【Abstract】Ministry of Foreign Affairs: The US side is making a mistake in further increasing tariffs on China; The China Securities Regulatory Commission (CSRC) has clarified the regulatory provisions on programmatic trading, and high-frequency quantitative supervision has been strengthened; Wu Qing, Chairman of the China Securities Regulatory Commission: further crack down on securities violations and crimes in accordance with the law; In May, the MLF ended the continuation of the shrinkage, and the window for RRR and interest rate cuts was moved back; Five departments will carry out activities for new energy vehicles to go to the countryside in 2024; Domestic oil prices fell for the third time this year! It costs 9 yuan less to fill up a box; Two departments: support the focus on counties and towns to smooth the consumption cycle of household appliances renewal; The results of the quarterly adjustment of the MSCI China Index were announced, and 8 new A-share targets were added; The US CPI rose 3.4% year-on-year in April, and the data showed that the probability of the Fed cutting interest rates in September was about 68%; The three major U.S. stock indexes all hit record highs, with the Nasdaq up 1.40%.
Overnight outer disk
Eastern time on Wednesday, the U.S. CPI fell in April, and traders raised their expectations for the Federal Reserve to cut interest rates. U.S. stocks rose, with all three major indexes hitting record highs, with the Dow up 0.88%, the Nasdaq up 1.40%, and the S&P 500 up 1.17%. Large technology stocks rose, with Supermicro Computer up more than 15%, Dell Technologies up more than 11%, AMD and Broadcom up more than 4%, and Nvidia up more than 3%; WSB concept stocks fell hard, and the game station fell by more than 18%; Popular Chinese concept stocks were mixed, iQiyi rose more than 6%, and Weilai fell nearly 8%.
Hot spotlight
1. Ministry of Foreign Affairs: The US is making a mistake in further increasing tariffs on China
On May 15, Foreign Ministry Spokesperson Wang Wenbin held a regular press conference. In response to a reporter's question about the US side's announcement of new tariffs on China, Wang Wenbin said that the Chinese authorities have issued a press release on relevant issues, which can be consulted. What we want to stress here is that the US continues to politicize economic and trade issues and further increase tariffs on China, which is a mistake on top of a mistake, which will only significantly push up the cost of imported goods, make US companies and consumers bear more losses, and make US consumers pay a greater price. According to Moody's estimates, American consumers bear 92% of the cost of imposing tariffs on China, and American households will spend an additional $1,300 a year, and the protectionist measures of the United States will also cause greater damage to the security and stability of the global production and supply chain. We have noted that a number of European politicians have said that the imposition of tariffs is the next way to undermine global trade, and we urge the US side to earnestly abide by the rules of the WTO and immediately lift the additional tariffs imposed on China. China will take all necessary measures to defend its rights and interests.
2. The framework of programmatic trading rules is clear, and high-frequency quantification is strong supervision
The regulatory requirements for programmatic trading are clear. On May 15, the China Securities Regulatory Commission (CSRC) issued the revised Regulations on the Administration of Programmatic Trading in the Securities Market (for Trial Implementation). It makes overall and framework institutional arrangements for the supervision of programmatic transactions in the securities market, stipulates specific matters such as the management of programmatic transaction reports, transaction monitoring and risk management, information system management, and differentiated management of high-frequency trading, and authorizes the stock exchange to refine business rules and specific measures. The Securities Times reporter learned that the "Management Regulations" were officially implemented on October 8, leaving sufficient transition period and market preparation time. A number of leading institutions said that the next step will be to actively optimize investment strategies in accordance with the requirements of regulations and participate in market transactions in accordance with laws and regulations.
The Administrative Provisions make special provisions for high-frequency trading. High-frequency trading refers to the trading behavior of a high number or frequency of declarations and cancellations in a short period of time and a high number of declarations and cancellations in a single day. The Administrative Provisions fully draw on the experience of international market supervision, and from the perspective of maintaining market fairness and trading order, the Administrative Provisions put forward stricter and differentiated regulatory requirements for high-frequency trading, including additional reporting mechanisms, differentiated fees, and appropriate and strict transaction supervision. Specifically, in addition to the general reporting requirements, the Administrative Provisions also require additional information such as the location of the high-frequency trading reporting system server, the system test report, and the system failure emergency plan. The SFC authorizes stock exchanges to increase the fees for high-frequency trading and consider other fees such as order cancellation fees. The stock exchange will focus on the regulation of high-frequency trading.
