Hot Spotlight //
1. The United States announced that on the basis of the original Section 301 tariffs on China, it will further increase the tariffs on electric vehicles, lithium batteries, photovoltaic cells and other products imported from China. A spokesperson for the Ministry of Commerce said that the US increase in Section 301 tariffs violates President Biden's commitment to "not seek to suppress and contain China's development" and "not seek to decouple and break the chain with China", and is not in line with the spirit of the consensus reached by the two heads of state, which will seriously affect the atmosphere of bilateral cooperation. The US should immediately correct its wrong approach and lift the additional tariffs imposed on China. China will take resolute measures to defend its rights and interests.
2. The 2024 version of the "Shenzhen Architectural Design Rules" will be officially released in the near future, and the revisions include the reduction of the shared area of residential buildings, the effective improvement of the housing rate, and the implementation of a 150-meter height limit for residential and dormitory buildings. At present, the design of the project that has been handled by the "Commercial Housing Pre-sale Permit" or the construction project whose planning conditions have been verified cannot be changed; The design and adjustment of other construction projects shall be implemented in accordance with the new version of the rules under the guidance of the directly subordinate management bureaus.
3. Tencent Holdings released its financial report, with revenue of 159.5 billion yuan in the first quarter, a year-on-year increase of 6%; The adjusted net profit was 50.27 billion yuan, a year-on-year increase of 54%. Among them, the game revenue in the international market was 13.6 billion yuan, a year-on-year increase of 3%; local game revenue was 34.5 billion yuan, down 2% year-on-year; online advertising revenue was 26.5 billion yuan, an increase of 26%; The revenue of financial technology and enterprise services business was 52.3 billion yuan, a year-on-year increase of 7%. At the end of the period, the combined monthly active accounts of WeChat and WeChat were 1.359 billion, a year-on-year increase of 3%. In terms of business highlights, both domestic and overseas game business revenue has achieved growth, with the total user time spent on Channels increasing by more than 80% year-on-year, and the total user time spent on Mini Programs increasing by more than 20% year-on-year.
4. Alibaba released its financial report, with revenue of 221.87 billion yuan in the fourth quarter of fiscal year 2024, an increase of 6.6% year-on-year; net profit attributable to ordinary shareholders was 3.27 billion yuan, down 86% year-on-year; The adjusted net profit was 24.42 billion yuan, down 11% year-on-year. The revenue of GMV, 88VIP members, and Alibaba Cloud's core public cloud products on Taotian achieved double-digit growth, the number of new merchants on Tmall increased by 60% year-on-year, and the revenue of overseas e-commerce increased by 45%. Alibaba announced a special dividend of US$4 billion for fiscal year 2024.
5. Summary of the key points of the Google I/O Developer Conference:1. In the U.S., an "AI Overviews" feature will be launched, where search engines will summarize search results directly. 2. Google Search will also have multi-step reasoning capabilities, which can handle long questions with multiple constraints at once, and support a new form of search for "shoot a video". 3. The Gemini 1.5 Pro model will expand the window of 1 million tokens to 2 million tokens this year, expanding the boundaries of synchronous processing of multi-modal information. 4. Launched the Gemini 1.5 Flash model for scenarios that require fast response. 5. Launch of Gemma 2 with a larger number of parameters. 6. In the field of multimodality, we have released Imagen 3, an Imagen 3 tool, an "AI Music Sandbox" in collaboration with Youtube & musicians, and Veo, the latest video generation model.
Global Markets //
1. The three major U.S. stock indexes closed up across the board, with the Dow up 0.32% at 39,558.11, the S&P 500 up 0.48% at 5,246.68, and the Nasdaq up 0.75% at 16,511.18. Intel rose 1.77% and JPMorgan Chase rose 1.38%, leading the Dow. Wind U.S. TAMAMA Technology Index rose 0.79%, Tesla rose 3.29%, and Nvidia rose 1.06%. Game Station rose 62.4% to its highest since November 2021. Most of the Chinese concept stocks fell, with Alibaba down 6.02% and Kingsoft Cloud down 5.97%.
