Hot Spotlight //
1. The report of the State Council 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 rectification and accountability of the State Council proposes to concentrate 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. The Ministry of Finance and the financial management departments will promote the further optimization of the distribution of state-owned financial capital, and timely and rationally adjust the proportion of state-owned financial capital in banking, insurance, securities and other industries.
2. At 20:59 on April 25, Beijing time, the Long March-2F Yao-18 carrier rocket carrying the Shenzhou-18 manned spacecraft was ignited and launched at the Jiuquan Satellite Launch Center, and about 10 minutes later, the Shenzhou-18 manned spacecraft successfully separated from the rocket and entered the predetermined orbit. At present, the astronaut crew is in good condition, and the launch has been a complete success.
3. The 2024 Beijing Auto Show officially opened, and the car giants "competed for beauty". BYD Yangwang U8 off-road player version was officially launched, with a listing price starting at 1.098 million yuan, and Yangwang U7 made its debut and will be officially launched in the second half of the year. CATL officially released the Shenxing PLUS battery, with an energy density of more than 205Wh/kg, a cruising range of more than 1,000 kilometers, and a range of 600 kilometers in 10 minutes of charging. Lei Jun, chairman of Xiaomi Group, said that Xiaomi Auto is making every effort to expand its production capacity, planning to deliver more than 10,000 new cars in June and complete the annual delivery target of 100,000 vehicles. Xiaomi's R&D investment will exceed 100 billion yuan in the next five years.
4. Inflation intensified, consumer spending cooled, and U.S. economic growth slowed down significantly in the first quarter. According to data released by the U.S. Department of Commerce, the U.S. real gross domestic product (GDP) grew at an annualized rate of 1.6% in the first quarter of this year, a significant narrower increase from 3.4% in the fourth quarter of last year, and an expected 2.4%; the core PCE price index rose by 3.7% on an annualized basis, with an expectation of 3.4%, and a final value of 2.0% in the fourth quarter of last year; and a preliminary real personal consumption expenditure, up 2.5% from the previous quarter, with an expectation of 3.0%, and a final value of 3.3% in the fourth quarter of last year. Following the release of the data, traders pushed back their expectations for the Fed's first rate cut of the year until December.
Global Markets //
1. The three major U.S. stock indexes closed down across the board, with the Dow down 0.98% at 38,085.8 points, the S&P 500 down 0.46% at 5,048.42 points, and the Nasdaq down 0.64% at 15,611.76 points. IBM fell 8.04% and Caterpillar fell 6.95%, leading the Dow. Wind's U.S. TAMAMA Technology Index fell 1.24%, Facebook fell 10.56%, and Tesla rose 4.97%. Most of the Chinese concept stocks rose, with Good Future up 8.81% and Structure Biotech up 7%.
2. The three major European stock indexes closed mixed, with the German DAX index down 0.91% at 17,923.79 points, the French CAC 40 index down 0.93% at 8,016.65 points, and the British FTSE 100 index up 0.48% at 8,078.86 points.
3. Most of the major stock indexes in the Asia-Pacific region closed down, and the Australian and New Zealand stock markets were closed for holidays. South Korea's Kospi fell 1.76% to 2,628.62, the Nikkei 225 fell 2.16% to 37,628.48, snapping a three-day winning streak, India's SENSEX30 index rose 0.66% to 74,339.44, the FTSE Singapore Straits Index fell 0.16% to 3,287.75, and the FTSE Malaysia Composite fell 0.14% to 1,569.25.
4. International oil prices rose across the board, with the June contract for U.S. oil rising 1.16% to $83.77 per barrel. Brent oil June contract rose 1% to $87.91 a barrel.
5. International precious metal futures generally closed higher, COMEX gold futures rose 0.27% to $2344.6 / ounce, and COMEX silver futures rose 0.44% to $27.465 / ounce.
6. Most of London's base metals closed up, LME copper rose 1.29% to $9,900 / ton, LME zinc rose 1.59% to $2,849.5 / ton, LME nickel rose 1.27% to $19,185 / ton, LME aluminum fell 1.23% to $2,571 / ton, LME tin rose 2.59% to $32,660 / ton, and LME lead rose 0.61% to $2,210 / ton.
7. The main contract of agricultural futures on the Chicago Board of Trade (CBOT) closed mixed, with soybean futures down 0.19% at 1179.25 cents a bushel, corn futures up 0.78% at 452 cents a bushel, and wheat futures up 1.22% at 620.5 cents a bushel.
8. At the end of New York, the dollar index fell 0.24% to 105.58, most of the non-US currencies rose, the euro rose 0.29% to 1.0730, the pound rose 0.4% to 1.2515, the Australian dollar rose 0.31% to 0.6518, the dollar rose 0.2% to 155.66, the dollar fell 0.33% to 0.9122, and the offshore yuan rose 175 basis points to 7.2555 against the dollar.
9. European bond yields collectively closed higher, with the British 10-year yield up 2.8 basis points to 4.361%, the French 10-year yield up 3.7 basis points to 3.126%, the German 10-year yield up 4.1 basis points to 2.628%, the Italian 10-year yield up 4.2 basis points to 4.022%, and the Spanish 10-year yield up 4.8 basis points to 3.426%.
