Guolian Securities plans to acquire control of Minsheng Securities, and the three major U.S. stock indexes collectively closed down

【Abstract】Report of the State Council: Concentrate on building a "national team" in the financial industry and promote the leading securities companies to become stronger and better; Ministry of Commerce: The hype about "overcapacity" is unreasonable, and China firmly opposes it; The two departments issued a land value-added tax policy for the reform of the rural collective property rights system; the Federation of Passenger Cars: The retail sales of new energy vehicles are expected to be about 720,000 units in April, a year-on-year increase of 37.1%; Guolian Securities: planning to acquire control of Minsheng Securities, and the stock trading was suspended; the three major U.S. stock indexes collectively closed down, and the Dow fell nearly 1%.

Overnight outer disk

All three major U.S. stock indexes fell. At the close, the Dow Jones fell 0.98%, the NASDAQ fell 0.64%, and the S&P 500 fell 0.46%. Meta fell more than 10%, IBM fell more than 8%, Tesla rose about 5%, Microsoft's third-quarter revenue was higher than expected, and its stock price rose more than 5% after hours; Alphabet's first-quarter revenue was higher than expected, and its stock price rose more than 16% after hours.

Hot spotlight

1. Report of the State Council: Concentrate on building a "national team" in the financial industry to promote the head securities companies to become stronger and better

The State Council issued a report on the research and handling of the deliberation opinions of the special report on the management of state-owned assets of financial enterprises and the situation of rectification and accountability. According to the report, efforts are being concentrated on building a "national team" in the financial industry. Research and draft an action plan to strengthen the management of state-owned financial capital, promote large state-owned financial enterprises to benchmark with world-class financial enterprises, highlight their main business, do fine and professional, and continuously enhance their competitiveness and international influence. Research and formulate guidance on promoting the high-quality development of the insurance industry, and promote the standardized development of non-bank financial institutions. Promote leading securities companies to become stronger and better, and support the Shanghai and Shenzhen stock exchanges to build world-class exchanges.

2. Ministry of Commerce: The hype about "overcapacity" is unreasonable and China firmly opposes it

On the afternoon of April 25, the Ministry of Commerce held the second regular press conference in April, and the reporter asked, Recently, some countries have expressed concern about the problem of overcapacity in China, especially in the field of new energy. In the context of economic globalization, we should fully consider the reality of the global division of labor and the international market, and uphold an objective, fair and scientific standpoint. For new energy, from a global perspective, it is not overcapacity, but a shortage of capacity. At present, the development of green, low-carbon and environmentally friendly new energy is an important measure for the world to cope with climate change. The demand for new energy products is growing, and the future development potential is huge. China's new energy industry continues to provide high-quality production capacity and makes important contributions to global green development. Relevant countries and regions should not hold high the banner of green development while wielding the stick of protectionism. This is a classic paradox and double standard. We hope that relevant countries will objectively, rationally and comprehensively view the needs of the global new energy market and the development of China's new energy industry, and fairly evaluate the important role played by China's new energy products in the global green transformation. On the basis of adhering to the principle of marketization, we are willing to strengthen communication and coordination with all parties, promote industrial cooperation, achieve mutual benefit and win-win results, and jointly promote global green development.

3. Central Bank: In March, the bond market issued a total of 7,158.29 billion yuan of various bonds

The central bank released the operation of the financial market in March 2024, and in March, the bond market issued a total of 7,158.29 billion yuan of various bonds. 920.00 billion yuan of treasury bonds, 629.45 billion yuan of local government bonds, 956.30 billion yuan of financial bonds, 1,658.62 billion yuan of corporate credit bonds1, 32.75 billion yuan of credit asset-backed securities, and 2,911.97 billion yuan of interbank certificates of deposit.

4. The two departments issued the LAT policy for the reform of the rural collective property rights system

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. In order to further promote the reform of the rural collective property rights system, the relevant LAT policies are hereby announced as follows: 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 state-owned land use rights, above-ground buildings and their attachments to the names of rural collective economic organizations, shall not be subject to LAT for the time being. The rural collective economic organizations referred to in this announcement shall be registered with the agricultural and rural departments in accordance with the regulations, be given a unified social credit code starting with the letter "N", and obtain the "Rural Collective Economic Organization Registration Certificate". This announcement will be implemented from January 1, 2024.

