Weekly review|Xiaomi's starting price is 215,900, and the ADR of U.S. stocks rises 12.14%

First, the industry macro

"The central bank buys treasury bonds" essay makes the stock market rise?

On the morning of March 28, a number of sources, including well-known scholar Liu Yuhui, showed that the central bank would buy treasury bonds. This rumor was interpreted by the market as "China's version of Super QE (Quantitative Easing)". As soon as the news came out, the market immediately chose to "believe". The Shanghai Composite Index surged higher throughout the day, and although it fell back after 2 p.m., it still returned to 3,000 points.

However, whether it is a domestic public offering, a brokerage, or an overseas investment bank, it is believed that the Chinese version of QE will not happen, and the central bank will not inject liquidity by flooding.

Morgan Stanley pointed out in its latest research report that the Chinese version of QE will not happen. In Morgan Stanley's view, it has become standard practice for central banks around the world to shift from the use of central bank bills, reverse repo and lending facilities (LFs) to the greater use of government bond trading to control financial conditions to improve open market operating mechanisms. The central bank will not buy government bonds in the primary market, so this cannot be quantitative easing.

Chuangjin Hexin Fund also gave the same view, and the central bank's trading of treasury bonds in the secondary market should not be equated with fiscal monetization or QE. Article 29 of the People's Bank Law clearly stipulates that the People's Bank of China shall not overdraft government finances and shall not directly subscribe to or underwrite treasury bonds and other government bonds. The central bank's purchase of treasury bonds in the secondary market is conducive to better ironing out the disturbance of liquidity caused by the centralized issuance of treasury bonds, which may boost market sentiment in the short term.

Wang Yuchao also suggested that the market is currently focusing on whether the central bank will combine other monetary policy tools for comprehensive control.

The Soochow macro team pointed out that combined with overseas experience, it may not have reached the point where the central bank directly buys treasury bonds on a large scale. The United States and Japan mainly buy treasury bonds through outright purchases in the secondary market, and we find that the timing of their central banks' bond purchases has some common characteristics: first, the macroeconomic pressure is under pressure, second, the central bank has no room to cut interest rates, and third, the central bank's bond purchases may have "path dependence", and once they are opened, it is difficult to exit.

The drone "flash delivery" is coming!

With the increasing number of application scenarios, the imagination space brought by the low-altitude economy is also increasing. Recently, two UAV logistics service products: "UAV cross-city emergency delivery" and "UAV intra-city instant delivery" were successfully launched in Shenzhen, Guangdong, which marks the further expansion of Shenzhen's low-altitude logistics and transportation into a new scenario of normalization and commercial operation.

CCTV reporter Shan Zhichao saw that at the take-off and landing point of the same city and cross-city drone logistics transportation in Shiyan, Bao'an, Shenzhen, Guangdong, many drones take off and land here, covering all the sending points and receiving points within a radius of five kilometers nearby.

Chen Xiaohui, political director of a logistics company in Shenzhen, Guangdong Province, said that from Nanshan to Bao'an, the traditional land transportation has to go through at least two transit yards, and now it is directly transported from Nanshan to the UAV distribution center in Shiyan by UAV, and then transported by UAV to the outlets of the express destination, and the overall time efficiency has been increased by more than 50%.

Is Shanghai about to implement a price-based purchase restriction policy?

A few days ago, there were market rumors that Shanghai is about to implement the policy of restricting the purchase of houses, with a unit price of less than 100,000 yuan/square meter and a total price of less than 14.4 million yuan, and a unit price of less than 80,000 yuan/square meter and a total price of less than 11.52 million yuan for second-hand houses. In response to this rumor, the relevant staff of the Shanghai Real Estate Exchange Center said that the current purchase restriction policy in Shanghai has not been adjusted and is still implemented according to the original policy.

Second, the company

Xiaomi's starting price is 215,900, and the ADR of US stocks rose 12.14%

On the evening of March 28, the high-profile Xiaomi car SU7 press conference came to an end, and the mystery of the pricing that whetted people's appetite was finally revealed. That night, the topics of "Xiaomi car SU7 price" and "Lei Jun Thor" exploded directly, and there were many related topics that dominated the hot search list on Weibo. In addition, together with friends "Tesla", "Wenjie M9", "BYD", "Weilai" and so on also rushed to the hot search. After the sale started at 10:00 p.m. on March 28, Xiaomi Auto said on social platforms that Xiaomi SU7 exceeded 10,000 units in 4 minutes after the sale, 20,000 units in 7 minutes after the sale, and 50,000 units in 27 minutes. The unexpected price made netizens call Lei Jun "Thor". Since then, Xiaomi's ADR share price soared after the U.S. stock market opened, rising 12.14%.

Lei Jun introduced at the press conference held on the evening of March 28 that the price of Xiaomi SU7 standard version (rear-drive long-range intelligent driving version) is 215,900 yuan, the price of Xiaomi SU7 Pro version (rear-wheel drive ultra-long-range high-end intelligent driving version) is 245,900 yuan, and the price of Xiaomi SU7 Max version (high-performance four-wheel drive ultra-long battery life high-end intelligent driving version) is 299,900 yuan.

