Reporter: Yang Jian Editor: Peng Shuiping
(1) Important market news
1. The three major U.S. stock indexes collectively closed higher, with the Dow up 0.68%, the Nasdaq up 0.66%, and the S&P 500 up 0.59%. Among them, the Nasdaq and the Dow Jones have risen for nine consecutive days, the Dow Jones has continued to hit new highs, and the Nasdaq and S&P 500 have continued to hit new highs since February last year. Most of the big tech stocks rose, with Meta, Tesla, and Netflix rising more than 1%, Microsoft, Google, and Apple rising slightly, while Nvidia and Amazon fell slightly. Popular Chinese concept stocks rose, and the Nasdaq China Golden Dragon Index rose 1.81%. Weilai rose more than 5%, JD.com, Xiaopeng Motors, and Bilibili rose more than 3%, Weibo, Li Auto, Futu Holdings, Alibaba, and Baidu rose more than 2%, and iQiyi and Pinduoduo rose more than 1%.
2. The onshore yuan closed at 7.1200 against the US dollar at 03:00 Beijing time, up 126 points from the previous trading day's overnight close. The trading volume was 30.705 billion US dollars. Major European stock indexes collectively closed higher, with the German DAX 30 up 0.58%, the British FTSE 100 up 0.31%, the French CAC 40 up 0.08%, and the Euro Stoxx 50 up 0.32%.
3. WTI crude oil futures for January delivery closed up $0.97, or 1.34%, at $73.44 per barrel, and Brent crude oil futures for February delivery closed up $1.28, or 1.64%, at $79.23 per barrel. COMEX gold futures for February delivery closed up 0.57% at $2,052.10 an ounce, and COMEX silver futures for March delivery closed up 0.89% at $24.321 an ounce.
(2) Macro news
1. On December 19, a spokesman for the National Development and Reform Commission said that due to imported, cyclical, seasonal and other factors, food prices have fallen from a high level this year. As demand for goods and services continues to recover, CPI is expected to pick up modestly next year. From January to November this year, food prices were basically the same as last year, and the increase was the lowest level in nearly a decade.
2. On December 19, a number of freight forwarding companies told reporters that the spot market freight rates updated by many shipowners in the past two days showed that a number of European routes and Mediterranean routes have doubled their prices in early January next year. In terms of the Mediterranean route, a Shanghai freight forwarder said that it received the latest quotation from Evergreen Shipping (EMC), which was $3,694/TEU (20-foot container) and $5,988/FEU (40-foot container) early next year.
(3) Institutional perspectives
Huafu Securities: Learn from 2018 and look at the future New Year's Eve market
1. From the perspective of relative position, A-shares currently have the opportunity to switch between bears and bulls. The valuation shows that the PE quantile of Wind All A in the past ten years is 19.8%, which is already at a relatively low level. The price comparison index of major assets shows that the current risk premium rate of A-shares is 3.45%, and the return ratio of A-shares and bonds is 84%, both of which are at a high level, of which the risk premium rate is close to the end of 2018, and the stock-bond return ratio has reached an extremely high level in the past decade. It is expected to improve in terms of earnings & overseas & liquidity in the future. The current earnings are close to the bottom, and it is expected that the future earnings level will rise with a high probability. U.S. Treasury interest rates have fallen from high levels, the Federal Reserve is expected to cut interest rates in 2024, and overseas pressure has eased significantly. From the perspective of liquidity, real interest rates still have room to fall, and the narrowing of the interest rate gap between China and the United States increases the possibility of interest rate cuts.
2. Review the 2018-2019 New Year's Eve market: The current market is similar to 2018, affected by the bottom of earnings and overseas interest rate hikes, and the market is volatile and downward. At the beginning of 2019, the central bank announced a comprehensive RRR cut, and social finance in January greatly exceeded expectations, and the structural bull market began. Looking back on the 2018 New Year's Eve market, we can get the following enlightenment: 1. At the end of the year to the beginning of the next year, the market is more concerned about policy expectations and economic data performance. 2. In an environment where the economy is improving and liquidity is loose, there are opportunities for value and growth. 3. Driven by policies, big finance is expected to have a phased market.
