► State Council: Further optimize the layout of state-owned financial capital, rationally adjust the proportion of state-owned financial capital in various financial industries, increase the supply of policy-based finance, and promote the differentiated development of state-owned financial enterprises. Concentrate on building a "national team" in the financial industry. Increase policy support for the private economy and small, medium and micro enterprises.
► TechInsights: The personal consumer electronics segment is starting to return to growth this year after a weak 2023 year, with a growth rate of 6% this year. Sales are expected to grow across all segments, with PCs seeing the largest increase. The pandemic accelerated the replacement cycle for PCs, which led to a plummeting in demand over the next few years, and the next round of hardware replacements is expected to begin this year.
► CCTV Finance: The popularity of self-driving tours on May Day has increased this year, and as of the third week of April, the number of domestic car rental self-driving bookings increased by 40% year-on-year. RV bookings are generally hot, and some models are hard to find. At the same time, the development of the RV rental market has also led to the increase in RV demand, the person in charge of an RV factory introduced, due to the strong domestic market demand, the current orders have been scheduled for 3 months.
Macroeconomic
1. The Supreme People's Procuratorate: It will focus on strengthening the judicial protection of intellectual property rights in future industries such as artificial intelligence, biotechnology, green energy, and information and communication, not only to "strictly deal with it in accordance with the law" so that infringers dare not commit it again, but also to "quickly handle it in accordance with the law" to avoid continuous damage to the legitimate rights and interests of rights holders. Increase the extent of judicial protection for scientific research personnel involved in future-related industries, create a good atmosphere that encourages innovation and tolerates failure, and stimulates the innovation vitality of the whole society.
2. National Development and Reform Commission: In the next step, we must pay close attention to the implementation of policies, and policies such as the issuance of ultra-long-term special treasury bonds, large-scale equipment renewal and trade-in of consumer goods should be put in place as soon as possible. Promote more policies conducive to stabilizing growth, employment, and expectations in all aspects, prevent the problem of "synthetic fallacy" in the process of policy formulation and implementation, and promote all aspects of policies to work in the same direction and form a joint force.
3. Office of the Central Financial Commission and the Central Financial Work Commission: To prevent risks, we must grasp the timeliness and effectiveness on the premise of stabilizing the overall situation. Prudent and thorough, properly dispose of the stock, can not raise carbuncles, nor can it lead to the risk of disposal risk. Strong supervision should be carried out on the premise of improving the system. To promote development, we must promote steady growth, adjust structure, and improve quality and efficiency on the premise of sticking to the fundamentals.
4. The Ministry of Finance and the State Administration of Taxation: Issued an announcement on the LAT policy for the reform of the rural collective property rights system. Villagers' committees and villagers' groups that, in accordance with the requirements of the reform of the rural collective property rights system, transfer or change the use rights of state-owned land, buildings on the ground and their attachments to the name of rural collective economic organizations, shall not be subject to LAT for the time being. The announcement will be implemented from January 1, 2024.
5. United States: In the first quarter, the preliminary seasonally adjusted quarter-on-quarter annualized rate of GDP was 1.6%, the lowest since the first quarter of 2023, estimated at 2.5% and the previous value was 3.4%, and the preliminary seasonally adjusted quarter-on-quarter annualized rate of the core PCE price index was 3.7%, estimated at 3.4%, and the previous value was 2.0%, accelerating month-on-month for the first time in a year.
Real estate dynamics
1. Six departments including the Ministry of Housing and Urban-Rural Development: vigorously promote the high-quality development of the green building materials industry. Select counties, townships and towns with building materials industry base and location advantages, give full play to the leading role of "chain master" enterprises, promote the coordinated development of the upstream and downstream of the green building materials industry chain, large and small enterprises, promote the high-quality development of the whole industrial chain of green building materials production, certification, circulation, application and service, and cultivate characteristic industrial clusters.
