Hot Spotlight //
1. The second phase of the rate reform of the public fund industry has been implemented. The China Securities Regulatory Commission (CSRC) formulated and promulgated the Regulations on the Administration of Securities Transaction Costs of Publicly Offered Securities Investment Funds, which came into effect on July 1. After the promulgation and implementation of the "Provisions", the total annual stock trading commission of public funds will be reduced by 38% based on static data, and the first two phases of rate reform measures can save investors about 20 billion yuan per year. It is reported that the preparation for the reduction of the commission rate for the first stock transaction will be completed before July 1. The third phase of relevant reform measures is expected to be launched by the end of 2024, and the regulation of fund distribution fees and other supporting reform measures is steadily advancing.
2. The China Securities Regulatory Commission (CSRC) has issued five measures for capital market cooperation with Hong Kong to help Hong Kong consolidate and enhance its status as an international financial centre and jointly promote the coordinated development of the capital markets of the two places. The first is to relax the scope of eligible products of equity ETFs under Stock Connect. The second is to include REITs in Stock Connect, which is intended to include eligible REITs in the Mainland and Hong Kong in the Stock Connect with reference to the Stock Connect arrangements between the two places, so as to further enrich the trading varieties of Stock Connect. The third is to support the inclusion of RMB stock trading counters in the Hong Kong Stock Connect. Fourth, the MRF arrangement will be enhanced by promoting the appropriate relaxation of restrictions on the proportion of MRF sales to clients, and allowing the investment management functions of REHK funds to be delegated to overseas asset management institutions with the same group as the manager, so as to further optimize the MRF arrangement and better meet the diversified investment needs of investors in the two places. Fifth, we will support leading enterprises in mainland industries to list in Hong Kong.
3. The Shanghai-Shenzhen-Hong Kong Stock Exchange reached a consensus on expanding the scope of Stock Connect ETFs. The optimization of ETF targets mainly includes two aspects: one is to reduce the requirements for the inclusion of ETFs, and the other is to reduce the requirements for the weight of ETF indexes. The Shanghai and Shenzhen Stock Exchanges intend to revise the relevant business rules and solicit opinions from the market respectively. In the next step, the Shanghai-Shenzhen-Hong Kong Stock Exchange will step up the business and technical preparations related to the expansion of the Stock Connect ETF target, and it is expected that the official implementation of the above-mentioned optimization measures will take about three months to prepare.
Global Markets //
1. The three major U.S. stock indexes closed mixed, with the Dow up 0.56% at 37,986.4 points, the S&P 500 down 0.88% at 4,967.23 points, and the Nasdaq down 2.05% at 15,282.01 points, with both the S&P 500 and the Nasdaq recording their sixth consecutive day of decline. American Express rose 6.23%, and Walgreens and Boots rose 3.7%, leading the Dow. The Wind US TAMAMA Technology Index fell 3.13%, Nvidia fell 10%, and Tesla fell 1.92%. Most of the Chinese concept stocks fell, with Canaan Technology down 18.25% and Li Auto down 9.6%. For the week, the Dow rose 0.01%, the S&P 500 fell 3.05%, and the Nasdaq fell 5.52%, with both the S&P 500 and the Nasdaq recording three consecutive weekly declines.
2. The three major European stock indexes closed mixed, with the German DAX index down 0.53% at 17,742.36 points, the French CAC 40 index down 0.01% at 8,022.41 points, and the British FTSE 100 index up 0.24% at 7,895.85 points. For the week, Germany's DAX fell 1.05%, France's CAC 40 rose 0.14%, and Britain's FTSE 100 fell 1.25%.
3. Geopolitical tensions continued, Israel attacked Iran, global assets were shocked, and most major stock indexes in the Asia-Pacific region closed down. South Korea's Kospi fell 1.63% to 2,591.86, the Nikkei 225 fell 2.66% to 37,068.35, the biggest drop since September 2022, Australia's S&P 200 fell 0.98% to 7,567.30, New Zealand's S&P 50 fell 0.34% to 11,796.21, India's SENSEX30 rose 0.83% to 73,088.33 and the FTSE Singapore Straits Index fell 0.35% at 3,176.51 and the FTSE Malaysia Composite rose 0.18% to 1,547.57.
4. International precious metal futures generally closed higher, COMEX gold futures closed up 0.36% at $2406.7 / ounce, up 1.37% for the week, and COMEX silver futures closed up 1.29% at $28.745 / ounce, up 1.46% for the week.
