarios for products designed for older adults ^[9]
• **[NEW] Headline-only structural signals:** An Xinhua profile describes the millennium-old brush-making town's industry at RMB 100bn, a People's Daily report puts the service sector's contribution to growth at 66.3%, and Xinhua reports Qingdao released 122 blue financial products, but the packet provides no underlying detail ^[10][11][12]

4. Currency, Energy and External Risks

• **[NEW] Yuan:** The onshore renminbi closed at 6.6711 per dollar at 16:30 on November 6, one point weaker than the previous trading day ^[22]
• **[NEW] Power demand:** The National Development and Reform Commission expects the national maximum electricity load during the heating season to reach approximately 1.52bn kW ^[23]
• **[NEW] Oil and gas:** National Energy Administration planning department deputy director Ge Ju said the agency will reinforce domestic supply, expand oil and gas trade with nearly 50 countries, deepen cooperation with major overseas producing regions, diversify supply sources and routes, protect strategic land-import corridors and maintain maritime transport security ^[24]
• **[ESCALATED] External friction:** Foreign Ministry spokesperson Guo Jiakun rejected new US sanctions involving two Chinese companies accused of supplying electronics and security equipment to the Cuban military, opposed interference in China-Cuba cooperation and said necessary measures would be taken to protect Chinese enterprises' legitimate rights ^[25]
• **[NEW] Security agenda:** An Xinhua report identifies energy and food security as the focus of a National Development and Reform Commission press conference, but the packet contains no supporting measures or figures ^[8]

5. Next Tests and Falsifiers

• **[NEW] Near-term calendar:** The savings government bonds are scheduled for sale from November 10-19, and the revised Shanghai-Hong Kong Stock Connect risk disclosure takes effect on November 16 ^[6][16]
• **[ONGOING] SFISF test:** The cleanest confirmation is additional disclosed buying from firms that have announced continued deployment; China Merchants has RMB 5bn allocated, while the wider round carried more than RMB 100bn of intended bids, but the packet does not state how much has actually been invested ^[1][4]
• **[NEW] Savings-bond test:** Coupons, caps and dates are known, but no sales result, subscription data or allocation breakdown is supplied, so demand or funding-market effects cannot yet be inferred ^[6]
• **[ONGOING] Housing test:** The falsifiable question is whether stable urban housing supply and faster renewal are delivered in practice, particularly for pre-2000 communities, 2001-2005 city-owned communities, old elevators, C- and D-grade homes and urban villages ^[19][20]
• **[ONGOING] Governance test:** The 119 enforcement actions and 59 checks establish the current baseline, while the November 16 disclosure reset changes the warnings investors must receive for Hong Kong's paperless market and expected half-day settlement arrangements ^[7][16]