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macro news

three departments: plan to allow the establishment of wholly foreign-owned hospitals in beijing, tianjin, shanghai, nanjing, suzhou, fuzhou, guangzhou, shenzhen and the entire island of hainan

on sunday, the ministry of commerce, the national health commission, and the national medical products administration issued a notice on the pilot work of expanding opening up in the medical field, which mentioned that it is planned to allow the establishment of wholly foreign-owned hospitals (except for traditional chinese medicine hospitals, excluding the merger and acquisition of public hospitals) in beijing, tianjin, shanghai, nanjing, suzhou, fuzhou, guangzhou, shenzhen and the entire island of hainan. the specific conditions, requirements and procedures for the establishment of wholly foreign-owned hospitals will be notified separately. the competent departments of commerce, health, human genetic resources, and drug supervision and management in the pilot areas should, in accordance with the division of responsibilities, increase policy publicity, take the initiative to connect with willing foreign-invested enterprises and strengthen services; at the same time, they should strengthen inter-departmental consultations, and supervise and manage pilot enterprises in accordance with the law within their respective responsibilities, timely identify and effectively prevent risks, and solidly promote the pilot work of expanding opening up in the fields of biotechnology and wholly foreign-owned hospitals to ensure that the pilot work achieves practical results.

my country's restrictions on foreign investment access in the manufacturing sector have been eliminated

with the approval of the cpc central committee and the state council, the national development and reform commission and the ministry of commerce issued order no. 23 on september 8, 2024, publishing the full text of the special management measures for foreign investment access (negative list) (2024 edition) and taking effect on november 1, 2024. the special management measures for foreign investment access (negative list) (2021 edition) will be repealed at the same time. the 2024 version of the national negative list for foreign investment access has reduced the number of restrictive measures from 31 to 29, and deleted two items: "publication printing must be controlled by the chinese side" and "prohibiting investment in the application of steaming, frying, roasting, calcining and other processing technologies for chinese herbal medicines and the production of confidential prescription products of chinese patent medicines". the restrictive measures on foreign investment access in the manufacturing sector have been "cleared".

the united states strengthens export restrictions on quantum computing, semiconductor manufacturing, etc. the ministry of foreign affairs responded

foreign ministry spokesperson mao ning hosted a regular press conference on september 6. afp reporter asked, the us department of commerce announced on the 5th that for national security reasons, the us will further strengthen export restrictions on technologies such as quantum computing and semiconductor manufacturing. what is china's comment? mao ning said that china has always opposed the us's politicization and weaponization of economic, trade and technological issues. we believe that artificially setting up obstacles to normal technical cooperation and economic and trade exchanges violates the principles of market economy, disrupts the stability of the global production and supply chain, and is not in the interests of any party.

asml responds to netherlands expansion of export controls on advanced semiconductor manufacturing equipment

the dutch government announced that it would expand export control measures on advanced semiconductor manufacturing equipment, that is, from september 7, more types of semiconductor manufacturing equipment will be subject to national authorization requirements. this measure stipulates that from now on, companies must apply for authorization when exporting such advanced manufacturing equipment, and the government will evaluate the application on a case-by-case basis. therefore, this is not an export ban, and the measure applies to exports from the netherlands to destinations outside the european union. in response to this measure, dutch lithography giant asml said that according to the updated license requirements, asml will need to apply to the dutch government instead of the us government for an export license for twinscannxt:1970i and 1980i immersion duv lithography machines. twinscannxt:2000i and subsequent immersion duv systems already have dutch export license requirements. the sale of asml euv systems is also subject to license requirements. asml said that since this is a technical change, it is not expected to have any impact on the company's financial outlook or long-term plans for 2024.

