Summary of the highlights of the four major securities reports: April 30

Xinhua Finance and Economics, Beijing, April 30 -- The highlights of the four major securities reports are summarized as follows:

China Securities Journal

• Brokerage heavy stocks in the first quarter were exposed, and the banking, electronics, and pharmaceutical and biological industries were favored

As the disclosure of the first quarterly report of listed companies comes to an end, the changes in heavy stocks and shareholdings of brokerages with differentiated proprietary business performance have surfaced at the end of the first quarter. According to the data, as of 16 o'clock on April 29, 4,138 listed companies have disclosed a quarterly report, of which 340 listed companies have appeared in the top ten circulating shareholders of the brokerage figure, Bank of Jiangsu, Muyuan shares, Sinopec for the top three heavy stocks of brokers. In terms of industries, banking, electronics, and pharmaceutical and biological industries are the top three heavy industries for brokers.

• High-frequency data releases warmth, and the rebound of foreign trade consolidates

High-frequency data shows that since April, the mainland's foreign trade has continued to recover, and the upward trend has been consolidated. Experts said that the current international economic situation has warmed, foreign demand has driven the mainland's exports to rebound, coupled with the comprehensive policy of stabilizing foreign trade continues to be effective, the competitiveness of the mainland's export products has been enhanced, and the quality and efficiency of trade in goods have continued to improve, and the mainland's imports and exports are expected to continue to improve in the second quarter, and basically maintained in the growth channel in the first half of the year.

• The central bank has made precise regulation and control and maintained reasonable and abundant liquidity

At the end of April, the central bank's open market operations continued to maintain a small amount of "drip irrigation" operations. On April 29, the central bank launched a reverse repurchase operation of 2 billion yuan, and the winning interest rate was 1.8%, which remained unchanged. Industry experts expect that the central bank will continue to flexibly and accurately regulate and control according to the changes in liquidity supply and demand and market interest rates to ensure that market liquidity is reasonable and abundant.

Shanghai Securities News

• More than 100 listed companies controlled by central enterprises respond to "market value management"

Combing through the latest trends of listed companies controlled by central enterprises, it is found that more than 50 companies have highlighted relevant work plans in their 2023 annual reports, ESG reports or board work reports. In addition, in the past two months, more than 80 listed companies controlled by central enterprises have communicated with investors on the topic of market value management in the process of performance briefings, roadshows or surveys by institutional investors. According to the reporter, as of the close of trading on April 29, a total of 57 central enterprises in A-shares (after excluding financial central enterprises) had a price-to-book ratio of less than 1 times, a decrease from the number two years ago, and the number of "broken" companies accounted for about 15% of all listed companies controlled by central enterprises. How to improve the valuation level of listed companies controlled by central enterprises in the capital market and match their status in the mainland economic system is an area of focus for regulators at all levels and relevant competent authorities, and the market value management with dividends, repurchases, increased holdings, full communication with investors and even industrial chain mergers and acquisitions is an important starting point for improving the company's valuation.

• 5,075 companies disclosed annual reports with more than 60% of profits

As of 8 p.m. on April 29, 5,075 of the 5,361 A-share listed companies have completed the disclosure of their 2023 annual reports. Among them, 3,208 companies achieved profitability, accounting for 63.21%, the overall revenue increased by 1.64% over the same period of last year to nearly 70 trillion yuan, net profit decreased by 2.78% year-on-year, and net operating cash flow increased by 6.27% year-on-year. Although the performance growth in the past year was under pressure, the listed company quickly adjusted the pace of operation, and the performance in the first quarter of 2024 has rebounded significantly. As of 8 p.m. on April 29, among the 5,035 listed companies that have disclosed their quarterly reports, the number of profits reached 3,884, accounting for 77.14%. More and more listed companies are injecting new vitality into the company's high-quality development with new quality productivity, and bringing strong confidence to the capital market with stable returns.

• The first batch of science and technology innovation theme funds "five-year butterfly change" public nuggets hard technology into "acceleration"

At the beginning of May 2019, the first batch of 7 science and technology innovation theme funds in the public fund industry were established, and they have been in operation for five years now. In terms of performance, as of April 26, 2024, the first batch of 7 science and technology innovation theme funds have all achieved positive returns since their establishment, and from the perspective of industry development, science and technology innovation theme funds have continued to expand in the past few years. At present, the public offering of nuggets hard technology has entered the "acceleration", and the scale of investment in the science and technology innovation board market is expected to maintain a rapid growth momentum.

Securities Times

• The new "National Nine Articles" are strictly and continuously supervised, and the annual reports of listed companies are unprecedentedly divided

The annual reports of A-share listed companies have been fully disclosed, and high dividends and strong returns have become the key words in the annual reports. Under the guidance of the policy, listed companies have thrown out "real money" dividend plans to give back to investors with greater dividends. As of April 29, more than 3,300 A-share companies have disclosed their annual dividend plans, with a total cash dividend amount of about 2.11 trillion yuan. Among them, 28 companies plan to pay cash dividends of more than 10 billion yuan, and 249 companies plan to pay cash dividends of more than 1 billion yuan. On the whole, central state-owned enterprises and large-capitalization companies in the fields of banking, petroleum and petrochemical, coal, and communications are generally more willing to pay dividends. A few days ago, the new "National Nine Articles" put the strengthening of the supervision of cash dividends of listed companies in a prominent position. Industry insiders believe that a series of regulatory measures are conducive to further enhancing the willingness of listed companies to pay dividends, urging listed companies to continue to pay dividends, and more effectively protecting the legitimate rights and interests of investors, especially small and medium-sized investors.

