Financial attention
Macroeconomics
1. Hangzhou Customs: From January to November, the total import and export value of Zhejiang Province was 4.81 trillion yuan, a year-on-year increase of 6.9%, which is 2 percentage points higher than the national average; Among them, exports amounted to 3.57 trillion yuan, an increase of 9.0%, while imports amounted to 1.24 trillion yuan, an increase of 1.2%. The export growth rate continues to lead the major provinces and cities along the eastern coast.
2. China News Service: In 2022, the average age of the labor force in China was 39.72 years old, and the average length of education was 10.88 years. From 1985 to 2022, China's total human capital increased 14.4 times, with a value of 3166.5 trillion yuan.
3. Shenzhen Border Inspection Station Liantang Border Inspection Station: As of December 13th, the number of inbound and outbound personnel at Liantang Port in 2024 has exceeded 25 million, a year-on-year increase of 110%, and the peak daily passenger flow this year has reached a new high.
4. Bank of Korea: Compared to previous cases of presidential impeachment, this incident presents greater external challenges. We plan to use all available policy tools to jointly respond with the government and avoid the escalation of financial and foreign exchange market volatility.
Stock market inventory
1. Last Friday, the Shanghai Composite Index closed down 2.01% at 3391.88 points, down 0.36% for the week; The Shenzhen Component Index closed down 2.23% at 10713.07 points, down 0.73% for the week; The ChiNext Index closed down 2.48% at 2235.26 points, down 1.4% for the week.
2. Last Friday, the Hang Seng Index closed down 2.09% at 19971.24 points, up 0.53% for the week; The Hang Seng Technology Index closed down 2.63% at 4479.60 points, up 0.33% for the week; The state-owned enterprise index closed down 2.36% at 7186.59 points, up 0.7% for the week.
3. Since the beginning of this year, a total of 431 companies in the A-share market have withdrawn their IPO applications, an increase of about 80% year-on-year. From 2021 to 2023, there will be between 200 and 300 companies canceling their IPOs in the A-share market, and this year's number of companies canceling their IPOs far exceeds other years.
4. Shenzhen Business Daily: As of December 15th, the total increase and repurchase amount of A-share listed companies was 244.905 billion yuan, exceeding the total increase and repurchase amount of 213.971 billion yuan for the whole year of last year and setting a new high for the total increase and repurchase amount of A-shares since 2015.
5. First Financial: The net inflow of US stock funds in the past week reached 6.36 billion US dollars. At the same time, money market funds had a net outflow of $2.67 billion after a significant purchase of $121.33 billion in the previous week. In the past nine weeks, the US stock market has recorded a record inflow worth $186 billion.
6. CITIC Securities: During the major policy window from now until next year's Two Sessions, the loose monetary environment remains the strongest support in the market, and it is expected that economic and price indicators will remain stable; The consensus on the three types of funds has not yet been formed, and it is expected that the market ecology of separating active funds and institutional pricing, as well as the market ecology of theme rotation, will continue. The allocation strategy will still focus on domestic consumption and switching to high-performance growth.
7. Hainan Ruize: The actual controller and its concerted action parties of the company have pledged a relatively high proportion of the company's shares, and there are multiple cases of overdue pledges and judicial freezes, facing the risk of the pledged shares being liquidated or the risk of being auctioned off by the pledgee, which may have a significant impact on the stability of the company's control.
8. Smart Agriculture: The indirect controlling shareholder Dongyin Holdings is currently undergoing judicial restructuring procedures. There is uncertainty about the restructuring process and whether it can be successful, and it cannot be ruled out that it may involve changes in the company's shares held by the controlling shareholder or changes in the company's control.
9. Shangwei Corporation: The company has received the Criminal Judgment. The actual controller Li Guangsheng was sentenced to three years and two months in prison and fined seven million yuan for manipulating the securities market. The above judgment does not affect the normal business operation of the company and will not have a significant adverse impact on the company's production and operation.
10. Construction Industry (10 days, 9 boards): The company's fundamentals have not undergone significant changes, and there is no significant information that should be disclosed but has not been disclosed. The company's stock price has risen sharply in the short term, and there may be a risk of decline after a significant short-term increase.
11. Guosheng Financial Holdings (4th consecutive board): The company previously disclosed that it has decided to absorb and merge its wholly-owned subsidiary Guosheng Securities. Given that Guosheng Securities is a wholly-owned subsidiary of the company, this absorption and merger will not have a substantial impact on the company's operations and consolidated financial statements for the current period.
12. Universal Printing (2 boards in 3 days): The company has noticed that there are rumors about the company's "Tiktok Doubao concept". As of the disclosure date of this announcement, the company has not cooperated with Tiktok Doubao at present, and does not involve the concept of Tiktok Doubao.
13. New stock subscription: This week, there were three new stock subscriptions, namely Tianhe Magnetic Materials on the main board, Air China, and Fangzheng Valve on the Beijing Stock Exchange.
