► Premier Li Qiang: We will issue and make good use of ultra-long-term special treasury bonds, and do a good job in supporting the implementation of major national strategies and security capacity building in key areas with high quality, so as to provide strong support for promoting Chinese-style modernization.
► China Index Institute: In recent years, about 20 cities have introduced policies to apply for settlement when you buy a house, including core second-tier cities such as Nanjing, Wuhan and Hangzhou, as well as third- and fourth-tier cities such as Jinhua, Zhumadian and Karamay. It can be seen from the recent policies issued by hot cities that the list of cities that have relaxed the restrictions on settlement is gradually spreading to hot second-tier cities.
Macroeconomic
1. The State Council: Held a mobilization video conference to support the deployment of the "two-fold" construction. Highlight the strategic, forward-looking, and overall nature, and concentrate efforts on supporting the implementation of a number of major national strategies and security capacity building in key areas. It is necessary to make overall plans for "hard investment" and "soft construction", not only to prepare and improve plans, strengthen project management, and create a number of landmark projects, but also to optimize the supply of systems and use reform methods and innovative measures to break down deep-seated obstacles.
2. Ministry of Finance: Issued the "2024 Arrangements for the Issuance of General Treasury Bonds and Ultra-long-term Special Treasury Bonds". Among them, the ultra-long-term special treasury bonds involve maturities of 20 years, 30 years, and 50 years, and it was decided to issue 40 billion 30-year ultra-long-term special treasury bonds on May 17, 20-year ultra-long-term special treasury bonds on May 24, and 50-year ultra-long-term special treasury bonds on June 14.
3. Goldman Sachs: Global central bank gold purchases have nearly tripled since mid-2022 to about 10 million ounces per quarter. Although China's central bank reported the largest net purchase of gold of all the reported central banks, these reported central banks combined accounted for only about one-third of the world's total central bank purchases. Among the central banks that did not disclose the report, it is likely that there are still some "gold buyers" who have not revealed their identities.
4. Securities Daily: At present, the market's enthusiasm for deposit products has not completely subsided, and the sales of some bank deposit products are still hot, especially the characteristic deposit products with relatively high interest rates. In a downward interest rate cycle, investors can adopt a diversified strategy to rationally allocate assets.
5. CCTV News: Recently, some netizens suggested that the free time of the expressway on holidays should be extended from 24 o'clock on the last day of the holiday to 6 o'clock in the morning of the next day. The Ministry of Transport said that considering that the free passage policy for small passenger cars on major holidays has been implemented for more than 10 years, it is necessary to conduct in-depth research and demonstration, scientific evaluation and analysis, and consider it in combination with relevant policies.
6. South Korean President Yoon Suk-yeol: It is planned to establish a new "Low Fertility Planning Department" led by the Vice Prime Minister to deal with the low birth rate and aging population. A new chief secretary in charge of matters related to the Ministry of Hypofertility is required, and the establishment of a first secretary for low fertility is directed.
Real estate dynamics
1. Foshan City, Guangdong Province: Non-registered persons who hold their own residential houses with legal property rights in the city, or have been legally and stably employed in the city for 3 years (paying social insurance for 3 consecutive years, or doing business for 3 consecutive years, which can be complementary), and have a legal and stable residence (including lease), can apply for household registration, and their spouses and minor children who live together can move with them.
2. Nanyang City, Henan Province: Housing ticket placement will be implemented in the central urban area. The house ticket shall be uniformly printed by the Municipal Department of Housing and Urban-Rural Development, and the real-name system shall be implemented, and no pledge or mortgage shall be allowed. The period of use of the room ticket shall be calculated from the date of issuance of the room ticket by the collector, and shall not exceed 36 months.
3. Zhengzhou City, Henan Province: 118 projects have entered the "white list" of real estate financing in two batches, of which 107 projects have been granted, and the Bank in Zhengzhou has invested funds in some projects. A series of policies such as Zhengzhou's "white list" system for real estate financing have boosted consumers' confidence in the property market to a certain extent.
