Important News Alert
China's big data center for network security review, certification and market supervision was officially established on the 25th.
A number of leading game companies such as Gigabit, Keying Network, and Perfect World have issued announcements on increasing their holdings or buying back, conveying their confidence in the company's future development prospects to investors.
Tongwei Co., Ltd.: It plans to invest about 28 billion yuan in the construction of green substrate integration project
Tip of the day
The M9 and Huawei Winter All-Scenario Launch Conference will be held
At 2:30 p.m. on December 26, the M9 and Huawei Winter All-Scenario Conference will be held. In addition to the nova12 series of new phones, FreeClip ear clip headphones and new smart screen products, the M9 will also make a blockbuster debut as a "technology car king". The M9 is equipped with Huawei's latest full-stack technology solutions, and the official said that the new car will bring users an unprecedented smart car experience.
There is an IPO subscription today
Jiezhong Technology opened its subscription today, with an issue price of 9.34 yuan and a price-to-earnings ratio of 16.98 times. The company's main business is the R&D, production and sales of precision auto parts such as automotive wiper system parts, automotive door and window system parts and automotive air conditioning system parts.
Hong Kong stocks and U.S. stocks resumed normal trading on December 26 (Tuesday).
Financial news
1. The Asset Management Association of China (AMAC) announced that, according to relevant regulations, 11 existing institutions, including Tianchen Yintai (Shenzhen) Investment Management Co., Ltd., cannot continue to meet the registration requirements of managers. The Association will cancel the registration of the private equity fund managers of the 11 institutions and enter the above circumstances into the integrity file database of the securities and futures market. The deregistered private fund manager and relevant parties shall, in accordance with laws and regulations, the provisions of the China Securities Regulatory Commission, the relevant self-discipline rules of the association, and the fund contract, properly dispose of the assets of the fund under management, and protect the legitimate interests of investors in accordance with the law.
2. Shanghai International Energy Exchange announced that on December 25, two groups of 4 customers in the container transportation index (European line) futures 2404 contract combined positions exceeded the position limit, in accordance with the relevant provisions of the "Shanghai International Energy Exchange Trading Rules" and the "Shanghai International Energy Exchange Actual Control Relationship Account Management Rules", the previous energy decided to take regulatory measures against the above customers to restrict the opening of positions for 5 trading days and restrict withdrawals.
3. According to the State Administration for Market Regulation, China's Cyber Security Review and Certification and Market Supervision Big Data Center was officially established on the 25th.
The main responsibilities are: in accordance with the "Cybersecurity Law", "Data Security Law", "Personal Information Protection Law", "Cybersecurity Review Measures" and relevant national compulsory product certification laws and regulations, undertake the research of network security review technology and methods, network security review technical support; Management and application promotion, undertake the construction, operation and maintenance and technical support of the market supervision business application system and the government affairs information system of the State Administration, be responsible for the construction, management and operation and maintenance of the market supervision big data center, and support the construction of smart supervision.
4. The Technical Center for Defective Product Recall of the State Administration for Market Regulation was recently established. The center will mainly carry out research on product and food safety and recall policy theories and technical standards, put forward suggestions on relevant management policies, planning and preparation, innovation and development, quality improvement, etc., collect, monitor and analyze defect information, filing information and foreign recall information, as well as product injury monitoring and accident in-depth investigation, undertake the construction and operation of recall information system, technical expert database and testing resource library, and carry out technical work such as defect investigation, defect identification, recall plan and effect evaluation, risk early warning, etc.
5. Following the six major commercial banks, including the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, the China Construction Bank, the Bank of Communications and the Postal Savings Bank, a number of national joint-stock banks announced that they would lower the listed interest rates of RMB deposits from the 25th.
These joint-stock banks include: China CITIC Bank, Ping An Bank, China Everbright Bank, Minsheng Bank, Guangfa Bank, Shanghai Pudong Development Bank, Zheshang Bank, Industrial Bank, Hengfeng Bank, Huaxia Bank, Bohai Bank, plus China Merchants Bank, which has been lowered before, and 12 national joint-stock banks have all lowered the listed interest rates of RMB deposits.
