► The People's Bank of China and the State Administration of Financial Regulation: On May 17, the minimum down payment ratio for commercial personal housing loans for the first and second houses was adjusted to no less than 15% and 25% respectively. This is the most lenient down payment policy in the history of mortgage lending, and the reduction rate is a record high.
► Nanjing, Jiangsu Province: In 2024, 265 hectares of residential land will be supplied, of which 240 hectares of commercial residential land will be supplied, a year-on-year decrease of 51.3%, and the scale reduction is very significant. The scale of 240 hectares is the lowest in the history of the supply of commercial residential land in Nanjing.
► Central Bank: Abolish the lower limit of the interest rate policy for commercial personal housing loans for first and second homes at the national level. From May 18, the interest rate of personal housing provident fund loans will be lowered by 0.25 percentage points, and the interest rates of the first and second sets of personal housing provident fund loans for less than 5 years (including 5 years) and more than 5 years will be adjusted to 2.35% and 2.85% respectively, not less than 2.775% and 3.325%.
Macroeconomic
1. President Xi Jinping: The development of mainland tourism has entered the fast lane, forming the world's largest domestic tourism market, becoming the largest source country and main destination of international tourism. Efforts should be made to improve the modern tourism system, accelerate the construction of a strong tourism country, and make the tourism industry better serve a better life.
2. Bureau of Statistics: In April, the added value of industrial enterprises above designated size increased by 6.7% year-on-year and 0.97% month-on-month; The total retail sales of consumer goods were 3.57 trillion yuan, a year-on-year increase of 2.3%. The surveyed urban unemployment rate nationwide was 5.0 percent, down 0.2 percentage points from the previous month, declining for two consecutive months. From January to April, the national investment in fixed assets (excluding rural households) was 14.34 trillion yuan, a year-on-year increase of 4.2%, of which private investment was 7.4 trillion yuan, a year-on-year increase of 0.3%.
3. Civil Aviation Administration: In April, the total transportation turnover of the entire civil aviation industry in mainland China was 11.38 billion ton-kilometers, a year-on-year increase of 21.6%; The scale of international passenger traffic recovered to 83.8% of the same period in 2019, and the recovery level exceeded 80% for three consecutive months. The passenger volume was 55.95 million, a year-on-year increase of 10.6%. We will continue to optimize the rules for ticket refunds and changes. Gradually improve the fee standard for refunds and changes.
4. Economic Observer: The bidding for the 2024 ultra-long-term special treasury bonds (phase I) has ended, with a weighted winning yield of 2.57%, a full-market multiple of 3.9, and a marginal multiple of 382.6.
5. Deloitte: Adoption of generative AI in developing Asia-Pacific economies is 30% higher than in developed economies. Generative AI will affect 1.1 billion hours of work each year, accounting for about 17%, and may rewrite the traditional technology landscape.
6. Japanese government: With the construction of more data centers, chip factories and other energy-consuming enterprises, the demand for electricity output is forecast to increase by 35% to 50% by 2050. This will be Japan's first increase in electricity demand in 20 years.
Real estate dynamics
1. Bureau of Statistics: In April, the month-on-month and year-on-year decline in the sales prices of commercial housing in 70 large and medium-sized cities expanded. The sales price of newly built commercial residential buildings in first-tier cities decreased by 0.6% month-on-month. Among them, Beijing, Guangzhou and Shenzhen fell by 0.7%, 1.3% and 1.0% respectively, and Shanghai rose by 0.3%. Second-hand residential sales prices in first-tier cities fell by 1.1% month-on-month.
2. Ministry of Housing and Urban-Rural Development: Supporting policy documents related to guaranteed delivery of housing will be issued, focusing on four aspects, and fighting the tough battle of ensuring the delivery of commercial housing projects. The city government should push for projects that meet the conditions of the white list. Promote the digestion of the stock of commercial housing. Properly dispose of the revitalized stock land, and the stock land that has not yet been developed or has been started but not completed shall be properly disposed of and revitalized through government recovery and acquisition, market circulation and transfer.
3. The central bank: It is planned to set up a 300 billion yuan affordable housing reloan, with an interest rate of 1.75%, a term of 1 year, and a renewable period of 4 times. The recipients include 21 national banks, including the China Development Bank and policy banks. Refinancing at 60% of the loan principal can drive bank loans of 500 billion yuan.