2. The three major European stock indexes closed mixed, with the German DAX index down 0.1% at 18,723.63 points, the French CAC 40 index up 0.2% at 8,225.8 points, and the British FTSE 100 index up 0.16% at 8,428.13 points.
3. Most of the major Asia-Pacific stock indexes closed higher. South Korea's Kospi rose 0.11% to 2,730.34. The Nikkei 225 rose 0.46% to 38,356.06. Australia's S&P 200 fell 0.3%. New Zealand's NZX50 index fell 0.29%. India's SENSEX30 index rose 0.45%. The FTSE Malaysia Composite rose 0.19%. The FTSE Singapore Straits Index rose 0.29%.
4. International oil prices fell across the board, with the June contract for U.S. oil falling 0.85% to $78.45 per barrel. Brent oil July contract fell 0.72% to $82.76 a barrel.
5. International precious metal futures generally closed higher, COMEX gold futures rose 0.87% to $2363.5 / ounce, and COMEX silver futures rose 1.5% to $28.87 / ounce.
6. London base metals closed mixed, LME copper fell 1.08% to $10,075 / ton, LME zinc fell 0.3% to $2,988.5 / ton, LME nickel fell 1.17% to $19,005 / ton, LME aluminum rose 0.28% to $2,549 / ton, LME tin rose 1.28% to $33,340 / ton, LME lead rose 0.76% to $2,267.5 / ton.
7. The main contracts of agricultural futures on the Chicago Board of Trade (CBOT) closed down across the board, with soybean futures falling 0.41% to 1214.5 cents per bushel; Corn futures fell 0.95% to 468 cents a bushel, while wheat futures fell 1.78% to 674.75 cents a bushel.
8. U.S. Treasury yields closed down across the board, with the 2-year Treasury yield down 5.1 basis points at 4.823%, the 3-year Treasury yield down 5.5 basis points at 4.617%, the 5-year Treasury yield down 5 basis points at 4.461%, the 10-year Treasury yield down 4.8 basis points at 4.443%, and the 30-year Treasury yield down 4.3 basis points at 4.589%.
9. European bond yields mostly closed higher, with the British 10-year yield down 0.1 basis points at 4.171%, the French 10-year yield up 3.9 basis points at 3.033%, the German 10-year yield up 3.8 basis points at 2.546%, the Italian 10-year yield up 2.6 basis points at 3.882%, and the Spanish 10-year yield up 2.8 basis points at 3.328%.
10. At the end of New York, the U.S. dollar index fell 0.21% to 105.00, most of the non-U.S. currencies rose, the euro rose 0.27% to 1.0819, the pound rose 0.24% to 1.2591, the Australian dollar rose 0.29% to 0.6627, the U.S. dollar rose 0.13% to 156.42, the U.S. dollar fell 0.2% to 0.9065, and the offshore yuan was flat against the U.S. dollar at 7.2401.
Macro//
1. The central bank launched a 7-day reverse repurchase operation of 2 billion yuan on May 14, and the reverse repurchase of 2 billion yuan expired on the same day, so the maturity was completely hedged in a single day.
2. Pan Gongsheng, Governor of the People's Bank of China, attended the regular meeting of the Governors of the Bank for International Settlements. The central bank governors discussed and exchanged views on the global economic and financial situation, the adjustment of the monetary policy framework of advanced economies, and the resilience of emerging market economies.
3. The Office of the Central Committee and the Office of the State Council issued the "Opinions on Strengthening the Construction of the Coordination and Supervision System of Administrative Law Enforcement", proposing that by the end of 2024, a relatively complete administrative law enforcement supervision system covering the four levels of provinces, cities, counties and townships will be basically completed, so as to realize the all-round, full-process, normalized and long-term supervision of administrative law enforcement work.
4. The National Bureau of Statistics officially launched the third national time use survey, which includes 13 categories such as study and work, transportation, and accompanying and caring for family members.