14. Restricted and unlocked: A total of 61 restricted shares have been unlocked, with a total of 3.172 billion shares unlocked and a market value of 48.552 billion yuan. Among them, Northern Copper ranked first on the unlocking list with 9.163 billion yuan, while Guoxuan High tech and Hemai Co., Ltd. ranked second and third with 8.532 billion yuan and 7.351 billion yuan respectively.
15. Entrepreneurial dark horse: intends to purchase 100% equity of Beijing Edition Information and Communication Technology Co., Ltd. and raise matching funds. The company held the 8th meeting of the 4th Board of Directors and the 7th meeting of the 4th Supervisory Board on December 12th to review and approve relevant proposals. The company's stock will resume trading starting from December 16th.
16. Jinghua New Materials: On December 14th, it signed an investment agreement with the Dongxing District People's Government of Neijiang City to build a new adhesive material project with an annual output of 480 million square meters. The investment amount is about 1 billion yuan, and the construction period does not exceed 48 months.
17. Xusheng Group: plans to establish wholly-owned subsidiaries Xusheng Singapore Technology and Xusheng Singapore Industries in Singapore, and invest 1% and 99% respectively to establish Xusheng Group (Thailand) in Thailand. It plans to invest no more than 90 million US dollars to build a production base in Thailand.
18. Hainan Mining: intends to acquire 68.04% equity of ATZ Mining and 51.52% equity of Felston, and raise matching funds. The transaction price has not yet been determined.
Industry Observation
1. Haikou Customs: As of December 13th, the total amount of tax-free shopping for Hainan's offshore duty-free "buy and pick up" delivery method this year has been 3.08 billion yuan, with 1.57 million shoppers and 3.49 million items purchased.
2. CCTV News: In December, ice and snow tourism enters its peak season. Since November, the search popularity of "Northeast Dakang" has increased by 154% month on month. Deep experience of Northeast life has become a new trend in ice and snow tourism. As of December 9th, the number of cultural and tourism bookings in Northeast China (December January of the following year) increased by 35% year-on-year.
3. CCTV Finance: In recent years, domestic ice and snow equipment prices have been 30% -50% lower than imported products, accelerating industry upgrading. As of December 15th, China has built 26 national level ski resorts. Last snow season, the number of ice and snow tourists in China increased by 38% year-on-year, and revenue increased by 50%.
4. Customs Cross border E-commerce Management Platform: From January to November, the scale of cross-border e-commerce export transactions in Fujian Province reached 162.446 billion yuan, a year-on-year increase of 22.3%, and the export value ranked among the top four in the country. Private enterprises are the main force in cross-border e-commerce goods exports, with exports of 156.193 billion yuan, accounting for 96.15% of the total value of cross-border e-commerce exports in Fujian Province during the same period.
5. CCTV News: The bulk order sales of Kunming Flower Auction and Trading Center reached 1.5 billion branches in the first three quarters, an increase of 15% year-on-year. As the holiday approaches, the market for bulk orders is expected to continue to show an upward trend. In the first 11 months, the export value of fresh cut flowers in Yunnan Province reached 670 million yuan, a year-on-year increase of 34.5%.
6. China Railway Nanning Group: As of 10:00 on December 15th, the cumulative transportation of goods by rail sea intermodal trains on the Western Land Sea New Channel this year has exceeded 900000 TEUs, reaching 903000 TEUs, a year-on-year increase of 9.6%. The transportation volume has exceeded 861000 TEUs for the whole year of last year, setting a new historical high.
7. Inner Mongolia Port Office: As of December 15th, the freight volume of ports in the entire region has exceeded 120 million tons, and the passenger volume has exceeded 5 million, both reaching historical highs. Among them, the freight volume increased by 17% year-on-year, completing the annual task 16 days ahead of schedule; The passenger volume increased by 61% year-on-year.
8. CCTV News: Currently, the proportion of solar grid connected power generation in China's total installed capacity has further increased to 24.8%, surpassing the installed capacity of wind and hydropower, and has become the second largest power source in China.
9. Zhao Bin, Vice President of TCL Huaxing: In the next 10 years, the display industry will see a situation where multiple technologies coexist, including LCD, OLED, Micro LED and other technologies, all of which will compete fiercely in their respective tracks and product ranges. The road to productization of Micro LED is still long, and it is currently in a relatively early stage of research and development. It will take at least a few more years to truly enter the productization stage.
10. China Invention Association Unicorn Enterprise Innovation Branch: In 2024, the total number of unicorn enterprises in the Guangdong Hong Kong Macao Greater Bay Area will reach 106, with a total valuation of 2.53 trillion yuan and an average valuation of 23.874 billion yuan.
Insight Economics
1. CCTV News: The UK officially joined the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) on December 15th, becoming the 12th member country. This is the largest trade agreement reached by the UK since Brexit. In the long run, the agreement will bring an annual economic growth of £ 2 billion, approximately 18.36 billion yuan, to the UK.
