The Political Bureau of the Central Committee of the Communist Party of China: It is necessary to develop new productive forces in accordance with local conditions, actively develop venture capital, and expand patient capital
The Political Bureau of the CPC Central Committee held a meeting on April 30, which stressed the need to develop new productive forces in accordance with local conditions. It is necessary to strengthen the layout of national strategic scientific and technological forces, cultivate and expand emerging industries, advance the layout and construction of future industries, and use advanced technology to empower the transformation and upgrading of traditional industries. It is necessary to actively develop venture capital and expand patient capital.
Political Bureau of the Central Committee of the Communist Party of China: Coordinate the study of policies and measures to digest the stock of real estate and optimize the incremental housing, pay close attention to the construction of a new model of real estate development, and promote the high-quality development of real estate
The Political Bureau of the CPC Central Committee held a meeting on April 30. The meeting emphasized the need to continue to prevent and resolve risks in key areas. We will continue to adhere to city-specific policies, consolidate the responsibilities of local governments, real estate enterprises, and financial institutions, and earnestly do a good job in ensuring the delivery of housing to protect the legitimate rights and interests of home buyers. It is necessary to combine the new changes in the supply and demand relationship of the real estate market and the new expectations of the people for high-quality housing, coordinate the study of policies and measures to digest the stock of real estate and optimize the incremental housing, and pay close attention to building a new model of real estate development to promote the high-quality development of real estate. It is necessary to thoroughly implement the local government debt risk mitigation plan to ensure that provinces, cities and counties with high debt risks can truly reduce their debts and develop steadily. It is necessary to continue to promote the reform of small and medium-sized financial institutions to reduce risks, and take multiple measures to promote the healthy development of the capital market.
The Political Bureau of the Central Committee of the Communist Party of China: It is necessary to flexibly use policy tools such as interest rates and deposit reserve ratios to increase support for the real economy and reduce the cost of comprehensive social financing
The Political Bureau of the CPC Central Committee held a meeting on April 30, and the meeting pointed out that it is necessary to make efforts to effectively implement the macroeconomic policies that have been determined, and implement a positive fiscal policy and a prudent monetary policy. It is necessary to issue and make good use of ultra-long-term special treasury bonds as soon as possible, speed up the issuance and use of special bonds, maintain the necessary intensity of fiscal expenditure, and ensure that the "three guarantees" at the grassroots level are spent on time and in full. It is necessary to flexibly use policy tools such as interest rates and reserve requirement ratios to increase support for the real economy and reduce the cost of comprehensive social financing. It is necessary to do a good job in assessing the consistency of macroeconomic policy orientations and strengthen the management of expectations.
National Development and Reform Commission: Promote the development and growth of key enterprises of new energy vehicles and promote the optimization and reorganization of new energy vehicle enterprises
What measures will the National Development and Reform Commission introduce to support the development of the new energy vehicle industry? How will the trade-in action of consumer goods be connected with the promotion of the development of new energy vehicles? The person in charge of the National Development and Reform Commission said that the first is to promote industrial optimization and upgrading. Adhere to scientific and technological innovation to promote industrial innovation, and guide enterprises to continue to strengthen R&D investment and technological innovation. Promote the R&D and innovation of power batteries, intelligent driving and other technologies, and improve the level of standardization and integration of vehicles and parts. Promote the development and growth of key enterprises of new energy vehicles, accelerate the withdrawal of backward enterprises and production capacity, and promote the optimization and reorganization of new energy vehicle enterprises. At the same time, China will fully lift the restrictions on foreign investment in the manufacturing sector, and welcome global auto companies to deeply integrate into the Chinese market and industrial chain system, and share the fruits of new energy vehicle development. The second is to better meet consumer demand. We will cooperate with relevant departments to accelerate the implementation of the action plan for the trade-in of consumer goods, and adopt preferential policies such as finance and taxation in accordance with laws and regulations to support eligible trade-in behaviors and better meet consumers' demand for new energy vehicles. The third is to speed up infrastructure construction. Accelerate the construction of a high-quality charging infrastructure system, vigorously promote the construction of charging facilities in key areas such as old residential areas, along highways, and rural areas, accelerate the construction of public charging facilities based on fast charging, and improve the charging guarantee capacity of highway service areas and other holidays.
Ministry of Natural Resources: Cities with a de-commercialization period of more than 36 months will suspend the transfer of new land
According to a report by the reporter on May 1, the Ministry of Natural Resources recently issued the "Notice on Doing a Good Job in the Supply of Residential Land in 2024", which proposes that all localities should optimize the scale, layout and structure of commercial office land and residential land in a timely manner according to market demand, and improve the residential land supply adjustment mechanism corresponding to the commercial residential de-conversion cycle and residential land stock. Cities with a de-conversion period of 18 months (exclusive) to 36 months shall, in accordance with the principle of "how much to revitalize and how much to supply", dynamically determine the upper limit of the area of newly transferred commercial residential land according to the area of the stock of commercial residential land (including completion and resumption) that has been revitalized in the current year.
The mainland's third aircraft carrier, the Fujian, conducted its first sea trials
On the morning of 1 May, the Fujian, the mainland's third aircraft carrier, went to sea to carry out its first navigation test. According to the progress of the aircraft carrier construction project, this sea trial mainly tested and verified the reliability and stability of the power and power systems of the Fujian ship. Since its launch in June 2022, the construction of the Fujian ship has progressed steadily as planned, successfully completed the mooring test and commissioning of the equipment, and has the technical conditions to go to sea for testing.
