1. [The Fed keeps interest rates unchanged at 0%-0.25%, Powell hints that interest rates may be raised in March] Asset purchases will end in early March, and the size of monthly asset purchases will be reduced by $30 billion. Powell said he intends to raise interest rates at the March meeting, not ruling out raising rates at every meeting, there is plenty of room to raise interest rates, and the balance sheet reduction will occur after the rate hike begins, and the next meeting will discuss more details about the balance sheet reduction.
The three major U.S. stock indexes rushed higher and fell, closing up and down. The Dow fell 0.38 percent, up about 1.5 percent at one point; the S&P 500 fell 0.15 percent after rising more than 2.2 percent at one point; and the NASDAQ rose 0.02 percent, up about 3.4 percent at one point. Popular Chinese stocks fell, Pinduoduo fell more than 9%, Dingdong buy vegetables fell more than 7%, Didi, Daily Excellent Fresh fell more than 5%. Technology stocks rose and fell, with Microsoft up 2.9 percent, its biggest one-day gain since Oct. 27 last year. Tesla rose 2.07%. (Financial Associated Press)
2. [CEIBS Fund and Gülen jointly purchased 52 million funds] On January 26, CEIBS Fund announced that the company will subscribe for a total of 50 million yuan of CEIBS Medical Health Hybrid and CEIBS Medical Innovation shares with its own funds within 30 trading days from the date of the announcement, and hold them for more than three years. At the same time, fund manager Gülen will also purchase the above two funds for a total of 2 million yuan and hold them for more than three years. (Securities Times)
As of January 26, since 2022, the China-Europe Healthcare Hybrid A has fallen by 14.37%, and the China-Europe Medical Innovation Stock A has fallen by 16.33%.
3. [The spot exchange rate of the renminbi against the US dollar touched 6.32] On January 26, after opening at 6.3220, the spot exchange rate of the renminbi against the US dollar appreciated as high as 6.3200, and finally closed at 6.3206, up 51 points from the close of the previous trading day and night. The offshore yuan depreciated 40 basis points in overnight trading to 6.3351. (The Paper)
4. [Lenovo 300 million to establish a semiconductor company] On January 26, Dingdao Zhixin (Shanghai) Semiconductor Co., Ltd. was established with a registered capital of 300 million yuan, and its business scope includes technical services in the fields of electronic technology, computer technology and semiconductor technology. The company is wholly owned by Lenovo (Shanghai) Co., Ltd. (per warp)
Counterpoint's latest report shows that in 2021, vivo ranks first in the Market share of smartphones in the Chinese market, reaching 22%; OPPO, with a market share of 21%; Apple, the third place, with a market share of 16%; the fourth place, Xiaomi, with a market share of 15%; and the fifth is Glory, with a market share of 10%. (Financial Associated Press)
6. [Change of senior management of the board of directors of Great Wall Motor] On the evening of January 24, Great Wall Motor announced that the company's board of directors received a written resignation report from Wang Fengying, vice chairman and general manager of the company, and Yang Zhijuan, executive director. Among them, Wang Fengying applied to resign as an executive director, vice chairman and member of the strategy and sustainable development committee of the company, and will continue to serve as the general manager of the company. (per warp)
7. [Tesla sues tens of millions of fans for big V data fraud] On January 26, Tesla's relevant departments said that they had officially sued Chen Zhengang, an Internet celebrity with tens of millions of fans on a certain platform, because the blogger had cheated data in the test video and secretly stepped on the accelerator to cause "automatic braking to fail".
In 2021, Tesla delivered a total of 936,000 vehicles worldwide, of which Tesla China accounted for 51.7%. Musk said that deliveries are expected to easily grow to more than 50 percent in 2022 and fully autonomous this year.