4. Xiao Yuanqi, deputy director of the State Administration of Financial Regulation: In the near future, the "Notice on Further Giving Play to the Role of the Urban Real Estate Financing Coordination Mechanism to Meet the Reasonable Financing Needs of Real Estate Projects" will be issued to establish and improve the urban real estate financing coordination mechanism. Review the "white list" projects in accordance with the conditions and standards, and for the projects that do not meet the conditions and standards for the time being, the corresponding problems should be effectively solved to make them meet the conditions and standards of the "white list" projects.
5. Vanke: On May 16, Vanke successfully issued an asset-backed special plan on the Shenzhen Stock Exchange, with an issuance scale of 1.435 billion yuan, a priority AAA rating, a priority coupon rate of 3.6%, and a term of no more than 18 years. The successful issuance of CMBS will help Vanke broaden its medium- and long-term financing channels and further reduce financing costs.
6. Shanghai Securities News: The 71st floor of the Shanghai World Financial Center will be auctioned publicly, with a starting price of 337 million yuan, which is equivalent to 7% off the appraisal price. To participate in the auction, a deposit of 50 million yuan is required, and the price increase is 1 million yuan and its integer multiples. The auction has received more than 17,000 onlookers, and more than 500 people have set reminders.
Stock market stock
1. On Friday, the Shanghai Composite Index reported 3154.03 points, up 1.01%, with a turnover of 389.573 billion. The Shenzhen Component Index was reported at 9709.42 points, up 1.10%, with a turnover of 497.791 billion. The GEM index was reported at 1864.94 points, up 1.12%, with a turnover of 208.187 billion. Overall, individual stocks rose more and fell less, and more than 4,000 stocks rose in the whole market. The turnover of the two cities was 887.4 billion, an increase of 39.6 billion from the previous trading day. On the disk, real estate, copper high-speed connection, low-altitude economy, glass substrates and other sectors were among the top gainers, while home appliances, traditional Chinese medicine, short dramas, synthetic biology and other sectors were among the top decliners.
2. On Friday, the Hang Seng Index rose 0.91% to 19,553.61 points. The Hang Seng Tech Index rose 0.99% to 4,112.59 points. The state-owned enterprises index rose 0.92% to 6,934.7 points. Construction products, aviation, Evergrande, mainland real estate, virtual reality, new energy vehicles, domestic insurance stocks, retail stocks and other top gainers; Software, pork, lithium batteries and other sectors fell. The net inflow of southbound funds was HK$5,957 million. Among them, the net inflow of Hong Kong Stock Connect (Shanghai) was HK $3.356 billion, and the net inflow of Hong Kong Stock Connect (Shenzhen) was HK $2.601 billion.
3. As of May 17, there were 248 listed companies on the Beijing Stock Exchange, and there were no new ones on the same day. The total market value is 335.810 billion yuan, and the transaction value is 2.807 billion yuan.
4. Financing balance of the two cities: As of May 16, the financing balance of the Shanghai Stock Exchange was 794.532 billion yuan, an increase of 1.216 billion yuan from the previous trading day, the financing balance of the Shenzhen Stock Exchange was 703.431 billion yuan, an increase of 1.424 billion yuan from the previous trading day, and the total of the two cities was 1497.963 billion yuan, an increase of 2.640 billion yuan from the previous trading day.
5. Four departments including the China Securities Regulatory Commission: Issued the "Opinions on Several Issues Concerning the Handling of Securities and Futures Illegal and Criminal Cases". Adhere to the zero-tolerance requirement and strictly crack down on illegal and criminal activities in securities and futures in accordance with the law. Increase the force of investigation and punishment, persist in moving everything that should be removed, arresting when arrested, and prosecuting when it is sued, increasing the force of application and enforcement of property penalties, maximizing the recovery of stolen goods and losses, and comprehensively pursuing a system of accountability.
6. China Securities News: The regulator has strict and meticulous inquiries about the annual reports of listed companies in 2023. This year, the foothold of the annual report inquiry of listed companies has been refined, and the key matters involved in the audit opinion of non-standard financial reports have been paid more attention; The impact of corporate governance defects on daily operations has attracted increasing attention; The dividends of some listed companies, including details such as abnormal proportional dividends and non-dividends, were highlighted.
