Financial attention
Financial afternoon tea: On April 10th, the first batch of registered new shares on the main board will be collectively listed, marking a historic moment for the A-share main board. These ten new stocks are CITIC Metal, Zhongzhong Technology, Evergreen Technology, Jiangyan Group, Baicheng Co., Ltd., China Electronics Port, Haisen Pharmaceutical, Shaanxi Energy, Dengkang Dental, and South Mining Group. On the first day of listing, the 10 companies will be labeled with 'N' before their abbreviation, and from the next day of listing to the 5th trading day, they will be labeled with 'C' before their abbreviation.
Macroeconomics
1. CCTV News: The first round of inspections of the 20th Central Committee will conduct inspections on 30 state-owned enterprises, 5 financial units, and the General Administration of Sport. In the financial field, the Fifth Central Inspection Team has completed the entry work of China Development Bank, Agricultural Development Bank of China, and China National Insurance Corporation. The Sixth Central Inspection Team has completed the entry work of China Everbright Group and China Investment Corporation, and will conduct a two-and-a-half month inspection 'looking back' to promote the solution of prominent problems in the financial field.
2. State Railway Group: In the first quarter, the fixed assets investment of national railways was 113.55 billion yuan, up 6.6% year on year, and the construction of modern railway infrastructure system was accelerated. In the future, efforts will be made to implement national strategic channel projects such as going out of Xinjiang and entering Tibet, along the Yangtze River and coastal areas, and along the western land sea new channel, continuously enhancing the accessibility and coverage of the railway network.
3. South Korea Health Industry Revitalization Institute: In 2022, the export value of South Korea's health industry reached 24.2 billion US dollars, a year-on-year decrease of 4.7%, the second highest record in history. The health industry includes pharmaceuticals, medical devices, and cosmetics. In terms of export targets, exports to China rank first, followed by the United States, Japan, and Germany.
4. Japan's Ministry of Finance: In 2022, the total import value of Japanese yellow wine was approximately 1.56 billion yen (approximately 81 million yuan), an increase of approximately 6% compared to 2019. The industry predicts that the dividends brought by RCEP will further expand the size of the Japanese yellow wine consumption market.
5. CCTV Finance: It is reported that KPMG, which provides audit services for Silicon Valley Bank, as well as underwriters of stocks or bonds of Silicon Valley banks such as Goldman Sachs, Morgan Stanley, and Bank of America, have been sued for making misleading statements that led to the closure of Silicon Valley Bank. However, it was not mentioned who the prosecution was.
Stock market inventory
1. CITIC Securities: Currently, the market is in the second key long window for the entire year, and it is only a matter of time before the economy recovers from a partial recovery to a comprehensive recovery. The macro environment does not support sustained themed trading, and the hype for themed speculation has reached its peak in the short term. The incremental funding effect brought by institutional positions adjustment is relatively limited. It is expected that the main line of global liquidity inflection points and the main line of financial reporting season performance will gradually relay the AI theme.
2. China International Capital Corporation (CICC): The recent increase in market trading volume may reflect a partial return of incremental funds. The TMT sector still has policy and industry expectations to support it, but after experiencing rapid growth in the early stages, the volatility is also increasing. If the future economic recovery is better than expected, the logic of industry fundamentals may shift back to the theme logic, and the market style may also be more balanced.
3. Tongwei Co., Ltd.: It is expected to achieve operating revenue of 35 billion to 36 billion yuan in the first quarter, a year-on-year increase of about 42% -46%; The net profit attributable to shareholders of the listed company was 8.3-8.7 billion yuan, an increase of approximately 60% -68% year-on-year.
4. Yiwei Lithium Energy: It is expected to generate a profit of 1.042 billion to 1147 billion yuan in the first quarter, a year-on-year increase of 100% -120%. As new factories and production lines enter the mass production stage, stable supply capacity has been maintained.
5. Dongfang Securities achieved a revenue of 4.437 billion yuan in the first quarter, a year-on-year increase of 41.93%; Realized a net profit of 1.428 billion yuan, a year-on-year increase of 525.67%. The performance of the company's securities sales and trading business has significantly rebounded, and the net profit of its subsidiaries has increased year-on-year.
