Summary

2024/1/26

State Administration of Financial Supervision: will continue to guide and support banking institutions to increase credit supply;

State Administration of Financial Supervision: will further optimize the down payment ratio, loan interest rates and other personal housing loan policies;

From February 9, China and Singapore will be exempted from visa each other.

with a total scale of 40 billion yuan, the state-owned enterprise stock assets optimization and upgrading fund was established;

Nine sectors: promoting the digital transformation of the raw materials industry;

the state press and publication administration released the approval information for domestic online games in January, with a total of 115 games approved.

Report: China smartphone sales up 6.6 YoY in Q4 2023;

The three major U.S. stock indexes closed up collectively, with Tesla down more than 12%.

All three major indexes of U.S. stocks rose overnight. By the close, the Dow was up 0.64 percent, the Nasdaq was up 0.18 percent and the S & P 500 was up 0.53 percent. The index, the S & P closed at a record high. Most of the popular technology stocks rose, IBM rose more than 9%, Google rose more than 2%,AMD rose more than 1%. Airlines, oil and gas sector led the rise, American Airlines rose more than 10%, JetBlue Airlines, Delta Air Lines rose more than 5%, Chevron, Exxon Mobil, Imperial Oil rose more than 2%. Tesla fell more than 12% due to lower-than-expected earnings. Popular Chinese stocks were mixed, with the Nasdaq China Golden Dragon Index down 0.13 percent. New Oriental rose more than 6%, Netease rose more than 3%, Jingdong rose more than 1%. Bilibili fell more than 3%, Vipshop, Aiqiyi fell more than 2%. Hot spot 1. State Administration of Financial Supervision: will continue to guide and support banking institutions to increase credit allocation. Liu Zhiqing, spokesman of the State Administration of Financial Supervision and Administration and head of the Department of Statistics and risk Monitoring, said at a news conference on January 25 that the next step, the General Administration of Financial Supervision will continue to guide and support banking institutions to increase credit allocation and optimize the credit structure, we will focus on the "five major articles" of science and technology finance, green finance, inclusive finance, pension finance and digital finance, and strive to unblock the channels for funds to enter the real economy, improve the efficiency of the use of funds, and moisten the real economy with financial "living water. 2. State Administration of Financial Supervision: personal housing loan policies such as down payment ratio and loan interest rate will be further optimized. On January 25, the State Information Office held a press conference on financial services for high-quality economic and social development. Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, said that he would continue to do a good job in personal housing loan financial services. Support local city governments and housing construction departments to implement policies in accordance with the city, further optimize the down payment ratio, loan interest rates and other personal housing loan policies, and guide and urge banks to better serve the people's rigid and improved housing financing needs. 3. Mutual visa exemption between China and Singapore from February 9. On January 25, representatives of the the People's Republic of China government and the government of the Republic of Singapore signed the Agreement between the Government of the Republic of the People's Republic of China and the Government of the Republic of Singapore on Mutual Visa Exemption for Ordinary Passport Holders in Beijing. The agreement will enter into force on February 9, 2024 (Lunar New Year's Eve). At that time, ordinary passport holders of both sides can enter each other's country visa-free to engage in tourism, family visits, business and other private affairs, and stay for no more than 30 days. Those who enter the other country to engage in work, news reports and other activities that require prior approval and intend to stay in the other country for more than 30 days must obtain the corresponding visa before entering the other country. 4, the total scale of 40 billion yuan! The state-owned enterprise stock assets optimization and upgrading fund was established on January 25, and the signing ceremony of the state-owned enterprise stock assets optimization and upgrading fund was held in Beijing. The fund was approved by the State-owned Assets Supervision and Administration Commission of the State Council and jointly initiated by China Guoxin, China Cinda, China Oriental and China Great Wall, with a total scale of 40 billion yuan. As a comprehensive fund that specializes in investing in the field of stock asset revitalization, the state-owned enterprise stock asset optimization and upgrading fund is mainly invested in state-owned enterprise infrastructure assets with large stock scale and great growth potential, as well as state-controlled listed companies with phased inefficiency and non-main business Non-dominant property (share) rights, idle land of state-owned enterprises with development and utilization value, patented technology of state-owned enterprises, operating assets of administrative institutions, etc, we will promote state-owned central enterprises to strengthen their main businesses and advantageous industries, optimize the distribution structure of state-owned capital, and improve the efficiency of state-owned capital allocation. 