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Weekly Financial Summary 2024-09-09

Date: 2024-09-09
Views: 4

Financial attention

Macroeconomics

1. The National Development and Reform Commission and the Ministry of Commerce: the 2024 version of the national negative list of restrictions on foreign investment access was reduced from 31 to 29, and two items were deleted, namely, "the printing of publications must be controlled by the Chinese side", and "investment in the application of processing technologies such as steaming, frying, baking, and calcining of Chinese herbal pieces and the production of traditional Chinese patent medicines and simple preparations confidential prescription products is prohibited".

2. CCTV Finance: Currently, China is vigorously promoting the development of renewable energy, with installed capacity of hydropower, photovoltaics, and wind power ranking first in the world. According to the plan, by 2030, the proportion of non fossil energy consumption will increase to around 25%.

3. Shanghai Securities News: By the end of 2023, the scale of China's AI core industry has reached nearly 600 billion yuan. China has over 4500 artificial intelligence companies, accounting for approximately 1/7 of the global total.

4. Eurostat: The economic growth of the Eurozone and the European Union in the second quarter has been lowered to 0.2%, with a slight slowdown compared to the previous quarter. Among them, the German economy shrank by 0.1%. The decline in household consumption expenditure, import growth, and the decrease in total fixed capital have all become the main factors dragging down the economic growth of the eurozone.


Stock market inventory

1. Last Friday, the Shanghai Composite Index closed down 0.81% at 2765.81 points, down 2.69% for the week; The Shenzhen Component Index closed down 1.44% at 8130.77 points, down 2.61% for the week; The ChiNext Index closed down 1.70% at 1538.07 points, down 2.68% for the week.

2. Last Thursday, the Hang Seng Index closed down 0.07% at 17444.30 points, down 3.03% for the week; The Hang Seng Technology Index closed up 0.14% at 3487.8 points, down 2.04% for the week; The state-owned enterprise index closed down 0.46% at 6105.54 points, down 3.56% for the week.

3. Shenzhen Huaqiang (17 days, 16 board): Recently, the company's stock price has seen a significant short-term increase, deviating significantly from market trends and posing a risk of market sentiment overheating. But there have been no significant changes in the company's fundamentals, and there is no significant information that should be disclosed but has not been disclosed.

4. Rifa Precision Machinery (4 consecutive boards): Recently, the company's production and operation have been normal, and there have been no significant changes in the company's business situation or internal and external operating environment. The issue of performance compensation for Rifa Group has been appealed to the court, and Rifa Group has been required to fulfill its performance compensation obligations through legal means.

5. Cross border Communication (2 consecutive boards): As of the disclosure date of this announcement, the company has not received any relevant notice or ruling from Taiyuan Intermediate People's Court regarding the applicant's application for company restructuring and pre restructuring matters. There is still significant uncertainty as to whether the applicant's application has been accepted by the court and whether the company has entered the pre restructuring and restructuring procedures.

6. Hanjia Design: The company is currently planning to purchase assets and intends to acquire 51.00% equity of Futai Technology from the shareholders of Suzhou Futai Information Technology Co., Ltd.

7. Salt Lake Corporation: China Salt Lake Group plans to purchase 681 million shares of Salt Lake Corporation stock held by Qinghai Guotou and its concerted action party Wuhu Xinzeqing in cash. If the transfer is completed, the controlling shareholder will be changed from Qinghai Guotou to China Salt Lake Group, and the actual controller will be changed from Qinghai Provincial Government State owned Assets Supervision and Administration Commission to China Minmetals.

8. Hefei Urban Construction: The company is planning to issue shares to purchase 100% equity of Anhui Public Resource Trading Group Co., Ltd. held by its controlling shareholder Xingtai Group. This transaction is not expected to constitute a significant asset restructuring and does not constitute a restructuring listing.

9. New stock subscription: This week, there were 3 new stock subscriptions, including 1 on the Beijing Stock Exchange, 1 on the ChiNext board, and 1 on the Science and Technology Innovation board, divided into Ruihua Technology, Wireless Media, and Hehe Information.

10. Restricted and unlocked: This week, a total of 54 restricted shares were unlocked, with a total of 7.147 billion shares unlocked and a market value of 56.824 billion yuan. Among them, CITIC Securities ranked first on the unlocking list with 17.751 billion yuan, while China Railway Special Goods and COFCO Science and Technology Industry ranked second and third with 12.784 billion yuan and 2.369 billion yuan respectively.


Industry Observation

1. The Ministry of Commerce and three other 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 (excluding traditional Chinese medicine, excluding mergers and acquisitions of public hospitals). The specific conditions, requirements, and procedures for establishing a wholly foreign-owned hospital will be notified separately.

2. Academician Xue Qikun: There are at least five difficulties in physics, namely error rate, coherence time, refrigeration system, hardware scheme, and uncertainty. It will take at least 10 to 20 years to develop a practical universal quantum computer.

3. CCTV Finance: Made in Germany has always been a symbol of quality, but it is here that Chinese home appliances rely on their own efforts to not only occupy a place, but also become increasingly popular among German consumers. In many home appliance supermarkets in Germany, there are many Chinese home appliance brands.

4. CCTV News: Recently, a cargo ship carrying over 2600 domestic brand commercial vehicles departed from the Tianjin Port Global Roll on/Roll off Terminal and headed towards the Middle East, marking the smooth opening of another new roll on/roll off route in China, the Tianjin Middle East route.