5. International oil prices rose slightly, the June contract of U.S. oil rose 0.01% to $82.11 per barrel, down 4.14% for the week, and the June contract of crude oil rose 0.32% to $87.39 per barrel, down 3.38% for the week.
6. London base metals collectively closed up, LME copper rose 1.44% to 9874.5 US dollars / ton, up 4.41% weekly; LME zinc rose 1.37% to $2,851 / ton, up 0.8% for the week; LME nickel rose 4.83% to $19,455 / ton, up 9.32% for the week; LME aluminum rose 1.76% to $2660.5 / ton, up 6.68% weekly; LME tin futures rose 5.73% to $35,925 / ton, up 11.04% for the week; LME lead rose 1.56% to $2,214 / ton, up 1.72% for the week.
7. The main contracts of agricultural futures on the Chicago Board of Trade (CBOT) closed up across the board, with soybean futures up 1.44% at 1165.5 cents per bushel, down 0.72% for the week, corn futures up 1.55% at 443 cents per bushel, up 1.72% for the week, and wheat futures up 2.62% at 567.5 cents per bushel, up 2.07% for the week.
8. European bond yields closed mixed, with the UK 10-year yield down 4.2 basis points at 4.228%, the French 10-year yield up 0.5 basis points at 3.008%, the German 10-year yield up 0.3 basis points at 2.498%, the Italian 10-year yield up 0.9 basis points at 3.924%, and the Spanish 10-year yield down 0.5 basis points at 3.307%.
9. The 2-year Treasury yield rose 0.1 basis points to 4.994%, the 3-year Treasury yield rose 0.2 basis points to 4.83%, the 5-year Treasury yield fell 0.4 basis points to 4.675%, the 10-year Treasury yield fell 1.2 basis points to 4.624%, and the 30-year Treasury yield fell 1.7 basis points to 4.713%.
10. At the end of New York, the U.S. dollar index fell 0.05% to 106.1136, up 0.09% for the week. Non-US currencies were mixed, with EUR/USD up 0.12% at 1.0656, up 0.14% for the week, GBPUSD down 0.52% at 1.237, down 0.64% for the week, AUDUSD down 0.02% at 0.642, down 0.62% for the week, USDJPY unchanged at 154.637, up 0.94% for the week, USDCAD down 0.12% at 1.375, down 0.18% for the week, USD/CHF down 0.2% at 0.9106, down 0.42% for the week. The offshore yuan fell 14 basis points to 7.2509 against the dollar, up 164 basis points for the week.
Macro//
1. The 2024 Legislative Work Plan of the Standing Committee of the National People's Congress will be announced in the near future. The Plan arranges for 13 items to be deliberated and initially deliberated in the economic field, and 11 items to be deliberated for preliminary consideration, accounting for nearly 40% of the total number of planned items, including the enactment of the Financial Stability Law, the Law on the Promotion of the Private Economy, the Law on Enterprise Bankruptcy, and the Anti-Unfair Competition Law.
2. The Ninth Session of the Standing Committee of the 14th National People's Congress will be held in Beijing from 23 to 26 April to continue to deliberate on the draft Tariff Law, the draft amendment to the Accounting Law, the draft Energy Law, and the draft decision on authorizing the State Council to temporarily adjust the application of the relevant provisions of the Food Safety Law in the Hainan Free Trade Port.
3. The Group of Twenty (G20) convened the second G20 Finance Ministers and Central Bank Governors Meeting this year to discuss progress in developing sustainable finance and improving the international financial architecture. In his speech, Pan Gongsheng, Governor of the People's Bank of China, stressed that a more open and inclusive multilateral trading system is conducive to stabilizing global cross-border capital flows.
4. The State Council Information Office held a press conference to introduce the business operation and work in the first quarter. The main points of the press conference include: (1) consumption is still the main driving force for the mainland's economic growth, and a number of pro-consumption policies are to be issued (2) the Ministry of Commerce will focus on promoting the continuous expansion of consumption and consolidating the basic market of foreign trade and foreign investment, (3) foreign trade enterprises are expected to continue to improve, (4) the actual use of foreign capital in the mainland in the first quarter is still at a historically high level, and (5) the Canton Fair exhibits more reflect the development of new quality productivity.