Tesla's revenue for the fourth quarter of 2021 was $17.72 billion, compared to $10.744 billion in the same period last year, and net profit was $2.321 billion, compared with $270 million in the same period last year. (Financial Associated Press)
8. [Guizhou Moutai plans to invest 4.1 billion yuan to expand production] On January 26, Guizhou Moutai announced that it decided to invest 4.11 billion yuan to implement the "14th Five-Year Plan" sauce and wine Xishui Tongmin Dam Phase I construction project, and the required funds were self-funded by the company. The construction site of the project is located in Tongmin Town, Xishui County, Guizhou Province, and after the completion of the project, it can form a series of wine-making production capacity of about 12,000 tons, a koji-making capacity of about 29,400 tons, and a wine storage capacity of about 36,000 tons, with a construction period of 24 months. (Beijing News)
1. [Overnight Global Market] WTI crude oil futures rose 1.97% to $87.29 / barrel. London gold fell 1.54%, London silver fell 1.22%, Lun copper rose 1.07%, Lun aluminum rose 0.26%, Lun nickel rose 1.92%, AndEn tin rose 2.25%.
FTSE China A50 futures fell 0.26% in overnight trading.
In the domestic futures market at night, coking coal rose 2.6%, coke rose 0.81%, thermal coal rose 3.33%; iron ore rose 1.05%, hot coil fell 0.1%; methanol rose 1.82%, glass rose 1.75%, rubber fell 0.49%, urea rose 1.55%, pulp fell 0.43%, soda ash rose 2.16%.
On Wednesday, domestic battery-grade lithium carbonate spot rose by 4,000 yuan per ton to 364,000 yuan / ton; lithium hydroxide spot remained unchanged at 298,500 yuan / ton.
1. [Several major AMC are expected to help real estate enterprises resolve risks] It was learned from industry insiders that the financial management department recently convened a meeting of several national asset management companies to study asset management companies to participate in asset disposal, project mergers and acquisitions and related financial intermediary services of risky real estate enterprises in accordance with the principles of marketization and rule of law. Asset management companies have rich experience in the above fields, and their participation is expected to accelerate the progress of asset disposal of risky enterprises, promote risk mitigation and market clearance. (CBN)
1. [Two real estate enterprises successfully issued M&A notes in the interbank market] C&D Real Estate successfully raised 1 billion yuan this time, of which 460 million yuan was used to acquire the equity of 2 target real estate project companies. The amount of medium-term notes issued by China Merchants Shekou is 1.29 billion yuan, and the full amount of the funds raised is used for the merger and acquisition of real estate projects, helping the successful completion of real estate projects under construction with high capital demand. (The Paper)
1. [Monarch strategy: first increase the warehouse, and then the New Year] Guotai Junan said that the market is expected to gradually warm up after the Spring Festival. Positive factors will gradually correct upwards, stable growth policies will accelerate the promotion and force; negative factors will accelerate convergence, the current market is gradually pricing changes in overseas liquidity expectations; recent investors' short-term risk appetite has been at a low level, and the downward space continues to be limited. (Guotai Junan)
2. [Today's operation of 1-day treasury bond reverse repurchase to earn 10 days of interest] Note that on January 28, no matter how many days the repurchase day is, the interest calculation starts from after the holiday, and you cannot enjoy the benefits of the Spring Festival holiday. In addition to the reverse repurchase of treasury bonds, there are also over-the-counter monetary funds, such as the balance treasure platform and the monetary fund on the wealth management platform, which operate before 15:00 today and can enjoy the benefits during the Spring Festival. (per warp)
Lending 1-day reverse repurchase: Shanghai reverse repurchase referred to as GC001, code 204001; Shenzhen reverse repurchase referred to as R-001, code 131810.
3. [CICC: Brief Review of the Fourth Quarter report of public REITs] In the fourth quarter, the revenue of each project declined mostly compared with the third quarter (only warehousing and logistics projects recorded a month-on-month increase), and the decline in operating rights projects was more obvious than that of property rights, which was not unrelated to the overall macroeconomic pressure in the fourth quarter.
It is estimated that the REITs market weighted total return index rose by 11.8% in the fourth quarter (the CSI 300 index rose by 0.2% in the same period and the CSI 1000 index rose by 7.9%). The overall premium rate (compared with the time of issuance) reached 21.5%, which is not low from the perspective of international market standards, and it is not excluded that there are some short-term funding drivers in this round of rise. With the subsequent completion of the potential profits of some investors after the dividend distribution of the whole year, and the effective expansion of the strategic investor ban on the circulation in June, the overall capital structure is expected to be more balanced between the long-term and short-term.