5. Ling Ji, Vice Minister of Commerce, introduced that the 13th Central China Expo will be held in Changsha, Hunan Province from May 31 to June 2 this year. It is expected that nearly 800 Chinese and foreign enterprises will participate in the exhibition, including more than 180 overseas exhibitors.
6. Recently, the Standing Committee of the National People's Congress released the 2024 legislative work plan, and the third review of the VAT law will be carried out in December this year. According to the interviewed experts, considering the long interval between the second and third trials of VAT legislation, it may mean that the legislation is accompanied by major reforms. There is room for optimization in terms of tax rate simplification, export tax exemption for service industries, or expansion of taxable services subject to zero VAT rate.
Domestic Stock Market //
1. A-shares shrank and consolidated, multimodal AI themes rebounded, and online games led the rise. The Shanghai Composite Index closed down 0.07% at 3,145.77 points, the Shenzhen Component Index fell 0.05%, the ChiNext Index fell 0.26%, the STAR 50 Index fell 0.44%, Wind All A rose 0.15%, and Wind Shuangchuang rose 0.3%. The market turnover was 827.62 billion yuan, and the northbound funds sold 6.67 billion yuan, which was a net sale for three consecutive days.
2. Hong Kong stocks rose and fell, the Hang Seng Index closed down 0.22% at 19,073.71 points, the Hang Seng Technology Index rose 0.57%, and the Hang Seng China Enterprises Index fell 0.3%. The market turnover was 143.085 billion Hong Kong dollars. Southbound funds were net sellers of HK$115 million, CNOOC and Tencent Holdings were net sellers of HK$887 million and HK$755 million respectively, and Bank of China bucked the trend and received a net purchase of HK$700 million. The Taiwan Weighted Index rose 0.61%.
3. Dahua Certified Public Accountants, Huaxi Securities and the relevant responsible persons were severely punished by the Shenzhen Stock Exchange for temporarily not accepting documents due to the financial fraud case of Jin Tongling, which is the first time that the Shenzhen Stock Exchange has implemented the "qualification penalty" of temporarily not accepting documents for sponsors and accounting firms under the registration system.
4. Leapmotor International, a joint venture between Leapmotor and Stellantis, was officially established, with both parties holding 49% and 51% of the shares respectively. Leapmotor International will first start sales in Europe in September this year, and plans to enter India and Asia-Pacific, the Middle East and Africa, and South America from the fourth quarter.
5. Hon Hai's revenue in the first quarter was NT$1.32 trillion and its net profit was NT$22 billion, both lower than market expectations. Hon Hai said it expects the second-quarter growth rate to be "the strongest in the last three years" and still expects the company's AI server business to grow by about 40% this year.
6. AliExpress has a rapid growth in the Korean market, and has signed contracts with four leading logistics companies in South Korea, including CJ Logistics, Hanjin, Lotte Global Logistics, and Korea Post, to be responsible for AliExpress's local distribution in South Korea in the next year.
7. MINISO's total revenue in the first quarter increased by 26% year-on-year to RMB3.72 billion, and the gross profit margin was 43.4%, a record high. Adjusted net profit was RMB620 million, up 28% year-on-year. There were 217 net new stores in the quarter, a record for the same period.
8. BYD detailed the new hybrid pickup truck Shark at a press conference held in Mexico, with a starting price of 899,980 Mexican pesos, or about $53,400. BYD has denied reports of a delay to its lithium project in Chile, and the company said it is awaiting approval for a lithium materials plant in Chile.
9. Since the beginning of this year, a total of 61 multimodal AI concept stocks have ushered in institutional research. Tom Cat, Suzhou Keda, Insai Group, Zhongke Information, Zhongke Thunderda, and Worth Buying have all conducted more than 5 surveys. The largest number of participating research institutions is Thundertech, with a total of 457; It is followed by Glodon, Tom Cat, Dahua shares, etc.
