Hot Spotlight //
1. China's capital market ushered in the third "National Nine Articles". The State Council issued the "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market", which consists of nine parts. This is the first time in 10 years that the State Council has issued a guiding document on the capital market after the two "National Nine Articles" in 2004 and 2014. Nine highlights are worth paying attention to, including: 1. The high-quality development of the capital market should adhere to the "five musts", 2. Iterative upgrading of the issuance and listing system, 3. Formulating guidelines for the management of the market value of listed companies, 4. Improving the investor compensation and relief mechanism in the process of delisting, 5. Improving the salary management system of the securities and fund industry, 6. Strengthening the construction of strategic force reserves and stability mechanisms, 7. Optimizing the policy environment for equity investment of insurance funds, 8. Promoting the development of new productive forces, and 9. The construction of the rule of law in the capital market is expected to accelerate.
2. Wu Qing, chairman of the China Securities Regulatory Commission, was interviewed on the implementation of the third "National Nine Articles" in the capital market. Wu Qing said that on the basis of in-depth research, he will study and formulate reform measures to promote the long-term development of the capital market. The China Securities Regulatory Commission will continue to strengthen coordination with all parties to promote the formation of a strong synergy to promote the high-quality development of the capital market.
3. The China Securities Regulatory Commission implements the spirit of the new "National Nine Articles", promotes the formation and implementation of the "1+N" policy system in the capital market, formulates and successively promulgates relevant supporting policy documents and system rules, and solicits public opinions on six draft rules involving issuance supervision, listed company supervision, securities company supervision, and transaction supervision. At the same time, the Shanghai and Shenzhen North Stock Exchanges solicited opinions from the public on 19 specific business rules, including the "Rules for the Review of Stock Issuance and Listing" and the "Rules for the Listing of Stocks", involving improving listing conditions, standardizing shareholding reductions, and strict delisting standards.
4. The IPO market ushered in major rule adjustments, and the Shanghai and Shenzhen Stock Exchanges planned to moderately increase the financial indicators of listing on the main board and GEM. Among them, the cumulative net profit index for the last three years in the first set of listing standards on the main board has been increased from 150 million yuan to 200 million yuan, and the net profit index in the latest year has been increased from 60 million yuan to 100 million yuan, and the net profit index of the first set of listing standards on the GEM has increased the net profit index from 50 million yuan to 100 million yuan in the last two years, and the requirement that the net profit in the latest year is not less than 60 million yuan has been added. In addition, in order to further improve the quality of the declaration and prevent the "declaration with illness", the Shanghai and Shenzhen Stock Exchanges have added the circumstances of "withdrawal after investigation" and "withdrawal after supervision" on the basis of the original provisions of two times of non-acceptance within one year, and set a six-month declaration interval.
5. In the first quarter of this year, the scale of China's foreign trade import and export exceeded 10 trillion yuan for the first time, and the growth rate of import and export hit a new high in six quarters. According to customs statistics, the total value of China's import and export of goods in the first quarter was 10.17 trillion yuan, a year-on-year increase of 5%. Among them, exports were 5.74 trillion yuan, up by 4.9 percent, and imports were 4.43 trillion yuan, up by 5 percent.
Global Markets //
1. The three major U.S. stock indexes closed down across the board, with the Dow down 1.24% at 37,983.24 points, recording five consecutive negative days, the S&P 500 down 1.46% at 5,123.41 points, and the Nasdaq down 1.62% at 16,175.09 points. JPMorgan Chase & Co. fell 6.43% and Intel fell 5.16%, leading the Dow lower. The Wind U.S. TAMAMA Technology Index fell 1.24%, Nvidia fell 2.68%, and Tesla fell 2.03%. Chinese concept stocks generally fell, with Xpeng Motors down 9.89% and GDS down 9.35%. For the week, the Dow fell 2.37%, the S&P 500 fell 1.56%, and the NASDAQ fell 0.45%.
2. The three major European stock indexes closed mixed, with the German DAX index down 0.28% at 17,904.15 points, the French CAC 40 index down 0.16% at 8,010.83 points, and the British FTSE 100 index up 0.91% at 7,995.58 points. For the week, Germany's DAX fell 1.49%, France's CAC 40 fell 0.63%, and Britain's FTSE 100 rose 1.07%.
3. Most of the major stock indexes in the Asia-Pacific region closed down. South Korea's Kospi fell 0.93% to 2,681.82, the Nikkei 225 rose 0.21% to 39,523.55, Australia's S&P 200 fell 0.33% to 7,788.10, New Zealand's S&P 50 fell 0.03% to 11,931.32, India's SENSEX30 fell 1.06% to 74,244.90, FTSE Singapore Straits fell 0.33% to 3,216.91, and FTSE Malaysia's Composite fell 0.16% at 1551.04 points.
