[Highlights]

The Federal Reserve keeps interest rates unchanged for the fifth time in a row, and may cut interest rates three times during the year

The U.S. Federal Reserve concluded its two-day monetary policy meeting on the 20th and announced that it would maintain the target range of the federal funds rate at 5.25 to 5.5 percent. The Fed is expected to cut interest rates three times this year.

This is the fifth time the Fed has kept interest rates unchanged since September. In a statement issued on the same day, the Federal Reserve said it was "inappropriate" to lower the target range of the federal funds rate before it had greater confidence that the inflation rate would continue to move towards the long-term target of 2% ". At present, the outlook for the US economy is uncertain, and the Federal Open Market Committee, which is responsible for setting monetary policy, will continue to pay close attention to inflation risks.

Comments: The Federal Reserve will not make any commitments for future meetings and will continue to make decisions separately at each meeting.

"Investing in China is investing in the future", the latest response from the National Development and Reform Commission, the Central Bank and the Ministry of Commerce!

On March 20, the State Council Information Office held a regular policy briefing of the State Council. Wu Hao, Secretary-General of the National Development and Reform Commission, Zhu Bing, Director of the Department of Foreign Investment Management of the Ministry of Commerce, and Head of the Department of Foreign Investment and Overseas Investment of the National Development and Reform Commission Huazhong, Zhou Yu, head of the International Department of the People's Bank of China, and Jia Tongbin, head of the Alien Management Department of the State Immigration Administration, attended the meeting, interpret the "Action Plan for Solidly Promoting High-level Opening-up and Greater Efforts to Attract and Utilise Foreign Investment" (hereinafter referred to as the "Plan") publicly released on the 19th, and discuss the decline in the scale of foreign investment since the end of last year, the cross-border flow of financial sector data, and foreigners Respond to hot issues such as payment in China.

Comments: In a longer time dimension, China's actual use of foreign capital in 2023 is still at an all-time high.

Shijiazhuang, Huizhou callback mortgage interest rates, higher interest rates in the city there is further downward space

On March 19, a "Notice on Adjusting Shijiazhuang's Differentiated Housing Credit Policy" (referred to as the "Notice") was circulated in the industry, which mentioned that since April 2024, Shijiazhuang City will resume the implementation of the national unified The lower limit of the interest rate for commercial personal housing loans for the first set of housing, and the lower limit of the interest rate policy for commercial personal housing loans for the second set of housing will be implemented in accordance with current regulations.

On March 20, a reporter from the Beijing News learned from the staff of the Hebei Branch of the People's Bank of China that the "Notice" is true and the lower limit of the first home commercial loan interest rate will be adjusted from April. At the same time, some banks in Huizhou, Guangdong have also adjusted their mortgage rates.

Comments: Cities with higher mortgage interest rates also have room and expectations for further downward adjustments in the future to reduce the cost of home buyers and promote the release of housing demand.

Many departments actively plan a new round of policies and measures to attract foreign investment with greater efforts

The General Office of the State Council recently issued the "Action Plan for Solidly Promoting High-level Opening-up and Greater Efforts to Attract and Utilize Foreign Investment" (hereinafter referred to as the "Action Plan"), focusing on expanding market access, increasing policy efforts, and optimizing a level playing field. 24 measures have been introduced in five areas, including unblocking the flow of innovation elements and improving domestic regulations. On March 20, the National Development and Reform Commission, the Ministry of Commerce, the People's Bank of China, the State Immigration Administration and other departments revealed the next policy arrangements at the State Council's regular policy briefing.

Comments: The Ministry of Commerce will build the "Invest in China" brand from three aspects: creating high-quality activities, creating high-quality services, and creating a world-class business environment, including holding more than 20 high-quality activities at home and abroad.

71 companies have terminated their IPOs during the year and 69 have withdrawn voluntarily

this year, the number of IPO termination phase peak. Wind data shows that as of March 20, 71 companies' IPO projects have been terminated during the year. Among them, except for 2 companies that failed or terminated registration due to review, the remaining 69 companies were voluntarily withdrawn, exceeding the same period last year (44).

The China Securities Regulatory Commission recently stated that it will strictly control the issuance and listing access to improve the quality of listed companies from the source. The interviewed experts believe that this year the China Securities Regulatory Commission has repeatedly emphasized that IPO "declaration is responsibility", and there will be stricter requirements on the listing threshold. It will also greatly increase the proportion of on-site inspections and increase the mechanism of "direct inspections without advance notice". Under the trend of strict supervision, it is expected that more companies will voluntarily withdraw their applications.

Comments: Last year, some enterprises wanted to sprint to the North Stock Exchange to list. At present, some enterprises have lowered their expectations and turned to merger and reorganization plans.