10. U.S. Treasury yields collectively closed higher, with the 2-year U.S. Treasury yield up 7.1 basis points to 5.006%, the 3-year U.S. Treasury yield up 7.1 basis points to 4.861%, the 5-year U.S. Treasury yield up 6 basis points to 4.722%, the 10-year U.S. Treasury yield up 6.1 basis points to 4.707%, and the 30-year U.S. Treasury yield up 4 basis points to 4.814%.
11. South Korea is developing a platform called the "Naked Short Selling Detection System" to detect changes in institutional balances and identify illegal transactions. The head of South Korea's market regulator said it was difficult to determine when the ban on short trading in stocks would be lifted at this time.
12. Binance founder Changpeng Zhao issued an apology letter, saying that he apologized for the bad decisions in the past and took all responsibility. In the future, he hopes to focus on two things: investing in biotech startups and education.
Macro//
1. The Ninth Session of the Standing Committee of the 14th National People's Congress deliberated for the first time the draft amendment to the Accounting Law, which is the third amendment to the Accounting Law since its implementation in 1985. For example, under the current Accounting Law, a fine of not less than 5,000 yuan but not more than 100,000 yuan is imposed on the unit for forging or altering accounting vouchers and account books, and for preparing false financial accounting reports. However, the above-mentioned draft does not set an upper limit on the amount of fines, but sets a maximum fine of 10 times the amount of illegal gains, which is significantly increased.
2. The opening of the 2024 Zhongguancun Forum Annual Conference. Vice Premier Ding Xuexiang attended the opening ceremony and said in his speech that it is necessary to promote the reciprocal sharing of innovation achievements, expand cooperation in artificial intelligence, life sciences, green energy, advanced manufacturing and other fields, strengthen international cooperation in the digital economy, and promote the cultivation and development of emerging industries and future industries in various countries.
3. The Ministry of Commerce held the second regular press conference in April. Key points from the press conference include: (1) the May Day holiday will promote the continuous expansion of consumption, (2) the Ministry of Commerce will launch the "2024 International Consumption Season" in Shanghai, (3) the hype about "overcapacity" is unreasonable, and China firmly opposes it, and (4) the Ministry of Commerce supports foreign institutions to invest in domestic technology-based enterprises.
4. The Ministry of Commerce said that in the first quarter, mainland enterprises undertook service outsourcing contracts worth 634.19 billion yuan and executed 424.43 billion yuan, an increase of 10% and 7.1% year-on-year respectively. Among them, the contract value of offshore service outsourcing was 340.36 billion yuan, and the execution amount was 216.64 billion yuan, an increase of 8.9% and 2.2% year-on-year respectively.
5. The Ministry of Finance and the State Administration of Taxation issued an announcement to clarify the LAT policy for the reform of the rural collective property rights system. Where villagers' committees and villagers' groups transfer or change the use rights of state-owned land, above-ground buildings and attachments to the names of rural collective economic organizations in accordance with the requirements of the reform of the rural collective property rights system, the LAT shall not be levied for the time being.
6. The Supreme People's Procuratorate said that the future industry is the main form of scientific and technological revolution and industrial transformation, and it is a concentrated representative of new quality productivity. The procuratorate 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.
7. Liu Liehong, director of the National Data Bureau, said that it is necessary to further release the value of data elements and accelerate the construction of digital China. It is necessary to deepen the research and development of artificial intelligence and promote the deep integration of artificial intelligence and industry applications. Continue to support the healthy development of the platform economy, and encourage platform enterprises to accelerate technological innovation and business model innovation.
8. In response to the "Proposal for the Issuance of a Personal Bankruptcy Law", the State Administration of Financial Supervision stated that it would actively cooperate with the legislature to carry out research and demonstration on whether personal bankruptcy should be included in the law, the practical needs and positive effects of personal bankruptcy in the law, whether the timing is appropriate, and whether the supporting conditions are met.
9. The central bank launched a 7-day reverse repurchase operation of 2 billion yuan on Thursday, with a winning interest rate of 1.80%, and 2 billion yuan of reverse repurchase expired on the same day, so it completely hedged the maturity.
10. The 2024 "Invest in Beijing" conference will be held on April 25, focusing on industrial investment in the field of scientific and technological innovation. A total of 231 investment cooperation projects were released this time, with a total investment of 90.221 billion yuan, and a total of 23 key projects were signed, with a total contract value of 61.006 billion yuan, covering 11 major industrial fields.
11. Hong Kong, China's trade balance deficit in March was HK $45 billion, with an expected deficit of HK $45.7 billion and a previous deficit of HK $41.7 billion. Among them, exports increased by 4.7% year-on-year, with an expected increase of 2.3% and a previous decrease of 0.8%, and imports increased by 5.3%, with an expected increase of 2.4% and a decrease of 1.8% in the previous value.
12. Up to now, in addition to Shanxi and Heilongjiang, 29 provinces across the country have released economic data for the first quarter of this year. Among them, the GDP growth rate of 17 provinces reached or exceeded the national average of 5.3%. The top 10 economic provinces in terms of economic aggregate performed brilliantly in the first quarter, not only leading the country in terms of overall GDP growth, but also accounting for nearly 7% of the country in terms of increment, truly provoking the main beam.
