► Securities Daily: Since March, a total of 35 A-share listed companies have received annual report inquiry letters issued by the exchange. It mainly focuses on the company's operating conditions, balance sheet, restructuring gains, asset impairment, related party transactions, commercial disputes, etc. Compared with previous years, regulators have conducted a more rigorous scrutiny of financial data and increased their focus on whether ST companies are eligible to be removed.
► CCTV Finance: Approaching the "May Day" holiday, air ticket bookings have entered a peak, and outbound travel has also ushered in a substantial increase. Big data from an online booking platform shows that in the first fifteen days of the holiday, the number of air ticket bookings has exceeded that of the same period in 2023. Medium- and long-term travel is booming, with multiple online booking platforms accounting for 56% of bookings. The rapid growth of long-haul travel has driven the volume and price of the civil aviation passenger market to rise during the holiday.
Macroeconomic
1. Economic Information Daily: At present, the issuance of multi-channel funds, including investment in the central budget, local government special bonds, additional issuance of treasury bonds, and ultra-long-term special treasury bonds, is being accelerated. Among them, the selection of local government special bond projects has been completed, involving about 38,000 projects, the list of all three batches of additional treasury bond issuance projects totaling 1 trillion yuan has been issued, and about 15,000 specific projects will be implemented, and all construction will be started by the end of June; and the relevant issuance plan for ultra-long-term special treasury bonds will also be issued soon.
2. Meteorological Bureau: The overall deviation of the continental climate conditions in this year's flood season is that there are more extreme weather and climate events, and the waterlogging is heavier than the drought; the precipitation in the eastern monsoon region is generally more, and the regional and periodic flood disasters will be more obvious. The precipitation in the middle and lower reaches of the Yangtze River, Huaihe River basin and Taihu Lake basin in the south will be significantly higher than that in the same period of the year, while the precipitation in the middle and lower reaches of the Songhua River basin and the Yellow River basin in the north will also be more.
3. China Railway Shanghai Bureau Group: The transportation period of the Yangtze River Delta Railway "May Day" holiday is from April 29 to May 6, counting 8 days. During this period, it is expected to send more than 27 million passengers, with an average daily passenger of more than 3.4 million passengers, or a holiday transportation with the highest average daily passenger flow.
Real estate dynamics
1. Southern Metropolis Daily: On April 24, there were market rumors that after the "May Day", Shenzhen will cancel the purchase restriction policy in areas other than Futian and Nanshan, and at the same time cancel the five-year value-added tax, which can be exempted after three years. In this regard, the staff of the Shenzhen Real Estate Registration Center responded that they have not received the relevant policy notice.
2. Guiyang City, Guizhou Province: Focusing on expanding the scope of withdrawing housing provident fund to pay down payment, expanding the scope of housing provident fund "both withdrawal and loan", canceling the time interval limit for two housing provident fund loans, and expanding the scope of application of talent support policies, the implementation period is from May 6, 2024 to December 31, 2024.
3. Chengdu, Sichuan Province: On April 24, the central urban area ushered in the second land auction of this week, and the two residential lands sold this time were traded at the reserve price, with a total transaction price of about 1.04 billion yuan. It is understood that 5 plots were originally scheduled to be sold on the same day, 2 plots in Shuangliu District and 1 plot in Pidu District were announced on April 23 to terminate the transfer for some reason.
4. Finance Associated Press: It is reported that the plans for the second extension of "21 Bidi 01", "21 Bidi 04" and "21 Bidi 02" were voted on, and the payment of part of the principal and interest was postponed to September.
Stock market stock
1. On Wednesday, the Shanghai Composite Index was reported at 3044.82 points, up 0.76%, with a turnover of 335.157 billion. The Shenzhen Component Index was reported at 9251.13 points, up 0.74%, with a turnover of 460.189 billion. The GEM index was reported at 1765.41 points, up 0.70%, with a turnover of 208.741 billion. Overall, stocks rose more and fell less, and more than 4,100 stocks rose in the whole market. The turnover of the two cities was 795.4 billion, an increase of 20 billion from the previous trading day. On the disk, copper high-speed connection, low-altitude economy, CPO, military informatization and other sectors were among the top gainers, while glyphosate, banking, coal, real estate and other sectors were among the top decliners. Northbound funds bought a net of 4.606 billion yuan throughout the day, including a net purchase of 3.070 billion yuan in Shanghai-Hong Kong Stock Connect and a net purchase of 1.536 billion yuan in Shenzhen-Hong Kong Stock Connect.
