Financial attention
Macroeconomics
1. Central Bank: Establish technology innovation and technology transformation refinancing to provide credit support to technology-based small and medium-sized enterprises in their start-up and growth stages, as well as key areas such as digitalization and intelligence projects. The credit limit is 500 billion yuan, with an interest rate of 1.75%. The term is 1 year and can be extended twice, with each extension lasting for 1 year. Financial institutions make independent decisions on whether to grant loans and the conditions for granting loans based on enterprise applications.
2. Six departments including the Zhejiang Regulatory Bureau of the State Administration for Financial Supervision and Administration have issued the Work Plan on Promoting the High Quality Development of Inclusive Finance. Strive to achieve a loan coverage rate of 50% for active operating entities by the end of 2027, with inclusive small and micro enterprise credit loans accounting for 18%, and an export credit insurance penetration rate of no less than 30%.
3. Guangdong Province: We must adhere to supporting the good and eliminating the bad, focus on implementing the four major actions, and carry out large-scale equipment updates and consumer goods replacement work in a classified and step-by-step manner. We will deepen the promotion of a new round of consumer goods trade in, adhere to the combination of government support and enterprise benefits, and vigorously carry out activities such as the trade in of old cars and household appliances and the renovation of home furnishings, kitchens, and bathrooms.
4. The Fujian Regulatory Bureau of the State Administration for Financial Regulation has issued the Guiding Opinions on Promoting the High Quality Development of Pension Finance. Supporting banks, insurance institutions, and housing service companies with willingness to carry out reverse mortgage pension insurance, "leasing+elderly care" and other beneficial attempts to achieve elderly care goals by revitalizing fixed assets under the premise of compliance with the law.
5. Immigration Bureau: During this year's Qingming Festival holiday, border inspection agencies ensured a total of 5.189 million Chinese and foreign personnel to enter and exit the country, with a daily average of 1.73 million people, a year-on-year increase of 69.6%. 2.267 million Hong Kong, Macao, and Taiwan residents entered and exited the country, a year-on-year increase of 35.9%; 2.422 million mainland residents entered and exited the country, a year-on-year increase of 101.7%; 500000 foreigners entered and exited the country, a year-on-year increase of 163.2%.
Stock market inventory
1. Last Wednesday, the Shanghai Composite Index closed 0.18% lower at 3069.30 points, with a weekly increase of 0.92%; The Shenzhen Component Index closed down 0.44% at 9544.77 points, up 1.53% for the week; The ChiNext Index closed down 1.08% at 1840.41 points, up 1.22% for the week.
2. Last Friday, the Hang Seng Index closed down 0.01% at 16723.92 points, up 1.10% for the week; The Hang Seng Technology Index closed down 0.29% at 3450.89 points, down 0.77% for the week; The state-owned enterprise index closed down 0.19% at 5863.57 points, up 0.91% for the week.
3. Shenzhen Stock Exchange: Written warning measures have been taken against four new stock quotation institutions, with clear requirements for submitting rectification reports within a specified time limit. Relevant leaders of two of the quotation institutions have been interviewed and inquired. In addition to the aforementioned four institutions, the Shenzhen Stock Exchange also issued verbal warnings to the other two institutions with relatively minor violations.
4. Securities Times: Recently, multiple securities firms have announced their plans to apply for market making business qualifications on the Beijing Stock Exchange. The boards of directors of Southwest Securities and Western Securities have approved the company's application to carry out market making business on the Beijing Stock Exchange. Shouchuang Securities, Guangfa Securities, and others have submitted relevant application materials to the China Securities Regulatory Commission. The market making business of the Beijing Stock Exchange provides a new field for securities companies to differentiate their businesses.
5. Haitong Securities: Since the beginning of the year, the A-share market has shown a V-shaped trend, with the first rebound at the bottom since February 5th. Further observation of the fundamentals confirms that it may fluctuate and accumulate momentum in the second quarter. As policy intensification drives fundamental improvements and if the Federal Reserve cuts interest rates to accelerate the return of foreign investment, the white horse may gradually become the main trend in the stock market in the medium term. White Horse values sustainable and better growth in areas such as electronics, digital infrastructure, AI applications, and pharmaceuticals in technology manufacturing.
