Hot Spotlight //
1. Hong Kong stocks have recently risen strongly, and Hong Kong's virtual asset business has ushered in a historic moment. On April 24, the Hong Kong Securities and Futures Commission officially announced the approved list of virtual asset spot ETFs, including ChinaAMC (Hong Kong), Harvest International, and Bosera International's Bitcoin spot ETFs and ETH spot ETFs. It is understood that the relevant approved products will be listed on the Hong Kong Stock Exchange at the end of April, which is the first time such products have been launched in the Asian market, and the Ether spot ETF products are the first batch in the world.
2. Huawei released a new brand, and a new brand of intelligent vehicle solutions, Huawei Qiankun, was officially launched, including intelligent cockpit, intelligent driving, intelligent vehicle control, and intelligent vehicle cloud services. Jin Yuzhi, CEO of Huawei's Intelligent Vehicle Solution BU, said that 2024 is the first year of large-scale commercial use of intelligent driving, and Huawei has released a new brand of "Qiankun" with intelligent driving as the core, integrating Huawei's more than 30 years of technology accumulation and experience in the ICT field to develop the strongest automotive intelligent core.
3. Tesla released a "big move" in the Chinese market. Model 3 and Model Y are available for a limited time "0 yuan season", and you can enjoy "0 down payment" and preferential interest rate for existing cars with a designated version of Model 3, and you can enjoy "0 down payment" or "0 interest for a limited time" when you order a designated version of Model Y. At the same time, the all-new Model 3 high-performance version officially landed on Tesla's official website in China, with a starting price of 335,900 yuan, and the new car has been completely refreshed in terms of appearance, performance, and handling.
Global Markets //
1. The three major U.S. stock indexes closed mixed, with the Dow down 0.11% at 38,460.92, the S&P 500 up 0.02% at 5,071.63, and the Nasdaq up 0.1% at 15,712.75. Boeing fell 2.86% and Home Depot fell 1.78%, leading the Dow lower. Wind's U.S. TAMAMA Technology Index rose 0.03%, Tesla rose 12.06%, the biggest one-day gain since January 2022, and its market value returned to above $500 billion, and Apple rose 1.27%. Most of the Chinese concept stocks rose, with Bilibili up 10.97% and Dada Group up 7.53%.
2. The three major European stock indexes closed slightly lower, with the German DAX index down 0.35% at 18,073.62 points, the French CAC 40 index down 0.17% at 8,091.86 points, and the British FTSE 100 index down 0.06% at 8,040.38 points.
3. Most of the major stock indexes in the Asia-Pacific region closed higher. South Korea's Kospi rose 2.01% to 2,675.75, the Nikkei 225 rose 2.42% to 38,460.08, Australia's S&P 200 fell 0.01% to 7,683, New Zealand's S&P 50 rose 1.21% to 11,946.43, India's SENSEX30 rose 0.16% to 73,852.94, FTSE Singapore Straits rose 0.62% to 3,293.13 and FTSE Malaysia Composite rose 0.63% at 1571.48 points.
4. International oil prices fell across the board, with the June contract for U.S. oil falling 0.62% to $82.84 per barrel. Brent oil June contract fell 0.37% to $87.07 a barrel.
5. International precious metal futures generally closed down, COMEX gold futures fell 0.56% to $2328.9 / ounce, and COMEX silver futures fell 0.61% to $27.195 / ounce.
6. Most of the base metals in London closed up, LME copper rose 0.86% to $9790 / ton, LME zinc rose 0.07% to $2794.5 / ton, LME nickel fell 0.72% to $18870 / ton, LME aluminum rose 0.19% to $2584 / ton, LME tin fell 1.06% to $31600 / ton, LME lead rose 0.82% to $2202.5 / ton.
7. The main contract of agricultural futures on the Chicago Board of Trade (CBOT) closed mixed, with soybean futures down 0.06% at 1181.25 cents a bushel, corn futures down 0.88% at 448.5 cents a bushel, and wheat futures up 1.87% at 614 cents a bushel.
