Hot Spotlight //
1. Huawei officially launched the world's first triple-folding screen mobile phone, the Huawei Mate XT Extraordinary Master, which will go on sale on September 20. In terms of price, the 256GB version is priced at 19,999 yuan, the 512GB version is priced at 21,999 yuan, and the 1TB version is priced at 23,999 yuan, setting a record for the most expensive in the history of Huawei mobile phones. At the press conference, Huawei also launched the five-seater version of the M9, with a price starting at 469,800 yuan. Multiple supply chain channels revealed that Huawei Mate XT has about 1 million units in stock.
2. Apple and Google both lost the EU lawsuit on the same day. The European Court of Justice, the highest judicial body of the European Union, made a final ruling on the huge tax evasion case of the European Union v. Apple on the 10th, ruling that Apple should pay 13 billion euros in back taxes to the Ireland government. On the same day, the Court of Justice of the European Union upheld the 2.4 billion euro fine that Google faced for abusing its monopoly to suppress competitors.
3. The first commercial spacewalk in human history is imminent. Musk's space exploration technology company SpaceX announced on Tuesday that the Falcon 9 rocket Polaris Dawn will be launched, and four commercial astronauts will perform the first-ever commercial spacewalk.
Global Markets //
1. The three major United States stock indexes closed mixed, with the Dow down 0.23% at 40736.96, the S&P 500 up 0.45% at 5495.52, and the Nasdaq up 0.84% at 17025.88. JPMorgan Chase fell more than 5%, Goldman Sachs fell more than 4%, and United States Express fell more than 2%, leading the Dow lower. Oracle rose more than 11% to a record high. Wind United States TAMAMA Technology Index rose 1.11%, Tesla rose more than 4%, Amazon and Microsoft rose more than 2%. Chinese concept stocks were mixed, with Li Auto rising nearly 4%.
2. The three major European stock indexes collectively closed down, with Germany's DAX index down 0.91% at 18276.62 points, France's CAC 40 index down 0.24% at 7407.55 points, and United Kingdom's FTSE 100 index down 0.78% at 8205.98 points.
3. Major Asia-Pacific stock indexes closed mixed. Korea's Kospi fell 0.49% to 2,523.43. The Nikkei 225 index fell 0.16% to 36,159.16 points. The India SENSEX30 index rose 0.44% to 81,921.29 points. Australia's S&P 200 rose 0.3% to 8,011.9 points. New Zealand's S&P 50 rose 0.09% to 12,632.82. The FTSE Malaysia Composite Index rose 0.54% to 1660.35 points. The FTSE Singapore Straits Index rose 0.46% to 3512.67 points.
4. International oil prices fell across the board, with the October contract for U.S. oil falling 3.49% to $66.31 per barrel; Brent oil November contract fell 2.92% to $69.74 a barrel.
5. COMEX gold futures closed up 0.51% at $2,545.7 an ounce, and COMEX silver futures closed up 0.26% at $28.725 an ounce.
6. Most of the base metals in London closed down, LME copper fell 0.86% to $9,019 / ton, LME zinc fell 0.88% to $2,707 / ton, LME nickel fell 1.06% to $15,735 / ton, LME aluminum fell 0.36% to $2,342 / ton, LME tin fell 0.32% to $30,720 / ton, and LME lead rose 0.1% to $1,955 / ton.
7. The main contract of agricultural futures on the Chicago Board of Trade (CBOT) closed mixed, with soybean futures down 2.04% at 997.25 cents per bushel; Corn futures fell 0.8% to 404 cents a bushel, while wheat futures rose 0.88% to 573.5 cents a bushel.
8. European bond yields fell collectively, with United Kingdom's 10-year yield down 3.7 basis points at 3.817%, France's 10-year yield down 3.8 basis points at 2.842%, Germany's 10-year yield down 3.9 basis points at 2.127%, Italy's 10-year yield down 3.9 basis points at 3.578%, and Spain's 10-year yield down 4.1 basis points at 2.949%.
9. U.S. Treasury yields fell across the board, with the 2-year Treasury yield down 7 basis points at 3.607%, the 3-year Treasury yield down 7.2 basis points at 3.466%, the 5-year Treasury yield down 6.1 basis points at 3.43%, the 10-year Treasury yield down 5.4 basis points at 3.649%, and the 30-year Treasury yield down 3.6 basis points at 3.968%.
