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Weekly Financial Summary 2023-09-25

Date: 2023-09-25
Views: 3

Financial attention


Macroeconomics




1. Premier Li Qiang of the State Council: China's economy is at a critical juncture of high-quality development and must further enhance development confidence and maintain a focus on transformation and upgrading. The rapid development of specialized and innovative enterprises fully reflects the strong resilience and vitality of China's economy. For specialized, refined, and innovative enterprises, innovation is the soul. We hope that everyone can focus on their main business, grasp the green mountains, and hone their internal skills, vigorously promote technological innovation, adhere to the path of intensive cultivation, continuously transform towards high-end, intelligent, and green development, and climb towards the high-end of the industrial chain innovation chain value chain.




2. Ministry of Commerce: From January to August, foreign non-financial direct investment reached 585.61 billion yuan, a year-on-year increase of 18.8%. The non-financial direct investment of Chinese enterprises in countries along the 'the Belt and Road' was 140.37 billion yuan, up 22.5% year on year; The completed turnover of foreign contracted projects is 648.62 billion yuan, a year-on-year increase of 6.1%; The newly signed contract amount is RMB 863.34 billion, a year-on-year increase of 2%.




3. Shanghai: If foreign financial institutions apply to carry out new financial services already carried out by Chinese financial institutions in the Shanghai Pilot Free Trade Zone and the Lingang New Area, the Shanghai financial management department shall implement the license for foreign financial institutions to carry out new financial services in accordance with the institutional type, institutional nature, licensing requirements, and licensing procedures specified by the national financial management department, Fully grant national treatment to foreign financial institutions and conduct prudent supervision.




4. Beijing: Supports the free inward and outward remittance of funds related to foreign investors' investments that are true and compliant without delay. The salary income and other legitimate income of foreign employees of foreign-invested enterprises and employees of Hong Kong, Macau, and Taiwan can be freely remitted in accordance with the law. Provide measures such as facilitating the purchase and remittance of legitimate income under regular accounts for qualified overseas talents hired by enterprises. This city encourages foreign invested enterprises to reinvest in China.




5. PwC: Since the beginning of this year, the overall recovery of China's consumer market has been significant, especially in the tourism and cultural markets. 62% of Chinese consumers expect to increase their travel expenses in the next six months, which is much higher than the global average.




Stock market inventory




1. On Thursday, the Shanghai Composite Index closed at 3084.70 points, down 0.77%, with a transaction volume of 243.536 billion yuan. The Shenzhen Composite Index closed at 9981.67 points, down 0.9%, with a transaction volume of 335.49 billion yuan. The ChiNext Index closed at 1967.61 points, down 0.99%, with a transaction volume of 148.747 billion yuan. Overall, individual stocks saw more declines and less gains, with over 3800 stocks falling in both markets. The transaction volume of the two markets is 579 billion, with an increase of 5.8 billion compared to the previous trading day. On the market, sectors such as the Star Flash concept, 6G, satellite navigation, and Huawei Hisense saw the highest gains, while sectors such as precious metals, pork, integrated die-casting, and weight loss pills saw the highest declines. Northbound funds sold a net of 4.33 billion yuan throughout the day, with Shanghai Stock Connect selling a net of 2.263 billion yuan and Shenzhen Stock Connect selling a net of 2.067 billion yuan.




2. On Thursday, the Hang Seng Index fell 1.29% to 17655.41. The Hang Seng Technology Index fell 1.85% to 3849.27. The state-owned enterprise index fell 1.33% to 6099.26 points. On the market, Baekje Shenzhou fell by more than 7%, Xiaopeng Automobile fell by nearly 7%, Wanguo Data, Baozun E-commerce fell by nearly 4%, Bilibili, Tencent Music, Alibaba and others fell by more than 2%, Baidu Group, NetEase, New Oriental, JD Group and others fell by more than 1%, Lepu Biotech fell by nearly 14%, Jiahe Biotech fell by nearly 6%, and Jiakosi, Cornerstone Pharmaceutical and others fell by more than 5%. The net purchase of southbound funds was HKD 3.244 billion. Among them, the Hong Kong Stock Connect (Shanghai) net bought HKD 2.225 billion, and the Hong Kong Stock Connect (Shenzhen) net bought HKD 1.019 billion.