3. Wu Qing, Chairman of the China Securities Regulatory Commission: Further crack down on securities violations and crimes in accordance with the law
Wu Qing, chairman of the China Securities Regulatory Commission, said in his speech at the 2024 "5.15 National Investor Protection Publicity Day" event that he would further crack down on securities violations and crimes in accordance with the law. Illegal and criminal acts such as fraudulent issuance, financial fraud, insider trading, and market manipulation are cancers in the capital market and seriously infringe upon the legitimate rights and interests of investors. Since last year, the China Securities Regulatory Commission (CSRC) has resolutely implemented the requirements of "long teeth and thorns" and angular supervision, and the number of cases investigated and handled and the amount of penalties have increased significantly. We are steadfast in our attitude towards "zero tolerance" to crack down on securities crimes. We will work with relevant parties to improve the judicial system and mechanism for securities law enforcement, accelerate the construction of a comprehensive punishment and prevention system for preventing and combating counterfeiting in the capital market, further improve the efficiency of administrative and criminal linkage, make lawbreakers pay a heavy price, and earnestly maintain the order of the "three publics" in the market.
In April and May, the MLF ended the reduction and continued to reduce the amount of RRR and interest rates
On May 15, in order to maintain reasonable and sufficient liquidity in the banking system, the central bank launched a 2 billion yuan open market reverse repurchase operation and a 125 billion yuan medium-term lending facility (MLF) operation, of which the 7-day reverse repurchase bid rate and MLF bid interest rate remained unchanged at 1.8% and 2.5% respectively. Due to the expiration of 2 billion yuan of reverse repurchase and 125 billion yuan of MLF on the same day, the central bank ended the continuation of the MLF reduction for two consecutive months in May, and chose to continue the MLF at the same parity. Many experts believe that the signal significance of the central bank's end to shrinking and continuing to make MLF is worth paying attention to, mainly to cooperate with the issuance of ultra-long-term special treasury bonds that will start in mid-to-late May and the issuance of local government special bonds that will gradually accelerate. With the MLF interest rate remaining unchanged in May, coupled with the recent low level of bank interest margins, the interviewed experts expect that the loan prime rate (LPR) quotation will remain unchanged in May, and the possibility of RRR and interest rate cuts in the short term is low.
5. Five departments will carry out activities for new energy vehicles to go to the countryside in 2024
The General Office of the Ministry of Industry and Information Technology, the General Office of the National Development and Reform Commission, the General Office of the Ministry of Agriculture and Rural Affairs, the General Office of the Ministry of Commerce and the General Department of the National Energy Administration issued a notice on carrying out new energy vehicles to the countryside in 2024. The notice proposes to select new energy vehicle models that are suitable for the rural market, have a good reputation and reliable quality, and carry out activities such as centralized exhibitions, test rides and test drives, so as to enrich the consumer experience and provide diversified choices. Organize charging and swapping services, financial services such as new energy vehicle underwriting, claims, and credit, as well as after-sales services such as maintenance, to go to the countryside to make up for the shortcomings of the supporting environment in rural areas. Implement support policies such as car trade-in, county-level charging and swapping facilities to make up for shortcomings, and direct "real money" discounts to consumers.
6. Domestic oil prices fell for the third time this year! It costs 9 yuan less to fill up a box
According to the website of the National Development and Reform Commission on the 15th, from 24 o'clock on May 15, 2024, domestic gasoline and diesel prices (standard products) will be reduced by 235 yuan and 225 yuan per ton respectively. This price adjustment is the third reduction in the domestic refined oil in the year, which is more than the previous two declines, and it is also the first "two consecutive declines" in the year. After this price adjustment, the domestic refined oil price adjustment in 2024 will show a pattern of "five rises, three declines and two strandings", with gasoline and diesel rising by 570 yuan and 550 yuan per ton respectively. After the price adjustment, according to the estimated capacity of the 50L fuel tank of the general family car, it will cost 9 yuan less to fill up a tank of 92 gasoline.
