Financial Associated Press Morning Post, February 11 (Fri)

Macro news

1. At a regular press conference held by the Ministry of Commerce yesterday, spokesman Gao Feng said that the first phase of the Sino-US agreement is beneficial to China and the United States and the whole world. It is hoped that the US side will cancel the tariffs and sanctions and suppression measures imposed on China as soon as possible to create a good atmosphere and conditions for the two sides to expand trade cooperation.

2. Guo Shuqing, chairman of the Banking and Insurance Regulatory Commission, presided over the research symposium. The meeting listened to the reports of relevant departments on promoting the disposal of non-performing assets and mergers and acquisitions of small and medium-sized financial institutions, and studied the policies and measures related to financial asset management companies focusing on the main business of disposal of non-performing assets, giving play to their unique functional advantages, and helping to resolve financial risks.

3. China's social financing scale increased by 6,170 billion yuan in January, estimated at 5,385 billion yuan, the previous value was 2,368.2 billion yuan; in January, the new RMB loans were 3.98 trillion yuan, the highest point of single-month statistics; at the end of January, the balance of broad money (M2) was 243.1 trillion yuan, an increase of 9.8% year-on-year.

4. On Wednesday, the U.S. Department of Agriculture (USDA) released the February supply and demand report, the USDA will raise the US soybean crush for the current year by 25 million pu, the ending stocks by 25 million pu to 325 million pu; affected by the dry weather, the USDA will reduce the Brazilian soybean production this year by 5 million tons to 134 million tons, and the Argentine soybean production this year by 1.5 million tons to 45 million tons. As a result, global soybean production for the year was revised down 8.7 million tonnes to 363.86 million tonnes, and ending stocks were revised down 2.37 million tonnes to 92.83 million tonnes. Soochow Futures said: Due to the usDA monthly supply and demand report, the OVERALL rise in U.S. beans on Wednesday night and yesterday's domestic beans and oils rose sharply, and long orders can continue to be held in the short term.

Industry news

1. According to the reporter's many parties, the opinions on the supervision of national commercial housing pre-sale funds have been introduced recently. The amount of supervision of pre-sale funds is determined by the urban and rural construction departments at the city and county level according to factors such as the project cost contract, and when the funds in the supervision account reach the regulatory quota, the funds exceeding the quota can be withdrawn and used by housing enterprises.

2. Yesterday, a rumor pointed to Gülen, saying that there were large insurance funds, wealth management, FOF special accounts, etc. to redeem Gülen's products amounting to 40 billion. To this end, the CeIBS Fund responded that the "large redemption" spread on the Internet is false news, please do not believe the rumors. The reporter of the Financial Associated Press inquired about a number of insurance institutions and wealth management subsidiaries, and said that they had not redeemed the relevant funds in recent days.

3. Gao Feng, spokesman of the Ministry of Commerce, said that the Ministry of Commerce will study and promote the introduction of a number of new policies and measures this year, vigorously develop digital trade, build a digital trade demonstration zone, and promote the dual innovation of science and technology and system.

4. The Ministry of Industry and Information Technology and other eight departments issued an implementation plan to accelerate the comprehensive utilization of industrial resources. The plan proposes to improve the management system and strengthen the traceability management of the whole life cycle of new energy vehicle power batteries. Promote the application of waste power batteries in the fields of power backup, charging and replacement.

5. Recently, a letter soliciting opinions on "Several Measures to Promote the Healthy Development of Housing Consumption in the Daya Bay Area" was circulated on the Internet, and Huizhou Daya Bay introduced a new policy for the property market. The official response: Only the opinion draft is not a final document, and the final document published by the government shall prevail.

6. The State Administration of Radio and Television issued the "14th Five-Year Plan for the Development of Chinese Television Dramas". It is mentioned that the whole chain of intellectual property rights in the field of television dramas should be strengthened, and the awareness of respecting and protecting intellectual property rights in the whole industry should be enhanced. Standardize the order of income distribution, including actors' remuneration, and resolutely oppose "sky-high film remuneration".

7. According to the data released by Shanghai Steel Federation, the quotation of lithium battery materials rose generally yesterday, electrolytic cobalt rose by 1700 yuan / ton; cobalt tetroxide rose by 10,000 yuan / ton; cobalt oxide rose by 5,000 yuan / ton; lithium metal rose by 50,000 yuan / ton, the average price was 2.03 million yuan / ton; battery-grade lithium carbonate rose by 10,000 yuan / ton, the average price was 400,000 yuan / ton; lithium hydroxide rose by 9500-10,500 yuan / ton.

