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Weekly Financial Summary 2023-11-13

Date: 2023-11-13
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Financial attention


1. Central Bank Governor Pan Gongsheng: Recently, relevant regions have taken measures such as revitalizing or selling assets, actively raising resources to resolve debts, and achieved good results. On this basis, the financial management department actively takes action to guide financial institutions to resolve the debt risks of financing platforms through market-oriented methods such as extension, borrowing, repayment, and replacement, and to safeguard the legitimate rights and interests of financial institutions in accordance with the law; Establish a normalized financial debt monitoring mechanism for financing platforms, promote market-oriented transformation of financing platforms, and improve long-term mechanisms for preventing and resolving local debt risks.

2. 21st Century Business Report: Recently, local governments are intensively applying for treasury bond projects. This mechanism will be led by local development and reform departments and finance departments, with the participation of water conservancy departments, natural resources departments, ecological environment departments, transportation departments, and other departments. Its responsibilities include organizing project application review, coordinating and solving difficulties in work operation, strengthening the guarantee of land use, environmental impact assessment and other elements, promoting project construction, and accelerating the formation of physical workload. Driven by the working mechanism, the growth rate of infrastructure investment is expected to rebound in the future.

3. Guangzhou Daily: Zhong Nanshan revealed that it is predicted that there will be a small peak of COVID-19 infection in the near future. The newly developed variant may have high infectivity, but the changes will not be significant and the escape effect of the vaccine will be enhanced. Although the pathogenicity is not very high, the elderly and those with low immunity should receive a second dose of vaccine as soon as possible.

4. Xinhua News Agency: The 6th China International Import Expo has closed. This year's CIIE has reached a new high in intention transactions based on a one-year plan, with a total amount of 78.41 billion US dollars, an increase of 6.74% compared to the previous one.

5. Global Network: After the escalation of the crisis in Ukraine, 96% of the various aid funds allocated by the United States for the Ukrainian program have been used up. Due to the deadlock in the US Congress approving aid funds for Ukraine, the US has had to start reducing military aid to Ukraine. Currently, the Pentagon only has $1 billion left to provide additional military equipment to Ukraine.

Stock market inventory

1. On Friday, the Shanghai Composite Index closed at 3038.97 points, down 0.47%, with a transaction volume of 346.913 billion yuan. The Shenzhen Composite Index closed at 9978.54 points, down 0.53%, with a transaction volume of 480.533 billion yuan. The ChiNext Index closed at 2005.24 points, down 0.65%, with a transaction volume of 227.996 billion yuan. Overall, individual stocks saw more declines and less gains, with over 2700 stocks falling in both markets. The transaction volume of the two markets is 827.4 billion, a decrease of 135.1 billion compared to the previous trading day. In terms of sectors, sectors such as gas, pharmaceutical commerce, coal, and storage chips saw the highest gains, while sectors such as computing power, BC batteries, media, and Hongmeng Concept saw the highest declines. Northbound funds sold a net of 4.864 billion yuan throughout the day, with Shanghai Stock Connect selling a net of 3.315 billion yuan and Shenzhen Stock Connect selling a net of 1.549 billion yuan.

2. On Friday, the Hang Seng Index fell 1.76% to 17203.26. The Hang Seng Technology Index fell 3.28% to 3892.44. The state-owned enterprise index fell 2.15% to 5900.82 points. On the market, Huahong Semiconductor fell about 16%, SMIC International fell about 7%, NIO fell about 5%, and Xiaopeng Automobile fell about 6%. Technology stocks fell, with Bilibili down about 5% and Kwai down about 5%. The net purchase of southbound funds was HKD 4.331 billion. Among them, the Hong Kong Stock Connect (Shanghai) net bought HKD 2.579 billion, and the Hong Kong Stock Connect (Shenzhen) net bought HKD 1.752 billion.