8. Treasury yields mostly closed higher, with the 2-year Treasury yield down 0.9 basis points at 4.935%, the 3-year Treasury yield up 1.4 basis points at 4.79%, the 5-year Treasury yield up 2.9 basis points at 4.662%, the 10-year Treasury yield up 4 basis points at 4.646%, and the 30-year Treasury yield up 4.4 basis points at 4.774%.
9. European bond yields collectively closed higher, with the UK 10-year yield up 9.3 basis points at 4.332%, the French 10-year yield up 9.2 basis points at 3.089%, the German 10-year yield up 8.6 basis points at 2.586%, the Italian 10-year yield up 13.8 basis points at 3.980%, and the Spanish 10-year yield up 10.8 basis points at 3.379%.
10. At the end of New York, the dollar index rose 0.11% to 105.82, most of the non-US currencies fell, the euro fell 0.02% to 1.0699, the pound rose 0.13% to 1.2465, the Australian dollar rose 0.17% to 0.6498, the dollar rose 0.33% to 155.35, the dollar rose 0.35% to 0.9152, and the offshore yuan fell 125 basis points to 7.2730 against the dollar.
11. The Indonesian stock market suffered a net selling for the 15th consecutive day. Exchange data shows that on April 23, global funds sold a net of $7.91 million in Indonesian stocks.
Macro//
1. The Standing Committee of the 14th National People's Congress held the 24th meeting of chairmen to hear reports on the amendments to the draft law on academic degrees, reports on the opinions on the amendments to the draft tariff law, and reports on the results of deliberations on the draft amendments to three laws, including the Agricultural Technology Extension Law, and to deliberate on the relevant draft revisions and draft decisions.
2. During their inspection in Chongqing, state leaders emphasized that they should further deepen reform and opening up in an all-round way and continue to write a chapter of Chinese-style modernization in Chongqing. Chongqing has a good manufacturing foundation and abundant scientific and educational talent resources, so it is necessary to focus on building a modern industrial system with advanced manufacturing as the backbone. We will further implement major technological transformation and upgrading of the manufacturing industry and large-scale equipment renewal projects, accelerate the transformation and upgrading of traditional industries, and actively cultivate strategic emerging industries with international advanced level and competitiveness.
3. Premier Li Qiang of the State Council emphasized during his investigation in Guizhou that it is necessary to do a good job in the implementation of various policies and work measures, broaden the channels for farmers to increase their income and get rich, continue to enhance the endogenous development momentum, and effectively consolidate and expand the achievements of poverty alleviation.
4. The European Commission announced that it will conduct surprise inspections of the office premises of Chinese-funded enterprises in Europe to collect information on the foreign subsidies obtained by enterprises. The head of the Trade Remedies Bureau of the Ministry of Commerce said that China will pay close attention to the follow-up trends of the European side and take all necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises.
5. The Ministry of Finance and the Ministry of Emergency Management urgently allocated 110 million yuan of central natural disaster relief funds to support flood control and disaster relief in Jiangxi, Guangdong and Guangxi. Among them, 40 million yuan is allocated in Jiangxi Province, 50 million yuan in Guangdong Province, and 20 million yuan in Guangxi Zhuang Autonomous Region.
6. Goldman Sachs, Morgan Stanley and many other international financial institutions have raised their forecasts for China's economic growth this year. Foreign Ministry spokesman Wang Wenbin pointed out that looking ahead, China's economic recovery and long-term trend will not change. It is believed that with the continuous advancement of high-quality development and high-level opening-up, China's economy will accelerate the pace of transformation and upgrading on the basis of steady progress and make greater contributions to the world economy.
7. In response to the question of "whether mainland residents will be allowed to travel to Taiwan", the Taiwan Affairs Office of the State Council said that it believes that as long as compatriots on both sides of the strait work together and remove obstacles, cross-strait exchanges and cooperation will usher in bright prospects, and positive measures will be taken to promote cross-strait exchanges and cooperation in various fields, including tourism.
8. The central bank launched a 7-day reverse repurchase operation of 2 billion yuan on Wednesday, with a winning interest rate of 1.80%, and 2 billion yuan of reverse repurchase expired on the same day. The Ministry of Finance and the Central Bank simultaneously launched a three-month bidding for 70 billion yuan of treasury cash fixed deposits, and the winning interest rate was 2.95%, compared with 2.75% last time.
