Financial attention
Macroeconomics
1. State Administration of Taxation: In the first 11 months, private enterprises added 1 trillion yuan in tax reductions, fee reductions, and tax refunds, accounting for 71.3%. Private enterprises enjoy two main tax incentives to support scientific and technological innovation, namely the additional deduction of research and development expenses and the additional deduction of value-added tax for advanced manufacturing enterprises, resulting in a tax reduction of 699.1 billion yuan, accounting for 71.2%.
2. General Administration of Customs: Introduce a new round of 16 measures to support the integrated development of the Yangtze River Delta region, improve the research mechanism for the integrated development strategy of the Yangtze River Delta region, and stabilize the expected development of foreign trade; Research and promote the pilot implementation of a positive list management system for imported daily consumer goods in Yiwu; Carry out coordinated supervision of the quality and safety of imported and exported agricultural and food products and commodities.
3. Henan Province: Introduce 20 measures to promote employment and entrepreneurship among college graduates. Carry out industry-specific and classified talent supply and demand matching activities; The employment market for graduates from provincial universities holds weekly events such as double selection fairs, online recruitment, and live streaming job guidance, with no less than 50 events held throughout the year.
4. Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan: In 2024, Hong Kong will focus on economic development and strive for steady progress. The annual economic growth is expected to be 2.5%, the unemployment rate will remain at a relatively low level of about 3.1%, inflation will be moderate, and citizens' income will record a real increase.
Stock market inventory
1. Last Friday, the Shanghai Composite Index closed up 0.06% at 3400.14 points, up 0.95% for the week; The Shenzhen Component Index closed down 0.13% at 10659.98 points, up 0.13% for the week; The ChiNext Index closed down 0.22% at 2204.90 points, down 0.22% for the week.
2. Last Friday, the Hang Seng Index closed down 0.04% at 20090.46 points, up 1.87% for the week; The Hang Seng Technology Index closed up 0.69% at 4538.59 points, up 2.12% for the week; The state-owned enterprise index closed up 0.02% at 7305.36 points, with a weekly increase of 2.26%.
3. Haitong Strategy: Looking ahead to next year, China's macro liquidity may further ease, but whether it can promote a significant upward trend in the A-share market depends on the inflow of micro funds, with a focus on observing whether the market's expectations of fundamentals can improve in a trend. It is expected that the incremental funds will reach 2 trillion yuan by 2025.
4. Caijing Headlines App: Last week (December 23-29), 31 A-share listed companies including Zhenhua Technology, Yibin Paper, TCL Zhonghuan, etc. disclosed their latest announcements on the progress of mergers and acquisitions. Among them, CNNC Technology announced that it plans to purchase 71.965% equity of CNNC Xiyi, which is expected to constitute a major asset restructuring.
5. CITIC Securities: Looking ahead to January, the policy is in a window period, and it is expected that the market will remain relatively active in the first half of the month. External disturbances will gradually increase in the second half, and market sentiment will gradually cool down. From the pace of the first quarter, it is expected that policy expectations will rise again after the Spring Festival, and the market will begin to prepare for a spring offensive. We are optimistic about active funds focusing on end-to-end AI, new retail, and robotics within the theme sector, but we should be cautious about the ebb of theme trading in mid to late January.
6. Caixin News Agency: Last week (December 23rd to December 29th), 27 listed companies including Zhejiang Agricultural Group, Tianshan Electronics, Xiaoming Group, etc. disclosed their repurchase and increase of holdings related to refinancing. Among them, Hikvision plans to repurchase shares worth 2 billion to 2.5 billion yuan, with a special loan not exceeding 1.75 billion yuan.
7. Electric Light Technology (6 consecutive boards): The company's stock price has risen sharply in the short term, and there may be a risk of decline after a significant short-term increase.
8. Hengrui Pharmaceutical: will license the SHR-4849 project for injection, a Class 1 new drug with independent intellectual property rights, to IDEAYA Biosciences for a fee. IDEAYA Biosciences will make a down payment of $75 million to Hengrui Pharmaceutical and pay a cumulative R&D milestone payment of no more than $200 million based on the development and approval of SHR-4849 for market launch.
