Important News Alert
China Securities Regulatory Commission: The adjustment of the delisting index aims to increase efforts to clear out the "zombie shell" and "black sheep", not for the "small cap stocks" National Bureau of Statistics: GDP in the first quarter increased by 5.3% year-on-year and 1.6% month-on-month Since 24 o'clock on April 16, domestic gasoline prices have been raised by 200 yuan/ton, and diesel prices have been raised by 195 yuan/ton
Tip of the day
The State Council Information Office held a press conference at 10 a.m. and 3 p.m. today to introduce the 2024 Zhongguancun Forum, and Liu Sushe, vice minister of the National Development and Reform Commission, to explain the macroeconomic situation and policies
Today, the central bank has 170 billion yuan of 1-year medium-term lending facility (MLF) and 2 billion yuan of 7-day reverse repo expiry
The Huawei Analyst Conference will be held in Shenzhen from April 17 to 19
The 2024 China Energy Development Conference will be held in Beijing from April 17 to 19
The 2024 Energy Network Communication Innovation and Application Conference will be held in Chengdu from April 17 to 19
Financial news
1. On April 16, the China Securities Regulatory Commission reported that Guo Ruiming, director of the Department of Supervision of Listed Companies of the China Securities Regulatory Commission, answered reporters' questions on issues related to dividends and delisting. (For details, see this newspaper's report "Just now, the China Securities Regulatory Commission responded to a blockbuster! It is about dividends and delisting")
The implementation of other risk warnings (ST) if the dividends do not meet the standard, mainly focuses on improving the stability and predictability of dividends of listed companies, focusing on companies that have the ability to pay dividends but do not pay dividends for a long time or have a low dividend ratio. It should be pointed out that ST is not a delisting risk alert (*ST), but is mainly intended to remind investors to pay attention to the company's risks. If a company is ST for this reason alone, it will not lead to delisting, and it can apply for revocation of ST after certain conditions are met.
In addition, the adjustment of the delisting indicator is aimed at increasing efforts to clear out the "zombie shell" and "black sheep", not for "small-cap stocks". Steady arrangements have been made in terms of standard setting and transition period arrangements, which will not have an impact on the market in the short term. There is a view in the market that "this delisting rule change is mainly for small-cap stocks", which is a pure misreading.
2. According to data released by the National Bureau of Statistics on April 16, preliminary calculations show that the GDP in the first quarter was 296299 billion yuan, an increase of 5.3% year-on-year and 1.6% month-on-month at constant prices. (For details, see this newspaper's report "Just now, the National Bureau of Statistics released a blockbuster!")
3. According to data released by the National Bureau of Statistics on April 16, in March 2024, the transaction volume of newly built commercial housing and second-hand housing in 70 large and medium-sized cities increased compared with the previous period, and the month-on-month decline in the sales price of commercial housing in all tiers of cities narrowed slightly and expanded year-on-year. (For details, see this newspaper's report "70 City Housing Price Data Released!")
In terms of new homes, in March, the sales price of newly built commercial residential buildings in first-tier cities fell by 0.1% month-on-month, a decrease of 0.2 percentage points from the previous month.
In terms of second-hand housing, in March, the sales price of second-hand housing in first-tier cities fell by 0.7% month-on-month, 0.1 percentage points narrower than the previous month.
4. According to the Ministry of Industry and Information Technology on April 16, on April 16, Jin Zhuanglong, Minister of Industry and Information Technology, met with the German Minister of Digitalization and Transport Wiesing and his party in Beijing. The two sides agreed on the establishment of a Sino-German cooperation mechanism in the field of digitalization, and agreed to carry out further consultations on digital transformation and cross-border data flow.
5. According to the website of the State Administration of Financial Supervision and Administration on April 16, the State Administration of Financial Supervision and Administration, the Ministry of Industry and Information Technology, and the National Development and Reform Commission issued the "Notice on Deepening Manufacturing Financial Services to Help Promote New Industrialization", which mentioned that efforts should be made to support the development of industrial intelligence and green. Banking and insurance institutions should increase their support for the core industries of the digital economy, strengthen financial services in the fields of intelligent equipment, digital infrastructure, and new forms of industrial Internet, and support the "intelligent transformation and digital transformation of the manufacturing industry". Vigorously promote the development of green finance, and support carbon emission reduction, green transformation, resource conservation and efficient recycling, and the construction of a green energy system in the industrial sector.
