[Financial Morning Post] 10 o'clock! Blockbuster press conference, countdown

Important News Alert

China Securities Regulatory Commission: Continue to promote the implementation of the new "National Nine Articles" and the "1+N" policy in the capital market, and the Shanghai Stock Exchange issued the "Guidelines for the Application of the Review Rules for Issuance and Listing of the Shanghai Stock Exchange No. 6 - Identification Standards for Asset-light and High R&D Investment (Trial)" Douyin: Crack down on illegal securities activities such as "illegal stock recommendation".

Tip of the day

The Information Office of the State Council will hold a press conference at 10 a.m. today, inviting Minister of Finance Lan Foan to introduce the relevant situation of "strengthening the counter-cyclical adjustment of fiscal policy and promoting high-quality economic development" and answer questions from reporters.

Financial news

1. Recently, the General Office of the State Council forwarded the Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Futures Market issued by the China Securities Regulatory Commission and other departments. The "Opinions" proposes that by 2029, the overall framework of the futures regulatory system and business model with Chinese characteristics will be formed, the supervision capacity of the futures market will be significantly enhanced, the layout of varieties will be more compatible with the national economic structure, the market depth and pricing power will be further improved, and a team of intermediaries with integrity, law-abiding, professional and stable and efficient services will be built. By 2035, a safe, standardized, transparent, open, dynamic and resilient futures market system will be formed, with major varieties attracting the full participation of global traders, the influence of commodity prices and market competitiveness will be significantly enhanced, and the comprehensive strength and international competitiveness of intermediaries will be further improved. By the middle of this century, we will build a world-class futures exchange with complete products, complete functions, efficient services, stable operation and global prices, greatly enhance the ability of the futures market to serve the national economy and allocate global resources, and provide strong support for China's modernization and the construction of a financial power.

2. Wang Li, deputy director of the General Office of the China Securities Regulatory Commission, said at the press conference of the 2024 Financial Street Forum Annual Conference on October 11 that at this year's forum, Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, will attend the opening ceremony of the annual meeting and deliver a keynote speech. In accordance with the unified arrangement of the organizing committee, the China Securities Regulatory Commission will conscientiously organize the main forum, parallel forums and financial technology conferences. Wang Li said that in the next step, the China Securities Regulatory Commission will thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council, continue to promote the implementation of the new "National Nine Articles" and the "1+N" policy of the capital market, further deepen the reform of the capital market in an all-round way, better play the functional role of the capital market, and promote the financial "five major articles" to achieve more progress and results, so as to better serve the high-quality development of the economy and Chinese-style modernization.

3. On October 11, the Shanghai Stock Exchange issued the Guidelines for the Application of the Review Rules for Issuance and Listing of the Shanghai Stock Exchange No. 6 - Identification Standards for Asset-light and High R&D Investment (Trial). Among them, the Guidelines clarify the scope of "asset-light and high R&D investment" applicable to the refinancing of listed companies on the Science and Technology Innovation Board, specific identification standards, verification requirements for intermediaries, information disclosure requirements and regulatory requirements for raised funds, etc., aiming to better support scientific and technological innovation, improve the efficiency of the use of raised funds, and promote the high-quality development of scientific and technological innovation enterprises according to the characteristics of science and technology enterprises.

4. On October 11, the Futures Supervision Department of the China Securities Regulatory Commission released an article entitled "Living Up to the Trust, Forging Ahead, and Steadily Improving the Ability of the Futures Market to Serve the High-quality Development of the National Economy". The paper proposes to deeply understand the important role of the futures market in the modern economic and financial system, scientifically grasp the methodology for promoting the development and supervision of the futures market, and promote the futures market to strengthen supervision, prevent risks and promote high-quality development.

5. According to a news release on the official website of the Beijing Stock Exchange, recently, the Beijing Stock Exchange found that individual investors sold shares from major shareholders through block transactions in a short period of time, violating relevant regulations. The Beijing Stock Exchange investigated and dealt with this strictly and quickly, and implemented regulatory measures such as public reprimand and restriction on securities account trading for 6 months on relevant investors. At the same time, the Beijing Stock Exchange will transfer the relevant clues to the China Securities Regulatory Commission, and cooperate with the relevant departments to further investigate and deal with the above-mentioned violations of laws and regulations in accordance with the Securities Law and the regulations of the China Securities Regulatory Commission on share reduction.

6. Jinan issued the "Notice on Promoting the Relevant Policy Measures of the City's Real Estate Market to Stop Falling and Stabilize". The "Notice" mentions that the housing credit policy will continue to be optimized. For resident households who take out loans to purchase housing, commercial personal housing loans no longer distinguish between the first and second houses, the minimum down payment ratio is unified at 15%, the lower limit of the interest rate policy is abolished, and the number of housing units is determined by district (county); Implement the national policy on reducing the interest rate of existing housing loans, and further reduce the interest expenses of home buyers' housing loans. Fully implement the "certificate upon delivery". Safeguard the legitimate rights and interests of home buyers, and realize the full coverage of "certificate upon delivery" of newly built commercial housing.