4. Shenzhen Real Estate Agents Association: On May 13, a total of 59,509 valid second-hand houses were for sale in Shenzhen, a decrease of 48 from last week. In the 19th week of 2024, 1,361 second-hand houses were recorded in the city, an increase of 201.8% month-on-month. Last week, the number of second-hand houses recorded a sharp increase, mainly due to the superposition of the new property market policy and the release of "backlog" demand during the May Day holiday.
Stock market stock
1. On Monday, the Shanghai Composite Index was reported at 3148.02 points, down 0.21%, with a turnover of 425.963 billion. The Shenzhen Component Index was reported at 9673.32 points, down 0.6%, with a turnover of 483.757 billion. The GEM index was reported at 1860.37 points, down 0.95%, with a turnover of 206.351 billion. Overall, individual stocks fell more and rose less, and more than 4,100 stocks in the whole market fell. The turnover of the two cities was 909.8 billion, a decrease of 2.7 billion from the previous trading day. On the disk, gas, ports, electricity, home appliances and other sectors were among the top gainers, while quantum technology, brain-computer interface, satellite navigation, cloud games and other sectors were among the top decliners.
2. On Monday, the Hang Seng Index rose 0.80% to 19,115.06 points. The Hang Seng Tech Index rose 1.42% to 4,018.69. The state-owned enterprises index rose 0.64% to 6,761.64 points. On the disk, gas, electricity, integrated telecommunication services, airlines, solar energy, building energy conservation, environmental protection, oil stocks and other sectors are among the top gainers; Communication equipment, Evergrande, film concepts, innovative drugs and other sectors fell. Shimao Group rose more than 9%, CRRC rose more than 7%, Bilibili rose more than 6%, CICC rose nearly 6%, WuXi AppTec, Alibaba, ZTE rose more than 4%, and Meituan rose more than 3%; Xpeng Motors and WuXi Biologics fell more than 3%. Southbound funds bought a net of HK$8.807 billion. Among them, Hong Kong Stock Connect (Shanghai) net bought 5.132 billion Hong Kong dollars, and Hong Kong Stock Connect (Shenzhen) net bought 3.675 billion Hong Kong dollars.
3. As of May 13, there were 248 listed companies on the Beijing Stock Exchange, and there were no new ones on that day. The total market value is 338.940 billion yuan, and the transaction value is 3.775 billion yuan.
4. Financing balance of the two cities: As of May 10, the financing balance of the Shanghai Stock Exchange was 790.829 billion yuan, a decrease of 469 million yuan from the previous trading day, the financing balance of the Shenzhen Stock Exchange was 702.683 billion yuan, a decrease of 1.102 billion yuan from the previous trading day, and the total of the two cities was 1493.512 billion yuan, a decrease of 1.571 billion yuan from the previous trading day.
5. The Paper: Tens of billions of private placements performed well in April. As of April 30, the number of private placements of 10 billion yuan was 92, of which 47 were subjective, 30 were quantitative, 14 were subjective + quantitative, and 1 did not disclose the investment model. The average April income of 76 private placements with performance was 1.29%, of which 59 achieved positive returns, accounting for 77.63%.
6. Shanghai Stock Exchange: There were no new declaration companies on the three exchanges in Shanghai, Shenzhen and North China from May 6 to 12, and there are still 2 new declaration companies this year, and all of them are Beijing Stock Exchange; A total of 539 enterprises were under review in various sectors, a decrease of 13 from the previous month; 145 enterprises have announced the termination of the review, an increase of 10 from the previous month, and the number of final reviews is 1.51 times that of the same period last year.
7. China Foreign Exchange Trade System: In order to reduce the cost of market institutions participating in the business, the National Interbank Funding Center, Shanghai Clearing House and OTC Clear Hong Kong Co., Ltd. will extend the implementation period of the "Northbound Swap Connect" preferential scheme, and continue to reduce the full amount of interest rate swap transaction fees and contract clearing fees carried out by domestic and overseas institutions through the "Northbound Swap Connect" for one year.
8. Securities Times: On May 13, the northbound fund disclosure mechanism will be adjusted, and real-time turnover and other data will be cancelled. The northbound fund-related section in the brokerage app will be cancelled. Specifically, the "Northbound Net Buying" sector and the "Stock Connect" sector will have no data on the old version of the APP, and will be cancelled on the new version of the APP.
