Summary of the highlights of the four major securities reports: April 18

Xinhua Finance and Economics, Beijing, April 18 -- The highlights of the four major securities reports are summarized as follows:

China Securities Journal

•The National Development and Reform Commission proposed: intensify the implementation of policies and enhance the positive trend of the economy

A number of relevant persons in charge of the National Development and Reform Commission said at a press conference held by the State Council Information Office on April 17 that the economic operation in the first quarter continued to pick up and improve, and the economic growth rate exceeded expectations. The key to doing a good job in the second quarter is to grasp the implementation. It is necessary to intensify the implementation of macroeconomic policies, coordinate the implementation of policies in the areas of industry, investment, consumption, employment, and prices, enhance the consistency of macroeconomic policy orientation, and promote the formation of policy synergy. We will make every effort to consolidate and enhance the positive momentum of economic recovery, and promote the high-quality completion of the annual economic and social development goals and tasks.

• The shipping sector continues to strengthen Institutions say that comprehensive investment opportunities are coming

Recently, Hapag-Lloyd, CMA CGM, COSCO Shipping and many other industry giants have raised freight rates. As of April 17, the shipping index has risen by 11.49%, and the stock prices of China Merchants South Oil, COSCO Shipping and China Merchants Shipping have risen by more than 20% since March, significantly outperforming the market. Analysts said that the operating conditions of China's shipping industry are improving, and the shipping market is expected to continue to repair upward in the second quarter, and comprehensive investment opportunities in the shipping industry may come.

•Last year, a number of performance indicators hit new highs, and home appliance giants played "cross-border" main business and side business

In the context of the adjustment of the real estate industry and the expected decline in demand for household appliances, a number of leading home appliance companies have recently released gratifying results. In 2023, some of the financial indicators of the three giants of Midea Group, Gree Electric Appliances, and Haier Smart Home will record the best in history, and companies such as Hisense Home Appliances and Changhong Meiling have also achieved substantial growth in performance. In the interview and research, the reporter found that the key reason why the home appliance giants can achieve good results is to make full use of the good foundation of intelligent manufacturing, open up the second growth curve, extend other related businesses from the main business of home appliances, and actively enter hot fields such as new energy vehicles, energy storage, and medical treatment, and gradually dilute the label of "pure home appliance enterprises".

Shanghai Securities News

•Implement the new "National Nine Articles" and pay close attention to the speedy handling A number of securities regulatory bureaus require IPO counseling companies to sign a letter of commitment

The entry gate for listing and issuance is one of the key reform areas proposed in the new "National Nine Articles", and the front line of supervision is stepping up to plan specific measures. The reporter learned from investment bankers that a number of securities regulatory bureaus have recently issued notices requiring IPO counseling companies to sign the "Letter of Commitment to Improve the Declaration Quality of Enterprises to be Listed", promising that information disclosure is true, accurate and complete, establishing a correct "listing concept", and not blindly seeking listing for the purpose of "making money".

•Funds are overweight, and dividend ETFs with high dividend targets have received large net subscriptions

Since last week, the share of a number of ETFs tracking the low-volatility CSI A50 Index has increased significantly, while some funds are flowing out of broad-based ETFs such as the CSI 300 ETF. In the view of institutions, the new "National Nine Articles" attach great importance to the supervision of cash dividends of listed companies, and in the long run, dividend assets may usher in valuation reshaping. At present, in the case of relatively low market risk appetite, large-cap value blue chips such as high dividends and Chinese characters may continue to "absorb gold".

• Anchoring performance certainty Fund managers made a major rebalancing in the first quarter

The latest disclosure of the fund's 2024 first quarter report shows that in the volatile market in the first quarter of this year, fund managers intensively adjusted their positions and exchanged shares. From the perspective of layout logic, on the one hand, they pay more attention to the performance certainty and margin of safety of listed companies, and increase the layout of dividend stocks; on the other hand, they pay more attention to the quality of the company, and are optimistic about companies with stable endogenous growth and can continue to generate cash flow.

•Integrated circuit recovery, biomedical growth, 33 companies on the Science and Technology Innovation Board "Zhangbang" first-quarter results

As a gathering place for hard technology companies, as of April 17, a total of 33 companies on the Science and Technology Innovation Board have made "spoilers" or "lists" on the performance of the first quarter of this year through various forms. Montage Technology, Baike Biotech, Tiandeyu, Xuantai Pharmaceutical, and other 22 companies on the STAR Market released their first-quarter performance forecasts. Among them, the net profit of 3 companies turned losses into profits year-on-year, and the net profit of 8 companies increased by more than 100% year-on-year. Another 11 companies on the STAR Market have released their first-quarter financial reports. In terms of industries, companies in the field of integrated circuits and biomedicine performed particularly well.

Securities Times

• Consolidate the "gatekeeper" responsibility of intermediaries A number of securities firms have been filed

The regulatory authorities continue to consolidate the responsibilities of intermediaries, and a number of securities companies have received fines recently, and a comprehensive and three-dimensional capital market supervision system is being formed. The new "National Nine Articles" require further consolidating the first responsibility of issuers and the "gatekeeper" responsibilities of intermediaries, and establishing a "blacklist" system for intermediaries. Adhere to the principle of "declaration is responsibility", and strictly investigate illegal issues such as fraudulent issuance. On April 16, Soochow Securities announced that 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, and was filed by the China Securities Regulatory Commission. This is the third securities company to be filed by the CSRC within a week. Tian Xuan, deputy dean of Tsinghua University's PBC School of Finance, said that the responsibility of intermediaries is an important part of improving the quality of information disclosure in the capital market, and the regulatory authorities will seriously investigate the responsibility of intermediaries and practitioners for violating the law, aiming to urge intermediaries to play a good role as "gatekeepers" in the capital market.

