The three major A-share stock indexes were mixed, with the Shanghai Composite Index turning green and falling 0.22%, and the innovative drug sector rebounding

Finance

2024-05-14 10:33Published in Beijing

On May 14, the financial industry reported that on Tuesday, the A-share Shanghai Composite Index fell 0.22%, the Shenzhen Component Index fell 0.04%, the ChiNext Index rose 0.05%, and the Science and Technology Innovation 50 Index rose 0.20%.

The innovative drug sector rebounded, Hongbo Pharmaceutical's 20CM daily limit, Haite Biotech rose by more than 10%, and PharmaBlock, Chengdu Lead, WuXi AppTec, and Dizhe Pharmaceutical rose highly.

The humanoid robot sector performed strongly at the beginning of the session, Shengtong shares rose by the limit, Fengli Intelligent rose by more than 7%, and Mingzhi Electric, Xiaxia Precision, and Siling shares followed suit; Mobile game stocks opened higher, Dasheng Culture rose by the limit, Tom Cat rose by more than 8%, and many stocks such as Liandi Information, Xunyou Technology, and Caesar Culture followed suit. The gas sector pulled back, Kaitian Gas fell more than 4%, Meineng Energy fell more than 3%, and Nanjing Public Utilities and Guizhou Gas followed suit.

As of press time, the Shanghai Composite Index rose 0.83 points, or 0.03%, to 3,148.85 points, the Shenzhen Component Index rose 16.23 points, or 0.17%, to 9,689.55, the CSI 300 Index rose 3.53 points, or 0.1%, to 3,668.23, the ChiNext Index rose 4.02 points, or 0.22%, to 1,864.39, and the STAR 50 Index rose 2.96 points, or 0.39%, to 766.65.

Market focus stocks Nandu Property (5 days and 4 boards) opened 5.74% lower, power stocks Xichang Power (6 days and 4 boards) opened 3.66% lower, Star Power (2 boards) opened 2.96% lower, Leshan Power (2 boards) opened 5.68% lower, synthetic biology concept stocks Boen Group (7 days and 4 boards) opened 2.70% higher, Jiahua shares (2 boards) bid up limit, Shuangcheng Pharmaceutical (4 days and 2 boards) opened 3.38% higher, and smart grid plate Jicheng Electronics (3 boards) opened 9.99% higher, Taiyong Long March (2 boards) opened 2.98% lower, the chemical fiber sector Nanjing Chemical Fiber (2 boards) opened 0.58% higher, and the shipping stock Phoenix Shipping (3 days and 2 boards) opened 1.61% higher.

Global market

The rising inflation expectations suppressed the market's interest rate cut expectations, and the U.S. stock market closed differentially, with the Dow falling more than 80 points, the S&P falling slightly by 0.01%, all of which temporarily bid farewell to the six-week high, and the Nasdaq rebounded slightly up 47 points; Technology stocks were mixed, with Tesla up more than 2%, Apple up nearly 2%, and Meta down more than 1%; WSB's popular concept stocks rose sharply, AMC Cinemas rose nearly 80%, and Game Station rose more than 74% to the fifth intraday circuit breaker; China's concept stocks rose, Bilibili rose more than 12%, Tencent Music rose nearly 11%, Weilai rose more than 6%, Vipshop, Alibaba, Futu Holdings, iQiyi rose more than 5%, JD.com, Xiaopeng Motors rose more than 4%, and Pinduoduo rose more than 3%. The U.S. dollar index narrowed its losses by more than half; The yen hit a new low in more than a week, the offshore yuan fell more than 100 points to 7.24, also hitting a new low in more than a week, bitcoin returned to above $63,000, London copper rose more than 1% to a two-year high, and London zinc rose more than 2%, rising to a 14-month high for three consecutive days; Crude oil rebounded, up more than 1% intraday, and cloth oil bid farewell to more than seven weeks low; U.S. Treasury yields pared most of the losses.

Company News

Vanke, BYD: Recently, the corporate status of Shenzhen Vanke Yundi Industrial Co., Ltd. has been changed from existence to cancellation. The equity panorama penetration chart shows that the company is 72% and 28% owned by Shenzhen Denza Automobile Co., Ltd., a subsidiary of BYD, and Hengqin Vanke Yundi Business Consulting Partnership (Limited Partnership), a subsidiary of Vanke A.

Funeng shares: In order to meet the needs of business development, the company and Fujian Energy Investment Co., Ltd., another shareholder of Strait Power Generation, plan to increase the capital of 922 million yuan to Strait Power Generation in cash according to the proportion of shares, mainly used for the construction of offshore wind power projects such as Zhangpu Liuao Phase II. The company will increase its capital by 323 million yuan to Strait Power Generation. After the capital increase, the shareholding ratio of each investor of Strait Power Generation will remain unchanged.

Jiangte Motor: The company recently received the "Mining License" of Qiankeng Lithium Mine issued by the Ministry of Natural Resources. The average grade of Li2O in the Qiankeng lithium mine is calculated at 0.44%, and the ore resource reserves are 72.93 million tons. The average grade of Li2O in some areas is above 0.55%. If the average grade of Li2O is calculated at 0.39%, the ore resource reserves reach 126.67 million tons, which is a large-scale lithium mine.

Shentong Metro: It plans to purchase 50% of the shares of Shanghai Metro Electronic Technology Co., Ltd. and 51% of the shares of Shanghai Metro Property Management Co., Ltd.

Baili Tianheng: The company is discussing with relevant intermediaries the relevant work related to the company's issuance of H shares and listing on the main board of the Hong Kong Stock Exchange, and the specific details have not yet been determined.