5. The Ministry of Commerce and other ten departments jointly issued the "Several Policies and Measures on Further Supporting Overseas Institutions to Invest in Domestic Science and Technology Enterprises" to actively support overseas institutions and their invested science and technology enterprises to expand financing channels and enrich the sources of science and technology innovation funds. The Ministry of Commerce is taking the lead in revising the Administrative Measures for Strategic Investment by Foreign Investors in Listed Companies to further relax the restrictions on strategic investment by foreign investors in listed companies.
6. In the first quarter, 12,000 foreign-invested enterprises were newly established in the mainland, a year-on-year increase of 20.7 percent, and the actual amount of foreign capital used was 301.67 billion yuan. The mainland's outward investment maintained steady development, with outward non-financial direct investment reaching 242.92 billion yuan, up 12.5 percent year-on-year.
7. The central bank launched a 7-day reverse repurchase operation of 2 billion yuan on Friday, with a winning interest rate of 1.80%, and 2 billion yuan of reverse repurchase expired on the same day, so it completely hedged the maturity amount.
8. Up to now, at least 14 provinces, autonomous regions, and municipalities in the mainland have announced their economic "report cards" for the first quarter. Among them, the GDP growth rate of Jilin (6.5%), Zhejiang (6.1%), Hubei (6.1%), Sichuan (6.1%), Beijing (6%), Shandong (6%), Hebei (5.6%) and Liaoning (5.4%) is higher than the national level.
9. Shenzhen's total import and export value in the first quarter increased by 28.8% year-on-year to 1.02 trillion yuan, breaking the trillion yuan mark for the first time in the same period in the past 10 years. Among them, imports were 377.85 billion yuan, an increase of 29.9 percent, and exports increased by 28.2 percent to 642.44 billion yuan, ranking first among the mainland's foreign trade cities, and the total import and export value accounted for half of Guangdong Province.
Domestic Stock Market //
1. A-shares shrank and pulled back, and the oil and gas sector rose sharply against the trend. As of the close, the Shanghai Composite Index fell 0.29% to 3065.26 points, the Shenzhen Component Index fell 1.04%, the ChiNext Index fell 1.76%, the Beijing Stock Exchange 50 fell 1.95%, the Science and Technology Innovation 50 fell 2.03%, the Shanghai Composite 50 fell 0.60%, the Shenzhen Stock Exchange 50 fell 1.21%, the Wind All A fell 0.65%, the Wind Micro Cap Index fell 1.05%, and the Wind Double Venture fell 1.40%. The turnover of A-shares fell to 865.43 billion yuan, the net sale of northbound funds was 6.490 billion yuan, Kweichow Moutai was the most net seller of 846 million yuan, and Midea Group was the first with a net purchase of 340 million yuan.
2. Hong Kong's Hang Seng Index closed down 0.99% at 16,224.14 points, the Hang Seng Technology Index fell 2.35%, and the Hang Seng China Enterprises Index fell 0.99%. Automobile, technology, and pharmaceutical stocks were among the top decliners, with Li Auto falling more than 7% leading the blue-chip decline, while oil and gas and telecommunications stocks strengthened, and PetroChina rose more than 2%. In terms of individual stocks, Weimob Group fell nearly 18%. The market turnover was 106.153 billion Hong Kong dollars, the southbound funds bought 7.432 billion Hong Kong dollars, the Bank of China received a net purchase of 1.148 billion Hong Kong dollars, and Li Auto was the most net seller of 313 million Hong Kong dollars. The Taiwan Weighted Index closed down 3.81% at 19,527.12 points.
3. The China Securities Regulatory Commission issued the "Sixteen Measures for the High-level Development of Capital Market Services for Science and Technology Enterprises", proposing supportive measures from listing financing, mergers and acquisitions, bond issuance, private equity investment, etc. The main contents include: establishing a "green channel" for financing, accurately identifying technology-based enterprises, giving priority to supporting technology-based enterprises that have broken through key core technologies to raise funds in the capital market, supporting technology-based enterprises in initial listing, refinancing, mergers and acquisitions and overseas listings, and guiding private equity venture capital funds to invest in the field of scientific and technological innovation.
4. The China Securities Regulatory Commission said that in the past year since the promulgation and implementation of the rules of the overseas listing filing management system, 72 companies have completed the filing of initial public offerings (IPOs) in Hong Kong, and the financing channels for listing in Hong Kong are unimpeded. The SFC will further strengthen communication and coordination with relevant departments to support eligible leading enterprises in the Mainland industry to list and raise funds in Hong Kong.
