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Important News Alert
This year's first ultra-long-term special treasury bonds will be issued on May 17, the central bank: to support the mainland and Hong Kong interest rate swap market interconnection cooperation mechanism arrangements to further optimize Zhengdan shares today resumption of trading
Tip of the day
On May 14, the State Council Information Office held a press conference on the 13th Central China Investment and Trade Expo.
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
Financial news
1. On May 13, the website of the Ministry of Finance announced the relevant arrangements for the issuance of general treasury bonds and ultra-long-term special treasury bonds in 2024. Among them, ultra-long-term special treasury bonds are divided into 20-year, 30-year and 50-year varieties, all of which pay interest on a semi-annual basis. The first ultra-long-term special treasury bond of this year will be issued on May 17.
In terms of support areas, the ultra-long-term special treasury bonds will focus on key tasks such as accelerating the realization of high-level scientific and technological self-reliance and self-reliance, promoting the integrated development of urban and rural areas, promoting coordinated regional development, improving the security of food and energy resources, promoting high-quality population development, and comprehensively promoting the construction of a beautiful China.
2. According to the news on the website of the central bank on May 13, the mechanism and arrangements for the interconnection and cooperation between the interest rate swap markets between the mainland and Hong Kong (hereinafter referred to as "Swap Connect") are further optimized. The first is to enrich product types and launch interest rate swap contracts with the settlement date of the international money market as the payment cycle, which is in line with the mainstream international trading varieties to meet the diversified risk management needs of domestic and foreign investors. The second is to improve the supporting functions, launch contract compression services and supporting historical value contracts, so as to facilitate participating institutions to manage the business scale of duration contracts, reduce capital occupation, and activate market transactions. In addition, the National Interbank Funding Center, the National Interbank Market Clearing House Co., Ltd., and the OTC Clearing Company Limited will simultaneously introduce other system optimizations and preferential measures to reduce the cost of business participation for domestic and foreign investors.
On May 15, 2023, the "Swap Connect" was officially launched. Since the launch of the business, the transaction clearing and other mechanisms have been running smoothly, domestic and foreign investors have actively participated, and the business volume has continued to rise.
In the next step, the regulators of the Mainland and Hong Kong will guide the financial market infrastructure institutions of the two places to continue to promote the Swap Connect business cooperation in a steady and orderly manner, and continue to improve various mechanisms and arrangements, so as to help steadily expand the opening-up of China's financial market and consolidate and enhance Hong Kong's status as an international financial centre.
3. On May 13, the Shenzhen Stock Exchange website issued an announcement on the delivery of the "Advance Notice of Disciplinary Punishment", and it was found that Xia Haijun was suspected of violating the relevant provisions of Articles 1.5 and 1.6 of the Shenzhen Stock Exchange's "Corporate Bond Listing Rules (2018 Revision)" during his tenure as a director of China Evergrande Group, the controlling shareholder of Evergrande Real Estate Group Co., Ltd. The Shenzhen Stock Exchange intends to impose a public determination that he is not suitable to serve as a director, supervisor or senior manager of the bond issuer for life, and a public reprimand. As Xia Haijun could not be contacted, the Shenzhen Stock Exchange informed Xia Haijun of the relevant matters related to the proposed disciplinary punishment in the form of an announcement. 4. On May 13, the website of the Shanghai International Energy Exchange issued a notice on market risk control, saying that recently, the price of container transportation index (European line) futures has fluctuated greatly, and all relevant units are requested to do a good job in risk prevention, rational investment, and jointly maintain the smooth operation of the market. 5. According to the website of the Ministry of Culture and Tourism on May 13, the General Office of the Ministry of Culture and Tourism and other five departments issued a notice on the "Smart Tourism Innovation and Development Action Plan", which proposed to transform and upgrade the information infrastructure. Make good use of the new round of large-scale equipment renewal policies, and promote the transformation and upgrading of tourism emergency command centers, smart gates, smart screens in scenic spots, ticketing systems, and electronic explanations. Guide the digital and intelligent transformation and upgrading of parking lots, tourism distribution and consultation centers, tourist service centers, scenic roads and internal guidance and sign systems in scenic spots, and improve the level of infrastructure networking, intelligence and collaboration. Strengthen pilots, innovate models, and encourage and support information service providers to carry out "cloud-based data empowerment" services for cultural and tourism venues. 6. On May 13, the WeChat official account of the State Post Bureau released the China Express Development Index Report for April 2024. According to calculations, China's express delivery development index in April 2024 will be 416, 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. In April, the market scale of the industry grew steadily, the quality and efficiency of services continued to improve, the development ability was enhanced, and the overall operation situation was improving.