6. According to the website of the Ministry of Natural Resources on April 16, recently, the Ministry of Natural Resources, the Ministry of Ecology and Environment, the Ministry of Finance, the State Administration for Market Regulation, the State Administration of Financial Supervision and Administration, the China Securities Regulatory Commission, and the State Forestry and Grassland Administration jointly issued the "Notice on Further Strengthening the Construction of Green Mines". The "Notice" encourages mining enterprises to adopt advanced and applicable technologies, strengthen the upgrading and transformation of green and low-carbon technology and equipment, and adopt information technology to promote intelligent and green development.
7. On April 16, the National Development and Reform Commission announced that from 24 o'clock on April 16, domestic gasoline prices will be raised by 200 yuan/ton, and diesel prices will be raised by 195 yuan/ton. Equivalent to the price increase, No. 92 gasoline and No. 0 diesel were both increased by 0.16 yuan, and No. 95 gasoline was increased by 0.17 yuan.
8. According to the Shanghai Futures Exchange on April 16, after research, it was decided that:
Starting from the close of settlement on April 17 (Wednesday), the trading margin ratio and price limit range will be adjusted as follows: the price limit of copper and aluminum futures contracts will be adjusted to 7%, the hedging transaction margin ratio will be adjusted to 8%, and the speculative transaction margin ratio will be adjusted to 9%. The price limit of gold and silver futures contracts is adjusted to 8%, the margin ratio for hedging transactions is adjusted to 9%, and the margin ratio for speculative transactions is adjusted to 10%.
Starting from the trading on April 18, 2024 (that is, the evening trading on April 17), the transaction fee for nickel futures NI2405, NI2406, NI2407, NI2408 and NI2409 contracts will be adjusted to 9 yuan/lot. Tin futures SN2405, SN2406 and SN2407 contracts are adjusted to 9 yuan/lot. The trading fee for the intraday closing of the silver futures AG2406 contract is adjusted to 1.5/10,000 of the transaction amount.
9. According to the news on the website of the National Health Insurance Administration on April 16, the National Health Insurance Administration, the Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security, the Ministry of Finance, and the National Health Commission issued a notice on carrying out special rectification work on violations of laws and regulations in the medical insurance fund.
Priorities:
The first is to focus on fraud and insurance fraud such as false diagnosis and treatment, false drug purchase, and resale of medical insurance drugs, and carry out severe crackdowns.
The second is to focus on the key drug consumables with large amounts of medical insurance funds and abnormal changes, dynamically monitor the use of funds, and focus on investigating and punishing fraud and insurance fraud.
The third is to focus on key areas such as orthopedics, hemodialysis, cardiology, examination, testing, rehabilitation and physiotherapy, and comprehensively carry out self-examination and self-correction.
10. On April 16, according to the WeChat official account of "Suzhou Release", the Suzhou Municipal Bureau of Commerce released the latest policy of "trade-in" for automobiles and home appliances. Since April 20, Suzhou has actively responded to the linkage of "trade-in + consumption vouchers" and the convergence of new and old policies, and launched the trade-in policy for automobiles and home appliances in Suzhou, with a total subsidy of 120 million yuan.
Key interpretations
Regarding the latest data, here comes the interpretation
On April 16, data from the National Bureau of Statistics showed that the GDP in the first quarter was 296299 billion yuan, a year-on-year increase of 5.3% at constant prices, and a quarter-on-quarter increase of 1.6% over the fourth quarter of last year.
Pang Ming, chief economist and research director of Jones Lang LaSalle Greater China, said that the year-on-year GDP growth of 5.3% in the first quarter is a medium-to-high-speed growth achieved under the premise of a high base, and it is a difficult achievement in the context of the increasing complexity, severity and uncertainty of the external environment. This has made a good start and laid a solid foundation for achieving the annual GDP growth target of "about 5%", and has also accumulated more positive factors and created better positive conditions for the macro economy to reduce large fluctuations, return to normal as soon as possible, and approach the potential growth level.