Comparing the cumulative amount of each project for 2021 with the 2021 forecast of the prospectus in the same caliber, it can be considered that all but a few projects have been completed and moderately exceeded the listing guidelines.
4. [Open Source Securities: 30 active new energy funds were screened out, with an average reduction of 1.1% of new energy sector stocks] The average change range of the upstream of new energy vehicles, the midstream of new energy vehicles, the downstream of new energy vehicles, and photovoltaic plates was -0.51%, -0.64%, -0.11%, and 0.15%. The new energy vehicle sector as a whole was reduced by the new energy fund, of which the proportion of new energy vehicles in the midstream was the highest; the photovoltaic plate was increased by a certain proportion.
The stocks with the most increased positions are: Ewell Lithium Energy (+1.15 billion), Yongxing Materials (+1.11 billion), Ningde Times (+1.1 billion), etc.; the stocks with the most position reductions are: Ganfeng Lithium (-790 million), Great Wall Motors (-650 million), Tianci Materials (-460 million).
5. [Northbound funds] Net purchases of 1.139 billion yuan on Wednesday. Guodian NARI, Changchun High-tech and Wuliangye received net purchases of 361 million yuan, 292 million yuan and 291 million yuan respectively. Guizhou Moutai had the highest net sales of 511 million yuan. (China Securities Network)
6. [IPO Center] IPO subscription: Guangdong Feed. New stock listing: Zhenlei Technology (Section), Weide Information (Section), Copper Crown Copper Foil.
The Csrc announced that it will receive the approval materials for the overseas initial public offering of Zero Run Technology.
1. [Zhonghuan shares raised the price of monocrystalline silicon wafers in an all-round way] Among them, the price of M10 wafers increased by as much as 12.3%, and the price of G12 silicon wafers increased by 11%. It will be implemented from January 27. (per warp)
Guojin Securities believes that considering that several new silicon material production capacities put into production in the fourth quarter of 2021 are still in the ramp-up period of production capacity, although production has not yet been reached, but the supply is increasing month by month, the price of silicon materials has also rebounded at the current time point and price level, which is more than expected. From the perspective of terminal demand, it may be because with a round of industrial chain price correction before the end of the year, some orders signed in the fourth quarter entered the "executable" price range, driving the industry scheduling in January to increase significantly.
2. [Guangdong: Strive to achieve an average annual compound annual compound growth rate of medical device manufacturing business income of more than 20% by 2025] The annual operating income of medical device manufacturing industry above designated size has reached 250 billion yuan; 50 national innovative medical device registration certificates have been approved; and 35 listed enterprises in the capital market have been cultivated. (Financial Associated Press)
1. [CITIC Securities disclosed the results of the allotment issue: effective subscription of 22.396 billion yuan, the subscription rate exceeded 97%] Trading resumed on January 27. (SSE)
2. [Tianqi Lithium: It is expected to deduct non-net profit of 1.08 billion yuan - 1.6 billion yuan in 2021, and the expected average value of 7 institutions is 819 million yuan] It is expected that the net profit in 2021 will be 1.8 billion yuan - 2.4 billion yuan, with a loss of 1.834 billion yuan in the same period last year.
The completion of the transaction to introduce strategic investor IGO in the capital increase and share expansion of the Company's subsidiaries confirmed the income from debt restructuring of $673 million related to the rollover of the syndicated M&A loan and the amortization of unrecognized financing expenses of $609 million for the corresponding period; the 2021 performance of the associated company SQM is expected to increase significantly year-on-year, resulting in a substantial increase in the investment income in the associated company compared with 2020. (Financial Associated Press)
The company's third-quarter net profit was 445 million. In terms of non-net profit, the fourth quarter was 430 million to 950 million. At present, the company's price-earnings ratio is 52.7-70.3 times, and the valuation has dropped significantly.
(Source: Wind)
3. [Hengli Petrochemical: plans to invest 19.988 billion yuan in 1.6 million tons / year high-performance resin and new materials project; plans to invest 4 billion yuan in the construction of high-performance polyester projects with an annual output of 2.6 million tons] (e company)
4. [World-class salt lake lithium project completed delivery, Zijin Mining opened a new energy "new track"] Zijin Mining announced that it completed the completion of the 100% equity acquisition of Canada's new lithium company. Previously, in October 2021, Zijin Mining announced the acquisition of New Lithium Company in a 5 billion yuan tender offer.
