The Ministry of Commerce responds to the U.S. inclusion of six Chinese companies in the Entity List for export control; National Development and Reform Commission: The trade-in documents for consumer goods led by the Ministry of Commerce have been printed and may be officially issued in the next few days; Ministry of Industry and Information Technology: Increase the supply of high-performance intelligent computing and build intelligent computing centers in computing hub nodes; a month-on-month increase of more than 116%, and the financing scale of real estate enterprises hit the highest level in six months; the European Central Bank announced that the three key interest rates will remain unchanged; the three major U.S. stock indexes closed mixed, with the Nasdaq up 1.68%; BOE A's net profit in the first quarter is expected to increase by 223%-304%.
Overnight outer disk
The three major U.S. stock indexes closed mixed, as of the close, the Dow fell 0.01%, the Nasdaq rose 1.68%, the S&P 500 rose 0.74%, popular technology stocks rose, Apple, Nvidia rose more than 4%, Google rose more than 2%, Amazon, Tesla rose more than 1%, and Amazon's stock price hit a record closing high. Consumer electronics and semiconductor sectors were among the top gainers, with Broadcom and Micron Technology rising more than 4%, and Qualcomm and AMD rising more than 2%. The Nasdaq China Golden Dragon Index closed up 0.07%. Bilibili rose more than 4%, and New Oriental, Ctrip Group, and Full Truck Group rose more than 2%. JinkoSolar fell more than 5%, Canadian Solar and ECARX fell more than 4%, and NIO, Beike and Li Auto fell more than 2%.
Hot spotlight
1. The Ministry of Commerce responded to the U.S. inclusion of six Chinese companies in the Export Control Entity List
According to the Ministry of Commerce, the Ministry of Commerce responded to the inclusion of six Chinese companies in the Entity List for export control by the United States: China has taken note of the relevant situation. For some time now, the US has successively included Chinese companies in the "Entity List" of export control on the grounds of so-called Russia-related and military-related issues. The US has broadened the concept of national security, abused export control measures, and arbitrarily imposed unilateral sanctions and "long-arm jurisdiction" on Chinese companies. This is a typical act of economic coercion and unilateralism, and China firmly opposes it. The US should immediately correct its wrong practices and stop its unreasonable suppression of Chinese companies. China will take all necessary measures to safeguard the legitimate and lawful rights and interests of Chinese enterprises.
2. The Ministry of Industry and Information Technology held a symposium on artificial intelligence empowering new industrialized enterprises
On April 11, Jin Zhuanglong, Secretary of the Party Leadership Group and Minister of the Ministry of Industry and Information Technology, presided over the Symposium on Artificial Intelligence Empowering New Industrialization Enterprises and the Eighth Symposium on Manufacturing Enterprises. Jin Zhuanglong pointed out that it is necessary to take the deep integration of artificial intelligence and manufacturing as the main line, intelligent manufacturing as the main direction, and scene application as the traction, consolidate the artificial intelligence empowerment base, promote the whole process of intelligent manufacturing, accelerate the intelligent upgrading of key industries, vigorously develop intelligent equipment and software based on large models, strengthen the construction of support systems such as talents, standards, testing capabilities, and open source mechanisms, promote the all-round and in-depth empowerment of new industrialization by artificial intelligence, and accelerate the formation of new quality productivity. It is necessary to give full play to the advantages of the mainland's complete industrial system and new information infrastructure, strengthen confidence, make concerted efforts from the supply side, demand side and basic side, accelerate the cultivation of large models for the industrial field, condense and open industrial application scenarios, deepen the development and utilization of industrial data, improve the supply capacity of computing power, strive to create a good environment, actively explore new paths for the integration of artificial intelligence and industry, and form a development pattern of two-way empowerment.
3. National Development and Reform Commission: The trade-in document for consumer goods led by the Ministry of Commerce has been printed and may be officially introduced in the next few days
On April 11, the relevant person in charge of the National Development and Reform Commission said at the regular policy briefing of the State Council that the trade-in document for consumer goods led by the Ministry of Commerce has been printed and may be officially introduced in the next few days. In addition to these, there are energy conservation and carbon reduction action plans for key industries, as well as implementation plans in the fields of transportation, education, cultural tourism, medical care, etc., the leading units are the National Development and Reform Commission, the Ministry of Transport, the Ministry of Education, the Ministry of Culture and Tourism, and the Health Commission.