According to the data, in the first quarter, the national investment in fixed assets (excluding rural households) 100042 billion yuan, a year-on-year increase of 4.5%, of which infrastructure investment increased by 6.5% and manufacturing investment increased by 9.9%.
"Since the beginning of the year, infrastructure investment has maintained rapid growth, exceeding market expectations. Wang Qing, chief macro analyst of Oriental Jincheng, said that the PSL added 500 billion yuan in the early stage to provide medium and long-term low-cost funds for the "three major projects" including the construction of infrastructure for both ordinary and emergency purposes, and most of the additional 1 trillion treasury bond funds issued at the end of last year will be put into use this year, which provides sufficient sources of funds for infrastructure investment to maintain rapid growth at the beginning of the year. Taking into account the low base in the same period last year, the latest growth momentum is strong, and the need to hedge against the decline in real estate investment, there is still room for infrastructure investment to accelerate in the short term.
In terms of manufacturing investment, Wang Qing analyzed that manufacturing investment is expected to continue the accelerated growth momentum since the fourth quarter of 2023, and it is estimated that the annual growth rate will reach about 7.5%. This means that the endogenous growth momentum of the economy will improve. Among them, the investment in high-tech manufacturing industry will maintain a double-digit high growth state, which is a concrete embodiment of policy support for the construction of a modern industrial system and a focus on promoting the development of advanced manufacturing industry.
In terms of consumption, data show that in the first quarter, the total retail sales of consumer goods 120327 billion yuan, a year-on-year increase of 4.7%.
In the view of Wen Bin, chief economist of Minsheng Bank, there is still a foundation for consumption improvement in the next stage. The income growth rate of urban and rural residents in the first quarter was 6.2%, the highest level since 2022 and higher than the GDP growth rate. If residents' consumption tendency continues to increase and income growth continues to improve, it will be conducive to promoting the recovery of consumption growth.
"The effect of the steady growth policy in the second quarter will be further reflected, the pull of external demand on economic growth is expected to be further strengthened, the momentum of economic growth momentum will continue, and the actual economic growth rate measured by the two-year average GDP growth rate in the same period last year is lower, and the GDP in the second quarter is expected to further accelerate to about 5.4% year-on-year. Wang Qing said that while promoting scientific and technological innovation and accelerating the development of new quality productivity, how to guide the real estate industry to stabilize and recover as soon as possible, as well as promote a moderate recovery in prices, will be the focus of macroeconomic control in the coming period. This also means that the next macro policy will continue to focus on solving the problem of insufficient effective demand, and the policy of stabilizing the property market will continue to increase.
Company News
1. Zhengyuan shares: announced on the evening of April 16 that the closing price of the company's shares on April 16 was 0.96 yuan per share, less than 1 yuan, and the company's shares may be terminated because the stock price is lower than the par value.
2. Soochow Securities: announced on the evening of April 16 that the company received the "Notice of Case Filing" from the China Securities Regulatory Commission on April 16. Because the company was suspected of failing to be diligent and conscientious in the sponsorship business of Gome Communications and Zixin Pharmaceutical's non-public issuance of shares, in accordance with laws and regulations, on April 8, the China Securities Regulatory Commission decided to file a case against the company. The company said that it will actively cooperate with the relevant work of the China Securities Regulatory Commission and fulfill its information disclosure obligations in strict accordance with regulatory requirements. At present, the company's business situation is normal.
3. Guangli Micro: On the evening of April 16, the company announced that on February 29, the company received the "Apology Statement on the Short-term Trading of the Company's Shares by My Relatives" issued by Shi Zheng, the director of the company, and learned that his mother Zhao Lianzi bought and sold the company's shares through the secondary market from January 18 to February 27 without Shi Zheng's knowledge. As of the announcement date, Zhao Lianzi did not hold shares of the company. Zhao Lianzi's short-term trading income of 4,200 yuan has been handed over to the company on February 29. After verification, this transaction is an investment behavior made by Zhao Lianzi based on his independent judgment of the secondary market, and he did not seek any advice or suggestions from Shi Zheng on the transaction. There is no trading of the company's shares due to the acquisition of inside information, nor is there any use of inside information to trade for profit.