6. Inspur Information: The popularity of AIGC has led to a surge in demand for AI servers. In March, it was discovered that the AI (server) market has grown several times or more. Previously, customers focused on whether it could be cheaper, but now it is whether it can be used. It is reported that the company is also planning a larger scale liquid cooling production base; In terms of cost, the company expects to achieve 'equal price for wind and liquid' in 2025.
7. Northern Rare Earth: The trading price of rare earth concentrate in the second quarter has been adjusted to 31030 yuan/ton without tax, and a new supply contract will be signed with Baotou Steel Co., Ltd.
8. Jiuyuan Yinhai (4 days and 3 boards): The proposed change in the actual controller of the controlling shareholder may lead to a change in the company's actual controller, but this matter also involves relevant processes such as state-owned asset approval, and there is a certain degree of uncertainty. The company will strictly comply with the provisions and requirements of relevant laws and regulations to fulfill its information disclosure obligations based on the progress of the matter.
9. New share subscription: This week, a total of 6 new shares were issued, including 2 on the ChiNext, Science and Technology Innovation Board, and 2 on the Beijing Stock Exchange. They are Meilixin, Rongqi Technology, Jingsheng Shares, CSSC Special Gas, Zhongyu Technology, and Minstar.
10. Sales restrictions lifted: This week, a total of 64 restricted shares were lifted, with a total of 7.302 billion shares lifted and a market value of 66.857 billion yuan lifted. Among them, FAW Jiefang ranked first on the lifting ban list with 26.191 billion yuan, while Minglida and Jiangsu Sopu ranked second and third with 5.63 billion yuan and 5.508 billion yuan respectively.
Wealth Focus
1. CCTV Finance: Since the beginning of this year, the price of jadeite has increased significantly, and the price of high-quality jadeite has even doubled. It is understood that the price increase of finished jadeite products within 10000 yuan is relatively limited, while the price increase of jadeite products above 10000 yuan is more significant. Recently, Myanmar's jadeite market has resumed trading, but the number of raw stones has significantly decreased compared to three years ago. Therefore, the industry expects that jadeite prices will continue to rise in the future.
2. Hong Kong Financial Secretary Chen Maobo: In the past period, the virtual asset market has experienced significant fluctuations, even with the collapse of virtual asset exchanges, which has made some people doubt the prospects of Web3. However, this is the best time to promote the development of Web3. We will adopt a strategy that emphasizes both 'appropriate regulation' and 'promoting development', including introducing a licensing system for virtual asset service providers, and are also studying regulations such as 'stable currency' to ensure the sustainable and responsible development of the virtual asset industry.
3. Financial breakfast: Hot topics keep coming up, tracking what you want to hear. Many companies are increasing their layout, and the time has come for the AI+'singularity'? How is it different from the past TMT and 'Internet plus'? Where is the core explosive point? Which areas will directly benefit? Financial friends, quickly move to the end of the article to check today's financial secret tracking # Can everything be 'AI+'?
Industry Observation
1. National Power Dispatching and Control Center: As of the end of January, 16 provinces in the State Grid operating zone have released new energy storage plans, with a target installed capacity of 54.8 million kilowatts by 2025, which has exceeded the national plan by 83%. At present, there are 421 new energy storage power stations operating in the State Grid operating zone, with an installed capacity of 7.738 million kilowatts.
2. Cailian News Agency: Since March, the level of empty container storage at ports has dropped from a high point, and container usage is gradually recovering. The highest empty container storage volume in China Merchants Shenzhen West Port Area in February was 280000 TEUs, with a current empty container volume of approximately 210000 TEUs, a decrease of approximately 24%. The empty containers at Ningbo Port and Qingdao Port have decreased, the operating volume is recovering, and foreign trade exports have significantly improved.
3. Economic Daily: PetroChina Southwest Oil and Gas Field Company has deployed shale gas wells in Neijiang, Sichuan, and Zi201 well has achieved a stable daily gas production of 738800 cubic meters, which is the first time in the world to drill high-yield industrial gas flow with commercial development value in the Cambrian shale formation 540 million years ago. Preliminary estimation shows that the recoverable reserves of a single well in Well Zi201 exceed 170 million cubic meters, which can meet the gas demand of over 1 million households for one year.
