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Weekly Financial Summary 2024-06-17

Date: 2024-06-17
Views: 3

Financial attention


Macroeconomics


1. China News Agency: Starting two weeks before the start of the European Championship, the booking popularity of domestic esports hotels has increased by 310%. The booking popularity of domestic flights, hotels, and vacation products to Germany has also skyrocketed, with products with higher growth mainly coming from the host cities of the European Championship.

2. China Railway Group: In May, a total of 1724 China Europe freight trains were operated, delivering 186000 TEUs of goods, an increase of 14% and 13% year-on-year, respectively, setting a new historical high in monthly transportation volume. The categories of goods continue to expand, and the transportation volume continues to grow strongly, providing better services for China Europe economic and trade exchanges.

3. Secretary for Transport and Logistics of Hong Kong, Carrie Lam: Cross border tourism in Hong Kong resumed normal operations in February 2023 and is rapidly recovering. The number of visitors to Hong Kong continues to increase, reaching 34 million in 2023, higher than the estimated 25.8 million at the beginning of 2023. In the first five months of this year, there were over 18 million visitors to Hong Kong.

4. CCTV News: On June 14th local time, Chile's Deputy Minister of International Economic Relations, Sanuesa, submitted Chile's application to join the Regional Comprehensive Economic Partnership (RCEP).


Stock market inventory


1. Last Friday, the Shanghai Composite Index rose 0.12% to 3032.63 points, down 0.61% for the week; The Shenzhen Component Index closed up 0.50% at 9252.25 points, down 0.04% for the week; The ChiNext Index rose 0.76% to close at 1791.36 points, with a weekly increase of 0.58%.

2. Last Friday, the Hang Seng Index closed down 0.94% at 17941.78 points, down 2.31% for the week; The Hang Seng Technology Index closed down 0.84% at 3707.62 points, down 1.72% for the week; The state-owned enterprise index closed down 0.73% at 6374.66 points, down 2.08% for the week.

3. Guolian Securities: Under a neutral expected scenario, it is expected that the value increment of the vehicle road cloud integrated intelligent connected vehicle industry will be 729.5 billion yuan and 2582.5 billion yuan in 2025 and 2030, with an annual compound growth rate of 28.8%. Leading intelligent vehicle manufacturers and intelligent component suppliers are expected to benefit first. Secondly, the acceleration of intelligent roadside infrastructure construction has driven the rapid growth of the RSU (roadside unit) market.

4. Haitong Securities: Based on the favorable time and space of this round of high dividend market, as well as changes in valuation and dividend yield, the cost-effectiveness of high dividend sectors may decrease in the future, and attention may need to be paid to areas that are more likely to increase dividends. In the second half of the year, there may be positive changes in the fundamentals and funding, with market risk preferences gradually increasing and the attractiveness of high dividends decreasing. High end manufacturing is expected to become the main focus of the stock market in the medium term, focusing on China's advantageous manufacturing with obvious export competitiveness and technology manufacturing leading the development of new quality productivity.

5. Securities firms China: China Life Insurance, Ping An Insurance, PICC, Taiping Insurance, and Xinhua Insurance calculated a total premium income of 1456.359 billion yuan in the first five months, a year-on-year increase of 2.19%. Among the five listed insurance companies mentioned above, only Xinhua Insurance saw a year-on-year decline in premium income, while the other four showed an increasing trend.

6. Shanghai Stock Exchange News: Since the beginning of this year, S funds have sprung up like mushrooms after rain and become active nationwide. Smooth exit channels have become a key issue facing the private equity industry, and many parent funds and other private equity funds are facing enormous exit pressure. With policy support, the S fund market is expected to usher in opportunities.

7. China Fund News: On June 13th, the Science and Technology Innovation Board celebrated its fifth anniversary of opening. As of the end of 2023, the public fund currently holds 565 companies on the Science and Technology Innovation Board, with a total market value of over 760 billion yuan, which is more than 30 times the investment year of the public fund on the Science and Technology Innovation Board in 2019.

8. Chenfeng Technology (2 consecutive boards): Announced abnormal fluctuations in stock trading, stating that the company's production and operation are normal, and there have been no significant changes in the internal and external operating environment; No media reports or market rumors have been found to have an impact on stock trading prices.

