Highlights

1. Political Bureau of the CPC Central Committee: We must grasp the primary task of high-quality development to promote the effective improvement of quality and reasonable growth of the economy

The Political Bureau of the CPC Central Committee held a meeting on January 31. The meeting emphasized that 2024 is the 75th anniversary of the founding of New China and a key year for achieving the goals and tasks of the 14th Five-Year Plan. We must grasp the primary task of high-quality development, deepen reform and opening up, ensure that the key tasks determined by the Central Economic Work Conference are implemented, and promote the effective improvement of quality and reasonable growth of the economy. We should firmly establish the concept of political achievements for the benefit of the people, improve people's livelihood and well-being, and safeguard social fairness and justice. It is necessary to coordinate high-quality development and high-level security, adhere to bottom-line thinking, enhance the awareness of struggle, and improve the ability to fight. It is necessary to conscientiously fulfill the main responsibility of administering the party strictly in an all-round way, take the lead in implementing the spirit of the eight regulations of the Central Committee and its implementation rules, set an example, take the lead in setting an example, and grasp the party's self-revolution in detail and in-depth.

2. Shanghai headquarters of the central bank: meeting the effective financing needs of the real economy in accordance with the principles of marketization and rule of law

People's Bank of China Shanghai Headquarters Deploys 2024 Monetary Credit Work. The meeting made specific arrangements for the monetary and credit work in Shanghai in 2024. It is necessary to maintain a reasonable growth in the total amount of money and credit. All financial institutions should meet the effective financing needs of the real economy in accordance with the actual conditions of Shanghai and the principles of marketization and rule of law, and enhance the stability and sustainability of total credit growth. Achieve credit balance. Grasp the pace of loan delivery, smooth the monthly fluctuations in credit delivery, and strive to create a good monetary and financial environment. Comment: There is no need to worry about liquidity this year. The tone of a looser monetary policy environment for the whole year has been set.

3, urban real estate financing coordination mechanism quickly landed in Chongqing, Nanning have identified the project "white list"

Recently, Nanning and Chongqing in the western region have successively established real estate financing coordination mechanisms, and the white list of real estate projects has also taken the lead. Among them, Nanning has pushed the first batch of 107 "white lists" of real estate projects to local financial institutions; Chongqing has also sorted out 314 "white lists" of the first batch of real estate projects, with a financing demand of about 83 billion yuan, and pushed them to 28 major banks within its jurisdiction. Comment: It is expected that all localities will copy jobs, white lists will be released one after another, and related loan placement will follow one after another, gradually allowing the market to form a consensus and blocking the spread of real estate risks.

4. national development and reform Commission: domestic gasoline and diesel will be increased by 200 yuan and 200 yuan per ton respectively

According to the National Development and Reform Commission, starting from 24:00 on January 31, domestic gasoline and diesel will be increased by 200 yuan and 200 yuan per ton respectively. On the national average, No. 92 gasoline is increased by 0.16 yuan per liter; No. 95 gasoline is increased by 0.17 yuan per liter; No. 0 diesel is increased by 0.17 yuan per liter. According to the estimation of the 50L capacity of the general household car fuel tank, filling up a tank of 92# gasoline will cost more than 8 yuan. After the implementation of this increase, domestic refined oil prices have ushered in three rounds of adjustments this year, including two increases and one downward adjustment. Comment: The overall international crude oil price showed a volatile upward trend. Although there was a callback during the period, the overall upward trend has not changed. In the future, international oil prices are expected to continue the trend of strong volatility.

5. Oriental Selection: New Oriental and Yu Minhong Promise to Purchase a Total of HK $0.7 billion Company Shares at Market Price

Orient Selection and New Oriental jointly announced that the Orient Selection Board and the New Oriental Board of Directors have each approved the termination of the subscription agreement and entered into the termination agreement; New Oriental and Yu Minhong have each undertaken to purchase Orient Selection shares with a total value of HK $0.7 billion on the Hong Kong Stock Exchange at market prices. Comment: After the adjustment of the company's organizational structure was completed, Yu Minhong began to make intensive moves in the capital market, taking advantage of the current cheap chips to gamble.