9. China Electric Power Corporation: The controlling shareholder of the company has been changed to Gaodi Resources, and the transfer of this agreement has been completed.
10. Qunxing Toys: Significant progress has been made in the previously signed "Computing Service Contract" and "Supplementary Contract for Turing Town Intelligent Computing Service Phase II Project" with China Mobile Zhejiang Company. This project has been delivered and accepted as qualified. Hangzhou Turing Engine has paid 154 million yuan to China Mobile Zhejiang Company as agreed on December 26th.
11. Weikang Pharmaceutical: Due to suspected illegal and irregular information disclosure, the company and its actual controller Liu Zhongliang have received a "Notice of Filing" from the China Securities Regulatory Commission. This matter will not have a significant impact on the company's daily business activities.
12. New stock subscription: This week, there were 2 new stock subscriptions, namely Junwei Electronics on the ChiNext board and Saifen Technology on the Science and Technology Innovation board.
13. Restricted and unlocked: This week, a total of 86 restricted shares were unlocked, with a total of 4.409 billion shares unlocked and a market value of 37.527 billion yuan. Among them, Datang Telecom ranked first on the unlocking list with 3.865 billion yuan, while Shanshan Shares and Doushen Education ranked second and third with 3.829 billion yuan and 3.343 billion yuan respectively.
14. Bochuang Technology plans to acquire 18.16% of Changxinsheng's shares for 391 million yuan, but there is still uncertainty about whether it can obtain approval from the shareholders' meeting.
15. CNNC Technology plans to purchase 71.965% equity of CNNC Xiyi. The company's securities will be suspended from trading starting from the opening of the market on December 30th.
16. Tianyong Intelligence: Shareholder Chen Lihong plans to reduce her stake in the company by no more than 2.27%, and the reduction price will depend on the market price.
Industry Observation
1. Cui Dongshu, Secretary General of the China Association of Automobile Manufacturers: From January to November, the sales of new energy pickup trucks in China reached 10500 units, a year-on-year increase of 58%. In November, the sales volume of new energy pickup trucks was 1300 units, a year-on-year increase of 63%, forming a better trend than fuel pickup trucks. It is expected that there will be more new energy pickup truck products in the future to meet domestic and international demand.
2. Hefei release: In 2024, the annual production of new energy vehicles in Hefei is expected to exceed the 1.3 million mark, while this number was only 145000 in 2021.
3. China Railway Group: On December 29th, the CR450 high-speed train prototype was released in Beijing, with an operating speed of 400 kilometers per hour, making it the fastest high-speed train in the world. After being put into commercial operation in the future, it can further compress the distance between time and space.
4. Global Times: The "Aida Magic City" began its commercial maiden voyage on January 1st this year. In the past year, it has completed 84 voyages and transported 600000 inbound and outbound passengers, accounting for 40% of the total international cruise market in China.
5. China IoT: January to November, logistics industry
6. Changan Automobile Chairman Zhu Huarong: The penetration rate of new energy in China is expected to be 47.2% in 2024, and the sales volume of Chinese cars will exceed 32 million units by 2025, a year-on-year increase of 3.2%. It is expected to exceed 35 million units by 2030. The penetration rate of new energy in China is expected to exceed 80% by 2030.
7. CCTV News: On December 29th, China's first comprehensive scientific research vessel, the Exploration 3, with global deep sea exploration coverage and manned deep-sea diving support capabilities in ice areas, was officially launched, marking the addition of another powerful tool to the "Exploration" series. In the second half of 2025, manned deep-sea diving operations will be conducted in the deep ocean.
8. Cat's Eye Professional Edition: At 23:46 on December 28, 2024, the total number of moviegoers in 2024 exceeded 1 billion. The total box office was 42.126 billion yuan, with a total of 143 million shows and an average ticket price of 42.1 yuan.
Financial data
1. New Third Board: Last week, three new listed companies were added with a transaction amount of 1.089 billion yuan, an increase of 3.96% compared to the previous week. As of now, the total number of companies listed on the New Third Board has reached 6096.