Domestic Stock Market //
1. A-shares continued to fluctuate, with the banking, chemical, and pharmaceutical sectors leading the gains, and the military sector pulling back. At the close, the Shanghai Composite Index rose 0.27% to 3052.90 points, the Shenzhen Component Index rose 0.14%, the ChiNext Index fell 0.04%, the Beijing Stock Exchange 50 fell 0.86%, the STAR 50 fell 0.72%, the Shanghai Composite 50 rose 0.31%, the Shenzhen Stock Exchange 50 rose 0.20%, the Wind All A rose 0.18%, the Wind Micro Cap Index rose 1.36%, and the Wind Shuangchuang rose 0.04%. The turnover of A-shares was 778.03 billion yuan, a new low in the past three months. Northbound funds bought 349 million yuan on a net basis, with China Merchants Bank receiving a net purchase of 662 million yuan to rank first, and Midea Group was the most net seller of 289 million yuan.
2. Hong Kong's Hang Seng Index closed up 0.48% at 17,284.54 points, winning four consecutive gains, while the Hang Seng Technology Index fell 0.54% and the Hang Seng China Enterprises Index rose 0.33%. Raw materials, pharmaceuticals, and domestic real estate stocks strengthened, with China Overseas Land & Investment rising more than 6% leading the blue-chip gains, while technology stocks diverged, with SenseTime rising nearly 4% and Oriental Selection falling more than 9%. The market turnover was HK$119.912 billion, with southbound funds net buying HK$1.880 billion, Bank of China leading the way with net buying HK$524 million, and Meituan being the most net seller of HK$796 million. The Taiwan Weighted Index closed down 1.36% at 19,857.42 points.
3. Foreign capital repricing of Chinese assets. According to a report released by the Institute of International Finance (IIF), in March this year, China's stock market and bond market received net purchases of foreign funds at the same time, amounting to US$1.7 billion and US$2.1 billion respectively, for the first time since June last year. At the same time, the outlook for foreign institutions on Chinese assets is also improving. Goldman Sachs said that the performance of China's index this year exceeded market expectations, and it is still optimistic about the development of the A-share market and maintains the "overweight" rating of A-shares.
4. The Shanghai and Shenzhen North Stock Exchanges announced the 2024 Labor Day market closure arrangement: the market will be closed from May 1 (Wednesday) to May 5 (Sunday), and the market will open as usual from May 6 (Monday). The market will be closed on Sunday, April 28 and Saturday, May 11.
5. Recently, the Hong Kong stock market has continued to rise, and mainland investors have also continued to increase their holdings of Hong Kong stocks. On April 25, southbound funds bought a net of HK$1.880 billion, which is the 19th consecutive trading day that southbound funds have recorded net buying, and the cumulative net buying amount during the year has increased to HK$206.3 billion. There are even data showing that mainland investors accounted for one-third of the average daily turnover of Hong Kong stocks in April.
6. The disclosure of annual reports has entered an accelerated period. As of 20 o'clock on April 25, a total of 245 listed companies chose cash dividends that night, and Shaanxi Coal Industry, a traditional large dividend, launched a dividend plan of 12.749 billion yuan. Among the 3,717 listed companies that have disclosed their 2023 annual reports, 2,078 plan to distribute cash dividends of more than 1 yuan (tax included) per 10 shares, 924 companies plan to distribute cash dividends of more than 3 yuan (tax included) per 10 shares, and 136 companies plan to distribute cash dividends of more than 10 yuan (tax included) per 10 shares.
7. The recently released quarterly report of the fund serves as a window to observe the investment strategy of the fund manager, and you can clearly see the current focus of the fund manager. Dividend assets, resource stocks, artificial intelligence (AI) and new quality productivity that caught fire in the first quarter are the "favorites" frequently mentioned by fund managers, and they also represent the popular directions that fund managers pay attention to. The attention of the once hot new energy track has dropped significantly.
8. As the disclosure of annual reports is coming to an end, another batch of listed companies are about to bid farewell to the A-share market. So far, eight companies have been delisted this year. In recent years, as the reform of the mainland capital market has entered the fast lane, the delisting mechanism has been continuously improved, and the delisting rate of the A-share market has increased significantly. The "Opinions on the Strict Implementation of the Delisting System" recently issued by the China Securities Regulatory Commission further released a "zero tolerance" signal.
9. In the first quarter of this year, QFIIs increased their holdings in a number of A-share listed companies, which is a microcosm of the recent foreign allocation of Chinese assets. Behind the positive attitude of some foreign investors towards Chinese assets is that Chinese assets have entered the value range after continuous adjustments. In addition, a series of policy measures such as regulatory promotion of listed companies to strengthen dividends and buybacks have also strengthened the expectation of China's asset returns, promoting the return of relevant funds or increasing allocation.
