Important News Alert
Ministry of Industry and Information Technology: In the first quarter, the added value of industrial enterprises above designated size increased by 6.1% year-on-year, the highest value in 8 quarters, and the trading fees of contracts related to gold futures and other varieties adjusted in the previous period were delisted from Poten: The company's shares will be terminated and delisted by the Shanghai Stock Exchange on April 25
Tip of the day
The State Council Information Office held press conferences at 10 a.m. and 3 p.m. today
Li Jinghui, member of the Party Leadership Group of the Ministry of Agriculture and Rural Affairs, introduced the operation of the agricultural and rural economy in the first quarter of 2024, and Guo Tingting, Vice Minister of Commerce, introduced the business operation and work in the first quarter of 2024
Today, the central bank has 2 billion yuan of 7-day reverse repurchase due
Xiaomi Auto: From 9 a.m. on April 19, a 24-hour time-limited configuration change will be opened
The Volcano Engine AI Product List Conference will be held in Beijing on April 19
Financial news
1. On April 18, a number of relevant officials 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 at the press conference of the State Council New Office. (For details, see this newspaper's report "The Central Bank and the Foreign Exchange Bureau Speak Loudly! Release Policy Signals")
Quick Takeaways:
There is still room for monetary policy in the future, and we will choose the opportunity to make good use of reserve tools
The operation of the foreign exchange market has shown strong resilience, and cross-border capital flows are generally balanced
Relevant departments will strengthen the monitoring of the idling of funds and improve the management assessment mechanism
Foreign institutional investment in domestic bonds is expected to continue to grow steadily
We should resolutely guard against the risk of exchange rate overshoot and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level
Nominal interest rates will be kept at a reasonable level according to price changes and trends, and the upward trend of the economy will be consolidated
2. The People's Bank of China Party Committee Theory Study Center Group wrote in the People's Daily on April 18 that in the future, it will continue to maintain the soundness of monetary policy, accurately grasp the law and new characteristics of money and credit supply and demand, guide financial institutions to maintain balanced credit delivery, and enhance the stability and sustainability of loan growth. In the next stage, we will focus on revitalizing the financial resources that are inefficiently occupied, continue to strengthen monitoring, pay close attention to the redeposit and relending of enterprise loans, strengthen cooperation with multiple departments, improve the management assessment mechanism, and promote the improvement of the efficiency of capital use. (For details, see this newspaper's report "Central Bank, the latest voice!")
3. According to the website of the Ministry of Industry and Information Technology, on April 18, the Ministry of Industry and Information Technology solicited public opinions on the "Regulations on Guaranteeing the Payment of Small and Medium-sized Enterprises (Draft Revisions for Solicitation of Comments)".
The Ministry of Industry and Information Technology said that with the rapid development of the economy and society, especially affected by the complex economic situation at home and abroad, the implementation of the "Payment Regulations" is facing some new situations and new problems, the scale of accounts receivable of small and medium-sized enterprises has grown, the account period has been extended, and the phenomenon of "serial arrears" is more prominent. At the same time, timely payment of small and medium-sized enterprises is related to the vital interests of the majority of market entities, and is the basic support for optimizing the business environment, and it is necessary to further strengthen the legal guarantee, promote the honesty and trustworthiness of market entities, maintain the normal market transaction order, ensure fair competition among various market entities, and create a good business environment.
4. On April 18, Shan Zhongde, Vice Minister of the Ministry of Industry and Information Technology, introduced at the press conference of the State Council Information Office that in the first quarter of 2024, the mainland's industrial economy will run smoothly and well. In the first quarter, the added value of industrial enterprises above designated size increased by 6.1% year-on-year, the highest value in eight quarters, and an increase of 1.5 percentage points over the whole of 2023. (For details, see this newspaper's report "The highest value in 8 quarters!")
5. The website of the Beijing Stock Exchange issued a notice on April 18 stating that it intends to carry out the customs clearance test of the new stock code segment of the Beijing Stock Exchange in the near future. The test will be conducted on April 20, 2024, and the participating institutions are the Beijing Stock Exchange, the National Equities Exchange and Quotations, China Clearing, Shenzhen Stock Exchange, China Securities Index, securities companies, fund companies, information providers, etc.