7. Two departments: support the focus on counties and towns to smooth the consumption cycle of household appliances renewal
The General Office of the Ministry of Commerce and the General Office of the Ministry of Finance issued a notice on improving the recycling system of renewable resources and supporting the trade-in of durable consumer goods such as household appliances. The notice proposes that, in combination with the actual situation, we should make overall plans to make good use of the funds related to the county's commercial construction actions, focus on breaking through the recycling of waste household appliances and furniture, and support the transformation and upgrading of service outlets such as household appliances and furniture recycling focusing on counties and towns, so as to smooth the consumption cycle of household appliances renewal. The main directions of guidance and support: First, improve the transfer facilities of the county-level renewable resource recovery system. Support the transformation and construction of county-level waste household appliances and furniture recycling, transfer, and distribution sites, and effectively improve the county's renewable resource agglomeration and transit capacity. The second is to support commercial outlets such as township business centers to provide life services such as waste household appliance recycling, second-hand household appliance distribution, and maintenance, and transform and build facilities related to the temporary storage and turnover of waste household appliances, so as to increase service functions. The third is to support waste household appliance recycling enterprises to equip renewable resource recovery vehicles, promote flexible mobile recycling models such as "car instead of library", unify service specifications, extend the recycling network, and realize that waste household appliances are collected and gone.
8. There is no need to pay "bridge tolls" Shenzhen took the lead in launching a free supervision service for second-hand housing inter-bank "transfer with mortgage" funds
According to the Shenzhen Special Zone Daily, the reporter learned from the Shenzhen Provident Fund Center that in order to better meet the needs of the public for rigid and improved housing, and further improve the level of housing transaction facilitation services, the center took the lead in the country to provide the general public with free second-hand housing inter-bank "mortgage transfer" fund supervision services, so that the buyer and seller of commercial housing in the case of non-same bank loans, the seller does not need to "foreclose" in advance to pay off the loan to complete the transfer, and the buyer's loan bank directly issues a new loan to repay the seller's original loan. This move effectively reduces the cost and risk of housing transactions, realizes a win-win situation for both buyers and sellers of commercial housing and loan banks, and is a major measure to facilitate and benefit the people in Shenzhen to promote the stable and healthy development of the real estate market.
9. The CPI in the United States rose 3.4% year-on-year in April, and the data showed that the probability of the Fed cutting interest rates in September was about 68%
On the 15th local time, data released by the U.S. Department of Labor showed that the U.S. consumer price index (CPI) rose 3.4% year-on-year and 0.3% month-on-month in April, in line with market expectations. The US April CPI data is closely watched by the market because it will provide an important reference for the Fed's next monetary policy direction. Federal Reserve Chairman Jerome Powell recently publicly stated that he will keep interest rates high for a longer time to wait for more signs of cooling inflation. According to the latest data from CME Group's Fed Watch Tool, market traders are currently pricing in a 68% probability of a Fed rate cut in September.
10. A number of private placements were interviewed for "helping funds" and the filing of products was suspended
According to the CSI Taurus report, on May 15, the reporter learned that the relevant departments are interviewing relevant private equity institutions on the situation of "helping funds" when raising products. It is understood that the relevant private equity institutions are required to give a reasonable explanation for the situation that "investors have redeemed the product significantly as soon as it is established, or even on the day of its establishment". During this period, the filing of new products of the relevant private equity institutions will be suspended, and the relevant departments may impose corresponding penalties depending on the circumstances.
11. MSCI China Index Quarterly Adjustment Results Announced, 8 A-share Targets Added
In the early morning of May 15, Beijing time, MSCI, an international index compilation company, announced the results of its quarterly index adjustment for May 2024, which will take effect after the close of trading on May 31, 2024. In this adjustment, 10 new constituent stocks were included in the MSCI China Index, of which 2 were included in Hong Kong stocks, which were Hisense Home Appliances H and Minmetals Resources. There are 8 A-shares, namely CITIC Special Steel, Hisense Home Appliances, Wanfeng Aowei, Jin Chengxin, Pingmei, Nangang, Tiandi Technology and CNOOC Development. Excluded 56 constituent stocks, including 15 Hong Kong stocks and 41 A shares.