10. Recently, the price of a variety of small metals has risen, the price of tungsten has been rising for several days, and the price of antimony has exceeded 110,000 yuan/ton. According to the analysis, the continuous contraction of supply and the gradual recovery of the demand side have shown a strong upward trend in the price of minor metals. Shenwan's secondary small metal industry has risen nearly 16% since the beginning of this year, with China Molybdenum, China Tungsten High-tech, Zhangyuan Tungsten, Gold Molybdenum and Tin among the top gainers, of which China Molybdenum rose by more than 80%.
11. The production and sales of new energy vehicles have grown rapidly, and the good performance has promoted the stock prices of car companies to rise. On May 14, the A-share vehicle sector led the two cities, the industry index rose 3.54%, King Long Automobile, Ankai Bus, Zhongtong Bus, *ST Yaxing stock price limit, Great Wall Motor, BAIC Blue Valley, CIMC Vehicles rose more than 5%, of which Zhongtong Bus has been two consecutive days limit.
Finance//
1. An Qingsong, former secretary of the Party Committee and president of the China Futures Association, was expelled from the party and public office. After investigation, An Qingsong used his position to seek improper benefits for others in the reform of equity division, enterprise issuance, major asset restructuring, daily supervision, etc., and seriously undermined the order of the capital market; Illegal trading of stocks. Illegally received property, the amount of which was particularly huge.
2. After the Ruifengda "runaway" incident, the filing of new private equity products has become more and more stringent. Recently, some private placements have received regulatory requirements, and the filing of products involving investment direction on the New Third Board has been returned. In addition, some quantitative private placements said that the filing of new products involving the new third board targets in quantitative private placements could not be passed.
Housing//
1. The results of the first land auction after the cancellation of purchase restrictions in Hangzhou were released, and the starting price of 4 listed residential lands was 3.894 billion yuan, and all the reserve prices were sold. From the perspective of the real estate companies participating in the auction this time, except for the slightly stronger subsidiary of the "C&D Department", the others are local small and medium-sized developers in Hangzhou, but well-known real estate companies have not appeared.
2. Liuyang has introduced 11 measures to stabilize the property market: from May 15 to July 31, 100% of the actual deed tax paid will be issued as a house purchase subsidy for the purchase of newly built commercial housing, commercial and office buildings; Implement housing subsidies for talents, with a maximum subsidy of 1 million yuan.
Industry//
1. According to the Daily Economic News, the two platforms of Tankecha and Lipinyun sell the personal information of entrepreneurs on a large scale, including Zhong Sui, the founder of Nongfu Spring, Zhang Hongfu, the actual controller of Mixue Bingcheng, and Qin Lihong, the co-founder of Weilai. As for the data source, the sales staff of Tankecha and Lipinyun also mentioned the cooperation with the three major telecom operators. In this regard, China Mobile, China Unicom, and China Telecom all said that there was no leakage. Tencent, a shareholding company of Resale Cloud, said that it was not aware of the peddling behavior, and had immediately contacted the management of Remarketing Cloud to request a full verification, and if there were any illegal operations, it must be stopped immediately.
2. The General Office of the National Development and Reform Commission issued a notice to speed up the energy-saving and carbon-reduction transformation and energy-using equipment renewal project reserves, and deeply tap the energy-saving and carbon-reduction potential of key industries in key areas, so as to vigorously promote energy-saving and carbon-reduction actions and actively and steadily promote carbon peak and carbon neutrality.
3. The National Development and Reform Commission promulgated the Basic Rules for the Operation of the Electricity Market, which came into force on July 1 this year. The Rules clearly divide electric energy trading into medium and long-term electricity trading and spot trading, and electric energy trading can be carried out through bilateral transactions and centralized transactions.
4. The Ministry of Transport and other three departments jointly deploy and carry out the road transport safety production to tackle the root cause, which will improve the safety performance of new passenger and freight vehicles, steadily and orderly promote the withdrawal of buses and sleeper buses with more than 57 seats from the transportation market, and establish and improve the information sharing and sharing mechanism covering road transport enterprises, operating vehicles, drivers, and vehicle running tracks.