10. Since the beginning of this year, the market hotspots have been frequently switched, and the keywords of the quarterly report may reflect the change in the preference of fund managers. In the fund's first quarterly report, the number of keywords such as dividends, AI, and new quality productivity has soared, but the once popular track of new energy has changed from "Britney" to "Mrs. Niu". Statistics show that new quality productivity was mentioned 1,280 times in the first quarterly report, a 3,000% increase from the fourth quarter report in 2023.
11. Guolian Securities said that it is planning to acquire control of Minsheng Securities and raise matching funds by issuing A shares. The company's A-share shares will be suspended from the opening of the market on April 26, and the suspension is expected to last no more than 10 trading days. At the same time, the company announced the termination of the previously planned private placement and the withdrawal of the application documents.
12. Due to low-level text errors in the announcement, the Tibet Securities Regulatory Bureau decided to take supervision and management measures of issuing a warning letter to Tibet Zhufeng, Chairman Huang Jianrong, and Secretary of the Board of Directors Hu Handong. The Shanghai Stock Exchange said that there were low-level text errors in a number of announcements of Tibet Everest, which had a great impact, and decided to give regulatory warnings to the company and Hu Handong, the secretary of the board of directors.
13. After joining hands with China FAW, DJI won important customers. Dongfeng Motor and DJI Automotive jointly announced that the two parties have officially signed a strategic cooperation agreement to deepen cooperation in the development, integration and testing of intelligent driving systems, and carry out mass production and installation on multiple models of the "Dongfeng" brand.
14. Zhu Huarong, chairman of Changan Automobile, revealed that the joint venture between the company and Huawei is progressing in an orderly and normal manner. In November last year, Huawei and Changan Automobile signed a memorandum of understanding on investment cooperation, planning to establish a new joint venture. In January this year, Huawei BU established a new company, "Yinwang".
15. Great Wall Motors officially entered the motorcycle market and launched the motorcycle brand "Great Wall Soul Motorcycle", which will be equipped with the world's only horizontally opposed 8-cylinder engine.
16. The Hong Kong Securities and Futures Commission issued restriction notices to Futu and IB to freeze customer accounts related to suspected corporate misconduct. Futu and IBKR are not the subject of the SFC's investigation and have cooperated with the investigation. The restriction notice does not affect operations or other customers.
17. Jingdong will continue to increase the subsidy of 10 billion yuan this year, and launch the bonus function on the consumer settlement page before the end of April, first testing the water from the beauty category. The industry generally believes that beauty brands have serious price control.
18. Jia Yueting said that it is his biggest dream to repay his debts and return to China as soon as possible, and the day he succeeds in building a car and repays his debts is when he returns to China. Jia Yueting said that he has repaid more than $10 billion for LeTV over the years.
Finance//
1. The State Administration of Financial Supervision issued the "Guiding Opinions on Promoting the High-quality Development of Green Insurance", and by 2027, the green insurance policy support system will be relatively perfect, and the growth rate of green insurance risk protection and green investment of insurance funds will be higher than the overall growth rate of the industry. Focusing on the development of new energy vehicles, intelligent networked vehicles and other fields, it provides insurance protection for R&D, manufacturing, application and other links.
2. CFFEX held the 2024 Market Maker Work Symposium. The relevant person in charge of CFFEX said that in the next step, CFFEX will continue to improve the management system and system of market makers in the financial futures market, continue to strengthen the supervision of market-making institutions, and strive to enhance the internal stability of the financial futures market, so as to better serve the high-quality development of the capital market.
3. According to the data released by the AMAC, the number of newly registered private equity funds in March was 858, and the new filing scale was 35.988 billion yuan. As of the end of March, there were 21,098 private equity fund managers, with 152659 funds under management and a fund scale of 20.29 trillion yuan.
4. The Shenzhen Securities Regulatory Bureau issued warning letters to Zhengwei Private Equity and Li Li. After investigation, Zhengwei Private Equity failed to update the relevant information of the manager in a timely manner in accordance with the regulations of the AMAC in engaging in private fund business activities, and failed to properly keep the suitability management data of some investors of the private equity fund.
5. The Shanghai Science and Technology Innovation Relay Fund with a total scale of 10 billion yuan was officially launched. With the mission of serving the construction of Shanghai Science and Technology Innovation Center, the fund has a target scale of 30 billion yuan and currently manages more than 14 billion yuan.
6. The home page of Wind financial terminal market has been significantly revised, and indices such as CSI 800 have been included in the nine-square grid of the home page of A-share market, the IOS system has been upgraded and launched, and the Android system will be launched this week. Among the ETFs tracking the CSI 800 Index, 800 ETF is a significant leader in scale and liquidity, with the latest scale exceeding 6.6 billion yuan, and is equipped with over-the-counter feeder funds.
7. Yinhua CSI A50 ETF feeder fund was extended. Yinhua Fund announced that in order to fully meet the investment needs of investors, the company negotiated with the fund custodian Bank of Communications and decided to extend the fund-raising period to May 17.
8. Under the "seesaw" effect of stocks and bonds, the bond market has been hot in recent times, which has driven bond funds to be popular. Since the beginning of this year, the issuance share of bond funds has exceeded 240 billion, accounting for nearly eighty percent. At the same time, according to the latest data released by the State Administration of Foreign Exchange, the scale of foreign investment in domestic bonds has also shown a significant rebound recently.