On May 1, the main urban area of Hangzhou was fully open for unmanned driving
The "Hangzhou Intelligent Networked Vehicle Testing and Application Promotion Regulations" came into force on May 1. As a result, Hangzhou has become the first city in the country to clarify the specific process of autonomous vehicles on the road with local legislation, and it is also the first city in the country to legislate for low-speed unmanned vehicles. At the same time, Hangzhou has also taken the lead in taking the lead in taking the lead in taking the city's eight urban districts (Shangcheng District, Gongshu District, Xihu District, Binjiang District, Xiaoshan District, Yuhang District, Linping District, Qiantang District) and Tonglu County as a test application area for intelligent networked vehicles, serving a population of more than 10 million. It is reported that so far, the cumulative safety test and application mileage in Hangzhou has exceeded 1.2 million kilometers, and the active accident rate is zero.
"The biggest gamble in 30 years"!AI table North American "four clouds" raise Musk: OUT if there is no money
According to a report by the Science and Technology Innovation Board Daily on May 3, the capital expenditure of the four major cloud vendors in North America (Microsoft, Google, Meta, and Amazon) this year may reach $188 billion, an increase of nearly 40% year-on-year. Domestic cloud service providers have also entered the market, and the capital expenditure of the three major operators of China Telecom, China Mobile and China Unicom totaled 353 billion yuan last year, a year-on-year increase of 0.3%, and investment will continue to increase in the direction of computing power in 2024. Michael Chiang, an analyst at Bernstein, said, "This is an arms race, the AI opportunity is huge, and spending will remain aggressive or ahead of market expectations." ”
The regulator issued a public offering commission reduction standard: no more than 5.24 per 10,000 The adjustment will be completed by the end of June
It was reported on April 30 that a number of public offerings received notices issued by the regulator on the same day, clarifying the commission reduction standard and time deadline. It is estimated that the average stock trading commission rate of the whole market in 2023 will be 2.62/10,000, and the public offering is required to adjust the transaction commission rate of its public fund in accordance with the commission rate standard, and the adjustment shall be completed on June 30. On April 19, the China Securities Regulatory Commission (CSRC) issued the Regulations on the Administration of Securities Transaction Costs of Publicly Offered Securities Investment Funds, which required that the commission rate for the trading of passive equity fund products shall not exceed the average stock trading commission rate of the market in principle, and the commission rate for the stock transaction of other types of funds shall not exceed twice the average stock trading commission rate of the market in principle. This means that after the reduction, the trading commission rate of passive equity fund products shall not exceed 2.62/10,000, and other types shall not exceed 5.24/10,000.
The new IPO regulations of the Science and Technology Innovation Board have been introduced: four listing indicators have been raised, and four situations where the indicators are not met can also be listed
On the evening of April 30, the China Securities Regulatory Commission (CSRC) issued a revised version of the Guidelines for the Evaluation of Science and Technology Innovation Attributes (Trial), which clarified the four indicators that companies listed on the Science and Technology Innovation Board should meet, including the amount of R&D investment, the proportion of R&D personnel, the number of invention patents, and the growth rate or amount of operating income. There are different applicable standards for enterprises that have adopted specific listing criteria to apply for the STAR Market, red-chip enterprises that have been listed overseas, and the software industry. Enterprises that do not meet the aforesaid indicators but meet the corresponding circumstances can also apply for listing on the Science and Technology Innovation Board.
Major domestic new energy vehicle companies announced April delivery data: NIO and ZEEKR increased sharply year-on-year, and Xiaomi SU7 locked orders of more than 88,000 units
Major domestic new energy vehicle companies disclosed their April delivery data on May 1, as follows: (1) NIO: 15,620 new vehicles were delivered in April, a year-on-year increase of 134.6%, and a total of 45,673 vehicles were delivered during the year, a year-on-year increase of 21.2%. (2) Xpeng Motors: 9,393 vehicles were delivered in April, up 33% year-on-year and 4% month-on-month, and a total of 31,214 vehicles were delivered during the year, up 23% year-on-year. (3) Li Auto: 25,787 vehicles were delivered in April, a year-on-year increase of 0.4%, and the cumulative number of vehicles delivered reached 739551. (4) Xiaomi Automobile: 7,058 units have been delivered in April, and as of 24:00 on April 30, the number of Xiaomi SU7 locked orders reached 88,063 units. (5) ZEEKR Automobile: 16,089 units were delivered in April, a year-on-year increase of 99% and a month-on-month increase of 24%, setting a new record high. (6) Leapmotor: 15,005 units were delivered in April, a year-on-year increase of 72%. (7) GAC Aion: Global sales in April were 28,113 units, down 31% year-on-year.
The list is coming! 40 companies will collectively "wear hats" next week, and internal control problems will become a high-incidence area
Next week, 40 listed companies will be "hatted" in a centralized manner, and internal control issues have become a high-risk area for the implementation of risk warnings. It is worth mentioning that there are many stocks that will be "hatted" next week, such as Zhongrun Resources, Yongyue Technology, Infineon and other popular stocks.
Huawei will hold a global launch of innovative products, and Apple will hold a special event
Huawei announced that it will hold an "innovative product launch" in Dubai on May 7, 2024, during which the products to be launched include: new wearables, new MateBook series laptops, and new MatePad series tablets.
According to reports, Apple announced a special event on May 7, when the new iPad may be released.
The National Bureau of Statistics will release CPI and PPI data for April
On May 11, the National Bureau of Statistics will release the monthly report on the consumer price index (CPI) and the monthly report on the industrial producer price index (PPI) for April.
Shanghai launched the "trade-in" activity of commercial housing The first batch of more than 20 real estate companies and nearly 10 intermediary agencies participated
In response to the 5th "55 Shopping Festival", Shanghai joined the "trade-in" queue of commercial housing. On May 3, the Shanghai Real Estate Industry Association and the Shanghai Real Estate Brokerage Industry Association jointly proposed to launch the "old for new" activity for commercial housing in Shanghai, which will facilitate residents to replace housing through the "old for new" model and better support residents' reasonable gradient home purchase needs. More than 20 real estate development enterprises and nearly 10 real estate brokerage institutions participated in the first batch of the initiative. The first batch of more than 30 projects participated in the initiative, mainly distributed in Jiading, Songjiang, Qingpu, Fengxian, Lingang and other regions.