2. On Wednesday, the Hang Seng Index rose 2.21% to 17,201.27 points. The Hang Seng Tech Index rose 3.61% to 3,573.59. The state-owned enterprises index rose 2.45% to 6,100.22 points. On the disk, AIGC concept stocks and digital economy concept stocks led the gains, while paper stocks and lithium battery concept stocks led the decline. Southbound funds bought a net of HK$1.995 billion. Among them, Hong Kong Stock Connect (Shanghai) net bought HK $1.597 billion, and Hong Kong Stock Connect (Shenzhen) net bought HK $398 million.
3. As of April 24, there were 248 listed companies on the Beijing Stock Exchange, and there were no new ones on that day. The total market value is 343.509 billion yuan, and the transaction value is 3.977 billion yuan.
4. Financing balance of the two cities: As of April 23, the financing balance of the Shanghai Stock Exchange was 786.254 billion yuan, a decrease of 1.675 billion yuan from the previous trading day, the financing balance of the Shenzhen Stock Exchange was 698.489 billion yuan, a decrease of 1.325 billion yuan from the previous trading day, and the total of the two cities was 1484.743 billion yuan, a decrease of 3 billion yuan from the previous trading day.
5. China Securities News: In the first quarter, the scale of public funds increased by 1.64 trillion yuan compared with the end of last year. Currency funds, bond funds, and index funds have become the main force of scale growth. Among them, the scale of money market funds soared by 1.18 trillion yuan, bond funds increased by 435.311 billion yuan, and index funds attracted 321.062 billion yuan. The scale of hybrid funds and FOF declined.
6. Shanghai Securities News: As listed companies have successively disclosed their quarterly reports, more and more institutions have increased their research efforts. From March 23 to April 23, the number of institutional surveys exceeded 33,000, an increase of 8,431 from the previous month, reaching a phased peak this year. Institutions focus on areas supported by performance, and in the medium and long term, they focus on the direction of new quality productivity.
7. China Securities News: Since the beginning of this year, more than 260 active equity funds have yielded more than 10%. On the whole, most of the high-performing funds maintain more than 90% of their "aggressive" stock positions. From the perspective of holdings, the resource cycle and heavy stocks in the direction of central state-owned enterprises have become the main reasons for the outstanding performance of these funds.
8. China Securities Construction Investment: From the perspective of industry allocation, in the first quarter, institutions showed multi-point attacks, and the logical directions of increasing allocation include defense (precious metals, public utilities, transportation), going to sea (household appliances, light industry manufacturing), and new and old growth (communications, power equipment), indicating that the direction of market synergy has not yet been formed. At present, the allocation ratio of active equity funds to dividend strategies is only 5.5%, and the overweight ratio is -12.2%, which are at the historical quantile of 21% and 45% respectively since 2010, and there is still room for allocation.
9. Transsion Holdings: In the first quarter, the operating income was 17.443 billion yuan, a year-on-year increase of 88.1%, and the net profit was 1.626 billion yuan, a year-on-year increase of 210.3%. The company continued to explore emerging markets and promote product upgrades, and the overall shipment volume increased.
10. Goertek: In the first quarter, the operating income was 19.312 billion yuan, a year-on-year decrease of 19.94%, and the net profit was 380 million yuan, a year-on-year increase of 257.47%.
11. Linglong Tire: In the first quarter, the operating income was 5.045 billion yuan, a year-on-year increase of 15.04%, and the net profit was 441 million yuan, a year-on-year increase of 106.32%.
12. Hualu Hengsheng: In the first quarter, the operating income was 7.978 billion yuan, a year-on-year increase of 31.8%, and the net profit was 1.065 billion yuan, a year-on-year increase of 36.3%. After the successful commissioning of the first phase of the Jingzhou project, the sales volume of products in the reporting period increased compared with the same period last year.
13. Hisense Home Appliances: In the first quarter, the operating income was 23.486 billion yuan, a year-on-year increase of 20.87%, and the net profit was 981 million yuan, a year-on-year increase of 59.48%.
