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 

• 16 of China’s 31 provinces are rationing electricity as they race to meet annual emissions reduction targets;

• Hong Kong released its first business environment report since 1997;

• Tax will be deductible for parents paying childcare services.

Here’s what you need to know about China in the past 24 hours 

中国经济要闻

China’s power supply crisis ratcheted up a notch over the past week with more than half of the country enduring power cuts, making it one of the most extreme examples of energy rationing in the nation’s history.

Power cuts are commonplace in China and are usually restricted to industrial users, but their frequency has risen since the second half of last year and have now been extended to daily life. Neighborhoods have had their electricity and water cut off, and even traffic signals and elevators have stopped working.

State Grid Corp of China said on Monday that it will make full use of cross-region power supplies to ensure electricity for people's daily life and "hold up the bottom line for livelihood, development and security." Local government officials in northeast China on Monday promised to do everything possible to expand coal supplies and guarantee electricity during the winter season.

The power curbs has led at least 23 listed companies to announce cutting output or halting production entirely. Several key Apple and Tesla suppliers have halted production at some of their Chinese facilities, putting supply-chain continuity at risk during a peak season for electronics goods including the latest iPhones.

However, the shrinking supplies and rising prices in industries with higher energy consumption have, on the contrary, caused cyclical stocks to plummet. Analysts said the power crunch and weaker economic performance may have caused narrowed demands from downstream companies.

A report by China’s investment bank CICC on Monday supported this theory. The power cuts will likely slash the country’s growth rate by 0.1 to 0.15 percent in the third and fourth quarters. CICC also sees an impact on inflation, with PPI likely to rise at least 9 percent in 2021 from a year earlier, weighing on the profitability of downstream firms.

The ongoing power shortage is set to ease off, as government efforts to contain the coal price surge are likely to improve the electricity supply and demand situation, experts said on Monday.

东北部分地区开始拉闸限电，而且范围正在不断扩大。9月下旬以来，吉林省和辽宁省多地出现未经通知就突发停电的情况，个别地区甚至到了电梯停运、红绿灯停工、停水的地步。

9月27日晚间，国家电网也在官方微信发布声明称，将通过强化全网统一调度、统筹调配资源、挖掘跨区域跨省通道送电潜力、严格需求响应和有序用电方案等措施，保障基本民生用电需求，最大可能避免拉闸限电情况。辽宁、黑龙江及吉林省方面也表示，将尽力缓解电力紧张局面，保障民生用电需求。

全国十多个省区均出现了不同程度的“限电”情况，“限电”也波及至上市公司的日常经营，至9月27日已有23家上市公司发布限电停产相关公告。苹果公司和特斯拉的几家主要供应商表示，他们已于周日在中国部分工厂停产。目前正处新产品发售期间，苹果供应商正在根据所在地的电力供应政策，重新安排产能，以期能够在合同订单约定的时间周期内完成供货。

限电政策下，受影响较大的化工、建材等高耗能行业供给将出现收缩，价格大概率上涨。但限电带来的停产和限产造成下游需求的降低，出现有价无市的现象，导致近几日，周期股出现普遍大跌。

中金公司周一发布研报称，能耗双控政策对三、四季度经济增速的影响，均在0.1-0.15个百分点左右；PPI年内同比增速或在9%以上，上游涨价对中下游盈利空间的挤压加剧，货币政策将保持稳中偏松。

专家表示，随着政府控制煤炭价格飙升、改善发电厂煤炭供应，电力供需状况有望改善，中国部分地区正在进行的电力使用控制措施将会放松。

Greater Bay Area, Greater Future

新使命，大未来

Hong Kong released on Monday the "Report on Hong Kong's Business Environment: A Place with Unique Advantages and Unlimited Opportunities", the city's first business environment report since its return to the motherland in 1997. The report emphasised Hong Kong's position as an international centre for finance, commerce and trade, corporate headquarters, and as a major hub for investment, transportation and logistics. As social stability resumes in Hong Kong, its economy rebounded 7.8 percent in the first half of this year and the unemployment rate stood at 4.7 percent.