Thematic opportunities
1. Five departments will promote new energy vehicles to the countryside and will implement charging and swapping facilities to make up for shortcomings
The Ministry of Industry and Information Technology, the National Development and Reform Commission and other five departments recently jointly organized the 2024 new energy vehicles to the countryside activities, from May to December 2024, select new energy vehicle models suitable for the rural market, good reputation, reliable quality, and carry out centralized exhibitions, test rides and test drives; Implement support policies such as car trade-in, county-level charging and swapping facilities to make up for shortcomings, and direct "real money" discounts to consumers. With the improvement of cruising range, the range anxiety has been alleviated, but the energy replenishment anxiety still exists. Mainstream automakers are actively deploying 800V high-voltage platforms to achieve fast charging and improve user experience. Shanghai Securities believes that high-voltage fast charging requires vehicles and batteries, and piles are a necessary part of the coordination. From the perspective of economy, high-voltage fast charging can effectively reduce the charging time, and the charging capacity and gun efficiency are higher, which is expected to further drive the development of charging piles, reflecting the growth of high-voltage fast charging demand at the manufacturing end and the increase in the yield of charging stations at the operating end.
2. The peak season is coming, and the beer boom is expected to rebound
From the perspective of the annual operating rhythm of beer enterprises, the peak sales season is usually the second and third quarters, and the proportion of the two quarters on the reporting side is usually 60-70% of the annual revenue. At present, catering consumption has entered the peak season, and the passenger flow of listed catering companies such as Quanjude, Haidilao, and Xiabu Xiabu has increased significantly. In addition, under the "tipsy economy", the popularity of taverns has increased, and the beer market has heated up. New tea brands such as Chayan Yuese have recently crossed over into the tavern, and listed beer companies such as Yanjing Beer, Chongqing Beer, and China Resources Beer have also actively deployed to prepare for the peak season of beer marketing. From the perspective of industry development trends, from 2020 to the first quarter of 2024, the overall revenue and profit of listed companies in the beer industry have increased, of which the profit growth rate is significantly higher than the revenue growth rate, reflecting the continuation of the high-end process of the industry. It is expected that with the advent of the peak season and the decline of the base in the second quarter, the prosperity of the beer industry is expected to achieve a trend increase. In addition, in 2024, the marginal improvement of the cost side of listed companies is highly certain, which is expected to bring greater profit elasticity.
3. The supply is tight and the inventory has fallen to a 3-year low, and the price of industrial monoammonium phosphate has risen sharply
According to Baichuan Yingfu data, on May 15, the domestic monoammonium phosphate market as a whole showed an upward trend, of which the price of industrial monoammonium phosphate was 5935 yuan/ton, up 6.04% compared with the day before yesterday and 8% compared with the beginning of the month. At present, the supply of monoammonium phosphate is tight, the market demand is increasing, the trading atmosphere is good, and the market is running at a high price. At present, industrial-grade ammonium phosphate has been mostly stopped and signed, and due to the active downstream goods, the supply side is in short supply, and mainstream enterprises have issued pre-receipts. The upstream phosphate rock market as a whole showed a slight increase, the end market demand for phosphate rock improved, and the supply of phosphate rock in some mining areas was tight. The price of raw materials has risen steadily, which has formed a good support for the price of monoammonium phosphate.
Company News
1. Shilong Industrial: The company's shares will implement other risk warnings from May 17
Shilong Industrial (002748) announced on the evening of May 15 that due to false records in the 2019 annual report and the 2020 annual report, the company received the "Administrative Penalty Decision" issued by the Jiangxi Securities Regulatory Bureau, and the Jiangxi Securities Regulatory Bureau decided to order the company to correct, give a warning, and impose a fine of 2.8 million yuan; The then senior executives were given warnings and fines ranging from 500,000 yuan to 1.4 million yuan. The company's shares have been suspended for one day since the market opened on May 16, and resumed trading since the market opened on May 17, and other risk warnings have been implemented, and the stock abbreviation has been changed from "Shilong Industrial" to "ST Shilong", and the daily rise and fall of stock trading is limited to 5%.
2. Jimin Medical: The projects related to the stem cell drug R&D pipeline are all in the preclinical stage
Jimin Medical (603222) disclosed on the evening of May 15 that the company's Boao International Hospital signed a cooperation agreement with Professor Jonathan Robert Todd Lakey in January 2019, and hired Professor Jonathan Robert Todd Lakey as the chief scientist, whose main responsibility is to provide technical support for the hospital in stem cell-related fields and jointly carry out scientific research projects for a period of 3 years. Up to now, the cooperation between the two parties has ended, and the company has not promoted the transformation of its related scientific research results in China. Boao International Hospital's current stem cell drug R&D pipeline mainly includes adipose mesenchymal stem cells (ADSC) for retinitis pigmentosa (RP), adipose mesenchymal stem cells (ADSC) for type 2 diabetes mellitus (T2DM), and adipose mesenchymal stem cells (ADSC) for chronic obstructive pulmonary disease (COPD), but all of them are in the preclinical stage and the project is relatively early.