u.s. nonfarm payrolls increased by 142,000 in august, less than expected

the number of non-farm payrolls in the united states increased by 142,000 in august, which was expected to increase by 165,000 and the previous value was an increase of 114,000. other employment data are as follows: ① the labor force participation rate was 62.7%, the same as the previous month; ② the average hourly wage increased by 0.4% from the previous month, which was expected to increase by 0.3%, and the previous month increased by 0.2%; it increased by 3.8% from the same period last year, and the previous month increased by 3.6%, and the estimated increase was 3.7%; ③ the number of non-farm payrolls in the private sector increased by 118,000, which was an increase of 74,000 in the previous month, and the estimated increase was 140,000; ④ the number of non-farm payrolls in the manufacturing industry decreased by 24,000, which was an increase of 6,000 in the previous month, and the estimated decrease was 2,000; ⑤ the unemployment rate was 4.2%, which was 4.3% in the previous month, in line with expectations.

finance and securities

csrc: extend the prohibition period for former employees to buy shares and expand the scope of strict supervision of former employees

on friday, the csrc issued the "regulations on the supervision of resigned personnel in the csrc system buying shares in companies to be listed (trial)", which stipulates that the ban period for resigned personnel to buy shares will be extended. the ban period for resigned personnel in issuance supervision positions or committee management cadres to buy shares will be extended to 10 years; for resigned personnel other than issuance supervision positions or committee management cadres, the ban period for resigned personnel at the department level and above will be extended from 3 years to 5 years, and for resigned personnel below the department level will be extended from 2 years to 4 years. expand the scope of strict supervision of resigned personnel. expand the scope of strict review from the resigned personnel themselves to their parents, spouses, children and their spouses. intermediary institutions must fully verify the investment background, source of funds, price fairness, and authenticity of the cleanup of resigned personnel, and the csrc will verify and review the relevant work. during the implementation of the system, the stock exchange will do a good job in policy interpretation and guidance to the companies to be listed, intermediary institutions and other parties.

zhejiang securities regulatory bureau launches private placement self-examination work, focusing on bond trading

the zhejiang securities regulatory bureau recently launched a self-examination of private equity, with a focus on bond trading. a private equity manager in zhejiang said that this self-examination covers 20% of private equity managers in zhejiang, with a strong penetration, requiring penetration of financial, product, and investor information. "in fact, last year, regulators checked private equity managers in zhejiang who only deal in bonds, mainly targeting the comprehensive collection of some private equity at the end of last year." the above-mentioned private equity person said. comprehensive collection refers to the local government bonds issued by the provincial and higher governments on behalf of the financial departments. after the bonds are re-loaned to the subordinate municipal and county governments, the municipal and county finances receive the income formed by the funds. simply put, it is debt refinancing income. in addition, the above-mentioned private equity person also said that supervision also focuses on the nesting of products. "trust and fof products do not currently need to be penetrated, but our own nested products need to be penetrated, and the details need to be listed."

my country's foreign exchange reserves have remained above us$3.2 trillion for nine consecutive months

according to the statistics of the state administration of foreign exchange, as of the end of august 2024, my country's foreign exchange reserves amounted to us$3,288.2 billion, an increase of us$31.8 billion or 0.98% from the end of july. my country's foreign exchange reserves have remained above us$3.2 trillion for nine consecutive months. in august 2024, affected by factors such as macroeconomic data and monetary policy expectations of major economies, the us dollar index fell and global financial asset prices 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.

the state financial supervision and administration bureau issued the measures for the management of criminal cases involving financial institutions, defining four major case situations

the state financial supervision and administration bureau issued the measures for the administration of criminal cases involving financial institutions. cases with any of the following circumstances are considered major cases: (i) the balance of the business involved is equivalent to rmb 100 million (inclusive) or more; (ii) the amount of risk exposure (referring to the amount involved in the case minus the cash or cash equivalent assets recovered) is equivalent to rmb 50 million (inclusive) or more at any point in time from the confirmation of the case to the conclusion of the case, and accounts for 10% (inclusive) or more of the net assets of the legal person institution where the case occurred; (iii) the nature is bad, triggering major negative public opinion, causing bank runs or concentrated policy withdrawals, and may induce regional systemic risks, etc., which have major adverse social impacts; (iv) other circumstances that the financial supervision and administration bureau and its dispatched agencies determine to be major cases.

industry•company

huawei's foldable phone pre-orders exceed 2 million

huawei's three-fold phone, huawei matext extraordinary master, opened for pre-order at 12:08 on september 7. as of 10:50 a.m. on sunday, less than 24 hours after the pre-order was opened, huawei mall showed that the number of reservations for the product had exceeded 2 million.