The Hang Seng Index has risen for 9 consecutive trading days
The Dow closed up 1.18%, the Nasdaq closed up 1.99%, and the S&P 500 closed up 1.26% as of Friday's close. The Nasdaq China Golden Dragon Index rose 6.01%, hitting a new closing high since the end of November last year. Since April, with the continuous adjustment of many overseas markets such as U.S. stocks, European stocks, and Japanese stocks, global funds have increased their attention to Chinese assets, and the Nasdaq China Golden Dragon Index has risen by 14.86% in 10 trading days from April 22 ~ May 3, the largest two-week increase since January 2023.
In terms of Hong Kong stocks, as of last Friday's close, Hong Kong's Hang Seng Index closed up 1.48%, closing up for the ninth consecutive trading day and setting a record for the longest winning streak since 2018. The Hang Seng Tech Index closed up 2.74%, its highest level since the end of November 2023. Kuaigou Taxi once rose by more than 125%, and KEEP rose by nearly 20%. Among the constituent stocks of the Hang Seng Technology Index, Bilibili rose 7%, Weibo rose nearly 6%, NetEase, JD.com, and Xiaopeng Motors rose more than 4%, and Ping An of China rose about 4%.
This week, nearly 70 billion yuan of restricted shares with a market value were lifted, and the market value of Xinlian Integration exceeded 15.5 billion yuan
The data shows that this week (May 6 ~ May 10), a total of 75 companies' restricted shares have been lifted one after another, with a total of 7.842 billion shares, and the market value of the lifting of the ban is 69.815 billion yuan based on the closing price on April 30.
From the perspective of the market value of the lifting of the ban, the top three market capitalization of the lifting of the ban are: Xinlian Integration (15.558 billion yuan), Jinghe Integration (11.569 billion yuan), and Dazhong Mining (10.394 billion yuan).
From the perspective of the proportion of lifting the ban, the top three in the proportion of lifting the ban are: Zhejiang Nature (66.75%), Dazhong Mining (63.53%), and Sanbo Brain (55.42%).
The offshore yuan rose above 7.19 against the dollar, its strongest level since March
The offshore yuan rose above 7.19 against the US dollar on May 3, hitting its strongest level since March, and the yuan has risen against the US dollar for three consecutive days.
The Federal Reserve's May decision: the balance sheet reduction plan has been greatly changed, and it is not yet known when interest rates will be cut!
For the sixth time in a row, the Fed kept its benchmark interest rate unchanged at 5.25%-5.50%, in line with market expectations, and when asked when it could cut interest rates, Powell replied that he did not know, and Powell did not mention the possibility of raising interest rates.
Swap markets re-anticipate two 25bp rate cuts by the Fed this year
Traders brought forward the Fed's first rate cut from November to September. Swap markets re-expect the Fed to cut interest rates by 25 basis points twice this year, up from one before the release of the April non-farm payrolls data.
Warren Buffett's 2024 shareholder meeting
On the evening of May 4, Beijing time, the annual Berkshire shareholder meeting was held in Buffett's hometown of Omaha. At the shareholders' meeting, Warren Buffett responded to the reduction of Apple's holdings, talking about overseas investment, artificial intelligence, huge cash reserves, succession work, investment in fossil fuels and other topics. Notably, Warren Buffett revealed that he is evaluating a Canadian investment and feels "very good" about investing in Japan's top five trading companies. Warren Buffett admitted that investing in Paramount lost a lot of money, which was completely his own decision, and he has now liquidated his position.
In the first quarter, Berkshire sold a total of $19.972 billion worth of stocks, bought $2.691 billion, and sold a net $17.281 billion. At present, Buffett has a huge amount of cash of $189 billion and expects to have $200 billion by the end of June. In this regard, Warren Buffett bluntly said that the current interest rate is very high, and he has not found an investment with attractive enough returns.
The world's first prototype of embodied AGI system debuted
During the 2024 Zhongguancun Forum, the world's first embodied AGI (general artificial intelligence) system prototype developed by the Beijing Institute of General Artificial Intelligence "Tongtong" debuted, which has a complete mind and value system for three- and four-year-old children, and is still in rapid iteration. The prototype of the system was selected as a major scientific and technological achievement at the 2024 Zhongguancun Forum Annual Conference.
Embodied Intelligence is an advanced form of machine intelligence that enables robots to perceive and understand their environment like humans, and to accomplish tasks through autonomous learning and adaptive behavior. Compared with non-embodied large models such as language, images, and videos, embodied large models with bodies can directly interact with the physical world. Huatai Securities believes that humanoid robots are one of the best forms to achieve embodied intelligence, and the rapid development of multimodal large models will improve the intelligence level of humanoid robots and accelerate the industrialization process of humanoid robots.
Among the listed companies, Tianqi Co., Ltd. (002009) and UBTECH have in-depth cooperation in the form of equity binding, jointly invest in the research and development and manufacturing of industrial humanoid robots, and will take the lead in building humanoid robots suitable for industrial scenarios in the field of automobile manufacturing, and gradually expand to other intelligent manufacturing fields and application scenarios in the future.
Yuntian Lifei-U (688343) has laid out the application of AI chips and multi-modal large models in the field of embodied intelligence in advance. As one of the founding shareholders, the company participates in Shenzhen Guochuang Embodied Intelligent Robot Co., Ltd., which will provide technical and financial support in the field of AI chips and large models for the operation and development of the shareholding company.
In recent years, Obi Zhongguang-UW (688322) has continued to incubate and expand new low-cost, highly integrated 3D visual perception product series, and has achieved a number of representative commercial applications in biometrics, robots, 3D printing, AIoT and other markets, and has become one of the important suppliers of 3D vision sensors in the world.
