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Weekly Financial Summary 2024-03-11

Date: 2024-03-11
Views: 2

Financial attention

Macroeconomics
1. Central Bank: The next step will be to optimize cross-border RMB business policies, strengthen local and foreign currency coordination on the basis of "local currency priority", and continuously optimize basic institutional arrangements such as RMB cross-border transaction settlement; Improve the network infrastructure for the use of the renminbi and better leverage the currency swap mechanism to support cross-border trade and investment.
2. Minister of Human Resources and Social Security Wang Xiaoping: In 2024, greater support will be provided to various business entities such as private economy and small and micro enterprises with large employment capacity; Fully leverage the supply and demand docking role of over 6900 gig markets to support flexible employment of workers through multiple channels; It is expected that the number of college graduates will reach 11.79 million, and policies and measures to promote youth employment will be strengthened.
3. Huai Jinpeng, Minister of the Ministry of Education: The weakness of quantity is not the main aspect of the contradiction. To build an educational power, we need to work hard on top-notch innovative talents and independent cultivation ability. This is a key move and breakthrough to meet the talent demand of developing new quality productivity and realizing Chinese path to modernization.
4. Beijing Municipal Bureau of Market Regulation: The stock of enterprises in the city has exceeded 2.1 million, with nearly 40% of them being technology-based enterprises. Since January this year, an average of over 800 businesses have been born every day.
Stock market inventory
1. Shanghai Stock Exchange News: As of March 7th, nearly 99% of equity biased and common equity funds have achieved positive returns since February. Among them, 155 funds increased by over 20%, with an average increase of 11%. If investors buy equity funds at a low point in January, they will mostly receive positive returns.
2. China Securities News: Recently, the Shanghai Stock Exchange has organized intensive visits and surveys of listed companies. Several integrated circuit companies on the Science and Technology Innovation Board have stated that they will continue to strengthen research and development innovation, and effectively implement the "quality improvement, efficiency enhancement, and return on investment" action. According to statistics, the total revenue and net profit of 112 integrated circuit companies on the Science and Technology Innovation Board increased by 8.6% and 56.3% respectively in the fourth quarter of last year, with nearly 60% of companies achieving a month on month increase in net profit and significant improvement in performance.
3. Securities Times: With A-share listed companies frequently announcing their repurchase progress, the latest shareholding information of some well-known investors has also surfaced. Taking "Super Bull Scatter" Ge Weidong as an example, according to the announcement of Zhaoyi Innovation, Ge Weidong still held 18.722 million shares on March 5th, ranking as the third largest shareholder of the company. On February 6th, China Mobile Communications announced that Ge Weidong continued to rank among the top ten shareholders with a holding of 3.6348 million shares.
4. CITIC Securities: OLED display technology has outstanding advantages in display performance, thinness, and power consumption, and has become an important direction for display upgrades. It is expected to continue to penetrate the smartphone market and accelerate its expansion in mid size scenarios such as tablets, laptops, and cars, driving sustained and stable growth in the industry.
5. Tianfeng Securities: The AI revolution has driven a hot demand for computing power, and domestic computing power is embracing development opportunities. In the long run, domestic substitution of computing power may become a trend. To accelerate domestic substitution, the government and market entities are working together to catch up with the gap. State owned capital background entities are making efforts to accelerate the implementation of AI infrastructure, with a focus on investment opportunities in domestic computing power.
6. CITIC Construction Investment: The domestic and foreign hydrogen energy industry has intensively released local and national support policies on the policy side, covering the upstream and downstream links of hydrogen energy from top to bottom. Based on the environmental impact assessment and commencement criteria at the end of 2023, and considering the implementation cycle of some coal chemical projects, it is expected that the demand for electrolytic cells will reach 3GW in 2024, which is expected to achieve a year-on-year doubling growth and high visibility. Based on the target of owning 50000 vehicles in China by 2025, it is expected that the sales of fuel cells will be 1.1W/2.2W vehicles in 2024/2025, with a year-on-year growth rate expected to double.
7. CITIC Securities: From the perspective of domestic pace, the short-term dividend repurchase efforts of central enterprises may be strengthened, and indicators related to cash to market ratio are worth paying attention to. In the medium term, central enterprises may promote A-share mergers and acquisitions, and help improve the valuation of related Hong Kong stock targets. The fundamental goal of market value management is to improve the efficiency of central enterprises in the long term, and ROE may still be a key indicator of concern for central enterprises. Suggest exploring opportunities for undervalued central enterprises to invest, PB<1 may still be a focus of market attention.
