Financial attention
► China Housing Market: At present, only 30 of the 450 small cities have an average price of more than 10000 yuan, accounting for only 6.7%, and 93.3% of the small cities have a price of less than 10000 yuan. From the perspective of regional distribution, small cities with house prices of more than 10000 are mainly distributed in Zhejiang, Jiangsu, Fujian, Hainan and other places, among which Wanning City in Hainan ranks first.
► Huaxing Capital: The company has been trying to contact and confirm the situation of Mr. Bao Fan. The Board of Directors has learned that Mr. Bao is currently cooperating with the relevant Chinese authorities in the investigation. The Board of Directors reiterated that the current business and operation of the Group remained normal. If any Chinese authorities require the Company to cooperate according to law, the Company will cooperate with such investigation.
► Cailian News Agency: Among Korean women aged 20-34, only 4% think marriage and childbirth are necessary options, while men account for 12.9%. 42.9% of women and 61.3% of men believed that 'marriage and childbirth are important to women's life'. 53.2% of women believe that 'marriage and childbirth are not important to women's life', twice as many as men.
Macroeconomics
1. Xinhua News Agency: The second plenary meeting of the 20th Central Committee of the CPC was held in Beijing on the afternoon of February 26. The plenary session will review the Party and state institutional reform plan (draft), the list of proposed leaders of state institutions to be recommended by the Political Bureau of the Central Committee to the first session of the 14th National People's Congress, and the list of proposed leaders of the National People's Political Consultative Conference to be recommended to the first session of the 14th National People's Political Consultative Conference.
2. Science and Technology Daily: Recently, influenza A has entered a high incidence period, and schools in Beijing, Shanghai, Zhejiang, Tianjin and other places have been suspended due to influenza A among students. Influenza A, an acute respiratory infectious disease caused by influenza A virus, often occurs in winter and spring. According to the industry, the incubation period of influenza A is usually 1-3 days, and the typical symptoms are fever and muscle soreness all over the body, which generally do not occur in mild and asymptomatic patients infected with COVID-19.
3. CCTV News: The two-day meeting of G20 finance ministers and central bank governors closed in Bangalore, southern India, on February 25. Countries around the world should step up their efforts to address the issue of the fragile level of debt security. At present, the global economic outlook has improved slightly, but the economy still faces downside risks, especially the threat of inflation. Countries still need to formulate prudent economic policies.
4. Medvedev: In the near future, the military support provided by the United States to Ukraine will reach about $50 billion. Ukraine has obtained enough weapons from the United States, including the Higasus multi-barrel rocket system and ammunition, the 'Abrams' main battle tank, the 'Stinger' portable surface-to-air missile, and the 'Javelin' anti-tank missile. These weapons can prolong the conflict as much as possible.
5. India: The government has asked several of the country's largest coal-fired power plants to operate at full capacity to meet the next surge in power demand. At present, the weather in many parts of India is unusually warm, and the peak power demand in mid-February has been close to the level of last summer.
Stock market inventory
1. CITIC Securities: Since the beginning of the year, the economy has achieved rapid recovery, the market has experienced the relay of foreign and domestic capital, and the major indexes have increased significantly. Looking forward to March and the second quarter, the rapid recovery of the economy will continue, the policy expectation will still be revised, the overseas liquidity and geopolitical disturbance will be reflected in the pricing quickly in advance, and the subsequent marginal impact will begin to weaken. It is expected that the incremental funds will gradually form a consensus and enter the market in a centralized manner before and after the two sessions, and the second wave of comprehensive market repair will start soon.
2. CICC: At present, the characteristics of A-share volatility consolidation and the relatively stable trend of the broad base index may still continue for a period of time. 'Only when stable can we go far'. In the near future, the impact of overseas macro environment on Hong Kong shares may be higher than that of A-share. In the medium term, although the overall valuation of A-shares has been repaired, it is still at a low level in history. Investors' confidence in the economy is gradually improving, and the current position need not be too cautious. In the future, with the substantial recovery of fundamentals, more data will be verified. The market is expected to regain its momentum, and the medium-term market opportunity is still greater than the risk.