[industry hot spot]

Copper price "soaring" downstream "abdominal back pressure"

Cement industry profits hit 16-year low, listed companies seek "second curve"

Release of the First Domestic Group Standard for Integrated Hydrogen Production and Hydrogenation Station

the first batch of tungsten mining indicators tightened this year, and the company took the lead in raising the price of tungsten ore

[Market dynamics]

A-shares: On March 19, the three major A- share indices as a whole were in a state of shock adjustment, with the CRE 50 index falling relatively large. As of the close, the Shanghai Composite Index was down 0.72 per cent at 3062.76, the Shenzhen Component Index was down 0.58 per cent at 9696.69 and the gem index was down 1.01 per cent at 1906.94. The turnover of Shanghai and Shenzhen stock markets reached 1077.9 billion yuan, down 60 billion yuan from the previous trading day. It is worth mentioning that in the past 7 trading days, the turnover of A shares has exceeded the trillion yuan mark in 6 trading days.

Hong Kong stocks: Since February this year, the Hong Kong stock market has rebounded strongly. The reporter's statistics found that since the Hang Seng Index bottomed out on January 22, the maximum rebound rate since the low level has exceeded 16%; the maximum rebound rate of the Hang Seng Technology Index and the Hang Seng China Enterprise Index since the low level of the year has reached 24.09 and 21.36 respectively. Both have entered a technical bull market, some stocks have doubled, and bull stocks in the Internet, artificial intelligence, new energy, and non-ferrous metals sectors have frequently appeared.

U.S. stocks: The three major stock indexes of the New York stock market rose on the 19th. As of the close of the day, the Dow Jones Industrial Average rose 320.33 points from the previous trading day to close at 39110.76 points, an increase of 0.83; the Standard & Poor's 500 stock index rose 29.09 points to close at 5178.51 points, an increase of 0.56; The Nasdaq Composite Index rose 63.34 points to close at 16166.79 points, an increase of 0.39. On the sector side, the S & P 500 Index's 11 major sectors rose and fell. The energy and utilities sectors led gains of 1.08 percent and 0.92 percent, respectively, while the communications services sector fell 0.17 percent.

European stocks: Europe's Stoxx 50 fell 0.1 per cent, Britain's FTSE 100 rose 0.1 per cent, France's CAC 40 fell 0.05 per cent and Germany's DAX 30 rose 0.18 per cent.

[Institutional Strategy]

Looking ahead, as the April financial reporting season approaches, some institutions suggest that macro data and guidance issued by companies during the performance period may refocus the market on the recovery of corporate earnings.

Huatai Securities strategy team said that in the current fundamental expectations have not changed significantly, the market short-term or partial shock operation. This round of rebound with high dividends, artificial intelligence leader as the focus, follow-up or rotation to the low plate to make up the rise. After the start of the fiscal season in April, the market focus may switch back to individual stock fundamentals and industry sentiment again.

In the view of Everbright Securities, the overall style of the market in March may be pro-cyclical, and investors can continue to focus on the high-dividend and pro-cyclical sectors.

[Topic Company]

Tencent's revenue grew 10% last year, announces HK $100 billion super buyback

on March 20, Tencent released its financial report showing that its total revenue in 2023 was 609.015 billion yuan, up 10% year-on-year. Adjusted net profit under non-IFRS indicators (Non-IFRS) was 157.688 billion yuan, up 36% year-on-year. In the fourth quarter, the company's gross profit, operating profit (Non-IFRS), and net profit (Non-IFRS) grew by 25%, 35%, and 44%, respectively, all exceeding revenue growth.

However, the financial report mentioned that Tencent's net profit fell 39% year-on-year to 115.2 billion yuan in 2023. The decline was mainly due to the disposal of US group income of 106.6 billion yuan in 2022 and the adjusted net profit increased 36%.

Lei Jun's latest voice! I admire that only Tesla dares to raise prices in response to Xiaomi's car pricing

On March 20, Lei Jun posted on Weibo that he saw rumors today that Tesla would raise prices on April 1. Tesla is too good, sincerely admire: the current electric car market, competition is so fierce, only Tesla dare to raise prices.

You may not know much about the cost of trams. At present, pure trams, in addition to Tesla, many are huge losses. I just checked Tesla's financial report. Last year, I sold 1.81 million vehicles, almost all of which were Model 3/Y, with revenue of US $96.77 billion and operating profit of US $8.89 billion. Even Tesla's size and operational efficiency is only 9.2 per cent profitable. Model 3, currently priced 245900. If you calculate roughly according to the operating profit margin of the financial report, you also need to 223000 the selling price to basically even out.

Suddenly you can't sell? Gucci, the luxury industry giant, has seen its sales plummet

On March 20, the share price of the luxury goods industry giant and Gucci (Gucci) parent company Kering Group plummeted shortly after the opening of the market. The decline once expanded to 15%, which is expected to be the largest drop in history. This "flash crash" shocked the entire market.

