► Securities Times: The first quarterly report of the public fund is nearing the completion of the disclosure, and Central Huijin may have bought a number of broad-based ETFs, including Huatai Pineapple CSI 300 ETF, E Fund CSI 300 ETF, ChinaAMC SSE 50 ETF, Harvest CSI 300 ETF, ChinaAMC CSI 300 ETF, CSI 500 ETF, etc., with a total amount of more than 300 billion yuan.
► CCTV Finance: A recent study published in the top international academic journal "Nature" shows that extreme weather, including record heat, severe flooding and wildfires, is expected to reduce global income by about 19% in the next 26 years. Complying with the Paris Climate Agreement could cost the global economy $6 trillion, with $38 trillion in economic losses due to climate change.
Macroeconomic
1. Premier Li Qiang of the State Council: Accelerate the improvement of the basic system of the capital market, improve the key systems such as issuance, trading, and delisting, and promote the virtuous cycle of investment and financing and the dynamic balance of listing and delisting. Efforts should be made to improve the quality of listed companies, strictly control the access to issuance and listing, and promote listed companies to enhance their awareness of returning investors and enhance their investment value. Improve and strengthen the supervision of the capital market, and increase the punishment of violations of laws and regulations.
2. Ministry of Finance: In the first quarter, the national general public budget revenue was 6,087.7 billion yuan, a year-on-year decrease of 2.3%, and a comparable increase of about 2.2% after deducting the impact of special factors. The national general public budget expenditure was 6,985.6 billion yuan, a year-on-year increase of 2.9 percent. The stamp duty on securities transactions was 25.6 billion yuan, down 49.1% year-on-year.
3. Central Bank: In March, the 1-year LPR was reported at 3.45%, and the LPR with a maturity of more than 5 years was reported at 3.95%, both unchanged from the previous month.
4. The Ministry of Finance: Pay close attention to the changes in the supply-demand relationship and the sales of savings treasury bonds, study the appropriate increase in the scale of issuance, and study further reducing the purchase limit for a single person. On the basis of guaranteeing counter sales, we will steadily increase the sales quota of electronic savings bonds on the Internet (mobile phone) side, and further optimize the quota allocation mechanism for certificate-type savings bonds.
5. IMF: It is expected that by 2025, Japan's nominal GDP will be overtaken by India and fall to the fifth place in the world, which is one year earlier than the previous forecast. According to the latest forecasts, India's nominal GDP will reach $4,339.8 billion by 2025, while Japan's will reach $4,310.3 billion.
Real estate dynamics
1. Ministry of Finance: In the first quarter, the budget revenue of government funds was 1,039.4 billion yuan, a year-on-year decrease of 4%. The budget revenue of central government funds was 102.4 billion yuan, up 13.2 percent year-on-year, the budget revenue of local government funds at the same level was 937 billion yuan, down 5.6 percent year-on-year, and the revenue from the transfer of state-owned land use rights was 814.7 billion yuan, down 6.7 percent year-on-year.
2. Guangdong Supervision Bureau of the State Administration of Financial Supervision and Administration: As of the end of March, the balance of real estate loans under its jurisdiction was 5.46 trillion yuan, of which the balance of personal housing loans was 4.13 trillion yuan, all of which maintained positive growth. Up to now, the banking institutions under its jurisdiction have provided credit of about 73.7 billion yuan for 245 projects in two batches of "white list", and 18.4 billion yuan has been disbursed, ranking among the top in the country in terms of the number of projects and the scale of credit.
3. Hefei City, Anhui Province: Cancel the restrictions on household registration for purchasing houses in other places and repaying loans. Depositors who purchase houses and repay loans outside Hefei City apply for withdrawal of housing provident fund, and their household registration will no longer be checked. Non-local depositors who purchase houses in Hefei to apply for housing provident fund loans are no longer required to have a local household registration in Hefei.