PetroChina's share price continued to hit an eight-year high

On the morning of March 29, PetroChina PetroChina: 601857 9.88 6.81% + The self-selected share price continued to hit a new high since 2016, rising 6.7% intraday and closing up 6.16%. In early trading, the petroleum and petrochemical sector as a whole rose, CNOOC and Compton rose by the limit, and the "three barrels of oil" collectively rose sharply, with CNOOC and Sinopec rising 3.52% and 2.89% respectively. PetroChina recently released its 2023 annual report, achieving a net profit attributable to the parent company of 161.144 billion yuan, a year-on-year increase of 8.34%, which has increased for three consecutive years. The company said in the annual report that the new energy business has achieved large-scale leapfrog development, and actively promoted the implementation of new energy projects in Xinjiang, Qinghai, Jilin, Heilongjiang and other regions, with a new energy development and utilization capacity of 11.5 million tons of standard coal per year, and CCUS (carbon capture, utilization and storage) injection of 1.592 million tons of carbon dioxide.

Vanke Chairman Yu Liang's monthly salary was reduced to 10,000 yuan

On the evening of March 28, Vanke A released its 2023 annual results announcement. According to the announcement, Vanke's operating income in 2023 will be 465.74 billion yuan, a year-on-year decrease of 7.6%, and the net profit attributable to shareholders of listed companies will be 12.16 billion yuan, a decrease of 10.53 billion yuan, or 46.4%, compared with 22.69 billion yuan in 2022. According to Vanke's annual report, at a time when the performance declined sharply, eight senior executives of Vanke voluntarily waived their bonuses for 2023 and received a total of RMB7.661 million in pre-tax remuneration from the Group during their tenure in 2023, while four independent directors received a total of RMB1.5 million in pre-tax remuneration from the Group during their tenure as directors in 2023. Xin Jie, Vice Chairman of the Board of Directors, Hu Guobin, Huang Liping, Lei Jiangsong, Directors and Li Miao, Supervisor, who did not serve in the Company, voluntarily gave up the remuneration of directors and supervisors from the Group. Since the date of disclosure of the report, Yu Liang, Chairman of the Board of Directors of Vanke, Zhu Jiusheng, President of Vanke, and Chairman of the Board of Supervisors have unfrozen and voluntarily received a monthly salary of 10,000 yuan before tax. Previously, Yu Liang's annual salary exceeded 10 million at its peak.

3. Funds

14 10 billion private equity heavy stocks exposed

With the successive disclosure of annual reports, the shareholding trends of well-known private equity companies such as Gaoyi Assets, Renqiao Assets, and Yingshui Investment at the end of last year also surfaced. According to the incomplete statistics of the private placement network, as of March 27, there were 14 private equity products of 10 billion yuan

Appeared in the list of nearly 30 companies in the top ten circulating shareholders at the end of last year.

From the perspective of industry, electronics, machinery and equipment and basic chemical industry became the most favored industries by 10 billion private placements in the fourth quarter of last year, with 3 companies being heavily invested by 10 billion private placements, followed by communications, biomedicine, non-ferrous metals, building materials and other industries, with 2 companies being heavily invested by 10 billion private placements.

Specifically, as of the end of last year, Gao Yi Xiaofeng No. 2 Zhixin Fund managed by Deng Xiaofeng held 401,777,500 shares of Zijin Mining, with a market value of about 5.006 billion yuan at the end of the period, and Gao Yi Xiaofeng No. 2 newly purchased 20,141,600 shares of Wanhua Chemical in the fourth quarter of last year, with a market value of about 1.547 billion yuan. Gao Yi Xiaofeng Hongyuan Collective Plan holds 297,056,600 shares of Zijin Mining, with a market value of 3.701 billion yuan. In addition, Deng Xiaofeng also has a heavy position in China Jushi, with Gao Yi Xiaofeng Hongyuan Holding 45,409,600 shares of China Jushi and Gao Yi Xiaofeng No. 2 holding 42,969,700 shares of China Jushi.

Renqiao Zeyuan, a subsidiary of Renqiao Asset Management led by Xia Junjie, held 8,107,600 shares of Hunan Gold at the end of last year, with a market value of about 90 million yuan, and held 10,723,800 shares of Quanyin Hi-Tech, with a market value of about 90 million yuan.

Zhao Jun's Tamsui Spring Global Growth Phase 1 of Tamsui Spring Global Growth Phase 1 in the fourth quarter of last year newly entered 9.085 million shares of Beijing New Building Materials, plus 9.399 million shares held by Tamsui Spring Balance Phase 5, the two products hold a total of 18.485 million shares, with a total market value of 432 million yuan.

Lu Gaowen's Yingshui Guantong No. 17, a subsidiary of Yingshui Investment, held 7.3699 million shares of Hailian Jinhui at the end of last year, with a market value of about 49 million yuan, and Yingshui Wenlong held 10.9359 million shares of SIIC Development at the end of last year, with a market value of about 59 million yuan.

Xuanyuan Kexin No. 105, a subsidiary of Xuanyuan Investment, held 6.5893 million shares of Xintian Technology at the end of last year, with a market value of about 104 million yuan, and Xuanyuan Kexin No. 272 held 4.0315 million shares of Jianghua Micro at the end of last year, with a market value of about 65 million yuan.

In addition, the products of Dunhe Assets entered Tianjin Port with 7.781 million shares in the fourth quarter of last year, with a market value of 31.979 million yuan. At the end of last year, the two products of Panjing Investment held 10,761,500 shares and 10,758,300 shares of Cinda Assets respectively.