5. Nine Departments: Promoting Digital Transformation of Raw Material Industry On January 25, the Ministry of Industry and Information Technology and other nine departments issued the Work Plan for Digital Transformation of Raw Material Industry (2024-2026), proposing to build more than 120 typical scenes of digital transformation, cultivate more than 60 benchmarking factories for digital transformation, and form a group of benchmarking enterprises for digital transformation by 2026. Promote the application of more than 100 excellent products and cultivate 100 excellent system solution providers. At the same time, we will build a new material big data center, four key industry digital transformation promotion centers, four key industry manufacturing innovation centers, more than five industrial Internet logo analysis secondary nodes, and more than six industry-level industrial Internet platforms. 6. Report: In the fourth quarter of 2023, China's smartphone sales increased by 6.6 percent year-on-year. The Counterpoint monthly report on mobile phone sales shows that in the fourth quarter of 2023, China's smartphone sales bottomed out and rebounded, with a year-on-year increase of 6.6 percent, which is the first quarterly year-on-year growth after 10 consecutive quarters of year-on-year decline. However, smartphone sales in China are still down 1.4 per cent year-on-year in 2023, compared with a 13.9 per cent year-on-year decline in 2022. Apple ranked first with a 17.9 percent share, followed by vivo (16.9 percent) and OPPO (16.2 percent). Looking ahead to 2024, the Counterpoint Research expects China's smartphone market to achieve low-single-digit year-on-year growth and resume growth again after five years. 7. The State Press and Publication Administration released the approval information of domestic online games in January. A total of 115 games were approved in the early morning of January 26. The State Press and Publication Administration released the approval information of domestic online games in January, and a total of 115 games were approved. These include 4 client games, 8 mobile and client games, 1 PS game, 1 PS and client game, 1 web and mobile and client game, and the remaining 100 mobile games (including 58 casual puzzle mobile games). "Need for Speed", "Blood Beauty Basket", "Magic Guide World" and so on. Theme Opportunity 1, Wind Power New Installed Capacity or Record High Offshore Wind Power as Highlight According to Polaris Wind Power Network, professionals predict that in 2023, China's new wind power grid-connected installed capacity is expected to exceed 75GW to reach the highest point in history, of which onshore wind power grid-connected nearly 70GW, offshore wind power grid-connected more than 6GW. According to the National Energy Administration, from January to November 2023, the country's new installed capacity of wind power was 41.39GW, up 83.8 percent year-on-year. According to the usual practice, December is the centralized grid-connected month of wind power projects, and the grid-connected scale is expected to exceed 30GW in this month. Guolian Securities Research believes that it is expected that in 2024 and 2025, the new installed capacity of domestic sea breeze is expected to reach 10GW and 17GW, and the three-year compound growth rate is expected to reach 68%. Related companies have Daikin Heavy Industries and so on. 2. The first 5G-A scale networking demonstration will be completed. On January 25 of the first year of commercialization, Huawei and Beijing Unicom completed the 5G-A scale networking demonstration, realizing the continuous coverage of three key scenes such as Beijing Central Financial Street. This is the country's first 5G-A scale networking demonstration, the actual road test results show that the user downstream peak rate of 10Gbps, continuous experience of more than 5Gbps, compared to 5G network, the user experience to achieve 10 times. As the live broadcast economy, the Internet of Things economy, and the digital transformation of the industry enter the fast lane of development, higher requirements are put forward for the number of user connections, speed and delay on the network. CICC believes that 5G-A, as a connecting stage, is expected to reveal the direction for the evolution of 6G while accelerating the digital transformation of various industries. It is expected that 2024 will be the first edition of 5G-A standard freeze and commercial year, optimistic about the RF and other related industrial chain. Related companies have Xinke Mobile, Aled and so on. 3. Commercially Accelerated Tesla to Open Unmanned Driving System According to reports, Musk released two important news at the recent Tesla financial report: Tesla's next generation of models has been developed in Texas factories and is expected to start production by the end of 2025; At present, Tesla has begun to discuss FSD external authorization. Musk also outlined Tesla's breakthroughs in the field of artificial intelligence, especially its leadership in autonomous driving technology, while revealing the upcoming update of FSD V12. The analysis points out that intelligent driving is the general trend of future automobile development. 