Must-read before the market opens丨8 categories of home appliances receive subsidies of up to 2,000 yuan each; Honor receives investment from China Mobile
2024-08-26
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
【Financial Calendar】
The State Council Information Office held a press conference on the 24th China International Investment and Trade Fair;
The Hongmeng Intelligent Driving new product launch conference is scheduled to be held on August 26, and the new M7 Pro will be on the market.
U.S. stocks rose strongly on Friday. The upcoming interest rate cut by the Federal Reserve boosted market risk appetite, and the S&P 500 index approached a record high. As of the close, the Dow Jones Industrial Average rose 462.30 points, or 1.14%, to 41,175.08 points, the Nasdaq rose 1.47% to 17,877.79 points, and the S&P 500 rose 1.15% to 5,634.61 points. The VIX index fell nearly 10%.
In terms of individual stocks, technology stocks performed well as investors increasingly hoped that a lower interest rate environment would benefit this group. Tesla and Nvidia both rose more than 4%.
In terms of Chinese concept stocks, Alibaba rose 2.9%. JPMorgan Chase believes that Alibaba's possible inclusion in the Hong Kong Stock Connect is an obvious opportunity. Bilibili rose 15.3%. The company's target price was raised by Bernstein.
International oil prices stabilized and rebounded, and the market rekindled optimism about demand. The nearest month contract of WTI crude oil rose by 2.49% to $74.83 per barrel. The nearest month contract of Brent crude oil rose by 2.33% to $79.02 per barrel.
International gold prices rebounded sharply, and the expectation of interest rate cuts boosted investor confidence. The COMEX gold futures contract for August delivery on the New York Mercantile Exchange rose 1.19% to $2,518.40 per ounce.
►►On August 24, Pan Gongsheng, governor of the central bank, said in an exclusive interview: The next step will be to strengthen counter-cyclical and cross-cycle adjustments, focus on supporting stable expectations, boosting confidence, and supporting the consolidation and enhancement of the economic recovery and positive trend; will continue to adhere to a supportive monetary policy stance and guide the reasonable growth of money and credit; study reserve increment policy measures and enhance macro policy coordination; currently, my country's financial system is generally sound, and financial risks in key areas are being resolved in an orderly manner; the current number of high-risk small and medium-sized banks has been reduced by nearly half from the peak.
►►On August 23, the State Financial Supervision and Administration Bureau publicly solicited opinions on the Interim Measures for the Supervision and Administration of Microfinance Companies (Draft for Comments). It pointed out that the balance of various loans of microfinance companies to the same borrower shall not exceed 10% of their net assets, and the balance of various loans to the same borrower and its affiliates shall not exceed 15% of their net assets. The balance of loans for consumption by online microfinance companies to a single household shall not exceed RMB 200,000, and the balance of various loans to a single household for production and operation shall not exceed RMB 10 million.
►►On August 23, the heads of relevant departments of the State Financial Supervision and Administration Bureau answered reporters' questions about the "Notice on Issuing the Encouraging List, Negative List and Positive List of Project Company Business Development for Financial Leasing Companies". The heads of relevant departments of the State Financial Supervision and Administration Bureau stated that the encouraging list is guided by national strategic needs, and includes important equipment and major technical equipment such as agricultural machinery, wind power photovoltaics, solar thermal power generation, pharmaceutical research and development, and ships in 27 industries such as agriculture, forestry, animal husbandry, new energy, medicine, ships and marine engineering. The negative list reiterates the requirements of the prohibited business areas in Document No. 8, clarifies the principle of dividing the old and the new, and properly disposes of the existing business. The positive list is based on the scope of leased items stipulated in Article 3 of the "Management Measures for Project Companies of Financial Leasing Companies" (Yinbaojianbanfa [2021] No. 143), combined with the experience and results of some financial leasing companies in piloting the project company integrated circuit financing leasing business in the early stage, and adds integrated circuits and computing center equipment to better support the development of the integrated circuit industry and computing power infrastructure.
►►Recently, Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, held a special symposium in Beijing. Wu Qing pointed out that in recent years, the ranks of institutional investors in the capital market have continued to grow and the proportion of transactions has increased significantly. They have gradually become a benchmark force for rational investment, value investment, and long-term investment, and have played an important role in promoting the healthy and stable development of the capital market. It is hoped that institutional investors will continue to strengthen their confidence, maintain their determination, adhere to long-termism and professionalism, continuously improve their professional investment and research capabilities, better play a demonstration and leading role, continue to strengthen the buyer's power, help investors obtain reasonable returns, enhance investors' confidence and trust, and become a "stabilizer" for market operations and a "booster" for economic development.
