Financial attention
Macroeconomics
1. People's Daily: During the Loong Boat Festival holiday in 2024, the national culture and tourism market is generally stable and orderly. The total number of domestic tourism trips in China reached 110 million, a year-on-year increase of 6.3%; The total cost of domestic tourists traveling was 40.35 billion yuan, a year-on-year increase of 8.1%.
2. Where to go: The average price of international air tickets during the Dragon Boat Festival has decreased by about 20% year-on-year; The average price of hotels in popular foreign vacation cities is generally more than 30% cheaper than in July and August. As of June 10th, the number of international flights booked on the platform for this year's Dragon Boat Festival departure has increased by over 60% year-on-year, and the number of international hotel bookings for Dragon Boat Festival stays has increased by 50% year-on-year.
3. China News Network: With the end of the college entrance examination, China's summer outbound travel has reached its first peak of booking. At present, the booking volume of outbound travel tickets for summer vacation (July 1st to August 31st) has increased by 1.6 times year-on-year, and ticket prices have decreased by about 20% year-on-year. The top ten popular international destinations are Malaysia, Japan, Thailand, the United States, South Korea, Singapore, Australia, the United Kingdom, Indonesia, and Canada.
4. Border Inspection of Hong Kong Zhuhai Macao Bridge: From June 8th to June 10th (as of 13:00), more than 227000 passengers and 42000 vehicles entered and exited through the Hong Kong Zhuhai Macao Bridge, setting a new historical high for the same period since the opening of the port.
5. Japanese Cabinet Office: In the first quarter, Japan's real gross domestic product (GDP) decreased by 0.5% month on month, with an annualized decrease of 1.8%. After turning positive in the fourth quarter of last year, it experienced negative growth again.
Stock market inventory
1. Economic Daily: The director's liability insurance provides an important risk management tool for the senior management of the company. For listed companies, purchasing director's liability insurance can alleviate the pressure on senior management and board members to bear risks individually. Director's liability insurance has been regarded as an effective director protection mechanism in overseas markets, which not only disperses liability risks but also motivates company executives to be diligent and innovative in their operations.
2. Haitong Securities: A-shares may have bottomed out, with the first rebound at the bottom being the rise since early February. The current market is in the stage of accumulating momentum for fundamental verification. Looking ahead to the second half of the year, there may be positive changes in the funding and fundamentals, and the market center is expected to reach a new level. Structurally, white horses with better fundamentals or medium-term mainlines focus on mid to high end manufacturing and technology fields.
3. Economic Daily: With the revision and improvement of the reduction rules, behaviors such as refinancing, lending, and securities lending are expected to be further regulated. To achieve sufficient regulatory advance, we need to strengthen education and training for major shareholders, directors, supervisors, and senior executives of listed companies, enhance compliance awareness, and no longer let sophistry such as "unfamiliarity with rules" and "operational errors" become a "shield" for illegal reduction of holdings.
4. Qi Xiangtengda: It is expected that the net profit for the first half of 2024 will be 130 million to 150 million yuan, a year-on-year increase of 536.03% -633.88%.
5. ST Jinyun: The company's stock trading will be suspended for one day on June 11th and will resume trading from the opening on June 12th; Starting from the opening of the market on June 12th, other risk warnings will be lifted, and the stock abbreviation will be changed from "ST Jinyun" to "Jinyun Laser". The daily limit for stock trading will remain unchanged at 20%.
6. ST Shihua: The company's stock trading will be suspended for one day on June 11th, and will resume trading and revoke other risk warnings from June 12th. The stock abbreviation will be changed from "ST Shihua" to "Maohua Shihua", and the daily limit on stock trading prices will be changed from 5% to 10%.
7. ST Yili: On June 10th, received a notice of filing a case, stating that the China Securities Regulatory Commission has decided to file a case against the company on suspicion of illegal and irregular information disclosure.
8. Financial Times: It is reported that the Financial Conduct Authority (FCA) is preparing to approve the largest reform of the listing system in 40 years as early as this month. The board of directors will hold a meeting on June 27th to decide whether to approve the final version of the rules, which aim to boost the sluggish stock market.
Industry observation
1. Economic Daily: Recently, the Ministry of Finance issued a central government pre allocated fund of 6.44 billion yuan for this year's automobile trade in subsidies, with local supporting funds of 4.757 billion yuan. The scale of central and local funds is nearly 11.2 billion yuan. While providing genuine financial support to consumers, the Ministry of Finance requires all regions to strengthen fund and performance management, highlighting the policy orientation of "accountability for effectiveness and ineffectiveness in spending money".
2. CCTV Finance: The effects of policies such as exchanging old for new consumer goods are gradually becoming apparent. In May, car sales in various regions saw significant growth, especially with the gradual increase in loan purchases. Several banks have launched zero down payment loan car buying products. Experts remind that when applying for consumer loans with low or even zero interest rates, it is important to carefully read the contract and prevent hidden fees.