3. Central Plains Securities: The theme of the recent recovery trend is strong. The mechanical sector, construction machinery, forklifts and other sub-industries are strong, and the new energy sector continues to adjust. The economic recovery was the main line of the market in the first half of the year, including the cyclical machinery sectors such as construction machinery, forklifts, and general automation, which had undergone two years of adjustment since 2021. The stock price was fully adjusted, the margin of safety was high, and the marginal improvement of industry demand was superimposed. There was an obvious demand for bottoming rebound.
4. Securities Times: As of February 24, a total of 9 public pension FOF products have been set up this year, and at the same time, 3 are in the process of issuance. In contrast, in 2023, the enthusiasm of fund companies to lay out pension FOFs was significantly higher. From 2018 to 2022, the number of such products was 12, 50, 40, 48 and 46, respectively, and 16 products were introduced in less than two months this year. If this trend continues, it will exceed the previous one.
5. Xu Zhengyu, Secretary for Financial Affairs and the Treasury of Hong Kong, said that the Hong Kong Stock Exchange will revise the main board listing rules in March to allow incomeless and unprofitable technology companies to come to Hong Kong for listing, which will help Hong Kong connect with the Great Bay Area in the financial sector. We will provide private equity funds with tax arrangements and funding plans to make it easier for them to enter the Greater Bay Area. So far, 600 private equity funds have come to Hong Kong for registration. To enter the Greater Bay Area, private equity funds need legal, accounting and other support services, which can promote relevant professional services in Hong Kong.
6. Shanghai Electric Power Co., Ltd.: In the field of automotive electronics, the company has in-depth cooperation with customers in the aspects of new energy vehicle three-electric system, automatic driving, intelligent cockpit, Internet of Vehicles, etc., and has carried out research and development of key technologies, and has deeply participated in the customer's preliminary design and verification. In terms of specific products, products applied to 4D vehicular radar, autopilot domain controller, intelligent cockpit domain controller, vehicular gateway and other fields have achieved mass production.
7. ST Tianma: The company's shares will be suspended for one day on February 27, and other risk warnings will be revoked from the resumption of trading on February 28. The stock abbreviation will be changed from 'ST Tianma' to 'Tianma Shares'.
8. Lucent Precision: Thinking about the future trend of intelligent driving technology, most of the company's revenue carriers in the short term are still hardware, from the perception system and control system products, and software algorithms as independent businesses. At present, the revenue volume is still small, and the convergence of technology will take some time. It is estimated that the scale of intelligent driving in the domestic market will be 100 billion by 2030, and the company will have relevant layout.
9. Tuojing Technology: In 2022, the total operating revenue will reach 1.706 billion yuan, up 125.02% year on year; The net profit was 369 million yuan, up 438.09% year on year.
10. Huibo Yuntong: its subsidiary Shanghai Huibo became the first batch of ecological partners of Baidu Wenxin Yiyan on February 20. Later, Shanghai Huibo will comprehensively experience and access the ability of Wenxin Yiyan through Baidu AI Cloud. So far, there has been no substantive business progress in this cooperation. At present, the company's AI business accounts for a small proportion in the company's overall business.
11. Subscription of new shares: This week, a total of 6 new shares were issued, including 3 on the main board of Shanghai Stock Exchange, 1 on the main board of Shenzhen Stock Exchange, 1 on the GEM and 1 on the Beijing Stock Exchange. They are Baodi Mining, Shanghai Jianke, Yaguang, Tongda Chuanzhi, Huasu Technology and Mingyang Technology.
12. Unlimited sales: This week, a total of 73 restricted shares were lifted, with a total of 8.871 billion shares and a market value of 149.743 billion yuan. Among them, Shanghai Airport ranked first in the lifting list with 48.892 billion yuan, and China Resources Micro and State Grid Yingda ranked second and third with 47.975 billion yuan and 19.59 billion yuan respectively.
Wealth Focus
1. CCTV News: February 26 is the ninth anniversary of the proposed Beijing-Tianjin-Hebei coordinated development strategy. In 2022, the total GDP of the Beijing-Tianjin-Hebei region will be 10 trillion yuan, 1.8 times that before the coordinated development of the Beijing-Tianjin-Hebei region. In the past nine years, the three regions have made new breakthroughs in key areas such as transportation, ecology, industry and public services.