4. Guiyang City, Guizhou Province: Standardize loan conditions, optimize the identification standards and implementation policies for the number of housing units in housing provident fund loans, clarify the number of housing provident fund loans in four situations, optimize the calculation formula of loan amount, and adjust the term of second-hand housing loans. Among them, if the total average monthly balance of the husband and wife is less than 10,000 yuan, it will be calculated as 10,000 yuan, and the minimum loan can be 250,000 yuan.
5. Ezhou City, Hubei Province: Rural residents in this city who voluntarily withdraw from legal homesteads and dismantle homesteads and related buildings (structures) to purchase newly built commercial housing in the "double concentration" area will be given housing purchase subsidies according to the area of the homestead they have withdrawn. For those who are not registered in Ezhou and have worked in Ezhou for more than one year, before December 31, 2024, families who purchase newly built commercial housing will be given a housing purchase subsidy of 30,000 yuan per unit.
Stock market stock
1. On Monday, the Shanghai Composite Index reported 3044.60 points, down 0.67%, with a turnover of 382.192 billion. The Shenzhen Component Index was reported at 9239.14 points, down 0.43%, with a turnover of 439.879 billion. The GEM index was reported at 1750.46 points, down 0.32%, with a turnover of 178.697 billion. Overall, stocks fell more and rose less, and more than 3,300 stocks in the whole market fell. The turnover of the two cities was 822.1 billion, a decrease of 38.2 billion from the previous trading day. On the disk, sectors such as military industry, pork, tourism, and medical equipment were among the top gainers, while sectors such as oil and gas, coal, gold, and flying cars were among the top decliners. Northbound funds bought a net of 1.389 billion yuan throughout the day, including a net purchase of 908 million yuan in Shanghai-Hong Kong Stock Connect and a net purchase of 481 million yuan in Shenzhen-Hong Kong Stock Connect.
2. On Monday, the Hang Seng Index rose 1.77% to 16,511.69 points. The Hang Seng Tech Index rose 1.78% to 3336.35. The state-owned enterprises index rose 1.47% to 5,831.26 points. On the market, the software, retail, and food sectors led the gains, while the metals, energy, and auto sectors led the decline. Southbound funds bought a net of HK$2.901 billion. Among them, Hong Kong Stock Connect (Shanghai) net bought 1.531 billion Hong Kong dollars, and Hong Kong Stock Connect (Shenzhen) net bought 1.369 billion Hong Kong dollars.
3. As of April 22, there were 248 listed companies on the Beijing Stock Exchange, and there were no new ones on the same day. The total market value was 336.511 billion yuan, and the transaction value was 3.804 billion yuan.
4. Financing balance of the two cities: As of April 19, the financing balance of the Shanghai Stock Exchange was 787.931 billion yuan, a decrease of 2.116 billion yuan from the previous trading day, the financing balance of the Shenzhen Stock Exchange was 699.249 billion yuan, a decrease of 2.420 billion yuan from the previous trading day, and the total of the two cities was 1487.180 billion yuan, a decrease of 4.536 billion yuan from the previous trading day.
5. China Securities News: Since the beginning of this year, the A-share market has fluctuated sharply, and there have been two extreme situations in the fundraising and investment sides of the private equity industry. Investors in the secondary market face the current situation of "asset shortage" and the pressure of capital costs, while feeling that there are "no assets to invest", they choose to take a "big risk".
6. China Securities News: As of 19:00 on April 21, a total of 2,527 A-share listed companies have disclosed their 2023 annual reports. Among them, the net profit of 1,456 companies increased year-on-year, accounting for about 57.62%, and 328 companies increased by more than 100% year-on-year. From the perspective of the industry, the net profit growth of listed companies in tourism and scenic spots, electric power, hotel catering, auto parts and other industries is among the highest.
7. Private placement network: As of April 12, the stock private placement position index was 78.71%, up 0.49% from the previous week. Since the rebound of A-shares in early February, the latest private equity position index has basically returned to the high level of the year, and hit a new high since February, an increase of 3.47% from the position level of 75.24% on February 8. The index of small-scale private equity positions has stood above the 80% mark for four consecutive weeks.
