In November, industrial profits surged by 29.5%, and the single approval of domestic online games exceeded 100丨A hot review of the week

Industrial profits surged 29.5% in November

According to data released by the National Bureau of Statistics on December 27, in November, the profits of industrial enterprises above designated size increased by 29.5% year-on-year, and the growth rate was significantly faster than that in October, and profits have achieved positive growth for four consecutive months.

In 1~11 months, the profits of industrial enterprises above designated size fell by 4.4% year-on-year, 3.4 percentage points narrower than that in 1~10 months, continuing the trend of narrowing month by month since March, and the profit decline narrowed to less than 5% for the first time in the year.

The revenue of industrial enterprises has rebounded for five consecutive months, driving the recovery of profits to accelerate. In the first 11 months, the operating income of industrial enterprises above designated size increased by 1% year-on-year, and the growth rate was 0.7 percentage points faster than that in 1~10 months. Among them, the operating income of industrial enterprises above designated size increased by 6.1% year-on-year in November, and the growth rate was 3.6 percentage points faster than that in October, rebounding for five consecutive months, which effectively drove the growth of corporate profits.

Nearly sixty percent of the industry's profits have grown, and eighty percent of the industry's profit growth has rebounded. In 1~11 months, among the 41 major industrial industries, 24 industries had a year-on-year increase in profits, with a profit growth area of 58.5%, an increase of 14.6 percentage points compared with 1~10 months; 33 industries had a profit growth rate of 80.5%, an increase of 7.3 percentage points compared with 1~10 months.

As the effect of macro policies continues to emerge, domestic demand has gradually recovered, and the profits of industrial enterprises in 1~11 months have shown an accelerated recovery trend. Among them, the cumulative year-on-year decline in November narrowed, mainly driven by raw materials. Looking forward to the next stage, it is expected that the cumulative decline in profits of industrial enterprises is expected to continue to narrow, but factors such as the slowdown in the slope of PPI decline and the greater uncertainty in the recovery of real estate may limit the profit recovery space of industrial enterprises.

All three major indexes ended in the red, with the Shanghai Composite down 3.7% for the year

On December 29, the last trading day of 2023, the main A-share index ended in the red. At the close, the Shanghai Composite Index rose 0.68% to close at 2,974.93 points, the Shenzhen Component Index rose 0.89% to close at 9,524.69 points, the ChiNext Index rose 0.63% to close at 1,891.37 points, the STAR 50 Index rose 0.19%, and the Beijing Stock Exchange 50 rose 2.48%.

For the whole of 2023, most of the major A-share stock indexes closed down, with the Shanghai Composite Index falling 3.7% to close below 3,000 points, the Shenzhen Component Index falling 13.54%, and the ChiNext Index falling 19.41%, the largest decliner.

Since the beginning of this year, despite the successive introduction of policies to protect the market, the performance of the A-share market has been lower than expected, and the "3000-point defense battle" has almost run through the whole year, and the reason is that the current investor confidence is still insufficient. However, some institutions are not pessimistic about the market performance next year. The reasons include that the overall valuation of the market is at a historical bottom, the direction of marginal easing of overseas liquidity has arrived, and a series of policy effects continue to be released. After more than two years of adjustment, A-shares are expected to usher in an over-falling opportunity.

The construction of a unified national market has been accelerated

On December 18, after the executive meeting of the State Council made new arrangements for the construction of a unified national market, the State Council Information Office held a regular briefing on the policies of the State Council on the 26th. The relevant persons in charge of the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Transport, and the State Administration for Market Regulation introduced the latest progress and next work arrangements for the construction of a unified national market.

Li Chunlin, deputy director of the National Development and Reform Commission, said that it will study and formulate guidelines for the construction of a unified national market, accelerate the introduction of the "Social Credit Construction Law" and "Regulations on the Review of Fair Competition", optimize the standard supply structure, strengthen the management of the government's standard-setting standards, and further improve the unified market basic system rules.

In terms of the fiscal and taxation system, the implementation plans for the reform of the financial system in some provinces have been issued and implemented, and the establishment and improvement of the fiscal system below the provincial level with a more reasonable allocation of powers and responsibilities have been promoted. In terms of the statistical system, we will deepen the statistical reform of industrial activity units as legal persons, and promote the local statistics of non-local branches in the fields of automobiles, petroleum, and department store retail.