9. Huaqiang Technology: In accordance with the relevant regulations on the management of military suppliers, the Procurement Planning Department of the Combat Logistics Department of the Joint Logistics Support Force has decided to prohibit the company from participating in the procurement of materials and engineering services for the whole army for three years from April 17, 2024.
10. Fu'an Co., Ltd.: The company plans to establish a joint venture company with Shanghai Jitie Network Technology Co., Ltd. in the form of cash contribution to jointly develop AI computing power leasing service business. The joint venture company is expected to invest about RMB 350 million in the AI computing power leasing service business, and the company plans to invest about RMB 248.5 million according to the proportion of capital contribution.
Wealth Spotlight
1. The central bank: support the further optimization of the "swap connect" mechanism. Enrich product types, launch interest rate swap contracts with the settlement date of the international money market as the payment cycle, and integrate with international mainstream trading varieties to meet the diversified risk management needs of domestic and foreign investors. Improve supporting functions, launch contract compression services and supporting historical value contracts, facilitate participating institutions to manage the business scale of duration contracts, reduce capital occupation, and activate market transactions.
2. Yicai: Since the beginning of this year, coking coal prices have shown a "V" shaped trend. At the beginning of the year, the futures price remained at about 1,700 yuan per ton, and after bottoming out in early April, it rebounded, from the lowest price of 1,400 yuan per ton on April 1 to the highest price of 1,889 yuan per ton on May 7, with a maximum increase of more than 34%.
3. Financial breakfast: hot spots are non-stop, track what you want to hear. The Measures for the Supervision of the Electricity Market came into force on June 1, and the amendments add virtual power plants as the main body of electricity trading. What is the main role of a virtual power plant? What are the prospects for the future? What are the relevant investment opportunities? Friends of the wealth, quickly go to the end of the article to view today's financial secretarial tracking # Virtual power plants have entered a golden period of large-scale development
Industry Watch
1. Ministry of Transport: From May 6th to May 12th, the national freight logistics will operate in an orderly manner. The national railway transported a total of 75.301 million tons of goods, an increase of 0.54% month-on-month; A total of 55.045 million trucks passed on highways across the country, an increase of 29.04% month-on-month.
2. Economic Information Daily: Nearly ten provinces such as Anhui, Zhejiang, and Hunan have recently introduced a "local version" plan to promote the renewal of equipment in the industrial field, clarify specific goals and actions for key industries, and implement detailed financial, tax, financial, energy and land use and other guarantee support measures. Many places have also further carried out industrial exploration and project reserves, and taken multiple measures to release large-scale equipment renewal market space.
3. Ministry of Ecology and Environment: Up to now, the mainland has invested nearly 900 billion yuan in transfer payment funds to strengthen the protection of soil and water conservation, water conservation, windbreak and sand fixation and biodiversity maintenance in key national ecological function areas, involving about 4.84 million square kilometers in 810 counties, accounting for 50.4% of the land area.
4. Post Office: China's express delivery development index was 416 in April, an increase of 16.7% year-on-year. Among them, the development scale index, service quality index and development capacity index were 494.2, 648.8 and 221.0 respectively, an increase of 27.7%, 15.5% and 3.5% year-on-year respectively, and the development trend index was 67.7.
5. Finance Associated Press: A study led by scientists from Washington State University and Pacific Northwest National Laboratory in the United States showed that staying up late, including working night shifts, is enough to disrupt the rhythm of proteins related to blood sugar regulation, energy metabolism and inflammation in the human body, thereby promoting the development of chronic metabolic diseases. The latest findings provide new clues as to how much it is more likely to stay up late for diabetes, obesity and other metabolic disorders.
6. IDC: The world will generate 159.2 zettabytes of data in 2024, and it will more than double to 384.6 zettabytes in 2028, with a compound growth rate of 24.4%. The impact of AI has long been evident in a variety of fields and technologies, including intelligent surveillance, intelligent assistants, and AI-enabled business tools and industrial automation, to name a few, which have combined to drive a steady increase in the amount of data generated and stored.
7. Finance Associated Press: In March, the global registration of electric vehicles reached 1314687, a year-on-year increase of 19%, and the market share was about 19% (16% in the same period last year), which shows that despite various challenges, the demand for electric vehicles is still strong.