• Steady overall operation, R&D investment growth, A-share annual report shows a new atmosphere

As of press time, 4,945 A-share companies have disclosed their 2023 annual reports. Among them, about 2,900 companies had a year-on-year increase in revenue, accounting for nearly 60 percent, and more than 2,500 companies had a year-on-year increase in net profit attributable to their parent company last year. In 2023, 21 of the 31 Shenwan first-class industries will achieve overall revenue growth, among which social services, automobiles, power equipment, food and beverage and other industries will have a rapid increase in overall income. Among the A-share companies that have disclosed their 2023 annual reports, about 3,000 have increased their R&D investment year-on-year last year, accounting for more than 60%. Among the top 100 companies in terms of R&D investment in 2022, eighty percent of companies will maintain growth in R&D investment in 2023. In 2023, BYD's R&D investment will rise to the second place in A-shares. In addition, A-share car companies such as Cialis and Changan Automobile also increased their R&D investment significantly last year, of which Changan Automobile's R&D investment increased by more than 58%.

• Policies encourage medium and long-term funds to enter the market Institutions increased their holdings of high-dividend stocks in the first quarter

In the first quarter, the proportion of public funds holding shares in the main board, ChiNext and STAR Market was 74.84%, 16.13% and 9.03% respectively, compared with the fourth quarter of 2023, the proportion of holdings on the main board increased by 3.16 percentage points, the proportion of ChiNext holdings decreased by 1.39 percentage points, and the proportion of holdings on the STAR Market decreased by 1.77 percentage points. In terms of industry, the fastest increase in the proportion of public funds in the first quarter was non-ferrous metals, which increased by 1.74 percentage points from the previous quarter, the proportion of the communication industry increased by 1.11 percentage points from the previous quarter, and the proportion of petroleum and petrochemical holdings increased by 0.73 percentage points from the previous quarter. The proportion of computer and electronic holdings decreased by 1.64 percentage points and 1.38 percentage points month-on-month. In the first quarter, the market value of CATL's public funds surged by more than 20.6 billion yuan, ranking first in market value growth. In the first quarter, the social security fund significantly increased its holdings of Guanghui Energy by 53.67 million shares, increasing its holdings from 134 million shares at the end of 2023 to 188 million shares, an increase of more than 40%.

Securities Daily

• Confidence in investing in China remains unchanged Foreign investors continued to long A-shares in the first quarter

With China's economic growth exceeding expectations in the first quarter and the implementation of the new "National Nine Measures", foreign institutions have been optimistic about A-shares. At the same time, with the disclosure of the first quarterly report of the listed company, QFII (Qualified Foreign Institutional Investor) appeared in the list of the top ten shareholders of tradable shares of many companies, and the trend of increasing holdings was obvious. In addition, BlackRock and other foreign public funds have successively unveiled their heavy stock holdings in the first quarter, and Schroder Fund and AllianceBernstein Fund issued their first equity products, releasing a signal of continuing to increase the Chinese market and full of confidence in China's economic and market prospects.

• Gree and other listed home appliance companies have invested heavily in the "trade-in" activity

Trade-in of household appliances is in full swing across the country. Following Shanxi, Beijing, Guangdong and other places have also made new moves in this round of "trade-in". As the main force to promote the implementation of the "old for new" policy, listed home appliance companies have invested heavily in "real money" to help upgrade consumption. Recently, Gree Electric Appliances and Midea Group announced that they would invest 3 billion yuan and 2 billion yuan respectively to launch the "old for new" activity of household appliances across the country. Orient Securities expects that this round of subsidies is expected to leverage the home appliance market of up to 270 billion yuan. Guo Meide, president of Aowei Cloud Network, said that household appliances have entered the replacement cycle and are expected to release a market space of one trillion yuan.

• The net profit attributable to the parent company of the five major A-share listed insurance companies in the first quarter "rose and fell four times", and the value of new life insurance business increased in an all-round way

As of the evening of April 29, the first quarter reports of the five major A-share listed insurance companies in 2024 were all unveiled. Chinese Life, Ping An of China, Chinese People's Insurance Company, China Pacific Insurance and Xinhua Insurance achieved a total net profit attributable to shareholders of the parent company of 83.017 billion yuan in the first quarter of this year, a year-on-year decrease of 13.5%, and the overall pattern of "one rise and four declines" was present. From the perspective of business, the premium income of the five major A-share listed insurance companies showed a pattern of "three rises and two decreases", and the value of new life insurance business increased in an all-round way.

Editor: Hu Chenxi

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