3. Haixin Energy Technology: It is planned to carry out the pilot work of promoting and applying biodiesel
Haixin Energy Technology (300072) announced on the evening of May 15 that the company will carry out the pilot work of biodiesel promotion and application in Haidian District, Beijing and Juxian County, Rizhao City, Shandong Province in accordance with the notice and the requirements of relevant competent units. The pilot project for the promotion and application of biodiesel organized by the National Energy Administration will establish a complete management system covering the generation, collection, transportation, disposal and production, procurement, blending and sales of biodiesel, and actively promote the establishment of a biodiesel carbon emission reduction methodology, promote the inclusion of biodiesel in the national certified voluntary emission reduction (CCER) mechanism, and accelerate the realization of the green value of biodiesel. This move will develop domestic application scenarios for biodiesel, the domestic market demand will be gradually released, and the company's biodiesel products will be expanded to the domestic market.
4. Public transportation: It is planned to sell the shares of Minsheng Securities and subscribe for the shares of Guolian Securities
Public Transportation (600611) announced on the evening of May 15 that the company intends to sell 220 million shares of Minsheng Securities (hereinafter referred to as the "underlying assets") held by it to Guolian Securities, and subscribe for the newly issued A shares of Guolian Securities with the underlying assets. The audit and evaluation of Minsheng Securities involved in this transaction have not yet been completed, and the transaction price of the underlying assets has not yet been determined.
5. Panjiang shares: plans to acquire 9% of the shares of Shouqian Company to strengthen its controlling position
Panjiang Co., Ltd. (600395) announced on the evening of May 15 that the company intends to participate in the acquisition of 9% of the shares of Guizhou Shouqian Resource Development Co., Ltd. (hereinafter referred to as "Shouqian Company") publicly listed and transferred by Shougang Shuicheng Iron and Steel (Group) Co., Ltd. through public delisting, with a reserve price of 112 million yuan. If the acquisition is successful, the company's shareholding in Shouqian will increase from 86% to 95%. Yangshan Coal Mine, which belongs to Shouqian Company, is rich in coal resources and has the advantages of excellent coal quality and high selectivity. The company's acquisition of 9% equity of Shouqian Company is conducive to expanding the main coal business and strengthening the company's controlling position in Shouqian Company. In addition, after comprehensively considering the company's financial situation and project investment risks, and from the perspective of sound operation, the company decided to give up the business opportunity of cooperating with Guizhou Wujiang Hydropower Development Co., Ltd. to invest in the construction and operation of the "Bijie Fire Wind and Solar Integrated Power Generation Project".
6. CIMC: The largest shareholder plans to transfer 5.1% of the company's shares
CIMC (000039) announced on the evening of May 15 that Shenzhen Capital Operation Group Co., Ltd., the largest shareholder, intends to transfer 5.1% of the company's total share capital by agreement through public solicitation of transferees, and the transfer price will not be less than 8.67 yuan per share. The implementation of the public solicitation transfer will not lead to a change in the company's largest shareholder.
7. Fuda shares: It is planned to raise no more than 300 million yuan for the hybrid crankshaft project of new energy vehicles
Fuda shares (603166) announced on the evening of May 15 that the company intends to issue shares to specific objects through simplified procedures to raise a total of no more than 300 million yuan, which will be used for the hybrid crankshaft intelligent manufacturing project of new energy vehicles.
8. Evergreen Technology: It is planned to build a new polymer material production base in Taizhou City
Evergreen Technology (603125) announced on the evening of May 15 that the company plans to invest in the construction of a polymer new material production base (referred to as "Taizhou production base") in Gaogang District, Taizhou City through its wholly-owned subsidiary, Jiangsu Evergain New Material Technology (Taizhou) Co., Ltd., laying a solid foundation for the company's sustainable development in the future. The total planned long-term investment of the Taizhou production base project is about 10 billion yuan, which will be implemented in three phases. The initial planned investment amount of the first phase of the project is about 3 billion yuan, and there is no clear investment plan for the second and third phases of the project.
![Day26: Procedural administrative penalties[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)