10. At the end of New York, the dollar index rose 0.03% to 101.6712, non-US currencies were mixed, the euro fell 0.14% to 1.1019, the pound rose 0.06% to 1.3081, the Australian dollar fell 0.12% to 0.6652, the dollar fell 0.5% to 142.4545, the dollar rose 0.38% to 1.361, and the dollar fell 0.28% to the Swiss franc At 0.847, the offshore yuan fell 153 basis points to 7.1354 against the dollar.
Macro//
1. According to customs statistics, in the first eight months of this year, the total import and export value of the mainland's trade in goods was 28.58 trillion yuan, a year-on-year increase of 6%. Among them, exports were 16.45 trillion yuan, an increase of 6.9%; imports were 12.13 trillion yuan, an increase of 4.7 percent; The trade surplus was 4.32 trillion yuan, an increase of 13.6 percent. In August, China's exports rose 8.4% year-on-year, while imports were flat year-on-year.
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 exchanged views on the global economic and financial situation, productivity growth in the post-epidemic era, and the future payment system.
3. The central bank launched a 7-day reverse repurchase operation of 186 billion yuan on September 10, with an operating interest rate of 1.70%. Wind data shows that 1.2 billion yuan of reverse repurchase expired on the same day.
4. According to data released by the China Association of Small and Medium-sized Enterprises, the development index of China's small and medium-sized enterprises in August was 88.8, down 0.1 points from July. Among them, the sub-index rose 1 and fell 7, and the labor index rose by 0.2 points. The sub-industry index rose 2, 2 flat and 4 fell.
5. He Qing, director of the Shanghai State-owned Assets Supervision and Administration Commission, pointed out that it is necessary to coordinate the allocation of state-owned capital in a larger scope, deeper and wider fields, and promote cross-group and cross-level strategic reorganization. Accelerate the professional integration of similar businesses inside and outside the enterprise, and give full play to the market value management and stock operation functions of platform companies.
Domestic Stock Market //
1. A-shares started to rebound, technology stocks led the rebound, and consumer electronics and AI concept stocks worked together. As of the close, the Shanghai Composite Index rose 0.28% to 2,744.19 points, the Shenzhen Component Index rose 0.13%, the ChiNext Index rose 0.06%, Wind All A rose 0.2%, and Wind A500 fell 0.02%. The full-day turnover of the market was about 530 billion yuan. More than 3,300 shares were red throughout the day, and short-term emotions were brewing after the freezing point.
2. Hong Kong's Hang Seng Index rose 0.22% to 17,234.09 points, the Hang Seng Technology Index rose 0.41%, the Hang Seng State-owned Enterprises Index rose 0.39%, and the market turnover was HK $107.394 billion. Alibaba rose more than 4%, and "WuXi Therapeutics" fell. Huazhong Automotive closed down nearly 78%, and once fell more than 90% intraday. Southbound funds bought a net of HK$9.289 billion, and Alibaba received a net purchase of HK$8.471 billion on the first day of inclusion in the Hong Kong Stock Connect. China's Taiwan Weighted Index closed down 0.38% at 21,064.08.
3. According to the latest announcement of the China Securities Regulatory Commission, from January to August this year, about 1,900 A-share listed companies actually implemented repurchases, with a cumulative repurchase amount of more than 130 billion yuan. During the same period, more than 860 important shareholders of A-share listed companies increased their holdings in the secondary market, with an increase of more than 55 billion yuan.
4. Zhu Jian, chairman of Guotai Junan, responded to the absorption and merger of Haitong Securities, saying that the reorganization aims to respond to the national strategy and promote the construction of a first-class investment bank, which is in line with the strategic development direction of the two companies. The specific cooperation plan of this restructuring is subject to the transaction documents further signed by both parties.
5. It is reported that after the termination of the IPO of photovoltaic module rookie Yi Xinneng, the buyer who is being contacted is the lithium battery giant CATL. If the transaction is successful, a new energy is expected to receive billions of capital injections.
6. TSMC's sales in August were NT$250.866 billion, a year-on-year increase of 33%; Sales from January to August were NT$1,773.974 billion, up 30.8% year-on-year.
7. The Shanghai Stock Exchange held the 2024 semi-annual collective performance briefing of consumer chip companies on the Science and Technology Innovation Board, and Juchen Co., Ltd., Nanxin Technology, Geke Micro, Aiwei Electronics and other companies made a centralized appearance online. Resolutely investing in scientific and technological innovation, and expecting the continued recovery of the consumer chip industry in the second half of the year and next year, is the consensus of these companies at the performance meeting.