4. International precious metal futures generally closed down, COMEX gold futures fell 0.53% to $2360.2 / ounce, up 0.63% for the week, and COMEX silver futures fell 0.99% to $27.97 / ounce, up 1.7% for the week.
5. International oil prices rose slightly, the May contract of U.S. oil rose 0.51% to $85.45 per barrel, down 1.68% for the week, and the June contract of Brent oil rose 0.46% to $90.15 per barrel, down 1.12% for the week.
6. Most of the base metals in London closed up, and LME copper rose 0.7% to $9407 / ton, up 0.83% for the week; LME zinc rose 1.6% to $2802.5 / ton, up 6.22% weekly; LME nickel fell 0.62% to $17,700 / ton, down 0.58% for the week; LME aluminum rose 1% to $2478.5 / ton, up 1.14% weekly; LME tin rose 0.74% to $31,925 / ton, up 10.87% weekly; LME lead rose 1.19% to $2168.5 / ton, up 2.12% for the week.
7. The main contracts of agricultural futures on the Chicago Board of Trade (CBOT) closed up collectively, with soybean futures up 1.1% at 1172 cents per bushel, down 1.1% for the week, corn futures up 1.4% at 434.75 cents per bushel, up 0.12% for the week, and wheat futures up 0.63% at 555.25 cents per bushel, down 2.12% for the week.
8. European bond yields closed down across the board, with the UK 10-year yield down 6.4 basis points at 4.135%, the French 10-year yield down 10 basis points at 2.858%, the German 10-year yield down 10.4 basis points at 2.357%, the Italian 10-year yield down 11.3 basis points at 3.754%, and the Spanish 10-year yield down 9.9 basis points at 3.179%.
9. U.S. Treasury yields collectively closed down, with the 2-year Treasury yield down 6.5 basis points at 4.911%, the 3-year Treasury yield down 7.1 basis points at 4.74%, the 5-year Treasury yield down 7.6 basis points at 4.567%, the 10-year Treasury yield down 6.7 basis points at 4.529%, and the 30-year Treasury yield down 4.8 basis points at 4.635%.
10. At the end of New York, the U.S. dollar index rose 0.7% to 106.0228, up 1.65% for the week. Most non-US currencies fell, with EUR/USD down 0.79% at 1.0641, down 1.81% for the week, GBP/USD down 0.84% at 1.245, down 1.46% for the week, AUDUSD down 1.19% at 0.646, down 1.82% for the week, USDJPY down 0.05% at 153.198, up 1.04% for the week, USDCAD up 0.63% at 1.3775, up 1.36% for the week, and USD/CHF up 0.48% It was at 0.9144, up 1.37% for the week, and the offshore yuan fell 115 basis points to 7.2673 against the dollar, down 201 basis points for the week.
Macro//
1. Premier Li Qiang of the State Council presided over an executive meeting of the State Council, requiring the implementation of major tasks and major reforms, promoting the deep integration of scientific and technological innovation and industrial innovation, strengthening regional coordination and linkage, focusing on deepening reform and opening up, and supporting the central region to transform its location advantages and resource advantages into development advantages with more pragmatic and effective measures, and continuously improve its overall strength and competitiveness.
2. In the first quarter, China's RMB loans increased by 9.46 trillion yuan, which was at a relatively high level in the same period in history, deposits increased by 11.24 trillion yuan, and the increase in the scale of social financing was 12.93 trillion yuan, 1.61 trillion yuan less than the same period last year. At the end of March, the balance of broad money was 304.8 trillion yuan, up 8.3 percent year-on-year, and the stock of social financing was 390.32 trillion yuan, up 8.7 percent.
3. According to data released by the General Administration of Customs, in RMB terms, China's exports fell by 3.8% year-on-year in March, imports increased by 2.0%, and the trade surplus was 415.86 billion yuan. In dollar terms, China's exports fell 7.5% year-on-year and imports fell 1.9% in March, with a trade surplus of $58.55 billion.
4. Wang Lingjun, deputy director of the General Administration of Customs, expects that the mainland's imports and exports will continue to improve in the second quarter, and will basically remain in the growth channel in the first half of the year. Wang Lingjun said that he does not believe that the decline in producer prices means the so-called overcapacity, and the decline in product prices is often related to various factors such as fluctuations in raw material prices, technological updates and iterations, and producers' active concessions.