►►On August 24, authoritative experts and insiders in the industry responded to recent hot issues in the bond market: The central bank has begun stress testing the risk exposure of financial institutions' bond assets; The central bank: "Prohibiting small and medium-sized financial institutions from trading in treasury bonds" is a market misunderstanding; The central bank has not set a long-term treasury bond interest rate range; Industry experts: The current economic foundation determines that long-term treasury bond yields will not decline in the long run.
►►On August 25, the General Office of the Ministry of Commerce and other four departments issued a notice on further improving the work of replacing old appliances with new ones. It mentioned that all regions should coordinate the use of central and local funds to provide subsidies for replacing old appliances with new ones for individual consumers who purchase refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves, and range hoods with energy efficiency or water efficiency standards of level 2 or above. The subsidy standard is 15% of the final sales price of the product. For products with energy efficiency or water efficiency of level 1 or above, an additional subsidy of 5% of the final sales price of the product will be given. Each consumer can subsidize one product of each category, and the subsidy for each product shall not exceed 2,000 yuan.
►►The spokesperson of the Ministry of Commerce answered questions from reporters on the US listing several Chinese entities on the export control "Entity List" on the grounds of involvement with Russia. A reporter asked: Recently, the US Department of Commerce announced that it would list several Chinese entities on the export control "Entity List" on the grounds of involvement with Russia. What is China's comment on this? Answer: China has noted the relevant situation. The US has listed several Chinese entities on the export control "Entity List" on the grounds of so-called involvement with Russia. China firmly opposes this. The US practice is a typical unilateral sanction and "long-arm jurisdiction", which undermines the international trade order and rules, hinders normal international economic and trade exchanges, and affects the security and stability of the global industrial chain and supply chain. China is strongly dissatisfied with this and firmly opposes it. China urges the US to immediately stop its wrong practices and will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies.
►►On August 25, in response to the "chaos in the transportation of edible vegetable oil by tank trucks" reported by the media, the State Council Food Safety Office, the National Development and Reform Commission, the Ministry of Public Security, the Ministry of Transport, the National Health Commission, the State Administration for Market Regulation, and the State Administration of Grain and Reserves formed a joint investigation team to conduct joint investigations in Hebei, Tianjin, Inner Mongolia, and Shaanxi to trace the flow of the products involved, verify the illegal acts of the responsible personnel and responsible units involved, analyze the causes of the problems, and clarify the responsibilities of all parties. At the same time, a full-chain cleanup and investigation was organized nationwide. Judging from the investigations in various places, no other similar problems have been found so far. After investigation and verification, the joint investigation team determined that the nature of the incident of mixed transportation of edible vegetable oil by tank trucks was extremely bad, violated basic common sense, trampled on moral bottom lines and legal red lines, and was a typical illegal crime that must be severely cracked down.
►►On the morning of August 23, Zheng Zhajie, director of the National Development and Reform Commission, hosted a symposium for private entrepreneurs and held discussions with the heads of private enterprises such as Dover Group, Seres Group, Hengtong Group, Transsion Holdings, and Kuaishou Technology. He fully and deeply understood the entrepreneurs' views and feelings on the current economic situation, listened carefully to their opinions and suggestions, promoted the resolution of difficult problems, and further created a good environment and enhanced confidence in development. Zheng Zhajie said that in the next step, the National Development and Reform Commission will enhance confidence in development, strengthen communication and exchanges, give full play to the role of the inter-ministerial joint conference system to promote the development and growth of the private economy, and effectively help private enterprises solve practical problems. At the same time, optimize service guidance. Together with relevant departments, support private enterprises to conduct overseas business in accordance with the law, continuously enhance international competitiveness, and help enterprises grow and develop.
►►On the morning of August 24, Honor said in a statement sent to China Business News that the company has received investment from China Mobile. Earlier, there were reports that the two companies were negotiating a new round of financing. Honor said that the company has always adhered to the principle of open and transparent development and will continue to diversify its equity structure. "China Mobile Communications Co., Ltd.'s investment in Honor is a financial investment with good synergy in the innovation of the personal and family terminal market. As a leading company in the field of smart terminals, Honor has a rich product portfolio; and China Mobile Communications Co., Ltd. has significant advantages in channel resources and user resources." However, the two parties did not disclose the specific investment amount.
►►According to the official Weibo of "Black Myth: Wukong", as of 21:00 on August 23, 2024, the sales of "Black Myth: Wukong" across all platforms have exceeded 10 million copies.
