Financial attention
Macroeconomics
1. China Manned Space Engineering Office: At 6:33 on June 4th, the return module of the Shenzhou-15 manned spacecraft successfully landed at the Dongfeng landing site, and the mission was a complete success. As the oldest average astronaut crew to perform missions to date, it not only broke the record for the number of outbound activities of a single Chinese astronaut crew, but also witnessed the historical moment of the comprehensive construction of the Chinese space station.
2. As of the end of 2022, the operating mileage of the Yangtze River Delta Railway reached 13749.7 kilometers, including 6704.4 kilometers of high-speed railways, which is equivalent to the total mileage of high-speed railways in Japan and Spain. According to the '14th Five Year Plan' for the development of the Yangtze River Delta Railway, by 2025, the 'Yangtze River Delta on track' will be basically completed, with nearly 16700 kilometers of railway operating mileage in the Yangtze River Delta, and the microcirculation of the branch network will be more smooth.
3. China Finance Network: It is reported that OPEC+is discussing a 'package' agreement, which may include new measures to extend member countries' oil production quota agreements until 2024, as well as additional production reduction measures. If a new agreement is reached, OPEC+will increase the baseline oil production of the United Arab Emirates. In addition, oil producing countries led by Saudi Arabia hope to further reduce crude oil production to boost international oil prices, with a specific plan of reducing production by 1 million barrels per day.
4. The Minister of Railways of India: The Railway Safety Commissioner has conducted an investigation into the derailment and collision accident of Indian trains and issued an investigation report, identifying the cause of the accident and the relevant responsible persons. Preliminary investigation shows that the accident was caused by a change in the electronic interlocking device.
Stock market inventory
1. Last Friday, the Shanghai Composite Index rose 0.79% to 3230.07 points, with a weekly increase of 0.55%. The Shenzhen Composite Index rose 1.50% to 10998.07 points, up 0.81% for the week. The ChiNext Index rose 1.22% to 2233.27 points, up 0.18% for the week.
2. On Friday, the Hang Seng Index rose 4.02% to 18949.94, up 1.08% for the week. The Hang Seng Technology Index rose 5.33% to 3824.28 points, up 3.61% for the week. The state-owned enterprise index rose 4.53% to 6428.33 points, up 1.50% for the week.
3. CITIC Securities: It is expected that the A-share market will continue to experience high volatility and is currently approaching the trough of the second half of the year's volatility range. When riding the waves, it is recommended to prioritize performance and continue to allocate products with policy catalytic expectations or performance advantages in the 'safety' main line. Firstly, the recent weak momentum of economic recovery compared to the previous month has led to excessive pessimism in the market. It is expected that structural policies will be introduced and accumulated in June. Secondly, the expected volatility of the Federal Reserve's June interest rate negotiation is significant, and after the adjustment of the US bond ceiling, attention still needs to be paid to its liquidity risk.
4. Securities Times: As of June 4th, 185 A-share companies have received institutions and disclosed records of investor relations activities. In terms of industry, the top three sectors with high research enthusiasm for institutions are the pharmaceutical and biological, mechanical equipment, and computer industries, with 25, 22, and 21 companies receiving research, respectively. In addition, the leading domestic ventilator enterprises in the medical device sector were the most favored during the week.
5. Upstream news: Recently, there have been repeated rumors that 'Wang Yawei has been taken away for investigation', and various rumors have become increasingly popular. On the morning of June 4th at around 9 o'clock, Wang Yawei rarely posted on his Moments, using a post titled 'Qi Baishi's' Red 'Landscape, Rare in History'. It is said that Wang Yawei rarely posted on social media before.
6. Huaxia and Huitianfu Funds: The suspended stock '* ST Blue Light' held by their securities investment funds is valued at 0 yuan. The fund company reminds investors that the valuation adjustment may have a certain impact on the net asset value of the fund on that day* ST Blu ray will be officially delisted on June 6th, with a stock price of 0.4 yuan as of the close on May 9th.
7. IFLYTEK: Currently, iFLYTEK AI learning machines have become the top ranked learning machine in the industry in terms of user net recommendation value. The application of Spark big model technology has further improved the market share and brand awareness of iFLYTEK learning machine. According to the successful start of the latest 618 e-commerce festival, iFLYTEK AI learning machine is the sales champion in the learning machine category of JD, Tmall, and Tiktok platforms.