6. Securities Times: Since the beginning of this year, a total of 31 new stocks have been officially listed, with an average first day closing increase of 104.94%. Among them, only one new stock broke through on the first day of listing. The probability of new stock breaking is only 3.23%, and the new stock breaking rate in 2022 is close to 30%. The reasons for this change may be multifaceted, such as a decrease in new stock issuances and stricter regulatory oversight of new stock pricing.
7. CITIC Securities: Currently, the A-share market is undergoing a correction period between domestic economic expectations and global liquidity expectations. It is shifting from being driven by incremental funds to a game of existing funds. With the intensive disclosure of economic data, first quarter reports, and institutional position data, the market game is becoming more complex, with fluctuations or significant increases, and the allocation continues to lean towards dividends.
8. Boshuo Technology: The company's main business is the design, research and development, production, and sales of precision functional components and intelligent automation equipment. The company has participated in AI Pin related products. Please refer to the official announcement disclosed by the company for details.
9. Junshi Biotechnology: Received the Drug Registration Certificate approved and issued by the Drug Administration, and the application for the new indication marketing of Treprizumab combined with Acxitinib for first-line treatment of medium and high-risk unresectable or metastatic renal cell carcinoma patients has been approved. It is the first approved immunotherapy for renal cancer in China.
10. Supor: There is still some room for growth in the scale and consumer demand of the small home appliance industry in the future. The company hopes to continue to cultivate traditional advantageous categories such as cookware and kitchen appliances, and continuously innovate and iterate products according to different consumer groups and scenarios, launching more small capacity, intelligent, and multifunctional products.
11. Nanjing Pharmaceutical: In 2023, it achieved a revenue of 53.59 billion yuan, a year-on-year increase of 6.71%; The net profit was 578 million yuan, a year-on-year decrease of 3%. The company plans to distribute a cash dividend of 1.6 yuan (including tax) per 10 shares to all shareholders.
Wealth Focus
1. Central Bank: At the end of March, foreign exchange reserves were $324.566 billion, with a previous value of $322.582 billion. The gold reserve is 72.74 million ounces, marking the 17th consecutive month of increasing holdings of gold reserves.
2. Guojin Securities: Since March, gold prices have risen significantly in the short term, silver inventories have remained depleted, and positions in silver COMEX futures and silver ETFs have increased. In terms of commodity attributes, the growth of global mineral silver supply is limited, and photovoltaic+AI driven industrial demand growth. It is expected that silver supply and demand will remain scarce, and the supply and demand fundamentals will provide strong support for silver prices; In terms of financial attributes, it is expected that the continuous increase in market attention will further stimulate the demand for silver investment and trigger a rapid rise in silver prices.
Industry observation
1. Securities Times: Shanghai Fudan Microelectronics Group Co., Ltd.'s UHF RFID (Ultra High Frequency) tag chip FM13UF0051E has been tested by a third-party authoritative organization (China Item Coding Center) and successfully passed GS1 EPC global Gen2V2 certification. Since its release, FM13UF0051E has been widely used in footwear, asset management, aviation luggage labeling, logistics, retail and other projects.
2. The State Administration for Market Regulation has decided to implement mandatory product CCC certification for seven products with high safety risks, including commercial gas combustion appliances, electronic toilets, electric bicycle passenger helmets, and water-based interior wall coatings. Low voltage components will be restored from CCC self declaration to third-party evaluation.
3. CCTV Finance: The camping economy continues to be hot, with a clear trend of upgrading consumer formats and equipment. Since March, the sales volume of camping tents has increased by 240% month on month, shower tents have increased by 150% month on month, and the sales volume of the three in one automatic tent version has increased by 700% month on month.
4. Securities Times: On April 7th, Huawei announced that over 4000 applications have joined the HarmonyOS ecosystem. From January 18th this year, Huawei announced that the first batch of over 200 application manufacturers are accelerating the development of HarmonyOS native applications, to over 4000 applications by the end of March, with a growth rate of up to 20 times in just two months.
