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Weekly Financial Summary 2023-05-22

Date: 2023-05-22
Views: 6

Financial attention


Economic Daily: Exploring the establishment of a valuation system with Chinese characteristics cannot be simply understood as directly elevating the valuation level of state-owned enterprises and guiding funds to drive short-term and rapid stock price increases. This is not in line with the general laws of the capital market, nor is it conducive to the sustained and healthy development of state-owned enterprises. It is also contrary to the central government's requirement of 'creating a standardized, transparent, open, dynamic, and resilient capital market'. Whether state-owned or private enterprises, the ultimate measure of the market is its operational efficiency and whether it can continuously and stably create value.




CCTV Finance: The US Treasury Department has hit the 'red line' of the debt ceiling, causing the federal government to be unable to maintain basic public spending and repay debt principal and interest debts. This day is called the 'X day', also known as the X-date. At present, both officials of the federal government of the United States and investment banks on Wall Street predict that 'X Day' is close at hand. Most Wall Street investment banks expect the 'X day' to most likely arrive in the first two weeks of June.




China Securities News: Recently, a study released by the School of Finance at the University of Florida showed that integrating ChatGPT into investment models can predict the trend of the stock market, with investment returns even reaching an astonishing 500%. We compared the rating of ChatGPT with traditional data analysis platforms and found that it is much higher than traditional stock market sentiment analysis models.






Macroeconomics




1. Central Office and State Office: Issuing the 'Opinions on Promoting the Construction of Basic Elderly Care Service System'. By 2025, the basic elderly care service system will be basically sound, the list of basic elderly care services will continue to be improved, the service targets, service content, service standards, etc. will be clear and clear, and the mechanisms for service supply, service guarantee, and service supervision will continue to be sound. The basic elderly care service system will cover all elderly people.




2. Ministry of Agriculture and Rural Affairs: 760 million acres of spring sown grain have been planted nationwide, achieving 80.1% progress, 0.8 percentage points faster than the previous year. Among them, 90% of spring corn has been sown, nearly 80% of spring soybeans have been sown, 80% of spring wheat has been sown, nearly 80% of potatoes have been sown, early rice planting has ended, and 40% of middle rice planting has been done.




3. Xinhua News Agency: Recently, the Cybersecurity Review Office conducted a cyber security review of Meiguang Company's products sold in China in accordance with the law. Meiguang Company's products have serious potential network security issues, posing significant security risks to China's key information infrastructure supply chain and affecting China's national security. Therefore, the Cybersecurity Review Office has made a conclusion in accordance with the law that it will not pass the cybersecurity review. Operators of key information infrastructure in China should stop purchasing Meiguang Company's products.




4. CCTV News: Since the beginning of summer, many places in India have set records for high temperatures above 45 degrees Celsius. In recent days, the temperature in Uttar Pradesh has reached as high as 44 degrees Celsius, and the temperature in Punjab, Haryana and other places has also risen to about 42 degrees Celsius. The summer heat wave has swept many parts of India, including the capital New Delhi. India is a major agricultural country, and due to the impact of high temperature weather, the production of agricultural products in India has decreased, affecting farmers' income.




Stock market inventory




1. Last Friday, the Shanghai Composite Index fell 0.42% to 3283.54 points, with a weekly increase of 0.34%; The Shenzhen Composite Index rose 0.12% to 11091.36 points, up 0.78% for the week; The ChiNext Index rose 0.03% to 2278.59 points, up 1.16% for the week.




2. On Friday, the Hang Seng Index fell 1.40% to 19450.57, down 0.90% for the week; The Hang Seng Technology Index fell 2.43% to 3821.73 points, down 1.35% for the week; The state-owned enterprise index fell 1.81% to 6593.92 points, down 1.04% for the week.




3. Haitong Securities: The recent market volume has significantly decreased, and the combination of bond market rise and stock market fall reflects investors' concerns about weak economic data since April. At the same time, the rest of TMT and ZTE is accompanied by the rise of new energy, and the overall sentiment of investors is relatively confused and entangled. The initial twists and turns of the bull market are inevitable, but the upward trend has not changed. The recovery of fundamentals in the second half of the year is expected to drive the market to rise more steadily.