The industry generally believes that this stock price performance is due to Gucci, which is regarded as the "pillar" of Kering Group, whose sales in the Asia-Pacific region have fallen sharply. It is expected that the first quarter of 2024 will drop by nearly 20% year-on-year. As the "evergreen tree" of the luxury industry, how did Gucci suddenly "sell"? Not long ago, Gucci also followed the pace of the luxury army, set off a wave of price increases, some of the popular package price increases of more than $1,000.

[New Stock Alert]

None

[Notice]

Refinancing

zhangjiang high tech: the public offering of corporate bonds not exceeding 3.27 billion yuan has been approved by the China securities regulatory Commission

Zhangjiang Hi-Tech (600895) March 20The company announced on the evening of the day that the company's public offering of corporate bonds with a total face value of not more than 3.27 billion yuan to professional investors was approved by the China Securities Regulatory Commission.

[Change in equity]

gac group: gac an plans to transfer 100% equity of zhixiang company and inject 1.858 billion yuan into it

GAC Group (601238) announced on the evening of March 20 that the company held a meeting of the board of directors to consider and pass the "Proposal on the Transfer of Equity in Zhixiang Company."

Agree that the company will transfer 100% of the equity of Hunan Zhixiang Automobile Management Co., Ltd. (hereinafter referred to as "Zhixiang Company") to the holding subsidiary GAC E'an New Energy Automobile Co., Ltd. (hereinafter referred to as "GAC E'an"), The transfer price is determined to be 0.191 billion yuan based on the evaluation results of the relevant asset evaluation report (subject to the filed evaluation results); at the same time, it agreed that GAC E'an would transfer a 100 per cent stake in Zhixiang Company and inject 1.858 billion yuan into it. The source of funds is self-financing by GAC.

Riyue shares: wholly-owned subsidiary plans to transfer 80% equity of Jiuquan Zhejiang Xincan for 0.382 billion yuan

Riyue shares (603218) announced on the evening of March 20 that Gansu Riyue, a wholly-owned subsidiary of the company, intends to sign an equity acquisition agreement with Zhejiang New Energy Investment Group Co., Ltd. (referred to as "Zhejiang Xinneng") to transfer its 80% equity of Jiuquan Zhejiang Xinneng Wind Power Co., Ltd. (referred to as "Jiuquan Zhejiang Xinneng") at a transfer price of 0.382 billion yuan.

After the equity transfer, Gansu Riyue's shareholding in Jiuquan Zhejiang Xinneng was reduced from 95% to 15%, and Jiuquan Zhejiang Xinneng was no longer included in the scope of the company's consolidated statements. The proceeds from the disposal of 80% of Jiuquan Zhejiang Xincan's equity will be included in the investment income, with an amount of about 0.24 billion yuan, which will have an impact on the company's net profit for 2024.

[Business Data]

pinduoduo achieved revenue of 88.9 billion yuan in the fourth quarter of 2023

on March 20, pinduoduo group released its fourth quarter and full year 2023 results. In the fourth quarter of 2023, Pinduoduo Group achieved revenue of 88.9 billion yuan, up 123 year on year. As of December 31, 2023, the annual revenue was 247.6 billion yuan, up 90% year on year. Platform consumption performance continued to improve throughout the year.

Pudong Development Bank Performance Express: 2023 Net Profit Declines 28.28 Year-on-Year

Shanghai Pudong Development Bank (600000) released its 2023 annual performance bulletin on the evening of March 20. In 2023, it achieved operating income of 173.434 billion billion yuan, a year-on-year decrease of 8.05; the net profit attributable to shareholders of the parent company was 36.702 billion billion yuan, a year-on-year decrease of 28.28.

As of the end of the reporting period, the balance of the Group's last three types of non-performing loans was 74.198 billion yuan, a decrease of 0.421 billion yuan from the end of the previous year; the non-performing loan ratio was 1.48, a decrease of 0.04 percentage points from the end of the previous year; the provision coverage ratio was 173.51, compared with the previous year An increase of 14.47 percentage points at the end of the year.

