"Know it early" my country's import and export scale hit a record high in the first seven months; Shenzhen officially announced "storage of commercial housing", first-tier cities stepped up efforts to stabilize the property market
2024-08-08
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In the first seven months, my country's import and export volume hit a record high for the same period in history;
State Administration of Foreign Exchange: At the end of July, the scale of foreign exchange reserves increased by US$34 billion compared with the end of June;
China's central bank halts gold purchases for third month in a row;
Shenzhen officially announced to "stock up commercial housing", and first-tier cities stepped up efforts to stabilize the property market;
China Passenger Car Association: In July, the passenger car market retailed 1.729 million vehicles, a year-on-year decrease of 2%;
Zhejiang: By 2035, it will be fully built into a high-level civil aviation power province and a highland for low-altitude economic development;
The three major U.S. stock indexes closed lower, with the Nasdaq down 1.05%.
Overnight foreign exchange
All three major U.S. stock indexes fell. As of the close, the Dow Jones Industrial Average fell 0.6%, the Nasdaq fell 1.05%, and the S&P 500 fell 0.77%.
Most of the popular technology stocks fell, Nvidia fell more than 5%, Tesla fell more than 4%, Meta fell more than 1%, and Apple rose more than 1%. Computer hardware, semiconductors, and precious metals sectors fell the most, AMD fell more than 20%, Dell Technologies fell more than 7%, Arm fell more than 5%, Cordair Mining fell more than 4%, NXP, Intel, and ON Semiconductor fell more than 3%. Popular Chinese stocks fell across the board, Xpeng Motors fell more than 5%, Bilibili fell more than 4%, Weibo fell more than 3%, and NIO fell more than 2%.
Spotlight
1. my country's import and export volume hit a record high in the first seven months
According to the General Administration of Customs on August 7, in the first seven months of this year, the total value of my country's import and export of goods was 24.83 trillion yuan, a year-on-year increase of 6.2%. Among them, exports were 14.26 trillion yuan, an increase of 6.7%; imports were 10.57 trillion yuan, an increase of 5.4%. Among them, imports and exports in July were 3.68 trillion yuan, a year-on-year increase of 6.5%. Lu Daliang, Director of the Statistics and Analysis Department of the General Administration of Customs, pointed out that since the beginning of this year, my country's economic operation has been generally stable and steady, and foreign trade has maintained a stable and positive trend. In the first seven months, my country's import and export scale hit a record high in the same period in history. Data shows that the growth rate of imports and exports in the first seven months of this year was 0.1 percentage point faster than in the first half of the year. From the perspective of monthly growth, since April, the month-on-month growth rate of imports and exports has remained above 5%.
2. State Administration of Foreign Exchange: Foreign exchange reserves at the end of July increased by US$34 billion compared with the end of June
According to the statistics of the State Administration of Foreign Exchange, as of the end of July 2024, the scale of my country's foreign exchange reserves was US$3,256.4 billion, an increase of US$34 billion or 1.06% from the end of June. In July 2024, affected by the macroeconomic data, monetary policies and expectations of major economies, the US dollar index fell and the prices of global financial assets generally rose. Due to the combined effects of factors such as exchange rate conversion and changes in asset prices, the scale of foreign exchange reserves increased that month. my country's economic operation is generally stable and steady, and the upward trend continues, which is conducive to the continued basic stability of the scale of foreign exchange reserves.
3. China's central bank has stopped increasing its gold holdings for the third consecutive month
According to central bank data, gold reserves were reported at 72.8 million ounces (about 2,264.33 tons) at the end of July, the same as the previous month.
4. Shenzhen officially announced the "purchase and storage of commercial housing" and first-tier cities stepped up efforts to stabilize the property market
Recently, in a series of new policies for the real estate market released in many places across the country, the "purchase and storage of commercial housing" model has been implemented. At the same time, first-tier cities have also started the "purchase instead of construction" model. On August 7, according to the news released by Shenzhen Anju, the companies affiliated to Shenzhen Anju Group Co., Ltd. plan to carry out the work of purchasing commercial housing for use as affordable housing, and collect commercial housing for use as affordable housing projects in Shenzhen. The scope of collection includes residential, apartment, dormitory, etc. of commercial housing nature within the scope of Shenzhen (excluding the Shenzhen-Shantou Special Cooperation Zone), and give priority to the whole building or unit that has not been sold and can be closed. The conditions for collecting housing sources include convenient transportation, suitable apartment size, convenient living, and complete procedures. Among them, in principle, the main apartment size of the project (housing source) should meet the requirements of Shenzhen's affordable housing apartment size and area (less than 65 square meters); the proposed acquisition project must have four complete certificates to ensure the legality and compliance of the project and meet the loan requirements of financial institutions.