3. To sum up, it is currently recommended to pay attention to the three main lines of electronics, big finance and medicine. The broad-based index showed an improvement in transaction activity. From the perspective of turnover rate, except for the Science and Technology Innovation 50, all broad-based indices have rebounded from last week. In terms of turnover, all broad-based indices decreased from last week. From an industry perspective, the utilities sector saw a marked improvement in transactions this week. Secondly, consumer services, real estate, building materials. The style is on the small side with stability. In terms of size, the small-cap index outperformed the mid-cap index and the large-cap index, and the stable style outperformed other styles in terms of CITIC style classification.
(4) Industry nuggets
1. Recently, Zhiyuan Robot, a domestic humanoid robot R&D company, has completed the A3 round of financing, with 13 investment institutions including Lanchi Venture Capital and CDH Investment, with a financing amount of more than 600 million yuan. In August, Zhiyuan Robot completed the A+ round of financing in which BYD became a shareholder, and in less than half a year, Zhiyuan Robot received more than 600 million yuan in financing, and 5 rounds of financing in 9 months. At present, the company is in the next round of financing, and the pre-investment valuation is expected to reach 7 billion yuan. Zhiyuan Robot is a robot company established by former Huawei's "genius boy" Zhi Huijun after leaving Huawei, focusing on the development of general-purpose humanoid robots and embodied intelligence. The humanoid robot expedition A1 released by the company in August this year has brought the cost to less than 200,000 yuan, and will quickly enter the commercial landing next year. This year, Tesla released a demonstration video of the humanoid robot Optimus Gen-2, which is 30% faster than the previous version and can complete more complex and delicate movements. In addition, the domestic "first share of humanoid robots" was also offered on the Hong Kong Stock Exchange a few days ago. Concept stocks include Hanwei Technology, Haozhi Electromechanical, Obi Zhongguang, etc.
2. According to media sources, Tesla has finally taken a big step into the field of wireless charging, following the hint earlier this year, the company has officially confirmed that it is developing a wireless inductive charger suitable for home use. As Tesla's self-driving technology continues to develop, the advantages of wireless charging are gradually emerging. Tesla's foray into the wireless home charging market is exciting, as this technology can further improve the convenience of electric vehicle users and contribute to the development of autonomous driving technology. The mainland policy supports the exploration of multiple charging modes, including wireless charging, and the standard comes first, providing a guarantee for the commercial application of wireless charging. Domestic companies including Xiaomi, Huawei, etc. in the field of wireless charging, among which Xiaomi's new cars may be equipped with wireless charging, which is similar to Tesla's wireless charging technology. Concept stocks include Xinwei Communication, Wemyss, Yonggui Electric, etc.
3. According to reports, on December 19, Baidu officially launched a new and upgraded version of the Apollo open platform - Apollo open platform 9.0. Zhang Liang, general manager of Baidu's autonomous driving platform ecology department, said that the Apollo open platform 9.0 has achieved a comprehensive upgrade in engineering, algorithms and tools, and the general layer can enable the large-scale implementation of multiple application scenarios, the overall operation is more flexible and easy to use, and the use scenarios are universal and easy to expand. While greatly improving development efficiency, it can help more developers quickly build their own autonomous driving systems. Driven by policy, the global autonomous driving industry is expected to develop rapidly. Relevant data show that by 2030, 50% of China's cars will be driverless, the global driverless 4/5 level of cars will reach about 80 million, and the scale of China's unmanned vehicle service market is expected to reach 1.3 trillion yuan by 2030. Concept stocks include Luchang Technology, NavInfo, Gosuncn, etc.
National Business Daily
![Explore the challenges of the high elasticity and anti-static properties of robotic protective clothing[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)