6. Since December, dozens of listed companies have issued announcements due to repurchases and other matters, disclosing the latest top ten circulating shareholders. Long-term capital layouts such as insurance funds, foreign capital, social security funds and pension products have emerged, and tracks such as artificial intelligence, large consumption, medicine and new energy have been popular.
7. On December 25, according to the data of the China Futures Association, as of the end of November 2023, there were 150 futures companies in China, distributed in 29 jurisdictions. In November 2023, the trading volume was 54.89 trillion yuan, an increase of 36.68% month-on-month and 4.20% year-on-year, the trading volume was 812 million lots, an increase of 42.09% month-on-month and 16.17% year-on-year, the operating income was 3.363 billion yuan, an increase of 36.37% month-on-month and 3.59% year-on-year, and the net profit was 679 million yuan, an increase of 88.67% month-on-month and a year-on-year decrease of 27.27%.
8. According to CCTV News, on December 25, local time, the member states of the Eurasian Economic Union signed a formal free trade agreement with Iran, which will replace the temporary agreement signed and entered into force in 2019.
Key interpretations
China still has many favorable conditions for attracting foreign investment
According to the latest data released by the Ministry of Commerce, in the first 11 months of this year, the actual use of foreign capital in the country was 1,040.33 billion yuan, a year-on-year decrease of 10.0%. Since the beginning of this year, China's attraction of foreign investment has shifted from increasing to declining.
Industry insiders pointed out that looking forward to the future, China still has many favorable conditions for attracting foreign investment: it has a population of more than 1.4 billion, the world's largest middle-income group, the trend of steady expansion of consumption scale, continuous optimization of structure, and continuous enrichment of business formats has not changed; there is a complete industrial system, a complete industrial chain, and an increasingly modern infrastructure system, and the advantages of industrial supporting capacity and integration are still prominent; the construction of a new development pattern is being accelerated. It plays the role of a link and bridge in optimizing the allocation of resource elements, which has great prospects and broad prospects.
In the deployment of the nine key tasks for next year, the Central Economic Work Conference stressed the need to "expand high-level opening up", "relax market access for service industries such as telecommunications and medical care, benchmark international high-standard economic and trade rules, and earnestly solve problems such as cross-border data flow and equal participation in government procurement", and the signal of steadily expanding institutional opening-up is clear. We will make every effort to implement a series of policies and measures such as the "24 Measures for Stabilizing Foreign Investment", increase efforts to attract and utilize foreign investment, and effectively boost the confidence of foreign investment in the development of China.
"I believe that with the implementation of these practical measures, the environment for foreign investors to operate in China will become better and better. Shu Jueting, spokesperson of the Ministry of Commerce, said that it is believed that more foreign-funded enterprises will choose to "invest in China", grasp the "opportunity China", and achieve common development with "open China".
A number of leading game companies have issued announcements on increasing their holdings or buying back
On December 25, a number of leading game companies such as Gigabit, Kaiying Network, and Perfect World issued announcements on increasing their holdings or repurchasing to convey their confidence in the company's future development prospects to investors.
On the same day, the National Press and Publication Administration released the "Approval Information for Domestic Online Games in December 2023", with a total of 105 products passing the review, and the number of single approvals exceeded 100 for the first time, which strongly demonstrated the clear attitude of the competent authorities to actively support the development of online games.
In addition to game companies, listed companies from semiconductors, industrial machinery, automobile manufacturing, electronic equipment and other fields have also recently announced buyback plans to increase their holdings. The reporter found that since December, the scale of repurchase has hit a new high in the year.
In recent years, China's game industry has developed rapidly and achieved remarkable results. According to the latest "2023 China Game Industry Report", the actual sales revenue of the domestic game market exceeded the 300 billion yuan mark for the first time this year, and the number of users reached a new high, reaching 668 million. The Game Working Committee of the China Audio and Digital Association expressed the hope that the majority of member units will take this opportunity to strive to launch more high-quality products, promote the high-quality development of the online game industry, and contribute to the prosperity and development of culture and the construction of a cultural power.
Industry insiders said that the significance of frequent buybacks of listed companies is to stabilize stock prices, enhance investor confidence and increase the value of the company. These actions show that the company's management has confidence in the company's future development, believes that the company is undervalued, and can improve the company's market value and shareholders' interests by increasing its holdings and buybacks. (For details, see this newspaper's report "Tonight, Break Out Again!")