He introduced that since 2023, some progress has been made in building a unified national market. Efforts have been made to eliminate a number of outstanding problems in local protection and market segmentation, and a number of key tasks in promoting efficient market connectivity have yielded results. On the whole, speeding up the construction of a unified national market has played a positive role in promoting smooth domestic circulation, stimulating market vitality, reducing transaction costs, releasing the potential of domestic demand, and consolidating the foundation for economic recovery.

Speeding up the construction of a large unified national market is one of the key points of economic work at present and in the future. Accelerating the construction of a unified national market and promoting the smooth flow of factor resources in a wider range will strengthen the advantages of China's super-large-scale market and play a positive role in promoting stable development expectations. In this process, it is very important to break down local protection and administrative monopolies, which requires all parties concerned to clean up the policies and measures that hinder the unified market and fair competition; at the same time, it is also necessary to establish various systems and rules to promote "breaking" and support the acceleration of the construction of a unified national market.

The single approval of domestic online games exceeded 100 for the first time

On December 25, the National Press and Publication Administration released 105 newly approved domestic game version numbers, and the number of single approvals exceeded 100 for the first time since the normalization of the release of edition numbers, covering a wider range of game companies.

This new batch of edition numbers is a batch of domestic online game editions approved by the National Press and Publication Administration after a new batch of imported online game editions were approved on December 22. On the 22nd, the National Press and Publication Administration released the approval information of 40 imported online games in 2023.

According to the statistics of the National Press and Publication Administration and the Game Industry Network, 748 game versions were issued in 2021, of which 672 were made in China and 76 were imported, 512 game versions were issued in 2022, 468 were made in China and 44 were imported, and 1,075 game versions were issued so far in 2023, of which 977 were made in China and 98 were imported.

Recently, the gaming industry has become the focus of the market. On the 22nd, the National Press and Publication Administration issued the "Measures for the Administration of Online Games (Draft for Solicitation of Comments)", which imposed restrictions on the approval system for online games, restrictions on excessive use of games and high consumption, etc., causing stock price turmoil in the game industry. On the 23rd, the National Press and Publication Administration responded that the draft opinion is based on ensuring and promoting the prosperity and healthy development of the online game industry, and soliciting opinions from the public is also a process of listening to opinions more widely and improving rules and regulations. The State Press and Publication Administration will conscientiously study and further revise and improve the opinions put forward by all parties.

【Comments】Recently, there has been a "huge earthquake" in the game circle, and the stock price trend has been volatile. The National Press and Publication Administration has approved more than 100 new game versions, releasing an attitude of actively supporting the development of online games. In fact, the data of the past three years shows that the stability of the version number policy has gradually increased, and the game market has rebounded significantly, and the number of game licenses issued this year has reached twice that of last year. Therefore, despite the recent decline in stock prices, institutions are still generally optimistic about the continued recovery of the industry, and many game companies have also indicated that they will buy back shares to stabilize and enhance the value of the company.

Xiaomi SU7 officially unveiled, pricing "respects technology"

On December 28, at the Xiaomi Automotive Technology Conference, Xiaomi SU7 was officially unveiled, positioning it as a C-class high-performance ecological technology car.

Lei Jun, chairman and CEO of Xiaomi, said that for Xiaomi Group, Xiaomi Auto is a major leap from the mobile phone industry to the technology industry, and it is also a key leap in the complete closed-loop of the whole ecology of people, cars and homes. Xiaomi Auto is a brand new start for Xiaomi Group.

Lei Jun introduced that the Xiaomi SU7 has an acceleration time of 100 kilometers per hour in 2.78 seconds and a top speed of 265 kilometers per hour, surpassing the Taycan Turbo and Model S at a top speed. Xiaomi's 800V silicon carbide high-voltage platform has a maximum voltage of 871V, which was jointly developed with CATL over a two-year period and adopts CTB integrated battery technology.