9. Guangdong's GDP in the first quarter reached 3.15 trillion yuan, a year-on-year increase of 4.4 percent, accounting for about 10.6 percent of the country's total, and the scale of foreign trade imports and exports exceeded 2 trillion yuan for the first time in the same period in history, ranking first in the country, accounting for 20.1 percent of the country's total import and export value.
10. The Standing Committee of the Beijing Municipal Party Committee held a meeting to highlight the key points of work, focus on cultivating new quality productivity and promoting consumption, improve the high-end, intelligent and green level of the industry, increase the support for the trade-in of automobiles, encourage "oil for electricity" and smart home consumption, and cultivate consumption growth points.
11. Sichuan Province officially issued the "List of Key Projects for Accelerating Preliminary Work in Sichuan Province in 2024", and selected and included 330 major projects to be started in the next 2 to 3 years, with an estimated total investment of 2.15 trillion yuan.
Domestic Stock Market //
1. A-shares rebounded, the low-altitude economy and CPO concept rose sharply, and the 5-board bull stock Zhongheng design staged the "earth and sky board", and Tianqi Lithium is expected to suffer huge losses in the first quarter, and the stock price fell to the limit. As of the close, the Shanghai Composite Index rose 0.76% to 3044.82 points, the Shenzhen Component Index rose 0.74%, the ChiNext Index rose 0.70%, the Beijing Stock Exchange 50 rose 1.29%, the Science and Technology Innovation 50 rose 1.48%, the Shanghai Composite 50 rose 0.43%, the Shenzhen Stock Exchange 50 rose 0.10%, Wind All A rose 1.03%, the Wind Micro Cap Index rose 3.45%, and Wind Shuangchuang rose 1.78%. The turnover of A-shares was 799.32 billion yuan, with a net purchase of 4.606 billion yuan by northbound funds, with Ping An of China leading the way with a net purchase of 514 million yuan, and CATL being the most net seller of 197 million yuan.
2. Hong Kong's Hang Seng Index closed up 2.21% at 17,201.27 points, a new high since November last year, rising for three consecutive days, with a cumulative increase of about 1,000 points; the Hang Seng Technology Index rose 3.61%, and the Hang Seng State-owned Enterprises Index rose 2.45%. In terms of individual stocks, SenseTime's share price rose 31.15% after suspending trading, the company's board of directors said that it was not aware of any reason for the price and trading volume changes, and the stock will resume trading on April 25, and Tianqi Lithium fell 19%, the stock price hit a new low. The market turnover was 129.584 billion Hong Kong dollars, the southbound funds bought 1.995 billion Hong Kong dollars, Bank of China received a net purchase of 779 million Hong Kong dollars, and Meituan was the most net seller of 1.544 billion Hong Kong dollars. The Taiwan Weighted Index closed up 2.72% at 20,131.74 points.
3. According to the financial report released by the Hong Kong Stock Exchange, the profit attributable to shareholders in the first quarter was HK $2.970 billion, down 13% year-on-year and up 14% quarter-on-quarter. The Hong Kong Stock Exchange announced the appointment of Carlson Tong Kar-shing to succeed Laura Cha as Chairman of the Board.
4. The Beijing Stock Exchange issued the "first order" of disciplinary punishment during the year. Lin Yanhe, the former actual controller of Shenzhen GSR Investment Co., Ltd. and Yunnan Biovalley Pharmaceutical Co., Ltd., was given a disciplinary punishment of circulating criticism by the Beijing Stock Exchange for illegally reducing his shareholding during the investigation of the judicial organ, and was recorded in the integrity file of the securities and futures market.
5. The China Securities Association announced the second batch of abnormal offline investors in 2024, including Xiao Jianqin, Xu Lida and Jin Zhihao. Issuers and lead underwriters of projects related to the Science and Technology Innovation Board, ChiNext Board, Main Board and other sectors shall not accept offers from offline investors who have been included in the abnormal list in offline inquiry, nor shall they place shares with them.
6. In the past five years, A-share listed companies have paid a total of 8.2 trillion yuan in dividends, and the annual dividend amount has begun to exceed the equity financing amount of the year. As of April 22 this year, more than 300 companies have paid a total cash dividend of 0 yuan since their listing, of which more than 10 companies have been listed for more than 20 years.