5. The Implementation Plan for the Construction of Computing Power Infrastructure in Beijing (2024-2027) was released

The Beijing Municipal Bureau of Economy and Information Technology and the Beijing Municipal Communications Administration issued the Implementation Plan for the Construction of Computing Power Infrastructure in Beijing (2024-2027). It is proposed that by 2025, the pattern of clustering the supply of intelligent computing resources, independent construction of intelligent computing facilities, enabling and precise intelligent computing capabilities, green operation of intelligent computing centers, and systematic development of intelligent computing ecology will be basically completed, leading the Beijing-Tianjin-Hebei and Mongolia regions to build a highland of innovation and application of intelligent computing industry with international influence. By 2027, optimize the quality and scale of Beijing-Tianjin-Hebei-Mongolia computing power supply, strive to meet the needs of large model training with independent and controllable computing power, and reach the leading domestic level of computing power energy consumption standards, establish a coordinated development pattern of Beijing-Tianjin-Hebei-Mongolia computing power integration with reasonable layout, computing network coordination, leading technology, green intensive, and complete industrial chain, and integrate into the national integrated computing power system of network scheduling, inclusive and easy to use, green and safe, and strongly support the implementation of the national strategic deployment for the development of the artificial intelligence industry.

6. Passenger Association: New energy retail sales in April are expected to be about 720,000 units, a year-on-year increase of 37.1%

According to the passenger car association, the retail market of narrow passenger cars in April was about 1.6 million, down 1.5% year-on-year and 5.3% month-on-month, and the retail sales of new energy vehicles are expected to be about 720,000, the same as the previous month, a year-on-year increase of 37.1%, and the penetration rate is expected to reach 45%.

7. The report card of the economic operation of 29 provinces in the first quarter was released, and the GDP growth rate of eight places exceeded 6%

Economic data for the first quarter of 2024 have been released one after another. According to the reporter's incomplete statistics, up to now, 29 provinces (autonomous regions and municipalities directly under the central government) have released their economic "report cards" in the first quarter, of which 16 provinces have outperformed the national average (5.2%) in GDP growth. Specifically, Jilin's GDP growth rate reached 6.5%, temporarily leading the country, followed by Jiangsu and Chongqing with 6.2%. There are also five provinces with a growth rate of more than 6%, including Shandong, Zhejiang, Sichuan, Hubei and Beijing. Liu Xiangdong, deputy director of the Economic Research Department of the China Center for International Economic Exchanges, told reporters that overall, the economic growth rate of various regions continued to recover, showing the resilience of development, especially Jiangsu, Shandong, Zhejiang and other major economic provinces played a leading role, leading China's economy to continue to rebound.

8. Jiangsu: By 2025, the scale of the robot industry chain will reach about 200 billion yuan

The Jiangsu Provincial Department of Industry and Information Technology, the Provincial Development and Reform Commission, the Provincial Department of Science and Technology, the Provincial Department of Finance, and the Provincial Market Supervision and Administration Bureau jointly formulated and issued the "Jiangsu Province Robot Industry Innovation and Development Action Plan" to further promote the high-quality development of the province's robot industry. The plan proposes that by 2025, the scale of the robot industry chain in Jiangsu Province will reach about 200 billion yuan, and the scale of the core industry of robots will reach more than 25 billion yuan, becoming a highland for the innovation and development and integrated application of the national robot industry, cultivating 5 internationally competitive robot enterprises, adding more than 10 specialized and special new enterprises at or above the provincial level, selecting 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. By 2027, the comprehensive strength of the robot industry in Jiangsu Province will reach the international advanced level.