Since last year, many places have introduced policies to support the development of the synthetic biology industry
Synthetic biology is an emerging interdisciplinary research field, a new research paradigm serving the life sciences, and has great potential for development. Since last year, Beijing, Jiangsu, Shanghai and other places have successively introduced policies to support the development of the biomanufacturing industry, and achieved the purpose of accelerating the innovation and industrial application of synthetic biotechnology by promoting the construction of biomanufacturing industrial parks and cultivating talents in the biomanufacturing industry.
Synthetic biology is the "third biotechnology revolution", so that human cognition from "learning from things" to "building things to know" synthetic biology is based on biological science, bringing together chemistry, physics, information technology, engineering technology and other disciplines to form, using gene technology and engineering concepts to design and transform existing or synthetic new biological systems, reveal the laws of life operation, change the engineering application of biological systems, and provide new solutions for the production and improvement of medicine and health, industry, agriculture, energy and other industries. According to McKinsey & Company, synthetic biology could generate a direct economic impact of about $1.8-3.6 trillion per year by 2030-2040. According to BCC Consulting, the global synthetic biology market size reached $9.5 billion in 2021 and is expected to reach $30.7 billion by 2026, with a CAGR of 26.5% from 2021 to 2026.
Among the listed companies, Huaheng Biotechnology (688639), as one of the leading enterprises in the field of synthetic biology, has built a leading technology in the whole industry chain such as industrial strain creation, intelligent control of fermentation process, efficient separation and extraction, and product application development. The company's production scale of alanine products ranks among the top in the world, and has become one of the largest manufacturers of alanine series products in the world.
Jinhe Industry (002597) has mastered the core technologies of synthetic biology industrialization amplification, covering strain transformation and optimization, fermentation process control, product separation and purification, process scale-up and optimization, quality control and optimization, environmental impact and assessment, safety and compliance, etc., focusing on the complete process of biosynthesis products from the laboratory to the market, completed the full accumulation of technical experience and related product reserves, and completed the demonstration and industrial design of the biosynthesis innovation platform.
Huadong Pharmaceutical (000963) has been deeply engaged in the field of industrial microorganisms for more than 40 years, has a deep industrial foundation and industrial transformation capabilities, has successfully developed and manufactured a variety of microbial drugs, built a key technical system for the research and development and production of microbial products, and the scale and technical level of existing microbial fermentation products are at the leading level in the industry.
Under the wave of AI, the demand for this segment is strong, and institutions say that the industry may enter a new round of upward cycle
Samsung Electronics expects strong demand for server memory chips in the second half of the year, and solid demand for mobile and PC memory chips.
Recently, there has been a lot of news about memory chips. On April 26, it was reported that the United States plans to provide Micron Technology with a $6.1 billion grant and a loan of up to $7.5 billion to help it build two new factories in the United States. On April 24, SK hynix plans to expand the production capacity of next-generation DRAM, including HBM, to cope with the rapidly growing demand for AI. Zou Chen analysis of Zhongyuan Securities pointed out that with the explosive development of AI technology, AI applications are gradually expanding from servers to AI mobile phones and AIPC and other terminals, AI servers significantly increase the requirements for storage performance and capacity, HBM and DDR5 memory modules will benefit from the rapid growth of AI servers, replacing HDD to become an important driving force for SSD demand growth; AIPC demand for DRAM capacity will be greatly increased, 16GBDRAM will become the basic configuration of a new generation of AI mobile phones, AI mobile phones and AIPC penetration rate is expected to drive a new round of replacement tide, AI or will promote a substantial increase in storage demand。 Gao Yuyang of Shanxi Securities said that the price trend is clear, storage has entered a new round of upward cycle, and in the future, with the improvement of operating profit margin brought about by the continuous increase in storage prices, storage manufacturers are expected to usher in a Davis double click of performance and valuation, and there is a large rebound space in the industry.
Among the listed companies, BIWIN Storage (688525) has mastered advanced packaging processes such as 16-layer stacked die, 30~40μm ultra-thin die, and multi-chip heterogeneous integration, providing support for the large-scale mass production of NANDFlash chips, DRAM chips and SiP packaging chips, making memory chips have strong market competitiveness in terms of volume, heat dissipation, electromagnetic compatibility, reliability, and storage capacity.
Huahai Chengke (688535) granular epoxy molding compound (GMC) can be used for HBM packaging, and related products have been verified by customers. HBM is a new type of high-performance storage product.
Montage Technology (688008) is one of the world's three leading suppliers of DDR5 memory interface chips, with a leading position in the industry. In January 2024, the company launched the DDR5 fourth-generation RCD chip, which supports a data rate of 7200MT/s, and has sent engineering samples of this product to major memory manufacturers.
The country's first "low-altitude economic service window" was opened, and the industry is expected to become a new engine for future economic development
Recently, Wuhan Optics Valley held a press conference on the low-altitude economic service window, and from now on, the country's first "low-altitude economic service window" will be opened in the Wuhan Optics Valley Government Affairs Service Center. In the next step, East Lake High-tech Zone will be guided by the needs of enterprises and the masses, deepen the low-altitude economic window service, further expand the service items, inject stronger momentum into accelerating the development of low-altitude economic industry, opening up new fields and winning new tracks, and boost Wuhan to become a national low-altitude economic industry development highland.
Tianfeng Securities said that with the successive introduction of local incentive policies and the start of construction of infrastructure, the low-altitude economy is expected to be deeply integrated with tourism, logistics and transportation, air traffic, urban management and other industries. As a national strategic emerging industry, the low-altitude economy leads the manufacturing industry on the one hand, the digital economy and new consumption formats on the other, and contains the potential to promote industrial upgrading and stimulate new business formats, and is expected to become a new engine for future economic development. It is recommended to pay attention to: 1. Service network + airway network: the core benefit of the air traffic control system; 2. Air network: core benefits such as communication, navigation, surveillance, meteorology, flight services; 3. Facility network: the direction of benefit is design, radar, etc.