2. Last Friday, the onshore Chinese yuan closed at 16:30 against the US dollar at 7.2992, down 0.0041% and down 0.0096% for the week; The central parity rate of RMB was reported at 7.1893, up 0.0056% and up 0.0111% for the week.
3. Shanghai Environmental Protection Exchange: Last week, the trading volume of carbon emission quota listing agreements in the national carbon market was 2.4213 million tons, with a total trading volume of 235.3676 million yuan and a closing price of 97.74 yuan/ton, down 0.6% for the week.
4. US stock market: Last Friday, the Dow Jones Industrial Average fell 0.77% to 42992.21 points, up 0.35% for the week; The S&P 500 index fell 1.11% to 5970.84 points, up 0.67% for the week; The Nasdaq fell 1.49% to 19722.03 points, and rose 0.76% for the week.
5. Europe: Last Friday, the German DAX30 index rose 0.68% to 19984.32 points, up 0.5% for the week; The French CAC40 index rose 1% to 7355.37 points, with a weekly increase of 1.11%; The FTSE 100 index in the UK rose 0.16% to 8149.78 points, with a weekly increase of 0.81%.
6. Gold: Last Friday, COMEX gold futures fell 0.69% to $2635.7 per ounce, down 0.35% for the week.
7. Crude oil: Last Friday, WTI February crude oil futures rose 1.41% to $70.6 per barrel; The weekly increase is about 1.65%. Brent crude oil futures for February rose 1.24% to $74.17 per barrel; The weekly increase is about 1.68%.
Securities Daily: From the perspective of the development nodes of ice and snow tourism, the overall development of ice and snow tourism in China is still in its early stages. The development of talent teams, scenic sports production areas, safety regulations, cultural products, investment scale, and related equipment is still in its early stages, and there is great potential for development in ice and snow tourism and related ancillary industries. The online promotion of the domestic ice and snow tourism industry is good, the effect of ice and snow resource endowment is obvious, and the development prospects are broad. With the promotion of the national implementation plan, the growth rate of the industry is expected to further accelerate, becoming a new growth pole of the tourism industry and strengthening the utilization rate of winter and off-season tourism resources.
Guotai Junan: The upgrading of infrastructure has a profound impact, and the continuity of high-quality supply is strong. 1) The significant investment by the government in infrastructure has become a transformative factor in the trajectory of urban development. On the one hand, it promotes local socio-economic development, and on the other hand, it attracts external investment and talent to enter, achieving the revitalization of urban functions and enhancing competitiveness; 2) Reviewing the 2008 Beijing Olympics, on the one hand, the landing of Beijing South Station and the T3 of the Capital International Airport has greatly improved local transportation, and on the other hand, the process of urban sustainable development has accelerated, especially with significant progress in environmental governance; 3) The opening of multiple high-speed railways and airport expansion in the Northeast region since 2021 have significantly facilitated passenger flow. The full opening of the Shenbai high-speed railway by the end of 2025 is expected to significantly increase passenger flow in the Changbai Mountain area; 4) The Harbin Asian Winter Games in February 2025 are approaching, aiming to achieve comprehensive upgrades for airports, stations, highways, local buses, and more.
Dongxing Securities: High quality development of the ice and snow industry benefits refrigeration equipment. Considering that the construction of high-end and large-scale ski resorts requires specific terrain and climate as natural resource endowments, the future growth space is limited. High end and large customer groups are mainly for tourism and vacation purposes, and their visits have strong seasonality, concentrated during holidays. The customer base of indoor and small to medium-sized ski resorts is beginners or experiential customers, who become stable customers of large high-end ski resorts after mastering certain skiing skills. There are currently 333 prefecture level administrative regions in China. Assuming that 2 ice rinks or ski resorts will be built in each prefecture level region in the next 5 years, and the investment amount for each small and medium-sized ski resort or skating resort is 500 million yuan, of which 40% is equipment investment, the annual increase in equipment investment in the next 5 years will be about 26.6 billion yuan