3. As of November 10th, there were 229 listed companies on the Beijing Stock Exchange, with one new company added on the same day. The total market value is 283.911 billion yuan, with a transaction amount of 2.441 billion yuan.

4. Financing balance between the two cities: As of November 9th, the financing balance on the Shanghai Stock Exchange was reported to be 825.048 billion yuan, an increase of 415 million yuan compared to the previous trading day; The financing balance of the Shenzhen Stock Exchange was reported to be 745.168 billion yuan, an increase of 838 million yuan compared to the previous trading day; The total amount of the two cities is 157.0216 billion yuan, an increase of 1.253 billion yuan compared to the previous trading day.

5. China Securities Regulatory Commission: We will closely monitor major cases that seriously interfere with the implementation of major reforms in the capital market, affect the smooth operation of the market, and infringe on the legitimate rights and interests of investors. We will impose strict penalties in accordance with the law, strengthen law enforcement and deterrence, and stabilize market expectations. To activate the capital market and boost investor confidence, we must adhere to the principle of 'zero tolerance' and unwavering and unwavering law enforcement, while conducting inspections and law enforcement with 'teeth and thorns'. Strengthen the 'punishment', 'prevention', and 'education' functions of inspection and law enforcement, and fully play the positive role of 'handling a case, educating, promoting, and intimidating one party'.

6. China Securities News: According to the third quarter report of listed companies, well-known private equity institutions have shown a high enthusiasm for configuration in sub sectors such as innovative drugs, chemical pharmaceuticals, and traditional Chinese medicine. More than 20 billion dollar private equity firms have been listed among the top 10 circulating shareholders of over 30 pharmaceutical stocks, with a total market value of nearly 10 billion yuan at the end of the period. Top tier private equity fund managers such as Feng Liu, Deng Xiaofeng, Lin Lijun, Xia Junjie, and Dong Chengfei have all participated in this.

7. Securities Daily: Since November, over 50 fund products have received dividends, with a total dividend amount of 2.382 billion yuan during the period. As of November 9th, a total of 2423 funds distributed dividends during the year, with a total dividend amount of 153.524 billion yuan and a total dividend frequency of 4588.

8. China Securities News: Towards the end of the year, as the annual performance ranking battle of funds is about to enter its final sprint stage, some fund products have opened the 'regulating valve' by restricting large-scale subscriptions or even completely suspending subscriptions, controlling product size in the short term to avoid diluting returns, in order to achieve a better annual income ranking.

9. Securities Daily: Since 2019, there has been a gradual increase in the number of cases of A-share companies splitting mature businesses for independent listing, and choosing to split subsidiaries for A-share listing has gradually become the mainstream. Since the beginning of this year, as of November 9th, 35 companies have been orderly promoting the listing of their spin off subsidiaries. According to the industry, splitting up high-quality sector subsidiaries for listing is beneficial for opening up new financing channels for the company, as well as improving the independence and market value of the subsidiaries.

10. Chaoyang Forever: In the first 10 months, domestic securities private equity institutions suffered an average small loss of 1.42%. Among them, up to 12 billion private equity firms have accumulated losses exceeding 10%.

11. Wanda Business Management: Credit Suisse (Hong Kong) Limited has agreed to terminate the appointment of Credit Suisse (Hong Kong) Limited as one of the overall coordinators, effective from November 9th. We still appoint CITIC Lyon Securities Limited and J.P. Morgan Securities (Asia Pacific) Limited as the overall coordinators.

12. SMIC International: Due to geopolitical influence, multiple countries and regions are expanding their own production capacity separately, but the overall global demand is not as fast as the speed of capacity expansion. It is expected that there may be an excess of wafer foundry capacity worldwide, which will take a long time to digest.

13. Zhaoyi Innovation: In recent quarters, inventory has shown a gradual downward trend and is also increasing efforts to reduce inventory. At present, the overall inventory turnover situation of the company matches the sales situation, with an inventory turnover rate of approximately 5-6 months. DRAM prices have shown a slight rebound, while NOR Flash and MCU prices are currently in the process of bottoming out.