7. It is rare for A-share listed companies to solicit opinions from small and medium-sized shareholders on dividends. Soochow Securities, Ruitai New Materials and Jiangsu Guotai have successively solicited opinions from small and medium-sized shareholders on the 2023 profit distribution plan. Statistics show that at present, only 17 listed companies in the A-share market have issued similar announcements.
8. According to the China Securities Journal, insurance asset management institutions are expanding new investment opportunities through alternative investments and optimizing asset-liability matching. In terms of investment direction, some emerging industries are gradually attracting the attention of insurance capital.
9. Since the fourth quarter of last year, due to the downward trend of the market, a number of well-known fund managers have issued new funds against the market at the low point of the market, and many new funds have achieved a yield of more than 10% during the year. From the perspective of positions, many well-known fund managers such as Bai Bingyang, He Yiguang, and Yang Jinjin have built positions in the first quarter, and some fund managers have also explained the reasons for their rapid position building in the quarterly report, expressing their optimism about China's economy and the A-share market in the medium and long term.
10. The overseas listing of domestic enterprises is heating up. On the one hand, more than 80 companies submitted their returns to the Hong Kong Stock Exchange during the year, and 16 companies have submitted their applications to the Hong Kong Stock Exchange in April alone, and many companies are considering listing on the US stock market. On the other hand, since the implementation of the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and its supporting guidance documents on March 31 last year, overseas filing has become more normalized, and enterprises have been actively applying for filing. Since April alone, 16 companies have obtained overseas issuance and listing and "full circulation" filing notices, and 7 companies have submitted new filing applications, far exceeding the same period last year.
11. Tencent released the "Global Intelligence" solution for the automotive industry, which has been applied in five core scenarios: automotive R&D, production, marketing, service, and enterprise collaborative office. At the same time, Tencent also released upgrade plans for smart car cloud and smart cockpit.
12. The NIO press conference at the 2024 Beijing International Auto Show will be held at 10:00 on April 25, and the 2024 NIO ET7 will be officially launched. CATL will hold the 2024 CATL Energy Storage New Product Launch Conference on April 25.
13. Wang Chuanfu, chairman of BYD, said at the Horizon 2024 intelligent driving technology product launch conference that new energy vehicles will look at the battery in the first half and the chip in the second half. Yu Kai, founder and CEO of Horizon, announced the launch of 6 Journey 6 series chips for low, medium and high user groups. Wang Chuanfu said that at present, one million BYD models have been equipped with Horizon chips, and models equipped with Journey 6 will be launched next. Wang Chuanfu also said that BYD's "Eye of the Gods" high-end intelligent driving system will cover 200,000 yuan to million-level models.
14. The East China headquarters of Xiaomi Group will be opened in early May, and it is expected that 5,000 people will settle in the office, becoming the largest R&D center in China except for Xiaomi's Beijing headquarters. According to the news, Xiaomi's second new car is positioned as a pure electric SUV and is expected to be launched in the first half of 2025, and the third car is initially positioned at 150,000 yuan and is expected to be launched in 2026.
15. SenseTime released the "RiRixin SenseNova" 5.0 multi-modal large model series, which adopts a hybrid expert (MoE) architecture, supports up to 10T Tokens in Chinese and English and training data, and inference synthetic data up to hundreds of billions of tokens, and comprehensively benchmarks GPT-4 Turbo in knowledge, reasoning, mathematics, code and other comprehensive capabilities.
16. Yida China announced on the winding-up petition that the company and the petitioner had reached a consensus and that the company and the petitioner had signed a consent summons to seek an order agreeing to withdraw the petition and cancel the hearing.
Finance//
1. The central bank convened the 2024 accounting and financial work conference, which required to grasp the changing requirements of the connotation of habitual tightening of life, decision-making and deployment and performance of duties, grasp the key tasks and requirements of building modern financial infrastructure, and comprehensively promote the high-quality development of accounting and financial work in the new journey of Chinese-style modernization.
2. The State Administration of Financial Supervision issued the No. 1 fine in 2024. Due to four violations of laws and regulations, including concealment of related parties and related party transactions, Zhongan Property Insurance was fined 1.8 million yuan, and the three then deputy general managers were given warnings and fines.
