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Weekly Financial Summary 2023-04-24

Date: 2023-04-24
Views: 3

Financial attention



► Central Bank: Regarding inflation data that has eased somewhat, the market is concerned that China's economic activity may be on the cold side and may fall into deflation. However, multiple experts believe that overall, China's macroeconomic operation has started well and the trend of economic recovery is clear. Low inflation does not equate to deflation, and low inflation or previous anti inflation forces should not be simply regarded as deflation. There is no systematic and sustainable deflationary pressure in China.



Macroeconomics


1. Ministry of Commerce: Support enterprises in exploring diversified markets. Country trade guidelines will be released, with each country developing a trade promotion guide for key markets. We will also make good use of the trade facilitation working group mechanism under the 'the Belt and Road' established with many countries to promote the solution of the difficulties Chinese enterprises encounter in developing markets in the countries along the 'the Belt and Road' and increase opportunities for enterprises.


2. The Ministry of Education and the People's Government of Hainan Province have formulated the Provisional Regulations for Overseas Higher Education Institutions to Run Schools in Hainan Free Trade Port. Overseas high-level universities and vocational colleges have established science, engineering, agriculture, and medicine schools or campuses in Hainan Free Trade Port, exploring a new mode of education in Hainan Free Trade Port. The established educational institutions implement more independent and flexible policies in various aspects such as school governance, academic management, faculty allocation, and fee system.


3. Thailand Meteorological Agency: Since the beginning of April, the average highest temperature in Thailand has been around 40 degrees Celsius, and the apparent temperature of Bangna District, Chonburi Province and Phuket Island in the capital Bangkok has even reached 54 degrees Celsius. It is expected that starting from mid June, Thailand may face a severe drought caused by the El Ni ñ o phenomenon, with a severity exceeding the 2020 drought.


4. Overseas website: India and Bangladesh are gradually abandoning the use of the US dollar in bilateral trade and switching to domestic currency transactions. It is expected that Bangladesh's exports to India will be completely converted to rupee and Taka transactions, while India's exports to Bangladesh worth approximately $2 billion will be traded in rupees, with the remaining portion being traded in US dollars. To facilitate transactions, banks in both countries will begin opening accounts with banks in the other country.



Stock market inventory


1. China Securities Regulatory Commission: The registration procedures for 34 corporate bond projects transferred by the National Development and Reform Commission have been completed in accordance with the law, and approval documents for registration have been approved. The first batch of corporate bond issuance plans to raise a total of 54.2 billion yuan, mainly invested in industries such as transportation, industrial parks, new urbanization, and resettlement housing construction. Next, we will strengthen our collaboration with the National Development and Reform Commission and continue to smoothly and orderly transfer the responsibilities for reviewing corporate bond issuance.


2. CITIC Securities: It is expected that the market will return to rationality, and under the background of gradual economic recovery, the number of investable varieties will gradually increase. It is expected that the popularity of the theme will gradually decrease, and the allocation strategy will adhere to high cut low. In terms of configuration, it is recommended to actively layout products that exceed expectations in the first quarter, downplay the position game, and continue to adhere to the pharmaceutical sector that benefits from global liquidity inflection points and hospital end recovery, and pay attention to the strategy of high performing stocks with liquidity discounts after being siphoned off by AI themes.


3. CICC: We remain optimistic about the future performance of the A-share market, based on three logical factors. Firstly, economic and financial data continue to support the recovery prospects and are expected to gradually improve investor confidence. Starting from the second quarter, A-shares will enter a profit upward cycle. Secondly, the policy environment is expected to remain relatively positive before growth continues to stabilize. Thirdly, the weakening of overseas US dollar and US bond interest rates is relatively favorable for A-shares. Taking into account the overall low valuation of the current market and the fact that the risk premium of the Shanghai and Shenzhen 300 equity is above the historical average by 0.5 times the standard deviation, the opportunities in the current A-share market still outweigh the risks.