5. The central bank launched a 7-day reverse repurchase operation of 2 billion yuan on Friday, with a winning interest rate of 1.80%, and no reverse repurchase expired on the same day, so a net investment of 2 billion yuan was realized. This week, the central bank carried out a total of 12 billion yuan of reverse repurchase operations, and at the same time, 406 billion yuan of reverse repurchase expired, achieving a net withdrawal of 394 billion yuan.
6. The public security organs' special action to combat and rectify online rumors has achieved phased results. So far, the public security organs have investigated more than 80,000 clues on online rumors, investigated and handled more than 10,000 cases of online rumors, arrested more than 1,500 criminal suspects, imposed administrative penalties on more than 10,700 people, and carried out more than 4,200 public rumors.
Domestic Stock Market //
1. A-shares continue to fluctuate, and the gold sector is "strong and strong". As of the close, the Shanghai Composite Index fell 0.49% to 3019.47 points, the Shenzhen Component Index fell 0.78%, the ChiNext Index fell 1.08%, the Beijing Stock Exchange 50 fell 1.42%, the Science and Technology Innovation 50 fell 0.03%, the Shanghai Composite 50 fell 0.87%, the Shenzhen Stock Exchange 50 fell 0.95%, the Wind All A fell 0.70%, the Wind Micro Cap Index fell 0.56%, and the Wind Shuangchuang fell 0.92%. The turnover of A-shares was 814.63 billion yuan, with a net sale of 7.385 billion yuan by northbound funds, with Ping An of China being the most net selling of 571 million yuan, and GigaDevice being the first with a net purchase of 340 million yuan.
2. Hong Kong's Hang Seng Index closed down 2.18% at 16,721.69 points, the Hang Seng Technology Index fell 1.81%, and the Hang Seng China Enterprises Index fell 2.07%. The domestic real estate, big finance, and consumer sectors led the decline, with Longfor Group falling nearly 9%, and the precious metals sector strengthening against the market, with Lingbao Gold rising more than 11%. The market turnover was HK$106.218 billion, with southbound funds net buying HK$6.145 billion, Bank of China leading the net buying of HK$387 million, and Anta Sports leading net selling at HK$155 million. The Taiwan Weighted Index closed down 0.08% at 20,736.57.
3. The new "National Nine Articles" make it clear that in the next five years, the overall framework for the high-quality development of the capital market will be basically formed, and the investor protection system and mechanism will be more perfect. The quality and structure of listed companies have been significantly optimized, and the strength and service capabilities of securities, funds and futures institutions have continued to increase. The regulatory capacity and effectiveness of the capital market have been greatly improved. The formation of a sound ecology of the capital market has been accelerated. It is necessary to strictly control the entry of issuance and listing, further improve the system of issuance and listing, and intensify supervision and control over issuance and underwriting; strictly supervise and control listed companies and intensify supervision over delisting; strengthen supervision over transactions and enhance the internal stability of the capital market; vigorously promote the entry of medium- and long-term funds into the market, and continue to expand the strength of long-term investment.
4. The China Securities Regulatory Commission issued the "Opinions on Strictly Implementing the Delisting System" to strictly enforce the delisting standards. Strict scope of application for major illegal delisting, lowering the threshold for triggering major illegal delisting for two-year financial fraud, and adding one-year serious fraud and multi-year continuous fraud delisting. Increase the revenue delisting target of loss-making companies and increase the delisting of companies with poor performance. Strengthen the supervision of mergers and acquisitions, strengthen the relevance of the main business, strengthen the supervision of "backdoor listing", and strictly crack down on the illegal activities behind the "shell speculation".
5. The China Securities Regulatory Commission solicited opinions on the "Regulations on the Administration of Programmatic Trading in the Securities Market (Trial) (Consultation Draft)". The Draft Opinion proposes that the stock exchange should clarify the criteria for the recognition of high-frequency trading, implement differentiated fees for high-frequency trading, and strictly manage its abnormal trading behavior.
6. The Shanghai and Shenzhen North Stock Exchanges will implement the relevant requirements of the regulations on the management of programmatic trading, and will improve the monitoring and monitoring standards for abnormal transactions in programmatic trading. To adapt to the characteristics of programmatic trading behavior, formulate more targeted monitoring indicators, and have carried out internal trial operation, and will further carry out compliance training in the future to clarify market expectations.
7. The China Securities Regulatory Commission revised the "List of Random Sampling Items of the China Securities Regulatory Commission", which significantly increased the proportion of random sampling and inspection of initial enterprises from 5% to 20%, and correspondingly increased the proportion of problem-oriented on-site inspection and on-site supervision of the exchange, after the adjustment, the overall proportion of on-site inspection and supervision will not be less than one-third.