9. China Securities Index Co., Ltd. will officially release the CSI Beiyin Wealth Management Central Enterprises Accounts Receivable Asset-Backed Securities Index on April 26 to provide the market with diversified performance benchmarks and investment targets.
10. As of the end of last year, the total number of employees in the securities industry in Shanghai was 70,907, of which 60,223 were in securities companies, a year-on-year increase of 4.99%, 21,626 in the headquarters of legal companies, 6,811 in branches, 14,843 in sales departments, and 16,943 in Shanghai-based teams. The number of personnel in securities investment consulting institutions in Shanghai is 10,684.
11. The Postal Savings Bank of China will adjust the rules for the purchase threshold of gold accumulation business from May 1, and the adjusted starting point amount will be higher than the average closing price of the Au99.99 contract on the Shanghai Gold Exchange in the previous natural month, and it will be an integer multiple of 10 yuan. Accumulation plans that were in effect before the purchase threshold adjustment are not affected.
Housing//
1. Huai'an, Jiangsu Province has increased the maximum loan benchmark amount of the provident fund and expanded the scope of loan policy support for families with many children. For borrowers and co-borrowers who meet the conditions for housing provident fund loans, the maximum loan benchmark amount for unilateral deposit will be increased from 400,000 yuan to 600,000 yuan, and the maximum loan benchmark amount for both parties will be increased from 600,000 yuan to 800,000 yuan.
2. China CITIC Bank said that up to now, 17 cities across the country have officially pushed the first batch of 24 whitelist projects to China CITIC Bank through the real estate financing coordination mechanism, with an approved amount of 7.325 billion yuan and a loan amount of 3.091 billion yuan, all of which should be released in accordance with the progress of the project.
Industry//
1. The Ministry of Industry and Information Technology and other six departments jointly issued a notice to deploy in-depth green building materials to the countryside activities nationwide, focusing on the regional characteristic industries of green building materials, consumption pattern innovation, etc., and it is planned to select about 5 green building materials to the countryside innovation activities in 2025 and 2026 each year to release and promote the activity model.
2. The Ministry of Finance, together with the Ministry of Agriculture and Rural Affairs, issued 1.416 billion yuan of disaster prevention and relief funds for agricultural production from the central government to support Heilongjiang, Jiangsu, Anhui, Shandong, Henan and other 30 provinces (autonomous regions and municipalities directly under the central government) and Beidahuang Agricultural Reclamation Group to speed up the prevention and control of pests and diseases in agriculture, especially food crops.
3. The State Tobacco Monopoly Administration solicited opinions on the "Detailed Rules for the Management of E-cigarette Logistics (Draft for Comments)". The Draft Opinion clarifies that e-cigarette manufacturers and atomizer manufacturers shall, in accordance with regulatory requirements, establish relatively fixed logistics nodes, and strictly regulate warehousing, sorting, transportation and distribution.
4. The Ministry of Industry and Information Technology issued the "Safety Technical Requirements for Chargers for Electric Bicycles" mandatory national standard No. 1 amendment list (draft for comments), 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 permanent identification content.
5. In the first quarter, the investment in fixed assets of mainland railways continued to accelerate, hitting a record high. According to the data, in the first quarter, the national railway completed an investment of 124.8 billion yuan, a year-on-year increase of 9.9%, of which 59.6 billion yuan was completed in March, an increase of 10.4%.
6. The shipments of China's mobile phone market in the first quarter were released, with Honor and Huawei performing eye-catchingly, and Apple falling out of the top three. According to a report released by the International Data Corporation (IDC), in the first quarter, China's smartphone market shipped about 69.26 million units, a year-on-year increase of 6.5%. Among them, Honor's market share rose to 17.1%, ranking first, Huawei (17.0%) ranked second, and OPPO (15.7%), Apple (15.6%) and vivo (14.6%) ranked third to fifth. Xiaomi fell out of the top five for two consecutive quarters.
7. The "Zhongguancun World-Leading Science and Technology Park Construction Plan (2024-2027)" proposes to initially build a world-leading science and technology park by 2027. Four world-class industrial clusters with technological dominance have been basically formed, including a new generation of information technology, medicine and health, intelligent equipment, and green and smart energy.
8. The "Implementation Plan for the Construction of Computing Power Infrastructure in Beijing (2024-2027)" proposes to support enterprises that purchase independent and controllable GPU chips to carry out intelligent computing services according to a certain proportion of the investment amount, so as to accelerate the realization of independent and controllable supply of intelligent computing resources. Encourage enterprises to make good use of intelligent computing resources and accelerate the promotion of large-scale models to empower industry applications.
9. The Action Plan for the Innovation and Development of Robot Industry in Jiangsu Province proposes that by 2025, the scale of the robot industry chain in Jiangsu Province will reach about 200 billion yuan, the scale of the core robot industry will reach more than 25 billion yuan, and the density of robots in key manufacturing areas will reach more than 500 units per 10,000 people.