4. Shanghai Securities News: With the disclosure of the fund's first quarter report, the latest holdings of several star fund managers, including Zhu Shaoxing, Zhang Kun, Huang Hai, and Jiang Cheng, have emerged. In the first quarter, the artificial intelligence sector emerged as the most eye-catching and sought after hot track. However, from the perspective of multiple fund managers' adjustment paths, based on the investment logic of gradual economic recovery and improved fundamentals, active layouts have been made in traditional energy, banking, chemical, real estate and other 'niche' fields.


5. CITIC Construction Investment achieved a total operating revenue of 6.7 billion yuan in the first quarter, a year-on-year increase of 5.81%; The net profit was 2.433 billion yuan, a year-on-year increase of 57.78%.


6. Xinhua Insurance: The net profit attributable to shareholders of the parent company in the first quarter is expected to increase by 3.542 billion yuan to 3.864 billion yuan, a year-on-year increase of 110% to 120%, compared to the same period in 2022 after retroactive adjustment according to the newly effective accounting standards for enterprises.


7. ZTE Communications: In the field of computing infrastructure, it has a full range of server and storage products. The new generation of intelligent computing center infrastructure products fully support large model training and inference; Next generation digital nebula solutions, utilizing generative AI technology to conduct research in areas such as code generation; The new generation AI acceleration chip and model lightweight technology significantly reduce the cost of large model inference.


8. Lansi Technology: Taizhou Lansi, a wholly-owned subsidiary, plans to invest in the construction of a 'precision component production project and renovation and expansion project' through its own funds and bank loans. The total investment of the project is expected to be 8.666 billion yuan. After the project is completed and put into operation, it is expected to add 33 million pieces of alloy casings for consumer electronics per year, and 32 million pieces of aluminum alloy back cover assemblies for electronic products per year.


9. Huilun Crystal: The controlling shareholder Xinjiang Huilun and the actual controller Zhao Jiqing plan to plan a change of control of the company. The preliminary plan includes the transfer of shares and the signing of a unanimous action agreement. The counterparty of this transaction is a state-owned enterprise, belonging to the manufacturing industry. The stock will be suspended from trading on April 24th, with an expected suspension period of no more than 2 trading days.


10. New share subscription: This week, there were a total of 5 new share subscriptions, including 1 on the Shanghai Main Board, 1 on the ChiNext Board, 2 on the Science and Technology Innovation Board, and 1 on the Beijing Stock Exchange. They are Wanfeng Shares, Manenster, SMIC Integration, Youche Technology, and Juneng Shares, respectively.


11. Restriction and lifting of restrictions: This week, a total of 70 restricted shares were lifted, with a total of 6.771 billion shares lifted and a market value of 92.997 billion yuan lifted. Among them, Zhejiang Construction Investment ranked first on the lifting ban list with 9.779 billion yuan, while Nano Micro and Fortune Trend ranked second and third with 9.144 billion yuan and 8.961 billion yuan, respectively.


Wealth Focus


1. Zibo City Market Supervision and Administration Bureau: Starting from April 23rd, measures will be implemented to control the price increase of hotel rooms throughout the city. If the average transaction price of each type of room in a hotel rises by more than 50% from March 1st to March 31st, it will be investigated and dealt with as a price hike.


2. Xuzhou City, Jiangsu Province: The implementation plan for the digital RMB pilot project has been issued recently, making it the second city in Jiangsu Province, except for Suzhou, to have issued the digital people pilot plan. The Plan has formulated eight major application scenarios, including retail consumption, transportation, cultural tourism, government affairs, campus, medical care, commercial districts, and finance.


Industry Observation


1. Eight departments including the Ministry of Industry and Information Technology have issued implementation opinions on promoting IPv6 technology evolution and application innovation development. By the end of 2025, significant progress has been made in the evolution and application innovation of IPv6 technology, and the level of integrated application of 'IPv6+' in key industries has significantly improved. Significant breakthroughs have been made in innovative fields such as new network systems, computing power networks, and deterministic networks based on IPv6 and 'IPv6+'.


