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Weekly Financial Summary 2023-02-20

Date: 2023-02-20
Views: 4

Financial attention

► CITIC Securities: Since February, the small-cap growth index has increased significantly, and the theme hype is high. In the environment of increasing external risk disturbance, the market mentality is unstable and prominent, and the market is overreacted to the disturbance. The market still continues the thinking inertia of the black swan environment last year. With the expected restructuring and upgrading of the fundamentals, the external disturbance will not constitute a substantial impact, and investors will regain consensus, Short-term fluctuations provide a good opportunity to adjust and increase positions. It is recommended to continue to stick to the growth depression and improve the allocation priority of semiconductor and information and innovation sectors.


1. Ministry of Foreign Affairs: On February 18, Wang Yi, member of the Political Bureau of the CPC Central Committee and director of the Office of the Central Foreign Affairs Working Committee, met with Ukrainian Foreign Minister Kuleba. Wang Yi said that China and Ukraine are strategic partners and the two peoples have long-term friendly exchanges. Once again, we thank the Ukrainian side for assisting the Chinese side to carry out the evacuation operation smoothly under the emergency. We appreciate Uzbekistan's adherence to the one-China principle. On the issue of Ukraine, China has always stood on the side of peace and dialogue, and has always insisted on promoting peace and dialogue. We do not want to see the crisis in Ukraine become protracted and expanded. We are willing to work with the international community to avoid further deterioration of the situation and persevere in the pursuit of peace.

2. CCTV News: On February 19, local time, a large rally will be held in Washington, the capital of the United States. Thousands of people will march near the White House, calling for the settlement of the Ukrainian crisis through peaceful negotiations, and demanding that the United States government stop its military support for Ukraine. The participants in this parade said that the Americans were tired of the government spending huge amounts of money to support Ukraine, but have been ignoring their own domestic problems.

3. CCTV News: The public opinion support rate of French President Marchionne fell by 2 percentage points in February, reaching the lowest level in three years. Only 32% of French people are satisfied with what he has done.

4. Yoshino Iwata, former deputy governor of the Bank of Japan, reminded the incoming governor of the Bank of Japan not to withdraw from the stimulus policy in a hurry, saying that the Bank of Japan adjusted the yield curve control (YCC) before achieving the price target, which may lead to the world's third largest economy falling back into deflation. Given that the sustainable inflation rate of 2% is still out of reach, YCC will soon be assessed as 'extremely dangerous'.

Real estate developments

1. Economic Daily: Rural revitalization depends on the investment of real gold and silver. It is not enough to rely on the general public budget alone. We must broaden the sources of funds. The low proportion of land transfer income used for agriculture and rural areas is an important reason for insufficient investment in agriculture and rural areas. The annual income from land transfer in the country is about 67 trillion yuan. Every 1 percentage point increase in the proportion used for agriculture and rural areas is equivalent to an annual increase of 60 billion yuan to 70 billion yuan. It can be seen that this is the key point of taking cities and towns into consideration.

2. Amancio Otega, billionaire and founder of Zara brand, has abandoned the deal of acquiring Fibonacci Square for 550 million euros. Fibonacci Square is located in Bolsbridge, which is the European headquarters of Meta Dublin, the parent company of Facebook. The industry said that at the end of last year, Meta decided to occupy only the rear space of the park, while the rest of the park was seeking sublease, which changed the valuation of the project.

Stock market inventory

1. Financial breakfast: hot spots keep coming out, tracking what you want to hear. The draft for comment was launched on February 1, and was released and implemented on February 17. The comprehensive registration system came out of nowhere. What institutional changes have been made to the comprehensive registration system? What is the difference between a formal announcement and a draft for comment? What vitality will the comprehensive registration system give to the market ecosystem? Go to the end of the article to check today's Caimi Tracking # Register to make a quick move

2. CICC: After the recent market trend reflects the early policy expectations and the improvement of economic activities, the investors began to pay more attention to the future economic recovery. And the attention to the follow-up policies is expected to increase in the near two sessions. In this context, combined with the recovery of the early valuation level, in the period when the short-term market may lack obvious positive catalytic factors, the overall volatility trend of A shares may continue for a period of time, The market is expected to resume its upward trend after the fundamentals achieve substantial stabilization and recovery.