5. The Ministry of Commerce promulgated the "Operational Guidelines for Facilitating Overseas Institutions to Enjoy the Preferential Tax Treaties", which stipulates that if some overseas institutions invest in a large number of listed companies in mainland China, and can enjoy preferential income tax treatment according to the tax treaties signed between their country of residence and the mainland, the listed companies can directly withhold and declare and pay dividends to the relevant overseas institutions in accordance with the preferential provisions, and the relevant overseas institutions do not need to submit relevant information reports to each listed company each time.
6. The Shanghai-Shenzhen-Hong Kong Stock Exchange has reached a consensus to appropriately relax the requirements for the average AUM of eligible stock ETFs, reduce the Hong Kong equity weight and Hong Kong Stock Connect stock weight requirements for Southbound Hong Kong Stock Connect ETF products, and make reciprocal adjustments to Northbound Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect ETF products, so as to support the construction of Hong Kong as an international asset management center.
7. The "Implementation Measures for Shanghai-Hong Kong Stock Connect Business of the Shanghai Stock Exchange (Consultation Paper)" solicits opinions, clarifying the requirements for the transfer of the relevant scale and weight proportion of Shanghai-Hong Kong Stock Connect ETFs and Hong Kong Stock Connect ETFs. For Shanghai-Hong Kong Stock Connect, the threshold for ETF inclusion has been adjusted from no less than RMB1.5 billion to no less than RMB500 million. In terms of Southbound Stock Connect, the threshold for ETF inclusion has been adjusted from no less than HK$1.7 billion to no less than HK$550 million.
8. The Shenzhen Stock Exchange solicited opinions on the revision of the "Implementation Measures for Shenzhen-Hong Kong Stock Connect Business of the Shenzhen Stock Exchange". In terms of Shenzhen-Hong Kong Stock Connect, the scale of ETF transfers has been adjusted from less than RMB1 billion to less than RMB400 million. In terms of Hong Kong Stock Connect, the scale of the transfer was adjusted from less than HK$1.2 billion to less than HK$450 million.
9. This week, the Shanghai Stock Exchange took written warnings and other regulatory measures against 59 abnormal securities trading behaviors such as lifting and suppressing and false declarations, conducted special inspections on 16 major matters of listed companies, and reported 2 clues of suspected violations of laws and regulations to the China Securities Regulatory Commission.
10. This week, the Shenzhen Stock Exchange took self-regulatory measures against a total of 147 abnormal securities trading behaviors, involving abnormal trading situations such as intraday lifting and suppression, false declarations, etc., and focused on monitoring "Zhengdan Shares" and "*ST Zuojiang".
11. The Beijing Stock Exchange will launch the 920 code segment function on April 22. In the future, after the newly added listed companies determine the securities code through lottery selection or direct number selection, they will use the securities code to complete the inquiry, subscription and listing and trading on the Beijing Stock Exchange.
12. The Beijing Stock Exchange and the National Equities Exchange and Quotations Company released the "Evaluation Results of the Practice Quality of Securities Companies in the First Quarter of 2024", with First Capital, Zhongtai Securities, and China Securities Construction Investment ranking the top three, while Kaiyuan Securities, CITIC Securities, Minsheng Securities, Wanlian Securities, Galaxy Securities, Zheshang Securities, and Guotai Junan ranked fourth to tenth, respectively.
13. The punishment of the China Nuclear Titanium Dioxide case was implemented, and the actual controller of China Nuclear Titanium Dioxide, CITIC Securities and Haitong Securities were fined a total of 235 million yuan. CITIC Securities said that for the problems and penalties identified in the notice, the company and its grandson company, CITIC Securities Capital, sincerely accept the punishment, and will deeply reflect on and earnestly implement rectification.
14. Sanqi Mutual Entertainment became the first A-share listed company to propose a continuous quarterly dividend plan. The company intends to pay dividends in the first quarter, semi-annual and third quarters of this year in combination with undistributed profits and current performance, with dividends of no more than 500 million yuan per period and a total dividend of no more than 1.5 billion yuan, and the frequency of dividends will be increased from once every six months to once a quarter.
15. After half a year, the case of HHLR, a subsidiary of Hillhouse, suspected of illegally reducing its holdings in LONGi Green Energy, ushered in the latest progress. LONGi Green Energy announced that the shareholder HHLR intends to increase its holdings of the company's shares and promises to repurchase all the reduced shares of the target within one month. HHLR has also raised a new fund with a scale of about 6 billion yuan, and plans to increase its position in A-shares.