2. Energy Bureau: As of the end of March, the cumulative installed power generation capacity in China was about 2.62 billion kilowatts, a year-on-year increase of 9.1%. Among them, the installed capacity of wind power is about 380 million kilowatts, an increase of 11.7% year-on-year; The installed capacity of solar power generation is about 430 million kilowatts, an increase of 33.7% year-on-year. From January to March, major power generation enterprises in China completed an investment of 126.4 billion yuan in power engineering, a year-on-year increase of 55.2%. Among them, solar power generation reached 52.2 billion yuan, a year-on-year increase of 177.6%; Nuclear power reached 16.1 billion yuan, a year-on-year increase of 53.5%.


3. The Ministry of Finance and the Ministry of Agriculture and Rural Affairs recently issued the first batch of agricultural production disaster prevention and relief funds of 1.251 billion yuan. The funds are mainly used to support relevant provinces (districts, cities) such as Heilongjiang, Shandong, Henan, and Guangdong in purchasing pesticides, medical equipment, and other materials required for the prevention and control of major crop diseases and pests, including wheat, rice, and corn. Appropriate subsidies are also provided for unified prevention and control operations and services.


4. IDC: In the second half of 2022, the overall market size of China's public cloud services reached 18.84 billion US dollars. From the perspective of manufacturer share, Alibaba Cloud, Huawei Cloud, China Telecom Tianyi Cloud, Tencent Cloud, and AWS are among the top five in the IaaS market, with shares of 32.6%, 13.0%, 11.8%, 9.2%, and 7.9%, respectively.


5. CCTV Finance: From January to February, the total import and export volume of cross-border e-commerce increased by 15.8% year-on-year. In March, the demand of buyers from Mexico, Saudi Arabia, Vietnam, Türkiye, Iraq and other markets for Chinese products increased significantly, respectively 49%, 41%, 47%, 78% and 295%. Overseas demand has grown rapidly in industries such as industrial machinery, automotive parts, packaging and printing, and new energy.


6. World Iron and Steel Association: In March, China's crude steel production reached 95.73 million tons, a year-on-year increase of 6.9%; India's crude steel production reached 11.4 million tons, an increase of 2.7% year-on-year; Japan's crude steel production was 7.5 million tons, a year-on-year decrease of 5.9%; The crude steel production in the United States was 6.7 million tons, a year-on-year decrease of 2.1%; The estimated production of crude steel in Russia is 6.6 million tons, an increase of 0.4% year-on-year.


7. American Automobile Association: The average price of gasoline in the United States fell to 3.674 dollars/gallon on April 22, from 3.682 dollars/gallon on the previous day, 3.501 dollars/gallon on March 31, and 4.12 dollars/gallon on the same period last year. Previously, gasoline prices in the United States rose for 23 consecutive days, from $3.461 per gallon to $3.686 per gallon, an increase of 6.5%.


8. The Ministry of Economy, Industry and Technology of Japan will subsidize half of the cost of smelting and mining development projects for important minerals such as lithium for Japanese enterprises. The plan aims to ensure that raw materials such as lithium and rare earth metals are crucial for electric vehicle batteries and engines. The Japan Metals and Energy Security Organization will establish a fund to allocate 105.8 billion yen from the budget for related expenditures to provide support.


9. South Korean Bureau of Statistics: The prices of clothing, shoes, and footwear products in March increased by 6.1% year-on-year, reaching a new high in nearly 11 years and 4 months after November 2011 (6.3%). The price increases for children's clothing (9.6%) and casual clothing (6.9%) are significant. Women's clothing increased by 5.4%, while men's clothing increased by 3.6%. Clothing washing, repair, and rental prices increased by 12.2%.


Insight Economics


1. The Reserve Bank of Zimbabwe: As part of its intervention to stabilize the local currency, it will launch a digital currency based on gold, which will be traded as Zimbabwe's legal tender in the country. The introduction of digital gold currency will be the first step for the central bank to use the country's gold reserve to stabilize the Zimbabwean dollar, the national currency of Zimbabwe.


Financial data


1. Last Friday, the onshore RMB closed at 6.8898 at 16:30 against the US dollar, down 0.1483% and 0.5884% for the week; The central parity rate of the Chinese yuan was 6.8752, up 0.3406% and down 0.1063% for the week.


