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Weekly Financial Summary 2023-11-20

Date: 2023-11-20
Views: 3

Financial attention


Macroeconomics




1. Bureau of Statistics: Published average wage data for urban non private and private sector employees in 31 provinces in 2022. In the non private sector, there are 18 provinces with more than 100000 yuan, among which the top ten are Shanghai, Beijing, Xizang, Tianjin, Zhejiang, Guangdong, Jiangsu, Qinghai, Ningxia and Chongqing. Among them, the average salary of non private sector employees in Shanghai and Beijing exceeds 200000 yuan, which is far ahead of other provinces.




2. CCTV News: In the fourth quarter, the central government issued an additional 1 trillion yuan of treasury bond in 2023. The National Development and Reform Commission, in conjunction with relevant departments such as the Ministry of Finance, has established a working mechanism to conduct review and screening of applied projects, striving to form physical workload as soon as possible. In order to do a good job in project audit work, six industry audit teams have been established in the working mechanism, and project screening is strictly carried out in accordance with relevant regulations.




3. China News Network: At 8:00 am on November 19th, the water level at Xingzi Station, a landmark hydrological station in Poyang Lake, was 10.52 meters, a decrease of 0.23 meters from yesterday. The water area of the Tongjiang River in Poyang Lake was reduced to 893 square kilometers. Starting from November 18th, the area of Poyang Lake has officially reduced to less than 1000 square kilometers.




4. Central Meteorological Observatory: On November 19th, the atmospheric diffusion conditions in most regions of the country were generally good, with mild haze in southern Hebei and northern Henan. From November 20th to 22nd, the atmospheric diffusion conditions in the central and southern parts of North China, the western part of the Huanghuai River, and other areas were poor, with some areas experiencing mild to moderate haze. During the morning period from November 21st to 22nd, some areas in the southern part of North China, the Huanghuai River, and the eastern part of the Jianghuai River had heavy fog weather.




Stock market inventory




1. Last Friday, the Shanghai Composite Index rose 0.11% to 3054.37 points, with a weekly increase of 0.51%; The Shenzhen Composite Index closed up 0.25% at 9979.69 points, up 0.01% for the week; The ChiNext Index closed up 0.43% at 1986.53, with a weekly decline of 0.93%.




2. Last Friday, the Hang Seng Index closed down 2.12% at 17454.19 points, with a weekly increase of 1.46%; The Hang Seng Technology Index closed 1.72% lower at 3980.15 points, up 2.25% for the week; The state-owned enterprise index closed 2.33% lower at 5974.47 points, up 1.25% for the week.




3. Huatai Securities: Civil aviation entered the off-season again after the Mid Autumn and National Day holiday, but the airline's passenger occupancy rate improved in October compared to the previous month. At present, the industry is in the traditional off-season of the fourth quarter, and high-frequency data may be difficult to form a catalyst. The logic of improving the supply and demand structure of civil aviation and reforming the full fare of economy class remains unchanged. It is recommended to focus on the aviation sector, which continues to have an upward trend in prosperity.




4. Everbright Securities: The A-share market may turn around. The current 'bottom line' of A-share profits is gradually confirmed, and in the future, with the improvement of price factors, the nominal GDP growth rate may quickly rebound, helping enterprises to continue to recover their profits. It is expected that A-share enterprises' profits will return to double-digit growth. In addition, if overseas liquidity gradually improves, the valuation of corresponding sectors may rise.




5. Tianqi Model: We have maintained business contact with Xiaomi Motors and currently have no cooperative orders. In addition, Tesla is one of the important clients that the company is currently collaborating with. Due to customer confidentiality reasons, it is currently not convenient to disclose customer specific vehicle information.




6. Ningde Times: On November 17th, a centralized bidding transaction was implemented to repurchase 1.0431 million shares for the first time, accounting for 0.0237% of the total share capital. The highest transaction price was 181.16 yuan per share, and the lowest transaction price was 179.53 yuan per share, with a total transaction amount of 188 million yuan.




7. Shunluo Electronics: The controlling subsidiary Hualuo Electronics plans to accept capital increases from core employees and professional investment institutions, among which core employees plan to indirectly hold shares through an employee shareholding platform. The core employee shareholding platform plans to invest a total of no more than 14.5268 million yuan in Hualuo Electronics, while Xinyu Shunyu Technology Partnership will invest a total of no more than 3.68 million yuan in Hualuo Electronics.