8. China Securities News: As of the end of the first quarter, the average stock position of public open-end funds (excluding index, bond, principal-guaranteed and money market funds) was 79.83%, down 0.49 percentage points from the previous quarter. Among them, the average position of equity open-end funds was 89.20%, down 0.50 percentage points from the previous month, and the average position of mixed open-end funds decreased to 78.49%, down 0.46 percentage points from the previous month.
9. Shanghai Securities News: Recently, foreign public offerings have made efforts to lay out China's equity market. Since April, Schroder Fund, Fidelity Fund and BlackRock Fund have all begun to issue new equity products. AllianceBernstein announced in early April that its first product was officially established, raising about 500 million yuan. In addition, Allianz Fund Management has also recently been approved for operation.
10. Zijin Mining: In the first quarter, the operating income was 74.777 billion yuan, a year-on-year decrease of 0.22%, and the net profit was 6.261 billion yuan, a year-on-year increase of 15.05%. During the reporting period, the output of mineral gold increased by 5% year-on-year, the output of mineral copper increased by 5% year-on-year, and the output of mineral zinc decreased by 9% year-on-year.
11. Otway: In the first quarter, the operating income was 1.964 billion yuan, a year-on-year increase of 89.06%, and the net profit was 333 million yuan, a year-on-year increase of 50.44%.
12. Founder Securities: In the first quarter, the operating income was 1.985 billion yuan, a year-on-year increase of 11.97%, and the net profit was 784 million yuan, a year-on-year increase of 41.06%.
13. Nuotai Bio: In the first quarter, the operating income was 356 million yuan, a year-on-year increase of 71.02%, and the net profit was 66.3268 million yuan, a year-on-year increase of 215.65%.
14. China Mobile: Operating revenue in the first quarter was 263.7 billion yuan, up 5.2% year-on-year, net profit was 29.6 billion yuan, up 5.5%, and 5G package users were 800 million.
15. Dongpeng Beverage: The operating income in the first quarter was 3.482 billion yuan, a year-on-year increase of 39.80%, and the net profit was 664 million yuan, a year-on-year increase of 33.51%.
Wealth Spotlight
1. The People's Bank of China: Drafting the Detailed Rules for the Implementation of the Regulations on the Supervision and Administration of Non-bank Payment Institutions (Draft for Comments). It stipulates that the operation of stored value accounts and the processing of payment transactions are subdivided into categories I and II, respectively, and clarifies the correspondence between the old and new classification methods; payment institutions shall incorporate all regulatory requirements into their corporate systems; and set the ratio of the net assets of payment institutions to the average daily balance of reserves in a segmented and stepwise manner.
2. Securities Times: A number of listed joint-stock banks have multiple commonalities in their liability management, including the intensification of retail "deposit regularization", the rise in the cost of absorbing deposits, and the general decline in net interest income. Under the superposition of these factors, the level of interest rate spreads of stock banks has collectively declined. As of the end of 2023, only China Merchants Bank, Ping An Bank and Zheshang Bank stand above the 2% interest rate spread line.
3. CCTV Finance: Recently, the off-season of the shipping industry has set off a "price rise tide". Maersk, CMA CGM, Hapag-Lloyd and other leading shipping companies have issued price increase letters, some routes have increased by nearly 70%, and a 40-foot container has risen by up to $2,000. It is reported that the scope of this round of price adjustment is mainly concentrated in the United States, South America, the Red Sea and other directions.
4. Financial breakfast: hot spots are non-stop, track what you want to hear. In the first quarter, mainland cross-border e-commerce exports continued to grow, industry opportunities appeared, which platform model is more advantageous?What opportunities will the supply and demand side bring to cross-border e-commerce?How to grasp the development opportunities of e-commerce under new regions and channels?Quickly row to the end of the article to view today's financial secretary tracking # Cross-border "bridge" to connect global business opportunities
Industry Watch
1. Energy Bureau: In the first quarter, the country's cumulative installed power generation capacity was about 2.99 billion kilowatts, a year-on-year increase of 14.5%. Among them, the installed capacity of solar power generation was about 660 million kilowatts, a year-on-year increase of 55.0%, and the installed capacity of wind power was about 460 million kilowatts, a year-on-year increase of 21.5%.