2. Guangdong Branch of the People's Bank of China: At the end of March, the balance of real estate loans was 7.5 trillion yuan, an increase of 110.7 billion yuan over the beginning of the year and an increase of 21.3 billion yuan year-on-year, of which real estate development loans increased by 85.7 billion yuan and personal housing loans increased by 28.3 billion yuan. In March, the weighted average interest rate of personal housing loans was 3.72%, down 0.48 percentage points year-on-year.
3. Chengdu, Sichuan Province: On April 25, the central urban area ushered in the third land auction this week, and the five residential lands sold this time were all sold at the reserve price, with a total transaction price of about 2.032 billion yuan. Since the beginning of this week, a total of 11 land plots have been transferred, with a total transaction price of 7.212 billion yuan.
4. Huai'an City, Jiangsu Province: For borrowers and co-borrowers who meet the loan conditions of the Municipal Housing Provident Fund, the maximum loan benchmark amount for unilateral deposit has been increased from 400,000 yuan to 600,000 yuan, and the maximum loan benchmark amount paid by both parties has been increased from 600,000 yuan to 800,000 yuan. In addition, the policy of increasing the maximum loan amount by 30% for families with many children has been expanded from only supporting the purchase of the first owner-occupied home to the purchase of the second improved owner-occupied home.
5. Shanghai Securities News: It is reported that Vanke intends 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, office, apartments, etc. Vanke said that the relevant information was false. Promoting asset trading is one of the business tasks that Vanke has always attached great importance to, and Vanke is actively promoting asset trading, including some of the assets mentioned in the rumors.
Stock market stock
1. On Thursday, the Shanghai Composite Index reported 3052.90 points, up 0.27%, with a turnover of 315.798 billion. The Shenzhen Component Index was reported at 9264.48 points, up 0.14%, with a turnover of 458.498 billion. The GEM index was reported at 1764.73 points, down 0.04%, with a turnover of 206.302 billion. Overall, stocks rose more and fell less, and more than 2,900 stocks rose in the whole market. The turnover of the two cities was 774.3 billion, a decrease of 21.1 billion from the previous trading day. On the disk, titanium dioxide, phosphorus chemicals, weight loss drugs, logistics and other sectors were among the top gainers, while military informatization, small household appliances, Hongmeng, satellite navigation and other sectors were among the top decliners. Northbound funds bought a net of 349 million yuan throughout the day, including a net purchase of 921 million yuan in Shanghai-Hong Kong Stock Connect and a net sale of 572 million yuan in Shenzhen-Hong Kong Stock Connect.
2. On Thursday, the Hang Seng Index rose 0.48% to 17,284.54 points. The Hang Seng Tech Index fell 0.54% to 3,554.3 points. The state-owned enterprises index rose 0.33% to 6,120.37 points. On the market, the concept stocks of leasing and selling with the same rights and smart wearable concepts led the gains, while the K12 education concept stocks and online game concept stocks led the decline. Southbound funds bought a net of HK$1.881 billion. Among them, Hong Kong Stock Connect (Shanghai) net bought 1.706 billion Hong Kong dollars, and Hong Kong Stock Connect (Shenzhen) net bought 175 million Hong Kong dollars.
3. As of April 25, there were 248 listed companies on the Beijing Stock Exchange, and there were no new ones on the same day. The total market value is 340.637 billion yuan, and the transaction value is 3.745 billion yuan.
4. Financing balance of the two cities: As of April 24, the financing balance of the Shanghai Stock Exchange was 785.322 billion yuan, a decrease of 932 million yuan from the previous trading day, the financing balance of the Shenzhen Stock Exchange was 699.436 billion yuan, an increase of 947 million yuan from the previous trading day, and the total financing balance of the two cities was 1484.758 billion yuan, an increase of 15 million yuan from the previous trading day.
5. AMAC: In March, the number of newly registered private equity funds was 858, with a new filing scale of 35.988 billion yuan. Among them, there are 556 private securities investment funds with a new filing scale of 9.911 billion yuan, 120 private equity investment funds with a new filing scale of 18.458 billion yuan, and 182 venture capital funds with a new filing scale of 7.619 billion yuan.