10. The Federation of Passenger Cars predicts that the retail market size of narrow passenger cars in April will be about 1.6 million, down 1.5% year-on-year and 5.3% month-on-month. Among them, the retail sales of new energy vehicles were about 720,000 units, flat month-on-month, up 37.1% year-on-year, and the penetration rate is expected to reach 45%.
11. The mid-term evaluation report of the "14th Five-Year Plan" for the development of air logistics recommends that the planning target of air cargo and mail transportation in 2025 be lowered from 9.5 million tons to 8 million tons in accordance with the relevant indicators of the "14th Five-Year Plan" for the development of civil aviation.
12. The first executive-level luxury flagship sedan Xiangjie S9 jointly built by Huawei and BAIC was officially released. Huawei's executive director Yu Chengdong previously revealed that the Xiangjie S9 will be launched in July and August this year.
13. ByteDance issued an article saying that the news from foreign media about ByteDance's exploration of selling TikTok is untrue, and ByteDance does not have any plans to sell TikTok.
Overseas-
1. The U.S. government announced that it would spend $11 billion to set up a dedicated R&D center to promote research in the field of semiconductors.
2. ECB Executive Board member Schnabel said that he may face the bump in the "last mile" of inflation falling. ECB Governing Council member Muller noted that he was uneasy about the expectation of consecutive interest rate cuts.
3. The Central Bank of Ukraine unexpectedly cut interest rates by 50 basis points, bringing interest rates down to 13.5%. Turkey's central bank kept its benchmark repo rate unchanged at 50%, in line with market expectations. Turkey's central bank has pledged to continue to tighten monetary policy, will closely monitor market liquidity, and will continue to use tools effectively when needed.
4. The preliminary deficit of the U.S. merchandise trade balance in March was 91.830 billion US dollars, the final deficit in February was 90.3 billion US dollars, and the preliminary deficit was 91.84 billion US dollars. The preliminary wholesale inventory in March fell by 0.4% month-on-month, with an expected increase of 0.2%, and the final value in February rose by 0.5% and the preliminary value increased by 0.5%.
5. The number of initial claims for unemployment benefits in the United States last week was 207,000, with an expectation of 215,000 and a previous value of 212,000, and the number of people continuing to apply for unemployment benefits in the week of April 13 was 1.781 million, with an expectation of 1.805 million, and the previous value was revised from 1.812 million to 1.796 million.
6. The CBI retail sales gap in the UK in April was -44, a new low since 2020, with an expectation of -3 and a previous value of 2, and a retail sales expectation index of -19 and a previous value of -25.
7. Germany's Gfk consumer confidence index in May was -24.2, expected to be -26.0, and the previous value was revised from -27.4 to -27.3.
8. France's April INSEE manufacturing confidence index was 100, expected 102, the previous value was 102, and the business confidence index was 99, expected 101, the previous value was 100.
9. Spain's PPI fell by 8.2% year-on-year in March, down 8.2% in the previous month, down 2.2% month-on-month, and down 2.3% in the previous month.
10. South Korea's preliminary GDP in the first quarter increased by 3.4% year-on-year, with an expected increase of 2.4% and a previous value of 2.2%, and a month-on-month increase of 1.3%, with both the expected and previous values of 0.6%.
International Stock Market //
1. Most of the popular Chinese concept stocks rose, Good Future rose 8.81%, Shuodi Biotech rose 7%, Gaotu Group rose 6.82%, VNET rose 5.06%, EHang Intelligence rose 4.06%, New Oriental rose 3.35%, BeiGene rose 3.08%, BOSS Zhipin rose 2.46%, Wuxin Technology rose 2.14%, and in terms of decline, Canaan Technology fell 6.19%, Huya Live fell 4.34%, Canadian Solar fell 3.07%, and Zhihu fell 2.88%. China's new energy vehicle stocks were mixed, with NIO down 0.49%, Xpeng up 0.07%, and Li Auto down 1.68%.
2. Vice Minister of Commerce Ling Ji met with Hans Peter Schutzinger, Executive Director and CEO of Porsche Holding. Schutzinger said that Porsche is full of confidence in investing in China, and will follow the development trend of green and intelligent China's auto market, actively develop new energy models, and provide better products and services for Chinese consumers.
3. Song Zhiyong, director of the Civil Aviation Administration, said in a meeting with Stan Diere, senior adviser to the CEO of Boeing, that safety is the lifeline of the civil aviation industry, and he hoped that Boeing would continue to strengthen the construction of the quality management system and continue to strengthen the support for Boeing aircraft users. Boeing and China's civil aviation industry are welcome to carry out in-depth professional and technical exchanges to promote China-US civil aviation cooperation.
4. Moderna has partnered with OpenAI to automate almost all of the company's business processes. Moderna said further integration of AI into more processes could help the company achieve its plan to launch 15 new products over the next five years.
5. Tencent has reached cooperation with Toyota, Mercedes-Benz and EA. Toyota has integrated Tencent's AI model and cloud capabilities with Toyota's SDV and other mobility services. Tencent has also partnered with Mercedes-Benz and EA to bring the open-world mobile racing game Need for Speed: The Assembly to the Chinese market.