In terms of the company, the General Design Institute (603357) in Anhui Province earlier layout of the low-altitude economy, with a civil aviation planning and design research institute-based team to serve the development of low-altitude economy, civil aviation planning and design research institute is mainly engaged in aviation planning, engineering design, airworthiness testing and maintenance, information engineering, consulting and policy standards as the core of the five major areas, with the civil aviation transport airport, general airport site selection, feasibility study, design, construction consulting, completion of the trial operation (including school flight test organization) of the whole process of comprehensive capabilities. In 2023, the company's civil aviation business will sign a new contract value of 34 million yuan.
Based on the company's digital, productized and operationalized business development strategy, Shenzhen Chengjiao (301091), as the core technical support unit of low-altitude economy, provides governments at all levels and related units with overall solutions covering low-altitude economic policy research, industrial planning, infrastructure planning and construction, platform software and hardware design and integrated delivery. Based in Shenzhen and the Greater Bay Area, the company radiates across the country and actively integrates into the international system.
The two departments proposed to accelerate the construction of a national integrated computing power network, which will drive the high demand for optical modules
The National Development and Reform Commission (NDRC) and the National Data Bureau (NDDA) issued the "Key Points of Work for the Digital Economy in 2024", which proposes to implement measures in 9 aspects, including the appropriate advance layout of digital infrastructure, further promotion of the construction of information and communication networks, the acceleration of the construction of a national integrated computing power network, and the comprehensive development of data infrastructure.
In the second half of this year, smart phones and AIPC will usher in many new machine releases, and the third quarter is expected to usher in the peak demand season.
In terms of the company, Zhongji InnoLight (300308) is the world's leading provider of optical module solutions, the company's high-end optical module business accounts for more than 90% of the main business, and the company actively carries out the market introduction of 1.6T, and strives to achieve mass production and delivery in 2025.
Shenzhen Jiaminli Optoelectronics Co., Ltd., which accounts for 15% of the investment of Demingli (001309), focuses on the R&D and industrial application of high-speed optical communication chips, aiming to meet the rapid growth of industrial application needs of a new generation of information technology products such as intelligent terminals and driverless cars, and 25G VCSEL optical chips are currently in the R&D and testing stage, mainly used in 5G mobile communications, ultra-high-speed all-optical networks, 400G and large-scale data centers, artificial intelligence and AI.
Gu Xiaosong, Academician of the Chinese Academy of Engineering: China is promoting the development of industry standards for brain-computer interfaces
At the recent forum on the innovation, development and application of brain-computer interface, Gu Xiaosong, academician of the Chinese Academy of Engineering and member of the Chinese Academy of Medical Sciences, delivered a keynote speech on "Artificial Intelligence and the Development of Modern Medicine". Gu Xiaosong said that although our country's brain-computer interface industry has not started recently, it has led the world, and countries around the world are paying attention to China's brain-computer interface industry to see how we develop. "We are now pushing for the development of product standards, industry standards, national standards, and we are pushing for the development of international standards. ”
In mainland China, brain-computer interfaces have also been included in the key direction of future industrial innovation. CSC believes that the way of communication between humans and artificial intelligence is constantly upgrading, and brain-computer interface technology is breaking through the physiological boundaries of human beings, which not only provides unprecedented possibilities for people with disabilities, but is also expected to become the next generation of human-computer interaction. Research institutes estimate that the market size of brain-computer interface-related products will reach $70 billion to $200 billion between 2030 and 2040.
Among the listed companies, Zhongke Information (300678) has introduced medical brain-computer interface technology, which is mainly used in the two application scenarios of smart anesthesia and smart rehabilitation, and improves the overall solution of smart medical care.
Sanbo Brain Department (301293) is an academic medical institution integrating "medical education and research", and continues to pay attention to the application and development of brain-computer interface technology in the medical field.
NVIDIA's latest super AI server will be put into production in the second half of the year These two companies cut into overseas computing power high-speed connector suppliers
According to media reports, Nvidia's latest super AI server DGXGB200 will start mass production in the second half of this year, and the output is expected to reach up to 40,000 units in 2025, which is expected to set off the next wave of industry gold rush.
At present, large language models continue to be trained around the world, and the demand for AI servers and chips continues to grow. The GB200 is the next generation of GPUs launched by NVIDIA and is expected to be a major driving force for the high-end GPU product line. The huge advancements in the architecture of DGXGB200AI servers, coupled with huge efficiency numbers, are likely to lead to greater adoption compared to the Hopper series. The agency pointed out that GB200 used high-speed copper cable scheme for the first time, and the current value of a single NVL72 copper cable is about 500,000, and the overall mass production of NVIDIA GB200 is expected to drive the demand for high-speed connectors. LightCounting noted that the high-speed copper market will continue to expand at a staggering compound annual growth rate of 25% over the five-year period from 2023 to 2027. Some domestic manufacturers have entered overseas high-speed IO connector suppliers in the foundry model, directly benefiting from the growth of overseas demand for AI computing power.
Dingtong Technology (688668) communication connector products are mainly used in servers, data centers, etc., and have been deeply cooperating with core customers such as Amphenol and Molex for decades.
Huafeng Technology (688629) has developed a 224G high-speed backplane connector, while 112G/224G high-speed line modules can be used in high-end servers, switches, supercomputers and other fields.
The two departments issued a document to support and guide the digital transformation and upgrading of transportation infrastructure
The Ministry of Finance and the Ministry of Transport issued a notice on supporting and guiding the digital transformation and upgrading of highway and waterway transportation infrastructure, and decided to support and guide the digital transformation and upgrading of highway and waterway transportation infrastructure through competitive review. It is mentioned that the digital transformation of highway and waterway transportation infrastructure will be accelerated, and a digital perception network, intelligent management and control system and networked service system will be built. Starting from 2024, through about three years, we will support about 30 demonstration areas, build a number of demonstration channels and networks with integrated lines and networks, and strive to promote the digital transformation and upgrading of about 85% of busy national highways, about 25% of busy ordinary national highways, and about 70% of important national high-grade waterways.