2. CINNO Research: In the first quarter, global AMOLED smartphone panel shipments were about 190 million pieces, a year-on-year increase of 44.6% and a month-on-month decrease of 18.8%. South Korea's share narrowed to 46.6%, and the share of domestic manufacturers accounted for 53.4%, an increase of 15.6 percentage points year-on-year and 8.5 percentage points month-on-month, and the share exceeded 50% for the first time.
3. Beijing Municipal Development and Reform Commission: Issued the implementation plan for further strengthening the interest discount of loans for equipment purchase and renovation in key areas. In terms of loan interest discount, a 2.5 percentage point discount will be given to eligible projects for a period of 2 years. If the effective interest rate of the loan is less than 2.5%, the effective interest rate will be discounted. The total amount of subsidized funds will be determined and issued in batches, and project units are encouraged to apply for early enjoyment.
4. Sensor Tower: In March, the number of downloads of mobile games on the App Store and Google Play was 4.29 billion, an increase of 8.2% month-on-month. The Indian market ranked No. 1 with 739 million downloads, accounting for 17.2% of the total global downloads. The U.S. market ranked 2nd with 7.9% of downloads, followed by Brazil with 7.8%.
5. Ministry of Finance: In the near future, it will work with the Ministry of Industry and Information Technology and other departments to implement a new round of financial support policies for small and medium-sized enterprises, start the implementation of the pilot work of new technological transformation cities in the manufacturing industry, and arrange funds of 3 billion yuan in 2024 to support the first batch of about 20 pilot cities to "intelligently transform and digitally transfer to network", and improve the high-end, intelligent and green level of manufacturing.
6. Ministry of Water Resources: In the first quarter, 23,500 water conservancy projects were implemented across the country, with a scale of 4.7 trillion yuan under construction, an increase of 15.8% and 12.3% respectively over the same period last year. Among them, 9,683 water conservancy projects were newly started, with an investment scale of 473.3 billion yuan, an increase of 33.8% and 47.6% respectively over the same period last year.
7. The Paper: IPRdaily, a global intellectual property comprehensive information service provider, released the ranking of Chinese artificial intelligence invention patent enterprises (TOP50). The list counts the artificial intelligence invention patents applied for and published in China in the past ten years, and Tencent, Baidu, Ping An, State Grid, Huawei, Ant Group, Alibaba, JD.com, OPPO, and China Mobile rank among the top 10 Chinese enterprises.
8. Finance Associated Press: Recently, the operating rate of Samsung Electronics' NAND has increased to 90%, and the operating rate of Samsung once fell to 60% when the storage industry declined. The overall fab run rate has reached 90%, and some major fabs are actually "fully operational".
9. Science and Technology Daily: Australian scientists have developed a drug-loaded 3D printing film for the first time. It is made of a gel containing specific doses of the anti-cancer drugs 5-fluorouracil and cisplatin, which kills cancer cells, significantly reduces the recurrence rate, and minimizes the toxicity of traditional chemotherapy. The research paper was published in the latest issue of the International Journal of Pharmaceutical Sciences.
10. Finance Associated Press: Japan and Europe will establish a data-sharing system to cooperate in the recycling of electric vehicle batteries, and the system will share information on extraction locations and mineral suppliers. The system, which will be launched in 2025, aims to reduce dependence on major suppliers of rare metals such as lithium.