*ST Joyvio: The company's stock trading will be suspended for one day from the market open on May 14, 2024 (Tuesday) and resume trading from the market open on May 15, 2024 (Wednesday).

Zhengdan shares: After the company's application, the company's shares and convertible bonds will resume trading from the opening of the market on May 14, 2024 (Tuesday), and resume the conversion of shares.

Yazhen Home: Yazhen Investment agreed to transfer 13.1376 million shares of the company held by it to Xie Kai at a price of 4 yuan per share, accounting for 5% of the company's total share capital, and the total transfer price was 52.5504 million yuan.

Yatong Seiko: It plans to acquire 55% of the shares of Rizhao Xingye Auto Parts Co., Ltd. in cash, and the company is expected to enrich the product types of commercial vehicle parts through this transaction.

Sunner Development: In April 2024, the sales revenue was 1.522 billion yuan, an increase of 5.69% over the same period last year and 0.30% month-on-month.

Chongqing Water: The company plans to publicly issue corporate bonds of no more than 3 billion yuan, which are intended to be used to repay the company's debts, replenish working capital, project investment, equity investment, acquisition of assets and other purposes to support the development of the company's main business

ST Zhongnan: After receiving the prior notice of termination of listing, the Shenzhen Stock Exchange intends to decide to terminate the listing and trading of the company's shares.

Kelin Electric: Hisense Network can make a tender offer to acquire 20% of the shares, and the price of the tender offer is 33 yuan per share, and the purpose of the tender offer is to obtain control of the company.

Institutional perspectives

Zheshang Securities: The industry is expected to be prosperous + the profitability trend of the leader is improving, and the future is expected to usher in Davis's double double. Considering the continuous advancement of the globalization of the construction machinery industry, the bottoming of the domestic cycle is expected to improve, and the leading manufacturers have entered the stage of increasing the profitability trend, the reasonable valuation of the industry may have room for improvement.

Guotai Junan: Thermal power is still the supporting power supply of the power grid, with the ability to call both baseload and flexible peak regulation, and is the ballast stone for maintaining the stability of the power grid in the context of the increasing proportion of wind and solar new energy on the grid. The approval of new units has increased faster than expected, and the flexibility transformation of existing units has been superimposed, and the procurement demand for main and auxiliary equipment for thermal power has increased significantly. Recommended: 1) Manufacturers of main and auxiliary equipment for environmental protection equipment. 2) Newly approved projects are equipped with rigid environmental protection online monitoring needs. 3) The flexibility transformation of existing coal-fired power units should be "reformed as much as possible".

CITIC Securities: IGBT technology + large-scale grid connection of new energy promotes the development of flexible DC technology. The DC power grid can stabilize the fluctuation of new energy, and the construction of sea breeze and overseas flexible straight has just begun. Compared with the bidding cost of different lines, the converter valve is the key equipment, and the IGBT is the most valuable part of the flexible straight converter valve. With the acceleration of domestic project bidding and the gradual advancement of the construction of Haifeng and overseas flexible straight projects, it is recommended to focus on the three main lines of DC core equipment, other core equipment and core components.

Guohai Securities: The liquor industry is showing a spiral upward trend, and the long-term upward potential remains unchanged. The short-term macro demand pressure only affects the speed of the industry's price upgrade, and does not change the direction of the upgrade. In the long run, as long as there is moderate inflation, the logic of industry price upgrading remains unchanged, and the sub-high-end continues to accelerate expansion. At present, the industry has entered the second stage of growth, from the high-end front-line leading growth to the elastic growth of the sub-high-end general trend, and it is expected that the industry will continue to be structurally prosperous in the future, and the sub-high-end potential energy is still sufficient.

Everbright Securities: It is recommended to pay attention to the application of synthetic biology technology. Recently, the concept of synthetic biology has become popular, and synthetic biology adopts the concept of engineering design to transform or create artificial life systems or functional systems that surpass natural functions, which can be broadly defined as a science and technology industry that replaces fossil-based materials with bio-based materials and replaces traditional chemical technology routes with biotechnology routes. Its application in the field of biomedicine is mainly in the two directions of innovative drugs and innovative therapies, APIs and pharmaceutical intermediates.

CITIC Securities: The consumer battery industry has a broad space, and manufacturers have experienced a comprehensive destocking cycle, which is expected to restart with the consumer electronics cycle. The industry pattern is stable, the integration ability of enterprises in the core links is improved, technology and channels are the core competitiveness of manufacturers, and East Asia occupies a dominant position in the industrial chain. The industry is accelerating the trend of sinicization of the industrial chain, overseas manufacturers are making efforts to move the storage track, and domestic enterprises are accelerating customer expansion and increasing their share; Technological innovations such as steel shells and silicon anodes have boosted the value of products, and emerging consumer products such as AI PCs and MR equipment have provided the industry with incremental space in the future.

China Securities Construction Investment: Domestic AI large models are rapidly iterating, and this year is expected to be the first year of the outbreak of AI applications. From the perspective of supply chain security and cost performance, it is expected that the proportion of domestic computing infrastructure will continue to increase, and it is recommended to focus on servers/computing chips, switches/switching chips, optical modules and other links. Servers: The rapid growth of AI servers and the increase in the penetration of chip localization have brought about changes in the competitive landscape; Switches: Ethernet support for high-performance computing scenarios has been gradually verified, RoCE switches are expected to replace IB switches as the first choice for domestic large-scale model manufacturers, domestic switch manufacturers 400G, 800G related orders are expected to achieve rapid growth, and domestic high-speed switching chips are also expected to begin to increase volume; Optical transceivers: In 2024, the domestic demand for 400G is expected to increase significantly, and some leading CSPs may purchase 800G products.