14. Perfect World: The mini series 'Full Time Husband Training Program' and 'Awakening! Love Brain' are both produced by the company's film and television short series brand 'Her World'. The Full time Host Training Plan was broadcasted in Tiktok on October 13. The first week of its launch, Tiktok Short Drama hit the top 1, and the Takafen Short Drama Prosperity Index hit the top 6. Several micro short dramas cooperated with the long video platform have been launched recently.

15. Muyuan Stock: Co creation is an innovation in the company's internal management mechanism, without changing the original breeding model, asset ownership, and employee labor relations. The purpose of implementing co creation system is to further mobilize the enthusiasm of employees, improve the level of management refinement, guide capable employees to actively compete for job opportunities, and help underprivileged employees grow and improve rapidly, tap into internal potential, and fully implement new technologies.

16. GAC Group: The company plans to establish a new energy vehicle industry fund with Guangzhou Industrial Investment New Energy Special Master Fund Partnership (Limited Partnership) and Bank of China Financial Asset Investment Co., Ltd. as Limited Partners (LP), with a subscribed capital of 33.4%, 33.3%, and 33.3%, with an initial scale of 10 billion yuan.

Industry Observation

1. Southern Finance: From January to September, the actual sales revenue of China's mobile gaming IP market was 132.006 billion yuan. In terms of IP type distribution, the Chinese original game IP market accounts for 42.69%, the imported authorized game IP market accounts for 28.18%, and the Chinese mobile game IP market accounts for a total of 77.7% of the mobile game market. In the mobile game IP market, the proportion of domestic IP products has increased to 60%.

2. Shenzhen Airport: As of September 30th, the passenger throughput was 38.158 million, a year-on-year increase of 135.59%. During this year's Mid Autumn Festival and National Day holidays, a total of 9100 flights were guaranteed to take off and land, transporting over 1.4 million passengers, exceeding the same level as during the 2019 National Day holiday, and both flight volume and domestic passenger volume reached historic highs.

3. China Automobile Association: In October, automobile exports reached 488000 units, an increase of 9.8% month on month and 44.2% year-on-year. Among them, 124000 new energy vehicles were exported, a decrease of 29.3% month on month and a year-on-year increase of 12.8%. From January to October, automobile exports reached 3.922 million units, a year-on-year increase of 59.7%. Among them, 995000 new energy vehicles were exported, a year-on-year increase of 99.1%.

4. China Charging Alliance: In October, the number of public charging stations increased by 63000 units compared to September, a year-on-year increase of 50.3%. The total number of public charging stations reported by member units within the alliance is 2.525 million, including 1.09 million DC charging stations and 1.435 million AC charging stations. From November 2022 to October 2023, approximately 70000 new public charging stations were added per month.

5. China Automotive Power Battery Industry Alliance: In October, the total production of power and energy storage batteries in China was 77.3GWh, a decrease of 0.1% month on month and a year-on-year increase of 23.2%. From January to October, the total cumulative production of power and energy storage batteries in China was 611.0GWh, with a year-on-year increase of 41.8%.

6. Cailian News Agency: Bright Dairy's flagship high-end truthful yogurt has been delisted in some high-end supermarkets in Shanghai, and there is only one product left at Hema Supermarket. The high-end yogurt market has shown a trend of increasing quantity and decreasing price this year, with many brands conducting large-scale promotional activities.

7. Samsung Electronics: It plans to reduce NAND production by 40% -50% by the first half of next year, which has pushed up NAND prices.

8. Japan's Ministry of Economy, Trade and Industry is preparing a total subsidy of 2 trillion yen (13 billion US dollars) to promote investment in the chip industry and regain its position as a semiconductor powerhouse. In addition to the chip related subsidies that have not yet been disbursed, the Ministry of Industry and Commerce is seeking an additional budget of 1.85 trillion yen.