4. Pengpai News: Since the first approval of multiple public fundraisers and the establishment of FOF-LOF products in 2021, there have been multiple public fundraisers intensively laying out this innovative variety since May. Recently, multiple public offering companies such as E Fund, Cathay Pacific, China Europe, Jingshun Great Wall, and Minsheng Jiayin have successively applied for asset allocation strategy FOF-LOF funds, all with a one-year closure period.




5. China Fund News: In recent years, many small and medium-sized fund companies have abandoned their APP operations, such as the 'and Wealth Management APP' of China National Capital Fund, the China Overseas Fund APP, and the Founder Fubang Fund APP, which have been taken down one after another. The fact that fund companies have suspended their apps reflects the helplessness of many small and medium-sized fund companies due to high operating costs, and also reflects the difficulty of fund direct sales business.




6. China Securities News: As of May 20th, in terms of repurchase, Shanghai listed companies have disclosed 53 new repurchase plans, with a total planned repurchase amount limit exceeding 13.9 billion yuan. Shanghai listed companies have disclosed the progress and completion of 175 repurchase plans. In terms of shareholding increase, 36 new important shareholder increase plans were disclosed by Shanghai listed companies during the year, with a total planned increase of over 9.8 billion yuan. The main shareholders of the increase are executives.




7. Securities Times: Currently, there are 13 A-share real estate companies that are being 'hooded'. The common feature is that the net profit in 2022 is in a loss state, with over half of the companies having a stock price of less than 1 yuan. For example, ST Sunshine City, * ST Songdu, * ST Xinlian, and ST Yuetai have all fallen below the limit for 11 consecutive days.




8. Securities Times: During the second quarter, the main line of market investment gradually became clear, and investors' enthusiasm for participation also increased day by day. Both stock and bond bases have successively issued restricted purchase announcements. In terms of stock foundation, several well-known fund managers, including Lin Yingrui, Qiu Dongrong, Xu Wenxing, Sheng Fengyan, Zhou Zhishuo, and Zhou Haidong, have started to restrict the purchase of products; In terms of bond base, pure bond funds and short to medium bond funds have also started to impose purchase restrictions.




9. Huahai Qingke: Recently, the company's new generation of 12 inch ultra precision wafer thinning machine, Versatile-GP300, has been shipped to a leading integrated circuit enterprise for mass production. The 12 inch ultra precision wafer thinning machine is the first organic integrated equipment in the industry to achieve 12 inch wafer ultra precision grinding and CMP global planarization.




10. Changshu Automobile Decoration: Recently, we have received multiple bid winning notices from a well-known domestic new energy main engine factory. The company has become a supplier of passenger car pillar assemblies, side wall assemblies, and other products for this customer. We will develop and produce passenger car pillar assemblies, side wall assemblies, and other products for this customer. The client project is expected to start in 2024, with a project lifecycle of 5 years and an estimated total lifecycle of approximately 1.9 billion yuan.




11. New share subscription: This week, a total of 7 new share subscriptions were made, including 1 on the Shenzhen Main Board, 2 on the ChiNext Board, and 4 on the Science and Technology Innovation Board, including Xiangteng New Materials, Xinhongye, Xinlaifu, Xinxiangwei, Aerospace Huanyu, Tianma Zhikong, and Xishan Technology.




12. Sales restrictions lifted: This week, a total of 80 restricted shares were lifted, with a total of 2.7 billion shares lifted and a market value of 45.522 billion yuan lifted. Among them, Shengshi Technology ranked first on the lifting list with 6.804 billion yuan, while Excellence New Energy and Haoyang Holdings ranked second and third with 4.417 billion yuan and 3.519 billion yuan, respectively.