8. Huawu Co., Ltd.: The company's braking system products are widely used in various fields such as heavy-duty lifting equipment, wind power host equipment, rail transit vehicles, and heavy-duty mining truck vehicles, but have not yet been applied in the field of flying vehicles.
Wealth Focus
1. Supreme Procuratorate: Release of the White Paper on Civil Prosecution Work (2023). We will focus on increasing the review of illegal activities in the financial sector, such as debt evasion and abandonment, professional lenders, and "beheading interest" and "arbitrage loans". We will strengthen the judicial protection of the legitimate rights and interests of financial consumers and maintain a fair and honest financial market order.
2. World Gold Council: Since 2024, global gold ETFs have accumulated outflows of approximately 5.7 billion US dollars. In February, the global physical gold ETF outflow was about 2.9 billion US dollars, marking the ninth consecutive month of outflow; Due to a 0.3% drop in gold prices, the total asset management scale decreased to $206 billion, a month on month decrease of 1.8%, the lowest since September last year.
3. China Securities News: On International Women's Day on March 8th, banks, wealth management companies, and others have carried out fancy marketing, such as launching holiday exclusive wealth management products, or attracting customers through consumption discounts, business gifts, and other means. The holiday exclusive wealth management products are showing a trend of reduced new issuance and weakened high yield advantages, and their attractiveness to investors is also weakening. The fundamental way for bank wealth management companies to continuously attract customers is to enhance their asset allocation and investment research capabilities.
4. Shanghai Securities News: According to gold jewelry brands such as Chow Tai Fook, Luk Fook Jewelry, Chao Hong Ji, and Chow Sheng Sheng, the retail price of domestic gold jewelry announced on March 9th continued to soar, approaching 665 yuan/gram.
Industry observation
1. CCTV News: On March 9th, the first 400G all optical inter provincial backbone network, a key technology of the "East Digital and West Computing" national project, was officially put into commercial use, which will significantly improve the data transmission efficiency between the eight major hubs of "East Digital and West Computing". Compared to the previous generation of trunk networks, this technology has increased transmission bandwidth by four times, network capacity exceeds 30PB, and inter hub latency is less than 20 milliseconds.
2. State Railway Group: From January to February this year, the national railway fixed assets investment reached 65.2 billion yuan, up 9.5% year on year. The railway construction was advanced with high quality and efficiency, and the construction of key projects was progressing smoothly.
3. CDC: China has established the world's largest infectious disease network reporting system, with an average reporting time shortened from 5 days to 4 hours; We have established a technical system for rapid identification of 300 pathogens within 72 hours, and all provincial and 90% of city level disease control centers have the ability for nucleic acid testing and virus isolation.
4. CNOOC: On March 8, Kaipingnan Oilfield, the first large deep-water deep oil field in China, was discovered in the the Pearl River Mouth Basin in the South China Sea, with proven oil and gas geological reserves of 102 million tons of oil equivalent. This oilfield is the largest commercial discovery in the global nuclear complex depression.
5. Economic Observer Network: Over the past decade, electrification has also become a consensus in the global automotive industry. Nowadays, European and American car companies are going against the trend of electric vehicles, and international car companies such as Audi, Mercedes Benz, Ford, and General Motors are delaying or even closing their electric vehicle business. Although international car companies have retreated, China will continue to accelerate in the electrification track.
6. CCTV News: On March 9th, a China Europe freight train loaded with 55 40 foot containers slowly departed from the Erenhot Railway Port in Inner Mongolia. As a result, the total number of China Europe freight trains passing through the middle channel exceeded 15000.
7. Shanghai Shentong Subway: On March 8th, the total passenger flow of Shanghai Subway was 13.39 million, setting a new historical high. After five years, it once again broke the passenger flow record.
Financial data
1. Zhongji Report: In just over two months since the beginning of the year, the performance of active equity funds has opened up a significant gap. As of March 8th, well performing funds have achieved nearly 30 percentage points in returns, while 25 funds have experienced a decline of over 20%, with a head to tail split of 65 percentage points. The differentiation of segmented industry trends is the main reason for the emergence of performance differentiation.


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