Summary of the highlights of the four major securities reports: April 19

Xinhua Finance and Economics, Beijing, April 19 -- The highlights of the four major securities reports are summarized as follows:

China Securities Journal

• Central Bank: Pay close attention to the rollover and relending of corporate loans to promote the efficiency of capital use

The People's Bank of China Party Committee Theory Study Center Group in People's Daily on April 18 In the next stage, we will pay attention to revitalizing the financial resources that are inefficiently occupied, continue to strengthen monitoring, pay close attention to the situation of enterprise loan redeposit and re-lending, strengthen cooperation with multiple departments, improve the management and assessment mechanism, and promote the improvement of the efficiency of capital use.

• Since April, brokerages have investigated nearly 300 individual stocks, and the electronic and mechanical equipment industries are favored

As of April 18, brokerages have investigated nearly 300 stocks since April, and Montage Technology, Xu Ji Electric, Capchem and other stocks have received great attention from brokerages. At the industry level, there are more individual stocks surveyed in the electronics and mechanical equipment industry. Entering April, the market entered the performance cashing period. Institutions believe that the style decision in the second quarter usually revolves around the realization of performance, and the leading sectors in the second quarter can usually surpass the first quarter to become the main line of the whole year.

• The route of foreign capital rebalancing has surfaced, and well-known institutions are optimistic about the leading track of subdivision

Recently, Ray Dalio, the founder of Bridgewater Fund in the United States, posted on social media platforms that now is a good time to buy Chinese stock markets. Some foreign investors pointed out that the market has shown positive sentiment, and as the Chinese government continues to roll out supportive measures, the earnings of listed companies are expected to improve significantly. From a medium- to long-term perspective, A-shares deserve more optimism. As listed companies successively disclose their 2023 annual reports, the rebalancing path of QFII funds has gradually surfaced. From the perspective of industry distribution, as of the end of the fourth quarter of last year, materials, chemicals, food and beverage, biopharmaceuticals, non-ferrous metals and other industries have been favored by many well-known QFIIs, among which many leading companies in subdivided industries have increased their holdings by QFIIs.

Shanghai Securities News

• Ministry of Industry and Information Technology: Information on overdue payments to SMEs must be disclosed in the annual report

On April 18, the Ministry of Industry and Information Technology publicly solicited opinions on the Regulations on Guaranteeing the Payment of Small and Medium-sized Enterprises (Draft Revisions for Solicitation of Comments). According to the Consultation Paper, government agencies, public institutions and large enterprises shall not require SMEs to accept unreasonable payment terms, methods, conditions and liability for breach of contract, and shall not default on the payment for goods, projects and services owed to SMEs. Organs and public institutions shall, before March 31 of each year, disclose information such as the number and amount of contracts that have not yet paid small and medium-sized enterprises in the previous year through websites, newspapers and periodicals, and other methods that are convenient for the public to know. Large-scale enterprises shall include information such as the number and amount of contracts that have not yet paid small and medium-sized enterprises within the time limit in their annual reports, and announce it to the public through the enterprise credit information publicity system. Large enterprises in listed companies should also include the above information in information disclosure documents such as annual reports.

•Unconventional support for breakthroughs in multiple scenarios The hydrogen energy industry has ushered in a new round of development peaks

Recently, Sichuan Province will accurately support the development of the hydrogen energy industry with "unconventional maximum efforts", so that the hydrogen energy industry will once again stand in the market spotlight. Sichuan Province proposed to explore the full exemption of highway fees for hydrogen energy vehicles, encourage cities to unlimited traffic restrictions on hydrogen energy trucks in urban areas, and encourage qualified cities to promote the renewal of hydrogen energy equipment throughout the region. In fact, Sichuan Province's move is a microcosm of the vigorous development of the hydrogen industry by local governments and enterprises this year. At the policy level, since the beginning of this year, Shandong, Henan, Guangdong, Anhui and other provinces have successively issued detailed rules for industrial support; at the enterprise level, tens of billions of hydrogen energy infrastructure projects have been implemented in many places recently, and breakthroughs have been made in application scenarios; in terms of market, the production and sales of fuel cell vehicles in the first quarter of this year have reached the best level in the same period in history. In addition, the total number of hydrogen fuel cell vehicle tenders in the first quarter is close to that of the whole of 2023.

•AI+ market continues to recover The growth momentum of companies in the mobile phone industry chain is gratifying

Since the first quarter of this year, as the shipment of smartphones has continued to rise, the growth momentum of companies in the industrial chain has continued to increase. On April 18, the HUAWEI Pura 70 series was released as a pioneer, and the warmth of the industry heated up again. At present, the supply chain of mobile phones basically covers many fields such as foundry, structural parts, functional chips, displays, optics, communications and batteries. Many people in the industry believe that with the recent release of a number of new mobile phone products, the sales growth of products has driven the upstream and downstream investment and rapid development of the industry, which is expected to accelerate the recovery of prosperity in various fields of consumer electronics.

