Moutai made a late-night announcement

Important News Alert

China Securities Regulatory Commission: Promote increased ESG investment and launch more index and fund productsThe State Administration of Financial Supervision and Administration issued the "Guiding Opinions on Promoting the Standardized and Healthy Development of Enterprise Group Financial Companies and Improving the Quality and Efficiency of Supervision", and the General Office of the National Development and Reform Commission and the General Department of the National Data Bureau issued the "Key Points of the Digital Economy in 2024"

Tip of the day

Today, the central bank has 2 billion yuan of 7-day reverse repurchase due.

The National Bureau of Statistics (NBS) will today release the performance of China's purchasing managers' index (PMI) for April.

The National Bureau of Statistics (NBS) will release a monthly report on the economic benefits of industry today.

The China Meteorological Administration will hold a press conference this morning to release the forecast of climate trends in May (weather forecast for the May Day holiday) and other related content.

Financial news

1. On April 29, the relevant person in charge of the Listing Department of the China Securities Regulatory Commission said at the parallel forum of the 2024 Zhongguancun Forum Annual Conference "ESG Collaborative Innovation Helps the Construction of a Beautiful China" that the "Guidelines for Sustainable Development Reporting of Listed Companies" actively draws on international beneficial experience, fully combines the characteristics of national conditions, adheres to steady progress, promotes practice first, and opens a new stage in the field of sustainable development in mainland China. The China Securities Regulatory Commission will continue to promote the construction of a sustainable information disclosure system for listed companies, and work with all parties to make greater contributions to the high-quality development of the economy and society and the construction of a beautiful China.

Overview of key points

Research is driving more companies to disclose their sustainability reports

Prevent "cheating" and "greenwashing"

Promote external verification and assurance of ESG information, and continue to improve the accuracy and disclosure quality of ESG data of listed companies

Support credit rating agencies to continue to establish and improve the rating methodology system for green enterprises and green bonds

Promote increased ESG investment and launch more index and fund products

2. According to the website of the State Administration of Financial Supervision on April 29, the State Administration of Financial Supervision formulated and issued the "Guiding Opinions on Promoting the Standardized and Healthy Development of Financial Companies of Enterprise Groups and Improving the Quality and Efficiency of Supervision", which will be implemented from the date of issuance. The "Guiding Opinions" have many positive meanings for promoting the development of financial companies. When answering reporters' questions on the "Guiding Opinions", the person in charge of the relevant department of the State Financial Supervision and Administration said that the first is to guide financial companies to return to their origins. The second is to promote financial companies to continuously improve the construction of corporate governance mechanisms, establish efficient decision-making and restraint mechanisms and scientific incentive and restraint mechanisms, and strengthen the construction of information technology; third, implement the main responsibility of financial companies for risk prevention and control, resolutely abandon non-compliant behaviors, and realize the development of risk management capabilities that are compatible with business development and overall controllable risks.

3. Zhang Xing, deputy director and spokesman of the Comprehensive Department of the National Energy Administration, said at a press conference on April 29 that since the beginning of this year, electricity consumption has continued to grow rapidly, and the electricity consumption of the whole society in the first quarter was 2.34 trillion kilowatt hours. It is expected that during the summer of this year, the national electricity load will grow rapidly, and the maximum load will increase by more than 100 million kilowatts year-on-year, and the power supply will face certain pressure. According to comprehensive research, during the peak summer this year, the power supply of the whole country is generally guaranteed, and there may be a shortage of power supply during peak hours in some areas.

4. According to the WeChat official account of the National Data Administration on April 29, recently, the General Office of the National Development and Reform Commission and the General Department of the National Data Administration issued the "Key Points of the Digital Economy in 2024" to deploy the key work of the digital economy in 2024. The "Key Points of Work" proposes nine implementation measures, including: appropriately advancing the layout of digital infrastructure, accelerating the construction of data infrastructure systems, deepening the digital transformation of industries, accelerating breakthroughs in digital technology innovation, continuously improving the level of public services, promoting the improvement of the digital economy governance system, comprehensively building a solid digital security barrier, actively expanding international cooperation in the digital economy, and strengthening cross-departmental coordination and linkage.

