Market News //
1. The Ministry of Finance invited bids for the issuance of 58 billion yuan of ultra-long-term special treasury bonds
The Ministry of Finance intends to issue the 2024 ultra-long-term special treasury bonds (phase I) (30-year) through the government bond issuance system of the Ministry of Finance from 10:35 a.m. to 11:35 a.m. on July 5. The total face value of the competitive bidding for the renewal of treasury bonds is 58 billion yuan, with a coupon rate of 2.57%, and the interest will be calculated from May 20, 2024, and the interest will be paid semi-annually, and the interest will be paid on May 20 and November 20 each year, and the principal will be repaid and the last interest will be paid on May 20, 2054.
2. The New Company Law increases the protection of the legitimate rights and interests of shareholders
The newly revised Company Law of the People's Republic of China, which will come into effect on July 1, 2024, aims to regulate the organization and behavior of companies and protect the legitimate rights and interests of companies, shareholders, employees and creditors. The New Company Law improves the company capital system, abolishes the full subscription system of registered capital, and changes to a limited liability company to complete the full payment within five years from the date of establishment; In the case of a joint-stock company, "the promoter has set up a company with full paid-in".
Industry analysts believe that the revision of the "Company Law" is of great significance for optimizing the corporate governance mechanism, facilitating the company's investment and financing, strengthening the main responsibilities of all parties and strengthening investor protection.
3. A series of blockbuster economic data will be released soon
On July 5, the U.S. Department of Labor will release the June non-farm payrolls data, as well as hourly earnings, unemployment rate and other data. On the back of the May non-farm payrolls data that rose sharply to 272,000, analysts expect the number of new jobs to plummet to 188,000 in June, the unemployment rate is expected to stabilize at 4% in June, and the month-on-month wage growth rate fell slightly to 0.3%.
The Morgan Stanley report expects non-farm payrolls growth to slow to 210,000 in June, with the unemployment rate remaining at 4.0%. The dual effects of both labor supply and demand have led to this change, with the decrease in labor supply mainly due to a slowdown in immigration inflows, while the decrease in demand is reflected in a decrease in job vacancies and an increase in new jobless claims.
In addition to the non-farm payrolls, on July 1, Germany, France, the United Kingdom, Italy, the European Union, and the United States will release the June manufacturing PMI; On July 2, the EU will release the Eurozone unemployment rate for May and the Eurozone CPI data for June; On July 3, the US will release ADP employment data.
Sector Matters //
artificial intelligence
The 2024 World Artificial Intelligence Conference and High-level Conference on Global Governance of Artificial Intelligence will be held on July 4, with the forum from July 4 to 6 and the exhibition from July 4 to 7. The conference will focus on the theme of "Promoting Sharing through Consultation and Promoting Good Wisdom through Good Governance", and create four major sections: "Conference Forum, Exhibition and Display, Award Competition, and Intelligent Experience". More than 500 companies such as Tesla, Microsoft, and Schneider have confirmed their participation, and more than 50% of them are foreign and international companies.
Digital economy
The main venue of the 2024 Global Digital Economy Conference will be held at the China National Convention Center from July 2 to 5. With the theme of "Opening a New Era of Digital Intelligence and Sharing a New Digital Future", this year's conference set up a "1+6+3+N" activity framework, including an opening ceremony and main forum, six high-level forums, three brand characteristic activities, and a number of thematic forums and series of activities.
Low-altitude economy
A few days ago, the General Office of the Hunan Provincial People's Government issued the "Several Policies and Measures on Supporting the High-quality Development of the Low-altitude Economy in the Province", focusing on 12 aspects to cultivate the low-altitude economy as a strategic emerging industry. The policy will come into force on July 1, 2024 and will be valid until June 30, 2027.