2020-2030 is the "golden decade" of autonomous driving development, and the global autonomous driving technology is expected to develop rapidly under the policy drive. Related companies have Zhejiang Shibao, Lianchuang Electronics and so on. Company News 1. General Motors Shares: General Motors Rubber Thailand, a subsidiary of General Motors (601500), announced on the evening of January 25 that the company recently learned the final result of the first annual administrative review of the U.S. Department of Commerce's anti-dumping investigation on Thai passenger cars and light truck tires, in which General Motors Rubber Thailand, a subsidiary of the company, applied a final tax rate of 4.52. The final tax rate for this review was significantly lower than the original tax rate, and the company's subsidiary General Rubber Thailand was adjusted from 17.06 percent to 4.52 percent. As an important overseas base of the company, the tax rate adjustment will help the company to further seize market share and enhance its competitiveness and profitability in the international market. 2, Renxin New Material: The company through BYD supplier on-site audit Renxin New Material (301395) on the evening of January 25 announcement, the company recently received through the "BYD supplier on-site audit report" notice, audit products are: plastic pellets, audit conclusion: passed. The company's products are mainly used in new energy vehicle power system accessories. The company's on-site audit of BYD suppliers indicates that the company has the prerequisites to enter the BYD supply chain system, and also represents that the company's products have the performance and quality applied to the field of new energy vehicles. 3. Jiangsu Wuzhong: only has the sales agency right of the AestheFill within a certain period of time in China. Jiangsu Wuzhong (600200) disclosed the stock trading change announcement on January 25, saying that the company's Sun Company Datu Medical Devices (Shenzhen) Co., Ltd. is the AestheFill agent, and the company only has the sales agency right of the AestheFill within a certain period of time in China, and does not own the ownership and raw property rights of the product. The actual sales of the product after the market depends on the future marketing effect, there is uncertainty. Up to now, the company's main business has not changed, the core business is still the pharmaceutical manufacturing industry. 4. Shengmei Shanghai: Shengmei Shanghai (688082) announced on the evening of January 25 that the company plans to raise no more than 4.5 billion yuan to invest in high-end semiconductor equipment iterative research and development projects. Shengmei Shanghai () plans to issue shares to specific targets to raise no more than 4.5 billion yuan, and plans to invest in research and development and process testing platform construction projects, high-end semiconductor equipment iterative research and development projects and supplementary working capital. 5. Lanfan Medical Treatment: Subsidiary Lanfan Baisheng plans to introduce strategic investor Lanfan Medical Treatment (002382) announced on the evening of January 25 that the company's cardiovascular and cerebrovascular business entity and wholly-owned subsidiary Lanfan Baisheng plans to introduce strategic investors Capital Health Industry Fund, Linkong Private Equity Fund and Linqu County High-tech Industry Investment Co., Ltd. to increase capital and shares. Upon confirmation, investors plan to increase capital to Lanfan Baisheng by a total of 0.9 billion yuan in cash, subscribe for 18.37 per cent of the shares of Lanfan Parson after the capital increase transaction. After the completion of the capital increase, the company's shareholding in Lanfan Parson will be changed from 100 to 81.63, and Lanfan Parson will remain a controlling subsidiary of the company and will continue to be included in the scope of the company's consolidated statements. 6. Tianneng Stock: The proposed acquisition of 40% of the shares of Tianneng Shuai Fude (688819), a holding subsidiary, announced on the evening of January 25 that the company intends to acquire 40% of the shares of Tianneng Shuai Fude Energy Co., Ltd. (Tianneng Shuai Fude), a holding subsidiary of Saft Groupe SAS (hereinafter referred to as "Shuai Fude"), in US dollars equivalent to 0.21 billion yuan. After the acquisition, the companyIt holds a 100 per cent stake in Tiangeng Shuai Fu. Based on the changes in the lithium-electric market, Tianneng shares strategically chose the energy storage business as the company's lithium-electric development direction, and formally established the energy storage division to undertake the company's energy storage system ecological development strategy. This change in the way of cooperation with Shuai Fude, the two sides reached a preliminary consensus on the future 2-3GWh annual procurement intention, which will have a positive impact on the company's energy storage business. 