14. EVE: Operating income in the first quarter was 9.317 billion yuan, down 16.7% year-on-year, and net profit was 1.066 billion yuan, down 6.49% year-on-year.
15. Zhongheng Design (6 boards): Recently, the company has paid attention to media reports that the company is involved in the concept of "low-altitude economy", which mentions that the company won the bid for the Central China Intelligent Aircraft Industrial Base project. As a member of the consortium, the above-mentioned project company won the bid, mainly responsible for the construction drawing design work, and only shared the construction drawing design fee of 5.3186 million yuan. As of the date of the announcement, the project has not been formally contracted and has not generated any revenue. In addition, the company has no contracts and revenue recognition related to the "low-altitude economy" as described in other media.
Wealth Spotlight
1. China Securities News: AMAC intends to strengthen the self-discipline management of information reporting in the private asset management industry, and require securities and futures operating institutions engaged in private asset management business to continue to fulfill their information reporting obligations after the completion of the filing of asset management plans. The content of the report includes, but is not limited to, operational information such as the financing leverage level and deferred payment status of the asset management plan.
2. Shanghai Securities News: Since April, the scale of bank wealth management has ushered in significant growth, with an increase of nearly 2 trillion yuan in the month, a new high in recent years. The recent reduction in deposit rates has prompted more residents and enterprises to turn their deposits to wealth management products in search of higher investment returns. With the blessing of the bond bull market, the scale of bank wealth management is expected to further expand, and it is expected to exceed the 30 trillion yuan mark within the year.
3. China Securities News: Recently, there has been a pullback in international gold prices. In terms of futures, the price of COMEX gold futures fell by more than 3% on April 22 and fell again on April 23, falling by more than 1%. In terms of the end consumer market, affected by the correction in gold prices, many gold jewellery brands have launched "May Day" preferential activities, and the overall intensity is relatively large.
4. Financial breakfast: hot spots are non-stop, track what you want to hear. Recently, under the promotion of policies, local governments have "entered" commercial aerospace, and a new round of aerospace investment and financing boom has gradually emerged. What are the current relevant application scenarios?What is the market space?What new opportunities will the development of the industry bring?Friends, hurry up to the end of the article to view today's financial secretary tracking # Commercial aerospace starts the journey of "star journey".
Industry Watch
1. Tujia B&B: As of April 24, the average number of bookings in popular cities on the whole platform increased by 20% year-on-year, becoming the hottest B&B, and the supply of high-quality B&Bs continued to increase, with the price of B&Bs remaining flat this year compared with last year, and the average price of some popular cities falling by about 10% year-on-year.
2. Lighthouse Professional Edition: As of 17:32 on April 24, the pre-sale box office (including screenings) of new films on May Day has exceeded 50 million. "Peacekeeping Anti-riot Team", "Spy Playing House Codename: White" and "Howl's Moving Castle" are temporarily among the top three at the current pre-sale box office.
3. CNESA: In March, a total of 26 companies across the country disclosed their battery project plans, with a total production capacity of more than 233.53GWh (including planning/contracting/starting/production, etc.), and an investment of more than 98.716 billion yuan, down 4.68% month-on-month. The total production capacity of energy storage batteries reached 92.98GWh, a decrease of 47.64% month-on-month, and the technical route involved lithium-ion batteries, sodium-ion batteries, and flow batteries, of which the investment in lithium-ion batteries cooled down.
4. China Electricity Council: It is expected that the new installed power generation capacity will exceed 300 million kilowatts again in 2024, which is basically the same as in 2023. By the end of 2024, the installed power generation capacity is expected to reach 3.25 billion kilowatts, a year-on-year increase of about 12%. The combined installed capacity of grid-connected wind and solar power is expected to surpass coal power for the first time in the second and third quarters, reaching around 1.3 billion kilowatts by the end of 2024, accounting for about 40%.
5. Tianjin: Issued the "Implementation Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods in Tianjin". By 2027, the scale of equipment investment in industry, agriculture, construction, transportation, education, cultural tourism, medical care and other fields will increase by more than 25% compared with 2023. The energy efficiency of the main energy-using equipment in key industries has basically reached the energy-saving level. The penetration rate of digital R&D and design tools and the numerical control rate of key processes in industrial enterprises above designated size exceeded 90% and 75% respectively.