Company news
1. China Securities News: Recently, the "report card" of state-owned enterprises in Guizhou, Chongqing, Gansu, Hunan and other places in the first quarter has been unveiled, and the operating indicators of state-owned enterprises are eye-catching. The development of local state-owned enterprises this year will pay more attention to quality improvement, and effectively improve the profitability level on the premise of maintaining an appropriate growth in operating income. It is also expected to make new breakthroughs in mergers and acquisitions, R&D intensity, institutional mechanisms, and regulatory models.
2. 36 Krypton: AliExpress is trying to run a new traffic game called "Super Outbreak Day", which quickly drives the sales of winning goods to increase by aggregating traffic. It is understood that the project was set as a key project in the first half of the year within AliExpress, with the goal of reshaping the traffic and explosive product mechanism and creating the most efficient explosive product gameplay. It is expected to be officially launched in May, and fully managed products can sign up to participate.
3. Li Auto: Starting from April 22, the 2024 Li L7, Li L8, Li L9 and Li MEGA will adopt a new price system, and new users and users who have ordered but not delivered can enjoy the new price. Among them, the new price of Ideal MEGA is 529,800 yuan, a decrease of 30,000 yuan from before.
Global vision
1. South Korea: From April 1 to 20, the export value was 35.819 billion US dollars, an increase of 11.1% year-on-year, and major export projects such as semiconductor products continued to show a rapid growth momentum. Driven by this, South Korea's exports have increased for six consecutive months. From April 1 to 20, South Korea's imports were $38.466 billion, with a trade balance deficit of $2.647 billion.
2. World Meteorological Organization: Released the State of the European Climate Report. Extreme weather due to climate change continues to affect Europe as a whole, with widespread flooding and severe heat waves in Europe experienced widespread flooding and severe heat waves in 2023, when weather- and climate-related economic losses in Europe are estimated to exceed €13.4 billion.
Financial data
domestic
1. New Third Board: On April 22, a total of 6,186 companies were listed, a decrease of 3 on the same day, with a turnover of 172 million. The three-board component index was reported at 843.92, down 0.23%, with a turnover of 112 million.
2. Domestic commodity futures: As of the close of the afternoon of April 22, there were more declines and fewer gains. Red dates, Shanghai tin, etc. rose by more than 3%, soda ash rose by more than 2%, glass, ferrosilicon, etc. rose by more than 1%, fuel oil fell by more than 4%, low sulfur oil, silver fell by more than 3%, crude oil, alumina and other companies fell by more than 2%.
3. Treasury bonds: On April 22, the main 2-year treasury bond futures contract TS2406 fell 0.01% to 101.704, the main 5-year treasury bond futures contract TF2406 rose 0.01% to 103.495, and the main 10-year treasury bond futures contract T2406 rose 0.06% to 104.645. The 10-year Treasury bond rate fell 1.05BP to 2.24%, and the 10-year CDB rate fell 1.15BP to 2.31%.
4. Shanghai International Energy Exchange: On April 22, the main crude oil futures contract 2406 closed at 633.2 yuan / barrel, down 17.8 yuan, or 2.73%. All contracts traded 191421 lots, and open interest decreased by 2,540 lots to 61,752 lots. The main contract traded 156938 lots, and the open interest decreased by 1,489 lots to 34,170 lots.
5. The central bank: on April 22, a 7-day reverse repurchase operation of 2 billion yuan was carried out, and the winning interest rate was 1.80%, the same as before. Due to the expiration of 2 billion yuan of 7-day reverse repurchase on the same day, zero investment and zero withdrawal were realized.
6. Shibor: 1.7800% overnight, down 1.70 basis points. The 7-day was at 1.8310%, down 3.90 basis points. The 3-month report is 2.0270%, down 0.80 basis points.
7. RMB: The onshore yuan closed at 7.2436 against the US dollar at 16:30, down 0.0483%, and the central parity of the RMB was reported at 7.1043, up 0.0042%.