16. The Chongqing Municipal Investigation Group ascertain the problem of wrongly charging and overcharging gas fees reported by some citizens, instructed Chongqing Gas Group to fully refund the wrongly charged and overcharged gas fees, and recommended that Che Dechen, Secretary of the Party Committee of Chongqing Gas Group, be dismissed from his post. Chongqing Gas announced that the board of directors decided to appoint Li Jinlu as the general manager of the company and remove Che Dechen as general manager.
17. The China Securities Regulatory Commission approved the IPO registration of Zhongli shares on the main board of the Shanghai Stock Exchange. Due to the withdrawal of the application for issuance and listing by Chongqing Military Industry and its sponsor, the Shanghai Stock Exchange decided to terminate its main board listing review. Due to the withdrawal of the listing application by Youju New Materials and the sponsor, the Shenzhen Stock Exchange decided to terminate its GEM listing review.
18. The Hong Kong Accounting and Financial Reporting Council (HKARRC) has made it clear for the third time that it is investigating the responsibility of PricewaterhouseCoopers in auditing the accounts of China Evergrande Group in response to the recent anonymous whistleblower letter from PricewaterhouseCoopers.
Finance//
1. The 2024 Inter-Ministerial Joint Conference on the Disposal of Illegal Fundraising requires that the risk of illegal fundraising be resolutely curbed. It is necessary to focus on key areas, key cases, and key areas, and make precise efforts to ensure that the work goals of discovering a number of risks and hidden dangers as soon as possible, effectively handling a number of major cases, and resolutely punishing a group of lawbreakers are achieved.
2. The China Securities Regulatory Commission formulated and promulgated the "Regulations on the Administration of Securities Transaction Costs of Publicly Offered Securities Investment Funds", the main contents of which are as follows: first, to reduce the commission rate of fund stock transactions; second, to reduce the upper limit of the commission distribution ratio of fund managers' securities transactions, and to maintain the upper limit of the commission distribution ratio of 30% for managers with a management scale of equity funds less than 1 billion yuan; to reduce the upper limit of the commission distribution ratio from 30% to 15% for managers with a management scale of equity funds exceeding 1 billion yuan; Fourth, clarify the content and requirements for the disclosure of transaction commission information at the fund manager level.
3. The China Securities Regulatory Commission and other 10 departments require that the qualification applications for Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII) be efficiently reviewed and approved in accordance with the law, so as to better meet the willingness of foreign institutions to enter the domestic market, and support overseas institutions to invest in domestic technology-based enterprises through Qualified Foreign Limited Partners (QFLP).
4. The China Securities Regulatory Commission (CSRC) recently agreed that ChinaClear will launch a unified inquiry platform for public fund account shares and the official launch of the "Fund E Account" APP, and investors can directly download and use the "Fund E Account" APP through major mobile phone application stores.
5. The Jiangsu Securities Regulatory Bureau ordered Huatai Securities to take corrective regulatory measures, because the company had some problems such as inadequate compliance and risk control of some proprietary businesses, inadequate management of the suitability of some customers and failure to fulfill the obligation of supervision, and inadequate management of employee qualifications.
6. CFFEX issued a notice that the CSI 300 stock index futures IF2412 contract and the CSI 500 stock index futures IC2412 contract are scheduled to be listed and traded on April 22. Among them, the listing benchmark price of IF2412 contract is 3486.6 points, and the listing benchmark price of IC2412 contract is 5203.2 points.
7. The Property and Insurance Department of the State Administration of Financial Supervision issued the Notice on Promoting the High-quality Development of New Energy Vehicle Insurance (Draft for Comments), which requires insurance companies to improve the operation level of new energy vehicle insurance, and the range of independent pricing coefficients of new energy commercial vehicle insurance has been on par with that of fuel vehicles.
8. The China Note Association issued an interview letter for the audit of the 2023 annual report of listed companies to China Audit China and Pengsheng, respectively reminding the audit risk of listed companies involving large goodwill impairment and the audit risk of the annual report of listed companies for revenue recognition audit, and requesting an explanation of the relevant audit development.
9. HKEX publishes consultation conclusions on consultation paper on optimising climate-related information disclosure under the ESG framework (Consultation Conclusions). The new climate requirements are developed in accordance with IFRS S2 and provide for implementation relief, including proportional and segmented extensions, to address the reporting challenges that some issuers may face.
10. Ping An Trust said that Funing No. 615 is a real estate equity investment product, and the delay of the project is mainly caused by the breach of contract by Zhengrong Company, the project party, and the lawsuit was filed with Zhenro Company as soon as the project was abnormal.