6. Private placement network: As of April 24, a total of 22 private equity institutions with 10 billion yuan of their products appeared in the list of the top ten shareholders of tradable shares in the first quarter of 2024 of 53 listed companies, with a total market value of 38.92 billion yuan. Judging from the information disclosed so far, the products mainly increase their positions in listed companies in electronics, basic chemical and other industries.
7. Shanghai Securities News: In the adjustment market in the first quarter of this year, fund managers took the opportunity to adjust their positions and exchange shares. According to the latest quarterly report of public funds, new heavy stocks are mainly concentrated in the fields of consumer goods and services, raw materials and investment products. From the perspective of investment logic, fund managers are more focused on industry trends and pay more attention to cash flow.
8. Securities Daily: The overseas listing of domestic enterprises is showing a warming trend. During the year, more than 80 companies submitted their applications to the Hong Kong Stock Exchange, and many companies considered listing on the US stock market. 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.
9. Securities Times: On April 24, the Hang Seng Index hit a new closing high in the past four months, and Tencent Holdings, which has more than 1,000 funds, rose 13% in three trading days, and about half of the more than 1,000 funds are A-share theme fund products. The latest quarterly report of the public offering also shows that more and more QDII funds have begun to move their positions in U.S. stocks back to Hong Kong stocks, which is completely opposite to the operation of QDII in the first quarter of last year to reduce their allocation to Hong Kong stocks and increase their positions in U.S. stocks.
10. CITIC Securities: Boston Dynamics, a pioneer in humanoid robots, launched an electric version of the Atlas humanoid robot, and cooperated with Hyundai Group to actively promote the application of humanoid robots in factories. Optimistic about the cooperation paradigm of auto parts + robots, more leading auto parts and humanoid robot companies will start to cooperate, and the progress of robot application is expected to accelerate. It is recommended to pay attention to robots and core components enterprises and related beneficiary enterprises.
11. CICC: eVTOL requires high safety, high energy density and high power density of batteries, and the existing battery technology level fails to perfectly meet the requirements of eVTOL for battery energy density and power density.
12. Lixun Precision: In 2023, it will achieve revenue of 231.905 billion yuan, a year-on-year increase of 8.35%, and a net profit of 10.953 billion yuan, a year-on-year increase of 19.53%.
13. Sinopharm Accord: In the first quarter, the operating income was 19.09 billion yuan, a year-on-year increase of 2.16%, and the net profit was 389 million yuan, a year-on-year increase of 7.33%.
14. CNOOC: In the first quarter, the operating income was 111.468 billion yuan, a year-on-year increase of 14.1%, and the net profit was 39.719 billion yuan, a year-on-year increase of 23.7%.
15. Aluminum Corporation of China: In the first quarter, the operating income was 48.956 billion yuan, down 26.14% year-on-year, and the net profit was 2.23 billion yuan, up 23.01% year-on-year.
16. Fuyao Glass: In the first quarter, the operating income was 8.836 billion yuan, a year-on-year increase of 25.29%, and the net profit was 1.388 billion yuan, a year-on-year increase of 51.76%.
17. YTO Express: In the first quarter, the operating income was 15.427 billion yuan, a year-on-year increase of 19.46%, and the net profit was 943 million yuan, a year-on-year increase of 4.14%.
18. Luxin Venture Capital: Shandong High-tech Investment, a wholly-owned subsidiary, intends to sell 3.83% of the shares held by Minsheng Securities to Guolian Securities, and subscribe for the newly issued A shares of Guolian Securities with the underlying assets. On April 25, Shandong High-tech Investment has signed the "Cooperation Intent Agreement" with Guolian Securities.