8. Recently, the A-share market has repeatedly broken down, and many investors have fallen into confusion. However, if we jump out of short-term fluctuations and compare the four historical bottoms in the past two decades, we can find that the current A-share market has entered the value investment area in terms of both the overall valuation level and the return on cash dividends. Combined with the continuous development of the "combination punch" of the stable market and the marginal improvement of the supply and demand relationship in the stock market, the A-share market is expected to usher in a turnaround over time.
9. As of September 10, the medium-term dividend plan of 113 listed companies in the A-share market has been implemented, and the above 113 companies have distributed a total of about 147.16 billion yuan (before tax) according to the amount of cash per share and the corresponding company's share capital.
Finance//
1. The regulator has comprehensively revised the classification and evaluation system for public fund managers, and this classification evaluation has given more prominence to compliance risk control, function play and investors' sense of gain, so as to avoid simply "ranking seniority based on business scale". The proportion of the bottom line of the pre-evaluation of compliance and risk control has been increased, and the proportion of Class A, Class B, and Class C managers has been adjusted, and it has been clarified that Class A managers can give priority to participating in the pilot of innovative products (businesses), and Class C managers are not allowed to participate in principle.
2. The Securities Association of China recently revised the "Comprehensive Risk Management Specifications for Securities Companies" and drafted the "Guidelines for Market Risk Management of Securities Companies" to further improve the self-discipline rule system for comprehensive risk management in the industry. The new regulations clearly include subsidiaries and grandchildren in the market risk management system.
3. The second draft of the revised Anti-Money Laundering Law proposes to add provisions on the protection of personal privacy, further clarifying that institutions providing anti-money laundering services and their staff shall properly handle the data and information obtained as a result of providing services in accordance with the law to ensure the security of data and information.
4. The Mid-term Association issued the Implementation Rules for the Honest Practice of Futures Operating Institutions and Their Staff, which proposes that futures operating institutions should improve the identification and management mechanism for conflicts of interest, clarify the review mechanism, principles and methods for handling conflicts of interest, and prevent the improper handling of conflicts of interest from seeking or conveying improper benefits.
5. China Southern Asset Management announced that the management fees of its subsidiary Nanfang Ruihe during the three-year fixed opening hybrid initiation (LOF) closed period and the previous open period were fully returned to the fund's assets on September 5. It is estimated that the administrative costs of this refund will exceed 30 million yuan.
Housing//
1. Xiangtan, Hunan Province has adjusted some housing provident fund use policies, including adjusting the policy on determining the number of housing units, and only verifying the housing situation of the district, county (city) where the new house purchase of the resident family is located; Increase the amount of provident fund loans for three-child families and high-level talents, and reduce the down payment ratio for the purchase of affordable housing.
2. Qingyang, Gansu Province has introduced measures to activate real estate investment and consumption, in addition to reducing the down payment and interest rate, and increasing the amount of provident fund loans, it also proposes to cancel the filing of the sales price of newly built commercial housing and carry out group purchase activities for commercial housing.
Industry//
1. The spokesperson of the Ministry of Commerce answered reporters' questions on the relevant issues of the China-EU electric vehicle countervailing case, saying that the electric vehicle countervailing case is complex and has a wide range of impacts, and China and the EU have reached an agreement through consultation, which has certain challenges. China is willing to continue to work closely with the EU to reach an early settlement that serves the common interests of both sides and conforms to WTO rules.
2. According to data released by the China Association of Automobile Manufacturers, in August, the production and sales of automobiles in mainland China reached 2.492 million units and 2.453 million units, respectively, an increase of 9% and 8.5% month-on-month, and a year-on-year decrease of 3.2% and 5%, respectively. Among them, the production and sales of new energy vehicles were 1.092 million units and 1.1 million units, an increase of 29.6% and 30% year-on-year, respectively, and the sales of new energy vehicles reached 44.8% of the total new vehicle sales.
3. The draft of the Energy Law shall be submitted to the Standing Committee of the National People's Congress for second deliberation. The second draft further promotes the green and low-carbon transformation of energy, adding provisions on the development and utilization of renewable energy such as wind energy, solar energy, biomass energy, geothermal energy, marine energy, and hydrogen energy.
4. The National Development and Reform Commission and other three departments will carry out pilot projects for the large-scale application of vehicle-network interaction across the country, comprehensively promote the orderly charging of new energy vehicles, expand the scale of bidirectional charging and discharging (V2G) projects, and strive to guide the large-scale development of vehicle-network interaction with market-oriented mechanisms.