6. Intellectual Property Office: 921,000 invention patents will be authorized in 2023, a year-on-year increase of 15.3%. In the "2023 Global Innovation Index Report" released by the World Intellectual Property Organization, the number of the world's top 100 science and technology clusters in the mainland has reached 24, ranking first in the world for the first time.
7. Shenyang City, Liaoning Province: By 2026, low-altitude aircraft will operate efficiently in the fields of urban air transportation, logistics and distribution, emergency rescue and smart city management, create more than 10 low-altitude economic application demonstration scenarios, cultivate more than 100 low-altitude economy-related enterprises, and reach an industrial scale of 3 billion yuan.
8. Counterpoint: After eight consecutive quarters of decline, global PC shipments increased by about 3% year-on-year in the first quarter of this year, which was due to the low base in the same period last year. Sequential shipment growth is expected in the next few quarters of the year, with a 3% year-over-year increase for the full year, driven by strong momentum in AI PCs, the recovery of shipments across different segments, and the arrival of new replacement cycles.
9. Xinhua News Agency: Recently, the team of academician Li Can of Dalian Institute of Chemical Physics, Chinese Academy of Sciences successfully developed off-site electrocatalytic technology, which realizes the total decomposition of hydrogen sulfide to produce hydrogen and sulfur at room temperature and atmospheric pressure, which is expected to replace the current Claus technology in the industry, realize the elimination and resource utilization of hydrogen sulfide in the process of natural gas exploitation, oil refining industry and coal chemical industry, and become a new path for low-cost green hydrogen.
Company news
1. Tesla: On April 24, the "0 down payment" campaign was launched, and the applicable models are Model 3 and Model Y. At the same time, the high-performance version of the Model 3 was released, priced at 335,900 yuan, and deliveries are expected to start in the third quarter.
2. 36 Krypton: Xiaomi's second new car is positioned as a pure electric SUV and is expected to be launched in the first half of 2025, continuing the design level of the first car, and the third car is initially positioned at 150,000 yuan and is expected to be launched in 2026.
3. Chinanews.com: On April 23, local time, the U.S. Senate passed a bill involving TikTok. If U.S. President Joe Biden completes the signing, the terms will give TikTok's parent company, ByteDance, about nine months to sell the app or face a nationwide ban.
Global vision
1. CCTV News: On April 23, local time, the U.S. Senate voted to pass a foreign aid bill worth $95 billion. The bill includes more than $60 billion in aid to Ukraine and $26 billion in aid to Israel.
2. CCTV News: The Japan Aerospace Exploration Agency (JAXA) announced on April 24 that it has re-established communication with the lunar probe "SLIM". SLIM has been dormant since the early hours of March 30. JAXA said it had confirmed the data sent back by SLIM on the evening of April 23. Its main functions are still in operation, but the body temperature is high, and only the most basic operational confirmation has been performed.
Financial data
domestic
1. New Third Board: On April 24, a total of 6,182 companies were listed, a decrease of 4 on the same day, with a turnover of 116 million. The three-board component index was reported at 840.32, down 0.52%, with a turnover of 82 million.
2. Domestic commodity futures: As of the close of the afternoon of April 24, most of them closed up, manganese and silicon rose by more than 5%, container shipping European line rose by more than 4%, iron ore rose by more than 3%, crude oil and urea rose by more than 2%, and beans, glass, lithium carbonate and pulp rose by more than 1%. Shanghai tin fell more than 3%, jujube, caustic soda, and ethylene glycol fell more than 2%, and apples, No. 20 rubber, and cotton yarn fell more than 1%.
3. Treasury bonds: On April 24, the main 2-year treasury bond futures contract TS2406 fell 0.07% to 101.674, the main 5-year treasury bond futures contract TF2406 fell 0.17% to 103.430, and the main 10-year treasury bond futures contract T2406 fell 0.36% to 104.480. The 10-year Treasury bond rate rose 4.67BP to 2.27%, and the 10-year CDB rate rose 5.15BP to 2.35%.
4. Shanghai International Energy Exchange: On April 24, the main crude oil futures contract 2406 closed at 651.2 yuan / barrel, up 14.2 yuan, or 2.23%. All contracts traded 149366 lots, and open interest decreased by 5,341 lots to 53,260 lots. The main contract traded 119665 lots, and the open interest decreased by 631 lots to 32,048 lots.