6. On April 18, the Shanghai Futures Exchange issued the "Business Guidelines for Market Makers of the Shanghai Futures Exchange", which stipulates that the net assets of market makers should not be less than RMB 50 million. Market makers shall use their own funds to conduct market making, and shall not carry out market-making business by offering funds such as funds, wealth management, trusts, asset management products, etc., or funds in violation of laws and regulations.
7. On April 18, the Shanghai Futures Exchange issued a notice on adjusting the trading fees of contracts related to gold futures and other varieties.
Starting from the trading on April 22 (that is, the evening trading on April 19), the transaction fee for the intraday closing of the gold futures AU2406 contract will be adjusted to 30 yuan/lot. The transaction fee for gold futures AU2408 contract is adjusted to 6 yuan/lot. The trading fee for the silver futures AG2408 contract is adjusted to 0.3/10,000 of the transaction amount.
8. According to the website of the Shanghai Municipal People's Government on April 18, the Office of the Leading Group for the Development of the Shanghai Municipal Service Industry issued the "Guiding Opinions on Further Optimizing the Development Environment and Promoting the High-quality Development of Shanghai's Professional Service Industry".
It is mentioned that by 2025, the quality and efficiency of Shanghai's professional service industry will be significantly improved, a number of high-level institutions with strong international influence and brand effect will emerge, the industrial structure will be further optimized, the management service system will be further improved, and the positive role of the professional service industry in allocating resource elements, serving the real economy, and supporting enterprises to "go global" will be fully exerted, and the development pattern of the professional service industry that is compatible with the city's functional positioning will be basically formed, and the city's business environment will be significantly optimized.
9. According to the WeChat public account of "Changsha Release", on April 18, the Changsha Municipal Bureau of Housing and Urban-Rural Development issued the "Notice on Supporting Residents to Purchase and Improve Housing", from now on, those who buy new houses in the city can enjoy preferential down payment ratios and mortgage interest rates for the first house in accordance with the policy of "recognising the house but not recognising the loan";
10. According to the WeChat public account of "Xiaopeng Huitian", the People's Government of Panyu District, Guangzhou City signed the "Demonstration Framework Agreement on Jointly Promoting the Application of Flying Cars" with Xiaopeng Huitian on April 18, and jointly released the exploration list of flying car application scenarios, announcing the start of the construction of flying car infrastructure, and the first batch of plans to build four flying car take-off and landing points in the university town, supporting flying car take-off and landing, parking, energy replenishment, communication and other infrastructure, for the next step to carry out "low-altitude + commuting", "low-altitude + tourism", "low-altitude + emergency" and other application demonstrations to lay the foundation for building Guangzhou University Town into the country's first low-altitude economic application demonstration island.
Key interpretations
What happened when this rate hit a new high?
On April 18, the RMB 1-month Hibor (Hong Kong Interbank Offered Rate) remained high. According to Bank of China (Hong Kong) data, as of 14:00 on the same day, the interest rate was quoted at 5.000%. On April 17, the RMB 1-month Hibor (Hong Kong Interbank Offered Rate) rose to 5.105%, close to the highest since 2018. What signal does the 1-month Hibor record high of CNH release?
According to a number of experts, Hibor has recently become the main tool for releasing stable signals.
Wang Qing, chief macro analyst of Oriental Jincheng, analyzed that the increase in Hibor interest rate is mainly to moderately tighten the RMB liquidity in the offshore market, curb the recent trend of offshore RMB depreciation, and release a signal to stabilize the foreign exchange market by compressing the exchange rate difference between onshore and offshore RMB.
"Recently, due to the market's judgment that the Federal Reserve may postpone interest rate cuts, and the European Central Bank hinted that it is possible to cut policy rates from June, the dollar index stood at a nearly five-month high of 106, resulting in a certain passive depreciation momentum of the RMB against the US dollar, and the policy of stabilizing the foreign exchange market has been strengthened. Wang Qing said.
