Foreign capital buys 20 billion yuan! A shares are boiling!

A-shares rose sharply today, the turnover of the two cities returned to above one trillion yuan after 8 days, and northbound funds bought more than 20 billion yuan; Hong Kong stocks also rose sharply, with the Hang Seng Index rising more than 2% to record five consecutive gains, and the Hang Seng Technology Index once rose more than 5%.

Specifically, the Shanghai and Shenzhen stock indexes rose unilaterally in the intraday and climbed again in the afternoon, with the Shanghai Composite Index rising more than 1% and the ChiNext Index rising more than 3%. As of the close, the Shanghai Composite Index rose 1.17% to 3,088.64 points, the Shenzhen Component Index rose 2.15% to 9,463.91 points, the ChiNext Index rose 3.34% to 1,823.74 points, and the total turnover of the two cities was 1,086.4 billion yuan, an increase of more than 300 billion yuan from yesterday.

More than 3,900 shares in the two cities are red, and the brokerage sector, known as the "bull market flag-bearer", has carried the banner of leading the rise, Guosheng Financial Holdings, Zheshang Securities, CICC, China Galaxy, etc., the real estate sector has risen, Poly Development has risen by 8%, China Merchants Shekou and Special Services have risen by more than 6%, and Vanke A has risen by nearly 5%; the concept of quantum technology has risen, Haofeng Technology and Science and Technology have made a "20cm" limit, and Guodun Quantum has risen by nearly 19%; AI industry chain stocks such as computing power and CPO have been active again, and Zhongji Innolight has risen by more than 12% Hit a record high again, with a market value of nearly 500 billion yuan of industrial fortune union, Cambrian rose about 8%; the banking sector was weak, Jiangsu Bank fell more than 9%, and the intraday limit was close to the limit; Shanghai Rural Commercial Bank fell more than 6%.

Hong Kong stocks continued to be strong, and the Hang Seng Technology Index once rose more than 5%. At the close, the Hang Seng Index rose 2.12% to 17,651.15 points, and the Hang Seng Tech Index rose 4.61% to 3,718.27 points. In terms of individual stocks, SenseTime rose more than 43%, Sunac China rose more than 15%, Longfor Group rose more than 12%, Xiaopeng Motors rose nearly 9%, and Dongfang Selection rose more than 8%.

The brokerage sector exploded

The A-share brokerage sector rose sharply today, and the sector as a whole rose by more than 6%. As of the close, Guosheng Financial Holdings, Pacific, Zheshang Securities, Founder Securities, Capital Securities, China Galaxy, CICC, etc., Oriental Wealth, Everbright Securities rose more than 6%, and CITIC Securities and China Securities Construction Investment rose more than 5%.

In the Hong Kong stock market, Guolian Securities rose more than 25%, CICC and Shenwan Hongyuan Hong Kong rose more than 10%, China Galaxy rose more than 9%, and CITIC Securities and Everbright Securities rose nearly 7%.

On the whole, the brokerage sector rose sharply across the board, or mainly due to the following two major factors:

First of all, 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 Accountability of Rectification" 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.

Second, mergers and acquisitions in the securities industry are catalyzed. Guolian Securities announced yesterday evening that the company is planning to acquire control of Minsheng Securities and raise matching funds by issuing A shares. The transaction is still in the planning stage, and as of now, the valuation of Minsheng Securities and the counterparty to participate in the transaction have not yet been finalized. In view of the uncertainty of the above matters, the company's 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.

Founder Securities pointed out that a strong financial country needs a strong capital market and a strong capital intermediary, and it is an important proposition of the times for the head brokerage to be better and stronger. In the future, mergers and acquisitions between brokerages, especially large brokerages, are a long-term trend. The catalysis of these two events is expected to correct overly pessimistic market expectations, and the securities sector has entered a period of left-hand layout.

The rise of the concept of quantum technology

As of the close, Haofeng Technology, Science and Technology Innovation "20cm" daily limit, Guodun Quantum rose nearly 19%, Guoxin Technology rose more than 10%, Jida Zhengyuan, Shenzhou Information and other daily limits.

On the news side, recently, Japan's National Institute of Advanced Industrial Science and Technology and Nvidia announced a heavyweight cooperation, and the two sides will work together to build an advanced quantum computing system. The project aims to integrate cutting-edge quantum hardware and software technologies, and plans to make this revolutionary service available to enterprises and research institutions around the world from next year, and implement a commercial fee model. Industry insiders believe that this move not only indicates a key step in the practical application of quantum computing technology, but also brings unprecedented development opportunities for enterprises in the related industry chain.

