Financial attention
Macroeconomics
1. State owned Assets Supervision and Administration Commission (SASAC): This year is a crucial year for deepening and upgrading the reform of state-owned enterprises. We must focus on key and difficult tasks, and make every effort to ensure the implementation of all tasks. Developing strategic emerging industries tailored to the needs of enterprises; Deeply promote the assessment of "one industry, one policy, one enterprise, one policy", and carry out medium - and long-term assessment incentives for research on original and basic technologies; Promote the research and development of key core technologies in key areas.
2. Pengpai News: Recently, the Standing Committees of the People's Congress of Shanghai, Jiangsu, and Zhejiang provinces respectively voted to pass the "Regulations on Promoting High quality Development of the Yangtze River Delta Ecological Green Integration Development Demonstration Zone", which will be implemented simultaneously in the three cities from May 1st. Make comprehensive and multi-dimensional regulations for cross regional collaborative systems such as planning and construction, ecological environment, innovative development, Jiangnan water town culture, and public services within the demonstration zone.
3. Central Meteorological Observatory: continue to issue a blue rainstorm warning. It is estimated that from 20:00 on March 31 to 20:00 on April 1, there will be severe to rainstorm in parts of southeastern Hubei, Hunan, Jiangxi, northwestern Fujian, eastern Sichuan, central and western Chongqing, eastern Guizhou, northern Guangxi, northern Guangdong and other places.
4. The Immigration Department of the Hong Kong Special Administrative Region Government: During the Hong Kong public holiday, over 1 million people entered and exited through various ports in Hong Kong on March 30th. As of 10:00 on March 31st, a total of 165000 people have entered and exited through various ports; About 99000 Hong Kong residents have left the country. It is expected that April 1st will be the peak period for entry, with an estimated 589000 people entering.
Stock market inventory
1. Last Friday, the Shanghai Composite Index rose 1.01% to 3041.17 points, down 0.23% for the week; The Shenzhen Component Index rose 0.62% to close at 9400.85 points, down 1.72% for the week; The ChiNext Index rose 0.63% to close at 1818.20 points, down 2.73% for the week.
2. Last Thursday, the Hang Seng Index rose 0.91% to 16541.42 points, up 0.25% for the week; The Hang Seng Technology Index rose 2.48% to 3477.55 points, up 0.63% for the week; The state-owned enterprise index closed up 1.44% at 5810.79 points, up 0.92% for the week.
3. CITIC Securities: The Federal Reserve's interest rate hike cycle has ended, and the interest rate cut cycle is about to begin. The weak expectation of the US dollar has stimulated the financial attributes of non-ferrous metals. The recovery of domestic and international demand, driving the growth of consumption of non-ferrous commodities, is expected to start a new cycle of demand for some commodities. Supply constrained resource goods represented by copper and aluminum may usher in a bull market, with small metals performing particularly well. Their resource scarcity is stronger and they are more closely related to the development of new productive forces. The price center of related commodities and the valuation center of equity targets in the capital market are expected to achieve resonance upward and move out of the bull market.
4. Securities firm China: In 2023, nearly ten securities firms have added over a million new customers. Among them, Guotai Junan ranked first with a customer growth of over 2.2 million, while China Galaxy Securities saw an increase of about 1.5 million customers. The number of clients of CICC has also increased by nearly one million.
5. China Fund News: In the second half of last year, Central Huijin's official announcement of buying ETFs became the focus of the entire market. With the disclosure of the annual report, the variety of Central Huijin's additional holdings was officially announced. As of the end of 2023, Central Huijin Investment and Central Huijin Assets held a total of 12 broad-based ETFs, including Huatai Bairui Shanghai and Shenzhen 300 ETFs, Huaxia Shanghai Stock Exchange 50 ETFs, and E Fund Shanghai and Shenzhen 300 ETFs, with a total holding of 43.812 billion shares and a market value of 117.695 billion yuan.
6. Wanfeng Aowei: The company's shareholder, Centennial Life Insurance, holds a total of 8.87% of the shares. It plans to reduce its holdings of the company's shares by no more than 9 million shares (not exceeding 0.42% of the company's total share capital) through centralized bidding trading within one month after 15 trading days from April 1. The shares will be acquired through block trading.
7. Juhe Materials: In 2023, the operating revenue was 10.29 billion yuan, a year-on-year increase of 58.21%; The net profit was 442 million yuan, a year-on-year increase of 13%. During the reporting period, the company's shipment volume of photovoltaic conductive silver paste was 2002.96 tons, becoming the first enterprise in the industry's history to have an annual shipment volume of photovoltaic conductive silver paste exceeding 2000 tons.
8. New stock subscription: This week, there was one new stock subscription on the ChiNext board, which is Hongxin Technology.
9. Restricted shares lifted: This week, a total of 39 restricted shares were lifted, with a total of 1.579 billion shares lifted and a market value of 24.777 billion yuan lifted. Among them, Xiangyu Medical ranked first on the lifting ban list with 4.802 billion yuan, while Luxi Chemical and Xinqi Microelectronics ranked second and third with 4.175 billion yuan and 3.364 billion yuan respectively.
