Financial attention
Macroeconomics
1. The Central Bank of China issues a notice on matters related to counter business in the interbank bond market. At present, the scale of government bonds directly held by Chinese residents is relatively small, and there is still a lot of room for improvement compared to mature bond markets. By investing in the bond market through counter channels, savings can be efficiently converted into bond investments, increasing residents' property income. Accelerating the development of counter bond business is conducive to promoting the development of direct financing and optimizing the structure of the financial system.
2. According to the National Bureau of Statistics, in 2023, the per capita disposable income of the low-income group was 9215 yuan, the per capita disposable income of the lower middle income group was 20442 yuan, the per capita disposable income of the middle income group was 32195 yuan, the per capita disposable income of the upper middle income group was 50220 yuan, and the per capita disposable income of the high-income group was 95055 yuan. Compared to 2022, the per capita disposable income of the high-income group increased by 4939 yuan, the upper middle income group increased by 2823 yuan, the middle income group increased by 1597 yuan, the lower middle income group increased by 1139 yuan, and the low-income group increased by 614 yuan.
3. Ministry of Foreign Affairs: The cumulative number of China Europe freight trains has exceeded 85000, effectively promoting the development of countries along the route. As the flagship project and landmark brand of the joint construction of the "the Belt and Road", the China Europe Express has been constantly pioneering and innovating over the past 10 years. The routes have grown from scratch and the transport capacity has grown from less to more, opening up a new road for land transport and a new bridge for economic and trade cooperation between Asia and Europe.
4. State Administration of Foreign Exchange: In January 2024, the import and export volume of China's international balance of goods and services trade reached 4234.4 billion yuan, a year-on-year increase of 23%. Among them, the export of goods trade was 2022.4 billion yuan, the import was 1609.4 billion yuan, and the surplus was 413 billion yuan; Service trade exports amounted to 217.8 billion yuan, imports amounted to 384.8 billion yuan, and a deficit of 167.1 billion yuan.
Stock market inventory
1. On Thursday, the Shanghai Composite Index closed at 3015.17 points, up 1.94%, with a transaction volume of 452.809 billion yuan. The Shenzhen Component Index closed at 9330.44 points, up 3.13%, with a transaction volume of 599.85 billion yuan. The ChiNext Index closed at 1807.03 points, up 3.32%, with a transaction volume of 257.163 billion yuan. Overall, individual stocks saw more gains than losses, with over 5200 stocks rising in the entire market and over a hundred stocks hitting the daily limit. The transaction volume of the two markets was 1052.6 billion, a decrease of 304.1 billion compared to the previous trading day. On the market, sectors such as lithography machines, hydrogen energy, humanoid robots, and satellite navigation saw the highest gains, with no sectors falling. Northbound funds bought a net of 16.603 billion yuan throughout the day, of which Shanghai Stock Connect bought a net of 8.642 billion yuan and Shenzhen Stock Connect bought a net of 7.962 billion yuan.
2. On Thursday, the Hang Seng Index fell 0.15% to close at 16511.44 points. The Hang Seng Technology Index rose 0.14% to 3431.30. The state-owned enterprise index fell 0.19% to 5677.88 points. On the market, Meituan rose nearly 2%, Xiaomi rose 1%, Baidu's performance fell 6.6%, and JD.com fell more than 2%; There is a water shortage risk in the chip industry! S&P warned that it may disrupt the supply chain and raise chip prices, with the semiconductor sector leading gains throughout the day, with leading stock SMIC rising more than 8% at one point; Lithium carbonate futures contracts surged, and lithium battery stocks saw impressive gains. Southbound funds net bought HKD 1.368 billion. Among them, the Hong Kong Stock Connect (Shanghai) net bought HKD 1.484 billion and the Hong Kong Stock Connect (Shenzhen) net sold HKD 116 million.
3. As of February 29th, there were 244 listed companies on the Beijing Stock Exchange, with no new additions on that day. The total market value is 392.555 billion yuan, with a transaction amount of 11.121 billion yuan.
4. Financing balance of the two markets: As of February 28th, the financing balance of the Shanghai Stock Exchange was reported to be RMB 761.395 billion, an increase of RMB 1.715 billion from the previous trading day; The financing balance of the Shenzhen Stock Exchange was reported to be 673.089 billion yuan, an increase of 1.401 billion yuan from the previous trading day; The total amount of the two cities is 1434.484 billion yuan, an increase of 3.116 billion yuan from the previous trading day.
5. Shanghai Stock Exchange News: The research on state-owned listed companies by institutions continues to heat up, and market value management has become a "must test" question. Since late January, institutions have conducted intensive research on 139 state-owned listed companies, of which 58 are state-owned enterprises. In addition to disclosures on interactive platforms, over 30 state-owned enterprises have provided plans or responses to market value management.
6. Securities Daily: Recently, several ST sector stocks have shown a prominent upward trend. However, from the risk warning announcements disclosed by these listed companies, it can be seen that the company's fundamentals have not changed, and there are varying degrees of risk issues behind it, such as "possible termination of listing" and "suspected illegal and irregular activities, currently under investigation". Regardless of the reason, following the trend to speculate on ST stocks is undoubtedly a dance on the tip of the knife, and it is absolutely unacceptable.
7. Shanghai Stock Exchange: 10 CSI A50 ETFs will be issued in a centralized manner starting from February 19th. On February 28th, Morgan Asset Management and Ping An Fund announced that their products had ended fundraising ahead of schedule. The other 8 products are still in release. The new economic sector of the CSI A50 index has a higher proportion, which is more in line with the long-term development trend of the Chinese economy and deserves high attention and in-depth exploration. At the same time, it is also expected to become another important target for domestic and foreign funds to allocate core assets of A-shares.