3. Flying Pig: As of the last day of the Dragon Boat Festival holiday, local entertainment products such as underwater coral viewing in Malaysia, charter car tours around Jeju Island in South Korea, and boat night tours in Bangkok, Thailand have had high sales during the holiday. Self driving tours are also popular on overseas journeys, with the booking volume of overseas car rental products on the Dragon Boat Festival increasing by more than twice year-on-year.
4. CNOOC: The first cylindrical floating production, storage and unloading unit in Asia, "Haikui No. 1", was installed offshore and put in place precisely in Liuhua Oilfield, the Pearl River River Mouth Basin, marking a new breakthrough in the installation capacity of mooring systems for floating facilities in China's deepwater oil and gas fields, laying the foundation for the first deepwater oil field secondary development project to be put into production within the year.
5. China News Network: Shanghai Port has completed the first LNG anchor refueling operation for bulk carriers, which means that the first LNG anchor refueling operation for dual fuel powered bulk carriers in Shanghai Port has been successfully completed. At this point, the southern anchorage of Luhua Mountain in Shanghai Port has completed 13 LNG fuel injections, with a refueling volume exceeding 45955 cubic meters.
6. SNE Research: From January to April, the installed capacity share of the three major power battery manufacturers in South Korea in markets outside of China slightly decreased year-on-year; The total installed capacity of various types of electric vehicle batteries in the global market excluding China increased by 13.8% year-on-year, reaching 101.1 gigawatt hours. The combined market share of the three major manufacturers in South Korea decreased by 1.6 percentage points year-on-year to 46.7%.
Financial data
abroad
1. Asia: The Nikkei 225 index rose 0.92% to 39038.16 points. The South Korean KOSPI index fell 0.79% to 2701.17 points.
2. US stocks: The Dow Jones Industrial Average rose 0.18% to close at 38868.04 points; The Nasdaq rose 0.35% to 17192.53 points; The S&P 500 closed down 0.26% at 5360.79 points.
3. Europe: The FTSE 100 in the UK closed down 0.20% at 8228.48 points; The German DAX30 fell 0.34% to close at 18494.89 points; France CAC40 closed down 1.35% at 7893.98 points.
4. Gold: COMEX gold futures rose 0.13% to $2327.95 per ounce.
5. Crude oil: The settlement price of WTI crude oil futures increased by 2.93% to $77.74 per barrel. Brent crude oil futures rose 2.52% to $81.63 per barrel.
6. The Baltic Dry Index: rose 0.1% to 1883 points.
CITIC Securities: New energy generation has characteristics such as intermittency, volatility, and randomness, which pose challenges to the safety and stability of the power grid. With the large-scale installation of new energy and grid connected power generation, the problem of new energy electricity consumption is inevitable. Virtual power plants have the ability to regulate on a large scale, which can cope with short-term power supply and demand shortages and difficulties in consuming new energy. Through peak shaving and valley filling, virtual power plants have obvious economic benefits compared to traditional thermal power plants. It is expected that the overall capacity space of virtual power plants will reach 72.3 billion yuan by 2025, and their market space may reach 196.1 billion yuan by 2030.
Debon Securities: In the peak summer season, the highest electricity load is expected to surge, with an expected year-on-year growth of over 100 million kilowatts. The heat of virtual power plants is expected to continue to increase. Electricity supply is facing certain pressure; During peak hours in certain regions, there may be a shortage of electricity supply, mainly in Inner Mongolia and some provinces in East, Central, Southwest, and Southern China. In the event of extreme or catastrophic weather, the shortage of electricity supply may further intensify. After a concentrated layout in some regions over the past one or two years, the role and impact of virtual power plants are expected to be further reflected during this summer. It is expected that the related heat will continue to increase and resonate with related sectors such as electricity.
Guoxin Securities: With the pressure of consumption and the unexpected development of distribution, the distribution network is expected to continue to thrive. The wind power consumption rate from January to March was 96.1%, a year-on-year decrease of 0.7 pct, while the photovoltaic consumption rate was 96.0%, a year-on-year decrease of 2.0 pct. The consumption rate in multiple provinces has dropped to below 95%. In 2023, the newly installed capacity of distributed photovoltaics reached 96.29GW, a year-on-year increase of+88.4%. In Q1 2024, the newly installed capacity of distributed photovoltaics reached 23.81GW, a year-on-year increase of+31%. A large number of distributed centralized access to the power grid will have an impact on the security of the power grid and further exacerbate the consumption problem. Under the bottleneck of consumption, on the one hand, the importance of predicting new energy power is highlighted, and on the other hand, the upgrading and transformation of the distribution network is even more urgent.
Economic Daily: Virtual power plants will bring rich investment opportunities to related industries. For example, virtual power plant technology suppliers support efficient operation of virtual power plants by providing intelligent algorithms, platform construction solutions, and other solutions; Load integrators with trading qualifications aggregate flexible resources and act as agents for users to participate in the market and obtain profit sharing; Energy developers explore and construct user side distributed adjustable resources, such as charging and swapping stations and distributed energy storage facilities, and obtain compensation costs by participating in the regulation of virtual power plants. In addition, energy storage, due to its important role in providing flexibility for the power grid, as an important component of virtual power plants, will also become a hot investment topic.