8. The China Securities Regulatory Commission solicited opinions on the revision of the "Provisions on Strengthening the Supervision of Listed Securities Companies". The IPO and refinancing activities of securities companies shall reasonably determine the scale and timing of financing in light of shareholder returns and value creation capabilities, focus on their main responsibilities and main businesses, prudently carry out high-capital-consuming businesses, and improve the efficiency of capital use.
9. The China Securities Regulatory Commission intends to further standardize the reduction of directors, supervisors and senior executives, and optimize the provisions of the window period. The China Securities Regulatory Commission (CSRC) has made it clear that directors, supervisors and senior executives are not allowed to reduce their holdings in the event of their own violations of the law, the illegal circumstances of listed companies, and the risk warning period of forced delisting for major violations, and that the directors, supervisors and senior executives shall continue to jointly abide by the relevant restrictions on shareholding reduction after the divorce.
10. The China Securities Regulatory Commission solicited opinions on the "Decision on Amending the Guidelines for the Evaluation of Scientific and Technological Innovation Attributes (Trial)". These include: the first paragraph of Article 1 of the "Guidelines" "the amount of R&D investment in the last three years" is adjusted from "cumulative more than 60 million yuan" to "cumulative more than 80 million yuan".
11. The China Securities Regulatory Commission (CSRC) issued the 2024 legislative work plan, "striving to introduce 9 key projects within the year", including the revision of the Interim Measures for the Supervision and Administration of Private Investment Funds, the Measures for the Administration of Securities Companies' Margin Financing and Securities Lending Business, the Trial Measures for the Supervision and Administration of Refinancing Business, and the formulation of the Measures for the Administration of Securities Fund Investment Consulting Business.
12. The Shanghai and Shenzhen Stock Exchanges announced the simultaneous adjustment of the information disclosure mechanism for Stock Connect. When the quota balance is greater than or equal to 30%, the quota is sufficient, and when it is less than 30%, the quota balance will be announced in real time. The adjustment will be carried out in two phases: in the first stage, the Hong Kong Stock Exchange will complete the adjustment of the real-time trading information in the Shanghai and Shenzhen Stock Exchanges, which is expected to be implemented in one month, and in the second stage, the Shanghai and Shenzhen Stock Exchanges will simultaneously complete the adjustment of other trading information disclosure, which is expected to be implemented three months after the completion of the first phase.
13. The Shanghai and Shenzhen Stock Exchanges have strengthened the supervision of dividends of IPO enterprises, and will not allow the issuance and listing of IPO enterprises whose cumulative dividend amount accounts for more than 80% of the net profit of the same period in the reporting period, or where the dividend amount accounts for more than 50% of the net profit of the same period and the cumulative dividend amount exceeds 300 million yuan, and the total proportion of replenishment and loan repayment in the raised funds is higher than 20%.
14. This week, the Shanghai Stock Exchange carried out key monitoring of seriously abnormal fluctuating stocks such as delisting and sorting stocks, delisting Botian and Laishen Tongling, conducted special inspections on 23 major matters of listed companies, and reported 1 clue of suspected violations of laws and regulations to the CSRC.
15. This week, the Shenzhen Stock Exchange took self-regulatory measures against a total of 64 abnormal securities trading behaviors, involving abnormal trading situations such as intraday lifting and suppression, false declarations, etc., focusing on monitoring abnormal rising and falling securities such as "*ST Zuojiang", and verifying a total of 17 major matters of listed companies.
16. The three major exchanges in Shanghai, Shenzhen and North China officially issued the "Sustainability Reporting Guidelines", which will be implemented from May 1. During the reporting period, companies that continue to be included in the sample indices of SSE 180, STAR 50, SZSE 100 and ChiNext Index, as well as domestic and foreign listed companies, should disclose their 2025 Sustainability Report for the first time by 2026 at the latest.
17. Wind ESG Rating actively embraces the Shanghai-Shenzhen-North Sustainable Development Reporting Guidelines, and will continue to improve the rating framework from multiple levels such as data collection and processing, index system construction, and evaluation method design, so that the rating results can more accurately reflect the ESG governance level of China's listed companies and promote the implementation and development of China's ESG investment.
18. Central Huijin continued to increase its holdings in major state-owned banks. In the six months since October 11 last year, Central Huijin has increased its holdings of nearly 1.1 billion A-shares of the four major banks, and the A-share shares of the four major banks have all achieved double-digit increases. Among them, the Bank of China rose by more than 20%, and the Agricultural Bank of China, the Industrial and Commercial Bank of China, and the Construction Bank rose by 18.56%, 13.68%, and 12.3% respectively.