7. Shanghai Securities News: Accounting firms are experiencing an unprecedented regulatory storm. Since the beginning of this year, the regulatory authorities have issued at least 175 fines against accounting firms, involving 41 accounting firms and 139 practitioners. The strict and severe punishment measures of the supervision have shown the market its attitude and determination.
8. China Securities Construction Investment: The small-cap market has come to an end. It is recommended that investors cash in on small and micro cap stocks with poor performance or overvaluation, and lay out large-cap leaders with steadily increasing market share or significantly undervalued at a low level. It is expected that the A-share market will usher in a period of dominance of large-cap leaders. It is recommended to focus on the allocation needs of high-dividend-value types, which have been undervalued for a long time and benefit from medium- to long-term capital growth. Supply and demand improvement, supply contraction, demand rise, industry clearance environment leading market share increase.
9. CICC: Open AI and Google respectively released a new generation of models, GPT-4o and Gemini series models. Although the current large model is still dominated by cloud computing power calling, from the current efforts of various companies in the compression of model parameters, combined with the prospect of end-side commercial realization, it will become the only way for part of the computing power to sink to the end side in the future, and the corresponding consumer electronics terminals will also usher in innovation and upgrading at the hardware level.
10. Shanghai Stock Exchange: Due to the withdrawal of the application for issuance and listing of Zhongqiao Sports (formerly known as Qiaodan Sports) and its sponsor, BOCI Securities, it was decided to terminate the review of its initial public offering of shares and listing on the main board of the Shanghai Stock Exchange.
11. Geling Shentong: Sequoia China, a 6.23% shareholder, plans to reduce its holdings of the company's shares by no more than 5,179,500 shares, that is, no more than 2% of the company's total share capital.
12. WuXi Biologics: noted that the U.S. House of Representatives Oversight and Accountability Committee held a meeting on May 15, 2024, on a revised draft bill and other issues. The draft amended bill includes the Company in the proposed definition of a biotechnology company of concern, which has neither a human genomics business nor the collection of human genomics data in any of its global operations.
13. Yazhen Home Flonishing (4 boards): At present, the share transfer is in the process of handling and has yet to be reviewed for compliance, and there is a risk of uncertainty whether it can be finally completed. After self-inspection, the production and business activities are normal, and there has been no major change in the main business.
14. Jiangnan Water: On May 17, it received the "Simplified Equity Change Report" issued by Great Wall Life. Up to now, Great Wall Life has increased its holdings of 46,761,700 shares of the company through the secondary market, accounting for 5.0001% of the company's total share capital. After this change in equity, Great Wall Life holds 5.0001% of the company's shares.
15. Shenzhen Textile A: It is planned to purchase a total of 17 employees including Chimei Material Technology Investment Co., Ltd. and Haosheng (Danyang) Investment Management Co., Ltd. by issuing shares and paying cash, and the counterparty holds 100% of the shares of Hengmei Optoelectronics Co., Ltd. in total.
Wealth Spotlight
1. Ministry of Finance: The ultra-long-term special treasury bonds issued this year are book-entry treasury bonds, with three maturities of 20 years, 30 years and 50 years, and the specific purchase operations shall be handled in accordance with the book-entry treasury bond purchase process. Individual investors can purchase through institutions operating over the counter business of the national interbank bond market, or through securities companies that carry out bond brokerage business on the stock exchange.
2. China Central Radio Network: China Telecom, China Mobile, China Unicom, and Radio and Television jointly announced the launch of 5G cross-network roaming commercial promotion. 5G cross-network roaming means that when the operator does not have 5G network coverage, users can access the 5G network of other operators and continue to use 5G services. It is of great significance to reduce signal blind spots, especially to improve the level of network coverage in remote areas and rural areas.
3. Hangzhou City, Zhejiang Province: It is planned to issue the "Hangzhou Cultural, Commercial and Tourism Consumption Card". Audiences who come to Hangzhou to watch performances, competitions and exhibitions from other places can spend more than 1,000 yuan in commercial and trade enterprises included in the statistics of the society with tickets for concerts, competitions and exhibitions, and can receive a "Hangzhou Culture, Business and Tourism Consumption Card" worth 1,672 yuan to visit nearly 30 important scenic spots in Hangzhou.
