Last Friday, local time, U.S. stocks rose across the board. At the close, the Dow rose 0.80%, the S&P 500 rose 1.11%, and the NASDAQ rose 1.24%.
In the week, the Dow fell 2.3%, leading the major stock indexes and recording its biggest weekly decline of the year, while the S&P 500 and Nasdaq fell 1.0% and 0.8%, respectively, and the Russell 2000 fell 2.9% over the same period, its worst weekly performance since early January.
In terms of individual stocks, Tesla's intraday trend fluctuated, once falling 6%, and finally closed down 3.6%. The media quoted people familiar with the matter as saying that Tesla intends to abandon the launch of affordable models, but the company's CEO Elon Musk later denied it on social media. After hours, Musk announced on social media X that Tesla would release a driverless taxi (Robotaxi) product on August 8, and the stock rose nearly 4% after hours.
In commodities, bets on a Fed rate cut, speculative buying and strong central bank demand contributed to a combination of factors that kept gold prices on the rise, climbing to record highs on Friday. Spot gold rose 1.5% to $2,323.24 an ounce, up more than 4% for a week, and gold prices rose for the third consecutive week, while U.S. gold futures closed up 1.5% at $2,342.7 an ounce.
In addition, the U.S. Bureau of Labor Statistics released the latest data before the market, adding 303,000 new non-farm payrolls in March, far exceeding the expected value of 200,000, the previous value of 270,000, and the unemployment rate in March was 3.8%. Wages, one of the key indicators influencing the trend of inflation, increased by 4.1% year-on-year in the previous month and 0.3% month-on-month, accelerating from the previous value of 0.1%, and the labor force participation rate was 62.7%.
►►In order to implement the spirit of the Central Economic Work Conference and the Central Financial Work Conference, do a good job in the financial "five major articles", and implement the decision and deployment of the executive meeting of the State Council on promoting a new round of large-scale equipment renewal and trade-in of consumer goods, the People's Bank of China has set up scientific and technological innovation and technological transformation re-loans, and encouraged and guided financial institutions to increase financial support for technology-based small and medium-sized enterprises, technological transformation and equipment renewal projects in key areas.
The reloan amount for scientific and technological innovation and technological transformation is 500 billion yuan, with an interest rate of 1.75% and a term of 1 year, which can be extended twice and each time for a period of 1 year. The recipients include 21 financial institutions, including China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank of China, and joint-stock commercial banks. The establishment of re-loans for scientific and technological innovation and technological transformation will help guide financial institutions to provide credit support to technology-based small and medium-sized enterprises in the start-up and growth stages, as well as digital, intelligent, high-end and green technological transformation and equipment renewal projects in key areas under the premise of independent decision-making and risk-bearing.
►►According to statistics from the State Administration of Foreign Exchange, as of the end of March 2024, the mainland's foreign exchange reserves amounted to US$3,245.7 billion, an increase of US$19.8 billion, or 0.62%, from the end of February. In March 2024, affected by the monetary policies and expectations of major economies, macroeconomic data and other factors, the US dollar index rose, and global financial asset prices rose overall. Factors such as exchange rate translation and changes in asset prices combined to increase the scale of foreign exchange reserves in the month. The mainland's economic upward trend has been consolidated and strengthened, and the fundamentals of the long-term positive economy will not change, which will provide support for the scale of foreign exchange reserves to remain basically stable.
►►According to data released by the central bank, China's gold reserves were 72.74 million ounces at the end of March and 72.58 million ounces at the end of February, marking the 17th consecutive month of increasing gold reserves.
►►In order to implement the decisions and arrangements of the CPC Central Committee and the State Council, and continue to consolidate and improve the achievements of supply-side structural reform, in 2024, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Emergency Management, and the National Bureau of Statistics, together with relevant parties, will continue to carry out the regulation and control of national crude steel output, adhere to the focus on energy conservation and carbon reduction, distinguish the situation, maintain pressure, classify guidance, support the good and eliminate the inferior, promote the structural adjustment and optimization of the steel industry, and promote the high-quality development of the steel industry. In order to cooperate with the regulation and control of production capacity and output, relevant departments will jointly carry out the basic information mapping of equipment of national iron and steel smelting enterprises.
►►The People's Bank of China and the State Administration of Financial Supervision jointly issued the Notice on Adjusting Relevant Policies for Auto Loans, which mentions that financial institutions shall independently determine the maximum proportion of loans for self-use traditional power vehicles and self-use new energy vehicles based on the borrower's credit status and repayment ability under the premise of legal compliance and controllable risks. The maximum disbursement ratio of loans for self-use of traditional powered vehicles and self-use new energy vehicles shall be determined by financial institutions, the maximum disbursement ratio of loans for commercial traditional powered vehicles shall be 70%, the maximum disbursement ratio of commercial new energy vehicle loans shall be 75%, and the maximum disbursement ratio of second-hand car loans shall be 70%.
►►Recently, the National Energy Administration issued the "Key Points of Fixed-point Assistance and Counterpart Support in 2024" to deploy the annual work goals and key tasks. In 2024, the National Energy Administration will focus on guiding and helping the revitalization and development of the three counties from four aspects. First, accelerate the development of clean energy. Promote the construction of wind power and distributed photovoltaics, improve the regulation capacity of the power system, and explore new models of energy development. The second is to strengthen the infrastructure for energy supply. Consolidate and improve the power grid guarantee capacity, make up for the shortcomings of people's livelihood energy consumption, and promote the construction of power supply and heat sources. The third is to coordinate assistance resources and improve the effectiveness of assistance. Expand channels for consumption assistance, strengthen industrial assistance, empower education and employment assistance, and do a good job in the training of skilled talents. Fourth, adhere to the leadership of party building, boost assistance, improve quality and efficiency. We should do a good job in party building, make good use of red educational resources, and select and assign cadres on temporary duty.