CITIC Securities previously released a research report saying that there are many ways to stabilize the exchange rate: countercyclical factor adjustment of the central price of the RMB exchange rate, reducing foreign exchange deposit reserves to increase US dollar liquidity, and tightening RMB liquidity, for example, issuing central bills in Hong Kong to reduce the supply of offshore RMB, which is conducive to boosting the RMB exchange rate.
In the view of Pang Ming, chief economist and research director of Jones Lang LaSalle Greater China, from the news side, the Federal Reserve has continuously released signals indicating that it may need to maintain high interest rates for a longer period of time, and geopolitical uncertainty has also enhanced market risk aversion and demand, providing support for the dollar index, and also making non-US currencies, including RMB, must provide more attractive deposit interest rates.
"From the perspective of liquidity, the possibility of a marginal tightening of liquidity in the offshore RMB market cannot be ruled out, which directly raises the level of interbank interest rates and increases the cost of trying to trade various strategies for the RMB to deviate from a reasonable equilibrium level, but the HKMA's liquidity arrangements are expected to gradually iron out market volatility. Pang Ming said.
Li Liuyang, a foreign exchange expert at CICC, said that in terms of the policy of stabilizing the exchange rate, the setting of the central parity continues to form a significant constraint on the upside of the RMB exchange rate, and the offshore RMB liquidity also maintains a tightening trend.
Company News
1. Performance of listed companies
Xingqi Eye Medicine: Net profit of 240 million yuan in 2023, an increase of 13.39% year-on-year, and it is planned to transfer 10 to 4 and distribute 30 yuan
Olaide: Net profit in 2023 will increase by 8.16% year-on-year, and it is planned to transfer 10 to 4 and distribute 8 yuan
Chinese media: net profit in 2023 increased by 1.88% year-on-year, and it is proposed to distribute 7.8 yuan in 10 distributions
Oriental Yuhong: Net profit in 2023 will increase by 7.16% year-on-year, and it is planned to distribute 6 yuan in 10 distributions
EVE: Net profit in 2023 will be 4.05 billion yuan, a year-on-year increase of 15.42%, and it is planned to distribute 5 yuan in 10
Zuoli Pharmaceutical: Net profit of 383 million yuan in 2023, a year-on-year increase of 40.27%, and 10 distributions of 4.5 yuan are planned
Sen Kirin: Net profit in the first quarter of 2024 will be 504 million yuan, an increase of 101.34% year-on-year
2. Aipu shares: announced on the evening of April 18 that the Shanghai Securities Regulatory Bureau decided to issue a warning letter to the company, Wei Zhonghao, then chairman and general manager, Feng Linxia, then chief financial officer, and Wang Weihua, then secretary of the board of directors. The Shanghai Securities Regulatory Bureau believes that Aipu Co., Ltd. failed to effectively manage and control its holding subsidiaries to ensure that they operate in accordance with laws and regulations, resulting in inaccurate financial data disclosed in annual reports from 2018 to 2021, affecting investors' right to know.
3. Jindun shares: On the evening of April 18, an announcement on abnormal fluctuations in stock trading and risk warning was issued. On April 17 and April 18, the closing price increase for two consecutive trading days deviated by 39.90%, which is an abnormal fluctuation in stock trading. Flying car ducted fans are currently in the research and development stage and have not yet been applied.
4. Baofeng Energy: On the evening of April 18, it was announced that at 1:54 a.m. on April 18, the conversion gas of the 200,000 tons/year coke oven gas to methanol unit of Ningxia Dongyi Environmental Protection Technology Co., Ltd., a subsidiary of Ningxia Dongyi Environmental Protection Technology Co., Ltd., leaked, and a flash ignition accident occurred in the process of plugging the leak. As a result of the accident, 2 on-site workers were killed and 4 employees were injured. The scope of impact of this accident is limited to this device, and the company's other production equipment is in normal production, and the production and operation order has not been affected. The methanol production capacity affected by this accident is 200,000 tons/year, accounting for 3.4% of the company's total methanol production capacity, and the accident has little impact on the plant and the company's normal production and operation. For related reports, please refer to "Coke Oven Gas Leakage and Flash Combustion Accident in a Chemical Plant, Involving A-share 100 Billion Giants"
5. Delisting Potian: On the evening of April 18, it was announced that as of April 18, the company's shares had been traded for 15 trading days during the delisting period, and the delisting period had ended. The company's shares will be terminated and delisted by the Shanghai Stock Exchange on April 25.
