The National Standing Committee will make arrangements to do a good job in spring agricultural production
The executive meeting of the State Council held on April 20 deployed measures to further grasp spring agricultural production and ensure a bumper grain harvest and a stable supply of important agricultural products. The meeting stressed that it is necessary to implement various policies for supporting agriculture and benefiting farmers, and implement new subsidies for "one spray and three defenses" for wheat; it is necessary to study measures to increase subsidies for agricultural materials and do a good job in purchasing grain in a timely manner.
The meeting pointed out that due to the repeated impact of the epidemic, many places have adopted relatively strict sealing and control measures, which has brought great inconvenience to the flow of personnel and materials, so it is very necessary to further deploy and promote the combination of epidemic prevention and control and spring production in various places to ensure that spring ploughing can be carried out normally. (The Paper)
| commented that data from the National Bureau of Statistics | showed that domestic grain prices rose by 1.7% in the first quarter of this year. Recently, due to a series of reasons such as the Russian-Ukrainian conflict, climate change, and inflation in the United States, international food prices have risen sharply, and the food price index released by the Food and Agriculture Organization of the United Nations in March has jumped sharply to an all-time high. As a major grain importer, the increase in domestic grain prices is not high.
But it should also be noted that the next situation is still relatively grim. With the entry of many parts of the country into lockdown, the flow of personnel and materials has slowed down, which has obviously affected the spring ploughing work. In particular, as an important grain-producing area in the northeast, local epidemic prevention and control has also clashed with spring ploughing. If this problem is not solved as soon as possible and the agricultural time is delayed, the problem of food security will become more and more prominent. This should be the direct reason why the National Standing Committee specially deployed spring agricultural production.
The State Council issued a document to promote the development of personal pensions
On April 21, the General Office of the State Council issued the Opinions on Promoting the Development of Individual Pensions, which stipulates that the individual pension implements a personal account system, and the contributions are borne by the individual participants and fully accumulated. When the participant receives it, he or she may receive a personal pension on a monthly, divided or lump sum basis. Upon the death of a participant, the assets in his or her personal pension fund account may be inherited. The State formulates preferential tax policies to encourage eligible persons to participate in the personal pension system and receive personal pensions in accordance with regulations.
According to the "Opinions", the upper limit of the annual payment of personal pension by participants is 12,000 yuan, and the funds are used to purchase financial products such as bank wealth management, savings deposits, commercial pension insurance, and public funds that meet the regulations, and the participants can choose independently. The CSRC said that the next step will be to formulate and introduce supporting rules and systems for individual pension investment public funds and improve the construction of infrastructure platforms. (Integrated Chinese government website)
| commented| As the mainland officially enters an aging society, the problem of residents' pension is becoming increasingly prominent. The implementation of the individual pension system is a further improvement of the existing pension insurance system. In recent years, the amount of social security pensions has been reduced year by year, and it is likely that the speed of increase in the future will not be as fast as the increase in prices. Paying personal pension, in addition to strengthening the safety and security of future pensions, can also increase an investment option.
Individuals can adjust the proportion of investment in pensions according to their own economic conditions and increase the amount of pensions received in the future. Compared with the existence of banks, the purchase of personal pensions can also enjoy tax benefits. However, after paying the personal pension, the money can not be taken out in normal times, so the participants must do what they can. In addition, the implementation of this system is conducive to the transfer of residents' savings to the capital market, which will bring long-term and stable incremental funds, but this effect has not yet appeared.
The RMB exchange rate has depreciated sharply for two consecutive days
On April 21, after opening at 6.4150, the spot exchange rate of the renminbi fell below the 6.42, 6.43, 6.44 and 6.45 marks, closing at 6.4500 at 16:30, down 347 basis points or 0.54% depreciating from the previous session. The offshore yuan, which reflects international investors' expectations, briefly fell below the 6.47 mark against the dollar intraday on April 21.
This is the second consecutive trading day that the spot exchange rate of the renminbi against the US dollar has seen a sharp decline. On April 20, the spot exchange rate of the renminbi depreciated by 0.6% against the US dollar in one day, falling by more than 1.1% in two trading days. Since April 19, the offshore renminbi has fallen by more than 1.4% against the US dollar. (The Paper)
| commented that| the reasons for the recent sharp depreciation of the renminbi include at least two factors: internal and external factors. External factors are mainly the Opening of the Interest Rate Hike Cycle by the Federal Reserve, which has led to the rapid strengthening of the US dollar, the rise of US Treasury yields, and the narrowing of the Sino-US interest rate differential, and even the inversion of the past. International arbitrage funds began to flow out, and trading funds chose to short the renminbi.