19. Guao Technology: Recently, the company learned that Chen Chongjun was criminally detained by the Qingdao Municipal Public Security Bureau on suspicion of manipulating the securities market. At present, the company's business situation is normal. Chen Chongjun is the actual controller of the Company and does not serve as a director, supervisor or senior management of the Company. Chen's detention will not have a significant impact on the company's day-to-day operations.
Wealth Spotlight
1. Securities Daily: Recently, a number of wealth management subsidiaries have lowered the performance benchmark of their products. After the adjustment, the lower limit of the performance benchmark fell back to below 3%. In parallel with the performance benchmark, the product management fee rate was also reduced. Most of them are as low as 0.05%, and there are also zero-rate products "appearing". Affected by market fluctuations, wealth management subsidiaries lowered their performance benchmarks and simultaneously lowered their management fees, mainly to cope with market competition and cushion the impact.
2. CCTV Finance: Recently, there has been a pullback in gold prices, and the gold recycling business of banks has ushered in a peak. In March, a bank outlet in Beijing repurchased 564 gold transactions, an increase of 4,000% month-on-month, and the repurchase amount was 28.88 million yuan, an increase of 5,150% month-on-month, and the maximum gram weight of a single customer reached 2,000 grams, with an amount of 1.11 million yuan.
3. Securities Times: On April 24, the official website of the Hong Kong Securities Regulatory Commission announced the approved list of virtual asset spot ETFs, among which ChinaAMC Fund (Hong Kong), Bosera International, and Harvest International related products are listed. The approved product will be listed on the Hong Kong Stock Exchange at the end of April, which will be the first virtual asset product to be launched in the Asian market, with the Ether spot ETF being the first in the world.
4. Financial breakfast: hot spots are non-stop, track what you want to hear. Recently, the price increase of titanium dioxide has attracted much attention, in fact, as early as last year, titanium dioxide has set off six rounds of price increases. What are the main fields in which titanium dioxide is used?What is the driving force for the recent price increase?What is the future development trend of the industry?Friends, hurry up to the end of the article to view today's financial secretary tracking # Titanium dioxide "rises" continuously
Industry Watch
1. IDC: In the first quarter, China's smartphone market shipped about 69.26 million units, a year-on-year increase of 6.5%. Honor's market share in China in the first quarter was 17.1%, a year-on-year increase of 13.2%, ranking first. Since Huawei's return to the motherland at the end of August last year, it has recovered rapidly, with a year-on-year growth rate of more than 100% and a market share of 17.0%, tied with Honor for the first place. OPPO is tied for third place with Apple, and Vivo is fifth.
2. Sigmaintell: In the second quarter, with the continuous rise in panel prices and the stocking of "618" promotions, various brands have increased their demand for panel procurement. Under the normalization of production control, the growth rate of display production capacity area is basically consistent with the growth rate of demand, and the supply and demand of monitor panels are still in a tight balance. With the further growth of panel demand, it is expected that the mainstream panel price increase will further expand in April.
3. Zhuochuang Information: Although the cost of slaughtering broiler breeding declined from March to April, the overall price of hairy chickens was running at a low level, and the broiler breeding link was in a state of loss as a whole from March to April, and the loss lasted for nearly 2 months. In May, the cost of broiler breeding is relatively limited, the price of chickens or continue to run weakly, under the influence of both cost and breeding income, it is expected that the broiler breeding situation in May may still be difficult to have significant profits.
4. Jiang Wei of China Iron and Steel Association: At present, the mainland steel industry presents the characteristics of "three highs and three lows" of high output, high cost, high inventory, low demand, low price and low efficiency, mainly because the elasticity of output on the supply side is too large, which supports the price of upstream raw materials and inhibits steel prices. The inventory of steel enterprises is at a high level in the same period in history, and reducing inventory as soon as possible is the primary task of the industry to ensure efficiency.
5. State Administration of Financial Regulation: Issued guidance on promoting the high-quality development of green insurance. Focusing on the development of new energy vehicles, intelligent networked vehicles, rail transit and other fields, it provides insurance protection for R&D, manufacturing, application and other links. Provide suitable insurance protection solutions in the fields of low-altitude economy, multimodal transport, and green distribution.
