Hot Spotlight //
1. According to data released by the National Bureau of Statistics, in the first quarter, the total profit of industrial enterprises above designated size was 1,505.53 billion yuan, a year-on-year increase of 4.3%, which is the third consecutive quarter of growth in the profits of industrial enterprises above designated size. In terms of industries, the profit growth rate of high-tech manufacturing industry is 24.8 percentage points higher than the average level of industry above the designated size, the equipment manufacturing industry plays the role of "ballast stone" for profit growth, and the profit of consumer goods manufacturing industry maintains rapid growth. The National Bureau of Statistics said that in the next stage, it is necessary to implement large-scale equipment renewal and consumer goods trade-in policies and measures, accelerate the construction of a modern industrial system, focus on expanding domestic demand, continue to boost the confidence of various business entities, strengthen the foundation for the recovery of the industrial economy, and promote the continuous recovery of the industrial economy.
2. In response to Moody's downgrade, Vanke said that at present, the company's operation remains stable, the contracted sales scale continues to maintain the leading position in the industry, the support of financial institutions for the company is as always, and Shenzhen state-owned assets and major shareholders support the company and continue to provide substantial support. The rating agency's decision to adjust the rating based on the pessimistic outlook for the industry and concerns about the company's uncertainty does not fully and effectively reflect the company's positive actions in terms of operations, financing and liquidity, and will also mislead the market and exacerbate unnecessary panic. The company firmly opposes the decision made by Moody's and hopes that Moody's can accurately assess and reflect the company's situation and maintain market stability.
Macro//
1. The investment plan in the central budget for 2024 is 700 billion yuan, and up to now, this part of the investment plan has been allocated 200 billion yuan, accounting for more than 30% of the year.
2. Gou Ping, deputy director of the State-owned Assets Supervision and Administration Commission, said that the development of new quality productivity is an inherent requirement and an important focus to promote high-quality development, and state-owned central enterprises should fully and accurately implement the new development concept, continue to do a good job in scientific and technological innovation, industrial innovation, and open innovation, cultivate and expand new kinetic energy, and promote high-quality development.
3. The Sixth Plenary Session of the Hong Kong/Shanghai Co-operation Conference was held in Hong Kong. Gong Zheng, Deputy Secretary of the CPC Shanghai Municipal Committee and Mayor of Shanghai, and John Lee, Chief Executive of the Hong Kong Special Administrative Region, signed the Memorandum of Understanding on the Sixth Meeting of the Hong Kong/Shanghai Co-operation Conference, and witnessed the signing of 20 co-operation agreements between relevant departments of Shanghai and Hong Kong in the fields of legal services, commerce and trade, finance, science and technology, urban development and culture.
4. The Epidemic Prevention and Control Group of the Joint Prevention and Control Mechanism of the State Council issued a notice, emphasizing that it is necessary to attach great importance to the prevention and control of the epidemic during the "May Day" holiday and the spring and summer epidemic, and strengthen seven major measures such as epidemic prevention and control at ports and vaccination. According to the circular, at present, the epidemic situation of infectious diseases in the mainland is generally stable. The global pandemic caused by the JN.1 variant of the novel coronavirus has passed its peak and has declined to a low level. The prevention and control of some infectious diseases in mainland China is facing new situations and new characteristics, the influenza epidemic in some areas has not yet fallen back to the level of the same period in previous years, the pertussis epidemic has shown a rapid growth trend, the number of reported cases of hand, foot and mouth disease has increased significantly, and the common epidemic of multiple diseases has become the norm.
5. After the Chang'e-6 probe and the Long March 5 Yao-8 carrier rocket completed the relevant work in the technical area at the Wenchang Space Launch Site in China, the instrument-rocket assembly was vertically transferred to the launch area, and the launch was planned to be carried out at an opportune time in early May.
Domestic Stock Market //
1. 2,371 A-share listed companies have disclosed their performance reports for the first quarter of 2024. In the first quarter of this year, 1,366 companies achieved a year-on-year increase in net profit, accounting for 57.61% of the companies that have disclosed a quarterly report. From the perspective of the industry, the performance of listed companies in the communications industry is outstanding. The net profit of 14 companies in the first quarter, including Wanlong Optoelectronics and Shijia Photonics, increased by more than 100% year-on-year.