8. BOE A: We continue to pay attention to changes in the industry, and the raw material procurement prices of suppliers are usually determined through negotiation between both parties. We do not evaluate the business strategies adopted by a single supplier. Enterprises upstream and downstream of the industry chain have gradually formed a consensus on the subsequent market recovery, which is expected to further promote the value restoration of the semiconductor display industry.
9. Tiandi Online (Double Board): Currently, the company's virtual digital business is still in its early stages of development. As of December 31, 2022, the revenue related to virtual digital business was 2.3041 million yuan, accounting for 0.076% of the revenue, which is relatively small. The above-mentioned virtual digital business does not exclude the risk of project interruption or development not meeting expectations in the future due to industry policies and other factors.
10. ST Yuyin: We plan to acquire a total of 51% stake in Wuxi Weiyan. After the acquisition is completed, Wuxi Weiyan will become a subsidiary of the company, and the company will increase its research and development, production, and sales of precision manufacturing, intelligent production, and smart energy system solutions on the existing basis.
11. New share subscription: This week, there were 7 new share subscriptions, including 2 on the Science and Technology Innovation Board and 5 on the Growth Enterprise Board. They are Kangliyuan, Hengbo Group, Feiwo Technology, Xigaoyuan, Haikan Group, Weston, and Zhixiang Jintai.
12. Sales restrictions lifted: This week, a total of 99 restricted shares were lifted, with a total of 11.604 billion shares lifted and a market value of 109.277 billion yuan lifted. Among them, Huahai Qingke ranked first on the lifting ban list with 17.803 billion yuan, while Xiangcai Group and Guoji Heavy Industry ranked second and third with 14.096 billion yuan and 12.763 billion yuan, respectively.
Wealth Focus
1. First Financial: In the first quarter, the total revenue of the top 10 gaming companies was approximately 81 billion yuan, with Tencent NetEase accounting for over 80%. The industry's concentration ratio is further improving. Except for two major companies, the revenue of the game business of the other eight companies is declining. The financial report mentions factors such as issues with the pace of new game launches, a decline in the flow of old games, cost reduction and efficiency increase, and a decrease in players' online gaming time.
2. Quanguo Fund: Quanguo Siyuan's second public fund, Quanguo Siyuan's three-year holding hybrid securities investment fund, was officially established on June 2, with 83474 valid subscriptions and a total initial offering of 2.133 billion yuan, setting a new record for the first lock-in period equity fund issuance this year.
Industry Observation
1. Henan Provincial Department of Agriculture and Rural Affairs: As of 8:00 on June 4th, 47.575 million acres of wheat have been harvested, accounting for approximately 55.8% of the province's planting area. The wheat harvest in Zhumadian has landed on a large head, covering 9.064 million mu (82.3%) in Zhoukou, 2.602 million mu (74.5%) in Pingdingshan, 1.557 million mu (44.1%) in Luoyang, and 1.477 million mu (15.8%) in Shangqiu.
2. Zhang Zhiyong, Chairman of China Iron Tower: Since its establishment for 9 years, the company's site size has increased from the initial 1.4 million to over 2.1 million, and the sharing rate of newly built sites has increased from the initial 14% to 83%. By coordinating resources, intensive construction, and co construction and sharing, we provide light electric vehicle battery swapping and charging services to nearly one million takeout riders, delivery boys, and over ten million residents every day.
3. Interface News: The UK is considering setting up a global artificial intelligence regulatory agency in London, following the example of the International Atomic Energy Agency, to 'lead the world' in research or regulation. British Prime Minister Sunak has recently expressed his hope that the UK will become a global center for artificial intelligence, promising to play a 'leading role' in formulating 'safe and reliable' rules to promote the development of the industry.
4. CEO of Nigerian National Oil Company: The company is gradually reducing its crude oil swap contracts with traders. With the end of the monopoly, private enterprises can start importing gasoline as early as this month. We believe that there is no problem with obtaining crude oil supply from the Dangote Refinery.
Financial data
1. Last Friday, the onshore RMB closed at 7.0750 against the US dollar at 16:30, up 0.6027% and down 0.2878% for the week; The central parity rate of the Chinese yuan was 7.0939, up 0.0366% and down 0.2530% for the week.
2. New Third Board: Last week, 5 new listed companies were added, with a transaction amount of 1.279 billion yuan, an increase of 0.06% month on month. As of now, the total number of companies listed on the New Third Board has reached 6469. Since the beginning of this year, the cumulative transaction amount of companies listed on the New Third Board has reached 23.102 billion yuan.