8. TechInsights: Driven by the strong performance of Android tablet manufacturers and local Chinese brands, the shipments of the global tablet market will only decline by 3% year-on-year in Q1 2024.
Company news
1. Masayoshi Son, President of SoftBank Group: The proposed "AI revolution" has begun. With AI semiconductors as a breakthrough, the company plans to expand its business into industries such as data centers, robotics, and power generation. It is estimated that the investment amount can reach up to 10 trillion yen (about 464.09 billion yuan).
2. Securities Times: Recently, Tesla's Shanghai energy storage super factory construction project has completed the issuance of construction permits. This is Tesla's first energy storage gigafactory project outside of the United States. According to the company's official announcement, the factory plans to start construction in May and will achieve mass production in the first quarter of next year.
3. The Paper: ByteDance's real estate business "Happiness Li" and decoration business "Zhu Xiaobang" were merged into Douyin Life Service. Zhu Shiyu, the former head of the Xingfu Lizhu Gang, was transferred to Douyin e-commerce and was responsible for the consumer durables business.
Global vision
1. China Railway Group: From January to April, a total of 6,184 China-Europe trains were opened, sending 675,000 TEUs of goods, an increase of 10% and 11% year-on-year respectively. As of the end of April, more than 89,000 China-Europe freight trains have been operated, reaching 223 cities in 25 European countries.
2. CCTV News: In order to implement the consensus reached at the San Francisco summit between the heads of state of China and the United States, the two sides agreed that China and the United States will hold the first meeting of the China-US Intergovernmental Dialogue on Artificial Intelligence in Geneva, Switzerland on May 14, local time, to exchange views on the risks of artificial intelligence technology, global governance and other issues of concern to each other.
Financial data
domestic
1. Guangzhou Futures Exchange: The number of listed industrial silicon futures contracts has increased from 8 to 12. On May 20, SI2501, SI2502, SI2503, SI2504 and SI2505 contracts were listed, and the benchmark price of the listed contracts was the settlement price of the SI2412 contract on the previous trading day. Since June, in accordance with the principle of picking one and hanging one, one contract has been listed every month.
2. New Third Board: On May 13, a total of 6,140 companies were listed, with no new additions on the same day, and the turnover was 171 million. The three-board component index was reported at 826.92, down 0.24%, with a turnover of 103 million.
3. Domestic commodity futures: As of the close of the afternoon of May 13, there were more rises and fewer losses. The European line rose by more than 14%, continuing to hit a record high; Manganese silicon rose by more than 6%, iron ore and methanol rose by more than 2%, soybean oil and urea rose by more than 1%, and PP and beans rose slightly; Lithium carbonate fell by more than 2%, fuel oil and coking coal fell by more than 1%, and cotton and liquefied gas fell slightly.
4. Treasury bonds: On May 13, the main 2-year treasury bond futures contract TS2406 rose 0.08% to 101.726, the main 5-year treasury bond futures contract TF2406 rose 0.13% to 103.410, and the main 10-year treasury bond futures contract T2406 rose 0.18% to 104.445. The 10-year Treasury rate fell 4.61BP to 2.29%; The 10-year CDB rate fell 5.00bp to 2.36%.
5. Shanghai International Energy Exchange: On May 13, the main crude oil futures contract 2407 closed at 613.1 yuan / barrel, down 5.0 yuan, or 0.81%. All contracts traded 122108 lots, and the open interest increased by 2,290 lots to 58,319 lots. The main contract traded 36,040 lots, and the open interest increased by 1,589 lots to 24,674 lots.
6. Central Bank: On May 13, a 7-day reverse repurchase operation of 2 billion yuan was carried out on the same day, and the winning interest rate was 1.80%, the same as before. Due to the expiration of 2 billion yuan of 7-day reverse repurchase on the same day, zero investment and zero withdrawal were realized.
7. Shibor: 1.7810% overnight, up 5.70 basis points. The 7-day was at 1.8360%, down 1.40 basis points. The 3-month is 1.9830%, down 0.50 basis points.
8. RMB: The onshore RMB closed at 7.2347 against the US dollar at 16:30, down 0.1398%, and the central parity of the RMB was reported at 7.1030, down 0.0268%.