Thematic opportunities

1. The trade-in of consumer goods continues to be carried out, and the sales of household appliances have increased significantly

On April 25, the spokesperson of the Ministry of Commerce said that the promotion of consumer goods trade-in is the focus of the current work to promote consumption, and guide all localities to combine brand activities, key exhibitions, industrial clusters and leading enterprises and other advantageous resources to carry out a series of activities of "National Consumer Goods Trade-in Action - Local Station". The Ministry of Commerce has successively supported Hainan, Ningxia, Shandong, Guangdong and other places to launch local station activities. Jilin, Shanghai, Guangxi, Jiangxi and other local station activities will be launched around the "May Day". Guotai Junan pointed out that since the beginning of 2024, the overall growth of home wire sales has been good, and the sales of major appliances such as air conditioners, refrigerators, and color TVs have increased by 33%, 19%, and 25% year-on-year respectively. After the introduction of the last round of nationwide stimulus policies, the main sales of household appliances have entered a general replacement cycle, and the implementation of national policies is expected to form a joint force to better drive the willingness of the vast market (rural areas and third- and fourth-tier cities) to renew. Leading enterprises with multi-category and multi-brand layout are more likely to gain market share. Related companies include Midea Group, Johnson Co., Ltd., etc.

2. Beijing will promote the construction of computing infrastructure and will achieve full-stack autonomy and control

On April 25, the Beijing Municipal Bureau of Economy and Information Technology and the Beijing Municipal Communications Administration jointly issued the "Implementation Plan for the Construction of Computing Power Infrastructure in Beijing (2024-2027)". Among them, it is proposed to focus on the construction of a number of large clusters of intelligent computing, and by 2025, the city's intelligent computing supply scale will reach 45EFLOPS, and by 2027, the full-stack independent and controllable software and hardware products of intelligent computing infrastructure will be realized, and the construction capacity of 100% independent and controllable intelligent computing centers will be realized. Galaxy Securities believes that the mainland has proposed to build digital infrastructure and AI+ development in advance, and with the "artificial intelligence +" action, it may become an important step for AI to empower thousands of industries in the future. The construction of the intelligent computing center of the computing power industry chain will maintain a high degree of prosperity and drive the rapid increase in the market scale of the optical module industry chain. The IDC industry chain, optical communication industry chain, and temperature control industry chain will become the key directions of future infrastructure construction. Related companies include Alpha Data, Invic, etc.

3. The cost will be lower Scientists have succeeded in synthesizing diamonds at standard atmospheric pressure

According to reports, the materials science team from the Korea Institute of Basic Science recently published an article in the journal Nature, announcing the successful realization of diamond synthesis at standard atmospheric pressure and 1025 degrees Celsius. This preparation method is expected to open up a lower cost path for the production of diamond films. Diamond is not only a gemstone, but also an excellent semiconductor material, which is more suitable for high-temperature, high-radiation, and high-voltage environments than commercially available materials such as silicon. If this atmospheric pressure synthesis technology can be successfully promoted to a larger scale in the future, it will open up a more economical and easier way to prepare diamond thin films, which is expected to provide a strong boost for the development of quantum computers and power semiconductors. Related companies include Jingsheng Electromechanical, Mancaron, etc.

Company News

1. Guolian Securities: Planning to acquire control of Minsheng Securities, stock trading was suspended

Guolian Securities (601456) announced on the evening of April 24 that the company is planning to acquire the control of Minsheng Securities Co., Ltd. (hereinafter referred to as "Minsheng Securities") and raise matching funds by issuing A shares. The transaction is still in the planning stage and is expected to constitute a major asset restructuring. After application, the company's shares will be suspended from the opening of the market on April 26, and it is expected that the suspension will not exceed 10 trading days.

2. Luxin Venture Capital: The subsidiary plans to transfer 3.83% of the shares of Minsheng Securities to Guolian Securities

Luxin Venture Capital (600783) announced on the evening of April 25 that Shandong High-tech Investment, a wholly-owned subsidiary of the company, intends to sell 436 million shares of Minsheng Securities (accounting for 3.83% of its total share capital, referred to as "underlying assets") to Guolian Securities, and subscribe for a new A share issued by Guolian Securities with the underlying assets. On April 25, Shandong High-tech Investment has signed a cooperation agreement with Guolian Securities.

3. Guao Technology: Chen Chongjun, the actual controller of the company, was criminally detained

Guao Technology (300551) announced on the evening of April 25 that it received the "Detention Notice" issued by the Qingdao Municipal Public Security Bureau provided by the family of the actual controller Chen Chongjun, and 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 does not serve as a director, supervisor or senior management of the Company. Chen Chongjun's detention will not have a significant impact on the company's daily operations and will not affect the disclosure of the company's 2023 annual report.