3. 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 perform 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.
4. AMAC issued a notice to some private equity institutions that if a new private fund is not filed within 12 months from the date of completion of liquidation after all the private funds managed by the private fund manager are liquidated, the registration and filing institution shall promptly cancel the registration of the private fund manager and publicize it.
5. The data of the first month after the launch of the Cross-boundary Wealth Management Connect 2.0 was released. In March, 24,288 new individual investors participated in the Cross-boundary Wealth Management Connect in the Guangdong-Hong Kong-Macao Greater Bay Area, and domestic banks handled 20,574 cross-border fund transfers through the closed-loop fund transfer channel, amounting to RMB13.106 billion.
6. The price of the mainland carbon trading market exceeded the 100 yuan mark for the first time. According to data released by the Shanghai Environment and Energy Exchange, as of 15 o'clock on April 24, the price of the national carbon trading market closed at 100.59 yuan/ton, an increase of 0.99%.
7. The first-instance trial of Liu Liange, the former chairman of the Bank of China, who accepted bribes and illegally issued loans, was held, and Liu Liange was accused of illegally soliciting and accepting more than 121 million yuan in property. Liu Liange pleaded guilty and repented in court. The court adjourned the trial and announced the verdict at a later date.
8. The first quarterly report of brokerage asset management was released, and the net value of many brokerage asset management public fund products achieved positive returns. Among them, Dongfanghong Qiheng, which is jointly managed by Wang Zhuo and Zhang Feng of Dongfanghong Asset Management, held Hybrid A for three years, and the net value increased by 10.08% in the first quarter. In terms of management scale, Dongfanghong Asset Management is far ahead in terms of equity scale.
9. Explosive products frequently appear in the new fund issuance market. Yongying Yuexiang Secondary Bond Base ended its fundraising ahead of schedule, and the initial subscription amount has exceeded 6 billion yuan, triggering the doomsday proportional allocation. This is the second "weighted" fund in 2024 to trigger the fundraising cap of 6 billion yuan or more.
10. The results of the first batch of floating rate products were released, and the position building was generally more cautious, and the stock position of many funds was less than 50% during the position building period of about 4 months. From the perspective of the net value performance of the fund, the fund that is relatively cautious in building positions has achieved better performance. Among the top 10 heavy stocks of the 8 performance-linked floating rate products, power stocks and Hong Kong stocks are more common.
11. With the sharp pullback in Nvidia's stock price last week, Dan Bin, a private equity boss who is suspected of having a heavy position in Nvidia, may be "seriously injured", and many of its private equity funds fell by more than 10% in net value last week.
Housing//
1. In the first quarter, the real estate development investment in Guangdong Province was 0.25 trillion yuan, down 13.2% year-on-year, and the decline was 0.4 percentage points narrower than that from January to February. Among them, the investment in commercial housing decreased by 16.8%, and the investment in office buildings and commercial buildings increased by 8.5% and 4.1% respectively.
2. The news that many regions in Shenzhen are about to cancel purchase restrictions suddenly came out. According to market rumors, 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 value-added tax for 5 years, which can be exempted after 3 years. The relevant staff of the Shenzhen Real Estate Registration Center responded that they have not received the relevant policy notice.
3. Guiyang City optimizes the phased policy of housing provident fund. If the depositor's family applies for a housing provident fund loan to purchase a self-occupied house, the minimum down payment ratio is 20%. If the depositor's family buys a self-occupied house in Gui'an, Guiyang, it can still apply for a housing provident fund loan after withdrawing the housing provident fund to pay for the purchase price.
4. According to the news, Vanke plans to transfer its 10 assets in Shenzhen through asset transactions or equity transactions, involving an amount of more than 8.7 billion yuan, and the asset types include hotels, commercial, offices, apartments, etc. Vanke said that the rumor information was untrue.
5. A few days ago, there were rumors that "Wanda will sell all its shares to China Ruyi" and "Wang Jianlin will withdraw from Wanda", and people familiar with the matter said that the above news is fake news or even rumors. In fact, China Ruyi obtained 100% of the equity of Wanda Investment, thus becoming the largest shareholder of Wanda Film. Wanda Investment is only one subsidiary of the former Wanda.