4. Ministry of Industry and Information Technology: Increase the supply of high-performance intelligent computing and build intelligent computing centers in computing hub nodes
Shan Zhongde, Vice Minister of the Ministry of Industry and Information Technology, said at the press conference on April 11 that as of the end of last year, the mainland had built 3.38 million 5G base stations, realizing "broadband in every village, 5G in counties and counties, and gigabit in cities and cities", and "5G + Industrial Internet" applications covering 41 industrial categories. Subsequently, we will further increase the large-scale deployment of industrial Internet, 5G, and gigabit optical networks, and encourage the transformation of industrial enterprises' internal and external networks. Build a system that integrates industrial basic computing resources and application capabilities, accelerate the deployment of industrial edge data centers, and promote the coordinated development of "cloud-edge-end" computing power. Increase the supply of high-performance intelligent computing, and build intelligent computing centers in computing hub nodes. In particular, large enterprise groups and industrial parks are encouraged to establish industrial Internet platforms with their own characteristics.
5、3月CPI同比上涨0.1% PPI环比降幅收窄
According to data released by the National Bureau of Statistics on the 11th, in March, the national consumer price index (CPI) fell by 1.0% month-on-month, up 0.1% year-on-year, and the increase was 0.6 percentage points lower than that of the previous month. The national producer price index (PPI) fell by 0.1 percent month-on-month, narrowing the decline from the previous month, and decreased by 2.8 percent year-on-year, with a slight widening of the decline. Domestic prices generally maintained moderate increases. Experts said that the seasonal decline in consumer demand after the Spring Festival is the direct reason for the impact on the price data in March, and there is still a lot of room for macro policies to continue to exert force in the direction of stable growth.
6. The month-on-month increase of more than 116% The financing scale of real estate enterprises hit the highest level in 6 months
In March, the financing scale of real estate enterprises increased significantly. According to data from the China Index Research Institute, the total bond financing of real estate enterprises in March increased sharply by 116.3% month-on-month, the highest since September 2023. Among them, credit bond financing increased by 230.7% month-on-month, accounting for 78.0%. It is worth noting that the Ministry of Housing and Urban-Rural Development recently said that at present, all cities at and above the prefecture level in the country have established a real estate financing coordination mechanism, as of March 31, 1,979 projects have received a total of 469.03 billion yuan of bank credit from 1,979 projects, and 1,247 projects have received loans of 155.41 billion yuan. The Securities Times reporter combed that since April, Fujian, Hubei, Anhui, Henan, Hebei and other places have announced the latest progress of the "white list" of real estate projects.
7. The European Central Bank announced that it would keep the three key interest rates unchanged
The European Central Bank held a monetary policy meeting on April 11 and decided to keep the three key interest rates unchanged. The European Central Bank announced on the same day that the main refinancing rate, marginal lending rate and deposit facility interest rate will remain unchanged at 4.50%, 4.75% and 4.00% respectively. This is the fifth consecutive time that the ECB has kept interest rates unchanged since October last year. The announcement pointed out that the key interest rate in the euro area will remain sufficiently restrictive for the necessary time to help achieve the medium-term inflation target of 2%.
Thematic opportunities
1. The mainland will accelerate the deployment of replacement + recycling The recycling of scrapped cars is expected to double
On April 11, at the regular policy briefing of the State Council, the heads of multiple departments introduced the relevant situation of the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in". The National Development and Reform Commission said that large-scale equipment renewal and trade-in of consumer goods will inevitably bring the problem of how to deal with waste equipment and consumer goods. We will accelerate the development of the "replacement + recycling" logistics system and new model, and further improve the recycling network of renewable resources. According to the action plan, by 2027, the number of end-of-life vehicles recycled will roughly double compared to 2023, and the number of used car transactions will increase by 45% compared to 2023. Huatai Securities believes that the potential automobile dismantling market in 2023 will be about 170 billion yuan, but the current number of scrapped motor vehicles in mainland China is far lower than the potential scrapping volume, and the reason behind it may be that the relevant policies and regulations of the automobile dismantling industry are not perfect, resulting in a large number of scrapped vehicles flowing into informal channels. With the combination of financial subsidies and trade-in, the price competitiveness of regular scrapping channels is expected to increase. With the support of policies, the tax and land use of automobile dismantling manufacturers are also expected to be guaranteed, and leading enterprises with refined dismantling capabilities are expected to win. Related companies include GEM, Huahong Technology, etc.