4. Hanyu Pharmaceutical: A wholly-owned subsidiary signed a product supply agreement

Hanyu Pharmaceuticals (300199) announced on the evening of April 25 that its wholly-owned subsidiary, Hanyu Pharmaceuticals (Wuhan) Co., Ltd. (hereinafter referred to as "Hanyu Wuhan"), signed a "Product Supply Agreement" with DS3 RX LLC, which intends to purchase GLP-1 APIs from Hanyu Wuhan. It is worth about 22.4 million US dollars - 24 million US dollars, equivalent to about 162 million yuan - 174 million yuan, and the supply period is within 12 months.

5. Jianlu Information: Signed a strategic cooperation agreement with MEDSNAB Group of Russia

Jianlu Information (605186) announced on the evening of April 25 that on April 25, the company signed a strategic cooperation agreement with MEDSNAB-GROUP LLC Company (hereinafter referred to as "MEDSNAB Group") in Russia. As a well-known provider of medical logistics automation, informatization, intelligence and mobile medical solutions in China, the company will develop a new fully automated outpatient dispensing machine for the Moscow Region Medical and Health Committee and the St. Petersburg Region Medical and Health Committee within 3 months according to the actual business needs specified by MEDSNAB Group, with a cooperation period of 5 years. MEDSNNAB Group is an approved supplier of medical devices in Russia and the CIS countries. The signing of the strategic cooperation agreement will help accelerate the company's overseas expansion strategy, especially in the Russian market.

6. Soling Co., Ltd.: signed a strategic cooperation framework agreement with Horizon

Soling Co., Ltd. (002766) announced on the evening of April 25 that the company signed a "strategic cooperation framework agreement" with Beijing Horizon Robotics Technology R&D Co., Ltd. (hereinafter referred to as "Horizon"), and the two sides promoted in-depth cooperation in the field of automotive intelligent technology and products to form a comprehensive, long-term and stable strategic partnership. At the same time, Soling Co., Ltd. announced that Huizhou Sanqi, a wholly-owned grandson company, recently received a fixed-point notice from a new energy commercial vehicle, and Huizhou Sanqi will be used as a parts supplier for customers to provide S1 ADAS systems.

7. Yutong Bus: net profit in the first quarter was 657 million yuan, a year-on-year increase of 445.09%

Yutong Bus (600066) disclosed a quarterly report on the evening of April 25, achieving operating income of 6.616 billion yuan in the first quarter of 2024, a year-on-year increase of 85.01%, mainly due to the increase in sales, and a net profit of 657 million yuan, a year-on-year increase of 445.09%.

8. Juhua shares: net profit of 310 million yuan in the first quarter, a year-on-year increase of 103.35%

Juhua Co., Ltd. (600160) disclosed a quarterly report on the evening of April 25, achieving operating income of 5.47 billion yuan in the first quarter of 2024, a year-on-year increase of 19.52%, and a net profit of 310 million yuan, a year-on-year increase of 103.35%, mainly due to the recovery of refrigerant product prices, the increase in operating income, and the increase in gross profit margin.

9. Fuyao Glass: net profit in the first quarter was 1.388 billion yuan, a year-on-year increase of 51.76%

Fuyao Glass (600660) disclosed its quarterly report on the evening of April 25, achieving operating income of 8.836 billion yuan in the first quarter of 2024, a year-on-year increase of 25.29%, and a net profit of 1.388 billion yuan, a year-on-year increase of 51.76%.

10. North Copper: net profit of 236 million yuan in the first quarter, a year-on-year increase of 23.01%

North Copper (000737) released its first-quarter report on the evening of April 25, achieving operating income of 5.511 billion yuan in the first quarter of 2024, a year-on-year increase of 112.78%, and a net profit of 236 million yuan, a year-on-year increase of 23.01%. The increase in revenue was mainly due to the increase in sales volume after the commissioning of Houma North Copper Company. According to the annual report disclosed by North Copper at the same time, it will achieve a net profit of 619 million yuan in 2023, a year-on-year increase of 11.56% (adjusted), and the company intends to distribute a dividend of 1 yuan (tax included) for every 10 shares.