Wealth Focus
1. China Fund News: Since the beginning of the year, the bond market has continued to strengthen, and the stable yield performance of bond based products has made them highly favored by funds. Many products have also been frequently restricted and closed door to customers. As of March 30th, there are still nearly 1600 bond funds in the market that are subject to purchase restrictions, with the minimum amount of suspension of large-scale subscriptions being 10 yuan.
2. Alipay: In March, the cumulative transaction amount of overseas guests through Alipay in China increased nearly 10 times, the number of transactions increased nearly 8 times, and the number of active users increased nearly 6 times. As of March, foreign tourists who use Alipay App to bind international bank cards after entry come from nearly 200 countries and regions.
3. Securities firm China: As of now, out of 59 A-share and H-share banks, 37 have completed annual performance releases, and employee compensation has also been revealed. The labor cost expenditure of listed banks has generally increased. At the same time, 34 banks added less than 7000 employees in total last year, with both growth and growth rates being the lowest in recent years. The new employees are mainly distributed in business marketing, information technology, and other areas, while the number of tellers and low educated employees continues to be optimized and reduced. China Merchants Bank continues to rank first with an average salary of over 610000 yuan per person.
Industry observation
1. Haikou Customs: Since April 1st last year, Hainan's offshore duty-free policy has added "purchase and delivery immediately" and "guarantee and delivery immediately" delivery methods. Over the past year (from April 1st, 2023 to March 31st, 2024), the two new delivery methods have purchased over 4.3 million items, with a shopping amount exceeding 4 billion yuan. Since the implementation of the offshore tax exemption policy, the amount of shopping has exceeded 222 billion yuan.
2. Xinhua News Agency: In recent years, China has continuously implemented high-quality milk engineering and promoted the high-quality development of domestic dairy industry. At present, 71 dairy companies in 28 provinces have implemented high-quality milk projects. In 2023, the proportion of high-quality pasteurized milk production to the total amount of pasteurized milk in China has increased to 97%.
3. Shanghai Securities Journal: China's first monograph dedicated to studying new quality productivity, "New Quality Productivity," has been published and released in Beijing. The content covers the timeline and significant strategic significance of the proposal of new quality productive forces, the theoretical origins, logic and specific connotations of new quality productive forces, the path and focus of developing new quality productive forces, as well as the comparison and reference of the development of new quality productive forces - international experience and Chinese practice, and other fields.
4. Shanghai Public Security Bureau: Medium size box trucks with a total length of no more than 6 meters, a width of no more than 2.2 meters, and a height of no more than 2.8 meters have the same right of passage as light trucks. The management measures for the passage of other medium size box trucks shall still be implemented in accordance with on-site traffic signs. Vehicles that meet the above conditions and have a total mass exceeding the carrying capacity and height restrictions of bridges and elevated roads are not allowed to enter the relevant roads. This notice will come into effect on March 31st.
5. China Automobile Distribution Association: The inventory warning index of Chinese automobile dealers in March was 58.3%, a year-on-year decrease of 4.1 percentage points and a month on month decrease of 5.8 percentage points. The inventory warning index is above the boom bust line, and the automotive circulation industry is in a recession zone.
6. CCTV News: Recently, the price of cocoa futures in New York once rose above the $10000 per ton mark, setting a new historical high. Affected by factors such as climate change and crop diseases, the world is facing the most severe shortage of cocoa supply in over 60 years. From April to September, Ivory Coast, the world's leading cocoa producing country, may experience a 25% to 30% year-on-year decline in cocoa production. It is expected that retail prices of chocolate candies will continue to rise in the fourth quarter.
Financial data
1. Last Friday, the onshore Chinese yuan closed at 16:30 against the US dollar at 7.2232, up 0.0623% and 0.0706% for the week; The median price of the Chinese yuan was 7.0950, down 0.0028%, and up 0.0761% for the week.
2. New Third Board: Last week, 5 new listed companies were added, with a transaction amount of 997 million yuan, an increase of 15.03% compared to the previous week. As of now, the total number of companies listed on the New Third Board has reached 6205.
3. Shanghai Environmental Exchange: Last week, the trading volume of the national carbon market carbon emission quota listing agreement was 235900 tons, with a total transaction amount of 20.8648 million yuan and a closing price of 90.66 yuan/ton, a weekly increase of 8.15%.
4. US stocks: Last Thursday, the Dow Jones Industrial Average rose 0.12% to 39807.37 points, up 0.84% for the week; The S&P 500 index rose 0.11% to 5254.35 points, up 0.39% for the week; The Nasdaq fell 0.12% to 16379.46 points, down 0.30% for the week.
5. Europe: Last Thursday, the German DAX30 index rose 0.08% to 18492.49 points, up 1.57% for the week; The French CAC40 index rose 0.01% to 8205.81 points, up 0.66% for the week; The FTSE 100 index in the UK rose 0.26% to close at 7952.62 points, up 0.27% for the week.
6. Gold: Last Thursday, the settlement price of COMEX June gold futures rose 1.16% to $2238.4 per ounce, up 3.63% for the week.
7. Crude oil: Last Thursday, WTI crude oil futures for May rose 2.24% to $83.17 per barrel, up 3.15% for the week; Brent crude oil futures rose 1.61% to $87.48 per barrel in May, up 2.4% for the week.