5. China Federation of Commerce: In April, the prosperity index of China's retail industry was 50.4%, maintaining an expansion range for a consecutive year. The expectation of profit growth recovery for commodity management enterprises nationwide in April has begun to improve. From the perspective of industry classification, the commodity operation index is 50.3%, the leasing operation index is 50.2%, and the e-commerce operation index is 50.8%, all of which have increased compared to the previous month.
6. 24/7 Technology: On April 7th, Alibaba Cloud Tongyi Qianwen opened up the 32 billion parameter model Qwen1.5-32B. Tongyi Qianwen has previously opened up six large language models with parameters of 500 million, 1.8 billion, 4 billion, 7 billion, 14 billion, and 72 billion. This open-source 32 billion parameter model will achieve a more ideal balance between performance, efficiency, and memory usage.
7. Science and Technology Daily: The research team of the Institute of Metals, Chinese Academy of Sciences, has made new progress in the research field of new low-cost iron based flow battery energy storage technology. Starting from the reversibility of iron negative electrode oxidation-reduction reaction, uniform deposition and dissolution of iron elemental on the surface of electrode fibers during charge and discharge processes were successfully achieved through electrode interface defect design and polar solvent regulation.
8. Caixin News Agency: South Korean memory chip manufacturers Samsung Electronics and SK Hynix increased investment in DRAM wafers in the second quarter of this year, effectively ending production cuts. Samsung Electronics has increased its average monthly DRAM wafer investment in the second quarter of this year to 600000 chips, a 13% increase compared to the previous quarter; SK Hynix will increase the average monthly DRAM wafer investment from 390000 in the first quarter to 410000 in the second quarter.
9. Korea Development and Research Institute: Led by the information technology industry, exports continue to recover and show a positive trend. The rebound of conductor cycles also has a positive impact on equipment investment. The special purpose machinery index closely related to semiconductor investment in February saw a high growth rate of 8.6% after January (13.5%). But the overall equipment investment index decreased by 0.3% year-on-year.
Financial data
1. Central Bank: On April 7th, a 7-day reverse repurchase operation of 2 billion yuan was carried out, with a winning bid interest rate of 1.80%, unchanged from before. Due to the expiration of a 7-day reverse repurchase of 400 billion yuan on the same day, a net withdrawal of 398 billion yuan was achieved.
2. Shibor: Overnight reported 1.7080%, up 2.30 basis points. The 7-day report was 1.8050%, down 1.60 basis points. Three month report of 2.1410%, down 0.20 basis points.
3. Last Wednesday, the onshore Chinese yuan closed at 16:30 against the US dollar at 7.2356, down 0.0028% and up 0.0706% for the week; The central parity rate of the Chinese yuan was 7.0949, up 0.0113% and down 0.0014% for the week.
4. New Third Board: Last week, two new listed companies were added with a transaction amount of 480 million yuan, a decrease of 51.85% compared to the previous week. As of now, the total number of companies listed on the New Third Board has reached 6202.
5. Shanghai Environmental Exchange: Last week, the trading volume of carbon emission quota listing agreements in the national carbon market was 165000 tons, with a total transaction amount of 14.38 million yuan. The closing price was 87.67 yuan/ton, a decrease of 3.3% for the week.
6. US stocks: Last Friday, the Dow Jones Industrial Average rose 0.80% to 38904.04 points, down 2.27% for the week; The S&P 500 index rose 1.11% to close at 5204.34 points, down 0.95% for the week; The Nasdaq rose 1.24% to 16248.52 points, down 0.80% for the week.
7. Europe: Last Friday, the German DAX30 index fell 1.30% to 18163.94 points, a weekly decrease of 1.78%; The French CAC40 index fell 1.11% to 8061.31 points, down 1.76% for the week; The FTSE 100 index in the UK fell 0.81% to close at 7911.16 points, down 0.52% for the week.
8. Gold: Last Friday, the settlement price of COMEX June gold futures rose 1.60% to $2345.40 per ounce, up 4.78% for the week.
9. Crude oil: Last Friday, WTI crude oil futures for May rose 0.37% to $86.91 per barrel, up 4.50% for the week; Brent crude oil futures rose 0.57% to $91.17 per barrel in June, up 4.22% for the week.