8. Shanghai Environmental Exchange: On April 22, the trading volume of the carbon emission allowance listing agreement in the national carbon market was 156497 tons, with a turnover of 15.2855 million yuan and a closing price of 96.26 yuan / ton, up 1.98%.
abroad
9. Asia: The Nikkei 225 index rose 1% to 37,438.61 points. South Korea's KOSPI rose 1.44% to 2,629.44.
10. U.S. stocks: The Dow closed up 0.67% at 38,239.98, the Nasdaq closed up 1.11% at 15,451.31, and the S&P 500 closed up 0.87% at 5,010.60.
11. Europe: Britain's FTSE 100 closed up 1.62% at 8,023.87 points, Germany's DAX30 closed up 0.70% at 17,860.80 points, and France's CAC40 closed up 0.22% at 8,040.36 points.
12. Gold: COMEX gold futures fell 3.01% to $2341.1 an ounce.
13. Crude oil: WTI crude oil futures for May delivery closed down 0.35% at $82.85 per barrel, and Brent crude oil futures for June delivery closed down 0.33% at $87.00 per barrel.
14. Baltic Dry Bulk Index: down 1.93% to 1882 points.
Cross-border "bridges" to connect global business opportunities·
► Huafu Securities: The import and export boom in the first quarter maintained the high prosperity of the cross-border e-commerce industry, and the resilience of overseas demand was verified. In the B2C mode of cross-border export, there are mostly four types of e-commerce platforms, namely traditional shelf e-commerce platforms, platform brands, self-operated platforms, and interest e-commerce models, among which the "Four Tigers of Overseas E-commerce" model composed of Shein, Aliexpress, TEMU and Tik tok shop is the most advantageous. Shein is mainly a self-operated platform-based e-commerce, Aliexpress and TEMU are more inclined to traditional shelf e-commerce platforms, and Tik tok shop is a overseas platform with interest e-commerce as the core. The blooming service model relies on diversified drainage methods and reach methods (business flow + logistics), which further stimulates the growth of cross-border e-commerce demand.
► Guosheng Securities: The core competition of the full custody model is production costs, no commissions/advertising/performance costs, and low profitability. The core competition of the self-operation model is operational ability & marketing ability, commission/advertising/performance cost constitutes the main expense, and the profit quality is high and the profitability of the enterprise is excellent. The brand effect of brand sellers is gradually emerging, and the profits of the factory, platform, warehousing & logistics, and consumers will all flow to brands with bargaining power. The scale effect of supply chain sellers is prominent, and they have a lot of room to reduce costs, but due to the loss of pricing power, they may face a decline in ASP.
► Huajin Securities: On the demand side, 1. Under the background of high inflation in Europe and the United States, the cost of living of consumers is increasing, and the rise of "parity consumption" in Europe and the United States is expected to win the favor of overseas consumers with its cost-effective advantages; 2. The United States is nearing the end of destocking, and if the terminal consumer demand picks up in 2024, the United States may enter the stage of active replenishment, which is expected to drive the continuous growth of the scale of mainland cross-border e-commerce exports. On the supply side, 1. Subject to the expansion of production capacity in the early stage and the sluggish domestic demand side, there is overcapacity in the domestic light industry, and a new channel for demand is opened to the sea; 2. The scale advantage of China's manufacturing industry is huge, which significantly reduces the manufacturing cost, making Chinese products have a strong cost-effective and competitive advantage in overseas markets.
► Tianfeng Securities: From a regional point of view, the penetration rate of e-commerce in Southeast Asia is low (about 5%), and there is a lot of room for improvement compared with the current penetration rate in China (29%). At present, a number of leading Chinese and foreign Internet companies have deployed in Southeast Asia, and with the increasingly complete logistics and payment system in the future, the penetration rate of e-commerce in Southeast Asia is expected to increase. From the perspective of channels, as a communication channel that can quickly open up Chinese sellers and overseas consumers, the platform is still the first choice for going overseas. As a platform-based seller, it is best to seize the new traffic entrance of new regions + new channels, and brands that have the ability to establish their own independent traffic entrance "independent station" are expected to seize the opportunity in the traffic competition.
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