13. Financial breakfast: Hot topics keep coming up, tracking what you want to hear. Why is the Japanese stock market hitting a 33 year high? How powerful is the 'stock god' effect when Buffett anchors the five 'daily special valuations'? What are the similarities between 'Japanese special evaluation' and 'Chinese special evaluation'? What opportunities does a global consensus bring? Financial friends, quickly move to the end of the article to check today's financial secret tracking # Revelation of a new high in Japanese stocks




Wealth Focus




1. Economist Joel Prakken: As June 1st approaches, US stocks may begin to decline. In 2011, when Congress raised the debt ceiling a few hours before the deadline, the stock market fell and it took several months to recover. Afterwards, the credit rating of the United States was downgraded. Even if the United States reaches an agreement before cash runs out, uncertainty may still have a legacy effect of limiting economic growth.




2. China Insurance Asset Management Association: Since the pilot of the personal pension system at the end of 2022, positive progress has been made and useful experience has been accumulated, but there have also been some pain points and difficulties. The pilot effect shows a funnel like 'two low and three no' pattern, which means that the proportion of people who have established accounts to the number of basic pension insurance participants is low, the proportion of people who have paid accounts to the number of people who have established accounts is low, the product supply is uneven, the purchasing channels are not smooth, and the public's willingness to participate in insurance is not strong.




Industry Observation




1. Cui Dongshu, Secretary General of the Federation of Automobile Manufacturers, said that with the withdrawal of new energy subsidies at the end of last year, a large number of specialized trucks were registered earlier than last year, which has a significant impact on this year's new energy. The penetration rate of new energy sales for trucks from January to April is still only 2.8%, which is still a significant gap compared to the 4.4% for the entire year of 2022. At present, pickup trucks continue to strengthen, and light and heavy trucks have not yet returned to the high levels before the subsidy refund in the fourth quarter of 2022.




2. CCTV Finance: From January to April, Chongqing exported 4119 cars to the five Central Asian countries, with a value of 490 million yuan, which is 17.8 times and 39.6 times that of the same period last year, respectively. In recent years, domestic cars have become popular in Central Asian countries and orders have gradually increased.




3. Cailian News Agency: Photovoltaic film companies have revealed that the increase in domestic production capacity and smooth import channels have made the EVA market relatively abundant in supply, resulting in a significant drop in product prices. At present, the price of photovoltaic grade EVA particles is about 17000 yuan/ton, which is close to halving compared to the same period last year.




4. China News Network: As of May 20th, the Bozi 1-2 well in Tarim Oilfield has safely and efficiently completed the air drilling task. The third section of the well in the gravel layer was drilled to a depth of 5068 meters using air drilling technology, breaking the record for the deepest air drilling well in China with a depth of 333.4 millimeters.




5. Beijing Medical Insurance Bureau: We will carry out the procurement of 88 standardized drugs, including acetaminophen oral sustained-release formulations, in the 2023 National Organization Drug Centralized Procurement Interprovincial Alliance.




6. Ctrip: May 19th is China Tourism Day, and the overall tourism order volume of Ctrip increased by 269% year-on-year, an increase of about 10% compared to the same period last week. On that day, the platform's transaction volume exceeded 2.5 billion yuan, and the overall booking volume of domestic hotels increased nearly twice compared to the same period in 2022, with hotel packages increasing by more than twice year-on-year.




Financial data




1. Last Friday, the onshore Chinese yuan closed at 7.0235 against the US dollar at 16:30, up 0.0839% and down 1.0488% for the week; The central parity rate of the Chinese yuan was at 7.0356, down 0.5560%, with a weekly decrease of 1.2593%.




2. New Third Board: Last week, two new listed companies were added, with a transaction amount of 1.147 billion yuan, a decrease of 4.18% compared to the previous month. As of now, the total number of companies listed on the New Third Board has reached 6469. Since the beginning of this year, the cumulative transaction amount of companies listed on the New Third Board has reached 20.544 billion yuan.




3. Shanghai Environmental Exchange: Last week, the trading volume of the national carbon market carbon emission quota listing agreement was 825600 tons, with a total trading volume of 46.5802 million yuan and a closing price of 57.00 yuan/ton, a weekly increase of 1.79%.