jialingjie, huaming intelligent, st xulan, st xudian, and nord shares announced on the same day that the company or related parties were filed by the china securities regulatory commission for suspected violations of information disclosure laws and regulations

after the market closed last friday, five a-share listed companies including jialingjie, huaming intelligent, st xulan, st xudian and nord shares announced that the companies or related parties were filed by the csrc. among them, shanghai guojun investment co., ltd., the controlling shareholder of jialingjie, and its concerted party dongxu group co., ltd. were filed by the csrc for suspected information disclosure violations; huaming intelligent was filed by the csrc for suspected information disclosure violations; st xulan and its controlling shareholder dongxu group were filed by the csrc for suspected information disclosure violations; st xudian and its controlling shareholder dongxu group were filed by the csrc for suspected information disclosure violations; nord shares and its chairman chen lizhi, vice chairman xu songqing, and board secretary wang handuo were filed by the csrc for suspected information disclosure violations.

2 consecutive boards for public transportation: the intelligent connected car model is still in the experimental stage

volkswagen transportation issued an announcement on abnormal stock trading fluctuations on friday. the company has noticed that smart connected vehicles have received a lot of attention from the market recently. this model is still in the experimental stage and basically does not generate any revenue for the company. there is still uncertainty about the future business development trend, and it will not have a significant impact on the company's business activities in the short term.

kosen technology, which has been on the board for 10 consecutive days, currently purchases structural parts from outside for the assembly of hinges for folding screen mobile phones

kosen technology issued an announcement on abnormal stock trading fluctuations and risk warnings on friday. the company's stock has closed at the upper limit price for 10 consecutive trading days. from august 26 to september 6, 2024, the company's stock price has increased by 159.53%. regarding folding screen concept stocks, the company once again reminded that the company's folding screen hinge assembly business has a single customer. at present, the company purchases structural parts for the assembly of folding screen mobile phone hinges. as of the date of this announcement, no revenue has been generated in 2024. the company expects that the revenue generated by this business during the year will account for less than 1% of the operating income in 2024, and its contribution to the company's overall revenue in 2024 is limited. the company does not produce solid-state battery products. the company expects a loss in 2024. the current stock price has seriously deviated from the company's fundamentals, and there is a risk of excessive irrational speculation.

*st furun: stock verification completed and trading resumed on september 9

*st furun announced on friday that the company's stock has accumulated 18 trading days of daily limit from august 2 to september 3, with a stock price increase of 100.89%. the stock price fluctuated greatly and investors paid more attention. in order to safeguard the interests of investors, the company conducted an investigation on the stock trading situation. recently, the company and its affiliated companies jiangsu xinruibei and xinxida jointly registered and established zhejiang xinruibei biotechnology co., ltd. at present, no capital has been contributed, and the company holds 40% of the shares, neither controlling nor consolidating. up to now, zhejiang xinruibei has only completed the industrial and commercial registration, has not recruited employees, has not actually carried out business, has not generated operating income and investment income, and there are significant uncertainties in the subsequent operation. in addition to the above-mentioned relationship, there is no plan between jiangsu xinruibei, xinxida and the company to acquire zhejiang xinruibei, jiangsu xinruibei and other targets or be acquired by them through major asset reorganization, and jiangsu xinruibei and xinxida have no plans to reorganize and go public through listed companies. the company's stock will resume trading on september 9, 2024.

this week’s focus

new stock subscription this week

according to the issuance arrangement, there are 3 new stocks available for subscription this week. the specific subscription list is as follows:

tuesday:

ruihua technology subscription code: 920099

friday:

wireless media subscription code: 301551

hehe information subscription code: 787615

this week's unblocked shares

this week (september 9 to september 13), the a-share market will usher in a small peak of lifting restrictions within the month, involving 47 stocks, with a total lifting market value of 55.705 billion yuan, an increase of 191.33% from last week. in terms of individual stocks, the "big brother of securities companies" citic securities ranks first with a lifting market value of 17.751 billion yuan. another "10 billion" lifting restriction stock is china railway special cargo, with a lifting ratio of over 70%.