5. According to the National Railway Administration, in April, the national railway passenger volume was 360.15 million, a year-on-year increase of 9.6%. The total investment in railway fixed assets reached 184.9 billion yuan, a year-on-year increase of 10.5%.
6. The Passenger Association disclosed that the pickup truck market sold 44,000 units in April, a year-on-year increase of 4.4% and a month-on-month decrease of 13.1%, which was at a mid-to-high level in the past five years.
7. Tencent Cloud and Alibaba Cloud both announced that due to the receipt of the notice of cost price changes from the upstream registry, the price of the .art domain name will be adjusted at 0:00 on May 22: the renewal price is 175 yuan/year, and the transfer price is 170 yuan.
Overseas-
1. Fed Chairman Jerome Powell said that the Fed needs to be patient and wait for more evidence that high interest rates are curbing inflation, so it needs to keep interest rates high for longer. Powell reiterated that the Fed's next move is unlikely to be to raise interest rates, and that the Fed is more likely to keep its policy rate at its current level.
2. Fed's Mester said it was too early to assert that inflation would reverse; It is appropriate for the Fed to keep interest rates unchanged as it waits for evidence of further easing of price pressures; There is no rush to consider raising interest rates; There are clear signs that the physical side of the economy is slowing down, which is helping to restore the balance of the economy; The measure of long-term inflation expectations appears to be "fairly solid" and in line with the Fed's 2% target.
3. The PPI in the United States rose 0.5% month-on-month in April, exceeding expectations of 0.3%, and the March data was revised to -0.1%; PPI rose 2.2% year-on-year, a 12-month high, in line with market expectations, and the previous value was 2.1%. The US PPI rose more than expected, raising concerns that inflation is still too stubborn and lowering expectations for the Federal Reserve to cut interest rates this year.
4. European Central Bank Governing Council member Knott said that the signs of recovery in the euro area are obvious, the economic recovery of the euro area will accelerate in the second half of the year, and June may be a good time to cut interest rates for the first time. ECB Governing Council member Weinsch said there was no rush to further rate cuts after a possible first rate cut in June.
5. Peel, chief economist of the Bank of England, said that the bank expects inflation in the second quarter to be close to the 2% target, and a summer interest rate cut has been put on the agenda. He also warned that policy needs to remain restrictive to control price pressures, but even if interest rates are cut, policy can still curb inflation.
6. IMF Managing Director Georgieva warned that artificial intelligence (AI) is hitting the global labor market like a tsunami, and governments and businesses around the world are not ready for it. Over the next two years, AI could affect 60% of jobs in advanced economies and 40% of global jobs.
7. South Korea's total government fiscal expenditure in March was 85.1 trillion won (about 450.4 billion yuan), the highest in a single month. Cumulative spending in the first three months of this year was 212.2 trillion won, also the highest in the same period of the previous year.
8. The NFIB Small Business Confidence Index in the United States in April was 89.7, the first improvement this year, and the proportion of business owners who plan to raise prices fell to a one-year low.
9. The ZEW economic sentiment index in the euro area in May was 47, the previous value was 43.9, and the current situation index was -38.6, the previous value was -48.8. Germany's ZEW economic sentiment index in May was 47.1, expected 46.0, and the previous value was 42.9.
10. The unemployment rate in the UK climbed to 4.3% in the three months to March, the highest level since last summer. Wage growth remained at 6%, higher than market expectations. The unemployment rate in the UK was 4.14% in April, compared with 4.0% in the previous month.