5. On April 29, the Ministry of Industry and Information Technology released the operation of the electronic information manufacturing industry in the first quarter of 2024. In the first quarter, the added value of the electronic information manufacturing industry above designated size increased by 13% year-on-year, and the growth rate was 6.9 and 5.5 percentage points higher than that of the industrial and high-tech manufacturing industries in the same period. In March, the added value of the electronic information manufacturing industry above designated size increased by 10.6% year-on-year. In the first quarter, among the main products, the output of mobile phones was 374 million units, a year-on-year increase of 13.6%, of which the output of smartphones was 276 million units, a year-on-year increase of 16.7%, the output of microcomputer equipment was 74.04 million units, a year-on-year decrease of 0.8%, and the output of integrated circuits was 98.1 billion, a year-on-year increase of 40%.

6. According to the regular press conference of the Ministry of Transport on April 29, the preliminary forecast is that the public will travel vigorously during the May Day holiday this year, and the road network will be busy. It is estimated that the average daily cross-regional flow of people during the holiday period will reach more than 270 million, exceeding the level of the same period in 2023 and 2019, of which the proportion of self-driving travel will reach about 8%. It is estimated that during the "May Day" period, the average daily traffic of the national highway is about 63.5 million vehicles, about 1.8 times of the weekday traffic, and the peak traffic is expected to be 67 million vehicles, showing the characteristics of interweaving short-distance and inter-provincial medium and long-distance travel, and inter-provincial travel has increased significantly compared with the Qingming Festival holiday.

7. According to the National Development and Reform Commission, from 24 o'clock on April 29, domestic gasoline and diesel were reduced by 70 yuan per ton. The national average is that No. 92 gasoline is reduced by 0.05 yuan per liter, No. 95 gasoline is reduced by 0.06 yuan per liter, and No. 0 diesel is reduced by 0.06 yuan per liter. According to the estimation of the 50L capacity of the fuel tank of the average family car, it will cost 2.5 yuan less to fill up a tank of 92 gasoline.

8. On April 29, the official website of the Guangzhou Municipal People's Government released the "Implementation Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in in Guangzhou" (hereinafter referred to as the "Plan"). The plan is divided into six parts and 24 contents, making it clear that Guangzhou will implement four major actions: large-scale equipment renewal, trade-in of consumer goods, waste recycling and recycling, and standard improvement, so as to promote industrial upgrading, release investment and consumption potential, and accelerate the development of new quality productivity. According to the goals proposed in the plan, by 2027, Guangzhou's investment in equipment in the fields of industry, construction, transportation, agriculture, education, culture and tourism, and medical care will increase by more than 25% compared with 2023; The annual standardized recycling and dismantling volume of scrapped cars is about 40,000 units, and the annual transaction volume of second-hand cars exceeds 300,000 units.

Company News

1. Performance of listed companies

Uni-President shares: net profit in the first quarter increased by 16842.4% year-on-year, China Merchants Bank: net profit in the first quarter was 38.077 billion yuan, down 1.96% year-on-year, and industrial Fulian: net profit in the first quarter increased by more than 33% year-on-year AI server revenue increased nearly twofoldWuXi AppTec: net profit in the first quarter was 1.942 billion yuan, down 10.42% year-on-year, BOE A: net profit in the first quarter was 984 million yuan, a year-on-year increase of 297.8%

Guotai Junan: net profit in the first quarter was 2.489 billion yuan, down 18.13% year-on-year

Shenwan Hongyuan: net profit in the first quarter was 1.388 billion yuan, down 31% year-on-year

Zheshang Securities: net profit in the first quarter was 447 million yuan, down 8.31% year-on-year

Chinese People's Insurance: net profit in the first quarter was 8.963 billion yuan, down 23.5% year-on-year

Inspur Information: Net profit in the first quarter was 306 million yuan, a year-on-year increase of 64.39%

China Merchants Shipping: net profit in the first quarter was 1.375 billion yuan, a year-on-year increase of 22.62%