6. Xpeng Motors' AI Dimensity system is the world premiere and will be fully launched on May 20. Xpeng's 800kW liquid-cooled S5 ultra-fast charging is scheduled to be fully upgraded in the third quarter. Xpeng Huitian's "Land Aircraft Carrier" split flying car will be available for pre-sale in the fourth quarter, and the new brand MONA will be officially launched in June.
7. The NIO ET7 executive version was first launched at the Beijing Auto Show, with a minimum sale of 428,000 yuan. NIO and Lotus have reached a strategic cooperation on battery charging and swapping, and the two parties will carry out all-round and multi-level in-depth strategic cooperation in the field of charging and swapping technology involved in the battery charging and swapping industry.
8. Nissan Motor signed a memorandum of understanding with Baidu to jointly carry out research on artificial intelligence and smart cars. Baidu's generative AI will be used on Nissan platforms to develop and research future technology developments and the feasibility of commercial partnerships.
9. Toyota Motor announced that the company's Toyota and Lexus vehicles will have global sales of about 10,309,500 units and production of about 9,971,700 units in fiscal year 2023 (April 2023 to March 2024), both of which have reached a record high.
10. Hyundai Motor's sales in the first quarter were 40.66 trillion won, up 7.6 percent year-on-year, and its net profit was 3.38 trillion won, down 1.3 percent.
11. Deutsche Bank's net revenue in the first quarter was 7.78 billion euros, an increase of 1.3% year-on-year, and its net profit was 1.28 billion euros, an increase of 10%.
12. BNP Paribas' revenue in the first quarter was 12.48 billion euros, an increase of 3.7% year-on-year, and its net profit was 3.1 billion euros, a decrease of 30%.
13. Merck's total sales in the first quarter were US$15.8 billion, up 9% year-on-year, and net profit was US$4.762 billion, up 69%.
14. SK hynix's sales in the first quarter were 12.43 trillion won and net profit was 1.92 trillion won. SK hynix said it will launch a 1bnm 32GB DDR5 product to support high-density SV DRAM needs, and plans to release a PCIe cSSD for AI computers in 2024.
15. Google rose 15% after hours, and if the increase is maintained until the opening of the market on the 26th, its market value will increase by nearly $300 billion, and it announced its first dividend and repurchased up to $70 billion in shares; Microsoft's total revenue and cloud business revenue exceeded expectations, up 5% after hours, corresponding to a potential increase in market value of $150 billion.
16. Snap's Q1 adjusted earnings per share were $0.03 vs. $0.048 expected, revenue was $1.19 billion vs. $1.12 billion expected, adjusted EBITDA was $45.7 million vs. $67.6 million expected, and Q1 daily active users were $422 million vs. $419.83 million expected. Snap's U.S. stock rose more than 28% after hours.
17. Google's first-quarter earnings per share were $1.89 versus $1.53 expected, revenue was $80.54 billion versus $79.04 billion, and net profit was $23.662 billion versus $19.6 billion.
18. Intel's adjusted earnings per share for the first quarter were $0.18 versus $0.13 expected, revenue was $12.724 billion versus $12.72 billion, net profit was -$381 million, versus $466 million expected, and adjusted gross margin was 45.1% versus 44.5% expected.
19. Microsoft's earnings per share for the third fiscal quarter were $2.94 versus $2.83 expected, revenue was $61.858 billion versus $60.885 billion, and net profit was $21.939 billion versus $21.16 billion.
Commodity-
1. Domestic commodity futures closed generally down in the night, most of the energy and chemical products fell, low-sulfur fuel oil fell 1.61%, No. 20 rubber fell 1.01%, and soda ash rose 1.97%. Most of the black series fell, and iron ore fell 1.24%. Agricultural products generally fell, with palm oil down 1.81%, cotton yarn down 1.28%, vegetable oil down 1.24%, and soybean oil down 1.05%. Base metals closed up across the board, with Shanghai tin up 1.98%, Shanghai copper up 0.62%, Shanghai zinc up 0.51%, stainless steel up 0.42%, Shanghai aluminum up 0.2%, Shanghai nickel up 0.18%, and Shanghai lead up 0.12%. Shanghai Gold rose 0.11%, and Shanghai Silver rose 0.31%.
2. The relevant work arrangements of the domestic futures exchange during the 2024 Labor Day period have been released: there will be no night trading on the evening of April 30 (Tuesday), and the market will be closed from May 1 (Wednesday) to May 5 (Sunday).
3. As stated in the previous period, the current popularity of some varieties such as precious metals has declined, and the work of the delivery of various varieties in May has been carried out in a stable and orderly manner. However, it should also be noted that the current external environment is complex, a variety of uncertainties and instability factors are intertwined, and the risk of price fluctuations in the futures market is still large. The May Day holiday is approaching, and it is recommended that all member units and market traders should do a good job in position management, reasonably control positions, and rationally participate in the futures market.
4. Zhengshang announced that since the settlement on April 29, the trading margin standard for futures contracts such as sugar and cotton is 9%, and the price limit is 8%. Among them, the trading margin standard of urea futures 2405 contract is 11%, and the price limit is 9%, the price limit of paraxylene futures contract 2405 is 10%, and the trading margin standard of caustic soda futures 2405 contract is 12%, and the price limit is 10%.