9. Pioneer Electronics (2 consecutive boards): The company has issued a notice of changes and has not found any significant unpublished information that may or has had a significant impact on the company's stock trading prices reported by public media recently; Recently, the production and operation situation has been normal, and there have been no significant changes in the internal and external business environment.

10. New stock subscription: This week, a total of 2 new stock subscriptions were made, including 1 on the Shanghai Main Board and 1 on the ChiNext Board, namely Yongzhen Shares and Adit.

11. Restricted shares lifted: This week, a total of 95 restricted shares were lifted, with a total of 5.607 billion shares lifted and a market value of 63.583 billion yuan lifted. Among them, Emma Technology ranked first on the lifting list with 19.5 billion yuan, while Qilu Bank and Zhiou Technology ranked second and third with 10.786 billion yuan and 3.334 billion yuan respectively.


Industry observation


1. Ministry of Agriculture and Rural Affairs: As of 17:00 on June 15th, the total area of winter wheat harvested in China has reached 310 million mu, with a harvest progress of over 90%.

2. Securities firm China: On June 14th local time, the International Olympic Committee Executive Committee proposed to the International Olympic Committee Plenary Session to host the Olympic e-sports Games. The size of China's esports market in 2023 was approximately 166.4 billion yuan, a year-on-year increase of 5.4%. In addition to related gaming stocks, the A-share concept stocks also include stocks related to esports equipment, esports hotels, and esports events.

3. Henan Provincial Radio and Television Bureau: Promote the high-quality development of the micro drama industry, organize micro drama enterprises, industry experts, and relevant departments directly under Henan Province to hold a symposium. Guide the establishment of the Henan Audiovisual Industry Association, attract more than 100 well-known audiovisual enterprises in the province and experts and scholars from universities such as Zhengzhou University, and guide the development of the industry.

4. Anhui Quantum Information Engineering Technology Research Center: Kedadaodun Quantum Technology Co., Ltd. has independently developed a high-performance anti-interference ruthenium oxide thermometer. The product has a starting temperature of nearly 6 milliKelvin (mK), breaking the domestic record, marking that China's superconducting quantum computing ultra-low temperature measurement technology has reached the world's advanced level.

5. Shanghai Airlines Exchange: Last week, the export container transportation market in China continued to show a stable and positive trend, with transportation demand remaining high and most ocean route market prices rising, driving the composite index to continue rising. On June 14th, the comprehensive freight index of Shanghai's export containers was 3379.22 points, an increase of 6.1% compared to the previous period.

6. Guangdong Transportation Group: The Shenzhen Zhongshan Corridor passed the handover acceptance on June 16th, marking the successful completion of various construction tasks for the world-class cross sea cluster project that has been built for 7 years, and the project quality has passed the "big test". The Shenzhong Channel integrates bridges, islands, tunnels, and underwater interchanges, with a total length of about 24 kilometers. It is currently one of the most difficult cross sea cluster projects in the world for comprehensive construction.

7. Medical Insurance Bureau: Integrate the original obstetric medical service price items in various regions into 30 items to promote the improvement and optimization of fertility services. The medical service price item is the pricing unit for medical institutions to charge surgical fees, treatment fees, diagnosis and treatment fees, and other medical service fees.

8. CCTV: On June 16th, the first Car Road Cloud Integrated Autonomous Driving Challenge officially kicked off at the China Singapore Tianjin Ecological City. 58 participating teams from both domestic and foreign countries staged the strongest "car brain" competition for the second development of autonomous driving algorithms on Anping Road, deducing the future of autonomous driving on the urban roads that used to be traversed by traffic.

9. Shanghai Securities News: On June 16th, Xiaopeng Huitian announced that he was invited to participate in the 2024 China Langfang International Economic and Trade Fair, jointly hosted by the Ministry of Commerce, the General Administration of Customs, and the Hebei Provincial Government. At the exhibition, Xiaopeng Huitian Traveler X2 conducted a flight display. Taking advantage of this opportunity, Xiaopeng Huitian also completed the first flight of a flying car in the Beijing Tianjin Hebei region.


Insight Economics 


1. Yonhap News Agency: In May, the export value of South Korea's information and communication technology (ICT) industry reached 19.05 billion US dollars, an increase of 31.8% year-on-year. The growth rate of ICT exports has exceeded 30% for two consecutive months. By category, exports of semiconductors (52.4%), displays (15.3%), mobile phones (10.8%), computers and peripheral equipment (42.5%) have all increased.

