[CSI Headlines].

Assist in the new opportunity of compulsory product certification for export to domestic sales

Under the guidance of the national strategy of "boosting consumption, expanding domestic demand" and "integration of domestic and foreign trade", the Ministry of Commerce organized relevant business associations, large supermarkets and circulation enterprises to hold discussions to discuss and help foreign trade enterprises expand domestic sales channels. A number of retail giants have responded by launching a series of supportive policies and measures to open up domestic sales channels for foreign trade enterprises. JD.com launched a support plan for export to domestic sales with a scale of up to 200 billion yuan. Hema announced the opening of the entry channel for Chinese foreign trade enterprises, building an accurate and efficient docking platform to simplify the certification process.

Comments: The "Implementation Opinions of the General Office of the State Council on Supporting the Transfer of Export Products to Domestic Sales" proposes that if the export to domestic products involve compulsory product certification (CCC certification), the compulsory product certification certificate shall be obtained in accordance with the law. The compulsory product certification system is a conformity assessment system with the nature of market access established in accordance with the relevant laws and regulations of China, and its purpose is to maintain national security, protect human health or safety, and protect the environment. At present, the CCC certified product catalog includes 103 kinds of products in 17 categories, such as household electronic and electrical products, automobiles, toys, etc., all of which are directly related to the personal safety of consumers. The products included in the catalogue must be evaluated to meet the requirements of relevant safety standards and marked with the CCC mark before they can be shipped, sold, imported or used in other business activities. According to the latest market conditions, the total cost of CCC certification is usually between 15,000 yuan and 30,000 yuan.

◆Among the A-share companies, CTI (300012) is a leader in China's third-party testing and certification services, providing a variety of certification services including 3C certification. Pony Testing (300887) is a leading comprehensive testing service provider in China, with a number of professional qualifications, including the qualification of the CNCA Compulsory Certification of Automotive Products (CCC) testing organization.

[CSI Focus].

The listing application of cross-border e-commerce platform Shein in London was approved by the FCA

Cross-border e-commerce platform Shein's application for an initial public offering (IPO) in London has been approved by the Financial Conduct Authority (FCA), marking a significant step towards Shein's goal of listing in London. It is reported that Shein's IPO valuation is around $50 billion.

Comments: Shein's listing will reshape the global fast fashion supply chain pattern. Shein has directly served consumers in more than 150 countries and regions around the world, with a cumulative follower of more than 250 million fans on social platforms, becoming one of the top 5 global unicorn companies. It is reported that in 2023, Shein's sales will reach $45 billion. According to data released by GlobalData, a well-known consulting agency, in 2024, in terms of market share of the global fashion market, Shein will become the fastest-growing fashion retailer by virtue of the advantages of digital on-demand flexible supply chain, second only to Nike and Adidas, becoming the world's third largest fashion retailer.

◆ Among the A-share companies, Jiuqi Software (002279) provides overseas marketing business for Shein. Jiacheng International (603535) provides Shein with full-link logistics services such as warehousing and distribution and quality inspection outsourcing.

【Highlights of the News】

○On April 13, the Ministry of Commerce, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Culture and Tourism, the State Administration for Market Regulation, and the General Administration of Sports, launched a series of activities called "Buy in China" at the 5th China International Consumer Products Expo in Hainan.

○ The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) issued the Implementation Plan for the Special Action for the Upgrading of a New Generation of Coal-fired Power (2025-2027), which proposes to increase support for transformation and construction, support eligible coal-fired power generation projects to issue real estate investment trusts (REITs) in the infrastructure sector, and smooth the channels of "investment, financing, management and withdrawal".

○ Beijing, Shanghai, Shenzhen, Suzhou, Ningbo, Guangzhou and other collectives have taken measures to cope with the impact of tariffs and accelerate the integration of domestic and foreign trade.

○ According to the data of the General Administration of Customs, in US dollar terms, China's total exports in March increased by 12.4% year-on-year, imports fell by 4.3% year-on-year, and the trade surplus was 102.64 billion US dollars.

○ The General Office of the Ministry of Housing and Urban-Rural Development recently issued a notice requiring that the construction drawing design documents should be strictly reviewed, and sound insulation, anti-odor and waterproof should be the key points of review.

[Sankei perspective].

There is a serious imbalance between supply and demand, and the price of pentaerythritol has skyrocketed

Baichuan data shows that recently, the price of diquaternium-pentaerythritol in China has continued to rise. On April 14, dipentaerythritol rose 1.82% and was quoted at 72,700 yuan/ton, up 51.4% from 48,000 yuan/ton on January 13, and up 127% from 32,000 yuan/ton on June 11 last year, a record high, and the price showed an upward trend.