3. As of September 21st, there were 220 listed companies on the Beijing Stock Exchange, with no new additions on that day. The total market value is 260.895 billion yuan, with a transaction amount of 791 million yuan.




4. Financing balance between the two cities: As of September 20th, the financing balance on the Shanghai Stock Exchange was reported to be 801.653 billion yuan, an increase of 64 million yuan compared to the previous trading day; The financing balance of the Shenzhen Stock Exchange was reported to be 717.995 billion yuan, an increase of 26 million yuan compared to the previous trading day; The total amount of the two cities is 1519.648 billion yuan, an increase of 90 million yuan compared to the previous trading day.




5. JPMorgan Chase: The Federal Reserve skipped raising interest rates again in September, and the statement language after the meeting was almost identical to the July meeting, opening the door for another rate hike this year. Given the hawkish stance of the Federal Reserve, it is expected that bond yields will further rise in the short term, driving the strength of the US dollar, and Asian markets may come under pressure with US stocks. High interest rates will ultimately cool the economy and lead to a decrease in yields.




6. Shanghai Stock Exchange: The scheduled disclosure time for the third quarter report of listed companies is announced, and we, LeHome, have won the top spot and will be the first to disclose it on October 10th; Pingmei Group and Baichu Electronics will disclose on October 11th.




7. Shanghai Securities News: Major Chinese power battery companies such as Ningde Times, China Innovation Airlines, and Funeng Technology have recently set sail and accelerated their overseas layout. Currently, the main focus of the companies is to explore and develop overseas markets. As the core component of new energy vehicles and an important representative of China's advanced manufacturing, power battery companies are setting off a new wave of China's new energy vehicle industry chain going global.




8. Lixun Precision: This year, it produced three iPhone 15 models for Apple, and this business has doubled in the past year. We are preparing for production of the Apple Vision Pro, which will be launched early next year. In the process of collaborating with top companies such as Apple, Lixun Precision has gradually grown into a 'handsome bird'.




9. COSCO Shipping: Together with State Power Investment Corporation, Shanghai Port Group, and China National Inspection and Quarantine Corporation, they signed the 'Memorandum of Cooperation on Developing a Green Methanol Industry Chain Construction' online through a 'cloud signing' yesterday, marking the first domestic marine green methanol full industry chain project that covers various links such as production, transportation, refueling, and certification has entered the actual construction stage.




10. Guoke Micro: Currently, it has achieved a complete layout from lightweight to mid to advanced computing power. The company's self-developed NPU products have achieved a front-end IPC of up to 4T computing power and a back-end 8T computing power. The usage scenarios cover traditional monitoring fields, automotive electronics fields, smart home and other machine vision fields, and can support neural network inference and other functions. The company's self-developed NPU enhances the three core competitiveness of chips by focusing on edge computing.




11. Jinglun Electronics (Second Board): Announced stock price changes and recently noticed media listing the company as a Huawei concept stock. After self inspection, the company found that there is no business relationship between the company and Huawei.




12. Lianyungang: The company has signed an Equity Transfer Agreement with Jianxin Investment, in which the company will acquire 36.40% of the equity of Xinlian Company held by Jianxin Investment, with a transfer price of no more than 522 million yuan; After the transfer is completed, the company will hold 100% equity in Xinlian Company.




Industry Observation




1. Ministry of Commerce: We will work with relevant departments to implement the policies already introduced in the early stage, including in the fields of home furnishings, automobiles, electronic products, etc., to ensure the implementation and effectiveness of these policies. In addition, a series of policy measures to support the development of the automotive aftermarket will be promoted around key areas, adding impetus to the accelerated recovery of consumption.




2. Jin Lei from the Ministry of Industry and Information Technology: There are periodic fluctuations in the industry, and the forward-looking layout needs to be strengthened. The next step will be to accelerate the research and formulation of relevant policies for the construction of the emerging lithium battery industry, and to accelerate the implementation of the development of the energy electronics industry and key information technologies.