6. Ministry of Industry and Information Technology: Announced the No. 1 revision list of the mandatory national standard "Safety Technical Requirements for Chargers for Electric Bicycles" (draft for comments). Among them, it is proposed that in view of the recent emergence of a large number of on-board chargers, which may affect the safety of electric bicycles, it is proposed to ban on-board chargers and improve the content of permanent labeling.
7. Jiangsu Province: By 2025, the scale of the robot industry chain will reach about 200 billion yuan, the scale of the core industry of robots will reach more than 25 billion yuan, cultivate 5 internationally competitive robot enterprises, add more than 10 specialized and special new enterprises at or above the provincial level, select 50 benchmark demonstration robot application scenarios, and the density of robots in key manufacturing areas will reach more than 500 units per 10,000 people.
Company news
1. CATL: Shenxing Battery has launched 6 models, and will continue to launch more than 50 new models this year. At the same time, the Shenxing PLUS battery was released, with a range of more than 1,000 kilometers, 10 minutes of charging, and a range of 600 kilometers.
2. Lei Jun: As of April 24, the number of Xiaomi car lock orders exceeded 75,723 units, and 5,781 units have been delivered within 28 days of release. At present, Xiaomi Auto is fully expanding its production capacity, and plans to deliver more than 10,000 units in June. It is expected that by the end of 2024, Xiaomi's auto sales and service outlets will cover all provincial-level administrative regions in the country, and it plans to open 219 sales stores in 46 cities and 143 service centers in 86 cities.
Global vision
1. Statistics Korea Agency: The number of newborns in February this year decreased by 3.3% compared to the same period in 2023 (20,020), hitting a record low of 19,362. In addition, the number of newborns in February has been declining year by year since reaching a peak of 36,754 in 2014. After falling below 30,000 in 2018 (27,575), it fell below the 20,000 mark this year.
2. World Health Organization: Calls for strengthening the global surveillance network for highly pathogenic avian influenza (HPAI) virus H5N1, including different animal species. The virus is circulating in the United States, with cases of avian influenza in dairy cows and humans.
Financial data
domestic
1. New Third Board: On April 25, a total of 6,181 companies were listed, a decrease of 1 on the same day, and the turnover was 216 million. The three-board component index was reported at 838.50, down 0.22%, with a turnover of 128 million.
2. Domestic commodity futures: As of the close of the afternoon of April 25, most of them closed up, with the European line up more than 7%, alumina and soda ash up more than 5%, manganese silicon up more than 3%, Shanghai tin, coking coal, and international copper up more than 2%, palm oil down more than 2%, apples, red dates, pigs, and caustic soda down more than 1%.
3. Treasury bonds: On April 25, the main 2-year treasury bond futures contract TS2406 rose 0.04% to 101.722, the main 5-year treasury bond futures contract TF2406 rose 0.02% to 103.450, and the main 10-year treasury bond futures contract T2406 fell 0.03% to 104.470. The 10-year Treasury bond rate fell 1.15BP to 2.26%, and the 10-year CDB rate fell 0.55BP to 2.34%.
4. Shanghai International Energy Exchange: On April 25, the main crude oil futures contract 2406 closed at 650.3 yuan / barrel, up 8.6 yuan, or 1.34%. All contracts traded 134506 lots, and the open interest decreased by 954 lots to 52,306 lots. The main contract traded 114863 lots, and the open interest decreased by 1,369 lots to 30,679 lots.
5. The central bank: On April 25, 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: 1.8460% overnight, up 6.20 basis points. The 7-day trade was at 1.8850%, up 3.00 basis points. The three-month is at 1.9990%, down 1.50 basis points.