4. US stocks: Last Friday, the Dow fell 0.33% to 33426.63 points, with a weekly increase of 0.38%; The S&P 500 index fell 0.14% to 4191.98 points, with a weekly increase of 1.65%; The Nasdaq fell 0.24% to 12657.90 points and rose 3.04% for the week.




5. Europe: Last Friday, the German DAX30 index rose 0.69% to 16275.38 points, up 2.27% for the week; The French CAC40 index rose 0.61% to 7491.96 points, up 1.04% for the week; The FTSE 100 index in the UK rose 0.19% to 7756.87, up 0.03% for the week.




6. Gold: Last Friday, COMEX June gold futures closed up 1.11% at $1981.60 per ounce, down 1.89% for the week.




7. Crude oil: Last Friday, the settlement price of WTI crude oil futures fell 0.43% to $71.55 per barrel, up 2.2% for the week; Brent crude oil futures closed 0.37% lower at $75.58 per barrel, up 1.84% for the week.




·Revelation of a New High in Japanese Stocks·




► Xinhua Finance: The Tokyo stock market rose sharply for several days, and the Nikkei stock index rose to a historic high level nearly three decades after the foam economy burst. The Tokyo Stock Exchange stock index has repeatedly refreshed its highest level since August 1990. In the favorable macroeconomic and financial environment, overseas investors are highly concerned about the Japanese stock market and are buying heavily to drive up the stock price. It is worth mentioning that as of May 18th, the number of Japanese companies with a total stock market value of over 1 trillion yen increased to 157, an increase of 17 from the beginning of the year, setting a new historical high. The expansion of the '1 trillion yen club' will affect the sustainability of the share price when the average share price of Nikkei is expected to reach a new high after the collapse of the foam economy.




► Daily economic news: Warren Buffett, the 'god of stocks', has win thoroughly? His bet on the Japanese stock market hit a 33 year high. In August 2020, Berkshire Hathaway disclosed for the first time that it had acquired slightly over 5% of each of Japan's top five trading companies. These five major trading companies are Itochu Corporation, Mitsubishi Corporation, Mitsui Corporation, Sumitomo Corporation, and Marubeni. Since its initial disclosure, Buffett has made three purchases and expanded his holdings in the five major Japanese companies. The 'stock god' effect has significantly boosted sentiment in the Japanese market. According to Nomura Oriental International Securities Research, prior to an interview with the media on April 11th, Berkshire announced on April 5th that it would hire a bank to arrange for the issuance of Japanese yen bonds. The net foreign investment in the Japanese stock market reached 2.37 trillion yen that week, reaching a new high in recent years.




Nomura Oriental International Securities: 'Nippon Tokugawa' originated from the 'Ito Report' during the Abenomics period, and is similar to the 'Zhongtai Tokugawa' anchoring state-owned enterprises. Both 'Nippon Tokugawa' hope to enhance the company's attractiveness in the capital market through company management reform. In the short term, the reform drive of enterprises and the strength of policy promotion are important drivers that can boost market confidence. High dividends and stock repurchases are also recognized by the Japanese market as effective means of improving valuation. It is recommended to pay attention to enterprises that have both reform momentum, reform capabilities, and reform plans, and closely track the changing trends of market expectations for enterprise constraint indicators.




Industrial Securities: This year's new high in European and American stock markets can be attributed to: firstly, policy driven undervaluation repair; secondly, the wave of AI industry revolution; and thirdly, the revaluation of characteristic advantageous assets. In other words, the undervaluation repair, characteristic asset revaluation represented by 'Zhongte Appraisal', and the sci-tech innovation market represented by 'Digital Economy' are not only reflected in A-shares, but also a global consensus. Recently, the intensity of the 'China Special Evaluation' rotation has once again rebounded from the bottom, either pointing towards the subsequent or re entering the stage of rotation and differentiation of the plate. Combining the three investment paradigms of 'medium to high valuation', namely undervalued and high dividend; Continuous policy catalysis; It is expected that besides the energy chain, the 'the Belt and Road' and operators, we can also focus on machinery, transportation, large banks and other subdivisions.



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