8. New share subscription: This week, there were a total of 3 new share subscriptions, including 1 on the Shanghai Stock Exchange Main Board, 1 on the Growth Enterprise Board, and 1 on the Science and Technology Innovation Board, including Jinjiang Shipping, China Machinery Certification and Testing Corporation, and Jingyi Equipment.




9. Sales restrictions lifted: This week, a total of 82 restricted shares were lifted, with a total of 2.167 billion shares lifted and a market value of 42.642 billion yuan lifted. Among them, Central Control Technology ranked first on the lifting list with 10.235 billion yuan, while Shuguang Digital Innovation and Mingxin Xuteng ranked second and third with 5.565 billion yuan and 2.803 billion yuan, respectively.




Industry Observation




1. China Manned Space Engineering Office: Released four flight mission logos for 2024. According to the plan, the Tianzhou-7 cargo spacecraft will be launched at the Wenchang Space Launch Site in early 2024. At present, the cargo spacecraft has completed the factory related work and has recently arrived at the Wenchang Space Launch Site. Subsequent work such as final assembly and testing will be carried out as planned.




2. CCTV News: The national autumn grain harvest is nearing its end, and autumn grains are gradually being listed. Grain export is proceeding in an orderly manner. Since November, the nationwide railway delivery of grain has increased by 7.2% year-on-year. The grain production in Northeast China accounts for 1/4 of the country's total, and the amount of grain transferred out accounts for 40% of the country's total. With the development of grain export, the transportation of grain from the north to the south has also entered a peak period.




3. Forestry and Grass Bureau: As of now, the three landmark battles of the Three North Project have started smoothly, with 22 projects under construction and a total of 6.0807 million mu of afforestation and grass planting completed. The three iconic battles of the Three North Project refer to the battle of the Yellow River's 'several bends', the annihilation of the two major sandy areas of Horqin and Hunshandak, and the interception battle on the edge of the Hexi Corridor Taklamakan Desert, which are the top priorities of the Three North Project in the new era.




4. CCTV News: China has signed over 150 intergovernmental space agreements with more than 50 countries and international organizations, actively expanding international space cooperation. China's Fengyun Meteorological Satellite has provided data services to 115 countries and regions around the world. Chang'e-4 is equipped with four national payloads, namely the Netherlands, Germany, Sweden, and Saudi Arabia, providing a platform for Chinese and foreign scientists to explore space, conduct scientific experiments, and verify technology.




5. Economic Observer Network: November 19th is the third day of the 2023 national medical insurance negotiations, with all negotiations ending around 6:20 pm, making it the longest day of internal friction in three days. A total of about 40 companies participated in the negotiations, with innovative drug giants densely appearing, including AstraZeneca, Novartis, Hengrui, and Zhengda Tianqing, who all entered the negotiations twice before and after.




6. Lighthouse Professional Edition: As of 13:12 on November 19th, the total box office (including pre-sales) in November has exceeded 1 billion, and 'Save the Suspect', 'Captain Marvel 2', and 'Priceless Treasure' are temporarily listed in the top three box office positions in November.




7. IEEE Vice Chairman Yuan Yu: Brain computer interface is the ultimate solution to the metaverse, but implementing brain computer interface may take 10 to 15 years or more. Therefore, using VR headsets as a transitional product to experience virtual interaction is also the only way for the development of the metaverse. Compared to fully immersive VR head displays, AR glasses have a longer lifespan, mainly because they can integrate reality with the virtual world.




8. Xinhua News Agency: Tokyo Institute of Technology and automotive parts manufacturer Yazaki Corporation have collaborated to develop a highly sensitive diamond quantum sensor that can accurately measure battery power and extend the range of electric vehicles by about 10%. They will further reduce the volume and cost of this sensor, with the goal of being put into practical application as early as 2030.




9. Xinhua: For the first time, Swiss and American researchers have used a new technology that combines 3D printing with laser scanning and feedback mechanisms to successfully print robot hands with bones, ligaments, and tendons. This technology opens up new possibilities for the production of flexible robot structures.




Financial data




1. Last Friday, the onshore Chinese yuan closed at 7.2465 against the US dollar at 16:30, up 0.0690% and 0.6049% for the week; The central parity rate of the Chinese yuan was 7.1728, down 0.0056%, and up 0.0599% for the week.