2. According to the South Korean Statistics Agency, as of May, the average time it takes for young people (aged 15 to 29) to find their first job is 11.5 months, which is 1.1 months longer than last year and the longest record since relevant statistics began in 2006.
3. CCTV News: The year-end holiday shopping season is approaching, and due to the overall economic downturn in Europe, consumer confidence has declined. This year, consumers have shown a cautious attitude towards consumption, and chocolate sales during the shopping season are worrying.
4. On December 14th, the direct tourist charter flight from Jakarta, Indonesia to Guiyang, China officially began operation. This is the second direct tourist charter flight from Jakarta to a provincial capital city in China, which will greatly facilitate Indonesian tourists to travel to western China.
Financial data
1. Industrial and Commercial Bank of China: As of the end of November, the number of personal pension clients served has exceeded 10 million, with a cumulative deposit amount of over 10 billion yuan; The total scale of managing various pension businesses exceeds 4.8 trillion yuan.
2. New Third Board: Last week, 5 new listed companies were added with a transaction amount of 1.132 billion yuan, a decrease of 4.68% compared to the previous week. As of now, the total number of companies listed on the New Third Board has reached 6101.
3. Last Friday, the onshore Chinese yuan closed at 16:30 against the US dollar at 7.2795, a decrease of 0.2272%, and a weekly decrease of 0.2935%; The central parity rate of RMB was reported at 7.1876, a decrease of 0.0306%, and a weekly decrease of 0.0390%.
4. Shanghai Environmental Protection Exchange: Last week, the trading volume of carbon emission quota listing agreements in the national carbon market was 4.4552 million tons, with a total trading volume of 443.8939 million yuan and a closing price of 100.74 yuan/ton, down 0.2% for the week.
5. US stock market: Last Friday, the Dow Jones Industrial Average fell 0.2% to 43828.06 points, down 1.82% for the week; The S&P 500 index fell 0.00% to 6051.09 points, down 0.64% for the week; The Nasdaq rose 0.12% to 19926.72 points, with a weekly increase of 0.34%.
6. Europe: Last Friday, the German DAX30 index fell 0.1% to 20405.92 points, up 0.1% for the week; The French CAC40 index fell 0.15% to 7409.57 points, down 0.23% for the week; The FTSE 100 index in the UK fell 0.14% to 8300.33 points, down 0.1% for the week.
7. Gold: Last Friday, COMEX gold futures fell 1.61% to $2665.9 per ounce, up 0.41% for the week.
8. Crude oil: Last Friday, WTI January crude oil futures rose 1.81% to $71.29 per barrel, up 6.08% for the week. Brent crude oil futures for February rose 1.47% to $74.49 per barrel, with a weekly increase of 4.74%.
Shanghai Securities: The silver economy is not a single sector, but a collection of products and services from many existing economic sectors, including information technology, telecommunications, finance, housing, transportation, energy, tourism, culture, infrastructure and local services, as well as long-term care. The silver haired economy has a wide coverage area, involving fields such as elderly care services, nutrition and health products, medical equipment, tourism, daily consumption, financial products, etc. According to the industrial structure, it can be roughly divided into service silver economy, product silver economy, financial silver economy, and real estate silver economy.
Sullivan: The supply of elderly care demand is developing towards a more socialized and scaled direction. New industries such as specialized elderly products, intelligent health management services, and elderly care communities have emerged, bringing huge market opportunities for the development of the elderly care industry. With the continuous maturity of the industry and further optimization of policies, the market size of the silver economy will continue to maintain high growth. It is expected that by 2028, the market size will reach 12.3 trillion yuan, with a compound annual growth rate of about 11.8%. This prediction indicates that the silver haired economy industry has enormous development potential and will become an important growth engine for the Chinese economy.
JD Consumer and Industrial Development Research Institute: In recent years, the consumption of silver haired individuals in education, fashion, technology, sports, and other areas has significantly increased. From January to September, the transaction volume of silver haired people's purchases of education and training, as well as jewelry, increased by 284% and 201% respectively compared to the same period in 2019. The transaction volume of local living and tourism, mobile communication, beauty and skincare, digital, sports and outdoor activities all increased by over 70%. At the same time, there is an increasing "intersection" between the silver haired generation and young people in the consumption of segmented categories. From the growth of turnover, the consumption of silver haired people and young people in ski sports, gold, Hotan Jade, coffee sets, health equipment, meat, poultry and eggs and other categories has grown significantly.
► Ping An Securities: In terms of policies, the most concerned issues in the elderly care industry are insurance, training, and the construction of elderly care institutions. The strongest policy in pension insurance is the development of long-term care insurance. In elderly products, policies focus most on rehabilitation training, nursing, and auxiliary equipment, while also paying attention to the use of furniture, clothing, safety monitoring, and various digital, information, and intelligent technologies in elderly products. In the field of elderly care finance, policies place greater emphasis on financial products that directly provide financial support for the elderly's retirement, with fund based products receiving the most attention.