19. HKEX Publishes Consultation Conclusions on Proposed Amendments to the Listing Rules for Treasury Shares. HKEX's proposal to introduce a new treasury share regime has received strong market support, which will take effect on 11 June.
20. SenseTime will hold a technology sharing day to release a series of large-scale model technologies and applications, and the model performance is expected to surpass GPT4 in an all-round way.
Finance//
1. The new "National Nine Articles" proposes to strengthen the supervision of securities and fund institutions, promote the industry to return to its origins, become better and stronger, and establish a fast approval channel for exchange-traded open-ended index funds (ETFs) to promote the development of indexed investment. Steadily reduce the comprehensive rate of the public fund industry, and study and standardize the remuneration system of fund managers. Support the steady development of private securities investment funds and private asset management business, and enhance the stability of investment behavior.
2. The China Securities Regulatory Commission (CSRC) issued the Guidelines for the Application of Regulatory Rules - Institutional No. 3, clarifying the requirements for non-financial enterprises to apply equity investment indicators to the controlling shareholders of securities and fund operating institutions.
3. On April 13, the Shanghai Stock Exchange will cooperate with ChinaClear Shanghai Branch to carry out a network-wide test for ETF share conversion business. The purpose of this joint test may be to optimize the previous suspension system when converting shares. Compared with the operating mechanism of the Shenzhen Stock Exchange, the latter does not need to suspend trading when converting ETFs.
4. Hang Seng Indexes Company announced that five ETFs tracking Hang Seng Healthcare, Pharmaceuticals and Biotechnology related indices launched by fund companies have recently been approved by the China Securities Regulatory Commission (CSRC) for issuance in the mainland market.
5. Three trust products, including "Hengxin Guoxing No. 636 - Kunming Infrastructure Investment Collective Capital Trust Plan", which were entrusted by Minmetals Trust, were overdue. The customer service said that the latest progress of the disposal of the above-mentioned trust products is only disclosed to subscribers.
6. The unveiling ceremony of Xinjiang Mineral Resources Risk Exploration Investment Fund was held, marking the official establishment of the country's first market-oriented mineral resources risk exploration fund.
Housing//
1. The Tianjin Municipal Commission of Housing and Urban-Rural Development announced that from April to the end of this year, a special governance of the real estate market order will be carried out in the city, focusing on the behavior of real estate development enterprises publishing false information that has been sold for sale, and failing to deposit the housing payment into the pre-sale fund supervision account.
2. The "house-for-house" policy for commercial housing in Wuhan has recently taken the lead in Qiaokou District. This batch of 108 houses was launched, and the first phase of the activity has now entered the stage of paying the purchase intention and evaluating the old house, and it is planned to be completed before April 20.
3. Jilin City optimizes the policy on the use of housing provident fund. The loan term of the housing provident fund is extended to five years after the statutory retirement age, and the loan term shall not exceed 30 years. The calculation multiple of the loan amount for employees will be increased to 15 times, and if the sum of the account balance is less than 30,000 yuan, it will be calculated as 30,000 yuan, and the minimum loan amount will be increased to 450,000 yuan.
4. It is reported that Beijing Vanke has adjusted its organizational structure. In response, Vanke Beijing said that in order to adapt to the changes in the industry market environment and meet the needs of business development, it will further restructure and allocate the companies in the cities in the region.
5. The shareholders of Beijing Wanda Plaza Industrial Co., Ltd., one of Wang Jianlin's core assets, were quietly changed, the original wholly-owned shareholder Dalian Wanda Commercial Management Group Co., Ltd. withdrew, and the new shareholder Kunhua (Tianjin) Equity Investment Partnership (Limited Partnership) held 99.99% of the shares.
6. The property market in Macao will be completely withdrawn, and the Special Stamp Duty, Special Stamp Duty and Stamp Duty will be abolished, and the relevant bills will be sent to the Legislative Council for urgent processing.
Industry//
1. The Ministry of Commerce and 14 other departments jointly issued the Action Plan for Promoting the Trade-in of Consumer Goods. By 2025, we will strive to accelerate the phase-out of passenger cars with emission standards of China III and below, further increase the market share of high-efficiency and energy-saving household appliances, increase the recycling volume of scrapped vehicles by 50% compared with 2023, and increase the recycling volume of waste household appliances by 15% compared with 2023.