3. Ministry of Transport: Currently, China's international logistics operation continues to improve overall. Firstly, the increase in foreign trade throughput of ports across the country is relatively good. From January to August, China's ports completed a foreign trade cargo throughput of 3.34 billion tons, an increase of 9.7% year-on-year and 16.9% compared to the same period in 2019.




4. Ministry of Industry and Information Technology: From January to August, the cumulative revenue of telecommunications business reached 1141.7 billion yuan, a year-on-year increase of 6.2%. The total telecommunications business volume, calculated based on unchanged prices last year, increased by 16.6% year-on-year. Three basic telecommunications companies actively developed emerging businesses such as cloud computing, big data, the Internet of Things, and internet data centers, with a total revenue of 239.2 billion yuan, an increase of 18.9% year-on-year.




5. China Shipbuilding Association: From January to August, the national shipbuilding completion volume was 27.98 million deadweight tons, a year-on-year increase of 16.9%; The new order volume was 52.31 million deadweight tons, an increase of 86.5% year-on-year; The number of handheld orders reached 131.55 million deadweight tons, an increase of 28.9% year-on-year. China's shipbuilding completion, new orders, and handheld orders respectively account for 49%, 68.8%, and 53.9% of the world market share.




6. Semiconductor Industry Association: Currently, various countries are accelerating the significant development of the semiconductor industry, including India and many countries in the Middle East. Faced with the current development situation, domestic design enterprises, especially those above the designated size, should strengthen cooperation with domestic manufacturing enterprises; The huge domestic demand and potential should be quickly transformed into the driving force of internal circulation; Chinese enterprises should further consider how to go global, not only for products, but also for organizations and capabilities; Talent cultivation is still an important issue facing the industry.




7. TrendForce: AI has stimulated a surge in supply chain stocking, which not only boosted the revenue of the top ten global IC design companies to reach $38.1 billion in the second quarter, an increase of 12.5% month on month, but also pushed NVIDIA to officially replace Qualcomm as the global IC design leader in the second quarter. The rest of the rankings remained unchanged. In the third quarter, the global top ten IC design revenue will continue to have double-digit quarterly growth, and the output value is expected to reach a new high.




Financial data




domestic




1. New Third Board: On September 21st, a total of 6385 companies were listed, with an increase of 2 on the same day and a transaction amount of 228 million. The Third Board Composite Index closed at 887.21, down 0.13%, with a transaction volume of 99 million yuan.




2. Domestic commodity futures: As of the afternoon close on September 21, there has been a significant decline, with soda ash and styrene falling by over 4%, coking coal, butadiene rubber, Shanghai nickel falling by over 3%, and xylene, soybean oil, and wire rod falling by nearly 3%; Lithium carbonate rose by more than 2%, while Shanghai aluminum, pulp, corn starch, and soybeans rose slightly.




3. Treasury bond: on September 21, the main contract TS2312 of two-year treasury bond futures rose 0.05% to 101.195; The main contract of five-year treasury bond bond futures TF2312 rose 0.10% to 101.940; The main contract of 10-year treasury bond bond futures T2312 rose 0.13% to 101.870. The 10-year treasury bond bond interest rate fell 0.74BP to 2.66%; The 10-year national development bond interest rate increased by 0.10BP to 2.73%.




4. Shanghai International Energy Trading Center: On September 21, the main crude oil futures contract 2311 closed at 685.2 yuan/barrel, down 13.5 yuan, or 1.93%. The total number of contracts traded was 184263, and the position decreased by 531 to 63555. The main contract transactions were 154675, and the holdings decreased by 724 to 36838.




5. Central Bank: On September 21st, a 7-day reverse repurchase operation of 169 billion yuan was carried out, with a winning interest rate of 1.80% compared to 1.80% previously; We conducted a 14 day reverse repurchase operation of 82 billion yuan, with a winning interest rate of 1.95%, which is the same as before. Due to the expiration of a 7-day reverse repurchase of 110 billion yuan on the same day, a net investment of 141 billion yuan was achieved.