6. gree electric appliance responded to "small composition": the increase of 0.2 billion yuan year-end bonus has nothing to do with the provision of working mobile phones

a chat record "small composition" was circulated in several wechat groups ". The unnamed person said, "Multiple 0.2 billion is one (Gree) G3 mobile phone per person." He also said that the year-end bonus will be awarded shopping points, but the price of goods in integral mall is higher than the market price, which is suspected of offsetting sales. In this regard, Gree Electric said that the online "small composition" is false news, and reserves the right to pursue its legal responsibility in accordance with the law. The company said that it has decided to equip each employee with a free work mobile phone (including a free communication package), which will be distributed in batches around the Spring Festival. The company's increased 0.2 billion yuan year-end bonus has nothing to do with the free working mobile phones. The increased year-end bonus does not include middle and high-level cadres, and the increased part is inclined to production front-line employees. Comment: Gree Electric still has a lot of plays. The pictures are full these days. After a set of operations, the stock price has temporarily gone up.

Overnight outside

us stocks: the federal reserve kept interest rates unchanged and hinted that the March interest rate cut might not put much pressure on the market. us stocks closed down across the board, with the Dow hitting its biggest one-day drop since December 20 last year and standard reading its biggest one-day drop since September 21 last year. Most technology stocks fell, Google fell 7.5, its biggest one-day drop since the end of October last year, Amazon, Tesla, Microsoft and Meta fell more than 2%, the trend of the general stock differentiation, the bird software rose more than 115 percent, the medical into the medical rose more than 25%, can chain smart electricity rose more than 9%, happy cars fell more than 60%, 100 clouds fell more than 35%, and the technology fell more than 7%.

futures market: the us dollar index fell to a one-week low. after the federal reserve meeting, the yen rose 1% to a two-week high, and in January it still fell more than 4%, the biggest drop in 11 months. Offshore RMB once rose nearly 200 points to recover 7.18. Gold futures rose 0.8 percent to a two-week high, falling 1.3 percent this month, three months in a row; Lunnickel fell for five months in a row; crude oil fell back to a one-week low intraday had fallen nearly 3 percent, but in January accumulated about 6 percent to end the three-month streak; 10-year U.S. bond yields for the first time in two weeks broke 4.0 percent, two-year yields once fell more than 10 basis points.

Market Strategy

the market continues to fall. the China securities 1000 index has reached the support level of 4781 points. if it cannot hold up here, there are still 4669 points below, and the distance is 100 points. it is expected to stop falling around here. Continuous decline after the rebound and then accelerate, local out of the 5 wave structure, can be considered as a short-term bottom signal. This vertical decline in the current position is not expected to last long. The short-term low has gradually approached, so we can pay attention to the stop signal.

Theme Nuggets

Gold: The latest report released by the World Gold Council on January 31 pointed out that supported by strong demand in the over-the-counter market and continued purchases by the central bank, the total demand for gold reached a record level last year. In the past year, due to economic uncertainty and geopolitical tensions, gold has been sought after as a major safe-haven asset. International gold prices rose 13% last year and hit a record high in December. The World Gold Council noted that stable demand from central banks has again supported gold demand and helped offset weakness in other areas of the market, leaving 2023 demand well above the 10-year average. In 2024, the Federal Reserve may take potential interest rate cuts, coupled with trade tensions in the Middle East and more than 60 global elections, all factors are likely to encourage investors to turn to gold, which is expected to expand again.

Target: Shandong Gold (600547), Zijin Mining (601899)

n-type silicon material: on January 31, the silicon branch of China nonferrous metals industry association released the latest transaction price of solar grade polysilicon. The average transaction price of N-type material was 71900 yuan/ton, up 1.41 percent month-on-week, the average transaction price of N-type particle silicon was 61000 yuan/ton, up 1.67 percent month-on-week, and the average transaction price of single crystal re-feeding material was 61800 yuan/ton, up 1.48 percent month-on-month. Among them, the N-type material to achieve three consecutive increases, the cumulative increase has been close to 6%.

target: Tongwei shares (600438), daqo energy (688303)

Selected Announcements

[Major matters]

Big Family Laser: To terminate the spin-off of the big family seal to GEM listing

Wen's shares: expected net loss of 6 billion -6.5 billion yuan in 2023

Huicheng Environmental Protection: Net Profit Expected to Increase 5398-6207 YoY in 2023

Tongwei shares: controlling shareholder Tongwei group plans to increase its stake in the company by 1 billion yuan to 2 billion yuan

guanhao hi-tech: 400000 tons of chemical machine pulp project to be built

bohui shares: plans to invest 2.28 billion yuan in new materials and high-end chemicals integration project

[Performance Summary]

rongda photosensitive: net profit is expected to increase 60%-75% year-on-year in 2023

east China medicine: 2023 net profit increased by 12.5-14.5% year on year

Jiangsu Shentong: Expected Net Profit to Increase 10%-25% YoY in 2023

Lacarra: Pre-profit of 0.44 billion yuan -0.66 billion yuan in 2023

huacan optoelectronics: pre-loss of 0.79 billion yuan -0.89 billion yuan in 2023

[M & A]

