The three major indexes shrank and fell, the concept of military informatization rose sharply, and precious metals weakened

On April 23, the financial industry reported that the three major A-share indexes collectively adjusted in early trading, with the Shanghai Composite Index falling 0.41% to 3,032.13 points, the Shenzhen Component Index falling 0.74% to 9,170.92 points, the ChiNext Index falling 0.31% to 1,744.96 points, and the Science and Technology Innovation 50 Index falling 0.78% to 726.1 points. Northbound funds sold a net of 4.176 billion yuan in the morning, including a net sale of 520 million yuan in Shanghai-Hong Kong Stock Connect and a net sale of 3.656 billion yuan in Shenzhen-Hong Kong Stock Connect. On the disk, the military informatization, education, and spatial computing sectors were among the top gainers, while the China Shipbuilding Department, nonferrous metals, and coal sectors were among the top decliners; on the whole, individual stocks rose more and fell less, and more than 3,300 stocks rose in the two cities.

In terms of plates, the concept of military informatization rose sharply, Xingtu Xinke, Guangha Communication 20cm daily limit, Aowei Communications, Sichuang Electronics, Aerospace Changfeng intraday daily limit, the education sector rose, Kaiyuan Education 20cm daily limit, the concept of spatial computing strengthened, Tianrun Technology rose more than 20%; the concept of new urbanization is active, the construction research design, bidding shares 20cm daily limit, China Design shares, Zhongheng Design intraday daily limit. In terms of decline, resource stocks continued to adjust, non-ferrous stocks fell first, steel, coal and other sectors followed the decline, North Copper fell to the limit, Huaxi Nonferrous Metals touched the fall limit, China Shipbuilding Department plate collective pullback, China Shipbuilding Emergency fell 7% to lead the decline, the home appliance sector weakened, Chunguang Technology fell to the limit, AI mobile phone concept stocks fluctuated lower, Wingtech Technology fell to the limit.

Hot Plates

The cross-border payment sector moved up, Huafeng Microfiber and Nantian Information both rose by the limit, Rendong Holdings rose by more than 5%, and Sifang Jingchuang, Zhaori Technology, Chutianlong, Feitian Integrity, etc. followed suit.

The architectural decoration sector moved up, the bidding shares rose by 20cm, the construction research design rose by more than 15%, and TusDesign, Shenshui Planning Institute, Shanshui Bide, Kelida, etc. followed up.

Message plane

Ministry of Human Resources and Social Security: Attract more talents to learn digital technology and engage in digital careers to promote the development of new quality productivity

Li Jinsheng, director of the Department of Professional and Technical Personnel Management of the Ministry of Human Resources and Social Security, said at the press conference of the State Council Information Office today that in order to further accelerate the cultivation of digital talents, the Ministry of Human Resources and Social Security adheres to demand-oriented and problem-oriented, and works with relevant departments to study and formulate the "Action Plan for Accelerating the Cultivation of Digital Talents to Support the Development of the Digital Economy (2024-2026)", aiming to play a "combination punch" of digital talent cultivation, increase the effective supply of digital talents, form a digital talent agglomeration effect, and better support the high-quality development of the digital economy. "In the next step, we will guide and urge all relevant parties to implement the Action Plan, combine the actual situation of the department and the region, support policies and measures, creatively carry out the cultivation of digital talents, attract more talents to learn digital technology, engage in digital occupations, serve digital industrialization and industrial digitization, and promote the development of new quality productivity. Li Jinsheng said.

Xiaomi: As of April 20, the number of orders for Xiaomi SU7 has exceeded 70,000 units

Lu Weibing, president of Xiaomi Group and general manager of Xiaomi brand, said that Lei Jun announced at the Xiaomi investor conference today that as of April 20, the number of Xiaomi SU7 locked orders has exceeded 70,000 units. In 2024, the Xiaomi SU7 delivery target will exceed 100,000 units.

In 2024, the national cultural and tourism consumption promotion activities will be launched

The Ministry of Culture and Tourism launched the 2024 National Cultural and Tourism Consumption Promotion Activity in Zhuhai, Guangdong Province on April 23. The 2024 National Cultural and Tourism Consumption Promotion Activity, with the theme of "Cultural Tourism Benefiting the People and Sharing a Better Life", will be held from April 2024 to February 2025, and will be divided into the national "May Day" Cultural and Tourism Consumption Week, Summer Culture and Tourism Consumption Season, National Day Culture and Tourism Consumption Month, Spring Festival Culture and Tourism Consumption Month, and special consumption promotion activities.

Some commercial banks said they had received notices that provident fund loans had not yet been adjusted

According to market sources, the Beijing Branch of the People's Bank of China, the Beijing Supervision Bureau of the State Administration of Financial Regulation, and the Beijing Municipal Commission of Housing and Urban-Rural Development jointly issued a notice to clarify the implementation caliber of the standard for determining the number of housing units, and the mortgage applicants who signed the online contract for housing purchase after April 23 and have been divorced for less than one year will implement the first home credit policy if the family does not have a complete set of housing in Beijing. A commercial bank told reporters that the above news is true and has received relevant notices. In addition, the reporter learned from the Beijing Housing Provident Fund Center that the policy currently only involves the adjustment of commercial loans, and the provident fund has not yet received relevant notices, and the original policy is still implemented.

Institutional Perspectives:

Huatai Securities: According to the research report, the disclosed data shows that the earnings of A-shares in the first quarter have rebounded significantly, but the overall profit performance may be relatively flat in combination with macro data. Structurally, the technology cycle, manufacturing overseas, equipment renewal, bulk price increases, consumption repair or the focus of the industry's quarterly report. In the second quarter, A-shares may be in the stage of gaining momentum, with short-term white horse stability and more stability, and medium-term main line focusing on China's advantageous manufacturing and hard technology.

CITIC Securities: According to the research report, Meta open-sourced the latest large language model LLaMA-3 on April 18, 2024, Beijing time, providing three versions of the Dense model of 8B, 70B and 400B+. Among them, the performance of the 70B version has reached the GPT-3.5+ level, approaching GPT-4, while the 400B+ version is expected to further narrow the gap with GPT-4. LLaMA-3 breaks the industry's perception of Chinchilla's law and proves that even small models of 8B and 70B can achieve higher than expected capabilities by continuously feeding massive amounts of high-quality data. This provides a new idea for achieving a better balance between performance and efficiency through the model of small model + big data. LLaMA-3 innovatively uses the LLaMA-2 model to control the quality of training data, but at a higher cost. Under the premise that increasing the amount of training data is the best way to improve performance, synthetic data may become the main way to obtain high-quality data, and its development will directly affect the gap between open source and closed-source models. In terms of commercialization, Meta has applied LLaMA-3 to its new AI assistant, and will launch services through platforms such as Facebook and Instagram, as well as AR glasses. Domestic manufacturers can quickly obtain basic models close to the level of GPT-4 through Chinese fine-tuning. In summary, we are optimistic about the cognitive intelligence transformation from the application layer to the computing power layer led by LLaMA-3, and suggest that in the next two quarters, we will focus on allocating high-quality targets in the fields of high-quality training data construction, multi-modal large model research and development, new architecture innovation such as MoE, and computing infrastructure upgrades.