Company News

1. WuXi AppTec issued an announcement of changes, and the company did not find other media reports or market rumors that needed clarification or response.

2. According to the Hong Kong Stock Exchange, Xia Haijun, vice chairman and president of China Evergrande, sold $128 million worth of bonds before the company fell into a debt crisis in 2021.

3. China Mobile announced on the Hong Kong Stock Exchange that it repurchased 7.3035 million shares at a price of HK$56.65 to HK$58.15 per share on February 10, costing about HK$422 million.

4. Yahuilong announced that the new coronavirus antigen detection kit was approved by the Japanese PMDA and designated supply.

5. SMIC said that this year is still the peak period for investment, and capital expenditure is expected to be about $5 billion. In Hong Kong stocks, revenue in the fourth quarter of 2021 was US$1.58 billion, an increase of 61% year-on-year.

6. Jiuan Medical disclosed the announcement of the investor relations activity record sheet that the number of new cases in the United States has decreased compared with before, and there may be a mismatch between supply and demand.

7. Puli Pharmaceutical announced that it intends to repurchase shares for 5 million yuan to 10 million yuan.

8. Kexin Technology announced that the Finnish subsidiary signed an order for 68.58 million yuan for network energy products.

9. Super map software disclosed the announcement of the investor relations activity record sheet, and won the bid for the meta-universe project this year, that is, the Fuxia Airport VR project.

10. Geely Automobile announced on the Hong Kong Stock Exchange that its car sales in January were 146,380 units, a year-on-year decrease of about 6%.

11. Huanrui Century responds to rumors of tax arrears: it is inconsistent with the facts and is a problem left over from history.

Global markets

U.S. stocks closed lower en masse, with the Dow down 1.47%, the NASDAQ down 2.1% and the S&P 500 down 1.81%. The semiconductor and Internet technology sectors have weakened significantly. After the United States announced a 7.5% increase in January CPI to continue to brush a new four-decade high, Fed Bullard supported a 100 basis point rate hike by July 1. U.S. 10-year Yields climbed to 2 percent, their highest since August 2019.

International crude oil rushed higher and fell back, and US oil futures closed slightly higher by 0.24% at $89.88 / barrel. COMEX April gold futures closed up 0.03%, up for the fifth straight day.

Ukraine was deadlocked, with European stocks closing mixed, with Britain's FTSE index closing up slightly up 0.38%.

Investment Opportunity Reference

1. Two departments: improve and promote green electricity certificate trading and promote green electricity consumption

The National Development and Reform Commission and the National Energy Administration issued the "Opinions on Improving the Institutional Mechanisms and Policy Measures for The Green and Low-Carbon Transformation of Energy", proposing to promote the construction of a unified green product certification and labeling system, establish a green energy consumption certification mechanism, and promote various social organizations to accept the certification results. Establish a mechanism for the promotion of electric energy substitution, and strengthen technical guidance for electric energy substitution by improving relevant standards。 Improve and promote green electricity certificate trading, and promote green electricity consumption。

The institutional research report predicts that with the advancement of the green electricity market in 2022, the market size is at least 20-30 billion kWh (only half a year in 2021); after 2023, if the EU carbon border adjustment tax is launched, there will be more high-energy-consuming enterprises entering the market, and the scale of green electricity transactions may be expected to see 100 billion kWh. Brokerage analysis pointed out that this measure to enhance the demand for green electricity in all aspects, is expected to bring about a rise in the price of green electricity. Specifically, on the basis of achieving a year-on-year increase of more than 20% in the coal power long-term electricity price in 2022, the green value of green electricity can achieve a further premium on the price of coal power, bringing about a significant increase in the yield of newly put into operation of new energy parity projects.

Among the A-share listed companies, Inner Mongolia Huadian (600863) is the regional leader in Inner Mongolia under Huaneng Group, and has gradually transformed into new energy through the acquisition of assets. The company is mainly engaged in thermal power generation, heat supply business and wind power, photovoltaic and other new energy power generation business. The main businesses of Gansu Power Investment (000791) include hydroelectric power, wind power generation and photovoltaic power generation. As of the first half of 2021, green electricity revenue accounted for more than 99%.

2. Amazon will take a stake in LiDAR company Velodyne

A wholly owned subsidiary of Amazon Corporation was awarded warrants for the acquisition of 39.6 million shares of Velodyne. Under the agreement, NV Investment Holdings,Amazon.com a wholly owned subsidiary of Amazon, could exercise its options at a price of $4.18 per share by February 4, 2030.