2. The US Department of Meteorology: Most parts of the United States will experience extreme weather this week. At present, heatwaves have appeared in many southern states of the United States, while abnormal cold weather will occur on the northwest side, and snowfall may occur in the Rocky Mountains on June 17th.


Financial data


1. Last Friday, the onshore Chinese yuan closed at 16:30 against the US dollar at 7.2557, down 0.0510% and 0.1809% for the week; The central parity rate of the Chinese yuan was 7.1151, down 0.0408%, with a weekly decrease of 0.0633%.

2. New Third Board: Last week, two new listed companies were added with a transaction amount of 557 million, a decrease of 35.44% compared to the previous week. As of now, the total number of companies listed on the New Third Board has reached 6136.

3. Shanghai Environmental Exchange: Last week, the trading volume of carbon emission quota listing agreements in the national carbon market was 120900 tons, with a total transaction amount of 11.6201 million yuan and a closing price of 94.67 yuan/ton, a weekly decrease of 1.46%.

4. US stocks: Last Friday, the Dow Jones Industrial Average fell 0.15% to 38589.16 points, down 0.54% for the week; The S&P 500 index fell 0.04% to close at 5431.60 points, up 1.58% for the week; The Nasdaq rose 0.12% to 17688.88 points, up 3.24% for the week.

5. Europe: Last Friday, the German DAX30 index fell 1.44% to 18002.02 points, a decrease of 2.99% for the week; The French CAC40 index fell 2.66% to 7503.27 points, down 6.23% for the week; The FTSE 100 index in the UK fell 0.21% to close at 8146.86 points, down 1.19% for the week.

6. Gold: Last Friday, COMEX gold futures rose 1.31% to $2348.4 per ounce, up 1.614% for the week.

7. Crude oil: Last Friday, WTI crude oil futures fell 0.21% in July and rose 3.86% on a weekly basis; Brent crude oil futures fell 0.16% in August and rose 2.78% for the week.


► SEAJ: In the first quarter, Japan's exports of semiconductor manufacturing equipment, equipment parts, display panel equipment, etc. to the Chinese Mainland surged 82% year on year, reaching 521.2 billion yen (about 24 billion yuan), the highest level since 2007. Japan is one of the main sources of import for semiconductor equipment in China. In the global semiconductor equipment market, its market share has reached 30%, second only to the United States. In April, the sales of semiconductor equipment in the country reached 389.106 billion yen (approximately 17.952 billion yuan), a year-on-year increase of 15.7%, marking the largest increase in 17 months.


Xinda Securities: The large-scale import of overseas equipment is not contradictory to the increase in the localization rate of semiconductor equipment, but rather a dual aspect of the rapid development of the industry. From January to April, the total import value of domestic semiconductor equipment was 10.487 billion US dollars, a year-on-year increase of 88%. The import volume of equipment is growing rapidly, and the amount of self supplied semiconductor equipment and the localization rate of equipment are expected to climb rapidly. Supported by the demand for localization, Chinese Mainland has also become the world's largest semiconductor equipment market for four consecutive quarters. In the first quarter, global semiconductor manufacturing equipment sales reached 26.42 billion US dollars, a year-on-year decrease of 2%; Chinese Mainland bucked the trend and increased by 113% over the same period.


Bank of Communications International: Although overseas semiconductor equipment companies had strong stock price performance in the first half of the year, most of the companies did not actually return to the level of the previous upward cycle (2021-2022) in Q1 performance. The stock price performance is much higher than the previous high, perhaps because investors have a high investment enthusiasm for the entire semiconductor industry chain during the upward process of AI infrastructure construction cycle. The stock prices of overseas semiconductor equipment may have fully reflected performance expectations, while there are structural opportunities for domestic semiconductor equipment. Under the guidance of the concept of new quality productivity, the capital intensity of the domestic semiconductor industry may further increase.


Guojin Securities: From the perspective of domestic leading companies, driven by the expansion of downstream wafer factories, indicators such as enterprise shipments and production volume have increased significantly. As chip inventory is reduced to a reasonable level, wafer fabs will enter a peak demand season in the second half of the year, with a gradual increase in production rates. Capital expenditures of some mature process giants are expected to restart, while contract manufacturing giants maintain high capital expenditures and domestic storage giants are expected to bid and expand production this year. Domestic semiconductor equipment manufacturers are expected to usher in a year of orders in 2024.


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