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Weekly Financial Summary 2024-03-20

Date: 2024-03-20
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Financial attention


1. Premier Li Qiang of the State Council: It is of great significance to do a good job in agriculture, rural areas, and farmers, and to achieve a bountiful harvest of grain and agriculture throughout the year. Currently, spring agricultural production has entered a busy season. Each region and department should accurately and meticulously carry out spring field management and spring plowing preparation, increase policy support, strengthen technical guidance services, stabilize the planting area of grain, ensure the supply of agricultural inputs, focus on agricultural disaster prevention and reduction, strive to win the initiative of annual harvest, and provide strong support for high-quality economic and social development.

2. The General Office of the State Council: issued a notice on the Action Plan for Solidly Promoting High Level Opening up to the Outside World and Strengthening Attraction and Utilization of Foreign Investment. We will solidly promote high-level opening up to the outside world, make greater efforts to attract and utilize foreign investment, improve the management system of national treatment and negative list before foreign investment access, comprehensively lift restrictions on foreign investment access in the manufacturing industry, and continue to promote the expansion of opening up in areas such as telecommunications and healthcare.

3. Interface News: IBM commissioned Morning Consult to conduct research and release the 2023 Global AI Adoption Index, which shows that Chinese companies have consistently ranked first in terms of AI adoption rate. 85% of Chinese companies indicate that they will accelerate AI adoption in the future, the highest proportion in the world. Lack of skills and data governance remain the main obstacles to enterprises implementing AI technology; As a result, about 40% of global enterprises are still in the exploration and experimentation stage and have not yet deployed AI capabilities.

4. CCTV News: On March 19th, most of the precipitation in the south stopped and a warming channel was opened. The highest temperature in Jiangnan and other areas around the 22nd can reach around 25 ℃; In the coming days, the northern region will also experience fluctuating temperatures, with temperatures in many areas reaching new highs this year from the 21st to the 23rd. Many parts of our country have entered a warming channel, and the south is experiencing a period of intermittent precipitation.

Stock market inventory

1. On Tuesday, the Shanghai Composite Index closed at 3062.76 points, down 0.72%, with a transaction volume of 446.931 billion yuan. The Shenzhen Component Index closed at 9696.69 points, down 0.58%, with a transaction volume of 63.101 billion yuan. The ChiNext Index closed at 1906.94 points, down 1.01%, with a transaction volume of 277.457 billion yuan. Overall, individual stocks experienced more declines than gains, with over 3400 stocks falling in both markets. The transaction volume of the two markets was 1077.9 billion, a decrease of 60 billion compared to the previous trading day. On the market, sectors such as pork, quantum technology, CPO, and coal saw the highest gains, while sectors such as humanoid robots, securities, insurance, and flying cars saw the highest declines. Northbound funds sold a net of 7.011 billion yuan throughout the day, with Shanghai Stock Connect selling a net of 4.566 billion yuan and Shenzhen Stock Connect selling a net of 2.445 billion yuan.

2. On Tuesday, the Hang Seng Index fell 1.24% to 16529.48 points. The Hang Seng Technology Index fell 1.83% to 3528.47. The state-owned enterprise index fell 1.16% to close at 5780.21 points. On the market, major technology stocks, major financial stocks, and other heavyweights have mostly fallen, while Tencent, Alibaba, and have all fallen. Industry leaders such as Bank of Communications and Agricultural Bank of China have shown lackluster performance; Institutions indicate that there is no obvious sign of bottoming out in the decline of housing prices, with domestic housing stocks and property management stocks falling at the forefront, and Xuhui Holdings Group experiencing a significant decline. Southbound funds net bought HKD 6.923 billion. Among them, the Hong Kong Stock Connect (Shanghai) net bought HKD 3.319 billion, and the Hong Kong Stock Connect (Shenzhen) net bought HKD 3.604 billion.

3. As of March 19th, there were 245 listed companies on the Beijing Stock Exchange, with no new additions on that day. The total market value is 379.989 billion yuan, with a transaction amount of 6.804 billion yuan.