►►On August 24, Foreign Ministry Spokesperson Mao Ning announced: At the invitation of Wang Yi, member of the Political Bureau of the CPC Central Committee and director of the Office of the Central Foreign Affairs Commission, US President’s National Security Advisor Jake Sullivan will visit China from August 27 to 29 to hold a new round of China-US strategic communication.
►►On August 23, Federal Reserve Chairman Powell said at the Jackson Hole Annual Meeting that the time has come for policy adjustment; confidence in inflation returning to 2% has increased; the timing and pace of interest rate cuts will depend on the balance of data, outlook and risks.
Shenzhen Huaqiang: The company's stock price has risen sharply in the short term, and there has been no major change in the fundamentals recently
Shenzhen Huaqiang disclosed a notice of serious stock trading changes, stating that as of August 23, 2024, the company's stock price had risen by the daily limit for seven consecutive trading days. The company's stock price had risen significantly in the short term, while the company's fundamentals had not changed significantly recently. The company solemnly reminds investors that stock prices may be affected by multiple factors such as the macro environment, industry development, company operating conditions and investor preferences. Investors are kindly requested to pay attention to trading risks, make prudent decisions and invest rationally.
Century Dingli: The company is not involved in any other business cooperation or joint research and development with Huawei HiSilicon
Century Dingli issued an unusual announcement, the company purchased the interface control document (hereinafter referred to as "ICD") authorization for Huawei HiSilicon chips. The authorization contract is signed once a year and the authorization is obtained on an annual basis. The annual authorization fee paid to Huawei HiSilicon does not exceed 100,000 yuan/year. After obtaining this authorization, it is possible to collect chip data and analyze chip data for Huawei mobile phone test terminals, and sell them in conjunction with the company's road test instrument products. In 2023, the company's road test product operating income related to the Huawei HiSilicon chip ICD authorization will account for no more than 5% of the company's overall business operating income, and the revenue from related products has not had a significant impact on the company's operating performance. In addition, the company has not participated in any other business cooperation or joint research and development with Huawei HiSilicon.
ST Huijin: The subsidiary's account was frozen for 31.8172 million yuan and the company has reported the case to the public security authorities
ST Huijin announced that some accounts of the company and its subsidiary Beijing Zhongke Tuoda Technology Co., Ltd. were frozen, with a frozen amount of 31.8172 million yuan. After investigation, it was found that the incident was caused by the forgery of the company's official seal, loan agreement and subsidiary shareholders' meeting resolutions. The company reported the case to the public security authorities on August 23.
Guozhong Water: The company and its shareholder Pengxin Group were investigated by the China Securities Regulatory Commission for suspected illegal information disclosure
Guozhong Water announced that the company and its shareholder Pengxin Group received a "Notice of Filing" issued by the China Securities Regulatory Commission on August 23, 2024. Due to suspected illegal and irregular information disclosure, the China Securities Regulatory Commission decided to file a case against the company and Pengxin Group. At present, the company's various production and business activities are carried out normally. During the investigation, the company will actively cooperate with the investigation and fulfill its information disclosure obligations in a timely manner.
Bank of China: Vice Chairman, Executive Director and President Liu Jin resigns
Bank of China announced that the board of directors of Bank of China has received the resignation letter from Liu Jin. Liu Jin resigned from the positions of vice chairman, executive director, member of the strategic development committee of the board of directors and president of Bank of China for personal reasons. The resignation will take effect from August 25, 2024.
Oriental Selection's total revenue for fiscal year 2024 is 7.1 billion yuan, with revenue from self-operated products and live e-commerce business reaching 6.5 billion yuan
Oriental Selection announced its results for fiscal year 2024 (June 1, 2023 to May 31, 2024). In this fiscal year, Oriental Selection's total operating revenue was 7.1 billion yuan, an increase of 56.8% from 4.5 billion yuan in fiscal year 2023. Among them, the net revenue of self-operated products and live e-commerce divisions increased by 68.1% from 3.9 billion yuan in fiscal year 2023 to 6.5 billion yuan.
Seres: Net profit of 1.625 billion yuan in the first half of the year, turning losses into profits year-on-year
Seres announced that its operating income in the first half of 2024 was 65.044 billion yuan, a year-on-year increase of 489.58%, mainly due to the increase in sales of new energy vehicles. The net profit attributable to shareholders of the listed company was 1.625 billion yuan, turning losses into profits compared with the same period last year.
Yingjixin: Net profit in the first half of the year increased by 1776.17% year-on-year
Yingjixin disclosed its semi-annual report, achieving operating income of 619 million yuan in the first half of 2024, a year-on-year increase of 19.98%; net profit of 39.0496 million yuan, a year-on-year increase of 1776.17%. Basic earnings per share was 0.09 yuan. During the reporting period, the company continued to enrich and optimize product categories and structures, continuously explore new market areas and customer groups, and the company's automotive, new energy, PMU and other related chips were mass-produced.
