Hot Spotlight //
1. China Securities Regulatory Commission: To accelerate the implementation of the "1+N" policy system in the capital market, it is necessary to further refine the timetable and implementation measures of various tasks, strengthen policy training and publicity, do a good job in the formulation, revision and release and implementation of supporting rules, and pay close attention to promoting the orderly implementation of various key tasks.
2. Some market participants said that "more than 1,000 companies in A-shares will be ST due to low dividend amounts". Combined with the new regulations and interviews with professionals, it was found that the aforementioned analysis methods and conclusions were wrong, and it is expected that more than 80 companies will touch the ST standard. In addition, considering that the disclosure of annual reports has not yet ended, and the rules will only be applied for the first time in 2025, it is expected that the company will enhance investor returns through dividend buybacks and other means, and the actual impact will be smaller.
Macro//
1. The central bank held the Zhejiang Provincial Optimization Payment Service Promotion Conference in Hangzhou to strengthen coordination and cooperation with various departments and industries, guide and supervise financial institutions in Zhejiang to increase their work, and jointly promote the optimization of payment services.
2. The Guangdong Provincial People's Government issued the implementation plan for promoting large-scale equipment renewal and trade-in of consumer goods, pointing out that by 2027, the scale of equipment investment in industry, energy, agriculture, construction, transportation, education, cultural tourism, medical and other fields will increase by more than 25% compared with 2023; Industrial robots and other emerging areas of remanufacturing industry, promote the high-level recycling of resources, and cultivate a number of waste recycling leading enterprises.
3. A few days ago, the Political and Legal Committee of the Liaoning Provincial Party Committee formulated and issued the "Twenty Key Measures for Liaoning Political and Legal Organs to Serve and Guarantee the Development and Growth of the Private Economy", clarifying the key tasks of the province's political and legal organs to serve the private economy, and making every effort to create an "upgraded version" of the law-based business environment, so as to effectively provide a solid legal guarantee for promoting the healthy and high-quality development of the province's private economy.
4. According to the Jiangsu Provincial Department of Human Resources and Social Security, 327,000 new urban jobs were created in the first quarter of this year, a year-on-year increase of 3.5%, accounting for more than 1/10 of the national total. The employment of manufacturing enterprises rebounded strongly in March, with the number of workers reaching 6.846 million, an increase of 35,000 year-on-year and a significant increase of 224,000 month-on-month, showing a year-on-year "double growth" for the first time since 2023.
5. The Jiangsu Survey Team disclosed that in March, Jiangsu's CPI rose by 0.2% year-on-year, down 0.5 percentage points from the previous month, and down 0.9% month-on-month. After the Spring Festival, consumption of food and travel fell seasonally, making the overall price level drop more than the previous month. Food prices fell by 3.1% month-on-month, of which the prices of "meat, eggs and vegetables" fell together, and the prices of fresh vegetables led the decline, falling by 11.4%.
6. According to customs statistics, in the first quarter of this year, the export value of RCEP visa of Nanjing Customs was 7.925 billion yuan, ranking first in the country. It is estimated that eligible foreign trade enterprises can enjoy preferential tariffs of 119 million yuan from other RCEP member countries, and the preferential export goods mainly include clothing, chemicals, plastics and their products.
7. CICC Macro Research Report pointed out that the annual export growth rate denominated in US dollars was raised from 2% to 5%, and the rhythm may still show a trend of improvement quarter by quarter.
8. In 2024, China's economy will start steadily, continue to rebound and improve, and the main economic indicators released recently exceeded market expectations.
Domestic Stock Market //
1. The front page of China Securities News pointed out that with strong supervision, risk prevention, and high-quality development as the main line, the goals of capital market reform and development in the next five years, 2035 and the middle of this century have been clear. It is believed that the reform and development of the capital market will certainly make new progress on the track of marketization, rule of law, and internationalization, and show a new atmosphere.
2. The total net outflow of equity ETFs and cross-border ETFs in Shanghai and Shenzhen this week was nearly 4 billion yuan. Among them, the CSI 500 ETF had a net outflow of more than 2 billion yuan. In terms of industry themes, medical and brokerage-related ETFs are optimistic about funds, with net inflows of 251 million yuan and 639 million yuan. Banks and home appliance related ETFs were sold off by funds, with net outflows of 306 million yuan and 326 million yuan.
3. CATL, a power battery giant that has been oriented to the B-end market, has left the impression of "making a fortune with a muffled voice" to the industry all year round. Recently, it was reported that CATL plans to open its first offline brand display store in August this year, and it seems that it is looking for opportunities from the C-end. Analysts pointed out that CATL's strategy is very similar to "Intel Inside", which aims to improve the brand's popularity and reputation in the minds of C-end users, thereby influencing B-end customers.
4. There are different opinions in the industry about the reasons for the low price of Feitian Moutai. A dealer in eastern China said that many speculators and investors sold their holdings of Feitian Moutai and transferred their funds to gold. Although Moutai Group is trying its best to return Moutai to its commodity attributes, Feitian Moutai is generally viewed by the outside world as a high-value product attribute, resulting in its value surpassing that of ordinary liquor. According to the analysis, the multiple attributes of Moutai may be difficult to be replaced in a short period of time.