At present, the use of big data, cloud computing, artificial intelligence and other cutting-edge technologies to build intelligent transportation has become a development trend, and the market demand for subdivided application fields is becoming increasingly strong. Since the "14th Five-Year Plan", the state has successively promulgated industrial policies and development plans such as the "14th Five-Year Plan for Transportation Standardization", the "14th Five-Year Plan for Digital Transportation", the "14th Five-Year Plan" for the Development of Modern Comprehensive Transportation System, and the "14th Five-Year Plan for Comprehensive Transportation Services" to vigorously develop smart transportation or improve the digitalization of transportation infrastructure. According to an authoritative report, the scale of China's intelligent transportation market will reach 243.2 billion yuan in 2023 and 261 billion yuan in 2024, and it is expected to continue to grow rapidly in the future.
A-share related concept stocks mainly include Wanji Technology (300552), TransInfo Technology (002373), etc.
Master the key technology of the mainland medical isotope batch device was completed
According to reports, at 21:18 on May 1, after 21 days of hard work, the Qinshan Nuclear Power Online Irradiation Production Medical Isotope Unit of China Nuclear Power Investment Holdings, a subsidiary of China National Nuclear Corporation, successfully completed the system identification and power transmission test, marking that the device has been fully completed as planned. Strontium-89 and yttrium-90 and other short-half-life medical isotopes that are currently in short supply in China will enter the stage of large-scale production after the supporting plants are completed and put into operation in the second half of this year.
At present, cardiovascular and cerebrovascular diseases, cancer, and neurodegenerative diseases have become major factors that seriously threaten human health. Using the unique advantages of medical isotopes, diagnosis and treatment is an indispensable and important means to improve people's health. According to data, the annual demand for radionuclide therapy in mainland China will grow at a rate of 5% to 30%, and with the number of cancer patients increasing year by year, it is expected that by 2030, the total demand will increase by more than 10 times compared with 2021, with a market size of more than 50 billion yuan.
A-share related concept stocks mainly include CGN Technology (000881) and Dongcheng Pharmaceutical (002675)
Back to double-digit growth The global smartphone market is off to a strong start
According to Canalys data, the global smartphone market grew by 10% year-on-year to 296.2 million units in the first quarter of 2024, marking the first double-digit growth after ten quarters, according to Canalys data. This growth was driven by the launch of new product portfolios by manufacturers and the stabilization of the macroeconomy in emerging markets. Fueled by the A-series and early high-end product updates, Samsung regained its leading position, shipping 60 million units. Apple saw a double-digit decline in shipments to 48.7 million units amid challenges in its core market, placing it in second place. Xiaomi remained in third place, with shipments of 40.7 million units and a market share of 14%. Transsion and OPPO ranked in the top five, with shipments of 28.6 million units and 25 million units, respectively, with market shares of 10% and 8%, respectively.
A-share related concept stocks mainly include Guanghong Technology (300735), Luxshare Precision (002475), etc.
Huawei intends to deploy in the low-altitude economy and will further deepen cooperation with Chengdu
According to the "Chengdu Release", on April 30, Shi Xiaolin, Secretary of the Chengdu Municipal Party Committee, and Wang Fengchao, Mayor of Chengdu, met with Meng Wanzhou, Huawei's rotating chairman and CFO. Shi Xiaolin said that she hopes that the two sides will further identify the combination point and carry out multi-level cooperation in the fields of artificial intelligence, low-altitude economy, digital energy, and pilot platform construction. Meng Wanzhou also expressed the hope that Huawei will give full play to Huawei's technological advantages in artificial intelligence and computing resources, and further deepen cooperation and exchanges with Chengdu in the fields of low-altitude economy, government services, digital energy, and rail transit.
Caitong Securities believes that the low-altitude economy is a typical representative of the new quality of productivity, and various departments have successively introduced policies to continue to catalyze the development of the low-altitude economic industry, and many places have included the low-altitude economy in the government work report in 2024. Pay attention to the investment direction of airport equipment leader, two-machine blades, aviation anti-crash seats, eVTOL complete aircraft, unmanned aerial vehicles, electric drives, parts, air traffic control informatization and so on.
Yingliu Co., Ltd. (603308) has built a complete chain from generators, complete machines to airport operations in the low-altitude field;
Sichuan Jiuzhou (000801) is a leading air traffic control system in China, providing systems and related supporting equipment to the Sichuan Provincial Low-altitude Airspace Collaborative Operation Center.
The mainland plans to improve the commercial reserve system of fertilizer, and the price of phosphate rock may remain strong
The National Development and Reform Commission recently issued the "National Fertilizer Commercial Reserve Management Measures (Revised Draft for Comments)". The national commercial fertilizer reserves are divided into three parts: nitrogen, phosphorus and compound fertilizer reserves, potash fertilizer reserves, and disaster relief fertilizer reserves. The national fertilizer commercial reserve shall have a storage responsibility period of not less than 4 years per round, and the annual nitrogen, phosphorus and compound fertilizer reserve time shall be 6 months, and the potash fertilizer reserve and disaster relief fertilizer reserve time shall be 12 months.
The industrial chain survey shows that the short-term supply and demand of phosphate fertilizer were stable in March, diammonium entered the export period, and the cost side remained stable. Western Securities believes that the profitability of diammonium and phosphate rock links is relatively certain. Pacific Securities also pointed out that the recent increase in phosphate fertilizer exports, due to the small number of new domestic phosphate minerals in 2024, phosphate rock prices are expected to remain high
Yuntianhua (600096) is mainly engaged in chemical fertilizer, phosphate mining and dressing, phosphorus chemical industry and new materials, and trade logistics;
Chuanjinnuo (300505) is mainly engaged in wet phosphoric acid products, the main products include feed additives, fertilizers, and wet purified phosphoric acid.