2. The stock index rebounded collectively this week, with a total net inflow of about 11.2 billion yuan in equity ETFs and cross-border ETFs in Shanghai and Shenzhen. From the perspective of industry themes, real estate, pharmaceutical, and telecommunications-related ETFs were favored by funds, and the share of communication ETF funds rose to 2.691 billion, a new high in the year;
3. According to Beijing Business Daily, Ding Xiongjun, Secretary of the Party Committee and Chairman of Moutai Group, may be transferred to the director of the Guizhou Provincial Market Supervision and Administration Bureau, and Zhang Deqin, chairman of Xijiu, may be transferred to the chairman of Moutai Group.
4. The Ministry of Public Security's Institute of Communications and Sciences, CATL, Times Wisdom, and Binhu Shanshui City signed a cooperation agreement, and the four parties will focus on the safety testing and application scenario testing of new energy batteries, the research and development of new energy vehicle three-electric testing equipment, and the field of new energy intelligent transportation to carry out cooperation in intelligent networking, enrich the application of Internet of Vehicles with battery services, form an industrial agglomeration effect, and jointly help the construction of Taihu Bay Internet of Vehicles Innovation Center.
5. Liu Jie, President of the Li Auto product line, responded to the price reduction: the market trend has been misjudged, in this context, Li Auto has readjusted market expectations and made price adjustments, but the price segments of different products are still clear to consumers, and Li Auto will not reduce the price of L7 to less than 300,000 yuan and L9 to less than 400,000 yuan.
6. Xiaomi Auto issued a document saying that from May 1st to 31st, it is decided that all systems will enjoy a full-grain Nappa leather seat worth 8,000 yuan; Lei Jun said that by the end of 2023, the number of authorized patents in Xiaomi worldwide has exceeded 37,000, and 30,000 are still being applied. Among the authorized patents, there are more than 1,500 patents in the field of artificial intelligence, more than 210 pieces of intelligent driving, and more than 190 pieces of bionic robots.
7. Cai Lixing, CEO of MediaTek, said that MediaTek's revenue in all product categories this year will grow compared with the previous year, and the revenue growth of mobile phones will be higher than that of other categories. The annual mobile phone revenue growth is confident to be higher than the mid-teen percentage, and the revenue of flagship mobile phone chips is expected to increase by more than 50%.
Finance//
1. Affected by factors such as equity market shocks and poor money-making effects, the scale of public FOF, as a major asset allocation tool, has dropped for three consecutive years. As of the end of the first quarter of 2024, the scale of this type of fund was 146.9 billion yuan, a decrease of more than 70 billion yuan compared with the high point of the scale in 2021.
2. 38 fund managers disclosed the first quarterly report of their broad-based ETFs, with a total net asset value of 1.21 trillion yuan for 211 broad-based ETFs, a year-on-year increase of more than 2 times. Among them, 78 achieved growth over the same period last year, 10 leading products such as Huatai Berry CSI 300 ETF increased by more than 10 billion yuan, and 17 increased by more than 1 billion yuan year-on-year.
3. 12 property insurance companies released their 2023 annual reports, of which 9 made a profit with a total net profit of 45.18 billion yuan, and 3 lost money with a total loss of 324 million yuan. The total net profit of the "old three" property insurance companies (PICC Property Insurance, Ping An Property Insurance, and CPIC Property Insurance) was 40.762 billion yuan, down 14% year-on-year. What has attracted much attention from the market is that last year, 11 insurance companies had a year-on-year increase in their combined ratio ratio.
4. Since 2024, the insurance industry has disclosed 10 matters related to the equity transfer of insurance companies, of which 6 cases involved small and medium-sized insurance companies, and in the same period last year, there were 6 cases related to the equity transfer of insurance companies, and 4 cases involving small and medium-sized insurance companies.
Housing//
1. According to the Economic Observer, after the peak of transactions in March, the transaction volume of second-hand houses in the Beijing market declined in April, and the price decline accelerated, and the transaction prices of some old communities fell by 10%-20% compared with March.
2. Nanjing will pilot the "trade-in" of stock housing, which will be from the date of the announcement to December 31, 2024, with a pilot limit of 2,000 units. During the pilot period, the purchaser can replace one or more sets of newly built commercial housing with one or more sets of stock housing, and the total replacement price shall not be higher than 80% of the total price of the newly built commercial housing purchased. The stock of housing is limited to the six districts of the main city of Nanjing, excluding self-built housing, commercial, office, apartment, etc.
Industry//
1. Huang Yuhong, executive vice president of Zhongguancun Pan-Liaison Institute, revealed that the research and formulation of 6G standards will begin next year, and it is expected that the formulation of 6G standards will be completed in 2029 and 6G commercialization will be realized around 2030.