8. Interface News: It is reported that the US SEC is investigating the internal communications of OpenAI CEO Ultraman as part of an investigation into whether the company's investors were misled. Previously, the OpenAI board of directors decided to dismiss Ultraman in November and expel him from the board.
Industry observation
1. The Ministry of Industry and Information Technology and seven other departments have issued guidance on accelerating the green development of the manufacturing industry. By 2030, the output value of green factories at all levels will account for over 40% of the total manufacturing output value. Encourage green factories to further tap into the potential for energy conservation and carbon reduction, and create "zero carbon" factories. Deepen the cultivation of industrial product green design demonstration enterprises, continuously explore green and low-carbon paths and solutions.
2. The Shandong Provincial Department of Transportation and other three departments recently issued a notice on the temporary exemption of highway tolls for hydrogen powered vehicles. Starting from March 1, 2024, hydrogen powered vehicles equipped with ETC package equipment installed on highways in this province will be exempt from highway tolls for a trial period of 2 years, and adjustments will be made in a timely manner according to the implementation situation after the expiration. At present, relevant departments are actively implementing the implementation details of this policy document.
3. Chinese Academy of Sciences: Developed 3D printed titanium alloy materials with high fatigue resistance, and the research results were published in Nature. The fatigue performance of 3D printed materials under cyclic loading is generally poor, which seriously restricts their widespread application as structural load-bearing components. And this achievement updates people's inherent understanding of the low fatigue performance of 3D printing materials in the past, demonstrating the broad application prospects of 3D printing materials as structural load-bearing components in important fields such as aerospace.
4. Xinhua News Agency: Zhejiang University has collaborated with multiple units to design a new type of electrolyte that not only supports reversible charging and discharging of lithium batteries in the ultra wide temperature range of -70 ℃ to 60 ℃, but also enables fast charging and discharging of lithium batteries within 10 minutes. On the 29th, the relevant paper was published in the international academic journal Nature.
Financial data
domestic
1. Central Bank: In January, the interbank bond market sold 33.5 trillion yuan in spot bonds, with a daily average of 1521.85 billion yuan, an increase of 71.6% year-on-year and 13.3% month on month. Transactions with a single transaction volume of 5-50 million yuan accounted for 48.6% of the total transaction amount, while transactions with a single transaction volume of over 90 million yuan accounted for 44.8% of the total transaction amount. The average transaction volume per transaction was 45.819 million yuan.
2. New Third Board: On February 29th, a total of 6223 companies were listed, a decrease of 3 on the same day, with a transaction amount of 178 million. The Third Board Component Index closed at 886.85, down 0.42%, with a transaction volume of 85 million yuan.
3. Domestic commodity futures: As of the afternoon close on February 29th, there were more gains than losses. Lithium carbonate rose by over 9%, while red dates, Shanghai nickel, and other products rose by over 1%. Rapeseed oil, soybeans, and other products saw a slight increase; Urea fell by more than 2%, methanol, cotton yarn, etc. fell by more than 1%, while caustic soda, beans, etc. fell slightly.
4. Treasury bond: On February 29, the main contract TS2406 of two-year treasury bond futures rose 0.01% to 101.568; The main contract of five-year treasury bond bond futures TF2406 rose 0.04% to 103.140; The main contract of 10-year treasury bond bond futures T2406 rose 0.12% to 104.090. The 10-year treasury bond bond interest rate fell 0.01 BP to 2.34%; The 10-year China Development Bank bond interest rate fell 2.00BP to 2.45%.
5. Shanghai International Energy Trading Center: On February 29th, the main crude oil futures contract 2404 closed at 606.0 yuan/barrel, up 0.5 yuan or 0.08%. All contracts were traded in 190561 lots, and the position decreased by 2330 lots to 53541 lots. The main contract sold 160773 lots, and the position decreased by 3735 lots to 31298 lots.
6. Central Bank: On February 29th, a 7-day reverse repurchase operation of 117 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 period of 58 billion yuan on the same day, a net investment of 59 billion yuan was achieved.
7. Shibor: Overnight reported 1.6390%, down 6.66 basis points. The 7-day report was 1.7750%, down 4.28 basis points. Three month report of 2.1930%, down 0.59 basis points.
8. RMB: The onshore RMB closed at 16:30 against the US dollar at 7.1930, up 0.0778%, and the middle price of the RMB was at 7.1036, up 0.0549%.
9. Shanghai Environmental Exchange: On February 29th, the trading volume of the national carbon market carbon emission quota listing agreement was 331398 tons, with a transaction amount of 28.4822 million yuan, and the closing price was 81.64 yuan/ton, up 2.73%.
abroad
10. Asia: The Nikkei 225 index fell 0.11% to 39166.19 points. The South Korean KOSPI index fell 0.37% to 2642.36 points.
11. US stocks: The Dow Jones Industrial Average rose 0.12% to close at 38996.39 points; The Nasdaq rose 0.90% to close at 16091.92 points; The S&P 500 rose 0.52% to close at 5096.27 points.
12. Europe: The FTSE 100 in the UK closed up 0.07% at 7630.02 points; The German DAX30 rose 0.44% to close at 17678.19 points; France CAC40 closed down 0.34% at 7927.43 points.
13. Gold: COMEX April gold futures rose 0.59% to $2054.7 per ounce.
14. Crude oil: WTI crude oil futures settlement price fell 0.36% to $78.26 per barrel; Brent crude oil futures settled 0.07% lower at $83.62 per barrel.
15. The Baltic Dry Index: rose 3.43% to 2111 points.