Comments: About 70% of the global dipentaerythritol production capacity is in China, with a high degree of industry concentration, and dipentaerythritol, as a key fine chemical intermediate, is widely used in high-end coatings, PCB light-curing inks and other high value-added industries. With the rapid development of high-precision PCB fields such as data centers and automotive electronics, the demand for dipentaerythritol has grown rapidly. In 2025, the global demand for dipentaerythritol is expected to be about 25,000 tons. There are very few companies in the world that can produce dipentaerythritol on a large scale. Excluding factors such as enterprise maintenance, relocation, and shutdown, the actual effective supply of biquaternium-pentaerythritol is about 18,000 tons, and there is a serious imbalance between supply and demand. A-share related concept stocks mainly include Hubei Yihua (000422), Jinhe Industrial (002597), etc.

【Company Trends】

○ Beizi Technology (603082) plans to purchase 100% of the shares of Suike Intelligent by issuing shares and paying cash, and the stock will resume trading on April 15.

○ Meinian Health (002044) disclosed the restructuring plan on the evening of April 14, and the company intends to purchase the equity of 14 companies such as Hengyang Meinian and a minority stake in 5 holding subsidiaries such as Zhengzhou Meijian by issuing shares.

○LAZ Parking, the largest commercial parking lot operator in North America, recently announced that it has officially selected Autel Technology (688208) as the exclusive supplier of charging piles. In the first stage, Autel Technology won the bid for 50,000 commercial AC charging piles in North America, with a total amount of 238 million yuan.

○ Huading Co., Ltd. (601113) plans to invest 2.738 billion yuan to build a 200,000-ton PA6 functional nylon filament project.

○COFCO Science and Technology (000930) plans to invest in a new project of 550,000 tons/year starch sugar in Taicang, with a total investment of 981 million yuan.

○ Slack (300382) plans to invest 160 million yuan in the construction of Suzhou Slack precision structural parts project (phase II).

○ Zhongye (002441) has signed a total of 3.45 billion yuan distribution agreements with Schneider since the beginning of this year.

○ FII (601138) intends to use its own funds of not less than 500 million yuan (inclusive) and not more than 1 billion yuan (inclusive) to repurchase shares for cancellation.

○ NARI (600406) plans to repurchase shares from 500 million yuan to 1 billion yuan.

○ Lingyi Zhizao (002600) plans to repurchase the company's shares with 200 million yuan - 400 million yuan.

○ Zhejiang Pharmaceutical (600216) plans to repurchase shares for 100 million yuan to 200 million yuan.

○ The chairman of vanadium and titanium shares (000629) proposed to repurchase the company's shares with 100 million yuan to 200 million yuan; The controlling shareholder intends to increase his holdings of the company's shares by 50 million yuan to 100 million yuan.

○ Zhuhai Guanyu (688772) plans to repurchase the company's shares with 100 million yuan to 200 million yuan.

○ The chairman of Shanjin International (000975) proposed to repurchase shares with 100 million yuan to 200 million yuan.

○The net profit of the first quarter of the research new materials (600206) is expected to increase by 13,076%-16,370% year-on-year.

○ Jinrui Mining (600714) net profit in the first quarter is expected to increase by about 617.4% year-on-year.

○ Guoli shares (688103) net profit in the first quarter increased by 164.38%-212.45% year-on-year.

○ Batian shares (002170) net profit in the first quarter increased by 203.27%-335.94% year-on-year.

○ NHU (002001) net profit in the first quarter is expected to increase by 107%-118% year-on-year.

○ Sichuan Shuangma (000935) net profit in the first quarter is expected to increase by 1047%-1506% year-on-year.

○ Jinjiang Shipping (601083) net profit in the first quarter increased by 181.66%-193.73% year-on-year.

○ Changan Automobile (000625) said on the interactive platform on April 14 that Changan Automobile is accelerating the development of next-generation batteries, and is expected to achieve solid-state battery installation verification in 2026 and the gradual mass production of all-solid-state batteries in 2027, with an energy density of 400Wh/kg.

[Capital Tide].

○ On April 14, the net inflow of main funds in Shanghai and Shenzhen was 1.295 billion yuan. The top three sectors with net inflows of main funds were automobiles, banks and non-ferrous metals, with net inflows of 1.853 billion yuan, 1.4627 billion yuan and 1.087 billion yuan respectively. The top three stocks with net inflows of main funds are Cialis, Cambrian-U and BAIC Blue Valley, with net inflows of 942 million yuan, 462 million yuan and 395 million yuan respectively.

○ Hunan Gold (002155) rose on April 14, with a turnover of 2.433 billion yuan. According to the data of the Houlong and Tiger List, the special seats for Shenzhen-Hong Kong Stock Connect bought 377 million yuan and sold 120 million yuan, the special seats for one institution bought 60.7424 million yuan, and the special seats for one institution sold 24.021 million yuan.

[IPO subscription].

○ Jiangshun Technology: April 15, subscription code 001400, subscription price of 37.36 yuan / share, issue price-earnings ratio of 15.32 times, the company's main aluminum extrusion molds and accessories, aluminum extrusion equipment, precision machinery parts.

○ Zhongjie Automobile: Purchased on April 15, the subscription code is 301560, the subscription price is 16.50 yuan / share, and the issue price-earnings ratio is 21.3 times.