7. Nandu Power Supply: Nandu Power Supply (300068), the centralized bidding project for lithium iron phosphate battery products of China Tower, announced on the evening of January 25 that the company won the centralized bidding project for lithium iron phosphate battery products for standby power of China Tower 2023-2024, with the winning amount of about 0.403 billion yuan, accounting for 3.43 of the company's audited operating income in 2022. 8. Boji Medicine: Signed "Clinical Trial Service Agreement" with Weimu Biology. Boji Medicine (300404) announced on the evening of January 25 that the company signed "Clinical Trial Service Agreement" with Weimu Biology (Zhejiang) Co., Ltd. (hereinafter referred to as "Weimu Biology"). Weimu Biology entrusted Boji Medicine to provide "VVN001 Eye Drops" clinical trial contract researchers with a total contract amount of about 53.5713 million yuan (including tax), execute the installment payment method. 9. Fuyao Glass: Fuyao Glass (600660), which plans to set up a subsidiary company in Hefei for 5.75 billion yuan, announced on the evening of January 25 that the company plans to set up three wholly-owned subsidiaries Fuyao Glass (Hefei) Co., Ltd., Fuyao Glass (Hefei) Accessories Co., Ltd. and Hefei Fuyao Float Glass Co., Ltd. (tentative name) in Hefei, Anhui Province, it also invested 5.75 billion yuan in the construction of automobile safety glass project (OEM supporting market), automobile accessory glass project (ARG after-sales maintenance market) and high-quality float glass project, equipped with advanced modern production equipment, and finally formed an annual production scale of about 26.1 million square meters of automobile safety glass and two high-quality float glass production lines. 10, Cape Cloud: The proposed joint venture to speed up the artificial intelligence frontier business layout Cape Cloud (688228) announced on the evening of January 25, the company intends to work with Chengdu Huachuang Kunhang Technology Partnership (limited partnership) (referred to as "Huachuang Kunhang") jointly funded the establishment of a joint venture. The registered capital of the joint venture company is 0.2 billion yuan, and Kaipuyun plans to contribute 0.12 billion yuan, accounting for 60%. The business direction of the joint venture company is to provide industry big model, artificial intelligence big model and computing power hardware and software integration products, artificial intelligence computing power operation service, artificial intelligence computing power optimization scheduling platform, artificial intelligence big model MaaS/SaaS service, etc. Huachuang is an employee shareholding platform introduced by the company to engage in artificial intelligence computing power, AI servers and other industries. This investment will help the company's "AI computing power, big model and smart application" strategy to accelerate the landing, accelerate the company's business layout in the forefront of the artificial intelligence industry. 11. Weifu Gaoke: 2023 net profit increased by 1413-1623% YoY Weifu Gaoke (000581) released its performance forecast on the evening of January 25. It is expected that the net profit attributable to the mother in 2023 will be 1.797 billion -2.047 billion yuan, up 1413-1623% YoY. In the same period last year, the special impact of the company's credit impairment loss of about 1.644 billion yuan due to "platform trade" fraud led to a significant decline in net profit in 2022. During the reporting period, the market share of the Company's core business products continued to grow and continued to maintain its leading position in the industry. Sales of common rail pump products have risen steadily; sales of four-cylinder supercharger products have reached a record high; gasoline supercharger products have achieved mass production of several domestic head passenger car customer projects; the market share of gasoline purifiers and diesel purifiers has steadily increased. 12, Qianhe flavor industry: 2023 net profit increased by 48% to 68% YoY Qianhe flavor industry (603027) announced on the evening of January 25, the company is expected to achieve 2023 years attributable to shareholders of listed companies net profit of 0.509 billion yuan to 0.578 billion yuan, an increase of 48% to 68% YoY. During the reporting period, the purchase price of packaging materials decreased year-on-year, and the product transportation and miscellaneous fee rate decreased, resulting in an increase in gross profit margin; the expansion of sales scale and the increase in the input-output ratio of sales expenses led to an increase in net profit margin. Editor: Peng Bo proofread: Su Huanwen