7. RMB: The onshore RMB closed at 7.2471 against the US dollar at 16:30, down 0.0152%, and the central parity of the RMB was reported at 7.1058, down 0.0141%. NDF: 3-month at 7.0425, 6-month at 7.0300, 1-month at 6.9725, 2-year at 6.8800.
8. Shanghai Environmental Exchange: On April 25, the trading volume of the carbon emission allowance listing agreement in the national carbon market was 327981 tons, the turnover was 33.5596 million yuan, and the closing price was 102.41 yuan/ton, up 1.81%.
abroad
9. Asia: The Nikkei 225 index fell 2.16% to 37,628.48 points. South Korea's KOSPI fell 1.77% to 2,628.63.
10. U.S. stocks: The Dow closed down 0.98% at 38,085.8 points, the Nasdaq closed down 0.64% at 15,611.76 points, and the S&P 500 closed down 0.46% at 5,048.42 points.
11. Europe: Britain's FTSE 100 closed up 0.48% at 8,078.86 points, Germany's DAX30 closed down 0.95% at 17,917.28 points, and France's CAC40 closed down 0.93% at 8,016.65 points.
12. Gold: COMEX gold futures closed up 0.27% at $2344.6 per ounce.
13. Crude oil: WTI crude oil futures for June delivery closed up 0.92% at $83.57 per barrel, and Brent crude oil futures for June delivery closed up 1.12% at $89.01 per barrel.
14. Baltic Dry Bulk Index: down 1.75% to 1743 points.
· Titanium dioxide "rising" sound continues·
► Zheshang Securities: Titanium is a rare metal and one of the world's most important resource substances. The titanium industry chain begins to extend from the original minerals such as ilmenite and rutile to obtain titanium concentrate, and further purification of titanium concentrate can prepare high-purity titanium dioxide, and the titanium dioxide industry chain is rich, and the downstream involves many fields such as coatings, plastics, and papermaking. Constrained by resources, the new production capacity of titanium ore in China in the future is small, and the output of titanium dioxide of downstream products continues to rise, driving the demand for titanium concentrate to continue to increase, and titanium concentrate is in short supply.
► Huatai Securities: Since the launch of Huawei's Beidou mobile phone series, the reason why the price of titanium dioxide has a wave of obvious upward push in the early stage, in addition to the inertia push, the cost side is also the biggest behind-the-scenes promoter, the company takes advantage of this shareholder wind to directly rise, but the cost side is two-sided, which can make titanium dioxide icing on the cake or worse, at this time, the production enterprises are both supported and restricted, the cost supports the leading enterprises, most of the enterprises price stability, and limits the price of a small number of enterprises to fall back and profitability.
► Everbright Securities: The mainland titanium dioxide industry is generally in the stage of destocking, and as of April 5, 2024, the inventory of domestic titanium dioxide factories is about 182,000 tons, a decrease of 5.1% from the beginning of the year. As downstream demand has not yet recovered significantly, it is still unable to fully absorb the increasing supply of TiO₂. Subsequently, with the recovery of the macro economy and the boost of the policy to the real estate industry chain, it is expected to further promote the removal of high inventory of titanium dioxide and achieve continuous improvement in titanium dioxide prices and profitability.
► Minsheng Securities: In recent years, the rapid expansion of domestic production capacity has ushered in the rapid growth of domestic and foreign markets, and the capacity utilization rate of the industry has remained above 80%. The policy encourages and supports the chlorination process and restricts the traditional sulfuric acid process, which has slowed down the growth rate of the industry's production capacity to a certain extent, and there are certain barriers to the diffusion of chlorination technology, and it is expected that the actual production capacity will be less in the next 1-2 years. The demand side is mainly exported, in the case of high prices of titanium ore and energy, overseas giants have accelerated their withdrawal, and the domestic export market has ushered in a golden development period, on the one hand, it is a replacement for overseas exit production capacity, on the other hand, the domestic market is gradually saturated with the continuous development of overseas emerging markets, and the main grasp of the future supply and demand balance sheet is the performance of the export side.