SAIC: net profit in the first quarter was 2.714 billion yuan, down 2.48% year-on-year

Haier Smart Home: net profit in the first quarter was 4.773 billion yuan, a year-on-year increase of 20.16%

Tsingtao Beer: net profit in the first quarter was 1.597 billion yuan, a year-on-year increase of 10.06%

Northern Rare Earth: net profit in the first quarter was 52.052 million yuan, down 94.35% year-on-year

CMOC: net profit in the first quarter was 2.072 billion yuan, a year-on-year increase of 553.28%

Sanqi Mutual Entertainment: net profit in the first quarter was 616 million yuan, down 20.45% year-on-year

VIE Technology: net profit in the first quarter was 21.1666 million yuan, a year-on-year increase of 1890.93%

Luxi Chemical: net profit in the first quarter was 568 million yuan, a year-on-year increase of 76.26%

Bank of China: net profit attributable to the parent company in the first quarter was 55.989 billion yuan, down 2.9% year-on-year

Rongsheng Petrochemical: net profit of 552 million yuan in the first quarter year-on-year

Arowana: net profit of 882 million yuan in the first quarter, a year-on-year increase of 3.3%

BYD shares: net profit in the first quarter was 4.569 billion yuan, a year-on-year increase of 10.62%

China Securities Construction Investment: net profit in the first quarter was 1.228 billion yuan, down 49.39% year-on-year, Industrial and Commercial Bank of China: net profit in the first quarter was 87.653 billion yuan, down 2.78% year-on-yearVanke: net loss of 362 million yuan in the first quarter, year-on-year loss CICC: net profit in the first quarter was 1.239 billion yuan, down 45.13% year-on-yearNorth Huachuang: net profit in the first quarter was 1.127 billion yuan, down 90.4% year-on-year

2. Repurchases

Guangbo shares: It is planned to repurchase shares for 15 million yuan to 30 million yuan

Jinlei shares: It is planned to repurchase shares of 80 million yuan to 120 million yuan to be cancelled

Sichuan Meifeng: plans to repurchase the company's shares for 70 million yuan to 100 million yuan

Yongan Pharmaceutical: It is planned to repurchase shares for 40 million yuan to 80 million yuan

Runtu shares: It is planned to repurchase shares for 150 million yuan to 300 million yuan

Yili shares: plans to repurchase shares with 1 billion yuan to 2 billion yuan

Tongwei shares: plans to repurchase shares for 2 billion yuan to 4 billion yuan

3. Kweichow Moutai: According to the relevant documents of the Guizhou Provincial People's Government, Zhang Deqin is recommended as a director and chairman of Kweichow Moutai Co., Ltd., and Ding Xiongjun is recommended to no longer serve as the chairman and director of the company.

4. Weidi shares: Because the company's audited net profit before and after deducting non-recurring gains and losses in 2023 is negative, and the operating income after deducting business income unrelated to the main business and income without commercial substance is less than 100 million yuan, the company's shares will be subject to delisting risk warning.

5. Changjiang Health: Due to the company's suspected illegal information disclosure, the company and its controlling shareholder received a notice from the CSRC. At the same time, Changjiang Health received a notice from the controlling shareholder Changjiang Runfa Group Co., Ltd. (hereinafter referred to as "Changjiang Runfa Group") that Changjiang Runfa Group recently received the "Notice of Case Filing from the China Securities Regulatory Commission" issued by the China Securities Regulatory Commission.

According to the data, Changjiang Health is mainly engaged in the research and development, production and sales of pharmaceutical products, providing specialized medical services in obstetrics and gynecology, as well as the sales of mechanical products such as elevator rails. According to the announcement disclosed by Changjiang Health a few days ago, as of April 22, Changjiang Runfa Group held about 335 million shares, with a shareholding ratio of 27.09%, of which the cumulative number of pledged shares was about 326 million shares, accounting for 97.46% of its shares. According to the performance forecast disclosed by Changjiang Health on January 30, the company's net profit attributable to the parent company in 2023 is expected to lose 650 million yuan to 890 million yuan, compared with a profit of 65.1904 million yuan in the same period last year.