2. The Ministry of Transport pointed out that promoting the large-scale renewal of transportation equipment is an important measure to accelerate the construction of a transportation power, promote the high-quality development of the industry, and serve the construction of a new development pattern. It is necessary to speed up the introduction of the "Action Plan for Large-scale Equipment Renewal of Transportation" and earnestly implement it.
3. The Ministry of Industry and Information Technology and other seven departments jointly issued the "Action Plan for the Comprehensive Utilization of Phosphogypsum", and by 2026, the comprehensive utilization of phosphogypsum products will be more abundant, the utilization channels will be effectively broadened, the level of comprehensive utilization will be further improved, and the comprehensive utilization rate will reach 65%, and a number of demonstration projects for the comprehensive utilization of phosphogypsum will be built, and a number of specialized leading enterprises will be cultivated.
4. The National Energy Administration issued the "Notice on Promoting the Grid-connected and Dispatching Application of New Energy Storage", actively supporting the development of joint call modes such as new energy + energy storage, aggregate energy storage, and optical storage and charging integration, giving priority to the call of new energy storage pilot demonstration projects, and giving full play to the value of various energy storage.
Overseas-
1. The Federal Reserve's Collins said that the current policy is moderately restrictive, and the Fed is expected to cut interest rates later than previously expected. Collins believes that there is no risk that the Fed will wait too long, and the election will definitely not affect the timing of interest rate cuts.
2. The Fed's Bostic said that the outlook for 2024 is to cut interest rates once before the end of the year, and there is no rush to cut interest rates;
3. Former Federal Reserve Chairman Ben Bernanke said that the Bank of England's benchmark economic model has major flaws, key software and models are outdated, and forecast errors may be inevitable due to global shocks. Bank of England Governor Andrew Bailey said he was committed to taking all of Bernanke's recommended actions.
4. ECB Governing Council member Kazaks said that if there are no surprises, interest rates will be cut in June. ECB Governing Council member Turnaras believes that the ECB's monetary policy is now "too cautious", reiterating the call for four interest rate cuts in 2024, and there is a risk that inflation will fall below 2%.
5. According to a survey released by the European Central Bank, the GDP growth forecast for 2024 was lowered to 0.5%, from 0.6% previously, and raised to 1.4% in 2025. Inflation is expected to be 2.4% in 2024 and 2.0% in 2025, 2026 and 2028.
6. The Bank of Korea kept the benchmark interest rate unchanged at 3.5% for 10 consecutive times, in line with market expectations. Bank of Korea Governor Rhee Chang-yong said that the Bank of Korea is at the crossroads of whether to signal a policy change, and will consider cutting interest rates if CPI slows down in the second half of the year.
7. Japanese Finance Minister Shunichi Suzuki said that real interest rates are indeed still in negative territory, that the decision on monetary easing lies with the Bank of Japan, and that it is important to ensure fiscal sustainability in the context of rising prices and interest rates.
8. The U.S. import price index in March rose 0.4% year-on-year, with an expected increase of 0.3% and a decrease of 0.8% in the previous month, and a month-on-month increase of 0.4%, an expected increase of 0.3% and a previous increase of 0.3%. The export price index fell by 1.4% year-on-year, with an expected decrease of 1.2% and a previous decrease of 1.8%, and a month-on-month increase of 0.3%, an expected increase of 0.3% and a previous increase of 0.8%.
9. The rolling GDP of the United Kingdom in the three months to February rose by 0.2% month-on-month, with an expected increase of 0.1% and a previous decrease of 0.1%. UK GDP fell 0.2% year-on-year in February, with an expected decline of 0.4% and a previous value of 0.3%, and a month-on-month increase of 0.1%, an expected increase of 0.1% and a previous increase of 0.2%.
10. The seasonally adjusted merchandise trade balance deficit in the United Kingdom in February was 14.212 billion pounds, the expected deficit was 14.5 billion pounds, and the previous deficit was 14.515 billion pounds. Among them, the trade balance deficit with the EU was 11.317 billion pounds, and the trade balance with the non-EU was 2.895 billion pounds.
11. Germany's CPI in March rose by 2.2% year-on-year, with an expected increase of 2.2% and a preliminary increase of 2.2%, and a month-on-month final value of 0.4%, an expected increase of 0.4% and a preliminary increase of 0.4%.
12. France's CPI in March rose by 2.3% year-on-year, with an expected increase of 2.3% and a preliminary increase of 2.3%, and a month-on-month final value of 0.2%, an expected increase of 0.2% and a preliminary increase of 0.2%.
13. According to data released by the Ministry of Internal Affairs and Communications of Japan, as of October 1, 2023, the total population of Japan, including foreigners in Japan, was 124.352 million, a year-on-year decrease of 595,000 and a negative growth for 13 consecutive years. Among them, the Japanese population was 121.19 million, a decrease of 837,000, the largest decrease since 1950, when comparable data were available.