2. According to data released by Ctrip, in the first quarter of this year, domestic inbound travel orders increased by more than 3 times year-on-year. The visa-free policy has an obvious pulling effect on inbound tourism.
3. According to PEVC data, in the first quarter of 2024, there were 123 financing cases in the semiconductor industry, a decrease of 0.81% quarter-on-quarter and a year-on-year increase of 26.80%, and a total financing amount of 19.87 billion yuan, an increase of 85.46% month-on-month and a year-on-year increase of 56.64%.
4. Euromonitor International data shows that the sales scale of China's ice cream market will reach nearly 60 billion yuan in 2023, and the ice cream market is still expanding under increasingly fierce competition.
5. According to Lighthouse Professional Edition, as of 15:14 on April 27, the pre-sale box office (including screenings) of the 2024 May Day new films has exceeded 100 million, and "The Siege of the Kowloon Walled City", "Peacekeeping Anti-riot Squad" and "Spy Playing House Codename: White" are temporarily among the top three in the current pre-sale box office (including screenings).
6. The "Beijing UHD Audiovisual Pioneer Action Plan (2024-2026)" was released. The action plan proposes ten major support directions: supporting the construction of ultra-high-definition content zones, supporting ultra-high-definition technology shooting, supporting ultra-high-definition lightweight production, supporting the construction of ultra-high-definition channels, supporting ultra-high-definition household actions, supporting the innovation of ultra-high-definition content distribution models, supporting the construction of digital asset sharing platforms, supporting ultra-high-definition audio-visual post-production, supporting the construction of ultra-high-definition audio-visual industrial parks, and supporting the cultivation of ultra-high-definition application scenarios.
7. Shenzhen issued the detailed rules for the implementation of the special support plan for the intelligent sensor industry, which consists of four support directions: one-time project subsidy project, state-funded supporting project, standard system certification subsidy project, and joint research award project between application enterprises and R&D enterprises.
8. Beijing Humanoid Robot Innovation Center released the world's first full-size humanoid robot "Tiangong" with pure electric drive for anthropomorphic running, which can run stably at a speed of 6 km/h. This is also its self-developed universal humanoid robot mother platform, which can be opened to industry use.
9. At the Future Artificial Intelligence Pioneer Forum of Zhongguancun Forum, Zhu Jun, professor of Tsinghua University and chief scientist of Shengshu Technology, released China's first long-duration, high-consistency, and high-dynamics video model - Vidu.
Overseas-
1. The United States is preparing to set up a new AI security committee, which will be joined by OpenAI founder Sam Altman, NVIDIA CEO Jensen Huang, Microsoft CEO Nadella and other technology giant executives.
2. The U.S. Centers for Disease Control and Prevention released a report saying that 3.59 million people will be born in the United States in 2023, the lowest number since 1979 and a decrease of 2% from 2022. The total fertility rate in the United States, the average number of children per woman, fell to about 1.6, also down 2 percent from the previous year and the lowest since the United States began tracking the data in the 30s.
3. Russian President Vladimir Putin said that Russia's economy is performing well, with GDP growth of 6% in the first two months of this year. Even if the seasonal factor is removed, the economic growth rate remains objective. Russia's economy is expected to grow by more than 3% for the whole year.
4. The International Organization of Vine and Wine said that due to unfavorable weather conditions and diseases, global wine production in 2023 will hit the lowest level in 62 years, while global wine consumption will fall to the lowest level in 27 years. Italy's wine production in 2023 fell by 23% year-on-year, the lowest level in 73 years, losing its position as the largest wine producer, and its output has retreated to second place in the world. However, French wine production bucked the trend last year and rose 4% to become the world's largest winemaker.
5. Due to the depreciation of the yen, the number of foreign tourists visiting Japan has been increasing recently. According to the estimates of the Japan National Tourism Organization, the number of visitors to Japan exceeded 3 million for the first time in March, the highest level in a single month. The weakening yen boosted the spending of inbound tourists on luxury goods, and hotel prices rose by nearly 30% compared to the same period last year.
International Stock Market //
1. Tesla America raised the price of the Model 3 high-performance version from $52,990 to $53,990. In addition, the U.S. auto safety regulator announced that it had opened a new investigation into Tesla. The survey covers Model Y, X, S, 3 and Cybertruck vehicles with Autopilot manufactured in the U.S. from 2012 to 2024. In addition, Drew Baglino, the former senior vice president of Tesla, who has announced his resignation, sold about 1.14 million shares of Tesla, equivalent to about 1.32 billion yuan.