Company News
1. Zhengdan shares: On the evening of the 13th, it was announced that the suspension verification was completed, and the company's shares and convertible bonds resumed trading since the market opened on May 14.
The company announced on the evening of the 13th that the company's current production and operation situation is normal, and due to recent changes in market supply and demand, the market price of the main product trimellitic anhydride has risen significantly, and the company's performance in the first quarter of 2024 has increased significantly year-on-year. The company has paid attention to the recent market rumors circulating on stock bars and other platforms about the permanent closure of its trimellitic anhydride production unit by INEOS, and the company has not directly received the announcement of the permanent suspension of trimellitic anhydride production equipment announced by INEOS in the United States.
On May 6, Zhengdan shares hit a 20% daily limit at the end of the day, with a turnover of more than 1.5 billion yuan, refreshing the historical volume, and the stock rose by more than 450% from April to May 6, which was called "big demon stock" by the market. On the evening of the same day, the company announced that the company's shares and convertible bonds have fluctuated greatly in recent trading prices, and the company's shares and convertible bonds have been suspended since the market opened on May 7.
2. ST Zhongnan: It was announced on the evening of the 13th that it received a prior notice of termination of listing, and the daily closing price of the company's shares was lower than 1 yuan for 20 consecutive trading days from April 3, 2024 to May 8, 2024, and the Shenzhen Stock Exchange intends to decide to terminate the listing and trading of the company's shares.
3. Bank of China: announced on the evening of the 13th that it will issue Bank of China Co., Ltd.'s 2024 Total Loss Absorption Capacity (TLAC) non-capital bonds (Phase I) in the national interbank bond market on May 16, with a basic issuance scale of 30 billion yuan. Previously, ICBC announced that it would issue the 2024 total loss-absorbing capacity non-capital bond (Phase I) of Industrial and Commercial Bank of China Co., Ltd. from May 15 to May 17, and the basic issuance scale of the bond was also 30 billion yuan.
TLAC refers to the sum of capital and debt instruments that can absorb losses by means of write-downs or conversion into common equity when a global systemically important bank enters the resolution phase. TLAC non-capital bonds are financial bonds that have the function of absorbing losses and do not belong to the capital of commercial banks.
4. Dahua Certified Public Accountants: On May 13, the official WeChat public account of Dahua Certified Public Accountants issued a document stating that on May 10, the Jiangsu Supervision Bureau of the China Securities Regulatory Commission issued an administrative penalty decision to Dahua Certified Public Accountants: Dahua Certified Public Accountants was punished by Dahua Certified Public Accountants and related personnel in accordance with the law because they failed to be diligent and conscientious during the audit of the annual financial statements of Jintongling Technology Group Co., Ltd.
Recently, a number of listed companies, including Haixin Food, Zhongyuan Internal Distribution, Power Diamond, Boss Software, Taiji Co., Ltd., Jiahe Mecan, Kuncai Technology, and Far East Transmission, have issued relevant announcements to abandon Dahua Certified Public Accountants as the 2024 annual audit institution.
5. 5 days and 4 boards Nandu Property: On the evening of the 13th, the disclosure of stock trading risk warning announcement said that the company's stock price has fluctuated greatly recently, and there may be irrational speculation. At present, the company's main business is still property basic services, property value-added services and asset management services, and the company's production and operation are normal and have not undergone major changes. Up to now, the company has not received the principal and investment income of the wealth management product Zhongrong-Huijin No. 1 Money Market Fund Collective Fund Trust Plan, and there is a risk that the principal and interest cannot be fully paid.
6. Fu'an shares: On the evening of the 13th, it was announced that the company plans to set up 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 company intends to hold 71% of the equity of the joint venture company, and Jitie Network intends to hold 29% of the equity of the joint venture company, and the joint venture company intends to invest about 350 million yuan in the AI computing power leasing service business, and the company plans to invest about 248.5 million yuan according to the proportion of capital contribution.
On the same day, Fu'an shares received an inquiry letter from the Shanghai Stock Exchange that the company is mainly engaged in large-scale steel castings and environmental treatment business, and the investment target company is mainly engaged in AI computing power leasing services, and there is no synergy with the company's main business, and the company has no business experience related to computing power leasing. The SSE requires the company to disclose the operation model, profit model, and main customers and suppliers of the proposed computing power leasing business, and explain whether the leasing of computing resources involves quasi-financial business, as well as the main differences between the AI computing power leasing business and the traditional computing power leasing business. Explain whether the company has the necessary conditions to carry out computing power leasing business, whether it has a competitive advantage in this business field, and indicate the risks.