2. New Third Board: Last week, one new listed company was added, with a transaction amount of 1.275 billion yuan, an increase of 4.89% month on month. As of now, the total number of companies listed on the New Third Board has reached 6520. Since the beginning of this year, the cumulative transaction amount of companies listed on the New Third Board has reached 15.979 billion yuan.


3. Shanghai Environmental Exchange: Last week, the trading volume of carbon emission quota listing agreements in the national carbon market was 601000 tons, with a total trading volume of 30190300 yuan and a closing price of 53.40 yuan/ton, a weekly decrease of 4.64%.


4. US stocks: Last Friday, the Dow closed up 0.07% at 33808.96, down 0.23% for the week; The Nasdaq closed 0.11% higher at 12072.46 points, down 0.42% for the week; The S&P 500 closed up 0.09% at 4133.52, down 0.10% for the week.


5. Europe: Last Friday, the FTSE 100 in the UK closed 0.15% higher at 7914.13 points, up 0.54% for the week; The German DAX30 closed up 0.54% at 15881.66 points, up 0.47% for the week; France CAC40 closed 0.51% higher at 7577.00, up 0.76% for the week.


6. Gold: Last Friday, COMEX June gold futures closed 1.41% lower at 1990.50 US dollars per ounce, down 1.25% for the week.


7. Crude oil: Last Friday, WTI June crude oil futures closed 0.75% higher at $77.87 per barrel, down 5.39% for the week; Brent June crude oil futures closed 0.69% higher at $81.66 per barrel, down 5.00% for the week.


On April 21st, the State owned Assets Supervision and Administration Commission held a meeting to promote the informatization work of state-owned central enterprises. The meeting believes that in recent years, state-owned central enterprises have taken a series of practical measures to promote significant results in information technology work. The meeting emphasized the need to actively comply with the trend of information technology development, comprehensively embark on a new journey of information technology work for state-owned central enterprises, and in the process of building world-class enterprises, simultaneously build first-class information technology capabilities. With the construction of 'smart state-owned assets and digital central enterprises', better promote the improvement of state-owned asset supervision efficiency, accelerate the high-quality development of state-owned central enterprises, and contribute more to the modernization of national governance system and governance capacity.


Dongwu Securities: State owned Assets Cloud is an autonomous and controllable digital China base. State owned assets cloud generally refers to the data security infrastructure base with high security protection level led, invested, established and operated by local SASACs, as well as the data governance system and cloud platform focusing on the convergence of state-owned data assets. It is planned to adopt the '1+N+M' hybrid cloud architecture. The state-owned assets cloud is a key infrastructure for serving the government and central state-owned enterprises in Digital transformation, a prerequisite for strengthening the supervision of state-owned assets, and a best practice for overall development and security.


Caitong Securities: Digitalization and localization resonate, and state-owned asset cloud is expected to develop rapidly. 1) The trend of digitalization in state-owned enterprises is imperative, and 'going to the cloud and using the cloud' is imperative. At the policy level, we continued to vigorously support state-owned enterprises and accelerated their Digital transformation. Network security incidents occur frequently, and data security has become a key regulatory area. 2) State owned assets cloud meets localization and security requirements, and the industry is accelerating its progress. State owned asset cloud is a cloud platform built and operated by state-owned enterprises, specifically serving state-owned enterprises. It provides a foundation for ensuring the security of state-owned data assets. Currently, local governments have begun to deploy local state owned asset cloud platforms, and the future state owned asset cloud market is expected to continue to grow rapidly. The market size of China's state owned asset cloud is about 14.6 billion yuan in 2025.


► Minsheng Securities: From the perspectives of data security and application, key data of government and central state-owned enterprises require a relatively secure information base, and 'state-owned asset cloud' has become an important trend in development. In the future, the 'State owned Assets Cloud' led by local government state-owned assets and central state-owned enterprises is expected to accelerate its development, and relevant participating manufacturers are expected to benefit. State owned cloud companies have integrated existing cloud resources to form hybrid cloud platforms such as State owned Assets Supervision Cloud, Security Cloud, Business Cloud, and Data Cloud, which can provide stable, reliable, and secure IaaS and PaaS services for state-owned asset system enterprises, as well as other government departments, enterprises, and public institutions.


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