Page 10 - CCFA Journal - Fifth Issue
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加中金融 市场观察 Market Analysis
Figure 1 碳中和 来源：隆基股份
关于反垄断和反不正当竞争，中财办副主任韩文秀近日 Recent government communications stated the anti-monopoly
说，这是中国政府一项重要的常态化工作，它有利于促 policies is an important government initiative to stimulate fair
competition in the market place, create development space for the
进形成公平竞争的市场环境，有利于为各类市场主体特 SME across markets, and better protect consumer rights.
别是中小企业创造广阔的发展空间，也有利于更好地保 Government must balance regulation and growth. On the one hand,
护消费者权益。“我们坚持规范和发展两手并重，两手 we need to establish clear “traffic lights” for the capital market by
都要硬”。一方面，要给资本设置“红绿灯”，完善市 creating approval list and negative list with the goal of protecting
场准入负面清单管理制度，对过去发展当中的一些盲目 data security, personal privacy, and government security. On the
倾向、有害因素加以严格整治，目的是保护数据安全和 other hand, recognizing platform economy is a key component of
个人隐私，维护国家安全和公众利益，促进各类资本规 advanced productivity, we need to leverage its superior resource
allocation, increase technological advancement, improve people’s
范健康发展。另一方面，要认识到平台经济是先进生产 lives, and participate in global cooperation or competition. The
力的重要组成部分，要发挥好它在优化资源配置、促进 Ministry of Industry and Information Technology published a paper
科技进步、便利人民的生活、参与国际合作与竞争中的 that provided clear guideline on data security for Smart Cars.
积极作用。 Whether its from Kodak film to digital camera, or cellphone to smart
phone, each technological advancement is an opportunity to change
工信部印发了《关于加强智能网联汽车生产企业及产品 the race track. The new energy car has many implications to China:
准入管理的意见》，对智能车在数据和安全方面，作出 decrease oil reliance, reduce carbon emissions, build national brand,
了明确规定。不论是从柯达胶卷到数码相机，从功能手 increase manufacturing capability such as Apply chain suppliers in
机到智能手机，技术更新就是一次换赛道的机会。新能 China.
源汽车对中国来说具有多重意义：减少石油依赖、降低 During the pandemic, the pain points of a globalized inflexible supply
化石能源的碳排放、培育新能源汽车国产品牌等之外， chain became magnified. Building a robust supply chain in the post-
还有中国制造配套能力的成长壮大，尤其是苹果在其供 pandemic world is a national concern for many. The future global
supply chain may become more regional around a few core
应链上培育出的中国优秀供应商，有了新的更大场景。
economies, with more flexibility to adjust to demand changes. China
疫情中全球供应链高离散、缺乏弹性的缺点被不断放大， had comprehensive local production chains and recovered quickly
疫情后供应链稳定成为各国的长期首要考量，对于全球 following the onset of pandemic. With the focus on “dual circulation”,
China has potential to become a core link of global supply chain:
供应链的影响非常深远。未来全球供应链可能会区域集 during periods of high global demand, China can increase production
中于某些核心经济体，而且更加具有弹性，能够根据需 quickly by coordinating among industries and global upstream
求变化快速增减产。我国产业链齐备，疫情后首先恢复 suppliers; and during period of low global demand, the large
供应。目前正在打造“双循环”供应链体系，产业齐全 domestic market can still generate enough demand to support the
且国内市场巨大，具有成为全球供应链核心的潜力：需 running of local supply chain.
求高峰时各产业相互协调，从海外进口产品后能够快速 In financial market, we’re also seeing dynamic changes as technology
满足全球市场；需求低谷时国内市场仍能够消化部分产 driven companies challenging the traditional capital-intensive
能，维持供应链运转。 security firms. There are many examples of innovative, low-capital,
ecosystem driven companies taking on the old giants. In 2021 Charles
在金融行业，资本泛滥的年代传统券商重资本化模式遭 Schwab overtook Goldman Sach’s in market capitalization; East
遇挑战，以技术为驱动，搭平台，做生态，轻资本化的 Money caught up with China Citic Securities; and Brazil online broker
券商新势力后来居上。2021 年嘉信理财市值超越高盛居 XP outgrew Japan’s Nomura Securities.
全球投行第 2、东方财富市值超越中信证券居全球第 5、
富途市值超越瑞士信贷居全球第 10、巴西网络券商 XP 取
代日本的野村进入全球投行市值 Top15。
CCFA JOURNAL OF FINANCE October 2021
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