The marginal rebound of risk appetite is a high probability event
During the May Day holiday, overseas macro events supported a marginal rebound in global risk appetite. The U.S. April non-farm payrolls were lower than expected, the PMI fell back to the boom and bust line, and the Federal Reserve's May meeting was dovish. The market's expectation of interest rate cuts has risen, triggering a sharp rise in peripheral stock markets across the board. Hong Kong's Hang Seng Index closed higher for the ninth consecutive trading day, the longest winning streak since 2018. During the holiday season, Hong Kong's Hang Seng Index surged more than 4%, the Hang Seng Tech Index surged more than 7%, the highest level since the end of November 2023, and the US-listed China Golden Dragon Index surged more than 6%. The renminbi has appreciated sharply, and the good start of A-shares is a high probability event.
Domestically, the recovery of production activities slowed down in April, and the manufacturing PMI index fell marginally, but it was still in the expansion range. According to the incremental policy signal released by the Politburo meeting in April, the fiscal policy is expected to accelerate, the total volume and reform policy are expected to enter a period of force, and the real estate will take a two-pronged approach to digesting the stock and optimizing the incremental policy. In addition, the agenda of the Third Central Committee has been determined, and the previous Third Plenary Sessions have put forward reform tasks that are related to the overall situation and have far-reaching impact, among which the even-numbered Third Plenary Sessions have all involved comprehensive reforms, and the relevant expectations are expected to continue to ferment.
In terms of layout, in the context of economic recovery and significant inflow of foreign capital, China's assets are expected to continue to recover. At present, the annual report is over, and theme stocks may welcome active opportunities. Judging from the first quarterly report, the performance of A-shares is still bottoming out, and the net profit of all A-shares in Q1 2024 will be -4.7% year-on-year, negative growth for 4 consecutive quarters, down 2 percentage points from Q4 in 2023. On the board, the main board is still under pressure, but the performance of the ChiNext and the Science and Technology Innovation Board has improved, and the profit growth rate in Q1 of 2024 has increased by more than 10 percentage points compared with Q4 of 2023.
In terms of operation, you can pay attention to Hang Seng Technology ETF (159740), ChiNext ETF (159915) and STAR Market 50 ETF (688080).
Synthetic biology "assists" hyaluronic acid cost "big dive"
It is reported that the team of the Future Food Science Center of Jiangnan University uses synthetic biology technology to produce ordinary molecular weight hyaluronic acid with the help of microbial fermentation, reducing the cost from tens of thousands of yuan per kilogram to several hundred yuan per kilogram, and realizing the promotion and application of large production of hyaluronic acid. Through synthetic methods, the team redesigned and modified existing, naturally occurring biological systems, and even created "biological structures" that do not exist in nature, greatly increasing yields. Thanks to the efforts of the synthetic biology innovation team at the Future Food Science Center of Jiangnan University, the mainland has become the first country with the ability to produce all types of hyaluronic acid.
Hyaluronic acid, also known as hyaluronic acid, is widely found in the human body and has the function of lubricating joints and, more importantly, skin moisturizing. This technical breakthrough uses cell factories to produce "everything", which greatly reduces the cost of raw materials, so that the acquisition of many cosmetic raw materials no longer depends on traditional animal and plant extraction.
In terms of opportunity layout, we can continue to pay attention to the synthetic biology industry chain. The bioeconomy is expected to become the fourth industrial revolution in the future after the agricultural revolution, the industrial revolution and the digital revolution. It is reported that led by the National Development and Reform Commission, the Ministry of Industry and Information Technology and the Ministry of Science and Technology and other national ministries and commissions are jointly developing a national biotechnology and biomanufacturing action plan, and it is expected to be introduced in the near future, and "biomanufacturing +" is the key content.
Synthetic biology has begun to be active before the holiday, and we can continue to pay attention to Shengxiang Biotechnology (688289), Fuxiang Pharmaceutical (300497) and Bloomage Biotechnology (688363).
The United States relaxes the restrictions on tax credits for electric vehicles and pays attention to the leading battery materials
On May 3, local time, the U.S. Treasury Department said it would release more "flexibility" in terms of automakers receiving electric vehicle tax credits, which means that South Korean electric vehicle manufacturers that use Chinese graphite to make batteries can also receive up to $7,500 in tax credits when they enter the U.S. market.
Under previous U.S. rules, any critical minerals manufactured or assembled by a Foreign Entity of Concern (FEOC) starting in 2025 will not be eligible for the tax credit. The United States defines the FEOC as any company owned, controlled, or governed by North Korea, China, Russia, or Iran. The U.S. concession was made because industry officials felt it was too difficult to trace the source of graphite, and other relatively low-value materials, including critical minerals contained in electrolyte salts and electrode binders, were similarly treated, favoring domestic lithium battery material listed companies.
It is recommended to pay attention to Putailai (603659), Xiangtan Electrification (002125), etc.
The MDI plant of the major North American manufacturer stopped production, and the device disturbed or pulled the MDI boom
According to industry website reports, on April 28, Covestro's 330,000 tons/year MDI unit in Baytown, Texas, North America, was determined to stop production. Previously, BASF Gaisma in North America suffered a force majeure shutdown of 400,000 tons/year, and the total production capacity of the two companies was 730,000 tons/year, accounting for nearly half of the North American MDI production capacity. According to Baichuan information, the MDI mother liquor plant with a production capacity of 250,000 tons/year in a factory in Shanghai is scheduled to start shutdown and maintenance in mid-May, and it is expected to last about 30 days.