International Stock Market //
1. Most of the popular Chinese concept stocks fell, Alibaba fell 6.02%, Kingsoft Cloud fell 5.97%, iQiyi fell 5.84%, Miniso fell 4.67%, Vipshop fell 2.5%, Baidu fell 2.12%, Lufax Holdings fell 2.04%, Huanju fell 1.99%, and Autohome fell 1.9%; In terms of gains, Oceanpower Securities rose 83.51%, Huya Live rose 16.49%, Canadian Solar rose 7.53%, Zhihu rose 7.42%, JinkoSolar rose 7.13%, and Legend Biotech rose 3.28%. China's new energy vehicle stocks were mixed, with NIO up 7.02%, Xpeng up 2.35%, Li Auto down 2.22%, and Zeekr down 4.78%.
2. According to the information of the China Quality Certification Center, a "wearable computer" with the model A2117 of Apple has passed the national 3C quality certification. The product code name of the Vision Pro was A2117, which was previously FCC certified in the United States. This also means that this controversial headset product is expected to be sold in China.
3. MSCI said that the MSCI ACWI index will add 42 constituents and remove 121 constituents.
4. During this year's "Choose France" investment summit, France received investment commitments of 15 billion euros, with major investors including Microsoft, Amazon, Pfizer and AstraZeneca. Among them, Microsoft will invest 4 billion euros to expand AI, data center and cloud infrastructure in France.
5. According to the latest 13F documents disclosed by Hillhouse's HHLR Advisors, the concentration of the top ten heavy stocks of the institution in the first quarter was 84.57%, and Pinduoduo's holdings increased by 16.62%, ranking first with a market value of 29.77%. It opened a position of 912,400 shares of AMD, becoming its sixth largest heavy stock with a market capitalization of 3.58%, reducing its holdings of Shell, Microsoft, Salesforce, and DoorDash in the original top ten holdings, and DoorDash was squeezed out of the top ten. In addition, it reduced its holdings in Baidu by 71.87%, Alibaba by 88.21% and JD.com by 95.78%.
6. The 13F report shows that Bridgewater increased its holdings in Google A in the first quarter, and built a long position on Amazon and AMD; The weight of overweight in technology stocks was the largest, and the weight of holdings in consumer stocks decreased the most; The largest holding of the iShares Core S&P 500 ETF accounts for 5.6% of disclosed assets.
7. Zhu Renjie, director of manufacturing engineering at Tesla's Austin Gigafactory, who was responsible for the launch and production of Tesla's Cybertruck project, will leave. Tesla investor Gary Black, citing data from credit card data provider Yipit, said that after a one-month free trial of Tesla's FSD, only 2% of car owners chose to subscribe.
8. Musk's artificial intelligence (AI) startup xAI is close to reaching a $10 billion agreement to lease Oracle's AI servers.
9. Sony Group's revenue in the fourth fiscal quarter was 3.5 trillion yen, a year-on-year increase of 14%, with an operating profit of 229.4 billion yen and a net profit of 189 billion yen. Sony plans to split its shares from October 1 to split one Japanese share into five shares, and announced that it intends to repurchase shares for up to 250 billion yen.
10. Sharp decided to terminate the operation of its TV LCD panel production line. According to the latest financial report, Sharp's revenue last year decreased by 8.9% to 2,321.921 billion yen, with a net loss of 149.98 billion yen, of which the panel business loss far exceeded expectations.
11. Casio Computer Corporation announced that it plans to eliminate about 500 jobs worldwide during the current fiscal year, which begins in April.
12. Anglo American plans to sell or spin off the diamond business units De Beers, Anglo American Platinum and coking coal assets, and will focus on iron ore and copper businesses.
13. Walmart is cutting hundreds of company positions and requiring most remote employees to return to the office, according to people familiar with the matter.
14. Bayer's sales in the first quarter decreased by 0.6% year-on-year to 13.765 billion euros, and EBITDA decreased by 1.3% year-on-year to 4.412 billion euros. EBITDA is expected to be between EUR 10.2 billion and EUR 10.8 billion in 2024.
15. The Volkswagen Group is studying the sale of a stake in truck manufacturer Traton, which could be worth between 500 million euros and 1 billion euros.