International Stock Market //
1. Popular Chinese concept stocks generally fell, with the Nasdaq China Golden Dragon Index down 4.58%, GDS down 9.35%, EHang Intelligence down 9.05%, Syway Metal Mining down 8.03%, Kingsoft Cloud down 7.85%, Shell down 7.19%, Weibo down 6.95%, iQiyi down 6.36%, Daqo New Energy down 6.34%, Autohome down 6.32%, Bilibili down 6.13%, JD.com down 5.93%, and Shengfeng Logistics up 4.65% , Shoot Mingxin City rose 4.33%. China's new energy vehicle stocks fell across the board, with NIO down 7.74%, Xpeng down 9.89%, and Li Auto down 4.7%.
2. OpenAI said that the new version of GPT-4 Turbo has been opened to ChatGPT paying users. "Sister Wood" Cathy Wood's Ark Venture Fund has invested in OpenAI, but the scale of the investment has not been disclosed.
3. According to European Commission documents, Nippon Steel's $14.9 billion acquisition of U.S. Steel will be decided by EU antitrust regulators by May 17.
4. Mobile phone brands have successively revised down their shipment expectations for this year. According to the news, in addition to Apple's decision to revise its shipment forecast for 2024, Samsung Electronics has also lowered its shipment forecast.
5. JPMorgan Chase achieved net revenue of US$41.934 billion in the first quarter, a year-on-year increase of 9.3%, and net profit of US$13.419 billion, an increase of 6.3%.
6. Wells Fargo's revenue in the first quarter was US$20.863 billion, a year-on-year increase of 0.65%, and its net profit was US$4.619 billion, a decrease of 7.5%.
7. Samsung Electronics plans to announce a $44 billion investment in U.S. chip manufacturing as early as next week.
8. Fujifilm will invest 700 billion yen by 2028 to expand its biopharmaceutical contract manufacturing business in the United States, Japan and Europe, with the goal of increasing its total production capacity fivefold by 2028.
Commodity-
1. Domestic commodity futures closed generally higher in the night, with strong performance of energy and chemicals, fuel oil up 3.48%, low sulfur fuel oil up 2.61%, asphalt up 1.87%, styrene up 1.66%, methanol up 1.21%, soda ash up 1.1%, and crude oil up 0.39%. Most of the black series rose, coking coal rose 2.42%, coke rose 2.12%, and iron ore rose 1.15%. Agricultural products generally rose, with soybean meal up 2.37%, rapeseed meal up 2.08%, rapeseed oil up 2.01%, soybean oil up 1.81%, and soybean meal up 1.7%. Most of the base metals closed higher, Shanghai tin rose 0.98%, Shanghai zinc rose 0.42%, Shanghai lead rose 0.42%, Shanghai aluminum rose 0.32%, stainless steel rose 0.18%, Shanghai copper fell 0.04%, Shanghai nickel fell 1.43%. Shanghai Gold rose 0.15%, and Shanghai Silver rose 1.01%.
2. The National Development and Reform Commission and the National Energy Administration issued the "Implementation Opinions on the Establishment of a Coal Capacity Reserve System", and by 2027, a coal capacity reserve system will be initially established, and a number of coal mine projects with capacity reserves will be approved in an orderly manner to form a dispatchable capacity reserve of a certain scale.
3. The International Energy Agency (IEA) released a monthly report, which is expected to slow down the growth of global oil demand this year and next year. The monthly report lowered its forecast for global oil demand growth this year by 130,000 b/d to 1.2 million b/d, and expects global oil demand to grow by 1.1 million b/d next year.
4. The Shanghai Gold Exchange adjusted the margin ratio and price limit of gold deferred contract trading. Starting from the closing of the liquidation on April 15, the margin ratio of Au (T+D) and other contracts will be adjusted from 8% to 9%, and the limit of the rise and fall will be adjusted from 7% to 8% on the next trading day; The margin of CAu99.99 contract was adjusted from $45,000 per lot to $51,000 per lot.
5. The Shanghai Stock Exchange revised and issued the lead futures contracts and delivery rules, and from April 12, the lead ingots produced in accordance with GB/T 469-2023 are allowed to perform and deliver standard warehouse receipts.
6. The Guangzhou Futures Exchange announced that the price limit of the industrial silicon futures SI2412 contract on the first day of listing was 20% of the listed benchmark price, and the trading margin level was 12% of the contract value.