5. At the 2023 annual results conference held by Bank of Beijing, Yang Shujian, President of Bank of Beijing, said that since 2019, the net interest margin of commercial banks has continued to narrow due to the continuous decline in loan interest rates and the trend of fixed-term and long-term deposits. Looking ahead to 2024, the bank's spreads will still face downward pressure, but the narrowing will be moderate. First, deposit and loan spreads are resilient. Second, there is an advantage in the cost of debt. Third, retail transformation continues to advance.
6. In 2023, both the revenue and net profit attributable to the parent company of the financial street will drop sharply. Financial Street said that the company adopted a variety of sales strategies, including adjusting sales prices, and actively promoted the decentralization of project sales, but the gross profit margin of development projects declined, and some projects suffered losses in adjusting sales prices. The sales price of some of the company's projects did not meet expectations, and the provision for inventory decline was made in accordance with the principle of accounting prudence, resulting in a decrease in net profit and income tax expense.
7. Wantai Biotech may become the first company in China and the second in the world to produce 9-valent HPV vaccine. From the perspective of the industry, the fierce competition between Wantai Biotech and Zhifei Biotech in China's nine-valent HPV vaccine market is inevitable.
8. China Huaneng Group Co., Ltd. signed a strategic cooperation framework agreement with Shanxi Provincial Government. According to the agreement, the two sides will cooperate in promoting the construction of clean energy bases, the integration of coal power and new energy, smart integrated energy services, pumped storage, and new energy storage.
9. China Biopharmaceutical, a leading pharmaceutical company in Hong Kong, recently announced that the latest phase 2 clinical trial results of the KRAS G12C-targeted drug D-1553, which the company cooperated with Yifang Biopharma, announced at the annual meeting of the American Cancer Society. The marketing application of D-1553 was officially accepted by the NMPA in December 2023 and was included in the priority review and approval process in January 2024, which is expected to be the first KRAS G12C inhibitor marketed product in China.
10. Runjian Co., Ltd. officially unveiled the East China headquarters in Suzhou Wuzhong High-tech Zone, and established Runjian Suzhou Intelligent Technology Co., Ltd. at the same time, which will be based in Wuzhong and radiate the Yangtze River Delta to deeply empower the development of a new generation of information technology industry.
Finance//
1. Public offering institutions and industry insiders have said that the "Several Opinions on Strengthening Supervision and Risk Prevention and Promoting the High-quality Development of the Capital Market" starts from the aspects of market ecology, basic systems, and policy systems, and is committed to introducing more medium and long-term incremental funds by building a market environment suitable for long-term investment, so as to lay a good foundation for the development of the capital market.
2. For the first time, programmatic transactions were written into the "National Nine Articles". Some quantitative private placements said that the high-frequency trading cancellation fee system has cracked down on "spoofing" transactions. Many accounts that were previously marked as high-frequency trading will be abandoned, and the trading frequency will be reduced to medium-high or medium-frequency, and quantitative strategy downfrequency will become a general trend.
3. With the rapid development of the ETF market, funds from all walks of life have entered the market, including private placements. According to industry insiders, ETFs have the advantages of good liquidity, low transaction fees and high transparency, and the allocation of ETFs can effectively enrich investment strategies and meet the diversified allocation needs of investors. In the future, with the continuous improvement of ETF product richness, it will become a common phenomenon for private equity institutions to allocate ETFs.
4. Penghua Fund announced that the company's former chairman He Ru retired at full age and was replaced by Zhang Nasha, Secretary of the Party Committee and Chairman of Guosen Securities.
Industry//
1. Since February this year, the development and reform departments and industry and information technology departments in various regions have begun to intensively explore the equipment renewal potential of key industries in their territories. 5 trillion yuan is the total investment scale of equipment renewal in key industries every year. The long-term goal of the policy is to increase equipment investment in key industries by about 25% by 2027. According to this calculation, the annual increase is about 300 billion yuan.
2. Tsinghua University has developed a large-scale interfero-diffraction heterogeneous integrated chip "Taiji", which can realize 160 trillion operations per joule per second for general intelligent computing. The global optical chip market is expected to reach $56.1 billion in 2025.
3. The Shenzhen Data Exchange has released 500 multi-modal arithmetic data sets for vertical industries, providing data sources in a targeted manner according to the different stages of large model application (training, inference, and tuning), so that domestic large model manufacturers can "find the data". The first batch of 500 high-quality training datasets for artificial intelligence large models released by Shenzhen Digital Institute are provided by 37 different data vendors, covering 12 "data element ×" fields, 3 overseas data vendors, and 7 types of data modalities (text, image, audio, video, multimodality, 3D, GIS, etc.).
4. Han Jun, Secretary of the Anhui Provincial Party Committee, held a working meeting with Volkswagen Group (China) Chairman and CEO Braid Brad. Han Jun said that he hoped that Volkswagen Group would closely combine its own R&D and technological advantages with Anhui's innovation and manufacturing advantages, continue to deepen all-round cooperation with Anhui, accelerate the construction of R&D centers, manufacturing bases and other cooperation projects, continuously increase investment in Anhui, and make every effort to build an industrial chain ecosystem integrating R&D, testing, manufacturing, sales and core components.