Industry//
1. Liu Guozhong, Vice Premier of the State Council, emphasized during his investigation in Shanghai that it is necessary to strengthen basic research and applied research in view of the shortcomings of biomedical research and innovation, solve technical problems, and promote the production of more new drugs and good drugs.
2. The Propaganda Department of the CPC Central Committee stated that it is studying and formulating the "Guiding Opinions on Accelerating the High-quality Development of the Copyright Industry", and has introduced relevant measures to address the pain points that restrict and affect the high-quality development of the copyright industry.
3. The China Electricity Council released a report saying that the electricity consumption of the whole society in the first quarter was 2.34 trillion kilowatt hours, a year-on-year increase of 9.8%. The report predicts that the electricity consumption of the whole society will be 9.8 trillion kWh in 2024, a year-on-year increase of about 6%. In 2024, the country's new installed power generation capacity will once again exceed 300 million kilowatts, and the pressure on new energy consumption in some areas is prominent.
4. With the May Day holiday approaching, the travel market around the country ushered in a booking boom. According to data released by Meituan, as of April 24, the number of cultural tourism bookings for the May Day holiday increased by more than 190% week-on-week, with Beijing, Shanghai, Chengdu, Chongqing, Xi'an, Changsha, Guangzhou, Wuhan, Nanjing, and Qingdao being the top 10 popular destinations in the country.
5. According to the data released by the Passenger Association, from April 1 to 21, the retail sales of passenger cars in the passenger car market were 852,000, down 12% year-on-year and 2% month-on-month. Among them, the retail sales of new energy vehicles were 420,000 units, a year-on-year increase of 20% and a month-on-month decrease of 2%.
6. According to the 2023 China Digital Reading Report, the number of digital reading users in mainland China in 2023 will be 570 million, and the overall revenue of the market will be 56.702 billion yuan, a year-on-year increase of 22.33%, the highest growth rate in the past five years.
7. With the continuous introduction of favorable policies, China's UAV market has entered a period of healthy development. It is reported that the "2024 International UAV Application and Prevention and Control Conference and UAV Industry Expo" will be held in Beijing from April 27 to 29, and the "2024 China eVTOL Industry Development Report" will be released at that time.
8. Residents in many places have recently raised questions that their gas bills have increased by different margins since the second half of 2023 compared with previous years without major changes in their own living habits. It is reported that in addition to factors such as manual meter reading errors and non-standard gas pricing, the "smooth price" of natural gas from the second half of 2023 will increase, resulting in an increase in gas costs.
Overseas-
1. German Economy Minister Robert Habeck held a press conference and said that the German government slightly revised its economic growth forecast for 2024 from 0.2% to 0.3%.
2. Bank of Canada: Monetary policy easing is expected to be "gradual"; officials are more concerned about the upside risks of inflation; there are differences on when there will be conditions for interest rate cuts; and some members believe that there is a risk of keeping monetary policy too tight considering the decline in inflation.
3. ECB Governing Council member Nagel said that the June rate cut is not necessarily followed by a series of interest rate cuts, and that service inflation is still high, driven by continued strong wage growth, and cannot be committed to a specific interest rate path in advance.
4. Bank Indonesia unexpectedly raised interest rates by 25 basis points, raising the 7-day reverse repo rate to 6.25%, and the market expects the interest rate to remain unchanged.
5. The preliminary value of durable goods orders in the United States in March rose by 2.6% month-on-month, with an expected 2.5% and a final value of 1.3% in February. Last week, the MBA 30-year fixed mortgage rate was 7.24%, the highest in nearly five months, and the previous value was 7.13%.
6. The difference between CBI industrial orders in April in the United Kingdom was -23, expected to be -16, the previous value was -18, the expected difference in industrial output was 11, the previous value was 8, the difference in industrial export orders was -23, the previous value was -29, and the expected difference in industrial prices was 27, expected 20, and the previous value was 21.
7. Switzerland's ZEW investor confidence index was 17.6 in April, the previous value was 11.5, and the current economic situation index was 17.7, the previous value was 11.1.