institutional strategy

citic securities strategist chen guo: the market has bottomed out and three lines are waiting for opportunities to be deployed

chen guo, chief strategy officer of citic securities, believes that the recent earnings expectations have been revised downward and investor sentiment is low, but overall, the market has bottomed out. the recent market position and phenomenon show the characteristics of the bottom area, but the fed's interest rate cuts and domestic policy efforts will improve valuations and earnings expectations. in addition, the base effect of the fourth quarter's fundamentals year-on-year data is also expected to show an upward trend. investors should wait for opportunities to make arrangements in the future. consider the bottom layout along three clues: the improvement of the economic reality under the new clues of equipment renewal and consumer goods trade-in, the subsequent economic elasticity of the domestic demand-related sectors with resilience in the mid-term report, and the valuation repair of the growth direction with its own industry logic that is expected to bottom out. focus on: home appliances, automobiles, non-bank, military industry, lithium batteries, electronics, pharmaceuticals, etc.

citic securities: the implementation of policies boosts domestic demand and accelerates the export of automobiles to overseas markets

citic securities research report believes that domestic demand for automobiles will decline in the second quarter of 2024, but exports will grow rapidly, maintaining a stable total volume. looking ahead to the second half of the year, the effect of the "old for new" policy will emerge, domestic demand is expected to be further boosted, and the industry will be prosperous. the parts sector will be affected by factors such as bulk and freight rates in the second quarter of 2024, but the marginal situation will improve in the third quarter of 2024, and profit release is expected to accelerate. recommended focus: (1) structural opportunities in the passenger car sector; (2) leading commercial vehicle companies with an upward cycle and open long-term profit space; (3) parts companies that are in the incremental track and are accelerating global expansion; (4) two-wheeled vehicle leaders with product upgrades and accelerated overseas expansion.

minsheng securities: three factors combined to make the shipbuilding cycle in the early stage of prosperity

minsheng securities research report pointed out that by looking back at the history of the shipbuilding industry to explore the cyclical laws, the current situation is judged from multiple angles. minsheng securities believes that: under the superposition of the three factors of "improved supply, improved demand, and increased profits", this round of shipbuilding cycle is in the early stage of prosperity. specifically: 1) after the end of the last round of the big cycle, the shipbuilding industry has a capacity clearance of about 15 years, and the industry concentration has further increased; 2) the demand side continues to improve in the medium and long term. the number of orders on hand by ship companies has reached a new high since 2014, and the production tasks are full. some ship companies have scheduled production until 2028; 3) the mismatch between supply and demand drives up ship prices. at the same time, the cost side has fallen with the decline in steel prices, and the profitability of ship companies has been significantly restored.

shenwan hongyuan: market game policy is still to not release the eagle until the rabbit is seen

shenwan hongyuan research report pointed out that, apart from all the complicated discussions, the environment that a-shares face in the short term is weak fundamentals + vague policy expectations. the original path of the market is weak fluctuations. the economic expectations for the second quarter weakened ahead of schedule, and the external demand fell in the second half of the year. the expectation that policies to stimulate domestic demand need to be increased remains unchanged. the second quarter performance of a-shares verified that the single-quarter revenue had a rare negative growth year-on-year, and the net profit attributable to the parent company had a negative growth year-on-year under a low base, which falsified all the "performance bottom" expectations in the past two years. the third quarter consumer services may reflect more of the decline in demand (not fully reflected in the second quarter report), the appreciation of the rmb, and the current revenue of the export chain may be further under pressure. combined with the high base of the third quarter report, under the existing path, the profit growth rate of the third quarter report may further decline. in this case, breaking through the original path of the market requires major changes in policy expectations, especially monetary policy. at this stage, the central bank expressed support for the easing direction, but the relevant expressions of the magnitude and intensity are still restrained. it does not support particularly optimistic policy expectations. the market game policy is still not to see the rabbit, not to release the eagle. in the stage where the fundamentals are weak and the visibility of policy formulation, implementation, and effects is low, the market continues to be weak.