4. Financing balance of the two markets: As of March 18th, the financing balance of the Shanghai Stock Exchange was reported to be 785.239 billion yuan, an increase of 6.643 billion yuan from the previous trading day; The financing balance of the Shenzhen Stock Exchange was reported to be 703.706 billion yuan, an increase of 6.958 billion yuan from the previous trading day; The total amount of the two cities is 1488.945 billion yuan, an increase of 13.601 billion yuan from the previous trading day.

5. CITIC Securities: On the domestic side, with the advancement of approval for domestic offshore wind projects and the recovery of construction, it is expected that the domestic offshore wind power industry will experience a resonance of information catalysis and economic recovery. On the foreign side, as European and Southeast Asian countries gradually enter the peak period of sea breeze construction, leading domestic sea breeze manufacturers rely on their product advantages to enter the overseas supply chain for global layout, which is expected to accelerate their overseas expansion and fully benefit.

6. Beijing Stock Exchange: Two rounds of testing for new code segments have been completed, and the latest round of testing ended on March 15th. The securities firm also reported on the issues discovered during testing. It is expected that there will be a full network test in March, and the new code may eventually be launched in April. We will first assign a 920 securities code to the incremental listed companies, and then switch the 920 securities code uniformly for the existing listed companies after the market preparation work is ready.

7. Securities Daily: The investment trends of public funds have attracted much attention, and the research activities of public institutions are often the "vanguard" of investment. Over the past month, public institutions have conducted research on over 500 A-share listed companies. From the companies surveyed, most of them have significant labels such as "technology" and "intelligence".

8. China Securities News: Since 2024, 67 companies have terminated their IPOs, exceeding 43 in the same period last year; 24 companies have achieved initial public offerings, down from 56 in the same period last year, and the pace of issuance has significantly slowed down; The total amount raised through IPO was 20.358 billion yuan, compared to 47.459 billion yuan in the same period last year. Strictly control the quality of application for prospective listed companies and urge them to establish a correct "listing concept".

9. South Korean Finance Minister Choi Sang mu: Will reduce taxes on companies that increase shareholder returns and on dividend income for company shareholders. The specific details of tax reduction will be determined and announced after listening to the opinions of market experts. South Korea announced a corporate reform plan called the "Corporate Value Enhancement Plan" last month, aimed at increasing the value of Seoul listed companies by encouraging them to increase shareholder returns such as dividends.

10. Xiaomi Group: Its annual revenue in 2023 was 27097 billion yuan, a slight decrease of 3.2% year-on-year; After adjustment, the net profit was 19.3 billion yuan, a year-on-year increase of 126.3%. Among them, in the fourth quarter, the total revenue was 73.2 billion yuan, a year-on-year increase of 10.9%, and the adjusted net profit was 4.9 billion yuan, a significant year-on-year increase of 236.1%. With the official debut of Xiaomi's first car, the Xiaomi SU7 series, the cost of innovative businesses such as Xiaomi's intelligent cars increased to 6.7 billion yuan in 2023.

11. Xiaopeng Automobile: Its total revenue in the fourth quarter of 2023 was 13.05 billion yuan, reaching a historic high with a year-on-year increase of 154%; The net loss was 1.35 billion yuan, a year-on-year decrease of 42.9%. The gross profit margin was 6.2%, an increase of 8.9 percentage points compared to the previous period.

12. China Unicom: Net profit of 8.17 billion yuan in 2023, a year-on-year increase of 12%; We plan to distribute a cash dividend of 0.524 yuan per 10 shares, totaling approximately 1.639 billion yuan to the shareholders of the company.

13. Changchun High tech: Its operating revenue in 2023 was 14.566 billion yuan, a year-on-year increase of 15.35%; The net profit was 4.532 billion yuan, a year-on-year increase of 9.47%. We plan to distribute a cash dividend of 45 yuan per 10 shares to all shareholders.