5. The central bank: On April 24, a 7-day reverse repurchase operation of 2 billion yuan was carried out, and the winning interest rate was 1.80%, which was 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: 1.7840% overnight, down 0.40 basis points. The 7-day was at 1.8550%, up 3.10 basis points. The 3-month was 2.0140%, down 0.40 basis points.
7. RMB: The onshore RMB closed at 7.2460 against the US dollar at 16:30, up 0.0083%, and the central parity of the RMB was reported at 7.1048, up 0.0155%.
8. Shanghai Environmental Exchange: On April 24, the trading volume of the carbon emission allowance listing agreement in the national carbon market was 448283 tons, with a turnover of 45.2997 million yuan, and the closing price was 100.59 yuan/ton, up 0.99%.
abroad
9. Asia: The Nikkei 225 index rose 2.42% to 38,460.08 points. South Korea's KOSPI rose 2.02% to 2,675.90.
10. U.S. stocks: The Dow closed down 0.11% at 38,460.92, the Nasdaq closed up 0.1% at 15,712.75, and the S&P 500 closed up 0.02% at 5,071.63.
11. Europe: Britain's FTSE 100 closed down 0.06% at 8,040.38 points, Germany's DAX30 closed down 0.27% at 18,088.7 points, and France's CAC40 closed down 0.17% at 8,091.86 points.
12. Gold: COMEX gold futures closed down 0.56% at $2328.9 per ounce.
13. Crude oil: WTI crude oil futures for June delivery closed down 0.66% at $82.81 a barrel, and Brent crude oil futures for June delivery closed down 0.45% at $88.02 a barrel.
14. Baltic Dry Bulk Index: down 1.66% to 1774 points.
· Commercial Aerospace Starts the "Star Journey" Journey·
► China Aerospace Science and Technology Corporation: China Aerospace is expected to have 100 launch missions in 2024. This year will be the most intensive year for China's launch program, and it is expected to set a new record. The space station continues to carry out the normal operation mode, and comprehensively promotes the manned lunar and deep space exploration projects. Multiple satellite constellations will accelerate the construction of networking. In the past 2023, a number of commercial companies have successfully launched medium and large liquid rockets, making breakthroughs, proving the feasibility of reusable rocket launch schemes in China.
► Huatai Securities: The three major scenarios of consumer electronics, smart cars, and special industries will drive demand. Since the launch of Huawei's Beidou mobile phone series, Volkswagen mobile phones and smart wearable devices equipped with Beidou navigation functions have been emerging in mainland China. Geely released the "Sky One" intelligent safety ecosystem, and the on-board satellite navigation system is expected to achieve industrialized centimeter-level positioning and promote breakthroughs in autonomous driving technology. In the field of consumer electronics and smart cars, new satellite navigation technologies are expected to improve user experience and stimulate consumer demand, and it is estimated that the mainland market space is expected to reach 3.2 billion yuan and 8.3 billion yuan in 2027.
► CITIC Securities: In the era of commercial aerospace, aerospace activities follow the main purpose of making profits and follow the market mechanism, so the low cost and large capacity of launch vehicles are the future trend. Solid rockets are easy and flexible to launch, while liquid rockets are leading the way in recyclable technology. In recent years, the mainland's continuous policy support and technological progress have provided a foundation for the leapfrog development of the satellite Internet industry. The construction of Starnet + G60 Starlink has been promoted, marking that the mainland satellite Internet has entered a stage of high-quality development. Referring to the development history of SpaceX, it is expected that in the next ten years, China's commercial rocket core will benefit from the construction of satellite constellations, and the market space will reach 100 billion yuan.
► Yongxing Securities: From the policy side, the commercial aerospace industry is a strategic emerging industry and has been supported by policies. From the perspective of the industry, commercial rocket companies frequently launch rockets and have made significant progress in technologies such as multi-satellite, reusable, and liquid oxygen methane rockets. With the strong support of policies, relevant companies have successively tested and made continuous progress in technology, laying a solid foundation for constellation construction and satellite Internet construction, and the process of commercial aerospace industrialization is expected to be further accelerated in the future. It is recommended to pay attention to the suppliers of rocket parts and materials, and be optimistic about the investment opportunities of the whole industrial chain of "rocket-satellite-TT&C-terminal".