6. Shibor: Overnight reported 1.8840%, down 15.40 basis points. The 7-day report was 1.9510%, down 1.00 basis points. Reported at 2.2600% in three months, up 1.70 basis points.




7. RMB: The onshore RMB closed at 7.3034 against the US dollar at 16:30, down 0.0767%. The central parity rate of the RMB was 7.1730, up 0.0028%.




8. Shanghai Environmental Exchange: On September 21, the trading volume of the national carbon market carbon emission quota listing agreement was 445166 tons, with a trading volume of 33.4215 million yuan, and the closing price was 75.06 yuan/ton, up 0.56%.




abroad




9. Asia: The Nikkei 225 index fell 1.37% to 32571.03. The South Korean KOSPI index fell 1.75% to 2514.97.




10. US stocks: The Dow closed 1.08% lower at 34070.42 points; The Nasdaq fell 1.82% to 13223.98 points; The S&P 500 closed 1.64% lower at 4330.00.




11. Europe: The FTSE 100 in the UK closed down 0.69% at 7678.62 points; The German DAX30 fell 1.33% to 15571.86 points; France CAC40 closed 1.59% lower at 7213.90.




12. Gold: COMEX December gold futures settled 1.4% lower at $1939.6 per ounce.




13. Crude oil: WTI's November crude oil futures settlement price fell 0.03% to $89.63 per barrel; Brent November crude oil futures closed 0.24% lower at $93.3 per barrel.




14. The Baltic Dry Bulk Index: fell 0.95% to 1569 points.




·Huawei's Industrial Chain Rebirth·




Guosheng Securities: Huawei's industrial chain involves five major fields and is a company distributed along the entire upstream and downstream industrial chain that extends around some of Huawei's core businesses. Taking mobile phones as an example, in order to manufacture mobile phones, we need to purchase components including display screens, optical lenses, batteries, acoustic components, RF front-end, storage chips, etc. These suppliers may all benefit from the improvement of Huawei's business. This is the investment logic of Huawei's industry chain, similar to the A-share concept of 'fruit chain', which is the Apple industry chain. In the past decade of rapid smartphone adoption, Apple has become the world's largest company by market value and has also supported and strengthened a group of component suppliers. Of course, the broader concept of Huawei's industrial chain not only refers to Huawei's supply chain, but also includes some companies invested by Huawei, as well as companies with similar business with Huawei.




Tianfeng International: In the field of base stations, breaking away from overseas dependence, there is broad space for the development of small base stations. The advantage of 5G small base stations is becoming increasingly evident, with a global growth rate of over 33% in 2024 and a shipment volume of 60 million in 2026. Small base stations do not require large-scale data processing. The cost of small base stations for Chinese companies such as Huawei is $160, which is cheaper than smartphones. As of 2021, Huawei LampSite has been deployed to over 150 operators worldwide. Cloud computing, the Pangu model is leading in China. In 2026, global digital transformation expenditures will reach $3.41 trillion. This is the new blue ocean of the entire industry chain. The Pangu model is based on the Huawei Ascension artificial intelligence ecosystem. The Ascension computing industry is a full stack of AI computing infrastructure, industry applications, and services. This includes the entire industry chain, including the Shengteng series processors, series hardware, development tool chain, management and operation tools, industry applications and services.




Huaxi Securities: Wenjie M7's listing of intelligent driving has accelerated its landing. It is expected that the urban NCA, which does not rely on high-precision maps, will be fully launched in all cities across the country in December. Pay attention to the industrial chain opportunities brought by the upward turning point of intelligence and independent technology output, while also focusing on the new force industrial chain of marginal improvement, the main engine factories that lead in intelligent driving and accelerate the promotion of urban NOA, as well as the sub tracks such as wire controlled chassis and domain controllers. In the chip industry, Huawei HiSilicon has launched five major series of chips, namely Qilin, Shengteng, Kunpeng, Balong, and Lingxiao, which are respectively suitable for intelligent terminals, AI, industry, communication, and smart home networks. The chip technology is expected to be fully autonomous and controllable due to its rich application scenarios; It is recommended to pay attention to the technology development, servers, and operations of Huawei series as the beneficiaries


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