Overseas-
1. U.S. intelligence suggests that Iran may launch an attack on Israel in the next 24 to 48 hours in response to the April 1 attack on the consular section of the Iranian Embassy in Syria.
2. Former President of the European Bank for Reconstruction and Development: Officials should be wary of the impact of protectionist policies, which may have short-term political gains, but will bring longer-term economic losses;
3. A spokesperson for the Prime Minister's Office of Thailand said that the latest data from the National Tourism Administration of Thailand and the Immigration Bureau show that from January 1 to April 9, 2024, the number of international tourists to Thailand has exceeded 10 million, reaching 10.17 million, an increase of 146% year-on-year. Among them, Chinese mainland received the largest number of tourists with 1.92 million, Malaysia ranked second with 1.27 million, and Russia, South Korea and India ranked third to fifth, respectively.
International Stock Market //
1. Google's DeepMind is planning to introduce AI to football and launch a new tool to help coaches make better tactical decisions.
2. Tesla CEO Elon Musk's upcoming visit to India and meeting with Indian Prime Minister Narendra Modi has sparked speculation that Tesla will invest in the South Asian country, coinciding with the upcoming Indian election. Musk's Starlink could be approved with preconditions in India.
3. Musk's AI startup xAI says that Grok-1.5V will soon be available to early testers and existing Grok users.
4. Nvidia's ban on running CUDA software through the translation layer on other GPUs may be a wake-up call for some vendors who only rely on compatible paths. The analysis points out that GPU vendors that are compatible with CUDA at the toolchain level will be affected, but the impact itself is still more complex at the technical level. Nvidia has actually sent a very strong signal that he is tightening the fence of his own ecology.
5. Kathy Wood, a well-known investor known as the "goddess of stocks", announced that his fund has invested in AI giant OpenAI, and is optimistic about the AI industry to reshape the technology map. OpenAI is valued at $100 billion. Temasek is in recent talks with OpenAI CEO Sam Altman about an investment, and he has also discussed financing with Middle Eastern billionaire and SoftBank founder Masayoshi Son, according to people familiar with the matter.
6. According to sources, Amazon China has indeed received a layoff notice email from the headquarters, but the relevant layoff plan is not only for employees in China, but part of Amazon's AWS global layoff plan.
7. U.S. Steel and Nippon Steel are considering a decision to officially postpone the expected completion of the controversial $14.1 billion deal. The two steelmakers are expected to announce that they now expect the deal to close in the second half of 2024, according to people familiar with the matter. In contrast, the current guidance is for completion in the second or third quarter of this year.
8. Microsoft announced the general availability of Microsoft Copilot Dashboard powered by Viva Insights. It's a new way to gain insight into the impact your organization has on your Copilot investment in Microsoft 365.
9. Lufthansa announced that in view of the current situation, it will suspend flights to and from Tehran, the capital of Iran, until April 18. Air France suspends flights to Iran.
10. Blackstone provided a $2 billion private loan financing package for data center company Park Place Technologies, according to people familiar with the matter.
11. Stellantis, a European car company, is currently facing labor tensions, and thousands of Italian workers have joined the strike at the company's base in northern Italy to oppose a new round of layoffs proposed by the company's management.
12. Japanese Prime Minister Fumio Kishida visited North Carolina and inspected the automotive battery plant under construction by Toyota Motor Corporation. Toyota's cumulative investment in the plant is approximately USD 13.9 billion, creating more than 5,000 jobs. Kishida intends to promote the contribution of Japanese companies to the U.S. economy through investment and job creation.
13. Boeing is betting heavily on the upcoming $442 million 777X to compete with the popular Airbus A350.
Commodity-
1. Ministry of Agriculture and Rural Affairs: Up to now, 13.2 percent of the intended area of spring sowing grain has been completed, slightly faster than the same period last year, and 37.9 percent of spring wheat has been sown, 10.3 percent of spring corn has been sown, and 4.7 percent of spring soybeans have been sown. Spring sowing is progressing smoothly across the country.
2. Recently, silver has surpassed the rise in gold prices with a sudden momentum. Following the "Golden Age", the "Silver Empire" also came. Fund managers said the rise in silver prices was mainly driven by physical supply and demand, financial and safe-haven attributes. Some believe that the rise in silver may be a short-term speculation in pursuit of gold.
3. The price of domestic gold jewelry fell, and the price of pure gold jewelry on Chow Tai Fook Saturday was 726 yuan/gram, down 10 yuan/gram from the previous day.
4. LME: Confirmed the sanctions imposed by the United Kingdom and the United States on metals produced in Russia from April 13, and the exchange will take corresponding measures, promising to issue guidance by 11 am on Sunday.
5. The European Commission may sue Germany over the law passed in 2022 that provides for a tax on gas exports from German territory.
6. Brazil's 2023-2024 sugarcane harvest season has ended, and the country's total sugarcane output this season reached 654 million tons, a year-on-year increase of 19.3%, setting a record for sugarcane production.
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