香港特区政府27日发布回归以来首份营商环境报告《香港营商环境报告：优势独特 机遇无限》，显示2021年上半年香港经济回升，同比增长7.8%，失业率也由7.2%高位回落至4.7%。物业市场亦恢复活跃；金融市场形势向好。报告指出，制定实施香港国安法和完善选举制度，有力维护香港社会稳定和营商环境。香港营商环境重回正轨，优势突出，未来发展空间不可限量。

Update on COVID-19

疫情简报

The Chinese mainland reported 13 new local cases yesterday, 11 from Heilongjiang and 2 from Fujian. 

全国昨日新增13例本土确诊病例（黑龙江11例，均在哈尔滨市；福建2例，均在厦门市）。

Next on industry and company news

产经消息及公司新闻

China's State Council has unveiled outlines for the development of women and children for the next decade, which will play a vital role in implementing the fundamental policy of gender equality and the principle of prioritising the development of children. Both documents have proposed that the cost of childcare services under the age of 3 should be deducted from individual income tax.

国务院近日印发《中国妇女发展纲要（2021—2030年）》和《中国儿童发展纲要（2021—2030年）》。值得注意的是，两份文件均提及“推动将3岁以下婴幼儿照护服务费用纳入个人所得税专项附加扣除”。

China's industrial enterprises above designated size achieved a total profit of 5.6 trillion yuan in the first eight months of 2021, an increase of 49.5 percent year-on-year, data from the National Bureau of Statistics showed Tuesday. 

国家统计局周二公布的数据显示，2021年1—8月份，全国规模以上工业企业实现利润总额56051.4亿元，同比增长49.5%。

China's Alibaba Group has confirmed that it has begun offering payment services from Tencent’s WeChat on a number of its apps. Users of Alibaba's food delivery app Ele.me, luxury goods app Kaola and e-book app Shuqi can now purchase goods via WeChat Pay.

近日，阿里旗下多个App已接入微信支付，包括饿了么、优酷、大麦、考拉海购、书旗等。28日，阿里巴巴表示，旗下应用陆续接入微信支付的消息属实。

The electric car unit of struggling real estate giant China Evergrande Group said it will not proceed with its planned secondary listing in Shanghai, throwing its mass production schedule into disarray.  

在宣布进军科创板一年后，恒大汽车终止了其回归A股的计划。9月26日晚间，恒大汽车发布公告称，经慎重考虑后，公司与海通证券股份有限公司双方同意终止上市辅导协议，并将会向中国证券监督管理委员会深圳监管局报告。

Wrapping up with a quick look at the stock market

最后来看股市收盘情况

Chinese stocks closed mixed on Tuesday with the benchmark Shanghai Composite Index up 0.54 percent, at 3602 points. The Shenzhen Component Index closed 0.21 percent lower at 14313 points. The Hang Seng Index closed 1.2 percent higher to stand at 24500 points.

周二A股股市涨跌不一，截至收盘，沪指涨0.54%，报收3602点；深成指跌0.21%，报收14313点。港股恒生指数涨1.2%，报收24500点。

• Biz Word of the Day

  财经词汇划重点

• Cyclical stocks are affected by macroeconomic or systematic changes in the overall economy. Cyclical stocks are known for following the cycles of an economy through expansion, peak, recession, and recovery.

  周期性股票是随着经济周期的盛衰而涨落的股票。当整体经济上升时，这些股票的价格也迅速上升；当整体经济走下坡路时，这些股票的价格也下跌。

（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, TIAN Chang

Producer: XIANG Xiufang

Sound Editor: ZHANG Ran, Andy YUAN

Graphic Designer: ZHENG Wenjing, LIAO Wanni

Co-produced by 21st Century Business Herald Dept. of Overseas News & SFC Audio/Video Dept.

Presented by SFC

编委:  于晓娜

策划、编辑：李艳霞 

播音：李莹亮

撰稿：李莹亮、张然、田畅

监制：向秀芳 

音频制作：张然、袁思杰 

设计：郑文静、廖苑妮

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