11. In order to attract Chinese customers, Standard Chartered offers short-term deposit interest rates of up to 10%. Standard Chartered announced that selected Cross-boundary Wealth Management Connect customers can enjoy an annual interest rate of 10% per annum for converting new funds equivalent to RMB to USD with new funds of HK$100,000 or above and placing USD time deposits with designated funds.
Housing//
1. According to the statistics of Shenzhen Real Estate Agents Association, in the 15th week of 2024, 1,295 second-hand houses (including self-service) in Shenzhen were recorded, an increase of 34.3% month-on-month, and the number of second-hand houses recorded showed a recovery growth, hitting a new weekly high in the past three years.
Industry//
1. The Cyberspace Administration of China and other three departments issued the "2024 Work Arrangement for Further Promoting the Large-scale Deployment and Application of IPv6", and by the end of 2024, the number of active IPv6 users will reach 800 million, and the number of IPv6 connections to the Internet of Things will reach 650 million. The IPv6 support rate of major commercial websites and mobile Internet applications has reached 95%, and the IPv6 industry integration application has become more in-depth and extensive.
2. According to data released by the Ministry of Industry and Information Technology, the total revenue of telecommunications services in the first quarter reached 443.7 billion yuan, a year-on-year increase of 4.5%, and the total volume of telecommunications services calculated at constant prices in the previous year increased by 13.4%.
3. The Civil Aviation Administration of China said that since April 19, the M503 route W122 and W123 connecting lines have been used to operate from west to east. On May 16, the airspace of Fuzhou Changle Airport will be further optimized and adjusted, which is conducive to meeting the development needs of air transport between the Yangtze River Delta and Guangdong, Hong Kong and Macao, as well as the southeast coastal areas.
4. The State Administration for Market Regulation will strengthen and further improve the product quality and safety risk monitoring mechanism, build a number of industrial and regional product quality and safety risk monitoring and evaluation bases, and build a national industrial product quality and safety risk monitoring and early warning platform.
5. The Ministry of Commerce issued an announcement stating that the investigating authorities finally determined that there was dumping of imported polycarbonate originating in Taiwan, and that the mainland polycarbonate industry had suffered substantial damage, and that there was a causal relationship between dumping and material injury. Anti-dumping duties have been imposed on the products under investigation since April 20.
6. The "Implementation Rules for Promoting Automobile Consumption Subsidies in Shanghai" clearly states that in 2024, if individual users purchase new pure electric passenger cars, the registered use nature is non-operational, and scrap or transfer the non-commercial passenger cars registered in Shanghai under their own name within the specified time limit, Shanghai will give individual users a one-time car purchase subsidy of 10,000 yuan.
7. The Action Plan for Accelerating the Construction of a Highland for the Innovation and Development of the Information Software Industry in Beijing proposes that by 2027, the operating income of the information software industry in Beijing will reach 4.8 trillion yuan, and there will be no less than 4 information software enterprises of 100 billion yuan and no less than 35 information software enterprises of 10 billion yuan.
8. Approaching the May Day holiday, the number of air ticket searches and bookings has increased significantly. Flight Steward predicts that the average daily flight volume of civil aviation during this year's May Day holiday will exceed 14,900, an increase of 3.3% year-on-year and 4.6% over the same period in 2019, and the average daily passenger volume of civil aviation will be about 2.088 million, an increase of about 11% year-on-year and an increase of about 15.6% over the same period in 2019.
Overseas-
1. The Federal Reserve's Financial Stability Report shows that persistent inflation is seen as the most important financial stability risk. Hedge fund leverage has risen to its highest level since 2013.
2. ECB President Christine Lagarde said that if the inflation standard is met, it will be appropriate to reduce the current level of monetary policy restrictions, and the ECB Governing Council has not committed to a specific interest rate path in advance. ECB Governing Council member Vujcic noted that the ECB can take the lead in acting, but the divergence with the Fed will have an impact.
3. Bank of Korea Governor Rhee Chang-yong said that it is necessary to wait at least one or two months before deciding whether to signal a policy pivot;
4. The German government expects German GDP to grow by 0.3% in 2024, compared with the previous expectation of 0.2%, and inflation in 2024 to be 2.4%, compared with the previous expectation of 2.8%.