4. Financial breakfast: hot spots are non-stop, track what you want to hear. Wenbo fever! Young people fall in love with "punching in" a thousand-year-old civilization? Scratch tickets are facing a situation of being out of stock and out of stock? With a monthly salary of 20,000 yuan, I dare not buy clothes in the mall, and the wholesale market is on fire again? Is the new generation of young people really "charming" South Korea? The news that young people are reading, financial friends quickly scroll to the end of the article to check out today's financial secretary tracking @Trend, if you like, come and see it every week!
Industry Watch
1. Bureau of Statistics: In the CPI in April, the prices of water, gas and train tickets increased by 0.1%, 0.1% and 0.2% month-on-month respectively, and the price of electricity was flat month-on-month, and the total impact of the four items on the CPI rose by less than 0.01 percentage points. Water prices rose 0.9% year-on-year, gas prices rose 2.4%, train ticket prices rose 0.5%, and electricity prices were flat year-on-year. The total of the four items affected the CPI to rise by about 0.02 percentage points.
2. Energy Bureau: In April, the electricity consumption of the whole society was 741.2 billion kWh, a year-on-year increase of 7.0%. the electricity consumption of the primary industry was 9.6 billion kWh, a year-on-year increase of 10.5%; the electricity consumption of the secondary industry was 517.1 billion kWh, a year-on-year increase of 6.2%; the electricity consumption of the tertiary industry was 127 billion kWh, a year-on-year increase of 10.8%; The domestic electricity consumption of urban and rural residents was 87.5 billion kWh, a year-on-year increase of 5.9%.
3. Zhang Yunming, Vice Minister of the Ministry of Industry and Information Technology: Deepen the integrated application of 5G + industrial Internet, help enterprises "intelligent transformation and digital transformation", and promote the formation of a digital, intelligent and ubiquitous service system in the fields of education, medical care, and elderly care. We will create a standardized, transparent and predictable regulatory environment, actively align with international high-standard economic and trade rules, and expand high-level opening-up.
4. The Administrative Committee of the Lingang Special Area: Released the first batch of general data lists for cross-border data scenarios in the country and supporting operation guidelines for the lists. The general data list includes three fields: intelligent networked vehicles, public funds, and biomedicine, involving 11 scenarios such as cross-border production and manufacturing of intelligent networked vehicles, pharmaceutical clinical trials and R&D, and fund market research and information sharing, and is divided into 64 data categories and more than 600 fields.
5. Jian Qin, General Manager of China Unicom: At present, more than 30,000 5G large-scale application projects have been built, including more than 4,000 5G factories. In Zhejiang, two national demonstration projects have been jointly built with ZEEKR factory and CIMC Logistics. Based on China Unicom's Yuanjing large model system, it has specially created a large model of "clothing shadow" in the field of textile and garment, and it only takes 3 seconds to design a piece of clothing from input text to generate patterns.
6. Shao Guanglu, General Manager of China Telecom: China Telecom's intelligent computing scale has reached 13EFLOPS (100 Beijing (=10^18) floating point operations per second). At present, a single-cluster Wanka intelligent computing resource pool has been built in Shanghai. China Telecom AI+ product upgrade plan and China Telecom AI brand logo have been released, and the first batch of AI+ products for individuals, families and industry customers have been launched.
7. Yin Xiaolong, President of Visa China: To improve the payment experience for cashiers and consumers, Visa will continue to work with acquirers to optimize the current POS acquiring business process; Under the guidance of the regulatory authorities, innovative acceptance tools were introduced to help merchants quickly carry out foreign card acquiring business; Actively respond to the cost adjustment policy and reduce the cost of small and medium-sized business outdoor card acceptance.
8. China Securities News: In recent years, pension communities built by insurance companies have sprung up in economically developed cities and tourist cities across the country, and many insurance companies have adopted the development strategy of "insurance + health care". Insurance companies have unique value in health care services, and in the future, they can further connect financial, health and medical resources, and give full play to their resource integration capabilities and sustainable operation capabilities.