8. Italy's Istat consumer confidence index in April was 95.2, expected 96.9, the previous value was 96.5, and the manufacturing confidence index was 87.6, expected 89.5, and the previous value was 88.6.
9. Germany's IFO business climate index in April was 89.4, expected 88.8, the previous value was 87.8, the current business situation index was 88.9, the expected 88.7, the previous value was 88.1, and the business expectation index was 89.9, the expected 88.7, the previous value was 87.5.
10. Australia's CPI rose 3.6% year-on-year in the first quarter, the smallest increase since the fourth quarter of 2021, with an expected increase of 3.5% and a previous value of 4.1%, and a quarter-on-quarter increase of 1%, an expected 0.8% and a previous value of 0.6%.
11. Canada's retail sales in February fell by 0.1% month-on-month, with an expected increase of 0.1% and a previous decrease of 0.3%, while core retail sales fell by 0.3% month-on-month, with an expected flat increase and a previous increase of 0.5%.
International Stock Market //
1. Most of the popular Chinese concept stocks rose, with the Nasdaq China Golden Dragon Index up 1.05%, Bilibili up 10.97%, Dada Group up 7.53%, GDS up 7.24%, VNET up 6.76%, iQiyi up 5.24%, Weibo up 4.92%, Zhihu up 4.54%, Lufax Holdings up 4.24%, Canaan Technology up 4.24%, New Oriental down 13.7%, Gaotu Group down 7.52%, and Legend Biotech down 4.81%. China's new energy vehicle stocks were mixed, with NIO up 3.37%, Xpeng down 1.32%, and Li Auto down 3.79%.
2. The Italian Competition and Markets Authority said that the investigation found that Amazon had unfair business practices, including pre-selecting regular purchases of a large number of products available on the Amazon platform, thereby restricting consumers' freedom of choice, so it imposed a joint and several fine of 10 million euros on two Amazon companies.
3. Tesla lowered the prices of Model 3 and Model Y in the Japanese market by 300,000 yen. Tesla's capital expenditures in 2024 are expected to exceed $10 billion, including more than $350 million in expenses in the second quarter, mainly related to employee termination expenses.
4. A Boeing passenger plane of All Nippon Airways of Japan failed to land at New Chitose Airport in Hokkaido, and the oil pump system failed, and the fuselage leaked oil and smoked, but fortunately there were no casualties. Boeing's first-quarter revenue was $16.569 billion, down 8% year-on-year, and a net loss of $355 million, compared with a net loss of $425 million in the same period last year.
5. Moody's downgraded Boeing's rating from Baa2 to Baa3 with a negative outlook.
6. IBM's first-quarter earnings per share were $1.72 versus $1.3 expected, revenue was $14.46 billion versus $14.55 billion, and net profit was $1.61 billion versus $1.16 billion. IBM U.S. stocks fell more than 7% after hours.
7. Facebook's first-quarter earnings per share were $4.71 versus $4.31 expected, revenue was $36.45 billion versus $36.14 billion expected, net profit was $12.369 billion versus $11.377 billion expected, and first-quarter advertising revenue was $35.64 billion versus $35.57 billion expected. Second-quarter revenue is expected to be $36.5 billion to $39 billion, compared to $38.24 billion expected. Facebook's U.S. stock fell more than 10% after hours.
8. New Oriental's net revenue in the third quarter of fiscal year 2024 was US$1.207 billion, a year-on-year increase of 60.1%, and net profit was US$87.167 million, an increase of 6.8%. The company expects fourth-quarter net revenue of $1,101.5 million to $1,127.3 million, up 28% to 31% year-over-year.
9. SK hynix plans to spend about 20 trillion won ($14.6 billion) to build new memory chip production capacity in South Korea and carry out major capacity upgrades to meet the rapidly growing demand for artificial intelligence development.
Commodity-
1. Domestic commodity futures closed generally higher in the night, with most energy and chemical products rising, soda ash up 3.35%, and crude oil up 1.29%. The black series rose across the board, coking coal rose 2.15%, iron ore rose 1.61%, and coke rose 1.24%. Agricultural products mostly rose. Base metals closed up across the board, with Shanghai nickel up 0.98%, Shanghai copper up 0.74%, Shanghai aluminum up 0.65%, Shanghai tin up 0.53%, Shanghai lead up 0.5%, and stainless steel up 0.49%. Shanghai gold rose 0.29%, and Shanghai silver rose 0.16%.