In China, the new round of the new crown epidemic that broke out in March affected many places in China, including Shanghai, causing countries around the world to worry about whether China's supply chain can remain stable for a long time, and the central bank recently announced a 0.25% reduction in the reserve requirement, which also deepened the speculation in the international money market that the mainland has entered a interest rate cut cycle. However, due to the RMB exchange rate system itself, it remains largely stable and will not fluctuate violently.
Sydney quit 3 e-commerce companies in 5 months
On April 21, the Tianyancha App showed that Quzhou Yanchen E-commerce Co., Ltd. underwent industrial and commercial changes, and network anchor Zhu Chenhui (Weibo ID: Sydney Cherie) withdrew from the legal representative, executive director and general manager, all of which were replaced by Su Chaoran.
It is reported that since being punished for suspected tax evasion last year, Sydney has withdrawn from the legal representative position of 3 companies in 5 consecutive months. It is worth noting that although Sydney's own account has been banned, Sydney's broadcasting team has started live broadcasting in February this year, and the new account is called "Light is Coming", and there are currently 1.828 million fans in the live broadcast room. (The Paper)
| commented| as early as the end of last year, Sydney's social media account was banned, and Taobao stores were also taken down. Like Via and others, this is equivalent to announcing the "end" of their personal live e-commerce. At this time, Sydney's IP has become a "negative asset". If you want to continue to move forward with its experience in the field of e-commerce, it is necessary to dilute Sydney's personal color. Sydney's role of cultivating anchors and accounts, as well as withdrawing as the legal representative of its subsidiaries, is intended to be this.
Sydney's "encounter" is the result of tax compliance in the field of live e-commerce. This also means that the personal income of the anchor and the income of the company must be clearly defined, and the individual tax cannot be avoided in the name of the company's income. This road is not feasible. Although the lessons of Via, Sydney and others are painful, this also brings profound warnings to other anchors.
The net profit of Boss Appliances fell for the first time since its listing
On April 21, the news that the revenue scale of Boss Electrical Appliances in 2021 exceeded the 10 billion mark for the first time, recording 10.148 billion yuan, an increase of 24.84% year-on-year, and the net profit attributable to the mother was 1.332 billion yuan, a year-on-year decrease of 19.81%, and there was a situation of increasing revenue without increasing profits. This is also the first time that the net profit of Boss Appliances has declined year-on-year since its listing in 2010.
Surprisingly, in the annual report disclosed for the first time by Boss Electrical Appliances, 10.148 billion yuan was mistakenly written as 101.48 yuan, and in the operating cost component, the financial report miswrote the year-on-year growth ratio as the growth value, and the manufacturing expenses of the home appliance kitchen and bathroom industry increased by 143843223.06%. According to statistics, there are no less than 18 errors in the annual report of boss electrical appliances. The company responded that it was a writing error. (Integrated Sina Finance)
| commented| boss electrical appliances net profit fell sharply last year, which was due to the provision of 630 million yuan for bad debts of Evergrande Group. However, from the past annual report data, since 2018, the company's operating income and net profit growth rate has begun to slow down significantly. Affected by regulation, the real estate market is no longer hot as it used to be, which drags down the product sales of the boss's electrical appliances. In the research and development of new products, integrated stoves have become the new favorite of current consumers, but boss electrical appliances have only recently launched their own integrated stove products, missing the opportunity to seize the market.
The low-level errors in the disclosure of this annual report reflect the company's low emphasis on the quality of the annual report. Even if the annual report data is not good, the company should take the disclosure of the annual report seriously and show the real situation of the company's operations to investors, rather than dealing with it.
Tesla's net profit in the first quarter increased by 658%
On April 20, local time, according to Tesla's financial report for the first quarter of fiscal 2022 released as of March 31, Tesla's total revenue in the first quarter was $18.756 billion, an increase of 81% from $10.389 billion in the same period last year and higher than analysts' expectations of $17.92 billion; net profit attributable to Tesla's common shareholders was $3.318 billion, an increase of 658% from $438 million in the same period last year. Adjusted earnings per share were $3.22, higher than analysts expected at $2.27.