5. Japan's core CPI rose 2.6% year-on-year in March, expected to be 2.6%, and the previous value was 2.8%; the national CPI rose 2.7% year-on-year, expected to be 2.8%, the previous value was 2.8%, up 0.3% month-on-month, and the previous value was flat.
6. UK seasonally adjusted retail sales in March rose 0.8% year-on-year, expected to rise 1.0%, the previous value fell 0.4%, flat month-on-month, expected to rise 0.3%, the previous value was flat, core retail sales rose 0.4% year-on-year, expected to rise 0.9%, the previous value decreased 0.5%, down 0.3% month-on-month, expected to rise 0.3%, the previous value rose 0.2%.
7. Standard & Poor's downgraded Israel's long-term issuer rating to "A+" from "AA-" with a negative outlook. S&P expects Israel's economy to grow by 0.5% in real terms in 2024.
International Stock Market //
1. Most of the popular Chinese concept stocks fell, with the Nasdaq China Golden Dragon Index down 1.04%, Canaan Technology down 18.25%, Shengmei Semiconductor down 8.78%, Zhihu down 8.24%, Dajian Yuncang down 5.76%, EHang Intelligent down 4.37%, Daqo New Energy down 2.66%, iQiyi down 2.62%, New Oriental down 2.15%, and in terms of gains, Full Bang Group rose 1.5%, Lufax Holdings rose 1.41%, and VNET rose 1.36%. China's new energy vehicle stocks fell across the board, with NIO down 5.13%, XPeng down 3.42%, and Li Auto down 9.6%.
2. Wang Wentao, Minister of Commerce, met with Hanenbeek, CEO of Infineon Technologies. Wang Wentao expressed the hope that Infineon will continue to cultivate the Chinese market and help maintain the stability of the global semiconductor industry chain and supply chain.
3. American streaming giant Netflix added 9.33 million new subscribers in the first quarter of 2024, far exceeding expectations, but will no longer release subscription data from next year. Netflix said that seasonal factors will cause the number of users in the second quarter to be lower than in the first quarter, suggesting that the positive momentum of user growth may slow.
4. Tesla filed a recall of 3,878 vehicles in the United States, including some of the 2024 Cybertruck electric pickup truck, which previously accelerated unexpectedly due to a stuck pedal.
5. Toyota Motor Corporation submitted an application to the Ministry of Land, Infrastructure, Transport and Tourism of Japan to recall more than 135,000 Prius on the grounds that there was a problem with the rear door switch.
6. P&G's net sales for the third quarter of fiscal 2024 were $20.2 billion, up 1% year-on-year, net profit attributable to shareholders was $3.754 billion, up 11%, and diluted earnings per share were $1.52, compared to $1.37 in the same period last year. Procter & Gamble raised its FY2024 core EPS growth forecast to 10%-11% from 8%-9%.
7. American Express's revenue in the first quarter was US$15.801 billion, an increase of 10.6% year-on-year, and net profit attributable to ordinary shareholders was US$2.404 billion, an increase of 34.5%.
8. Samsung Electronics will supply HBM3E to Nvidia as early as the first half of this year, earlier than the end of the third quarter or the beginning of the fourth quarter expected by the industry. It is reported that the sample-related tests have entered the final stage.
9. SK hynix announced that the company will work closely with TSMC on the production of next-generation HBM products and strengthen the integration of HBM and logic layer advanced packaging technology, and the two sides have signed a memorandum of understanding in the near future.
Commodity-
1. Domestic commodity futures closed mixed at night, with most energy and chemical products falling, fuel oil down 1.57%, low sulfur fuel oil down 1.52%, crude oil down 1.04%, soda ash up 2.71%, and glass up 2.12%. The black series was mixed. Agricultural products were mixed, and rapeseed meal rose 1.25%. Base metals closed up across the board, with Shanghai tin up 5.48%, Shanghai nickel up 3.85%, stainless steel up 1.85%, Shanghai copper up 1.39%, Shanghai lead up 1.22%, Shanghai zinc up 0.88%, and Shanghai aluminum up 0.47%. Shanghai Gold rose 0.18%, and Shanghai Silver rose 0.76%.
2. The Ministry of Agriculture and Rural Affairs said that it has adjusted the national target for the normal number of fertile sows from 41 million to 39 million. In the second quarter, the relationship between supply and demand in the pig market will be further improved, and pig breeding may turn losses into profits.
3. The International Monetary Fund (IMF) expects OPEC+ to gradually increase oil production from July, and the situation of oil production cuts will be fully reversed by early 2025.