7. According to the data released by the Shanghai Shipping Exchange, on April 12, China's export container freight index was reported at 1185.13 points, down 0.5% from the previous period, and the Shanghai export container freight index was reported at 1757.04 points, up 0.7%. The Baltic Dry Index was reported at 1,729 points, up 2.31% from the previous trading day, up three consecutive days and up 6.2% for the week.
8. According to the latest quotation of Shanghai Nonferrous Metals Network, on April 12, the price of domestic battery-grade lithium carbonate fell by 460 yuan to 112,800 yuan/ton.
9. The total number of oil rigs in the United States in the week to April 12 was 506, compared with 508 in the previous week.
Bond//
1. [Bond Market Overview] The capital side continued to be loose, and the interest rate on interbank certificates of deposit accelerated downward. Spot bond futures strengthened overall, with the yield of 3-7 year interest rate bonds falling by 1.5-3bp, and the activity of 7-year bonds increasing significantly. Treasury bond futures collectively closed higher, with the 30-year main contract up 0.26% and the 10-year main contract up 0.23% at 104.395 yuan, a new high since listing. Next week will usher in the tax period, and the central bank will carry out MLF operations and pay attention to the continuation of the situation.
2. The CSI Convertible Bond Index closed up 0.16%, and the Wind Convertible Bond Equal Rights Index rose 0.21%. Among them, Zhengdan rose 20%, the highest increase, and Shangluo convertible bonds fell 6.56%, the largest decline.
3. The State Council requires that we focus on the problem of government arrears of enterprise accounts and the problem of large enterprises owing to small and medium-sized enterprises, further increase the cost of non-compliance of arrears entities, reduce the cost of rights protection of owed enterprises, and pay close attention to improving relevant laws and regulations and systems and regulations such as project price settlement and commercial bill management, so that the long-term mechanism can operate smoothly as soon as possible.
4. The new "Nine Articles" propose to improve the market-oriented, legalized, and diversified bond default risk disposal mechanism, resolutely crack down on debt evasion, speed up the formulation of regulations on the management of corporate bonds, and consolidate the responsibilities of local governments in improving the quality of listed companies and resolving and disposing of bond defaults and risks of private equity institutions.
5. According to Yicai, the market is expected to usher in an intensive period of government bond issuance in the second quarter, especially special treasury bonds. An authoritative market expert said that the central bank will also use a variety of tools to maintain reasonable and abundant liquidity, and the future purchase and sale of treasury bonds may also be included in the policy tool reserve to enrich the liquidity management toolbox.
6. According to sources, Berkshire Hathaway plans to issue a variety of yen bonds on April 18.
7. [Major Bond Events] (1) The National Association of Dealers launched a self-discipline investigation on 6 small and medium-sized financial institutions suspected of holding on behalf of other violations (2) Zhenro Real Estate is expected to be unable to pay the principal and interest of the notes due on April 15 (3) There is no credit risk in the acceptance notes of Shandong Gaochuang Construction Investment Group (4) Moody's maintains the rating of Yincheng Group at Baa3, and the outlook is adjusted to "stable" (5) Agricultural Bank of China fully redeems 40 billion yuan of secondary capital bonds (6) "21 CCCC Second Airlines MTN001" will be fully redeemed on May 13 (7) 24 Fujian State-owned Assets MTN002" and "24 C&D MTN001" were cancelled.
Foreign exchange//
1. On Friday, the onshore yuan closed at 7.2375 against the US dollar at 16:30, down 6 basis points from the previous trading day and down 19 basis points for the week. The central parity of the yuan against the US dollar was reported at 7.0967, up 1 basis point, and the cumulative depreciation this week was 18 basis points. The onshore yuan closed at 7.2372 against the dollar overnight.
2. The State Administration of Foreign Exchange (SAFE) revised the guidelines for foreign exchange business under the capital account to continuously improve the convenience of business handling. The guidelines clarify the procedures for the conversion of overseas lending debts into equity by domestic institutions, and add new circumstances for domestic enterprises to publicly issue convertible corporate bonds in the A-share market, and for foreign shareholders to participate in the subscription business.
3. Japanese Finance Minister Shunichi Suzuki said that there are pros and cons to the depreciation of the yen, and excessive fluctuations in the exchange rate are not advisable, and it is important that the exchange rate reflects the fundamentals and fluctuates steadily.
4. Bank of Korea Governor Rhee Chang-yong pointed out that the strong dollar has led to the recent weakness of the Korean won. The Bank of Korea is studying whether the recent depreciation of the won is too fast compared to economic fundamentals, and if necessary, the Bank of Korea has the means to stabilize the foreign exchange market.
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