Tesla CEO Elon Musk said that although Shanghai has been affected by the recent shutdown, it has now resumed operations, he mentioned that the shanghai factory may increase production by 60% compared with last year. Musk also mentioned that Tesla is estimated to produce 1.5 million cars this year. (The Paper)
| commented| net profit increased by more than 6 times, Tesla's financial report is not like the financial report of a technology manufacturing company, but more like the financial report of an Internet company during the outbreak period. Tesla can complete such a good performance, in addition to a sharp increase in sales, there are two reasons, one is the price increase of its main products, and the other is the decline in the cost of bicycle production. The latter is extremely valuable in the context of rising raw material prices.
Tesla's core capability lies in the independent production capacity of excellent parts, including the core components of the three-electric system can be produced independently, while other car brands often have to piece together parts and components everywhere in order to dilute the cost of research and development. In fact, self-produced parts tend to perform better in terms of adaptability and cost control.
The market value of Netflix exploded thunder shrunk by more than $50 billion
On April 20, local time, the stock price of streaming media giant Netflix fell in a crash. By the close of the day, the company's stock price had plunged more than 35%, closing at $226.19, and its market value had shrunk by more than $50 billion (equivalent to 320 billion yuan).
A day earlier, Netflix announced its financial report for the first quarter of this year. In the first quarter, Netflix's operating profit was $1.972 billion, up 0.6% from $1.96 billion in the same period last year, but the operating margin was 25.1%, down 2.3% from the previous year. On the other hand, Netflix released user data, and the number of global subscribers in the first quarter of this year was 221.64 million, an increase of 6.7% over the previous year, but a decrease of 200,000 from the previous quarter, which was the first decline in history. (Securities Times)
| commented| from the perspective of revenue and profit, although Netflix's financial report did not exceed expectations, it was still reasonable overall. The market is shaking so much because of the decline in the number of Netflix subscribers. Due to the Russian-Ukrainian conflict, Netflix closed its Russian paid membership, resulting in the loss of 700,000 users. The "tearing" between different global economic camps caused by the Russian-Ukrainian conflict will also bring great challenges to the growth of Netflix's international paid membership, and even Netflix itself admits that it is expected to lose 2 million users in the second quarter.
Netflix's situation once again proves to the market that for Internet companies, traffic is the lifeline, not to mention that for Netflix, the number of paid subscriptions of users basically determines the level of revenue. Once the traffic begins to decline, it means that Netflix's growth is likely to enter a bottleneck.
On Wednesday, the Shanghai index lost 3100 points, and the three major indexes all fell more than 2%
On April 21, the three major indexes were sluggish throughout the day, the Shanghai index fell below 3100 points again, the decline continued to expand in the afternoon, the three major indexes fell more than 2%, and the Shenzhen Component Index and the ChiNext Index hit a new adjustment low. In terms of sectors, the sectors fell almost across the board, with textile and garment, small household appliances and securities sectors being relatively strong; the tourism and hotel sectors falling, and the agriculture, real estate, photovoltaic and large infrastructure sectors all fell sharply. Overall, individual stocks showed a general downward trend, the two cities more than 4400 shares fluttered green, only more than 300 stocks rose, nearly 100 shares fell to a halt, today's transaction reached 850 billion yuan.
As of the close, the Shanghai index reported 3079.81 points, down 2.26%, with a turnover of 396.5 billion yuan; the Shenzhen component index closed at 11084.28 points, down 2.7%, with a turnover of 459.8 billion yuan; the ChiNext index closed at 2312.46 points, down 2.17%, with a turnover of 159.2 billion yuan. (Sina Finance)
| commented that | close on Wednesday, the number of companies rising for the fourth time this year was less than 400. From the intraday view, the large financial sector led the index to rebound rapidly in the afternoon, but ultimately did not reverse the downward trend. Since March, securities companies have repeatedly protected the disk, but the market has not formed an upward channel after that, and the funds in the market have produced "immunity" to the protective action of the securities sector. At the end of the session, the two markets rushed higher and fell back, and the overall market atmosphere reached a freezing point.
The market is running to the current stage, and I am afraid that it will take a sharp rise to change the decline. In the stock market, it is easy to appear the phenomenon of rising and bullish, falling and bearish, forming a self-fulfillment of prophecy. Looking at the long term, the short-term sharp fluctuations are just a small wave in the long-term trend, and investors should still operate steadily until the upward trend is formed.
The contents of the stock market, funds and futures in this article are for reference only
Does not constitute investment advice
Column Editor-in-Chief | Wei Yingjie
Responsible Editor | He Mengfei | Editor-in-Chief | Zheng Yuanmei
![Dishwasher beyond the battle[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)