5. China Passenger Car Association: Passenger car market retail sales in July were 1.729 million, down 2% year-on-year
According to preliminary statistics from the China Passenger Car Association, from July 1 to 31, the passenger car market sold 1.729 million vehicles, down 2% year-on-year and 2% from the previous month. The cumulative retail sales this year reached 11.568 million vehicles, up 2% year-on-year. From July 1 to 31, the national passenger car manufacturers wholesaled 1.956 million vehicles, down 5% year-on-year and 10% from the previous month. The cumulative wholesale sales this year reached 13.708 million vehicles, up 4% year-on-year. From July 1 to 31, the passenger car market sold 879,000 new energy vehicles, up 37% year-on-year and 3% from the previous month. The cumulative retail sales this year reached 4.991 million vehicles, up 34% year-on-year. From July 1 to 31, the national passenger car manufacturers wholesaled 955,000 new energy vehicles, up 30% year-on-year and down 3% from the previous month. The cumulative wholesale sales this year reached 5.575 million vehicles, up 30% year-on-year.
6. Zhejiang: By 2035, it will be fully built into a high-level civil aviation power province and a highland for low-altitude economic development
According to the website of the Zhejiang Provincial People's Government, the Zhejiang Provincial People's Government recently issued the "Several Opinions on Building a Strong Civil Aviation Province at a High Level and Creating a Highland for Low-altitude Economic Development". The opinions propose that by 2027, a high-level civil aviation province and a highland for low-altitude economic development will be basically built, with aviation services covering the entire province, a global route network, multi-modal and convenient airport hubs, high-energy agglomeration of the aviation industry, a leading low-altitude economy, and smooth and efficient industry governance. By 2035, a high-level civil aviation province and a highland for low-altitude economic development will be fully built.
Theme Opportunities
1. Shenzhen Anju Group plans to acquire commercial housing institutions to pay attention to the destocking policy
Shenzhen Anju Group issued an announcement that it plans to use its affiliated companies to acquire commercial housing for use as affordable housing. When soliciting, priority will be given to building projects (housing sources) that have not been sold as a whole building or unit and can be closed for management. In principle, the main apartment types of the project (housing source) should meet the requirements of Shenzhen's affordable housing types and areas (less than 65 square meters). In July this year, the Political Bureau of the CPC Central Committee proposed "insisting on combining digestion of inventory with optimization of increments, and actively supporting the acquisition of existing commercial housing for use as affordable housing." Haitong Securities believes that the wording related to "digestion of inventory" at this meeting is more specific and mentions "active support." Local governments are expected to further promote the implementation of funds and projects in the future to ensure the efficient use of affordable housing re-loans. It is expected that more policies to stabilize demand, reduce inventory, and reduce supply will be introduced in the later stage, which will be beneficial to the long-term health and stability of the real estate industry.
2. Force majeure occurred on some vitamin products of BASF. The industry is booming and leading companies have more performance flexibility
According to reports, German chemical giant BASF said on August 7 that due to the suspension of production at the Ludwigshafen plant due to a fire on July 29, the company's delivery of some vitamin A, vitamin E, carotenoids and aromatic components products was force majeure. Affected by the BASF safety incident, the prices of domestic products such as VA and VE rose rapidly. According to Baichuan Yingfu, as of August 7, the transaction price of VA had risen to 184.93 yuan/kg, a single-day increase of 2.74% and a new high, and the cumulative increase since late July exceeded 115%; the latest price of vitamin E is 125 yuan/kg, and the increase since late July is nearly 40%. Analysts believe that benefiting from the end of the destocking cycle and the marginal improvement of downstream demand, domestic vitamin manufacturers have a strong willingness to support prices, and the industry is booming. In terms of demand, a new round of pig cycle is expected to start, and vitamin additives only account for about 1.5% of the total breeding cost. The premium of upstream enterprises has a small impact on the overall breeding cost, and the bargaining power is strong. Overseas demand has clearly begun to recover, and the shipments of vitamin A/E have increased in 2024. On the supply side, the current situation of vitamin A/E is relatively good, and the gross profit of vitamin manufacturers has been damaged for a long time, and the motivation for price increases is strong. In addition, vitamin E will enter a large-scale maintenance period in 2024Q3, and overseas leading companies have frequent accidents. The price of vitamin A/E is expected to continue to rise. The industry continues to be prosperous, and vitamin leading companies have more performance flexibility.