5. Shanghai International Energy Exchange announced that starting from April 30, the trading margin ratio of the container transportation index (European line) futures EC2504 contract will be 20%, the price limit will be 18%, and the price limit on the first day will be 2 times, the transaction fee will be adjusted to 6/10,000 of the transaction amount, and the transaction fee will be adjusted to 12/10,000 of the transaction amount for closing the current position within the day. The maximum number of open positions in the container shipping index (European line) futures EC2504 contract is 100 lots.
6. The National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs jointly implement the implementation of the national corn yield improvement project. It is reported that this year is the second year of the implementation of the corn yield improvement project, and the National Development and Reform Commission arranged for the central government to invest 4.5 billion yuan to implement 15 million mu in 12 provinces.
7. A number of non-ferrous industry chain enterprises and analysts said that the current large and rapid increase in non-ferrous commodities has put pressure on the profitability and liquidity of some downstream enterprises. It is understood that through a variety of effective financial tools, relevant enterprises have gradually formed the ability to avoid the risk of upstream raw material price fluctuations. As for the recent slight pullback in the prices of non-ferrous commodities, industry insiders believe that with the steady release of demand and the expectation of contraction on the supply side, the prices of copper, aluminum and other commodities may still maintain a high shock pattern.
8. On Thursday, the Baltic Dry Bulk Index was reported at 1,743 points, down 1.75% from the previous trading day, falling for four consecutive days, and hitting a new low since April 15.
9. According to the latest quotation of Shanghai Nonferrous Metals Network, on April 25, the price of domestic battery-grade lithium carbonate rose by 680 yuan to 111,900 yuan/ton, a cumulative increase of 420 yuan in the past 5 days, and a cumulative increase of 1,870 yuan in the past 30 days.
Bond//
1. [Bond Market Overview] The overall capital level of the interbank market remained stable, and the weighted rate of major repo increased slightly. The short-end of the bond market has recovered, the ultra-long-end has been significantly weaker, and the yield curve has steepened. The yield on the 5-year Treasury bond fell by more than 3bp, and the yield on the 30-year Treasury bond rose by more than 1bp. Treasury futures closed mixed, with the main 30-year contract down 0.35%, the 10-year down 0.03%, and the 2-year up 0.04%.
2. The CSI Convertible Bond Index closed up 0.14%, and the Wind Convertible Bond Equal Rights Index rose 0.15%. Among them, Julong convertible bonds rose 19.22%, the highest increase, and Wei 24 convertible bonds fell 9.57%, the largest decline.
3. The State Administration of Financial Supervision requires that the long-term investment advantages of insurance funds be given full play, and under the premise of controllable risks and sustainable business, the allocation of green bonds should be increased and the investment in green industries should be increased. Adhere to the principle of asset-liability matching, actively use insurance asset management products and other tools, and increase financial support for green and other fields.
4. According to the data released by the central bank, a total of 7,158.29 billion yuan of various bonds were issued in the bond market in March, and the spot bond turnover in the interbank bond market was 39.1 trillion yuan, with an average daily turnover of 1,859.86 billion yuan, an increase of 50.3% year-on-year and 22.4% month-on-month. As of the end of March, the balance of custody of foreign institutions in China's bond market was 4.05 trillion yuan, accounting for 2.5%.
5. The central bank announced the results of the fourth phase of the central bank bill swap (CBS) in 2024, with a total amount of 5 billion yuan, a term of 3 months, and a rate of 0.10%.
6. According to the data released by the China Securities Association, in the first quarter, there were 37 securities companies that were the lead underwriters of science and technology innovation bonds, underwriting 82 bonds with a total amount of 94.591 billion yuan, and 61 securities companies participating in the issuance of local government bonds, with a total bid amount of 58.399 billion yuan.
7. [Major Bond Events] (1) Agricultural Bank of China Completes the Issuance of RMB 60 Billion Tier 2 Capital Bonds (2) The Export-Import Bank of China Successfully Issued the First Tranche of 2024 Green Financial Bonds (3) Fitch Confirms's Long-Term Foreign Currency Issuer Rating of "A" with a Negative Outlook (4) Moody's Upgrades VNET Family Rating to 'B3' and Outlook Adjusted to 'Positive' (5) "21 Jinke Real Estate SCP003" and "21 Jinke Real Estate MTN001" Fail to Repay Principal and Interest in Full on Time (6) "22 Jinneng Coal MTN009A" It will be redeemed in full on June 6.
Foreign exchange//
1. The onshore yuan closed at 7.2471 against the US dollar at 16:30 on Thursday, down 11 basis points from the previous trading day, and closed at 7.2396 in overnight trading. The central parity of the renminbi against the US dollar was reported at 7.1058, a decrease of 10 basis points.
2. Japan's Chief Cabinet Secretary Yoshimasa Hayashi said that he would pay close attention to foreign exchange fluctuations and be ready to deal with them comprehensively. Japanese Finance Minister Shunichi Suzuki said that appropriate measures will be taken to deal with foreign exchange problems, and he cannot say much about the foreign exchange market at this time.
Important Economic Agenda //
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