►►Apple's latest regulatory filing shows that the company's CEO Tim Cook sold 196,400 shares last week for a total of about $33 million. Among them, 99,200 Apple shares were sold on April 1 at an average price of $170.03 per share, and 97,100 shares were sold on April 2 at an average price of $168.62 per share, with an additional 165 shares sold at $169.30 per share.
►►On April 4, the project dynamics of the Shenzhen Stock Exchange showed that due to the withdrawal of the company's and the sponsor CITIC Securities from the issuance and listing application, the Shenzhen Stock Exchange terminated the review of the main board issuance and listing of Zhouyu Design Group Co., Ltd., as well as the review of the GEM issuance and listing of Shenzhen Haojida Electronic Technology Co., Ltd.
Yangpu Medical: Deng Guanhua, chairman and general manager, was placed on file for investigation and placed in detention
Yangpu Medical announced that the company recently received the "Notice of Case Filing" and "Notice of Retention in Custody" issued by the Guangdong Provincial Supervision Commission, and Deng Guanhua, chairman and general manager of the company, was investigated and placed in custody on suspicion of violating discipline and law. As of the date of this announcement, the Company has not yet known the progress and conclusion of the investigation.
Ruichuang Micro-Nano: Ma Hong, the company's actual controller, chairman and general manager, was placed in detention
Ruichuang Micro-Nano announced that on April 4, it received the "Notice of Retention in Custody" and the "Notice of Case Filing" issued by the State Supervision Commission, and implemented retention in custody on Ma Hong, the actual controller, chairman and general manager of the company. As of the disclosure date of this announcement, the company's production and operation are normal.
Adoption of shares: The U.S. FDA issued an import alert for the adoption of medical treatment
On April 3, the U.S. FDA announced that it had issued an import alert to its wholly-owned subsidiary, Adopt Medical, saying that it did not meet the requirements of the device quality system to prevent plastic syringe products from entering the United States. The import alert will result in medical devices that are subject to medical treatment being detained by U.S. Customs without inspection, resulting in some medical syringe products temporarily unable to enter the U.S. market. Although the above information is public information on the FDA official website, this information will have a significant impact on the company's operations, and the company believes that it is necessary to remind investors of the above information in order to fully protect investors' right to know.
CNOOC: The suspension of some drilling platform operations has little impact on the company's drilling sector
CNOOC announced that on April 4, the company disclosed an announcement on the suspension of some drilling platform operations. The suspension of some drilling rig operations this time is due to the adjustment of the customer's operation plan, and the company still has a number of drilling rigs providing normal services in the area. At present, the company operates and manages a total of 62 drilling platforms, and the suspension of platform operations has little impact on the company's drilling sector. The company will adopt a variety of active and effective measures to reduce the impact of this matter on the company's overall performance. Therefore, the suspension of this operation is not expected to have any actual or significant impact on the company's overall business and financial condition.
Kehua Data: A wholly-owned subsidiary signed a framework agreement on computing power cooperation services
Kehua Data announced that Shanghai Kezhong, a wholly-owned subsidiary of the company, and Shanghai Beftin Technology Co., Ltd. (hereinafter referred to as "Befting") recently signed the "Computing Power Cooperation Service Framework Agreement". Based on its own needs, Beftin purchases computing power services from Shanghai Kezhong in accordance with the agreement agreement, collectively referred to as AI model computing services, and the framework agreement is valid from March 2, 2024 to March 1, 2025. Service billing: The "Business Application Form" stamped by both parties shall prevail.
Baike Biotech: Net profit in the first quarter is expected to increase by 199% to 254% year-on-year
Baike Biotech released a performance forecast, and the company expects to achieve a net profit of 55 million yuan to 65 million yuan in the first quarter of 2024, a year-on-year increase of 199.22% to 253.63%. During the reporting period, compared with the same period last year, new live attenuated herpes zoster vaccine products were added, which enriched the company's vaccine types and promoted the company's overall revenue increase.
Evergrande Automobile: The proposed transaction and debt-to-equity swap will no longer proceed
Evergrande Auto announced on the Hong Kong Stock Exchange that it has not made any further progress on the proposed transaction and the revision of the terms of the debt-to-equity swap. The Company confirmed that the proposed transaction and debt-for-equity swap will no longer proceed. As the Share Subscription is no longer proceeding, the Subscriber is not obliged under Rule 26 of the Takeovers Code to make an unconditional mandatory general offer in respect of all the issued shares not yet owned or agreed to be acquired by it and those acting in concert with it.
CITIC Securities: At present, it is in the revision period of domestic economic expectations and global liquidity expectations, and the A-share market is changing from incremental funds to stock capital games.
Haitong strategy: Looking forward to the second quarter, whether the rebound can continue depends on the verification of macro and micro fundamental data. Regardless of whether it is volatile or not, the pattern of industry rotation and general rise may not last for a long time, and the main line of the stock market will gradually become clear in the medium term, and the white horse plate with low valuation and high performance elasticity is more likely to become the main line.
Guojin Securities: Since March, gold prices have risen sharply in the short term, silver inventories have remained depleted, and silver COMEX futures and silver ETF holdings have increased. In terms of commodity attributes, the growth of global mineral silver supply is limited, and the growth of industrial demand driven by photovoltaic + AI is expected to maintain a shortage of silver, and the fundamentals of supply and demand give strong support to silver prices.
Duty Editor: Seventy-three