6. Jifeng shares: Grammer Jifeng (Germany), a holding subsidiary, received the "Nomination Letter" from BMW of Germany by email, and Grammer Jifeng (Germany) became the seat assembly supplier of BMW of Germany, and will develop and produce front and rear seat assembly products for BMW of Germany in Europe. This time, the designated point is the passenger car seat project under the new platform of BMW in Germany. It is expected that from the second half of 2027, the project life cycle will be 8 years, and the total amount of the life cycle is expected to be 12 billion yuan.

7. *ST Tongda: The company has disclosed the 2023 annual report on April 30, 2024, Tianjian Certified Public Accountants issued an audit report on the company's 2023 annual financial statements that cannot express an opinion, and the company's shares have reached the termination of listing, and the stock has been suspended.

8. Zhenbaodao: On April 28, 2024, the company received the "Decision on Issuing Warning Letters to Heilongjiang Zhenbaodao Pharmaceutical Co., Ltd., Heilongjiang Chuangda Group Co., Ltd., Fang Tonghua, Yan Jiujiang, Wang Lei, and Zhang Zhongfang" issued by the Heilongjiang Supervision Bureau of the China Securities Regulatory Commission.

9. Changhong Hi-Tech: The company plans to invest in the construction of a new project "Acrylic Acid Industrial Park Project" in Binhai New Area, Maoming City, Guangdong Province. The project will subversively use propane as raw material to directly oxidize the production of intermediate product acrylic, and then use esterification and polymerization processes to produce high value-added acrylic esters and SAP products, which meets the development requirements of new quality productivity. The total investment of the project is about 11.5 billion yuan.

10. China Southern Airlines: Entered into an agreement with COMAC to purchase 100 C919 family aircraft from COMAC, which will be delivered to the company in phases between 2024 and 2031. According to the announcement, according to the information provided by COMAC, the catalogue price of a C919 family aircraft is US$99 million, and the total catalogue price of these aircraft is about US$9.9 billion. The list price includes the price of the airframe and the price of the engine.

This is another large order of 100 aircraft placed by domestic airlines to COMAC. On the evening of April 26, Air China announced that the company signed an agreement with Commercial Aircraft Corporation of China to purchase 100 C919 aircraft from COMAC, which are scheduled to be delivered in batches from 2024 to 2031. According to the latest catalogue prices provided by COMAC, the base price of the aforementioned 100 C919 aircraft is about $10.8 billion. In September 2023, China Eastern announced the purchase of 100 C919 aircraft from COMAC, which is also scheduled to be delivered in batches from 2024 to 2031. The difference is that China Eastern Airlines has ordered 100 C919 aircraft (basic type), while Air China has purchased C919 aircraft (extended range). There was also a difference in the price of the aircraft, which at that time was about $9.9 billion in total list price for the purchase of aircraft by China Eastern.

Selected Research Reports

Galaxy Securities research report said that the current market uncertainty has declined, no major downside risk has become a consensus expectation, the short-term market is still expected to be dominated by shocks, May is expected to usher in the upside, the concept of science and technology or is still the main line of the market, such as AI and the concept of new quality productivity, etc.; capital market reform, mergers and acquisitions are expected to bring new catalysts to the financial sector, optimistic about the rebound of brokerage stocks. The investment strategy allocated in May should focus on low-valuation value stocks + growth value stocks in sectors that benefit from favorable policy expectations.

According to the research report of Everbright Securities, the current inflection point of pig prices has appeared, the upstream production capacity continues to shrink, and the price suppression factors such as average weight and frozen product inventory are gradually digested, and it is expected that the slope of pig price rise in May and June will be considerable. In the second half of the year, with the digestion of the impact of producer behavior and the realization of the capacity gap, the upward trend of the cycle will be clearer, and the future cycle will have considerable height and prosperity duration. In the post-cycle sector, the reversal of pig prices will boost the demand for feed and animal protection, and the valuation repair sector will start to rise.

Reporter: Wang Yin Editor: Zhang Lijing Proofreader: Ya Wenhui

Producer: Li Ruoyu Issued by: Sun Hong