Company News
1. Yihua, Hubei: On December 25, according to the official WeChat public account of Daohuaxiang Group, Cai Hongzhu, the founder, secretary of the Party committee and lifelong honorary chairman of the group, passed away at 19:30 on December 24, 2023 at the age of 73.
According to the data, Cai Hongzhu was born in October 1951 and is a well-known entrepreneur in Yichang, Hubei Province, who founded the "Daohuaxiang" liquor industry from scratch. At present, Daohuaxiang has developed into a large-scale enterprise group with liquor as the main industry and logistics, supporting facilities and cultural tourism as the supplement.
2. Xiangxue Pharmaceutical: On December 25, the company announced that recently, the company received the "Civil Complaint" and other relevant legal documents issued by the People's Court of Wuhua County, Guangdong Province, with the Wuhua County Branch of Agricultural Bank of China Co., Ltd. as the plaintiff, and filed a lawsuit against the company and its subsidiaries due to the dispute over the financial loan contract between the company's subsidiary Guangdong Xiangxue Wisdom Traditional Chinese Medicine Industry Co., Ltd. and its subsidiary, involving an amount of 246 million yuan.
3. Changan Automobile: On the evening of December 25, it announced that it signed a "Memorandum of Cooperation" with Ganfeng Lithium to accelerate the promotion of (semi-)solid-state battery R&D joint venture projects and manufacturing industrialization projects in accordance with the principle of "equal shareholding and efficient operation", and based on the R&D cooperation of the next generation of automotive power battery (semi-)solid-state batteries, explore the extension of cooperation in upstream lithium ore resources, lithium salt deep processing, battery materials, midstream battery manufacturing and downstream comprehensive recycling of waste batteries, and promote strategic cooperation in the whole chain of the battery industry.
On November 24 this year, Times Changan Power Battery Co., Ltd., a joint venture established by Deep Blue Automobile, Changan Automobile and CATL, has ushered in the first battery cell product off the assembly line. With the signing of a memorandum of cooperation with Ganfeng Lithium, Changan Automobile has collected two "trump cards" in the power battery industry chain, namely CATL and Ganfeng Lithium.
4. JD.com: On December 25, JD.com posted a Tesla poster on Weibo with the text "See you on December 31". Subsequently, Tesla posted a response to JD.com on its official Weibo, saying that it will see you on December 31. The move has attracted market attention, and there is speculation that the two companies will cooperate. In this regard, Tesla told the China Securities Journal and China Securities Taurus reporter: "The cooperation between the two sides is not to sell cars. ”
5. Tongwei Co., Ltd.: On the evening of December 25, it announced that it plans to invest in the construction of a green substrate integration project in Ordos City, with a total investment of about 28 billion yuan, including an annual output of 500,000 tons of green substrates (industrial silicon), 400,000 tons of high-purity crystalline silicon projects and supporting facilities. The project will be constructed in phases, including the construction of 200,000 tons of green substrate (industrial silicon) and 200,000 tons of high-purity crystalline silicon projects in the first phase (the total investment amount of the first phase of the project is expected to be about 13 billion to 14 billion yuan, subject to the implementation of the project), and the second phase of the construction of 300,000 tons of green substrates (industrial silicon) and 200,000 tons of high-purity crystalline silicon projects. As of December 25, the company's total market value reached 106.7 billion yuan.
The Puhua Industry Research Institute predicts that under the influence of energy transition and the "dual carbon" goal, the demand for industrial silicon in mainland China is expected to reach 4.8 million tons in 2025, with a market size of nearly 100 billion yuan, and the number of industrial silicon consumed in the polysilicon field will exceed 1.9 million tons by 2025, accounting for 41% of domestic industrial silicon consumption.
6. Amethystum Storage: Recently, Amethystum Storage, a former A-share listed company (now referred to as "R Amethystum 1", 400181) disclosed in the national stock transfer system that the company learned from the Meizhou Municipal Public Security Bureau that according to relevant regulations, Zheng Mu, the actual controller, and Luo Tiewei, the actual controller acting in concert, were suspected of fraudulent issuance of securities and were taken compulsory measures.