Company News

1. Performance of listed companies

Rockchip: net profit in the first three quarters increased by 339.75%-365.62% year-on-year

Minfeng Special Paper: Net profit in the first three quarters increased by about 124% year-on-year

Dalian Electric Porcelain: net profit in the first three quarters increased by 236.05%-339.45% year-on-year

Real Madrid Technology: Net profit in the first three quarters increased by 20%-25% year-on-year

Liugong: net profit in the first three quarters increased by 50%-70% year-on-year

2. Buybacks of listed companies

Yatai Group: It is planned to repurchase shares for 27 million yuan to 30 million yuan

Fuchun shares: plans to repurchase shares for 5 million yuan - 10 million yuan

Meihua Biotechnology: It is planned to repurchase shares of 300 million yuan - 500 million yuan for cancellation

Vosges shares: plans to repurchase shares with 100 million yuan - 200 million yuan

Wangneng Environment: The upper limit of the price of repurchased shares will be adjusted from no more than 12.50 yuan per share to no more than 20.00 yuan per share

3. Guotai Junan: After the company's self-examination and written confirmation to the controlling shareholder and actual controller, Shanghai International Group Co., Ltd., in addition to the company's disclosure that it is planning to exchange shares to absorb and merge Haitong Securities and raise supporting funds, it is confirmed that there is no other material information that should be disclosed but has not been disclosed.

2. Lianban Haitong Securities: After the company's self-inspection and written confirmation to the company's largest shareholder, Shanghai Guosheng (Group) Co., Ltd., as of the disclosure date of this announcement, in addition to the company's disclosure and Guotai Junan's ongoing planning by Guotai Junan to absorb the merger of the company and raise matching funds, it is confirmed that there is no other material information that should be disclosed but has not been disclosed.

4. CICC: On October 11, 2024, the Company received the Notice of Case Filing from the China Securities Regulatory Commission (CSRC), which decided to file a case against the Company due to the Company's alleged failure to be diligent in sponsoring the IPO of Silchip. The company will actively cooperate with the relevant work of the China Securities Regulatory Commission and fulfill its information disclosure obligations in strict accordance with regulatory requirements. At present, the company's business situation is normal.

5. *ST BBK: The company received the "Notice" forwarded by the shareholder BBK Investment Group, and the applicant, Dongxing Construction, applied to the Xiangtan Intermediate People's Court for the reorganization of BBK Investment Group on the grounds that BBK Investment Group could not pay off its due debts and obviously lacked solvency. As of the announcement date, BBK Investment Group held 7.41% of the company's shares. At present, the company has no actual controller, BBK Investment Group remains independent from the company, and BBK Investment Group is applied for reorganization, which does not affect the company's operating and financial indicators.

6. Nanhua Instruments: The company is planning to acquire 36%-45% of the shares of Guangdong Jiadeli Clean Technology Co., Ltd. by paying cash to purchase assets. Prior to this transaction, the company already held a 15% stake in Gadelis. Upon completion of the transaction, the Company will acquire control of the Company, and the Company will become a holding subsidiary of the Company. This transaction constitutes a connected transaction and is expected to constitute a major asset restructuring. After the completion of this transaction, the company's business will expand to the digital and intelligent cleaning equipment industry, which is expected to form a second growth curve.

7. Douyin: On October 11, the Douyin Security Center issued a penalty announcement on cracking down on illegal securities activities such as "illegal stock recommendation". It is mentioned that the account "Dalan" recommends specific stocks, and the account has repeatedly released specific stock price predictions from the end of September to the beginning of October this year, such as "which stock to buy for novices to make money by speculating in stocks", "the 30th followed me to buy today's high opening has earned death", "open directly into a certain stock, I will never induce you to come in and I ship", etc., inciting netizens to buy a specific stock in full positions. This behavior seriously violated laws and regulations, and the platform decided to ban the account indefinitely.

Selected Research Reports

CITIC Securities said that HarmonyOS NEXT officially opened the public beta on October 8, and the WeChat HarmonyOS Native version simultaneously opened the internal test. The HarmonyOS software ecosystem has accelerated its formation, opened up the full-stack root technology to speed up and increase efficiency, and fully supported AI capabilities. PCs equipped with HarmonyOS systems are expected to land, and PC scenarios can be expected to expand. Optimistic about the increase in the penetration rate of HarmonyOS and the acceleration of the software ecosystem, HarmonyOS ecosystem partners are expected to usher in development opportunities.

Zhongtai Securities believes that the planned area and transaction amount of land launch in the third quarter of 2024 will decline year-on-year, which can be seen that the overall performance of the land market is converging with the sales market, and the market is currently experiencing a cooling period. However, judging from the decline in the premium rate and unsold rate, developers are more cautious about the future market, and the market is further healthier. In terms of investment, the current real estate sales market and land market are still at a low level, but the policy environment is the most relaxed in recent years, and it is expected that the valuation of the sector will continue to recover with the policy care.