2. The price of acetic acid has increased beyond expectations, and the subsequent price is expected to continue to rise with the demand drive
According to Baichuan information, on April 11, following the sharp rise the previous day, the acetic acid market continued to rise, and the average price of acetic acid market was 3048 yuan/ton, up 6 yuan/ton from the previous trading day. The analysis pointed out that the current acetic acid market in the early stage of the maintenance device load is increasing, but the manufacturers' inventories are not under pressure, the supply side is still supportive, and individual manufacturers continue to push up prices. On the demand side, the demand for downstream photovoltaic installations is strong, and enterprises are actively inquiring, driving up prices. At present, the industry is generally in the break-even line, and the price increase has a greater elasticity on the performance of enterprises. Under the background of carbon peaking and carbon neutrality, the expansion of the industry is nearing the end, and it is expected that the price of acetic acid will continue to rise with the demand drive. Related companies include Jiangsu Thorpe, Huayi Group, etc.
3. Large capacity and low cost: Sulfide all-solid-state batteries have made breakthroughs
According to reports, on April 11, it was learned from the official public account of the Qingdao Institute of Bioenergy and Process Technology of the Chinese Academy of Sciences that the advanced energy storage materials and technology research group of the institute has made new progress in the research of sulfide electrolyte, solved the industry pain points and bottlenecks of the sulfide all-solid-state battery tandem process, opened up the last difficulty in the production process of large-scale vehicle batteries of sulfide all-solid-state batteries, and made a key breakthrough in the sulfide pouch battery lamination technology. The analysis points out that lithium-sulfur batteries are a very promising energy storage solution. Typically, lithium-sulfur batteries have 2 to 5 times the capacity of ordinary lithium-ion batteries. By using sulfur, the need for materials such as nickel, cobalt, etc. is reduced. Sulfur has many advantages such as abundant reserves, low cost, environmental protection and non-toxicity. With large capacity, low cost, long life and environmental protection, lithium-sulfur batteries will be an excellent alternative to traditional lithium-ion batteries. Related companies include Tibet City Investment, Xinwangda, etc.
Company News
1. Eight consecutive board Laishen psychic: the shareholder Kefu Rongguang shareholding reduction plan has been implemented
Balianban Laishen Tongling (603900) announced on the evening of April 11 that the company disclosed serious changes in stock trading, saying that the company's gold product procurement mode mainly includes the procurement of raw materials and outsourcing processing and finished product procurement, of which the former is entrusted to a third party for production and processing after the company purchases gold raw materials, and the latter is directly purchased by the company from suppliers. The procurement cost and selling price of the company's gold business are greatly affected by the fluctuation of gold prices, and in view of the recent increase in gold prices, if the gold price falls in the future, there may be risks of high gold product costs, declining profitability and inventory impairment. In addition, as of April 11, 2024, shareholder Kefu Rongguang has reduced its holdings by a total of 3,451,200 shares (accounting for 1% of the company's total share capital), and the implementation of the shareholding reduction plan has been completed.
2. Jiejia Weichuang: signed a total of 3.069 billion yuan of contracts with leading photovoltaic enterprises
Jiejia Weichuang (300724) announced on the evening of April 11 that the company and its subsidiaries have signed daily operating contracts with leading photovoltaic enterprises for 12 consecutive months, with a cumulative amount of about 3.069 billion yuan (including tax) (excluding the amount disclosed before), accounting for 55.35% of the company's audited main business income in 2022. The subject matter of the contract is solar cell production equipment and transformation, accessories, etc.
3. Xingye Technology: The subsidiary was notified by an automobile OEM factory of designated leather interior
Xingye Technology (002674) announced on the evening of April 11 that Hongxing Automotive Leather (Fujian) Development Co., Ltd., a holding subsidiary, recently obtained the "Fixed-point Notice" for leather interiors of a model project of an automobile main engine factory, and will supply leather interiors to customers. According to the customer's planning, the project is expected to start in March 2025, with a project life cycle of 5 years and an estimated total life cycle amount of 1 billion yuan.
4. Soling Co., Ltd.: signed a strategic cooperation agreement with Xinchi Technology
Soling Co., Ltd. (002766) announced on the evening of April 11 that recently, the company signed a "strategic cooperation agreement" with Beijing SemiDrive Semiconductor Technology Co., Ltd. (hereinafter referred to as "SemiDrive Technology") and decided to carry out strategic cooperation in the field of intelligent cabin driving. The cooperation projects include: based on the X9 series chip integrated instrument and in-vehicle infotainment system, to achieve software and hardware decoupling, accelerate software and hardware iteration, effectively shorten the development cycle and reduce development costs, based on the E3 series chip integrated instrument and electronic rearview mirror and other display applications, can meet the needs of secure boot, secure communication, secure firmware update and upgrade and other applications, and the safety performance has reached the international leading level.