3. The mid-term dividends of many listed companies are on the way, and the layout of the dividend sector is still attractive
As A-share listed companies gradually disclose their 2024 interim reports, their 2024 interim dividends are gradually entering the practical stage. Wind data shows that as of August 7, 4 A-share companies have completed or are about to complete their 2024 interim dividends, and another 18 companies have disclosed the planned cash dividend per share in the announcement. Calculated based on the latest closing price, the dividend yield of some companies has reached or exceeded 2%, outperforming the listed interest rates of the six major banks' time deposits. From an allocation perspective, the A-share dividend sector as a whole has recently experienced a correction, but in the view of industry institutions, the trading logic of the dividend industry, which is more affected by domestic fundamentals, remains the same; for investors, dividend assets that rely on license advantages and can maintain supply-side barriers can continue to be held before the real estate cycle rebounds sharply, while cyclical resource products need to wait patiently.
company news
1. Yunnan Baiyao: The largest shareholder plans to increase its holdings of the company's shares by RMB 500 million to RMB 1 billion
Yunnan Baiyao (000538) announced on the evening of August 7 that the company's largest shareholder, Yunnan State-owned Equity Operation and Management Co., Ltd. (hereinafter referred to as "State-owned Equity Management Company"), increased its holdings of the company's shares by 788,700 shares through centralized bidding transactions on August 6, accounting for approximately 0.0442% of the company's total share capital, and the amount of the increase was 40.0168 million yuan. The State-owned Equity Management Company plans to continue to increase its holdings of the company's shares within 6 months from the date of the first increase, and the planned cumulative increase (including the amount disclosed this time) is not less than 500 million yuan and not more than 1 billion yuan. No price range is set for this increase.
2. Jingyi Shares: The remaining principal of RMB 85.5 million and part of the proceeds of the subscribed bonds were overdue for redemption
Jingyi Co., Ltd. (002295) issued a risk warning announcement on the overdue redemption of wealth management products on the evening of August 7. On August 3, 2021, the company subscribed for 90 million yuan of "21 Shanghai Real Estate 01" bonds. As of August 6, 2024, the remaining principal of the bond of 85.5 million yuan and part of the investment income have not been redeemed at maturity. The company has communicated with the issuer on the overdue redemption of the bond and has officially initiated legal proceedings. The company is currently operating well and its financial position is sound. This matter does not affect the company's continued operation and daily operating capital needs.
3. Rendong Holdings: The actual controller's related party exempted the company from 160 million yuan of debt
Rendong Holdings (002647) announced on the evening of August 7 that with the support of the actual controller of the company, the actual controller's related party Jingjin Risheng signed a "Debt Waiver Agreement" with the company, agreeing to waive its approximately 160 million yuan of company debt. Rendong Holdings stated that this debt waiver is conducive to optimizing the company's asset-liability structure, reducing the company's financial burden, and promoting the company's pre-reorganization and reorganization work progress and promoting the company's sustainable development. This debt waiver is voluntary, free of charge, unilateral, without any conditions, and irrevocable and unchangeable.
4. Ningbo Fubon: Planning to acquire no less than 51% equity of Electrical Alloy
Ningbo Fubon (600768) announced on the evening of August 7 that the company is planning to acquire no less than 51% of the equity of Ningbo Electric Alloy Materials Co., Ltd. (hereinafter referred to as "Electrical Alloy") by paying cash. Preliminary calculations show that this transaction is expected to constitute a major asset reorganization. After the completion of this transaction, Electric Alloy will become a holding subsidiary of the company. On the basis of aluminum processing and trading business, the company will add silver alloy material processing business to achieve the expansion of non-ferrous metal processing business.
5. Yongtai Energy: Plans to purchase 51% equity of Tianyue Coal Industry for no more than RMB 350 million
Yongtai Energy (600157) disclosed a plan to issue shares to purchase assets on the evening of August 7, intending to purchase 51.0095% of the equity of Shanxi Lingshi Xinyi Tianyue Coal Industry Co., Ltd. (hereinafter referred to as "Tianyue Coal Industry") held by Xinyi Group through the issuance of shares. The transaction price is tentatively set at no more than 350 million yuan. After the transaction is completed, the company will hold a total of 63.2571% of the equity of Tianyue Coal Industry in direct and indirect ways; the company's high-quality coking coal resource reserves can increase by 28.3696 million tons, and the coking coal production capacity can increase by 600,000 tons/year, which will further consolidate the development foundation of the main coal-fired power business. The company's stock resumed trading on August 8.
6. Tuowei Information: Subsidiary wins the bid for China Mobile's new intelligent computing center procurement project
Tuowei Information (002261) announced on the evening of August 7 that its wholly-owned subsidiary Xiangjiang Kunpeng recently received a notice of winning the bid, confirming that Xiangjiang Kunpeng is the supplier of China Mobile's new intelligent computing center procurement (bid package 1) from 2024 to 2025. The total bid price of Xiangjiang Kunpeng is 19.058 billion yuan, and the winning bid share is 8.77%. The products supplied by this project are Zhaohan series AI servers and related products. If successfully implemented, it will have a positive impact on the company's future operating performance and further consolidate the company's competitive advantage in intelligent computing business.