2. The May futures market-making contract arrangement announced by the Shanghai Futures Exchange will carry out market-making in 13 varieties such as nickel, gold, silver and tin, while the Shanghai Energy will carry out market-making in 5 varieties of crude oil, No. 20 rubber, low-sulfur fuel oil, international copper and container transportation index (European line).
3. DCE announced that starting from the trading on April 26, non-FF members or clients shall not open more than 500 contracts in a single day in iron ore futures I2405 and I2409 contracts, and 2,000 contracts in other iron ore futures contracts in a single day.
4. OPEC Secretary-General Haytham Geith said he was ready to support Namibia's "oil journey", which can meet future oil demand, and was excited about potential cooperation with Namibia.
5. The International Nickel Research Organization predicts that global nickel production will increase to 3.55 million tons in 2024 and 3.36 million tons in 2023, and global nickel demand will increase to 3.45 million tons and 3.19 million tons in 2023.
6. U.S. EIA crude oil inventories decreased by 6.368 million barrels last week, with an expected increase of 825,000 barrels and a previous increase of 2.735 million barrels.
7. The Baltic Dry Bulk Index was reported at 1,774 points on Wednesday, down 1.66% from the previous trading day, falling for three consecutive days and hitting a new low since April 15.
8. According to the latest quotation of Shanghai Nonferrous Metals Network, on April 24, the price of domestic battery-grade lithium carbonate was flat at 111,200 yuan/ton, down 260 yuan in the past 5 days and up 188 yuan in the past 30 days.
Bond//
1. [Bond Market Overview] The overall supply of funds in the interbank market is still abundant, and the main repo weighted rate fluctuates in a narrow range. Spot futures have pulled back across the board, and the ultra-long-term end is obviously weak. Treasury bond futures closed down across the board, with the 30-year main contract down 1.17% and the 10-year main contract down 0.36%. Real estate bonds rose and fell, with "22 Vanke 02" falling by more than 10% and "23 Runzhi 03" rising by more than 2%.
2. The CSI Convertible Bond Index closed up 0.27%, and the Wind Convertible Bond Equal Rights Index rose 0.77%. Among them, Shengxun convertible bonds rose 14.24%, the highest increase, and Jingrui convertible bonds fell 9.12%, the largest decline.
3. Central Huijin Investment Co., Ltd. plans to issue 24 billion yuan of medium-term notes, which are 9 billion yuan for the second phase of medium-term notes in 2024 and 15 billion yuan for the first phase of medium-term notes (additional issuance) in 2024.
4. [Major Bond Events] (1) CFETS supports IB's successful issuance of 2024 open-ended capital bonds (2) Standard & Poor's downgrades Seazen Development and Seazen Holdings to "B", with a "negative" outlook, (3) Country Garden's partial onshore bond extension plan approved, (4) "21 Guangyue 04" will be fully redeemed on June 11, and (5) CSC completes the issuance of 1.5 billion yuan of corporate bonds.
Foreign exchange//
1. The onshore yuan closed at 7.2460 against the US dollar at 16:30 on Wednesday, up 6 basis points from the previous trading day, and closed at 7.2461 in overnight trading. The central parity of the yuan against the US dollar was reported at 7.1048, up 11 basis points.
2. The exchange rate of the US dollar against the yen stood at 155, the first time since June 1990. The continued weakness of the yen may stimulate the Japanese Ministry of Finance to intervene in the yen. Ochi, a senior official of Japan's ruling party, said that a fall in the yen to 160 against the dollar could prompt the Japanese authorities to take action.
3. Bank Indonesia said that the rupiah has depreciated less this year and will continue to strengthen policies to stabilize the rupiah, optimize all tools and intervene.
4. The State Bank of Vietnam has introduced a series of measures to cope with the rise in the exchange rate and ensure market stability, including the issuance of short-term treasury bills, the use of open market operation tools, and the regulation of liquidity and interest rates in the interbank market.
Important Economic Agenda //
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