11. Yun Aluminum Co., Ltd.: net profit in the first quarter was 1.164 billion yuan, a year-on-year increase of 31.53%

Yun Aluminum Co., Ltd. (000807) disclosed the first quarter report on the evening of April 25, the company achieved operating income of 11.358 billion yuan in the first quarter of 2024, a year-on-year increase of 20.28%, and a net profit of 1.164 billion yuan, a year-on-year increase of 31.53%. During the reporting period, the sales volume and selling price of aluminum products increased year-on-year.

12. Aluminum Corporation of China: net profit in the first quarter was 2.23 billion yuan, a year-on-year increase of 23.01%

Aluminum Corporation of China (601600) disclosed its quarterly report on the evening of April 25, achieving operating income of 48.956 billion yuan in the first quarter of 2024, a year-on-year decrease of 26.14%, and a net profit of 2.23 billion yuan, a year-on-year increase of 23.01%, mainly due to the year-on-year increase in profits of the company's alumina and primary aluminum products.

13. CNOOC: net profit in the first quarter was 636 million yuan, a year-on-year increase of 57.3%

CNOOC (601808) disclosed its first quarterly report on the evening of April 25, achieving operating income of 10.148 billion yuan in the first quarter of 2024, a year-on-year increase of 20%, and a net profit of 636 million yuan, a year-on-year increase of 57.3%.

14. Joyson Electronics: net profit of 307 million yuan in the first quarter, a year-on-year increase of 53.11%

Joyson Electronics (600699) disclosed its quarterly report on the evening of April 25, achieving operating income of 13.278 billion yuan in the first quarter of 2024, a year-on-year increase of 0.42%, and a net profit of 307 million yuan, a year-on-year increase of 53.11%.

15. Aier Ophthalmology: net profit of 899 million yuan in the first quarter, a year-on-year increase of 15.16%

Aier Ophthalmology (300015) released its first quarter report on the evening of April 25, achieving operating income of 5.196 billion yuan in the first quarter of 2024, a year-on-year increase of 3.5%, and net profit attributable to shareholders of listed companies of 899 million yuan, a year-on-year increase of 15.16%.

16. Sugon: net profit in the first quarter was 143 million yuan, a year-on-year increase of 8.86%

Sugon (603019) disclosed its first quarterly report on the evening of April 25, achieving operating income of 2.479 billion yuan in the first quarter of 2024, a year-on-year increase of 7.86%, and a net profit of 143 million yuan, a year-on-year increase of 8.86%.

17. Shanxi Fenjiu: Net profit in 2023 will increase by 28.93% year-on-year, and 10 distributions of 43.7 yuan are planned

Shanxi Fenjiu (600809) disclosed its annual report on the evening of April 25, achieving operating income of 31.928 billion yuan in 2023, a year-on-year increase of 21.8%, a net profit of 10.438 billion yuan, a year-on-year increase of 28.93%, and basic earnings per share of 8.56 yuan. The company intends to distribute a dividend of 43.7 yuan (tax included) for every 10 shares. Shanxi Fenjiu disclosed a quarterly report on the same day, with operating income of 15.338 billion yuan in the first quarter of 2024, a year-on-year increase of 20.94%, and a net profit of 6.262 billion yuan, a year-on-year increase of 29.95%.

18. Bull Group: Net profit in 2023 will increase by 21.37% year-on-year, and it is planned to transfer 10 to 4.5 and distribute 31 yuan

Bull Group (603195) disclosed its annual report on the evening of April 25, achieving operating income of 15.695 billion yuan in 2023, a year-on-year increase of 11.46%, net profit of 3.87 billion yuan, a year-on-year increase of 21.37%, and basic earnings per share of 4.36 yuan. The company plans to increase 4.5 shares for every 10 shares and distribute a cash dividend of 31 yuan (tax included). Bull Group disclosed a quarterly report on the same day, with operating income of 3.803 billion yuan in the first quarter of 2024, a year-on-year increase of 14.06%, and a net profit of 929 million yuan, a year-on-year increase of 26.27%.