2. Musk said that SpaceX is committed to solving the space refueling problem of its two-stage launch vehicle Starship by the end of next year, and advancing the technology that will eventually send humans to Mars.
3. Apple has re-strengthened negotiations with OpenAI to add some AI features to the iPhone released this year. Apple wants to add OpenAI's features to iOS 18. Apple is also in contact with Google for discussions focused on supporting AI chatbots in iOS 18.
4. According to SEC filings in the United States, Warren Buffett's Berkshire Hathaway increased its holdings of 500,000 shares of Liberty SiriusXM Class A and 647,000 shares of Liberty SiriusXM Class C shares.
5. The Federal Deposit Insurance Corporation (FDIC) announced that it had closed Republic Bank, the first bank in the United States to fail this year. The FDIC said existing depositors of Republic Bank will become depositors of Fulton Bank, and the institution's deposit insurance will provide up to $250,000 per depositor.
6. The United Auto Workers (UAW) announced a historic interim agreement with Daimler Trucks that will provide at least 25% pay increases for about 7,300 workers, as well as additional cost-of-living allowances and profit-sharing. This is the first time that Daimler truckers have joined the UAW.
7. Mercedes said the U.S. Department of Justice has concluded its investigation into diesel emissions and will not file charges.
8. Novartis China's innovative drug Feheda ® (Ipicopan hydrochloride capsule) was approved by the National Medical Products Administration of China for the treatment of adult patients with paroxysmal nocturnal hemoglobinuria (PNH) who have not received complement inhibitor therapy before.
9. A court in St. Petersburg, Russia, ordered the freezing of assets owned in Russia by JPMorgan Chase, the largest bank in the United States. The writ helps VTB seek to recover $439.5 million frozen abroad as a result of U.S. sanctions.
10. Shortly after takeoff on April 26, an emergency slide on board a Delta Air Lines Boeing 767 plane suddenly fell off, and the plane was forced to turn around and return to New York's JFK International Airport. The Federal Aviation Administration is currently investigating the accident.
11. Fitch Ratings revised Boeing's rating outlook to "negative" from "stable".
12. The BMW Group announced that it will increase its investment in the Shenyang production base by 20 billion yuan, focusing on the large-scale upgrading and technological innovation of the BMW Group's Shenyang Dadong plant.
Commodity-
1. At 24 o'clock on April 29 (next Monday), a new round of domestic refined oil price adjustment window will be opened. According to the monitoring data of professional institutions, on April 26, the domestic reference crude oil change rate on the 8th working day was -1.88%, which is expected to be lowered by 85 yuan/ton, breaking through the red line of 50 yuan/ton. If there is no sharp rise in international oil prices in the near future, the next round of refined oil price reduction will be a high probability event.
2. At present, 48 futures companies have released their annual reports last year, with a total net profit of 7.523 billion yuan, a decrease from 8.42 billion yuan in 2022. Among them, 18 companies have a net profit of more than 100 million yuan, and 9 companies have incurred losses to varying degrees. Judging from the year-on-year data, only 15 companies achieved year-on-year growth in net profit, and the rest of the companies declined to varying degrees.
3. Muyuan shares judge that the current pig breeding industry has passed the most difficult stage, the current industry stock sow production capacity has dropped to the green range, and the industry price will continue to recover in the future.
4. Some Indian officials said that India will sign a trade deal with Oman after the general election in June. Oman will eliminate tariffs on agricultural products, leather, textiles, gems and jewellery from India under the agreement. India, for its part, will reduce limited import duties on some petrochemicals, aluminium and copper from Oman.
5. According to the Philippine Department of Agriculture, the El Niño phenomenon has caused losses of more than 4.3 billion pesos (about 500 million yuan) to Philippine agriculture, and the most severely affected crops are rice and corn.
Bond//
1. With the May Day holiday approaching and the stock and bond markets closed, how can we operate to keep the funds from being idle and continue to create income? The reverse repurchase of treasury bonds is a good choice. On April 29, the operation of 1-day, 2-day, 3-day, and 4-day treasury bond reverse repurchase varieties, the actual occupation of funds will span the May Day holiday, and the interest-bearing days will be 6 days, 7 days, 7 days, and 7 days respectively. It should be noted that participating in the reverse repo of treasury bonds on April 30 will not enjoy holiday benefits.
Foreign exchange//
1. The Russian government issued an order to extend the mandatory foreign exchange settlement requirements of major Russian exporters for one year to April 30, 2025.
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