5. According to the Financial Associated Press, people familiar with the matter revealed that the EU is ready to slightly reduce the proposed tariffs on electric vehicles imported from China. Among them, the additional tax rate on Tesla electric vehicles imported from China will be adjusted from the proposed 9% to slightly less than 8%.
6. The three ministries and commissions deployed afterburner to promote the scrapping and renewal of old agricultural machinery: scrapped tractors below 20 horsepower, the maximum scrapping subsidy for a single unit was increased to 1,500 yuan; Scrap combine harvesters, rice transplanters, seeders and newly purchase the same type of machinery, and increase the scrapping subsidy standard by no more than 50%; Scrap and update the purchase of cotton pickers, and the maximum scrapping subsidy for a single unit is increased to 60,000 yuan.
7. The China Cyber Security Association released a list of apps that have completed compliance rectification of the collection and use of personal information, and 62 app operators, including JD.com and Taobao, have launched compliant versions on app stores, and promised to upgrade the versions to continue to maintain a level of compliance.
8. According to the booking data of a number of online travel platforms, during the "National Day" holiday in 2024, the domestic and outbound long-term travel and inbound travel markets will grow rapidly. At the same time, domestic and outbound air ticket prices fell by more than 20% compared with the same period last year, and hotel prices also fell to a certain extent.
Overseas//
1. According to people familiar with the matter, Japan officials believe that there is little need to raise the benchmark interest rate when it meets next week, as they are still watching the lingering volatility in financial markets and the impact of the July rate hike.
2. The Federal Reserve intends to significantly revise the capital reform proposal, and large banks will be required to increase the capital buffer by 9%, cutting it in half from the original plan of 19%. Smaller banks are exempt from a large part of the measures.
3. The number of applications for unemployment benefits in United Kingdom in August was 23,700, and the previous value was revised from 135,000 to 102,300. The unemployment rate was unchanged at 4.7% in August.
4. India's Ministry of Corporate Affairs released data showing that the number of new company registrations in India fell by 4.1% year-on-year in August, following an 11% decline in July.
5. United States' NFIB Small Business Confidence Index fell 2.5 points to 91.2 in August, the largest monthly decline since June 2022, with an expectation of 93.6.
International Stock Market //
1. Popular Chinese concept stocks were mixed, with Quhuo Technology up 306.6%, Lanting Jishi up 37.25%, Dingdong Grocery up 10.76%, Ruineng New Energy up 10.05%, Century Internet up 9.35%, and Yatsen E-commerce up 6.02%. In terms of declines, Singularity Future fell 32.16%, Sanhe Smart fell 18.43%, Yunji fell 9.07%, Tencent Music fell 4.93%, Tiger Brokers fell 4.66%, and Mushroom Street fell 4.5%. New energy vehicle stocks were mixed, with NIO down 1.53%, Xpeng up 2.58%, and Li Auto up 3.87%.
2. BMW lowered its full-year performance forecast, expecting an operating margin of 6% to 7% this year, compared with the previous forecast of 8%-10%. Previously, 1.5 million BMW vehicles were recalled on a large scale due to a malfunction in the brake system produced by Continental.
3. Samsung SDI will sell its polarizing film business to Wuxi Hengxin Optoelectronic Materials for 1.12 trillion won. The business includes a Chinese subsidiary and a manufacturing division in Korea.
4. Dongfeng Honda responded to the "layoff of 2,000 employees" and said that this optimization is to better improve the operational efficiency of the enterprise and accelerate the strategic transformation, and plans to launch more than 10 pure electric models in 2030.
5. The Korean court decided to initiate reorganization proceedings against the arrears e-commerce companies TMON and Weimeipu. On July 29, the two companies applied to the court for reorganization on the grounds that it was difficult to save themselves.
6. Bank of United States said it has raised its minimum hourly wage in the United States from $23 to $24, and the minimum annual wage for full-time employees will be raised from $48,000 to $50,000.
7. The legal department of ZEEKR responded to the rumors of the "ZEEKR spin-off intelligent team", saying that the news was untrue, and the evidence had been fixed and would protect its legitimate rights and interests through legal means.
8. The strike at Samsung Electronics' India factory near Chennai, India, continues, with hundreds of workers protesting and demanding higher wages.
Commodity//
1. Domestic futures closed at night, styrene and staple fiber fell nearly 5%, bottle flakes fell 3.99%, PTA, paraxylene, asphalt, and ethylene glycol fell more than 3%, and crude oil, glass, LPG, soybean two, and fuel oil fell more than 2%. Most of the base metals closed down, Shanghai nickel fell 1%, alumina fell 0.96%, stainless steel fell 0.83%, Shanghai tin fell 0.65%, Shanghai zinc fell 0.48%, and Shanghai copper fell 0.47%. Shanghai Gold rose 0.4%, and Shanghai Silver rose 0.03%.