Songyuan shares: net profit in the first quarter of 2024 increased by 60.11-78.59% year on year

Songyuan shares (300893) released the first quarter performance forecast of 2024 on the evening of March 20. In the first quarter, the net profit attributable to shareholders of listed companies is expected to reach 52 million -58 million yuan, up 60.11-78.59 year-on-year.

since 2024, the passenger car market has remained stable, and the company has continued the rapid development trend of the previous year. The demand for cost reduction on the whole vehicle side conforms to the high cost performance characteristics of the company's products, providing sufficient business penetration opportunities. The strategic opportunities of domestic substitution and independent substitution are gradually reflected. The reserved project orders are gradually mass produced and climbed up the slope.

weihai guangtai: net profit in the first quarter of 2024 increased by 50%-65% year on year

Weihai Guangtai (002111) released its first quarter 2024 performance forecast on the evening of March 20. In the first quarter, it is expected to achieve a net profit of 45.8972 million -50.4869 million yuan attributable to shareholders of listed companies, a year-on-year increase of 50%-65%.

as of the disclosure date of this announcement, the company has obtained new international orders of 0.28 billion billion yuan this year, an increase of 520 percent over the same period last year; new domestic orders of 0.19 billion billion yuan, an increase of 179 percent over the same period last year; and new orders for airport equipment business totaled 0.47 billion billion yuan, an increase of 312 percent over the same period last year, the best level in history.

Jinpan Technology: 2023 net profit up 78.15% YoY

Jinpan Technology (688676) disclosed its annual report on the evening of March 20. In 2023, it achieved operating income of 6.668 billion billion yuan, a year-on-year increase of 40.5; net profit of 0.505 billion billion yuan, a year-on-year increase of 78.15; basic earnings per share of 1.18 yuan. The company intends to distribute a cash dividend of 4.5 yuan (including tax) to all shareholders for every 10 shares.

Jinpan Technology announced on the same day that Guangzhou Tongxiang, a wholly-owned subsidiary of the company, recently signed contracts for intelligent manufacturing projects and digital factory projects with subsidiaries of customer C. The total contract amount is 0.229 billion yuan (including tax), and the amount excluding tax accounts for 3.05 of the company's audited operating income in 2023.

dongfang cable: net profit in 2023 increased by 18.78 year on year. it is proposed to send 10 4.5 yuan

Dongfang Cable (603606) released its 2023 annual report on the evening of March 20. In 2023, it achieved operating income of 7.31 billion billion yuan, a year-on-year increase of 4.3; realized net profit attributable to shareholders of listed companies of 1 billion billion yuan, a year-on-year increase of 18.78; Basic earnings per share are 1.45 yuan; it is planned to distribute cash dividends of 4.5 yuan (including tax) to all shareholders for every 10 shares.

Tianma Zhikong: Net Profit in 2023 Grows 7.03 Year on Year to 10 4 yuan

Tianma Zhikong (688570) disclosed its annual report on the evening of March 20. In 2023, it achieved operating income of 2.206 billion billion yuan, a year-on-year increase of 12.09; net profit of 0.425 billion billion yuan, a year-on-year increase of 7.03; basic earnings per share of 1.07 yuan. The company intends to pay a cash dividend of 4 yuan (including tax) to all shareholders for every 10 shares.

Zangge Mining: Net Profit Declines 39.52 Year on Year in 2023 to Send 10 8 yuan

Zangge Mining (000408) released its 2023 annual report on the evening of March 20, achieving operating income of 5.226 billion billion yuan in 2023, down 36.22 percent from the same period last year; net profit belonging to shareholders of listed companies was 3.42 billion billion yuan, down 39.52 percent from the same period last year; and basic earnings per share were 2.18 yuan. A cash dividend of 8 yuan (including tax) is distributed to all shareholders for every 10 shares.

Nanqiao Food: February net profit increased by 136.65 YoY

Nanqiao Food (605339) announced on the evening of March 20 that the company's net profit attributable to shareholders of the parent company in February 2024 was 18.4277 million yuan, an increase of 136.65 percent over the same period last year.

[The winning contract]

china tong number: from January to February, a total of 6 important projects in the rail transit market were won with a total amount of about 2.316 billion yuan

China General Number (688009) announced on the evening of March 20 that from January to February 2024, the company won a total of 6 important projects in the rail transit market, including 5 in the railway market and 1 in the urban rail transit market, with a total bid amount of about 2.316 billion yuan, accounting for about 5.76 of the company's audited operating income in 2022 under the Chinese accounting standards.

tianyi shangjia: winning the bid for 0.171 billion yuan railway operation materials joint procurement project

tianyi shangjia (688033) announced on the evening of March 20 that the company recently received the bid-winning notice issued by the national railway materials co., ltd. informing the company to win the bid for the railway operation materials joint procurement project (EMU brake piece) "package number A3, package number A4, package number A5, package number A6, package number A7, package number A8, package number A9, package number A10, package number A12, the winning amount is 0.171 billion yuan (including tax).

[Major investment]

Binhai Energy: Proposed construction of crystal pull and solar photovoltaic cell project

Binhai Energy (000695) announced on the evening of March 20 that Baotou Xuyang New Energy, a subsidiary of the company, plans to invest in the construction of 5GW solar photovoltaic cell project, and Baotou Xuyang Silicon Material of Sun Company plans to invest in the construction of 10GW crystal pulling project (the two projects are collectively referred to as "the project"), with an estimated total investment of about 3.983 billion yuan.