Amethystum Storage said that the above two people are currently detained in the Meixian District Detention Center in Meizhou City. According to another announcement, the two have now been arrested by the Meizhou Municipal Procuratorate. The above events will have a material adverse impact on the company's operations and may involve a change in the actual controller.
7. Weichuang shares: On December 25, Weichuang shares opened straight down and finally closed at 4.34 yuan per share. In the evening, the company disclosed that the board of directors recently received the resignation reports of Wen Jingjing, the head of finance, and Gao Zhiping, and Geng Zhijian, independent directors. Last month, Zhang Shuhan, secretary of the board of directors, and Zhang Wendong, an independent director, both resigned. Prior to that, a number of senior executives and finance leaders resigned en masse.
On the evening of December 24, Weichuang Co., Ltd. disclosed that Lu Keping, the controlling shareholder of the limited partner of Taizhou Zhongshu Wolken Equity Investment Partnership (Limited Partnership), the controlling shareholder of Jiangsu Sunshine Group Co., Ltd., was filed by the CSRC on suspicion of illegal information disclosure. Prior to this, Weichuang shares suddenly disclosed the announcement on the evening of December 22, and the company and the proposed acquirer Liu Jun were investigated by the Securities Regulatory Commission for suspected illegal information disclosure.
8. Tsit Wing Technology: On the evening of December 25, it was announced that the company's controlling shareholder, Tsit Wing Group, and Sichuan Development Fund signed the "Share Transfer Agreement" on December 25, intending to transfer 19.9107 million shares of Tsit Wing Technology at a price of 35.028 yuan per share (accounting for 8.08% of the company's total share capital), with a total transfer price of 697 million yuan. If the above transaction is finally implemented, the controlling shareholder and actual controller of the company will remain unchanged.
Tsit Wing Technology staged the "Earth and Sky Board" on the 25th, with a turnover of more than 2 billion yuan. Within 6 trading days, 4 daily limits were gained, with a cumulative increase of 39.76%, and a total market value of about 10.5 billion yuan.
9. On December 25, according to the official website of the State Administration of Radio and Television, the State Administration of Radio and Television approved the establishment of the "Key Laboratory of UHD Technology Innovation and Application of the State Administration of Radio and Television" in Huawei Technologies Co., Ltd. The reply made it clear that the "Key Laboratory of UHD Technology Innovation and Application of the State Administration of Radio and Television" should focus on the UHD industry chain and carry out key basic technology innovation and application demonstration of the whole chain in the fields of content production, transmission and distribution, and terminal presentation, so as to promote the upgrading of the whole industry chain of UHD end-to-end.
According to the "2023-2028 China UHD Video Special Research and Development Prospect Forecast and Evaluation Report" released by the China Business Industry Research Institute, by the end of 2022, the scale of the mainland's UHD video industry will be about 3 trillion yuan. The China Business Industry Research Institute predicts that the scale of China's ultra-high-definition video industry will reach 4 trillion yuan by 2023 and further increase to 5 trillion yuan in 2025.
Selected Research Reports
Guotai Junan Securities believes that the current market "has a margin in trading, but there is still a lack of margin", and the marginal allocation force comes from medium and long-term funds with cross-year allocation needs, rather than high-risk investors who trade theme stocks. The idea of looking for an over-fall rebound mainly selects stocks whose valuations have been revised down sharply in the early stage and whose valuations are at a low level, so some of the mid- and large-cap growth stocks (pharmaceuticals, electronics, military industries, etc.) that have been adjusted in the early stage have ushered in rebound opportunities. The focus of the recent over-fall rebound market should be on large-cap stocks rather than small-cap stocks, and the bottom position should choose defensive sectors with low-risk characteristics, and flexibly select growth stocks to do the over-fall rebound.
Debang Securities believes that in the U.S. stock market, the current interest rate cut transaction is not over, but with the increase in the volatility of U.S. stocks, it is necessary to be vigilant against the possibility of a technical return to the follow-up market, in which the negative impact of the profit side on U.S. stocks may be amplified. From the denominator side, long-end U.S. bond interest rates may enter a steady state after a rapid decline, and in the context of the Fed's return to neutral interest rates, short-end interest rates may begin to decline significantly in the future, which will further support interest-sensitive sectors.
Reporter: Ya Wenhui Editor: Zhang Zhixuan Producer: Li Ruoyu Signed: Ding Jianming