Insight Economics

1. Amazon Global Vice President: After the opening of the pre bonded warehouse, it will deeply integrate with the local supply chain in China and cooperate with more domestic logistics companies. China has the world's largest e-commerce market, and Amazon will further expand its investment in the Chinese market in the coming year.

2. CCTV Finance: Japan's largest railway company, East Japan Railway Company, has revealed that more than 500 trains in operation have non compliant production processes for brake system components. According to reports, the brake components of the problematic train did not undergo strength processing according to regulations during the production process.

Financial data


1. Pan Gongsheng, governor of the People's Bank of China: By the end of September, 1110 overseas institutions had entered China's bond market, and overseas institutions held 3.3 trillion yuan of China's bonds, an increase of nearly 200% over five years ago.

2. New Third Board: On November 10th, a total of 6283 companies were listed, with no new additions on the same day and a transaction amount of 183 million. The Third Board Composite Index closed at 875.40, down 0.12%, with a transaction volume of 87 million yuan.

3. Domestic commodity futures: As of the afternoon of November 10th, the closing price fluctuated, with soda ash up by 10%, glass up by more than 4%, lithium carbonate, caustic soda, and iron ore up by more than 2%, European freight lines, coke, fuel oil, coking coal, and rubber up by more than 1%, rapeseed meal down by more than 4%, soybean meal down by more than 3%, pulp and soybean meal down by more than 2%.

4. Treasury bond: on November 10, the main contract of two-year treasury bond futures TS2312 fell 0.02% to 101.008; The main contract of five-year treasury bond bond futures TF2312 declined 0.01% to 102.055; The main contract of 10-year treasury bond bond futures T2312 rose 0.03% to 102.180. The 10-year treasury bond bond interest rate fell 0.50BP to 2.64%; The 10-year national development bond interest rate fell 0.50BP to 2.71%.

5. Shanghai International Energy Trading Center: On November 10th, the main crude oil futures contract 2312 closed at 596.6 yuan/barrel, down 1.4 yuan or 0.23%.

6. Central Bank: On November 10th, a 7-day reverse repurchase operation of 203 billion yuan was carried out, with a winning interest rate of 1.80%, which was the same as before. Due to the expiration of a 7-day reverse repurchase period of 43 billion yuan on the same day, a net investment of 160 billion yuan was achieved.

7. Shibor: Overnight at 1.7010%, up 5.40 basis points. The 7-day price was 1.8260%, up 0.20 basis points. Reported at 2.4510% in three months, up 0.10 basis points.

8. RMB: The onshore RMB closed at 7.2906 against the US dollar at 16:30, down 0.0769%. The central parity rate of the RMB was 7.1771, up 0.0014%.

9. Shanghai Environmental Exchange: On November 10th, the trading volume of the national carbon market carbon emission quota listing agreement was 886567 tons, with a trading volume of 63.3125 million yuan. The closing price was 71.14 yuan/ton, a decrease of 2.32%.


10. Asia: The Nikkei 225 index fell 0.24% to 32568.11. The South Korean KOSPI index fell 0.72% to close at 2409.66.

11. US stocks: The Dow closed 1.15% higher at 34283.1 points; The Nasdaq rose 2.05% to close at 13798.11 points; The S&P 500 closed up 1.56% at 4415.24 points.

12. Europe: The FTSE 100 in the UK closed 1.28% lower at 7360.55 points; Germany's DAX30 fell 0.77% to 15234.39 points; France CAC40 closed down 0.96% at 7045.04.

13. Gold: COMEX December gold futures settled 1.63% lower at $1937.7 per ounce.

14. Crude oil: WTI's December crude oil futures closed 1.89% higher at $77.17 per barrel; Brent crude oil futures for January closed 1.77% higher at $81.43 per barrel.

15. The Baltic Dry Bulk Index: rose 2.82% to 1643 points.

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