4. According to the data released by the Shanghai Shipping Exchange, on April 19, China's export container index was reported at 1186.53 points, up 0.1% from the previous period, and the Shanghai export container index was reported at 1769.54 points, up 0.7%. On the same day, the Baltic Dry Bulk Index was reported at 1919 points, up 0.95% from the previous trading day, up 8 consecutive days, and up 10.99% for the week.
5. According to the latest quotation of Shanghai Nonferrous Metals Network, on April 19, the price of domestic battery-grade lithium carbonate fell by 130 yuan to 111,300 yuan/ton, a cumulative decline of 1,430 yuan in the past 5 days, and a cumulative increase of 3,780 yuan in the past 30 days.
6. The total number of oil rigs in the United States in the week to April 19 was 511, compared with 506 in the previous week.
Bond//
1. [Bond Market Overview] The overall liquidity balance of the interbank market is warm, and the interest rate on interbank certificates of deposit has fallen. Spot bonds fluctuated in a narrow range as a whole, with the 30-year varieties showing a slight strength, while most of the main contracts of treasury bond futures closed down, with the main 30-year contracts rising 0.13% against the trend. Most of the real estate bonds rose, and "19 Longfor 03" rose by more than 9%.
2. The China Securities Convertible Bond Index closed down 0.2%, and the Wind Convertible Bond Equal Rights Index fell 0.36%. Among them, 34 convertible bonds fell by more than 2%, Zhongqi convertible bonds fell by 6.08%, the largest decline, 13 convertible bonds rose by more than 2%, and Huicheng convertible bonds rose by 10.14%, the highest increase.
3. The National Development and Reform Commission and other ten departments have made it clear that they will actively support overseas institutions and their invested technology-based enterprises to expand financing channels and enrich the sources of funds for science and technology. We will continue to promote the high-level two-way opening up of the bond market in a steady and orderly manner, support qualified foreign institutions to issue RMB bonds in China, and invest in the technology sector.
4. The China Securities Regulatory Commission requires that the high-quality development of scientific and technological innovation corporate bonds be promoted, focusing on supporting the bond financing of high-tech and strategic emerging industry enterprises, and encouraging policy institutions and market institutions to provide credit enhancement support for the financing of private science and technology enterprises issuing science and technology innovation bonds. Launched a mechanism for public issuance of convertible bonds by companies listed on the Beijing Stock Exchange.
5. The Ministry of Finance and the People's Bank of China are scheduled to conduct bidding for the 2024 Central Treasury Cash Management Commercial Bank Fixed Deposit (Phase IV) from 9:00 a.m. to 9:30 a.m. on April 24. The operation volume of the current period is 70 billion yuan, the term is 3 months (91 days), the value date is April 24, and the maturity date is July 24.
6. Zhejiang Province will issue 30 billion yuan of new special bonds in late May, with maturities of 3 years, 5 years, 7 years, 10 years, 15 years, 20 years and 30 years.
7. [Major Bond Events] (1) Moody's revoked the issuer rating of Yuexiu Real Estate "Baa3" (2) "PR Baotou 01" and "PR Baotou 02" will be redeemed in advance (3) Chongqing Rural Commercial Bank was approved to issue financial bonds of no more than 28 billion yuan (4) Changsha Bank was approved to issue financial bonds of no more than 10 billion yuan (5) Beijing Enterprises successfully issued 10-year panda bonds for the first time, with a total issuance amount of 2 billion yuan (6) "17 Contemporary 01" plans to change the interest payment method.
Foreign exchange//
1. On Friday, the onshore yuan closed at 7.2401 against the US dollar at 16:30, down 11 basis points from the previous trading day and down 26 basis points for the week. The central parity of the yuan against the US dollar was reported at 7.1046, a decrease of 26 basis points, and a cumulative decrease of 79 basis points this week. The onshore yuan closed at 7.2390 against the dollar overnight.
2. Shenzhen's cross-border RMB business capacity to serve the real economy has been further enhanced. According to the data, the amount of cross-border RMB receipts and payments in Shenzhen reached 1.1 trillion yuan in the first quarter, ranking third in the country, with a year-on-year increase of 20.5%.
3. South Korea's Ministry of Finance said that it will use the Market Stabilization Fund to take immediate and decisive measures against excessive foreign exchange fluctuations if necessary.
4. Bank Indonesia will continue to stabilize the rupiah through foreign exchange intervention and is taking "bolder" market interventions to maintain confidence.
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