3. Shanghai Environmental Exchange: Last week, the trading volume of carbon emission quota listing agreements in the national carbon market was 125100 tons, with a total trading volume of 5.7564 million yuan and a closing price of 58.50 yuan/ton, a weekly increase of 2.63%.
4. US stocks: Last Friday, the Dow closed up 2.12% at 33762.76 points, up 2.02% for the week; The Nasdaq rose 1.07% to 13240.77 points, up 2.04% for the week; The S&P 500 closed up 1.45% at 4282.37 points, up 1.82% for the week.
5. Europe: Last Friday, the FTSE 100 in the UK closed up 1.56% at 7607.28 points, down 0.26% for the week; The German DAX30 closed up 1.25% at 16051.23 points, up 0.42% for the week; France CAC40 closed 1.87% higher at 7270.69 points, down 0.66% for the week.
6. Gold: Last Friday, COMEX June gold futures closed 1.29% lower at $1952.4 per ounce, up 0.41% for the week.
7. Crude oil: Last Friday, WTI July crude oil futures closed up 2.34% at $71.74 per barrel, down 1.28% for the week; Brent July crude oil futures closed 2.49% higher at $76.13 per barrel, down 0.98% for the week.
·Sharpen the army and advance the military industry·
Dongwu Securities: The current conventional equipment and intensive combat readiness military exercises are the inevitable sources of incremental growth in the future. In the conflict between Russia-Ukraine conflict, the demand for life reduction maintenance and battle damage supplement of combat platforms is very urgent, and the pouring consumption of all kinds of ammunition is even more astronomical. Even the United States and NATO are facing shortages, and the historic overtime production is started. According to military reports, once a conflict erupts, the inventory of long-range missiles will quickly run out. The early Russia-Ukraine conflict also reflected the huge consumption and shortage of ammunition, and all kinds of precision guided munitions are still the key items for loading and war readiness supplement. Therefore, the current understanding of the potential demand for war is that the military industry chain needs to have sufficient production support and redundant backup capacity.
CITIC Securities: 2023 is the first year after the completion of the three-year reform of state-owned enterprises, and military industry is a key area of previous state-owned enterprise reforms. According to the official website of the State owned Assets Supervision and Administration Commission, it holds 98 state-owned enterprises, mainly distributed in military industry, energy, communication, machinery, transportation, etc. The military industry belongs to the growth period industry, characterized by low base and high growth rate. In recent years, various military enterprises have chosen to participate in the mixed reform of state-owned enterprises by injecting high-quality assets. After the injection of assets, the asset quality and revenue volume of listed companies are expected to be improved, and the capital operation of the Aviation Industry and Electronics Technology Group has accelerated. In addition, with the continuous listing of high-quality military industry enterprises, the number of equity incentive cases will continue to increase. From 2016 to the end of May 2023, 127 equity incentives were promoted by listed companies in the sector, of which more than half have been promoted since 2020. Historically, performance can be effectively released after equity incentives.
Guoyuan Securities: The overall performance of the military industry sector maintained a slight growth in the first quarter of this year, with revenue increasing by 3.92% year-on-year. The growth in ships and materials was particularly prominent. The shipping sector benefited from the adjustment of epidemic policies and the recovery of the shipping industry, with backlog orders continuously being shipped and delivered, and profitability continuously improving. The net profit attributable to the parent company increased by 49.38% year-on-year. The overall upgrade of military products and economies of scale have led to an increase in gross profit margin and net profit margin. As the aviation and shipbuilding sectors are currently the most prosperous, it is recommended to continue to pay attention. On the asset side, the continuous increase in inventory indicates that companies are actively stocking and confident in the future market. The second half of the year is the main time for centralized delivery and payment collection in the military industry, and operating cash flow is expected to further improve.
China Post Securities: The military industry has experienced rapid growth in the past two years, and may enter a stable growth period in the future. There are significant differences in performance in segmented fields, and structural differentiation may intensify, indicating a future trend. With the continuous development of equipment technology, there may be more investment opportunities in the field of new domain and new quality operations. As China increasingly moves towards the center of the world stage, military trade exports are expected to become a new growth point in the military industry sector. Suggest paying attention to two main investment lines: 1) the continuation of high prosperity in aviation and aerospace, with more sustainable growth and targets with excess growth rate; 2) New technologies (stealth technology, missile borne phased array technology, digital phased array radar technology), new products (standardized mass production of new fighter jets and missiles, drones, long-range rockets), and new markets (military trade).
笔记