Intelligent sensor is the "eye" of the vehicle, and lidar has three-dimensional environmental perception, high resolution, and anti-interference capabilities, which has become the core sensor of intelligent driving models above L3 level. Lidar will usher in its first year of mass production in the passenger car front-loading market. The agency expects that the demand for lidar in the global passenger car market will increase from 220,000 in 2021 to 21.34 million in 2025, an increase of 96 times.

Among the A-share listed companies, the products of Fujing Technology (002222) are mainly used in the manufacture of solid-state lasers and fiber lasers, which are the core components of laser systems, and some precision optical products are used in optical communications, AR and lidar fields. As a provider of optical devices as a whole solution provider, Tianfu Communications (300394) uses passive devices and active packaging technology, and is currently extending the development of the field of lidar, providing supporting products and services for lidar manufacturers, and some customers are in the sample testing stage.

3. The ice pier and the snow melt into the same frame, and the Big Movie of the Winter Olympics is about to be released

The movie "Our Winter Olympics" released the "Ice and Snow Rose" chapter poster, and the Beijing Winter Olympics mascot Ice Pier, Snow Rongrong and Xiong Da, Xiong Er, and Bald Head Strong surprised the same frame. The film will be officially released on February 19.

With the convening of the Winter Olympics, the "ice pier" dominated the screen overnight. Sold out online and queued offline, netizens can't help but call for "one household and one pier". It is reported that the film is planned by Wanwei Cat Animation, produced by Beijing Cultural Investment Interactive Entertainment Investment Co., Ltd., Wanwei Renhe (Beijing) Technology Co., Ltd., Shanghai Fine Arts Film Studio Co., Ltd., Huaqiang Fantawild (Shenzhen) Animation Co., Ltd., Beijing Yaoying Film Distribution Co., Ltd., Beijing Guoying Zongheng Film Distribution Co., Ltd., Beijing Alibaba Film Culture Co., Ltd., and co-produced by Cultural Investment Holding Co., Ltd. Institutional analysis pointed out that with the stabilization of domestic epidemic prevention and control, the stable recovery of film and television content production and development, and the continuous improvement of superimposed film industrialization production capacity, the film market is expected to continue to recover in 2022.

Among the A-share listed companies, the 2021 semi-annual report of Cultural Investment Holdings (600715) shows that it holds 100% of the equity of Beijing Cultural Investment Interactive Entertainment Investment Co., Ltd. and indirectly holds 51% of the equity of Beijing Yaoying Film Distribution Co., Ltd. Jiangsu Happiness Blue Ocean Cinema Line Co., Ltd., a subsidiary of Happiness Blue Ocean (300528), holds a 20% stake in Beijing Guoying Zongheng Film Distribution Co., Ltd.

4, super "inner circulation", tourism demand or blowout

In the 7 days of the Spring Festival holiday in 2022, 251 million domestic tourist trips across the country were restored to 73.9% of the same period of the Spring Festival holiday in 2019 according to comparable calibers. Tuniu's "2022 Spring Festival Tourism Consumption Inventory" shows that during this year's Spring Festival holiday, the booking volume of high-star quality hotels and theme park hotels increased by 53% year-on-year, and the star-rated resort hotels in the suburbs of some cities are even more difficult to find.

Recently, the State Council issued the "14th Five-Year Plan" tourism development plan, which proposes to "innovate and enhance domestic tourism under the condition of normalization of epidemic prevention and control, promote inbound tourism in a step-by-step and orderly manner under the premise of effective control of the international epidemic, steadily develop outbound tourism, focus on promoting the in-depth integration of culture and tourism, strive to improve the modern tourism system, and accelerate the construction of a tourism power". Institutional analysis believes that tourism support policies are expected to continue to land, tourism enrichment effect is significant, the development of tourism on the local GDP boost has a significant multiplier effect, according to the World Tourism Organization's calculations, tourism for every direct income of 1 yuan, will bring 4.3 yuan of value-added benefits to the national economy related industries. Boosting tourism is expected to become an important starting point for local governments to boost the economy in 2022 and 23.

Among the A-share listed companies, BTG Hotels (600258) has 20 core brands and more than 40 products, covering a full range of hotel products of "high-end", "mid-to-high-end", "economy", "leisure and vacation" and "social entertainment". Songcheng Performing Arts (300144) is the largest performing arts group in China, and the company has entered the first-line tourism and leisure destinations and key commercial cities in China.