16. Vodafone's Adjusted EBITDAaL increased organically by 2.2% to €11.02 billion in fiscal 2024, excluding the sale of its Spanish and Italian operations.
Commodity-
1. Domestic commodity futures closed at night, most of the energy and chemical products fell, soda ash fell 2.71%, and fuel oil, glass, butadiene rubber, crude oil, and low-sulfur fuel oil fell more than 1%. The black series fell across the board, with iron ore, coke, and coking coal falling more than 1%. Agricultural products generally fell, with vegetable oil down 2.04% and palm oil down 1.84%. Most of the base metals closed down, Shanghai copper fell 0.94%, Shanghai aluminum fell 0.85%, Shanghai nickel fell 0.67%, stainless steel fell 0.6%, Shanghai zinc fell 0.5%, Shanghai lead rose 1.04%, Shanghai tin rose 1.18%. Shanghai Gold rose 0.64%, and Shanghai Silver rose 0.6%.
2. OPEC released its latest monthly report, which predicts that global oil demand will increase by 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025, both unchanged from the previous month. OPEC crude oil production fell 48,000 b/d to 26.575 million b/d in April. OPEC is optimistic about the global economic outlook, believing that the world economy is likely to be better than expected this year.
3. Zhengshang issued an announcement that from May 16, the minimum order size of manganese-silicon futures 2409 contract trading instructions will be adjusted to 4 lots each time.
4. According to the latest quotation of Shanghai Nonferrous Metals Network, on May 14, domestic battery-grade lithium carbonate fell 430 yuan to 109,200 yuan/ton, a new low for more than 2 months, falling for 4 consecutive days.
5. The Baltic Dry Bulk Index fell 3.53% to 1993 points, falling for three consecutive days.
Bond//
1. [Bond Market Summary] The yield of spot bonds was strong in early trading, and turned into shocks in the afternoon, and in terms of active treasury bonds, the 30-year bond fell by 0.65bp and the 5-year bond rose by 0.5bp. Treasury bond futures collectively closed higher, and the main 30-year contract rose 0.11%. Vanke bonds performed well, with "22 Vanke 02" rising by more than 13% and "21 Vanke 06" rising by more than 8%. The capital side remains loose, and the market pays attention to today's MLF operation.
2. The CSI Convertible Bond Index closed up 0.14%, and the Wind Convertible Bond Equal Rights Index rose 0.26%. Among them, Shanhe convertible bonds, N Hongbai convertible bonds, and Huicheng convertible bonds rose by 20%, 18.75%, and 14.32% respectively; In terms of decline, Tailin convertible bonds, Baichuan convertible bonds 2, and Tongguang convertible bonds fell by 9.86%, 5.81%, and 5.44% respectively.
3. [Major Bond Events] Dagong International downgraded the credit rating of "H17 Contemporary 1" to C; Agile Group has not paid the interest on the 2020 Notes; Bohai Securities received the "Notice of Case Filing" from the China Securities Regulatory Commission; "21 Aoyuan Bonds" and other bonds resumed trading from the opening of the market on May 15; Oceanwide Holdings received the prosecution materials of the three cases served by the Beijing Financial Court.
Foreign exchange//
1. On Tuesday, the onshore yuan closed at 7.2377 against the US dollar at 16:30, down 30 basis points from the previous trading day, and closed at 7.2330 in the night. The central parity of the yuan against the US dollar was reported at 7.1053, down 23 basis points from the previous trading day. Market participants said that the market is worried that the US inflation data may exceed expectations, and the yuan will be under pressure in the short term.
2. The front page of the China Securities News said that the exchange rate of the RMB against the US dollar has fluctuated slightly recently. Industry experts said that China's economy continued to rebound and improve, becoming a strong support for the RMB exchange rate; At the same time, the policy measures to stabilize the exchange rate will continue to be effective; In addition, foreign investors have been more optimistic about China's economy recently, and RMB assets have become an important choice for foreign institutions to carry out global investment layout.
Important Economic Agenda //
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