3. China Fund News: In February, the 10 billion private placement of Ningquan Asset as an investment adviser raised nearly 3.4 billion yuan in two weeks, while the investment adviser products of Qiaoshui China were 'second light' in the sales channel. Active equity private placement such as Ruijun Assets and Shenzhi Assets, quantitative giants such as Jiukun Investment and Magic Square Quantification, have recently launched products or opened subscriptions. According to the industry analysis, the reappearance of 'hot money' in the private equity market is related to the market rebound, the improvement of investor sentiment, and the characteristics of private equity itself.

4. China Securities News: Tesla's latest shareholder position information shows that a mysterious new shareholder, Natixis, bought 171 million shares of Tesla stock in the fourth quarter of 2022. According to Tesla's latest share price, Natixis's floating profit in the first six weeks of 2023 has reached 14.6 billion dollars.

5. Securities Times: Tongcheng Travel plans to acquire Tongcheng Travel at a total price of no more than 700 million yuan. At the end of December last year, Tongcheng Travel announced that it would acquire Tongcheng CITS and actively promote the in-depth integration of its tourism and holiday business. The proposed acquisition of the same travel industry is the continuation of the same travel layout, leisure tourism and holiday market. At present, the relevant provisions of the above possible acquisition are still to be further negotiated.

6. Teyi Pharmaceutical (Second Board): The company operates normally, and the disclosed business situation and internal and external business environment have not changed significantly. It is not found that the public media recently reported any unpublished material information that may or has had a significant impact on the company's stock trading price.

7. Subscription of new shares: This week, a total of 11 new shares were issued, including 4 on the main board of Shanghai Stock Exchange, 3 on the main board of Shenzhen Stock Exchange, 2 on the GEM and 2 on the science and technology innovation board. They are Jinhaitong, Haitong Development, Sunergy, United Water, Boen Group, Sichuan Gold, Yibin Technology, Chinese Health, Lvtong Technology, Maolai Optics and Narui Radar.

8. Unlimited sales: This week, a total of 58 restricted shares were lifted, with a total of 3.46 billion shares and a market value of 63.39 billion yuan. Among them, Huafeng Measurement and Control ranked first in the list of lifting ban with 8.864 billion yuan, and Biotech and Stone Technology ranked second and third with 7.952 billion yuan and 7.048 billion yuan respectively.

Wealth Focus

1. Chinanews: The debate triggered by ChatGPT has spread to Hong Kong universities. The University of Hong Kong prohibits the use of ChatGPT and other AI tools in classes, assignments and examinations. Unless students obtain written consent in advance, the use of ChatGPT will be considered plagiarism; If teachers suspect that students use ChatGPT and other tools, they can ask students to take additional tests. He Liren, vice president of Hong Kong University, said that this was a short-term measure, and then invited teachers and students to discuss the impact of AI tools on teaching.

2. Yonhap: With the increase of alcohol tax levied on alcohol products, the prices of raw and auxiliary materials and circulation costs continue to rise, the prices of Korean liquor and beer may rise again this year. If the liquor seller adjusts the factory price for two consecutive years, the selling price of Shaojiu may reach 6000 won per bottle. The alcohol tax levied on beer has increased from 30.5 won to 885.7 won per litre since April this year, further expanding the increase. Although the government has not raised the liquor tax on Shaojiu, the industry believes that liquor companies may increase the ex-factory price of Shaojiu products due to cost pressure.

Industry observation

1. Cui Dongshu, Secretary-General of the Passenger Car Federation, said that the retail sales of passenger car market reached 1.29 million vehicles in January, down 38% year-on-year and 40% month-on-month. Both year-on-year growth and month-on-month growth are the lowest data in January since this century. The car market did not achieve a good start in January, which is a reasonable trend in line with expectations.

2. Hong Kong Airport Authority: In January, the passenger traffic volume of Hong Kong International Airport was about 2.1 million person-times, an increase of about 28 times year on year. The highest passenger traffic volume exceeded 80000 person-times a day.