5. The Ministry of Commerce and three other departments: in Beijing, Shanghai, Guangdong Free Trade Zone, and Hainan Free Trade Port, foreign-invested enterprises are allowed to engage in the development and application of human stem cell, gene diagnosis, and treatment technologies for product registration, listing, and production. All products that have been registered, listed, and approved for production can be used nationwide.

6. China News Service: On May 1st, Heilongjiang Province launched the green and intelligent home appliance consumption subsidy work. As of now, 153200 subsidy transactions have been completed, 84.2771 million yuan of special funds have been accepted, and consumption has been driven by 864.7554 million yuan, with a consumption multiple of 10.26 times.

7. Securities Times: The 1790th Shandong China Europe Railway Express, which was launched this year, has a new name for its terminal station, Ingia Station - the Serbia Assembly Center of the Shandong China Europe Railway Express. This assembly center is the first Central and Eastern European assembly center of the Shandong China Europe freight train, making Shandong the first province in China to establish a Central and Eastern European assembly center.

8. CCTV News: A batch of frozen lamb meat produced in Madagascar, Africa, arrived at the designated inspection site for imported meat in Hongxing, Hunan on September 8th. This batch of goods consists of 50 pieces and over 900 kilograms. This is the first time that China has imported lamb meat products from Africa, marking a significant milestone in the export of African meat products to China.


Financial data

1. New Third Board: Last week, 12 new listed companies were added with a transaction amount of 926 million yuan, a month on month increase of 74.29%. As of now, the total number of companies listed on the New Third Board has reached 6099.

2. Last Friday, the onshore Chinese yuan closed at 4:30 pm against the US dollar at 7.0882, up 0.1592% and down 0.0014% for the week; The central parity rate of RMB was reported at 7.0925, up 0.0902%, and up 0.2798% 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 321200 tons, with a total trading volume of 30.7899 million yuan and a closing price of 93.13 yuan/ton, up 0.93% for the week.

4. US stock market: Last Friday, the Dow Jones Industrial Average fell 1.01% to 40345.41 points, down 2.93% for the week; The S&P 500 index fell 1.73% to 5408.42 points, down 4.25% for the week; The Nasdaq fell 2.55% to 16690.83 points, with a weekly decline of 5.77%.

5. Europe: Last Friday, the German DAX30 index fell 1.48% to 18301.90 points, down 3.20% for the week; The French CAC40 index fell 1.07% to 7352.30 points, down 3.65% for the week; The FTSE 100 index in the UK fell 0.73% to 8181.47 points, down 2.33% for the week.

6. Gold: Last Friday, COMEX gold futures fell 0.64% to $2526.70 per ounce, down 0.02% for the week.

7. Crude oil: Last Friday, WTI crude oil futures fell 2.14% in October, to $67.67 per barrel, down 7.99% for the week. Brent crude oil futures fell 2.21% in November to $71.06 per barrel, a decrease of 9.82% for the week.

Huaxin Securities: The battle for three fold mobile phones is about to begin. Huawei MateXT Extraordinary Master has opened pre orders, and Transsion has recently announced its three fold concept phone - Phantom Ultimate 2. Its thickness can be reduced to only 11 millimeters, and the internal display screen can be expanded to 10 inches, providing a visual experience similar to that of a tablet. Samsung has initially demonstrated the concept of its three fold solution as early as 2021; Honor also has the capability to launch a three fold mobile phone at the technical level. The folding machine industry is growing rapidly, and top mobile phone manufacturers are ready to take action.

IDC: From the third quarter of 2023 to the second quarter of 2024, the year-on-year growth rates of sales volume in the Chinese folding machine market were 90%, 150%, 83%, and 105%, respectively, maintaining a high growth trend; In terms of market share, Huawei has maintained its first place with a market share of over 40% for two consecutive quarters, with market shares of 44.1% and 41.7%, respectively. With the release of new generation foldable screen products by more manufacturers and the increase of new foldable screen product lines by manufacturers such as Xiaomi, it is expected that the Chinese foldable screen mobile phone market will continue to grow rapidly in the second half of the year, and the development situation will be better than the global foldable screen mobile phone market.

CITIC Securities: "Z-shaped" folding leads a new round of hardware innovation, with a significant increase in the value of screens and hinges. Compared to the current mainstream left and right folding phones, the three fold phone not only has a significant change in folding form, but also the corresponding value of mobile phone components has increased significantly. The new folding form has significantly increased the demand for flexible OLED panels. The three fold mobile phone uses two sets of hinges to connect three shells, doubling the demand for MIM structural components for hinges.

Debon Securities: Since 2024, mainstream terminal mobile phone manufacturers have continuously expanded and iterated their foldable screen mobile phone product matrix. In the future, foldable screens will become one of the key development directions for mainstream mobile phone brands in the existing market. At present, mainstream smartphone manufacturers have basically completed the layout and iteration of their foldable screen product lines. In the future, the deep integration of AI big models and foldable screen smartphones, combined with price drops, will further stimulate the willingness to upgrade. The overall penetration rate of foldable screen smartphones is expected to grow rapidly. It is recommended to focus on the core indicators of the incremental process of folding screens, such as panels/covers, hinges, batteries, and heat dissipation.


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