According to the latest feasibility study report, the project has a total resource of about 7.63 million tons of lithium carbonate equivalent. The project has large resources, high grade, low impurities and good development conditions. The first phase of the Argentina 3Q project will be designed according to the feasibility study plan, with an annual output of 20,000 tons of battery-grade lithium carbonate, and is expected to be completed and put into operation by the end of 2023. (China Securities Network)
5. [Azure lithium core: overseas supplier fire is expected to have a short-term impact on the company's NCA material supply] South Korean lithium battery cathode material manufacturer ECOPRO fire explosion accident, the company's product structure adjustment time course has a certain impact. In 2021, the company's subsidiary Tianpeng Power purchased about 224 tons of NCA materials from ECOPRO. (e Corporation)
6. [Xiaokang shares: the proposed increase in capital is not more than 7.13 billion yuan, suspending the issuance and listing of H shares] The net proceeds of the increase will be used for projects including the development of 3 high-end intelligent electric vehicles and the development of 3 practical electric vehicles. (e Corporation)
7. [Chinese films: 2021 pre-profit of 205 million yuan - 275 million yuan, turning losses into profits] Deduct non-net profit of 75 million yuan to 125 million yuan. During the reporting period, the company released a total of 711 films, achieving a box office of 32.896 billion yuan, accounting for 76.74% of the total national box office in the same period. Compared with 2020 and 2019, it has increased by 27% and 34% respectively. (China Securities Network)
The company's net profit in the first three quarters was 260 million, indicating that there may be a loss in the fourth quarter. This is a far cry from the agency's previous forecast of $426 million in full-year earnings.
8. [Star Semi-Guide: Net profit is expected to be 390 million yuan to 400 million yuan in 2021, an increase of 116% - 121% year-on-year] (e company)
The company's fourth-quarter net profit is expected to be 123 million yuan to 133 million yuan, an increase of 8% to 17% from the third quarter.
9. [Huichuan Technology: It is expected that the net profit attributable to the mother in 2021 will be 3.255 billion yuan - 3.675 billion yuan, an increase in the same period last year] Commodity and chip prices have risen, making the company's product comprehensive gross profit margin decrease year-on-year. (e Corporation)
10. [Shanghai Xinyang: Net profit is expected to be 95 million yuan - 115 million yuan in 2021, down 58% - 65% year-on-year] Net profit after deduction of non-deduction increased by 85% - 128% year-on-year, and the sales scale of the semiconductor business segment increased by more than 50%. The decrease in net profit was mainly due to the increase in non-recurring profit and loss of 220 million yuan due to the change in the fair value of financial assets in the same period last year, and the impact of non-recurring profit and loss in the reporting period was relatively small; the company's R&D expenses exceeded 200 million yuan, mainly due to the increase in R&D expenses of photoresist projects and major national science and technology projects involved. (e Corporation)
The investment logic of Shanghai Xinyang is mainly the breakthrough progress of the transformation of the main business photoresist, and the appreciation of the equity held by SMIC and Shanghai Silicon Industry. The semiconductor industry has a strong cyclical attribute, and the company's stock price is elastic.
11. [Wanhua Chemical: The listing price of MDI in China has been raised by 1300 yuan / ton since February compared with January] (per warp)
12. [*ST Zotye: 2021 pre-loss of 400 million yuan - 600 million yuan] The loss in the same period last year was 10.8 billion yuan; the company's main business, the automobile business, was in a state of suspension, and it is proposed to make a large amount of asset impairment provisions and bad debt provisions totaling about 1.3 billion yuan to 1.9 billion yuan. (e Corporation)
13. [Zhongtian Technology: Net profit is expected to be 100 million yuan - 150 million yuan in 2021, a year-on-year decrease of 93% - 96%] The performance pre-reduction is mainly due to the abnormal execution of some contracts related to high-end communication business, and the large impairment loss on accounts receivable, other receivables and inventory related to high-end communication business is caused by the impact on the company's net profit of -3.023 billion yuan. (21 Finance)