3. Shanghai Securities News: As of February 16, a total of 67 projects of pumped-storage power stations have been approved during the 'Fourteenth Five-Year Plan' period, with a total installed capacity of 92.191 million kilowatts and a total investment of about 611.6 billion yuan. Experts said that by 2030, the total capacity of pumped storage will be about 120 million kilowatts, and by 2035, the total installed capacity of pumped storage in China will reach 300 million kilowatts, which is expected to drive the average annual direct investment of the whole society of more than 60 billion yuan.

4. Xinhua News Agency: For a long time, people from all walks of life have discussed more about the entertainment attributes of electronic games, even some critical voices. It is easy to ignore the technological elements behind the game. With the continuous development of game technology, the application of relevant technologies has already broken through the game industry itself, and has also played a role in AI, VR and other fields. Relevant departments and practitioners may further face up to the technological value of games, seize the layout of the next generation of Internet, and continuously improve China's influence in international competition.

5. Cailian News Agency: The demand for steel has continued to improve in recent weeks, but the overall demand is weaker than that of the same period last year due to the impact of the rainy and snowy weather this year, the arrival of project personnel and the speed of fund coordination. Under the influence of strong expectations, the upstream wholesalers have recovered rapidly in the near future, but the real demand of the market terminals has yet to be verified. The industry generally expects a substantial increase in demand in March.

6. Shanghai Securities News: Metal tin is known as 'industrial monosodium glutamate'. It is not only the necessary industrial raw material for the production of various household appliances and electronic products, but also widely used in emerging industries such as photovoltaic and new energy vehicles. Since the end of last year, the price of tin has fluctuated and risen, and the price of the main contract between Shanghai and tin has risen by more than 30% in the past three months. Experts said that at present, the demand for tin is more supported by the new energy industry, and the demand for tin products is expected to continue to grow.

7. Interface news: Insiders said that the Group of Seven and the European Union are discussing the feasibility of effectively tracking Russian diamonds, which may pave the way for restricting their trade in the future. It is reported that the European Union proposed to ban the import of diamonds from the Russian mining giant Alrosa in October last year, but was opposed by the World Diamond Center in Antwerp, Belgium. The latter's production of raw diamonds accounted for nearly one third of the global supply of raw diamonds, and finally failed.

important news

1. Haitong Securities: InsuranceDekho has recently completed a US $150 million round A bond financing, with Haitong International India as the exclusive financial adviser. This project is the largest round A financing in the history of Indian insurance technology industry. This round of investor portfolio includes Goldman Sachs Asset Management, TVS Capital Funds, Investcorp, Avataar Ventures and LeapFrog Investments.

2. SF Holdings: In January, the total revenue of express logistics business, supply chain and international business was 21.085 billion yuan, down 16.04% year on year; The single ticket revenue was 17.06 yuan, down 2.35% year on year.

3. The Information: Twitter will further reduce advertising sales staff. This is the latest round of layoff plan of this social media company. The scope of layoffs is uncertain. According to previous reports, as of the end of last month, Twitter had about 800 sales and marketing employees, with a total of about 2000 employees.

Insight Economics

1. Ministry of Commerce of India: In the first 10 months of this fiscal year, Russia was India's fourth largest source of commodity imports, with a total import volume of US $37.31 billion, a year-on-year increase of 384%. The reason for this increase is that the West imposed sanctions on Russia's marine oil and oil products, while India purchased a large amount of Russian crude oil at a discount during this period.

2. Interface news: Qatar consortium and British billionaire Jim Ratcliffe and Ineos Chemical Group have announced plans to acquire Manchester United Club in the Premier League. According to people familiar with the matter, the US hedge fund giant Eliot is ready to provide financing for the bidders, but has no intention of proposing an acquisition bid.

Financial data

1. Last Friday, the onshore RMB closed at 6.8818 at 16:30, down 0.4408% and 1.2044% for the week; The central parity rate of the RMB was 6.8659, down 0.2043% and 1.1417% for the week.