Regarding the price of Xiaomi cars, Lei Jun said that Xiaomi cars are equipped with 101kWh CATL Kirin batteries, ternary lithium cells, and the prices of products with the same performance and configuration are more than 400,000 yuan. "Don't talk about 99,000 anymore, impossible, don't talk about 149,000 anymore, we still have to respect technology. ”

【Comments】1003 days after the official announcement, Xiaomi Auto has finally unveiled the mystery. As for the price and other information that the market pays attention to, Lei Jun still sells it. However, judging from various information, the price of Xiaomi cars should not be cheap. According to the analysis, the current new energy vehicle industry has been extremely involuted, the price war has entered a white-hot stage, Xiaomi has not caught up with the good time to make cars, and secondly, there is no price advantage, and its "cost performance" to the "high-end" road will be full of uncertainty.

Taobao and JD.com followed up with the "refund only" service

On December 27, the news that "Taobao will support refund-only" rushed to the hot search on Weibo. The new Taobao Platform Dispute Resolution Rules introduce a "refund-only" policy, which uses big data to perceive and calculate "probability" (possible but not inevitable) to firmly protect the rights and interests of buyers.

At the same time, the news that JD.com supports "refund only" has also been on the hot search. JD.com has updated the "JD Open Platform After-sales Service Management Rules" and the "JD Open Platform Transaction Dispute Settlement General Rules", adding new implementation standards to support refunds and returns. According to the new regulations, if a user has a transaction dispute with a merchant after receiving the goods, the platform supports that users can directly get a refund and do not need to return the goods to the merchant. Once the refund is complete, the customer will not be able to request a return for the item again.

Pinduoduo launched the "refund only" model in 2021, and won the favor of users with the attitude of unconditional station consumers, and fought out of the encirclement of e-commerce platform giants. In the third quarter of this year, Pinduoduo's revenue increased by 93.9%, while Taobao, Tmall, and JD.com only had 4% and 1.7%, respectively. Under pressure, Taobao and JD.com followed up with "refund only", which was also a helpless move. However, in fact, the "refund only" operation is full of controversy and bugs, and the excessive tilt towards consumers will inevitably damage the interests of merchants, and the extreme will maliciously impact merchants, which is not conducive to the development of the industry in the long run. Therefore, how to balance the interests of merchants and consumers is a long-term homework for the e-commerce industry.

The first class action settlement came into effect, with a compensation of $280 million

On December 26, the Zeda Yisheng case, known as the first settlement of China's securities class action lawsuit, came to an end. Zeda Yisheng's 7,195 investors received full compensation of more than 280 million yuan, with an average compensation of 38,900 yuan per person.

The reason is that on April 21 this year, the China Securities Regulatory Commission issued an administrative penalty decision to Zeda Yisheng, and Zeda Yisheng and the relevant person in charge of the company were fined 142.5 million yuan by the Securities Regulatory Commission for fraudulent issuance and other illegal acts of information disclosure;

On July 21, China Securities Small and Medium-sized Investor Service Center Co., Ltd. (hereinafter referred to as "SME Investment Service") was specially authorized by some investors to apply to the Shanghai Financial Court to participate in the litigation as a representative; on December 5, after mediation presided over by the Shanghai Financial Court, the small and medium-sized investment service signed a draft mediation agreement with the 12 defendants on behalf of all the plaintiff investors and submitted an application to the Shanghai Financial Court for the preparation of a civil mediation document; on December 26, the mediation officially took effect.

Lin Xiaoni, the presiding judge of the case and vice president of the Shanghai Financial Court, said that this case is the first attempt at the settlement of securities class actions. In mediation, the collegial panel adheres to the principle of paying equal attention to punishing the first evil and substantively resolving disputes, and clarifies in the civil mediation document that the listed company and the actual controller bear the main responsibility, and at the same time takes into account various factors such as the severity of the responsibilities of all parties, solvency, industry reputation, and subsequent recovery, and resolves disputes efficiently and finally through reconciliation, striving to achieve a balance between the protection of the rights and interests of small and medium-sized investors and the effective control of securities market risks.

Legal experts believe that this case is a milestone in the history of mainland securities civil litigation, and the settlement reflects a win-win result, which is worth vigorously advocating. In this case, settlement can not only reduce the cost of protecting investors' rights and protect their rights and interests to the greatest extent, but also give the defendants the opportunity to make up for their own faults and reduce the negative impact of illegal events on the capital market, especially the STAR Market, which is a better way out for securities class actions.