2. Moutai Time and Space: Sotheby's, an internationally renowned art auction house, held its first online auction in the mainland of China, with a total of 57 groups of Moutai liquor auctioned. In 2019, the Kweichow Moutai Wine Set Group has made 17 bids, with the most intense competition. The set has 4 bottles in total, and the current bid is 15000 yuan. The second is the Kweichow Moutai Wine Set Group from 2018 to 2019. There are 6 bottles in total, and the bid is 12 times. The current bid is 11000 yuan.
3. China Fund News: The newly released Interim Provisions on the Supervision of Important Money Market Funds has a far-reaching impact on the 11.5 trillion yuan monetary funds. The industry believes that under stricter investment restrictions, the yield of important monetary funds may decline, but the security will be significantly improved. The diversion effect of important monetary funds will also bring development opportunities to some commodity bases with certain scale and good returns.
4. Financial breakfast: hot spots keep coming out, tracking what you want to hear. With the promotion of popular applications and terminals such as AR/VR, the network traffic is expected to reach a higher level. How about the pull of downstream chips? What are the changes of overseas optical chip manufacturers? What is the new growth point of paradigm revolution triggered by phenomenal AI application? What is the progress of domestic substitution of optical chips? Financial friends quickly draw to the end of the article to check today's financial secret tracking # line is coming, and 'core' yearns for it
Industry observation
1. The Institute of Energy, Environment and Economics of Tsinghua University: In 2020, the domestic second-hand consumption market has exceeded trillion yuan. It is expected that the trade of idle goods in China will exceed three trillion yuan by 2025. Domestic second-hand mobile phones have formed a relatively standard and mature market. In 2020, the domestic second-hand mobile phone trading volume reached 152 million units. At the same time, idle clothing and clothing are also favored by people.
2. Cui Dongshu, Secretary-General of the Passenger Transport Federation, said that the central consumption promotion policy clearly promoted the transformation of car consumption from purchase management to use management. Cities with car ownership less than 4 million should propose to lift the purchase restriction. The liberalization of purchase restrictions can effectively promote the consumption potential, especially in cities where some of the purchase restrictions lead to the serious backwardness of urban car ownership, and there is a large consumption growth space for car consumption.
3. CCTV News: The first industrial data trading zone in China - the industrial data zone of Beijing International Big Data Exchange was launched on February 25. The industrial data zone of Beijing International Big Data Exchange is a centralized data trading platform for the industrial sector, providing data asset registration, data product development, data asset trading and other services for industrial enterprises, giving full play to the value of data, reducing transaction costs, and promoting data circulation.
4. Shanghai Securities News: Shanghai, as an important city in the national automobile industry, actively promotes the technological innovation and industrial development of intelligent networked vehicles. At present, 926 1800 km of intelligent connected vehicle roads have been opened, and 612 vehicles of 28 enterprises have been issued with road test and demonstration application licenses. The test mileage has exceeded 13 million km, forming the development layout of Jiading passenger vehicles, portside commercial vehicles, Jinqiao Internet of Vehicles, and Fengxian parking garage.
5. Xinjiang Daily: The 100000t lithium salt project of Xinjiang Nonferrous Metals Industry (Group) Co., Ltd. started, marking the official launch of the world's largest lithium resource mining, processing and smelting integration project, and the prelude to the comprehensive development and utilization of rare metal resources in Hotan area.
6. Hong Kong Post: Hong Kong Disneyland said that the Hong Kong-Zhuhai-Macao Bridge, Guangzhou-Shenzhen-Hong Kong High-speed Railway and all customs ports have resumed normal operation, and the number of reserved passengers in the park is also increasing. More than 200 mainland tourists arrived at Hong Kong Disneyland in the morning, the first large tour group organized by a number of Great Bay travel agencies on February 25.
Financial data
1. Last Friday, the onshore RMB closed at 6.9442 at 16:30, down 0.7603% and 0.9067% for the week; The central parity rate of the RMB was 6.8942, up 0.1246% and down 0.4122% for the week.