5. Hainan Mining: Weizhou 10-3 Oilfield West Development Project is progressing in the new year
Hainan Mining (601969) announced on the evening of April 11 that in July 2018, the company's wholly-owned subsidiary, ROC Petroleum (Bohai) Co., Ltd., together with CNOOC and Smart Petroleum, signed the "South China Sea Beibu Gulf Weizhou 10-3 West Oilfield and 22/04 Regional Contract Area Oil Contract" with CNOOC and Smart Petroleum. According to the business model adopted by the project, the investment amount of the project is positively correlated with the oil price, and the investment amount of ROC in the project is estimated to be about 770 million yuan according to the oil price of US$70 per barrel. This project is jointly developed by ROC and CNOOC and Smart Petroleum, and can only be implemented after the internal decision-making and approval of each partner. As of the announcement date, each partner has completed the internal decision-making approval process.
6. Tianjin Investment Urban Development: It is planned to raise 498 million yuan from the controlling shareholder
Tianjin Investment Urban Development (600322) announced on the evening of April 11 that the company intends to raise a total of 498 million yuan from the controlling shareholder Tianjin Investment through the issuance of shares, which will be used to supplement liquidity and repay loans after deducting relevant issuance costs.
7. BOE A: net profit in the first quarter is expected to increase by 223%-304%
BOE A (000725) released its performance forecast for the first quarter of 2024 on the evening of April 11, with a net profit of 800 million yuan to 1 billion yuan attributable to the parent company in the first quarter, an increase of 223%-304% year-on-year. During the reporting period, although the semiconductor display industry was in the traditional off-season, thanks to the good supply pattern and the early release of downstream demand, the industry's prosperity rebounded significantly after the Spring Festival. In terms of LCD, the demand side was affected by the stocking demand for sports events and the expectation of high price increases, and the orders of end customers were released ahead of schedule. In terms of OLED, the company's single-year shipments of flexible AMOLED products will reach a new high in 2023, and the shipments in the first quarter of 2024 will still maintain a year-on-year increase, and it is expected that the annual shipment target in 2024 will be 160 million pieces, a year-on-year increase of more than 30%.
8. Langte Intelligence: net profit in the first quarter increased by 2123.29% year-on-year
Langte Intelligent (300916) released the first quarter report of 2024 on the evening of April 11, with operating income of 418 million yuan in the first quarter, a year-on-year increase of 132.90%, a net profit attributable to the parent company of 40.2746 million yuan, a year-on-year increase of 2123.29%, and basic earnings per share of 0.2784 yuan. During the reporting period, the company received a large number of orders from customers of electronic atomization equipment, which led to a rapid increase in the overall sales of consumer electronics business. In the first quarter, the company's intelligent controller segment achieved operating income of 333 million yuan, an increase of 272.00% year-on-year, of which the consumer electronics business achieved operating income of 260 million yuan, an increase of 2043.70% year-on-year.
9. Shandong Gold: net profit is expected to increase by 48.11% to 70.9% year-on-year in the first quarter
Shandong Gold (600547) announced on the evening of April 11 that the company expects to achieve a net profit attributable to the owners of the parent company of 650 million yuan to 750 million yuan in the first quarter of 2024, an increase of 48.11% to 70.9% year-on-year. In the first quarter of 2024, the Company continued to reduce costs and increase efficiency, improving its refined management level, improving operational efficiency and stabilizing production costs through technological innovation, process optimization, asset revitalization, centralized procurement, and policy efficiency.
10. Huayang Group: net profit in the first quarter increased by 75.41%-88.31%
Huayang Group (002906) released its performance forecast for the first quarter of 2024 on the evening of April 11, with a net profit of 136 million yuan to 146 million yuan in the first quarter, a year-on-year increase of 75.41%-88.31%. In the first quarter of 2024, the company's sales revenue increased significantly over the same period of last year, and the sales revenue of cockpit domain control, HUD, screen display, on-board wireless charging, digital acoustics, precision motion mechanism, LCD instrument and other products in the automotive electronics business increased significantly year-on-year.
12. Wall Nuclear Materials: net profit in the first quarter is expected to increase by 70%-100%
Wall Nuclear Materials (002130) released its performance forecast for the first quarter of 2024 on the evening of April 11, with a net profit of 177 million yuan to 208 million yuan attributable to the parent company in the first quarter, a year-on-year increase of 70%-100%. During the reporting period, the company's operating income increased and gross profit level increased, of which the new energy vehicle related products business and the wire segment business grew rapidly.