Zijin Mining: Net profit in the first half of the year was 15.084 billion yuan, a year-on-year increase of 46.42%
Zijin Mining released its semiannual report stating that its operating income in the first half of the year was 150.417 billion yuan, a year-on-year increase of 0.06%; the net profit attributable to the parent company's owners was 15.084 billion yuan, a year-on-year increase of 46.42%.
Sungrow Power Supply: Net profit in the first half of the year was 4.959 billion yuan, a year-on-year increase of 13.89%
Sungrow Power Supply announced that the company achieved operating revenue of 31.02 billion yuan in the first half of 2024, a year-on-year increase of 8.38%; net profit of 4.959 billion yuan, a year-on-year increase of 13.89%.
Wanfeng Aowei: Net profit in the first half of the year was 398 million yuan, a year-on-year increase of 24.93%
Wanfeng Auto released its 2024 semi-annual report. The company achieved total operating revenue of 7.372 billion yuan in the first half of the year, a year-on-year decrease of 1.80%; net profit attributable to the parent company's owners was 398 million yuan, a year-on-year increase of 24.93%.
CRRC: Net profit in the first half of the year increased by 21.4% year-on-year
CRRC Corporation Limited released its 2024 semi-annual report. During the reporting period, the company achieved operating income of 90.039 billion yuan, a year-on-year increase of 3.13%; net profit attributable to shareholders of listed companies was 4.201 billion yuan, a year-on-year increase of 21.4%. Basic earnings per share was 0.15 yuan.
Luxshare Precision: Net profit in the first half of the year was 5.396 billion yuan, a year-on-year increase of 23.89%
Luxshare Precision announced that its net profit in the first half of the year was 5.396 billion yuan, a year-on-year increase of 23.89%; its net profit in the third quarter is expected to be 3.453 billion to 3.822 billion yuan, a year-on-year increase of 14.39% to 26.61%.
O-Film: Net profit of 39.1445 million yuan in the first half of the year, turning losses into profits year-on-year
OFILM disclosed its semi-annual report. The company achieved operating income of 9.536 billion yuan in the first half of 2024, a year-on-year increase of 51.02%; realized net profit attributable to the parent company of 39.1445 million yuan, a year-on-year turnaround; basic earnings per share of 0.01 yuan. During the reporting period, the company's business order volume increased compared with the same period last year, and the growth of operating income led to a year-on-year increase in net profit. The company insists on guiding the industrialization and upgrading of technology with independent innovation, continuously investing in research and development, strengthening internal management, steadily improving product quality, and continuously achieving key technological breakthroughs and product applications. The revenue of high value-added products has achieved rapid year-on-year growth, and profitability has improved.
CITIC Construction Investment:The market turnaround is gradually taking shape. The interim report disclosure period is about to pass, and the market will complete the downward revision of earnings expectations. At the same time, the Fed has sent a strong signal of a rate cut in September. If it is combined with the signal of increasing domestic policy, the market is expected to open up upward space. In the short term, in addition to stable dividend assets with high winning rates and interim reports that exceed expectations and the direction of continued prosperity, we can also pay attention to the direction of expected improvement in fundamentals after the negative impact of the interim report is implemented. In the medium term, we should pay attention to the changes in the capacity cycle. The stage when enterprises are under the greatest pressure of supply will gradually pass. From the perspective of A-share capital expenditure and supply cycle, the environment will be similar to that of 2012-2013. Focus on: banks, electricity, automobiles, home appliances, semiconductor chains, military industry, Internet, etc.
China Galaxy Securities:Looking ahead, in terms of A-share allocation, the mid-year performance disclosure will enter the last week. It is recommended to pay attention to industries whose mid-year performance exceeded expectations, as well as industries with good performance but low valuations. As the Fed's interest rate cut is approaching, it is recommended to pay attention to A-share industries that may benefit from the Fed's interest rate cut. Combined with historical review, upstream resource industries such as petroleum and petrochemicals, non-ferrous metals, basic chemicals, and coal may benefit from the rise in international commodity prices before and after the Fed's interest rate cut begins.
Zhongtai Securities:The current stability of the aggregate policy and the strength of financial supervision have not changed, and the overall market outlook for the second half of the year remains stable. In terms of allocation, it is recommended to focus on opportunities in utilities, core military industry, and nonferrous metals. At this point in time, considering the latest changes in the US election and the possible return of the "Trump deal", the short-term performance of assets such as gold deserves attention.
(This article comes from China Business Network)