4. 3 boards Chunguang Technology: On the evening of April 16, an announcement on the risk warning of stock trading was issued.
There may be downside risks to the Company's share price. From April 12th to April 16th, the company's stock price rose for three consecutive trading days, with a large short-term increase, and there may be a risk of a decline after a large short-term increase.
The risk of a significant decline in the company's 2023 annual results. On January 31, the company disclosed the 2023 annual performance forecast, and according to the preliminary calculation of the financial department, it is expected that the net profit attributable to shareholders of listed companies in 2023 will be 27.5 million yuan to 41.2 million yuan, a year-on-year decrease of 72.04% to 58.11%, and a sharp decline from the company's performance in the same period last year.
The company's circulation is small, and there is a risk of speculation in the secondary market. On April 15, the company's rolling P/E ratio was 34.56 and the P/B ratio was 2.08, both higher than the current industry average.
5. Quectel: Quectel announced on the evening of April 16 that the company recently received a letter from a world-renowned auto parts supplier and selected the company as its automotive module supplier. According to the customer's plan, the fixed-point project is expected to gradually start mass production and delivery from 2026, with a delivery cycle of 8 years from 2026 to 2033. Total sales over the life of the project are estimated to be approximately $742 million to $1,309 million.
6. Wanxiang Qianchao: On the evening of April 16, the company announced that the company was planning to issue shares to purchase assets, and the company's securities began to be suspended from the opening of the market on April 17. In this transaction, the underlying asset to be purchased by the listed company is 100% equity of Wanxiang America Corp. The main business of the underlying assets is auto parts related business.
7. Mingjiahui: On the evening of April 16, the company disclosed the announcement of the revision of the performance forecast, and the company expects a net profit loss attributable to shareholders of listed companies of 360 million yuan to 380 million yuan in 2023, compared with an expected loss of 250 million yuan to 320 million yuan. In addition, the company announced on the same day that the company's shares may be subject to a delisting risk warning (the stock abbreviation is preceded by the word "*ST").
8. CATL: On the evening of April 16, Moody's upgraded CATL's issuer rating to "A3" from "Baa1", and upgraded the rating of senior unsecured bonds issued by the company's wholly-owned subsidiary, Times Ruiding Development Co., Ltd. and guaranteed by CATL, from "Baa1" to "A3", with a rating outlook of "stable".
9. Research Institute: On the evening of April 16, the company announced that the company plans to build the "Henan Engineering Design Science and Technology Innovation Industrial Park", with a total investment of 697 million yuan (including 89.3 million yuan for obtaining land use rights in the early stage), and the industrial park is planned to be divided into two phases of construction and implementation.
10. Jia Linjie: On the evening of April 16, the company and related personnel recently received the "Decision on Ordering Corrective Measures against Shanghai Jia Linjie Textile Co., Ltd." issued by the Shanghai Securities Regulatory Bureau and the decision to issue warning letters to Yang Xi, Zeng Guanjun, Yang Shibin and Cui Jingjing. After investigation, the company failed to establish strict review and decision-making procedures for external donations, some external donations constituted expenses borne by others, and failed to perform the deliberation procedures of the board of directors, and failed to accurately disclose the remuneration of directors and executives.
Selected Research Reports
Shanxi Securities believes that the release of Apple's MR headset is expected to drive the consumer electronics industry into a new round of industrial innovation cycle, and the demand for 3C automation equipment is also expected to benefit from the acceleration of industry ecological construction, technological improvement, cost reduction and other factors to enter a period of rapid growth. With the maturity of new technology iteration, cost reduction and efficiency increase brought about by the expansion of the supply side, and the impact of Apple's Vision Pro on the leading effect of new technologies, related flat panel display module equipment is expected to usher in a broad incremental market space.
Galaxy Securities believes that in the short term, the cement market demand is expected to further recover, and cement prices are expected to show a steady and rising trend. In the medium and long term, with the continuous promotion of the steady growth policy, infrastructure investment is expected to drive the growth of cement demand, and prices are expected to rise. It is recommended to pay attention to the changes in cement market demand and clinker inventory.
Reporter: Zhang Diange Editor: Ya Wenhui Proofreader: Zhang Jing
Producer: Zhang Nan Issued by: Sun Hong