New quality productivity
The 26th Annual Meeting of the China Association for Science and Technology will be held in Guangxi from July 2 to 4. This year's annual meeting was co-sponsored by the China Association for Science and Technology and the People's Government of Guangxi Zhuang Autonomous Region, with the theme of "Cultivating New Quality Productivity and Helping High-level Science and Technology to Be Self-Reliant and Self-reliant", with a total of 24 activities, including the main forum, special forum, parallel forum, Beijing Academic Week, "Science and Technology China" Guangxi Tour, and online science popularization.
Stocks //
1. Shuoshi Biotech: It is planned to repurchase the company's shares with 150 million yuan to 300 million yuan, and the repurchase price will not exceed 90 yuan per share. The repurchased shares will be used to cancel and reduce the registered capital in accordance with the law.
2. Pingtan Development: It is planned to repurchase the company's shares with 80 million yuan to 160 million yuan, and the upper limit of the repurchase price shall not exceed 2.52 yuan per share (inclusive). The repurchased shares will be used to maintain the company's value and shareholders' equity, as well as the implementation of the employee stock ownership plan or equity incentive plan in the later stage.
3. Yatai Group: Changchun SASAC designated Changfa Group, which performs the duties of an investor, as the main body, to increase its holdings of the company's shares, with an increase of 150 million yuan to 300 million yuan, and the increase price does not exceed the company's net assets per share reported in the first quarter of 2024 of 1.62 yuan, and the implementation period of the shareholding increase plan is within 6 months from the disclosure date of this announcement (July 1, 2024).
4. Aohua Endoscopy: It is expected that the net profit in the first half of 2024 will be 4.65 million yuan to 7 million yuan, a decrease of 31.0794 million yuan to 33.4294 million yuan compared with the same period last year, a year-on-year decrease of 81.62% to 87.79%.
5. Kaizhong Precision: received a project designation notice from a well-known European car company to provide new energy vehicle precision connector products for power batteries and drive motor core modules, and it is estimated that the total sales amount of the life cycle of the above-mentioned fixed-point projects is equivalent to 1.35 billion yuan, and it is planned to start mass production in the first quarter of 2026.
6. SF Holding Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, which is the second time that SF Holding has submitted a form to the Hong Kong Stock Exchange. Although SF Holdings' performance has continued to grow, with revenue of 258.4 billion yuan last year, its international revenue fell sharply last year. As more companies deploy in overseas markets, the competition faced by SF Holding has further intensified.
7. Li Auto's 2024 Intelligent Driving Summer Conference will be held at 20:00 on July 5. This conference will announce what upgrades will be ushered in for ideal intelligent driving products, as well as technical solutions to achieve autonomous driving.
8. Tianwei Electronics: received the "Notice of Case Filing" issued by a national supervision commission and the notice of the family of the chairman of the board of directors, and the family members of Ju Wanli received the "Notice of Case Filing" and "Notice of Retention in Custody" issued by a national supervision commission, and the actual controller of the company and chairman of the board of directors of the board of directors Ju Wanli was placed on file for investigation and placed in custody.
9. Dalian Thermal Power: The company intends to sell all its assets and liabilities to Dalian Clean Energy Group Co., Ltd.; It is planned to issue shares to Hengli Petrochemical Co., Ltd. and Jiangsu Hengli Chemical Fiber Co., Ltd. to purchase 100% of the shares of Kanghui New Material Technology Co., Ltd. held by them and raise matching funds. The company recently received a review notice from the Shanghai Stock Exchange that the review of the company's main board restructuring and listing business has been suspended.
Lifting of Restricted Shares //
Wind data statistics show that this week (July 1 to July 5), a total of 62 companies have lifted the ban on restricted shares, with a total of 4.379 billion shares, and the total market value of the ban is 67.472 billion yuan based on the closing price on June 28.