7. Baoxin Software: On the evening of the 13th, it was announced that in order to meet the business development needs of the Industrial Internet Research Institute, Big Data Center, Digital Industry Research Institute, and robots, the company plans to use its own land (Baoxin Zhangjiang Software Park) to build a smart manufacturing R&D center to help the company build a first-class science and technology innovation center. The total investment of the project is about 539.87 million yuan, and the project construction funds are the company's own funds.
8. The price limit of power stocks issued an announcement of stock price changes
On May 13, the Flush power sector closed up 1.78%. Xichang Electric Power, Star Power, Leshan Electric Power daily limit. On the evening of the same day, the above three power stocks issued an announcement on stock price changes.
Xichang Electric Power announced that the company is currently operating normally, the company's market environment or industry policies have not undergone major adjustments, production costs and sales have not fluctuated significantly, the internal business order is normal, and there is no information that should be disclosed but not disclosed. The company has disclosed the first quarter report of 2024 on April 30, and the net profit attributable to shareholders of the listed company is about -12.23 million yuan. During the reporting period, electricity sales increased by 6.59%; Affected by the decrease in water supply, the power generation of self-owned hydropower stations in the grid decreased by 6.83% year-on-year, and the purchased electricity increased by 8.76% year-on-year.
Star Power announced that after the company's self-examination and verification with the controlling shareholder, as of the disclosure date of the announcement, there was no material information that should be disclosed but was not disclosed. At present, the company's production and operation activities are normal, the market environment and industry policies have not undergone major adjustments, production costs and sales have not fluctuated significantly, and the internal production and operation order is normal.
Leshan Electric Power announced that the company's shares on May 9, May 10, and May 13, 2024 will have deviated from the closing price by more than 20% in three consecutive trading days, which is a situation of abnormal fluctuations in stock trading. After the company's self-examination and verification with the company's top four shareholders, as of the date of the announcement, there are no major matters that should be disclosed but have not been disclosed.
9. Brother Technology: On the evening of the 13th, it was announced that with the completion and operation of the second phase of the hydroquinone project, the company's spice sector production capacity has been relatively abundant, and the company will focus on the existing products and markets of the hydroquinone industry chain in the short term. Combined with the actual business situation, future business planning and changes in the market environment, the company believes that the relevant conditions for continuing to promote the "annual output of 30,000 tons of natural spice construction project" are not mature, which is not in line with the company's current development plan, and intends to terminate the "annual output of 30,000 tons of natural spice construction project".
10. Xiaomi&JD.com: Xiaomi's official Weibo reported on May 13 that recently, Xiaomi and JD.com reached a new strategic cooperation, and the two sides clarified the goal of Xiaomi's omni-channel sales of 200 billion yuan in JD.com in the next three years, and at the same time will jointly promote the popularization of multi-category Xiaomi smart hardware products, so that more users can enjoy Xiaomi's full-scene intelligent experience, and accelerate the full development of the "people, cars, and home ecology" strategy.
Selected Research Reports
The research report of Guojin Securities pointed out that the recent release of applications/models such as Kimi+, and the iteration of AI tools or models is expected to bring investment opportunities. AI applications are also expected to be effectively implemented, and it is recommended to pay attention to the landing of AI applications and the emergence of explosive models. With the continuous improvement of domestic copyright protection at the legislative and law enforcement levels, the value of AI corpus will continue to increase. At the same time, the increasing demand for corpus under the iteration of large models further highlights the importance of corpus. It is recommended to pay attention to the targets that continue to promote the iteration of AI tools and use AI tools, the mapping targets, IP parties, and corpus parties of popular AI tools.
Cinda Securities Research Report pointed out that the arrival of various major promotion nodes in the second quarter, with the trade-in policy jointly launched by various provinces, cities, enterprises and platforms, the domestic demand for home appliance renewal is expected to be further released. It is recommended that the second-tier white appliance head enterprises that pay attention to income and profit elasticity can actively deploy white appliance faucets, white appliance parts enterprises with medium and high-end product lines and brands, and home appliance recycling enterprises that actively support the trade-in policy.
Reporter: Zhang Jing Editor: Wang Yin Proofreader: Zhang Diange
Producer: Zhang Nan Issued by: Sun Hong
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