2. New Third Board: Last week, 13 new listed companies were added, with a turnover of 1.184 billion yuan, up 40.8% month-on-month. So far, the total number of companies listed on the New Third Board has reached 6570. Since this year, the cumulative turnover of companies listed on the New Third Board has reached 5.705 billion yuan.

3. Shanghai Environment Exchange: Last week, the total turnover of carbon emission quota in the national carbon market was 732000 tons, with a total turnover of 41.8045 million yuan. The closing price on Friday was 56.30 yuan/ton, with a weekly increase of 0.54%.

4. US equities: Last Friday, the Dow closed 0.39% higher at 33826.69, down 0.13% for the week; The Nasdaq closed down 0.58% at 11787.27, up 0.59% for the week; The S&P 500 closed 0.28% lower at 4079.09, down 0.28% for the week.

5. Europe: Last Friday, the FTSE 100 closed down 0.10% at 8004.36, up 1.55% for the week; Germany DAX30 closed down 0.33% at 15482.00, up 1.14% for the week; France CAC40 closed down 0.25% at 7347.72, up 3.06% for the week.

6. Gold: Last Friday, COMEX April gold futures closed 0.1% lower at 1850.20 US dollars/ounce, down 1.3% for the week.

7. Crude oil: last Friday, WTI crude oil futures closed down 2.74% at $76.34/barrel, down 4.24% for the week; Brent crude oil futures closed 2.51% lower at US $83.00/barrel, down 4.27% for the week.

·Register to make a quick move·

► Everbright Securities: The main institutional changes of the comprehensive registration system include: 1) From the perspective of the issuing side, the transition from the review of the CSRC to the review of the exchange, the efficiency of stock issuance has improved, the annual issuance is expected to remain at more than 380, the issuance pricing is more market-oriented, and the earnings volatility of 'new shares' will increase. 2) From the perspective of listing standards, setting more diversified listing conditions is conducive to the listing of science and technology venture capital companies, and the proportion of science and technology innovation companies will gradually increase. 3) From the perspective of supervision of listed companies, the main responsibility and importance of information disclosure are highlighted, and the quality of information disclosure is required to be higher. 4) From the perspective of delisting system, the delisting standards will be more diversified, and the delisting rate is expected to rise.

► Deloitte Consulting: The key points and highlights in the listing rules of each sector are: 1) For the main board, enterprises are allowed to set special voting rights, and provisions are made for the initial listing of enterprises with voting rights difference arrangements before the initial public offering; The listing conditions of 'finance+market value' have been set up, highlighting the positioning of 'large market blue chip', and the financial indicators require higher operating income, net profit and cash flow conditions, which is a gap with other sectors; 2) For the GEM, the financial indicator requirement that the listing of red-chip enterprises and enterprises with voting difference arrangements must meet the 'positive net profit in the last year' in the original GEM listing rules has been deleted, further expanding the coverage and inclusiveness of the GEM market.

► Huatai Securities: This policy release of the CSRC is the official implementation of the previous draft for comment, and the main content is basically consistent with the draft for comment. The core changes focus on strengthening the punishment of illegal acts, clarifying the scope of independent financial advisers' performance, and improving the legal liability provisions of the controlling shareholders and actual controllers of non-listed public companies in major asset restructuring. Specifically, it includes: 1) clarifying the boundary of the independent financial consultant's continuing performance and compacting the responsibilities of securities service institutions; 2) Increase the liability requirements of controlling shareholders and actual controllers of non-listed companies to organize and instruct the issuer to engage in false statements and other acts during the restructuring process.

► West China Securities: new opportunities for startups, venture capital, financial IT and investment banks. The multi-level capital market will build a seamless value discovery and screening mechanism with technology industry and venture capital, accelerate the integration of technology and capital, and effectively smooth the virtuous circle of technology, capital and real economy. The most beneficial is the emerging industry 'hard technology' startups, which open up financing channels and reduce the capital cost of product trial and error and technology breakthrough. In addition, changes in the capital market system have brought business logic changes to business process management, brokerage and large asset management businesses. The need for system and module transformation and upgrading is determined, and the operation modules in the middle and back offices also need to be adjusted accordingly.

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