Shanghai Guang shares: proposed to raise no more than 0.885 billion yuan

huapei power: it is proposed to raise no more than 0.22 billion yuan

Hasson shares: there is uncertainty about the future business development of the target company of this restructuring

[Increase in holdings and decrease in holdings]

Sany heavy industry: chairman proposes to buy back shares at 0.6 billion -1 billion yuan

Jinshan office: plans to buy back the company's shares at 50 million -0.1 billion yuan

Baofeng Energy: The controlling shareholder plans to increase its stake in the company by 0.1 billion yuan to 0.2 billion yuan

national science and technology military industry: chairman proposes to buy back shares at 70 million -0.13 billion yuan

shuangyuan technology: chairman proposes to buy back shares at 30 million -50 million yuan

aibo medical: chairman proposes to buy back shares at 20 million -40 million yuan

Rui ang gene: shares to be repurchased at 15 million yuan -20 million yuan

yuanjie technology: chairman proposes to buy back shares at 50 million yuan -0.1 billion yuan

Bethel: Proposed repurchase of 1.2 million -1.8 million shares of the Company

jack shares: shares to be repurchased at 0.1 billion -0.2 billion yuan

ling yunguang: chairman proposes to buy back shares at 30 million yuan -60 million yuan

kailaiying: shares to be repurchased at 0.6 billion to 1.2 billion yuan

xinfengming: shares to be repurchased at 0.1 billion -0.15 billion yuan

Jianghai shares: plans to buy back the company's shares at 50 million -0.1 billion yuan

xinwanda: chairman proposes to buy back the company's shares again at 0.3 billion -0.5 billion yuan

Haier Biology: Chairman Proposes 25 million yuan -50 million yuan to Buy Back Company Shares

dean diagnosis: chairman proposes 0.1 billion yuan -0.2 billion yuan repurchase of company shares

Xidian Xinneng: Chairman Proposes to Buy Back Shares at 0.055 billion -0.11 billion yuan

oriental biology: actual controller proposes to buy back shares at 50 million -0.1 billion yuan

chunzhong technology: shares to be repurchased at 20 million -40 million yuan

new coordinates: shares to be repurchased at 25 million yuan -50 million yuan

Guoke micro: chairman proposes to buy back shares at 50 million yuan -0.1 billion yuan

xinyichang: chairman proposes to buy back shares at 20 million -50 million yuan

evergreen shares: shares to be repurchased at 0.1 billion -0.15 billion yuan

Nandu Power Supply: Chairman Proposes Company to Repurchase Shares at 0.1 billion to 0.2 billion Yuan

San an photoelectric: to buy back the company's shares from 0.5 billion yuan to 1 billion yuan

yuyuan shares: chairman proposes 0.1 billion yuan -0.3 billion yuan repurchase of company shares

Dongfang Cable: plans to buy back the company's shares at 0.1 billion -0.2 billion yuan

huafu fashion: plans to buy back the company's shares at 0.1 billion yuan -0.2 billion yuan

meige intelligence: plans to buy back the company's shares at 25 million yuan -50 million yuan

micro company: chairman proposes to buy back shares at 0.3 billion -0.5 billion yuan

fuyuan pharmaceutical: chairman proposes to buy back shares at 0.1 billion -0.2 billion yuan

rongtai shares: shares to be repurchased at 30 million -60 million yuan

tebao biology: the actual controller and the concerted action person promise not to reduce the company's shares within 6 months

luo niushan: the controlling shareholder and the actual controller promised not to reduce the company's shares within 12 months

[Other matters]

Blue Shield Optoelectronics: Signed a Strategic Cooperation Agreement with Star Semiconductor

zhengwei new material: real controller Wang wenyin was removed from the list of restricted high consumption

Beijing Lear: the company and the actual controller intend to increase the capital of Lianchuang Lithium Energy

Samsung medical: wholly-owned subsidiary won the bid for the general contract project of about 0.31 billion yuan smart meter

hengrui medicine: obtained the registration certificate of tegilidine fumarate injection

China Satcom: China Star 6E Satellite Completed Business Succession

zhiguang electric: subsidiary won the bidding project for main network line materials of china southern power grid

special information: to be listed for transfer of 70% equity of Sichuan huatuo, a holding subsidiary

Trading tips

[Convertible Bond Purchase]

Longxing Convertible 127105

[Convertible Bond Trading Tips]

Big Convertible Bonds Enters Last Trading Day

[sales restriction]