It is reported that quantum computing uses qubits as the basic unit, which can provide exponential acceleration for some computationally difficult problems. At present, the international academic community generally believes that the commercial implementation of quantum computing is expected to be realized in the next 5-10 years. With the launch of IBM's superconducting quantum chip Condor in December 2023, quantum computing has achieved a breakthrough of 1000+ qubits. According to ICV, the quantum computing industry will enter a period of rapid growth after 2027, and the global scale is expected to reach 100 billion US dollars in 2030.

AI industry chain stocks are active

As of the close, Zhongji Innolight rose nearly 13%, hitting a record high in intraday, Yuanjie Technology rose more than 10%, Industrial Fortune Union, Zhongbei Communication, etc., Cambrian rose about 8%, and Sugon rose more than 5%.

On the news side, 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)". It is proposed that by 2027, the quality and scale of computing power supply in Beijing, Tianjin, Hebei and Mongolia will be optimized, and independent and controllable computing power will be strived to meet the needs of large model training, and the energy consumption standard of computing power will reach the leading level in China. The PUE value of new and expanded intelligent computing centers generally does not exceed 1.25, and the PUE value of large-scale advanced intelligent computing centers with annual energy consumption of more than 30,000 tons of standard coal generally does not exceed 1.15. Promote the upgrading and transformation of existing data centers, and the PUE value of all existing data centers shall not be higher than 1.35 by the end of the planning period. The new construction, renovation and expansion of intelligent computing centers will improve the coverage of green energy-saving technologies and equipment, strengthen the use of green energy-saving measures for photovoltaic power generation and waste heat recovery, and improve the energy efficiency and carbon efficiency level of computing infrastructure. Build a benchmark and exemplary zero-carbon intelligent computing center that uses 100% green electricity.

Ping An Securities pointed out that from the focus of the construction of computing power infrastructure in Beijing and major provinces and cities in China, intelligent computing power, general computing power and supercomputing will enter a stage of coordinated development in the future, and the overall supply of computing power will be greatly improved.

CITIC Securities believes that driven by the improvement of computing power and the reduction of energy consumption in data centers, liquid cooling technology will accelerate the replacement of air cooling technology, which has become the consensus of the industry, and Beijing has issued green energy-saving requirements for data centers. In liquid cooling technology, cold plate liquid cooling technology forms a balance between performance and cost, and is the best heat dissipation solution at this stage. It is recommended to pay attention to the investment opportunities of liquid cooling systems and their core components.

Bank stocks bucked the market and dived

The banking sector fell against the market today, as of the close, the Bank of Jiangsu fell more than 9%, and was close to the fall limit in the intraday, Shanghai Rural Commercial Bank fell more than 6%, Bank of Nanjing, Bank of Changsha, Bank of Suzhou, etc. fell more than 4%.

It is worth noting that the Bank of Jiangsu plunged sharply today, which may be caused by lower-than-expected results.

According to the 2023 annual report disclosed by Bank of Jiangsu yesterday evening, during the reporting period, the company achieved operating income of 74.293 billion yuan, a year-on-year increase of 5.28%, and net profit attributable to shareholders of listed companies of 28.75 billion yuan, a year-on-year increase of 13.25%. On the same day, the company also disclosed the first quarter report of 2024, during the reporting period, the company achieved operating income of 20.999 billion yuan, a year-on-year increase of 11.72%, and net profit attributable to shareholders of listed companies of 9.04 billion yuan, a year-on-year increase of 10.02%.

CICC pointed out that Bank of Jiangsu's full-year revenue and net profit attributable to the parent company in 2023 increased by 5.3% and 13.3% year-on-year, decreased by 7.1% and 36.8% year-on-year in the fourth quarter of 2023, and increased by 11.7% and 10% year-on-year in the first quarter of 2024, respectively. Overall, the net profit growth rate of Bank of Jiangsu decreased significantly compared with the previous period, which was lower than market expectations, mainly due to the pressure on interest margins and provisions. Looking ahead, it is expected that Bank of Jiangsu will continue to benefit from a more active regional economy and maintain a net profit growth rate of about 10% in 2024.

Editor-in-charge: Li Dan

Proofreader: Li Lingfeng

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