2. According to customs statistics, in the first eight months, the mainland imported 815 million tons of iron ore, an increase of 5.2% year-on-year, and the average import price was 811.5 yuan per ton, an increase of 3.6%; crude oil was 367 million tons, down 3.1%, 4,318 yuan per ton, up 7.3%; coal was 342 million tons, an increase of 11.8%, and 709.6 yuan per ton, a decrease of 12.8%; natural gas was 87.128 million tons, an increase of 12.3%, and 3484.7 yuan per ton, down 7.6%.
3. OPEC once again lowered its forecast for global oil demand growth, predicting that global oil demand will increase by 2.03 million barrels per day this year and 1.74 million barrels per day in 2025, lower than the previous forecast of 2.11 million barrels per day and 1.78 million barrels per day. Pessimism about extremely bearish oil prices gripped Wall Street, and net long positioning fell to an all-time low.
4. According to the EIA short-term energy outlook report, Brent crude oil prices are expected to be $83 per barrel in 2024 (previously expected to be $84 per barrel), and Brent crude oil prices are expected to be $84 per barrel in 2025 (previously expected to be $86 per barrel). United States crude oil production is expected to be 13.3 million b/d in 2024, compared with the previous forecast of 13.23 million b/d. United States crude oil production is expected to be 13.7 million b/d in 2025, compared with the previous forecast of 13.69 million b/d. Global oil demand is expected to be 103.1 million b/d in 2024, compared with the previous forecast of 102.9 million b/d; Demand is expected to be 104.6 million b/d in 2025, compared with the previous forecast of 104.5 million b/d.
5. The Chile Copper Commission said that Chile's copper production in 2024 is expected to be 5.41 million tons, an increase of 3% over last year; It is expected to reach 5.7 million tonnes in 2025, an increase of 6%.
6. According to the latest quotation of Shanghai Nonferrous Metals Network, on September 10, the price of domestic battery-grade lithium carbonate rose 280 yuan to 72,500 yuan/ton, ending a 5-day streak of declines.
7. United States API crude oil inventories fell by 2.79 million barrels in the week to September 6, with an expected increase of 764,000 barrels and a previous decrease of 7.4 million barrels.
8. The Baltic Dry Bulk Index fell 0.87% to 1,941 points.
Bond//
1. [Bond Market Overview] The overall strength of interbank cash bonds was strong, and the performance of the short and medium end was outstanding. The yield of 1-3-year treasury bond active bonds fell by more than 4bp, a new low in more than 4 years, and the yield of 7-year treasury bond active bonds hit a record low. "24 Sequel Special Treasury Bond 01" was actively traded, and the yield fell by 2bp. Treasury bond futures collectively closed higher, with the main 30-year and 10-year contracts hitting record highs.
2. The CSI Convertible Bond Index closed down 0.48%, and the Wind Convertible Bond Equal Rights Index fell 0.55%. Among them, 28 convertible bonds fell by more than 2%, Huicheng convertible bonds, Wencan convertible bonds, and Dongshi convertible bonds fell by 16.21%, 11.53%, and 4.93% respectively; 11 convertible bonds rose by more than 2%, and the new star convertible bonds, "N Aerospace Transfer" and Lianchuang convertible bonds rose by 6.08%, 5.51% and 5.0% respectively.
3. The Australia Prudential Regulation Authority proposes to phase out the use of AT1 bonds in the banking sector, with the transition starting on 1 January 2027 and all AT1 bonds currently issued expected to be replaced by 2032. During last year's Credit Suisse crisis, its AT1 bonds were "wiped out overnight".
Foreign exchange//
1. On Tuesday, the onshore yuan closed at 7.1234 against the US dollar at 16:30, down 87 basis points from the previous trading day, and closed at 7.1200 in the night. The central parity of the renminbi against the US dollar was reported at 7.1136, a decrease of 147 basis points.
Important Economic Agenda //
Review of historical articles
"iPhone16 is on the market, and the mobile phone industry chain is facing restructuring? 》
"Huawei mobile phone, sling Apple? 》
"Warren Buffett strikes again! 》
"The central bank's "big release" has begun? 》
"Heavy! Cash is King
Burst! Huawei's high growth rate of 34.3% in the first half of the year》
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