4. Cailian News Agency: Last year, China's newly added and accumulated photovoltaic installed capacity remained the world's largest. This year, the price of the photovoltaic main chain has once again entered a slow decline channel, and the expansion of industry production has directly driven the performance of equipment manufacturers. Photovoltaic equipment related manufacturers such as Gaoshi Co., Ltd., Jingsheng Electromechanical Co., Ltd., Ultrawei, Lobotko, and Jingshan Light Machinery have all disclosed that their performance showed rapid growth last year.
5. Cat's Eye Professional Edition: As of 19:20 on April 9th, the total box office of the national film market in April exceeded 1 billion yuan. The top three box office hits were 'The Journey of Lingya', 'The Eight Dogs of Loyalty', and 'Keep You Safe'.
6. Meituan: Since March, the order volume of night dining on the platform has increased by 66% year-on-year, while the order volume of leisure and entertainment has increased by 89% year-on-year. In new formats such as real-time retail, online night consumption is also hot, with supermarket delivery orders increasing by 48% year-on-year and mall delivery orders increasing by 51% year-on-year.
7. Cui Dongshu, Secretary General of the China Association of Automobile Manufacturers, stated that from January to March, there were 40 batches of recalls of automotive products, with a total of 430000 units recalled, a year-on-year decrease of 41%. There were more recalls by foreign-funded enterprises and a significant reduction in self recall issues. The policy is very supportive of promotional fees. There are not many recalls of new energy vehicles, and there have been no new trend events in traditional car recalls.
8. Cailian News Agency: Domestic CNC machine tool manufacturers have improved their customization of key components. With the cost-effectiveness advantage of domestic equipment, downstream orders in the first quarter were relatively good. Some manufacturers have reported that their production lines are approaching full capacity, and even some may selectively accept downstream orders with higher gross profit margins based on existing production capacity constraints. It is expected that the industry as a whole will maintain a growth rate of about 20% or more throughout the year.
9. GGII: It is predicted that the size of China's machine vision market will reach 56.565 billion yuan in 2027, of which the 2D vision market will reach 40.715 billion yuan and the 3D vision market will reach 15.85 billion yuan. At present, the overall penetration rate of machine vision in industrial scenes in China is still below 10%. Compared to the large volume of industrial scenes, the machine vision industry still has significant development space.
10. South Korea Customs Office: It is preliminarily verified that the export of instant noodles from South Korea in the first quarter was 208 million US dollars, an increase of 14.3% year on year, a record high in the same period of history.
Insight Economics
1. Xinhua News Agency: Japanese economist Yoshihiko Ueda succeeded Haruhiko Kuroda as governor of the Bank of Japan on April 9. Industry insiders say that after taking office, Takeda will face the thorny issue of how to exit the ultra loose monetary policy. Against the backdrop of continued economic downturn in Japan and downward pressure on the world economy, it is not easy for the Bank of Japan to seek normalization of monetary policy.
2. Saudi Ministry of Foreign Affairs: On April 8th local time, a working group dispatched by the Saudi Ministry of Foreign Affairs arrived in Tehran, the capital of Iran. The members of the working group discussed the details of reopening the embassy and consulate with officials in charge of protocol work at the Iranian Ministry of Foreign Affairs on the same day. The Saudi side expressed gratitude to the Iranian side for their reception work, while Iranian officials emphasized that they would provide all necessary convenience for the Saudi side's work in Iraq.
Financial data
1. Last Friday, the onshore Chinese yuan closed at 6.8754 against the US dollar at 16:30, up 0.0770% and down 0.0597% for the week; The central parity rate of the Chinese yuan was 6.8838, down 0.1324%, with a weekly decrease of 0.1761%.
2. New Third Board: Last week, one new listed company was added, with a transaction amount of 1.237 billion yuan, an increase of 19.98% compared to the previous month. As of now, the total number of companies listed on the New Third Board has reached 6551. Since the beginning of this year, the cumulative transaction amount of companies listed on the New Third Board has reached 13.489 billion yuan.