From the perspective of the market value of the lifting of the ban, July 1 is the peak period of the lifting of the ban, and the total market value of 34 companies is 41.846 billion yuan, accounting for 62.02% of the scale of the lifting of the ban this week. According to the closing price on June 28, the top three market capitalizations are: BAHEAL Pharmaceutical (9.570 billion yuan), tax friends (8.528 billion yuan), and Hangzhou Thermal Power (6.788 billion yuan). From the perspective of the amount of individual stocks, the top three unbanned shares are: SIEMIC Mobile-U (695 million shares), BAHEAL Pharmaceutical (407 million shares), and Weigao Orthopedics (323 million shares).
From the perspective of the types of shares lifted, there are 23 restricted shares of the original shareholders for the first time, 13 restricted shares for equity incentives, 10 shares for private placement, 6 shares for the initial strategic placement, 4 general shares for equity incentives, 2 initial strategic placement shares, 2 initial institutional placement shares, 1 additional commitment restricted shares for listing and circulation, and 1 for other types.
IPO Calendar //
Wind data statistics show that this week (July 1 to July 5) a total of 1 new shares were issued in the A-share market. Qiao Feng Intelligence will open the subscription on July 1, the company intends to log on the GEM, the number of shares issued by the public is 30.19 million shares, the issue price is 26.5 yuan / share, and it is expected to raise 1.445 billion yuan.
Institutions look at the market outlook //
CITIC Securities: Three major signals to be clear, the market inflection point will appear
At present, the market has basically completed the adjustment caused by the expected revision, and the trend of survival of the fittest in the market continues. Looking forward to the third quarter, policy signals, price signals and external signals are expected to become clearer, market liquidity is expected to improve significantly after the Third Plenary Session, investors gradually shift from the PEG framework to the free cash flow framework, and funds gather to the leaders of various industries.
Zheshang Securities: The mid-term reporting season is approaching, and we attach importance to high prosperity
Looking forward to July, on the one hand, the Third Plenary Session of the 20th Central Committee is about to be held, and on the other hand, the mid-term reporting season has kicked off, and the market is expected to be active again.
At the structural level, first, with the arrival of the earnings season, pay attention to high-prosperity clues, represented by communication and electronics, and industrial clues include computing power diffusion and AI terminals; Second, after the dividend assets have undergone the previous adjustment, the industries that are facing positive changes in the economy can be actively concerned, such as public utilities; Third, the development of new quality productivity is accelerating, focusing on industrial opportunities such as vehicle-road-cloud, commercial aerospace, and low-altitude economy.
Everbright Securities: The market is expected to fluctuate upward
Medium and long-term funds are actively entering the market, and the bottom can be expected to rise. At present, the market is back in the bottom range, and it is expected that the downside of the market is limited, and the upside of the market depends on the timing and strength of key policies and the timing and elasticity of significant price increases. From the perspective of timing, it is expected that policy will be an important catalyst for the market in the third quarter, and the change in prices in the fourth quarter may be an important factor affecting the market.
In terms of allocation, we will focus on the large-cap style and high-dividend sectors. Historically, in the early stage of economic recovery, the performance of leading enterprises has a relative advantage, so in the context of the current gradual economic recovery, compared with non-leading enterprises, the performance of leading enterprises may be more resilient, and it is expected that the market style will be biased towards the market; In addition, in the current market environment, high-dividend sectors are worth long-term allocation. The policy is also actively guiding dividends, which will boost the situation of high-dividend sectors.
Great Advance Glance //
Review of historical articles
Witness History! The State Council, the China Securities Regulatory Commission, and the Exchange made a blockbuster shot", "Shenzhen, Beijing and other places collectively shot", "Gold suddenly dived! Two major negative effects have become an important fuse", "Throughout the 50-year history of the Federal Reserve's interest rate cuts, this time is the most unusual", "Beijing, Shenzhen, Nanjing property market has big news again"
WTTS (Simulated Trading)
The Science and Technology Innovation Board, Hong Kong Stock Connect, ETFs, individual stock options, etc. are readily available
There are all kinds of combined analysis indicators, which is more convenient for roadshows
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