9. Shanghai Environmental Exchange: On May 13, the trading volume of the carbon emission allowance listing agreement in the national carbon market was 55 tons, with a turnover of 5,200 yuan and a closing price of 97.00 yuan/ton, down 2.02%.
abroad
10. Asia: The Nikkei 225 index fell 0.13% to 38,179.46 points. South Korea's KOSPI fell 0.02% to 2,727.18 points.
11. U.S. stocks: The Dow closed down 0.21% at 39,431.51, the Nasdaq closed up 0.29% at 16,388.24, and the S&P 500 closed down 0.02% at 5,221.42.
12. Europe: Britain's FTSE 100 closed down 0.22% at 8,414.99 points, Germany's DAX30 closed down 0.16% at 18,742.22 points, and France's CAC 40 closed down 0.12% at 8,209.28 points.
13. Gold: COMEX gold futures closed down 1.38% at $2342.3 an ounce.
14. Crude oil: WTI crude oil futures settled up 1.1% at $79.12 per barrel; Brent crude futures settled up 0.69% at $82.79 a barrel.
15. Baltic Dry Bulk Index: down 2.96% to 2066 points.
· Virtual power plants have entered a golden period of large-scale development·
► China Energy Research Society: In recent years, more and more attention has been paid to power energy storage, microgrids to stabilize the fluctuation of new energy, and the coordinated operation of heterogeneous energy. In particular, in terms of market transactions, the type of electricity trading has developed from pure electric energy trading to the coexistence of electric energy trading, ancillary service trading and capacity trading, and the adjustment capacity is tapped through market mechanisms. On the one hand, it is necessary to market peak regulation, through the establishment of a market-based compensation mechanism for users to participate in power grid peak regulation, encourage users to actively respond according to the needs of the power grid, quickly adjust their own loads, and achieve peak shaving and valley filling; On the other hand, it is necessary to tap the aggregation and regulation capacity through source-grid-load-storage, virtual power plants, etc., to serve the consumption of new energy and the safe and reliable power supply of the power system.
► Cinda Securities: This year is expected to be a big year for power grid investment, and the sector has better investment opportunities. The State Grid Corporation of China revealed that in 2024, it will continue to increase the construction of a strong power grid with digital intelligence and promote the green and low-carbon transformation of energy. Focusing on application scenarios such as digital distribution network, new energy storage regulation and control, and vehicle-network interaction, we will build a number of digital and intelligent strong power grid demonstration projects, and it is expected that the total scale of investment in power grid construction will exceed 500 billion yuan, and the domestic demand for power equipment is improving. The increase in electricity demand in emerging industries such as AI has led to an increase in the demand for power equipment. The rapid development of new energy has also brought about the construction and upgrading of power grids at home and abroad, and the global power grid investment demand is improving.
► Huabao Securities: The rapid development of new energy has brought challenges to the power system. With the large-scale integration of centralized and distributed new energy into the grid, there is a high degree of uncertainty at both the source and load ends, the power supply security and stable operation mechanism of the power system tends to be complex, and the overall characteristics of the power system with a high proportion of new energy have changed dramatically. In order to support the gradual increase in the proportion of new energy installed capacity and power generation, flexible resources are the focus of investment. Thermal power flexibility transformation, UHV equipment, virtual power plants, electrochemical energy storage, pumped storage, compressed air and other technical directions are the focus of development.
► Dongguan Securities: By 2030, the cumulative scale of global virtual power plants will reach 58GW, with an average annual compound growth rate of about 39.9% from 2022 to 2025. Domestically, by 2025, the cumulative installed capacity of virtual power plants is expected to increase from 3.7GW in 2022 to 39GW, with an average annual compound growth rate of 108.1% from 2022 to 2025, and the global proportion of installed capacity will increase from 17.5% in 2022 to 67.2% in 2025. With the gradual implementation and promotion of pilot projects in various places, as well as the gradual maturity of business models, the next 3-5 years will be a golden period for the large-scale development of China's virtual power plant industry. You can pay attention to relevant virtual power plant aggregators, technology providers, power information software and hardware suppliers, etc. with resources and technical advantages.
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