In late March, force majeure occurred due to the supply of MDI products in Hungary, which boosted export demand. According to customs data, China's aggregate MDI exports to Europe in March were 37,000 tons, +345.1% month-on-month in February and +62.2% month-on-month in January. According to Baichuan and Zhuochuang information data, the weekly inventory of domestic aggregate MDI enterprises last week was 79,000 tons, at the 2.4% quantile since 2019, and the domestic refrigerator and freezer output from January to February was 18.98 million units, a year-on-year increase of +24%. There is a certain correlation between the global production capacity of force majeure devices and the price change of MDI in the next month. According to Baichuan Yingfu, in September 2021, the global MDI production capacity of 820,000 tons/year encountered force majeure, and the average price of domestic MDI in October 2021 increased by 7.3% year-on-year. Analysts believe that at present, MDI is in the post-holiday replenishment period, the inventory is at the historical pivot level, and the downstream demand is gradually entering the Spring Festival peak season, and the price is expected to be repaired.
In A-shares, you can pay attention to Wanhua Chemical (600309), Chlor-alkali Chemical (600618), etc.
The avian influenza epidemic in the United States has a risk of spillover, and the concept of animal protection may attract attention
An outbreak of avian influenza, which is spreading among poultry and dairy cows in the United States, is at risk of spreading to other countries due to migratory bird activity, WHO experts said in Geneva on April 30. According to the U.S. Department of Agriculture, at least 8 million birds have been infected in U.S. chicken farms in the past 30 days. At the same time, herd avian influenza H5N1 has so far infected 36 dairy herds in 9 states in the United States, and even cattle-to-human transmission has occurred. According to the latest investigation by the US Food and Drug Administration, one-fifth of the milk samples sold in the United States contain avian influenza virus particles. This suggests that avian influenza may be spreading more widely in the United States than thought.
There is a risk of spillover from the avian influenza epidemic in the United States, and the concept of vaccines related to Keqian Biotechnology (688526) and Biotech (600201) is expected to attract attention.
Broad application prospects: The new 500°C-resistant super strong aluminum alloy has been successfully developed
Recently, the team of Professor He Chunnian of the School of Materials Science and Technology of Tianjin University has developed a new type of oxide diffusion strengthened aluminum alloy, which increases the service temperature of aluminum alloy from 350 °C to 500 °C, and overcomes the problem that aluminum alloy is difficult to be applied in high-temperature environments above 400 °C. The research results were published in the journal Nature Materials under the title of "Superdispersed Oxide Reinforced Heat-resistant Aluminum Alloy".
Professor He Chunnian pointed out that this new process has the characteristics of simple process, low material cost and easy large-scale production, which makes it have significant industrial application value. At present, the team is cooperating with industry leaders and scientific research institutes to conduct in-depth research on the preparation of heat-resistant aluminum alloys for aero engines and important aerospace components, in order to accelerate the industrialization process of this material.
With the successful research and development of new 500°C resistant super aluminum alloy, the application prospect in the aerospace field is broad in the future, which is expected to drive the development of related industrial chains and promote the technological upgrading and industrial structure optimization of high-end manufacturing industry.
Among the companies in related industries, the main products of the 300034 company and its subsidiaries are high-temperature alloys, aluminum alloys, magnesium alloys and titanium alloys, which are the key materials for the manufacture of core components for aerospace engines;
As a global supplier of new materials and automotive lightweight parts, Lizhong Group (300428) has three major businesses: recycled cast aluminum alloy, aluminum alloy wheels and functional master alloy materials, and all of them have achieved industry leadership, and its products are mainly used in automobiles, aerospace, rail transit, ships, power electronics, food and pharmaceutical packaging, high-end manufacturing and other fields.
Demand for high-performance storage surges, and SK hynix will basically sell out next year
At a recent media conference, the CEO of South Korean memory chip giant SK hynix announced that the demand for high-performance storage solutions has surged due to the rapid development of artificial intelligence (AI) technology. In particular, the demand for advanced storage products such as high-bandwidth memory (HBM) is exploding. According to the company, according to the current mass production plan, the HBM products expected to be produced by 2025 have also been almost fully booked by customers.
The CEO of SK hynix further predicts that the market demand for storage solutions for AI applications will grow significantly in the future, i.e., those with "ultra-high-speed, high-capacity, and low-power" consumption. Currently, storage products for AI applications, such as HBM and high-capacity DRAM modules, account for about 5% of the overall storage market in 2023. However, with the in-depth application and popularization of AI technology in various industries, this proportion is expected to rise significantly to 61% by 2028.
Demand for memory products is expected to continue to rise, bringing new growth opportunities for memory chip manufacturers. Among the related companies, UPChemical, a subsidiary of Jacques Technology (002409), is the core supplier of SK hynix, a leading memory chip manufacturer in South Korea;
Shannon Xinchuang (300475) is one of SK hynix's distributors and has HBM agent qualification.
The optimization of the supply and demand pattern and the improvement of the panel faucet boom are worth looking forward to
According to the "Global LCD TV Panel Market Monthly Tracking" report released by Lotu Technology, in the first quarter of 2024, the global shipment of large-size LCD TV panels will be 56.5M pieces, up 1.3% and 11.3% year-on-year respectively, and the shipment area will reach 41.0M square meters, up 9.6% year-on-year and 5.6% month-on-month.
In terms of price,Take the largest LCD panel production capacityTVpanel as an example,Data from a number of consulting agencies,Entering 2024The price of LCD TV panel has experienced price stabilization in January and a comprehensive rise in February after the price has been stabilized in January,3The price increase has expanded significantly,4Prices continued to rise in April。 The price express report recently released by Dixian Consulting predicts that in May this year, among the LCD panels of various sizes, the prices of 32-inch and 98-inch and 100-inch panels will remain unchanged, and 43-85 inches will rise by 1-3 US dollars. Considering the approaching 6.18 promotion in the middle of the year and the "trade-in of household appliances", coupled with the forward procurement demand for overseas stocking in the second half of the year, the rise in panel prices still has some support.
The volume and price of panels have risen, and the leading quarterly reports have achieved a good start, and you can pay attention to BOE A (000725), Rainbow Shares (600707), etc.