2. New Third Board: Last week, 11 new listed companies were added, with a turnover of 1.069 billion yuan, down 9.70% month-on-month. So far, the total number of companies listed on the New Third Board has reached 6561. Since this year, the cumulative turnover of companies listed on the New Third Board has reached 6.774 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 fell 1.02% to 32816.92, down 2.99% for the week; The S&P 500 index fell 1.05% to 3970.04, down 2.67% for the week; The Nasdaq fell 1.69% to 11394.94, down 3.33% for the week.
5. Europe: Last Friday, Germany's DAX30 index fell 1.72% to 15209.74, down 1.76% for the week; France's CAC40 index fell 1.78% to 7187.27, down 2.18% for the week; The FTSE 100 index fell 0.37% to 7878.66, down 1.57% for the week.
6. Gold: Last Friday, COMEX April gold futures closed down 0.53% at 1817.1 US dollars/ounce, down 1.8% for the week.
7. Crude oil: Last Friday, WTI April crude oil futures rose 1.23% to $76.32/barrel, down 0.02% for the week. Brent crude oil futures for April rose 1.15% to US $83.16/barrel, up 0.19% for the week.
·'Core' yearns for the upcoming travel·
► Securities Times: With the promotion of ChatGPT, ARVR and other popular applications and terminals, network traffic is expected to reach a new level. The localization rate of high-end chips is low, and the volume of domestic manufacturers is small, which is in an excellent period of rise; The construction of optical broadband is booming, and the high-end breakthrough of data center has become the main theme. Accompanying with this is the demand for optical chips in the downstream. At present, the global consumption of optical chips is more than 300 million each year, with a market scale of 8-10 billion yuan. In the field of consumption, optical chips have been widely used in 3D sensing (mobile phones, cars) and other scenes. Taking the vehicle-mounted laser radar as an example, optical chips are the core components of the transmitter and receiver, which determine the detection range, resolution and other key performances of the laser radar.
► Cinda Securities: The second curve business has developed rapidly, and the chip database operating system has made continuous breakthroughs. Server and storage, data center, enterprise network, video conference, cloud computer, distributed database and other products have gradually formed a good cloud network ecosystem. The AI model operation scale has grown, and the computational power gap is huge. The AI pre-training model GPT-3, which is based on a large number of data training and has a large number of parameters, has triggered a qualitative change in AIGC technology, thus creating ChatGPT. However, the number of pre-training model parameters and the scale of training data will increase by 300 times per year. There is a huge gap between the existing computing power and AI application. The growth of computing scale has driven the demand for improving the single-point computing power of AI training chips, and put forward higher requirements for data transmission speed.
► Guojin Securities: overseas optical chip manufacturers have the first-mover advantage, and the domestic substitution space for high-end optical chips is huge. According to the data of ICC, the localization rate of 2.5G and below optical chips will exceed 90% in 2021; The localization rate of 10G optical chip is about 60%, and some 10G optical chips still need to be imported with high performance requirements and difficulties; In 2021, the localization rate of 25G optical chips is about 20%, but the localization rate of optical chips above 25G is only 5%. At present, overseas optical chip manufacturers are still the main manufacturers. The company is a small number of domestic manufacturers providing 25G optical chips, and will continue to benefit from the share increase brought by domestic substitution. The company's 10G optical chip revenue is expected to reach 272 million yuan in 2024, the 25G optical chip revenue is expected to reach 92 million yuan, and the CAGR will reach 52% in 2022-2024.
► Everbright Securities: At present, the localization rate of optical chips in China is still low. In the medium term, it is optimistic that the localization of high-power and high-speed optical chips will enter the speed-up period; We have long been optimistic about the breakthrough of localization from 1 to N in the fields of optical detection and silicon optical chips, and it is suggested to pay attention to the opportunity of domestic substitution. It is reported that the research on silicon light, CPO and other cutting-edge technologies in China, such as Yuanjie Technology and Shijia Photonics, is no later than overseas research, and has even been given to some domestic manufacturers for small batch trials. Future applications are worth looking forward to. From the perspective of trend, optical computing based on silicon optical chips is expected to continue to replace the application of electronic chips in some computing scenarios. Alibaba Dharma Academy expects that in the next three years, silicon optical chips will carry high-speed information transmission in most large data centers.