2. New Third Board: Last week, 9 new listed companies were added, with a transaction amount of 1.249 billion yuan, an increase of 22.33% compared to the previous month. As of now, the total number of companies listed on the New Third Board has reached 6285. Since the beginning of this year, the cumulative transaction amount of companies listed on the New Third Board has reached 50.857 billion yuan.




3. Shanghai Environmental Exchange: Last week, the trading volume of carbon emission quota listing agreements in the national carbon market was 3.319 million tons, with a total trading volume of 242.4259 million yuan and a closing price of 72.47 yuan/ton, a weekly decrease of 4.79%.




4. US stocks: Last Friday, the Dow rose 0.01% to 34947.280 points, with a weekly increase of 1.94%; The S&P 500 index rose 0.13% to 4514.02, with a weekly increase of 2.24%; The Nasdaq rose 0.08% to 14125.48 points, with a weekly increase of 2.37%.




5. Europe: Last Friday, the German DAX30 index rose 0.84% to 15919.16 points, up 4.49% for the week; The French CAC40 index rose 0.91% to 7233.91, up 2.68% for the week; The FTSE 100 index in the UK rose 1.26% to 7504.25, up 1.95% for the week.




6. Gold: Last Friday, COMEX December gold futures settled 0.13% lower at $1984.7 per ounce, up 2.42% for the week.




7. Crude oil: Last Friday, WTI's December crude oil futures rose 4.1% to $75.89 per barrel, down 1.66% for the week. Brent January crude oil futures rose 4.12% to $80.61 per barrel, down 1% for the week.




·The Road to Breakthrough in Domestic Chip Manufacturing·




► Guolian Securities: Recently, domestic enterprises have successfully developed a new generation of Chiplet big model inference DeepEdge10. The X5000 inference card, built on the innovative D2Dchiplet architecture of the chip, has been adapted and can carry billions of scale big model operations such as SAMCV big model and Llama2, and can be widely used in AIoT edge videos, mobile robots, and other scenarios. Although Nvidia has achieved unparalleled success in the field of training chips, training is not the goal, producing large models is not the goal, and the ultimate goal is the implementation and application of various industries. The inference chip market will be in a state of competition among a hundred schools of thought.




Zhejiang Securities: Advanced packaging to solve the computational anxiety of the post Moore era. With its advantages of flexible design, short listing cycle, and low cost, Chiplet has become one of the important paths for the global continuation of 'Moore's Law' and is also the key to China's cracking of overseas technology blockades. At present, one of the main packaging forms used by AI and high-performance computing chip manufacturers is TSMC CoWos. The acceleration of localization should seize the opportunities of the CoWos era, combined with domestic safety and controllable demand, and the increase in computing power demand will double the production capacity of CoWos in 2024, which will accelerate the innovation and localization process of China's advanced packaging and testing, equipment, materials, and other related industrial chains.




CITIC Securities: In recent years, major domestic and foreign companies have actively launched chiplet products, such as AMDMilan-X, Nvidia H100, Apple M1Ultra, Intel SapphireRapids, Huawei Kunpeng 920, etc. At the same time, as Chiplet further catalyzes the iteration of advanced packaging towards high integration and high I/O density, it drives international giants to continuously increase their investment in the field of advanced packaging. According to Yole's data, the global market size for advanced packaging in 2026 was $47.5 billion, with an ECAGR of approximately 7.7% from 2020 to 2026. With the penetration of demand in emerging application fields such as 5G, AI, and HPC, the global chiplet market size is expected to reach 57 billion US dollars by 2035, with a CAGR of 30.16% from 2018 to 2035.




Debang Securities: Chiplet is a technological development approach that needs to be fully promoted and long-term adaptation throughout the entire industry chain. Currently, it is still dominated by large-scale companies and there are multiple parallel technological routes. From the perspective of application and cost, Chiplet is only suitable for high-speed and high-performance chips, and SIP packaging is still the preferred choice for most miniaturized and complex systems. The advanced packaging industry has broad prospects, and Chiplet technology will deeply benefit from the strong demand for computing power chips. Be optimistic about the growth potential of domestic supply chain companies under the accelerated application of Chiplet. The shipment of computing chips is expected to drive rapid growth in the advanced packaging industry chain. It is recommended to pay attention to advanced packaging and testing factories, as well as domestic breakthroughs in packaging equipment and materials.


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