7. Hongsheng Huayuan: Subsidiary pre-bids about 898 million yuan of China Southern Power Grid bidding project
Hongsheng Huayuan (601096) announced on the evening of August 7 that its subsidiaries have been pre-awarded for the first batch of framework bidding projects for main grid line materials in 2024 and the first batch of framework bidding projects for distribution network materials in 2024 of the State Grid Corporation of China. The total pre-awarded amount is approximately RMB 898 million, accounting for approximately 9.66% of the company's operating income in 2023.
8. Yinlun Holdings: Subsidiary wins new energy truck integration module project from international customer
Yinlun Holdings (002126) announced on the evening of August 7 that its wholly-owned subsidiary Yinlun TDI, LLC recently received a letter of intent from a well-known international automobile manufacturer. The company has been designated by the customer for the new energy truck integration module project. The project is expected to start mass production in 2027. According to customer demand and forecasts, the project will generate an additional annual sales revenue of approximately RMB 120 million for the company after reaching full production.
9. Meichen Ecology: A subsidiary was designated as a project site for a well-known domestic joint venture automobile brand
Meichen Ecology (300237) announced on the evening of August 7 that its wholly-owned subsidiary Meichen Industry received a project designation notice for fluid delivery system-related products from a well-known domestic joint venture automobile brand. The customer project is expected to start mass production in June 2026, with a project cycle of 8 years and an estimated sales amount of approximately 142 million yuan during the project cycle.
10. NavInfo: Subsidiaries jointly won a bid for a 250 million yuan autonomous driving project
NavInfo (002405) announced on the evening of August 7 that its subsidiary Beijing Century Qualcomm Technology Co., Ltd. (hereinafter referred to as "Century Qualcomm") recently received the "Notice of Winning Bid" from Beijing AutoNet Technology Development Co., Ltd., and the consortium formed by Beijing Baidu Netcom Technology Co., Ltd. and Century Qualcomm won the bid for the roadside intelligent perception equipment-1 section project of Beijing High-level Autonomous Driving Demonstration Zone 3.0 expansion project, with a total bid of 250 million yuan. The smooth implementation of the project will help improve the company's ability to undertake related businesses and provide more experience for the company's subsequent development and cooperation of vehicle-road-cloud integration projects.
11. Lubei Chemical: Net profit of 146 million yuan in the first half of the year, a year-on-year increase of 1063.27%
Lubei Chemical (600727) released its semi-annual report on the evening of August 7, achieving operating income of 2.815 billion yuan in the first half of the year, a year-on-year increase of 31.28%; net profit of 146 million yuan, a year-on-year increase of 1063.27%; basic earnings per share of 0.28 yuan. In addition, the company plans to transfer its 15% equity in Jinan Shizhong District Hairong Microfinance Co., Ltd. to its related party Binzhou Haineng Electrical Automation Engineering Co., Ltd. at a transfer price of 30.5368 million yuan.
12. Shuanglin Co., Ltd.: Net profit of 248 million yuan in the first half of the year, an increase of 282.89% year-on-year
Shuanglin Co., Ltd. (300100) disclosed its semi-annual report on the evening of August 7, achieving operating income of 2.103 billion yuan in the first half of the year, a year-on-year increase of 15.73%; net profit of 248 million yuan, a year-on-year increase of 282.89%; basic earnings per share of 0.62 yuan.
13. Jianfan Bio: Net profit of 553 million yuan in the first half of the year, a year-on-year increase of 99.1%
Jianfan Bio (300529) disclosed its semi-annual report on the evening of August 7. The company achieved operating income of 1.496 billion yuan in the first half of the year, a year-on-year increase of 47.77%; net profit of 553 million yuan, a year-on-year increase of 99.1%; basic earnings per share of 0.69 yuan. During the reporting period, the company's overall gross profit margin was 80.54%, of which the gross profit margin of blood perfusion products was 84.46%, with strong profitability and market competitiveness.
14. TCL Smart Home: Net profit in the first half of the year was 559 million yuan, a year-on-year increase of 32.65%
TCL Smart Home (002668) released its semi-annual report on the evening of August 7, with operating income of 8.962 billion yuan in the first half of the year, a year-on-year increase of 24.74% (after adjustment); net profit of 559 million yuan, a year-on-year increase of 32.65% (after adjustment), and basic earnings per share of 0.52 yuan.
Editor: Chen Lixiang
Proofreading:
Wang Chaoquan