9. Qunzhi Consulting: In the first quarter, the overall shipment of OLED panels in mainland China increased by 55.7% year-on-year, and the market share reached 51.8% for the first time, an increase of 7.4 percentage points from the previous quarter. The competition in the mid-to-high-end OLED smartphone panel track is mainly in the competition of Chinese and Korean manufacturers, with the dual improvement of product technology and production capacity of domestic manufacturers, more terminal brands will turn flexible OLED demand orders to domestic suppliers.
10. Canalys: In the first quarter, global spending on cloud infrastructure services increased by 21% year-on-year to $79.8 billion. The three major cloud service providers, Amazon Web Services, Microsoft Azure and Google Cloud, have a combined growth rate of 24%, accounting for 66% of the total market. As enterprises accelerate their spending on cloud computing, the growth rate of the three leading cloud vendors has increased significantly.
Company news
1. Tencent: The three versions of the hybrid model Pro, Standard, and Lite were officially opened to enterprise and individual developers through Tencent Cloud, and the one-stop agent creation and development platform "Tencent Yuanqi" based on the hybrid model was also officially released on the spot. Launched three large-scale model native toolchains of knowledge engine, image creation engine, and video creation engine.
2. OpenAI: A partnership with the social network Reddit will introduce the latter's content to the chatbot ChatGPT and other products, and allow Reddit to add new AI features to its online community. OpenAI will also be Reddit's advertising partner.
Global vision
1. WHO: The global risk of cholera outbreaks remains "very high" compared to last year, given the high number of cholera cases around the world, the increase in geographical distribution, and the shortage of resources such as vaccines.
2. Indian Meteorological Department: High temperature warnings have been issued in the past few days, and many places in the north will usher in a heat wave in the coming week. The Delhi region could rise to 45 degrees Celsius this weekend. Some scientists believe that climate change has caused heat waves to become more frequent, longer lasting and more intense, and that El Niño has led to unusually hot this year.
Financial data
domestic
1. State Administration of Foreign Exchange: In April, banks settled 1,233.6 billion yuan of foreign exchange, sold 1,503.6 billion yuan, and had a deficit of 270 billion yuan. From January to April, banks settled a total of 5,085 billion yuan of foreign exchange, sold 5,531.2 billion yuan, and had a deficit of 446.2 billion yuan.
2. On May 17, a total of 6139 companies were listed, with no new additions on the same day, and the turnover was 157 million. The three-board component index was reported at 819.98, down 0.27%, with a turnover of 65 million.
3. Domestic commodity futures: As of the close on the afternoon of May 17, most of them rose. Soda ash rose by more than 7%, Shanghai nickel rose by more than 5%, liquefied gas rose by more than 4%, glass, PVC, etc. rose by more than 3%, Shanghai copper, coking coal, etc. rose by more than 2%, caustic soda, rebar, etc. rose by more than 1%, rapeseed meal, peanuts, etc. rose slightly; A few varieties such as container shipping European line and corn closed down.
4. Treasury bonds: On May 17, the main 2-year treasury bond futures contract TS2409 rose 0.02% to 101.724, the main 5-year treasury bond futures contract TF2406 rose 0.02% to 103.325, and the main 10-year treasury bond futures contract T2409 fell 0.16% to 104.095. The 10-year Treasury rate fell 0.7bp to 2.31%; The 10-year CDB rate fell 1.1bp to 2.38%.
5. Shanghai International Energy Exchange: On May 17, the main crude oil futures contract 2407 closed at 617.0 yuan / barrel, up 11.5 yuan, or 1.90%. All contracts traded 119821 lots, and open interest increased by 511 lots to 58,762 lots. The main contract traded 56,542 lots, and the open interest increased by 1,818 lots to 30,730 lots.
6. Central Bank: On May 17, a 7-day reverse repurchase operation of 2 billion yuan was carried out, 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: 1.7190% overnight, down 0.50 basis points. The 7-day was at 1.8080%, up 0.70 basis points. The three-month report is 1.9630%, down 0.60 basis points.
8. RMB: The onshore RMB closed at 7.2242 against the US dollar at 16:30, down 0.0748%, and the central parity of the RMB was reported at 7.1045, down 0.0352%. NDF: 7.1015 for 3 months, 7.0785 for 6 months, 7.0155 for 1 month, 6.9155 for 2 months.