14. Changdian Technology: The major shareholders "Big Fund" and Semiconductor are planning the transfer of equity in the company, which may lead to a change in control of the company. The company's stock will be suspended from trading starting from the morning of March 20th (Wednesday), with an expected suspension period of no more than two trading days.

15. Longji Green Energy: Currently, the photovoltaic industry is facing a complex internal and external competitive environment. In order to cope with market changes, the company has optimized the relevant job structure, and the online rumor of "30% layoffs" is false. The expected personnel adjustment ratio is about 5% of the total number of employees.

16. Furong Technology (14 days, 8 boards): The company's main products are aluminum structural components for consumer electronics, which are further processed and used for smartphones, tablets, and laptops. The company's products do not have AI functionality.

17. Hongda New Materials (4 consecutive boards): Regarding some investors inquiring about the company's AI and communication business on the Shenzhen Stock Exchange's Interactive Easy platform, the company once again replied that its main product is high-temperature silicone rubber, and its communication business has been completely discontinued.

Industry observation

1. Six departments including the Shanghai Development and Reform Commission have issued the "Guiding Opinions on Subsidy Management of New Infrastructure Construction Projects in Shanghai (2024 Edition)". Encourage cooperative banks to establish preferential interest rate credit funds for Shanghai's new infrastructure construction, with a total scale of over 100 billion yuan, and focus on supporting infrastructure such as networks, computing power, data, innovation, and terminals.

2. Ministry of Ecology and Environment: In February, the average concentration of PM2.5 in 339 prefecture level and above cities nationwide was 45 micrograms per cubic meter, a year-on-year decrease of 2.2%; The average concentration of O3 is 99 micrograms/cubic meter, a year-on-year decrease of 4.8%; The average concentration of PM10 was 64 micrograms per cubic meter, a year-on-year decrease of 8.6%. The average number of days with good air quality in 339 prefecture level and above cities nationwide exceeds 80%.

3. Securities Daily: The global and domestic semiconductor industry may experience a significant improvement in inventory levels in 2024 after undergoing proactive destocking processes in 2022 and 2023. Industry insiders say that the semiconductor industry is expected to enter an upward cycle this year.

4. Civil Aviation Administration of China: In February, China's airlines accelerated their recovery in the international aviation market, with a total international route transportation turnover of 3.46 billion tons per kilometer, a year-on-year increase of 108.6% and a 9.9% increase compared to the same period in 2019, surpassing the level of the same period before the epidemic for the first time.

5. CCTV Finance: Currently, the scale of China's core artificial intelligence industry has exceeded 500 billion yuan, with over 4300 enterprises. By 2035, the scale of China's artificial intelligence industry will reach 1.73 trillion yuan, accounting for 30.6% of the world's total.

6. China News Network: The world's largest single unit tower solar thermal power generation project under construction, led by China Power Northwest Institute, the 2 million kilowatt integrated solar thermal storage project of CGN New Energy Qinghai Delingha, has officially started construction, marking the official start of the solar thermal storage multi energy complementary project with the highest energy storage allocation ratio in China. This is also the world's largest single unit capacity tower solar thermal power generation project.

7. Canalys: 2024 marks a significant shift from traditional PCs to AI PCs, with an estimated global shipment of 48 million AI PCs in 2024, accounting for 18% of the total PC shipment. It is estimated that the global AI PC shipment will exceed 100 million units in 2025, accounting for 40% of the total PC shipment.

8. TrendForce: Starting from March, Armor/Western Data took the lead in restoring production capacity utilization to nearly 90%, while the remaining companies did not significantly increase their production scale. To cope with the peak season demand in the second half of the year, coupled with the low inventory levels of Armor/Western Data itself, this expansion of production mainly focuses on 112 layers and some 2D products. It is expected to achieve profitability this year and further drive the annual growth rate of NAND Flash industry supply in 2024 to reach 10.9%.

Insight Economics 

1. Nvidia: A new processor called GB200 using Blackwell architecture can increase speed several times in processing models that support artificial intelligence. This includes the technology development process called the training phase and the technology operation process called the inference phase. The GB200 chip, consisting of 208 billion transistors, will become the cornerstone of new computers and other products deployed by the world's largest data center operators such as Amazon, Microsoft, Alphabet Inc., Google, and Oracle.