• The "She Economy" is growing fast and has great potential, and listed companies are accelerating their layout

A sparkling emerald necklace, a practical luxury handbag made of eco-friendly materials, and a functional skincare product made with high-tech ingredients...... Walking in the various pavilions of the 4th China International Consumer Products Expo, the three most distinctive "she economy" consumer goods brands such as jewelry, luxury goods and beauty and skin care account for a large proportion, and the relevant exhibition areas are also very popular. As the saying goes, women are half the sky of society. In the field of consumption, women support more than half the sky. A Boston Consulting Group research report predicts that by 2028, female consumers will be able to contribute more than 70% of global consumption growth. The reporter found in this year's Consumer Expo that the current female consumption shows the characteristics of paying equal attention to quality and practicality, paying more attention to personalization and differentiation, and at the same time, the consumption channels are more inclined to online. Focusing on these new trends, listed companies have stepped up their layout to promote faster growth in performance.

• China CITIC Bank led the gains, and many bank stocks followed to hit new highs

The A-share market has fluctuated significantly for several days, and bank stocks have regained the attention of investors. On April 17, the Shanghai Composite Index opened higher and moved higher, up 2.14% as of the close, of which the banking sector performed quite strongly, and many bank stocks hit or approached record highs. As of the close of the day, the inflow of funds into the banking sector exceeded 2 billion yuan, ranking in the forefront of the sector. Among them, China CITIC Bank closed the daily limit at noon, closing at 7.27 yuan, with a full-day turnover of 1.5 billion yuan, and a single-day net inflow hit a new high in more than 8 years. Looking ahead, a number of institutions expressed optimistic expectations for the banking sector.

Securities Daily

• Real money subsidies in many places "trade in the old for the new" to leverage the trillion-yuan consumer market

"The original price of this refrigerator is 7499 yuan, 600 yuan for old products, and 690 yuan subsidy for buying new machines, plus 210 yuan for the preferential activities of shopping malls, and the actual payment is 5999 yuan, which is equivalent to a discount of 80%. In a shopping mall in Fengtai District, Beijing, Ms. Li, a consumer, told reporters. Ms. Li's experience is just a microcosm of the "trade-in" activities carried out by various shopping malls in many places across the country. A few days ago, the State Council issued the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in". The reporter combed and found that as of April 17, Nanjing, Suzhou, Zaozhuang, Taizhou and other places have effectively carried out the "old for new" action and clarified the specific method and amount of subsidies. Many consumers like Ms. Li have taken the opportunity to replace their cars or greener home appliances, and they have really enjoyed the policy dividends.

•6G development from concept formation to technological breakthrough The layout of listed companies has a clear route

Communication and AI integration, wireless synaesthesia integration, space-ground integration...... A number of 6G cutting-edge technologies have accelerated their evolution, and the development of communication technology has made great strides. "Lingyun" wireless computing and intelligent integration open platform, 6G cellular-free radio access network system, 6G end-to-end experimental platform...... Many 6G R&D and experimental verification have been carried out in an orderly manner, and the industry has entered a new stage of R&D and cooperation around 6G. From April 16th to 18th, the high-profile 2024 Global 6G Technology Conference was held in Nanjing. The conference focused on the eight core areas of 6G technology, covering the new generation of network architecture and key technological breakthroughs, as well as high-band wireless transmission and device technology innovation. Wen Ku, chairman of the China Communications Standards Association, said at the conference that 6G technology is becoming more and more mature, which will create a large number of new formats and business opportunities in the fields of smart cities and intelligent manufacturing, and become the engine and foundation for the digital transformation of the economy and society.

•11 films were released on May 1st, and a number of listed companies participated

As of 18 o'clock on April 17, the data of Lighthouse Professional Edition shows that 11 movies have been scheduled for May 1st. Among them, 9 are domestic films and 2 are imported films. According to the reporter's incomplete statistics, 10 listed companies participated in the production of the above 11 films. Among them, Alibaba Pictures is the listed company with the most participation, covering 5 films. Zhang Yi, CEO and chief analyst of iiMedia Consulting, said that compared with the 1.521 billion yuan of last year's May Day box office, there is a possibility that the box office in the same period this year will surpass. The main reason is that the market has recovered well, and the box office of many important schedules in the first half of the year has exceeded the same period last year. Secondly, the market attraction of May 1st movies is not weak, the genre is rich, and there are also classic IPs reappearing. In addition, the operation experience of the film team in the past two years has become more and more mature, which is conducive to increasing the box office to a certain extent.

•Product prices rebounded The performance of many storage companies in the first quarter was greatly promising

With the recovery of storage product prices, enterprises in the track ushered in the performance of cash. On April 17, BIWIN Storage disclosed the performance forecast for the first quarter of 2024, with an estimated operating income of 1.7 billion yuan to 1.8 billion yuan during the reporting period, a year-on-year increase of 299.54% to 323.04%, and an estimated net profit attributable to the parent company of 150 million yuan to 180 million yuan, a year-on-year increase of 219.03% to 242.84%. In addition to BIWIN Storage, a number of listed companies in the storage industry chain such as Montage Technology, Demingli, and Allwinner Technology have disclosed their performance forecasts for the first quarter of 2024, according to which these companies collectively ushered in a performance explosion, and the lower limit of the year-on-year increase in net profit attributable to the parent company in the first quarter is expected to exceed 200%.

Editor: Hu Chenxi

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