6. Wanfeng Aowei: It was announced on the evening of April 18 that a safety accident occurred in the early morning of December 3, 2023 at the first plant of the company's Zhejiang Xinchang Steam Turbine Plant. Recently, the company and related personnel respectively received the "Administrative Penalty Decision" issued by the Xinchang County Emergency Management Bureau, the Xinchang County Emergency Management Bureau decided to fine the company 600,000 yuan, the main person in charge of the company Dong Ruiping fined 200,000 yuan, the company's deputy general manager Wu Shaoying fined 76,000 yuan, the company's first branch director Zhang Xincan fined 36,000 yuan, the company's energy equipment manager Liang Yuelin fined 36,000 yuan, the company's safety and environmental protection manager Liang Xiaoming fined 27,000 yuan. This accident is a general production safety accident, and the damaged assets have been fully insured, which has little impact on the company's overall production and operation.
7. Hesheng shares: On the evening of April 18, it was announced that it signed the "Investment Agreement" with the Management Committee of Yibin Sanjiang New Area. This agreement was reached by both parties through consultation, and it was decided to invest in the construction of Yibin Hesheng new energy vehicle high-end parts project in Yibin Sanjiang New Area, with an estimated total investment of 1.5 billion yuan.
8. 5 Lianban Chunguang Technology: On the evening of April 18, a trading risk warning announcement was issued.
Fang Xiubao, a shareholder of the company, intends to reduce his holdings by no more than 698,000 shares (accounting for 0.5071% of the company's total share capital), and his reduction may lead to a decline in the company's stock price.
From April 12 to April 18, the company's stock price rose for five consecutive trading days, with a large short-term increase, and there may be a risk of a sharp decline after a large short-term increase.
9. Zhongnan Construction: announced on the evening of April 18 that as of April 18, the closing price of the company's shares has been lower than 1 yuan per share for ten consecutive trading days, and there is a risk that the listing may be terminated in accordance with the regulations.
10. Zhengdan shares: On the evening of April 18, the company disclosed the announcement of stock trading changes. The company's shares have been increasing by 39.31% in the closing price for three consecutive trading days (April 16, April 17 and April 18). The short-term increase in the company's stock price seriously deviated from the GEM composite index, which was significantly higher than the average value of the company's chemical raw materials and chemical products manufacturing industry, and there was an overheated market sentiment. The recent price increase in the TMA market has been large, but the sustainability of the price fluctuations of TMA products is uncertain. The company has not directly received the announcement of the permanent shutdown of trimellitic anhydride production equipment from INEOS in the United States announcing the permanent suspension of production of trimellitic anhydride production equipment on the stock bar and other platforms.
Selected Research Reports
CICC's research report pointed out that with the upgrading of supply and demand and technological progress, the domestic animation film industry may usher in a new period of development opportunities. Looking forward to 2024, a number of key animated films will be screened, and new technologies such as generative AI will be accelerated. In recent years, the expansion of the target audience on the demand side of the domestic animation film industry, the new technology and policy drive on the supply side, and the optimization and upgrading of production capacity may become a new development engine for the industry.
Huatai Securities research report said that in April, with the advent of the traditional construction season, the superposition of the early policy funds gradually in place, the midstream channel replenishment inventory led to the improvement of physical volume month-on-month, photovoltaic glass, glass fiber, float glass, cement have started to rise in price, but because the supply side is still relatively excessive, the quality of terminal demand will determine the sustainability of price increases. In the short term, the building materials industry continues to pay attention to sectors such as low-valued central state-owned enterprises and C-end building materials.
Reporter: Zhang Diange Editor: Ya Wenhui Proofreader: Zhang Jing
Producer: Zhang Nan Issued by: Sun Hong
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