2. Global Network: The European Union is considering initiating a formal review to assess the level of dependence of European companies on mature processes or low-end chips from China. This type of chip, although not involving cutting-edge technology, is crucial for multiple fields such as military, electric vehicles, and infrastructure. The European Union will join the ranks of the United States to raise the potential risks posed by this dependence on China to national security and global supply chains.

Financial data

1. New Third Board: On March 19th, a total of 6214 companies were listed, with a decrease of 1 company on the same day and a transaction amount of 189 million yuan. The Third Board Component Index closed at 871.35, down 0.45%, with a transaction volume of 107 million yuan.

2. Domestic commodity futures: As of the afternoon of March 19th, most of the stocks closed higher, with the European freight line and iron ore up more than 5%, coking coal and soda ash up more than 3%, rebar and coke up more than 2%, and silicon iron, liquefied gas, rubber, methanol, and rapeseed meal up more than 1%; Urea and Shanghai nickel fell by over 2%, while lithium carbonate, corn, and Shanghai zinc fell by over 1%.

3. Treasury bond: On March 19, the main contract TS2406 of two-year treasury bond futures rose 0.01% to 101.484; The main contract of five-year treasury bond bond futures TF2406 rose 0.07% to 103.020; The main contract of 10-year treasury bond bond futures T2406 rose 0.15% to 104.100. The 10-year treasury bond bond interest rate fell 1.25BP to 2.28%; The 10-year China Development Bank bond interest rate fell 1.74 basis points to 2.39%.

4. Shanghai International Energy Trading Center: On March 19th, the main crude oil futures contract 2405 closed at 633.6 yuan/barrel, up 5.5 yuan or 0.88%. All contracts were executed by 149218 lots, with a decrease in holdings of 3782 lots to 60352 lots. The main contract sold 98919 lots, and the position increased by 4190 lots to 36570 lots.

5. Central Bank: On March 19th, a 7-day reverse repurchase operation of 5 billion yuan was carried out, with a winning bid interest rate of 1.80%, unchanged from before. Due to a 7-day reverse repurchase of 10 billion yuan due on the same day, a net withdrawal of 5 billion yuan was achieved.

6. Shibor: Overnight reported 1.7540%, up 0.80 basis points. The 7-day report was 1.8700%, up 1.60 basis points. Three month report of 2.1630%, up 0.00 basis points.

7. RMB: The onshore RMB closed at 16:30 against the US dollar at 7.1993, a decrease of 0.0153%. The middle price of the RMB was at 7.0985, a decrease of 0.0592%. NDF: 3-month report 7.0975, 6-month report 7.0695, 1-year report 7.0005, 2-year report 6.9005.

8. Shanghai Environmental Exchange: On March 19th, the trading volume of the national carbon market carbon emission quota listing agreement was 53447 tons, with a transaction amount of 4.3557 million yuan, and the closing price was 81.00 yuan/ton, up 0.62%.


9. Asia: The Nikkei 225 index rose 0.66% to close at 40003.60 points. The South Korean KOSPI index fell 1.1% to 2656.44 points.

10. US stocks: The Dow Jones Industrial Average rose 0.83% to 39110.76 points; The Nasdaq rose 0.39% to close at 16166.79 points; The S&P 500 rose 0.56% to close at 5178.51 points.

11. Europe: The FTSE 100 in the UK closed up 0.20% at 7738.30 points; The German DAX30 rose 0.31% to close at 17987.49 points; France CAC40 closed up 0.65% at 8201.05 points.

12. Gold: COMEX April gold futures settled 0.21% lower at $2159.7 per ounce.

13. Crude oil: The settlement price of WTI April crude oil futures increased by 0.91% to $83.47 per barrel; Brent May crude oil futures rose 0.56% to $87.38 per barrel.

14. The Baltic Dry Index: fell 1.12% to 2392 points.

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