9. Shanghai Environmental Exchange: On May 17, the trading volume of the carbon emission allowance listing agreement in the national carbon market was 12,505 tons, with a turnover of 1.2142 million yuan and a closing price of 99.53 yuan/ton, up 0.14%.
abroad
10. Asia: The Nikkei 225 index fell 0.34% to 38,787.38 points. South Korea's KOSPI fell 1.03% to 2,724.70.
11. U.S. stocks: The Dow closed up 0.34% at 40,003.59, the Nasdaq closed down 0.07% at 16,685.97, and the S&P 500 closed up 0.12% at 5,303.27.
12. Europe: Britain's FTSE 100 closed down 0.22% at 8,420.26 points, Germany's DAX30 closed down 0.18% at 18,704.42 points, and France's CAC40 closed down 0.26% at 8,167.5 points.
13. Gold: COMEX gold futures closed up 1.44% at $2419.8 per ounce.
14. Crude oil: WTI crude oil futures settled up 1.05% at $80.06 per barrel, and Brent crude oil futures settled up 0.85% at $83.98 per barrel.
15. Baltic Dry Bulk Index: up 1.49% to 1,844 points.
· @Trend·
► Young people "check in" for millennium civilization: popular venues are "hard to find", colorful exhibitions have attracted tourists from all over the world, and museums and heritage parks have been included in the city check-in list by many young tourists. According to Ctrip's relevant data, the post-00s are second only to the post-80s and post-90s in terms of the age of customers who book museum tickets. Among people of all ages, the post-00 generation increased most significantly, with the number of orders increasing by 8.2 times year-on-year. Museums are not only getting higher and higher, but also expanding the supply of online and offline products. Develop digital IP, carry out various interactive activities, and develop various cultural and creative products for visitors to bring home the museum culture. The refurbished cultural relics and museum narratives continue to appear, making the cultural relics in the museum "come alive" and enter the "memo" of young people.
► Young people are buying scratch tickets: Recently, the "scratch lottery" instant lottery ticket is very popular among young people, and some sales points are even facing a situation of being out of stock and out of stock. For lottery shop owners, the supply of scratch tickets is related to the revenue of lottery shops. And for young people who are keen to buy scratch tickets, scratch cards mean a kind of decompression happiness. "If you are in a bad mood, you will be under too much pressure, and you will come to scratch the lottery if you are undecided." As an instant lottery ticket, scratch lottery has become a new type of "blind box" because of its instant redemption and simple gameplay, which is deeply loved by young people. In recent years, it has been in the limelight, and there have even been new businesses such as "scratch bouquets" and "online scratches".
► Young people are visiting the wholesale market: Nowadays, most people have the impression that "the more clothes in the mall are sold, the more expensive they are", many people only go shopping in the mall and do not buy, blowing the cold air conditioner that makes people shiver, their eyes sweep the bright clothes under the lights, coupled with the reluctant sales behind them, the high price tag hidden under the clothes, so that people even need courage to walk into the store to "take a look". In contrast, the essence of the wholesale market is to strip away the filter of consumerism and try to redefine purchasing behavior with the "absolute power" of price. In Guangzhou, visiting the wholesale market has begun to become a special tourist project, and the number of tourists who come to shop for goods has increased significantly. Half of the young people who come to the wholesale market want to find a replacement; And half, come looking for business opportunities.
► Young people's "charm" to South Korea: "Why is Korean not popular in China" topic on the hot search, which mentioned that the market of Korean cosmetics, Korean services and even Korean cars in China is gradually shrinking, replaced by domestic brands or brands from other countries, losing the appeal of being sought after by Chinese people in the past. The same is true for tourism, netizens ridiculed that the natural landscape is not as majestic as the domestic atmosphere, the cultural landscape is not as magnificent as the Chinese construction, and the Korean food is indeed delicious, but the ingredients are monotonous, and the enthusiasm of tourists to go to South Korea to "sweep the goods" is difficult to rekindle. However, another new trend that can be seen in the rotation of feng shui is that China's attractiveness as a tourist destination to South Koreans is soaring, and popular tourist attractions such as Zhangjiajie and Jiuzhaigou are favored by Korean tourists.
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