3. Shanghai Environmental Exchange: Last week, the trading volume of carbon emission quota listing agreements in the national carbon market was 410200 tons, with a total trading volume of 22.9588 million yuan and a closing price of 55.40 yuan/ton, a weekly decrease of 1.07%.
4. US stocks: Last Thursday, the Dow rose 0.01% to 33485.29 points, with a weekly increase of 0.63%; The S&P 500 index rose 0.36% to 4105.02 points, with a weekly decline of 0.10%; The Nasdaq rose 0.76% to 12087.96 points, down 1.10% for the week.
5. Europe: Last Thursday, the German DAX30 index rose 0.5% to 15597.89 points, down 0.20% for the week; The French CAC40 index rose 0.12% to 7324.75, a weekly gain of 0.03%; The FTSE 100 index in the UK rose 1.03% to 7741.56, up 1.44% for the week.
6. Gold: Last Thursday, COMEX June gold futures closed 0.45% lower at $2026.4 per ounce, up 2.02% for the week.
7. Crude oil: Last Thursday, WTI May crude oil futures closed up 0.11% at $80.7 per barrel, up 6.65% for the week; Brent June crude oil futures closed 0.15% higher at $85.12 per barrel, up 6.71% for the week.
·Can everything be 'AI+'·
Zhejiang Securities: The core of 'AI+' is industrial intelligence, which will bring about changes in production and life paradigms. It is expected that the artificial intelligence related industry will become an important support for economic growth on both supply and demand sides. Although the AI+digital economy has a promising 2-3 year cycle, considering the rapid increase in short-term trading congestion in the sector and the upcoming April financial reporting season. At present, a total of 71 companies have disclosed their first quarter performance forecasts, of which 57 are expected to achieve good results, accounting for 80%. From the perspective of industry distribution, industries with high performance growth are mostly concentrated in the fields of power equipment, pharmaceuticals, biology, mechanical equipment, etc. The key in the later stage is whether an order can be signed during the midterm report. Once it cannot be fulfilled, there is a high probability that the market will have a large amplitude.
Guangfa Securities: Taking the TMT sector's performance rhythm during the 2013 mobile internet industry wave as a reference object, the digital economy TMT sector is still in the first wave of rise, with an absolute return of 27.28% and an excess return of 20.57% for 61 trading days. All data are relatively close to the first wave of TMT in 2013. In the short term, it is necessary to acknowledge that there are signs of high popularity in the AI+digital economy TMT market, and the possibility of a high level adjustment is increasing. At present, the industries with a valuation of more than 70% of the historical quantile in the digital sector include telecom operators, IDC, cloud computing, AI, ICT, industrial software, education IT, and government IT.
► Guolian Securities: Since the beginning of the year, the profit forecast for most aspects of the digital economy has been revised down, but this will mean that most aspects of the digital economy industry chain will experience a month on month improvement in performance growth in 23 years. At present, the localization rate of software such as lithography machines, ion implantation, storage ICs, CPUs, and MCUs in China's semiconductor equipment sector is in the single digits, and domestic substitution is just beginning. In terms of industrial digitization, the autonomy and controllability of the financial IT field will be further strengthened, and the financial service scenarios will be further expanded. The software and information technology service industry plays a major role in digital industrialization and is currently undergoing a transformation from quantitative to qualitative.
► CITIC Securities: As a tool for efficiency improvement, AI will enable various types of enterprises to expand new businesses. By analogy to the 'Internet plus' trend in 2013-2015, it is expected that this round of thematic market will also continue, AI will bring revolutionary innovation to the media industry, and target selection should focus on the following dimensions. 1) In terms of industrial logic, it is recommended to recommend a head entertainment platform with strong R&D capabilities and data resource advantages; 2) In terms of capital driven, the 'AI+' theme market continues to evolve, and it is recommended to pay attention to sectors such as games with strong catalysis and high elasticity; 3) In terms of industrial extension, data resources have high barriers and scarcity. Overseas AI training data sources are confirmed, and publishing plates with data asset advantages and marginal changes in state-owned enterprise reform are recommended.