Securities Times

• Keeping the RMB exchange rate basically stable There is still room for monetary policy

On April 18, the Information Office of the State Council held a press conference, at which the relevant responsible persons of the People's Bank of China and the State Administration of Foreign Exchange introduced the financial operation and foreign exchange receipts and payments in the first quarter of 2024. On the whole, in the first quarter, the total financial volume grew steadily, the financing cost decreased steadily, the credit structure continued to be optimized, the credit rhythm was stable, and the foreign exchange market showed strong resilience. Zhu Hexin, deputy governor of the People's Bank of China and director of the State Administration of Foreign Exchange, said at the press conference that the proportion of loans disbursed in the first quarter of this year returned to the historical average, leaving enough room for credit growth in the next three quarters. "There is still room for monetary policy in the future, and we will closely observe the effect of the policy, the economic recovery, and the realization of the target, and make good use of the reserve tool at the right time. ”

•Implement the word "strict" in detail, and the regulator keeps a close eye on the annual reports of listed companies

The 2023 annual reports of listed companies are being disclosed one after another, and the review of annual reports by the regulator is also in full swing. According to the reporter's statistics, from March 15 to April 18, 20 listed companies have received the exchange's annual report inquiry letter, nearly half of which are ST companies, and the focus of the inquiry includes the reasons for the excessive change in operating performance, some abnormal financial indicators, restructuring income, asset impairment, and the ability to continue operations. According to the analysis of industry insiders, the regulator asks more details, grasps more realistically, and sees more comprehensively in the annual report review and inquiry process, and the word "strict" is the first to ensure that the supervision is "toothy and thorny", angular, which is conducive to improving the quality of information disclosure of listed companies, promoting the high-quality development of the capital market, and protecting the interests of investors, especially small and medium-sized investors.

•Oversupply Polysilicon price fell below the 50,000 yuan mark

Polysilicon prices fell below an important threshold. According to the latest data disclosed by the Silicon Branch of the China Nonferrous Metals Industry Association, polysilicon prices fell sharply across the board this week, with the mainstream price range falling below 50,000 yuan/mt. According to the Silicon Industry Sub-committee, the current decline in polysilicon prices is still lower than expected in the downstream sector, coupled with the continuous decline in downstream start-ups, and the inventory of products and raw materials is at a high level, which indicates that the possibility of wafer makers to start centralized procurement again is weak, and it is difficult for polysilicon demand to recover in the short term. At the same time, polysilicon companies have shifted their procurement strategy from a one-month purchase to a more frequent weekly purchase due to the perspective of production costs, and the current purchase price of 99 silicon powder is around 13,000 yuan/ton, which basically reaches the limit price, and it is difficult to continue to reduce the cost of polysilicon. Polysilicon companies will maintain high inventories for some time to come, and there is no hope that prices will be repaired before a large-scale shutdown occurs.

Securities Daily

•Foreign institutions intensively raise China's economic forecasts It is generally believed that the positive momentum will continue in the first quarter

In the first quarter of 2024, the mainland's GDP grew by 5.3% year-on-year and 1.6% quarter-on-quarter from the fourth quarter of 2023, and the economic growth rate exceeded market expectations. Recently, foreign investors have claimed that this positive momentum will continue, and raised their forecast for China's full-year GDP growth in 2024. Xiong Yi, chief economist of Deutsche Bank China, believes that thanks to the strong growth of industrial added value of 6% year-on-year in the first quarter, and the moderate expansion of the service industry increased by 5% year-on-year, which provided good support for the economic start in the first quarter. Wang Tao, head of Asian economic research and chief China economist at UBS, said UBS raised its GDP growth forecast for 2024 to 4.9% from 4.6% in light of stronger export demand and better-than-expected economic growth in the first quarter. Morgan Stanley raised its forecast for China's economic growth in 2024 to 4.8% from 4.2% previously, mainly due to strong exports and manufacturing investment.

•Since April, more than 70 premium risk warning announcements have been issued by public funds

With the sharp fluctuation of the net value of the fund, a number of public funds have issued premium risk warning announcements. On April 18, three public funds issued a premium risk reminder, saying that the current secondary market trading price is significantly higher than the net value of the fund share, and investors may face large losses when buying, and some products choose to suspend trading in stages. According to the data, since April, there have been more than 70 reminder announcements about the premium risk of public funds, of which gold, oil and gas and Nikkei products are the mainstay.

•After the short-term fluctuation of Feitian Moutai's price, the offline retail price has stood at 2,700 yuan per bottle

Not long ago, the news of the price fluctuation of Kweichow Moutai's large single product 53 degrees Feitian Moutai attracted market attention. Recently, the reporter visited Beijing, Chengdu and other places and learned that the terminal retail price of Feitian Moutai, a number of offline cigarette hotels, has stood at 2,700 yuan/bottle, and the price of some stores is even as high as 3,000 yuan/bottle. Regarding the short-term fluctuation of Feitian Moutai's price, some voices believe that it may be due to the combined effect of the market off-season and the launch of 375ml Moutai (Xunfeng), which has triggered a market panic. The industry generally believes that Feitian Moutai will continue to be in short supply due to factors such as limited production capacity.

Editor: Hu Chenxi

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