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Special topic: defense oriented medium and long-term A-shares are expected to usher in a slow bull
Positive and negative news affecting the stock market
Macro news
1. At the 49th International Monetary and Financial Committee (IMFC) meeting recently held by the International Monetary Fund, Pan Gongsheng, governor of the People's Bank of China, pointed out that since this year, China's economic operation has continued to pick up and improve, and high-quality development has been steadily promoted, laying a solid foundation for achieving the annual economic and social development goals. The prudent monetary policy is flexible, appropriate, accurate and effective, strengthens counter cyclical adjustment, comprehensively uses interest rates, reserves, re loans and other tools, effectively serves the real economy, effectively prevents and controls financial risks, and creates a suitable monetary and financial environment for the economic recovery.
2. The CSRC will deepen cooperation with Hong Kong and take five measures to further expand and optimize the mechanism of the Shanghai Shenzhen Hong Kong Stock Connect. Among them, support leading enterprises in the mainland industry to list in Hong Kong; Relax the scope of qualified stock ETF products under the Shanghai Shenzhen Hong Kong Stock Connect; Measures to support the inclusion of RMB stock trading counters in the Hong Kong Stock Connect are included.
3. Recently, ten departments including the Ministry of Commerce jointly issued Several Policies and Measures on Further Supporting Overseas Institutions to Invest in Domestic Science and Technology Enterprises. It is mentioned that the Ministry of Commerce is taking the lead in revising the Administrative Measures for Strategic Investment of Foreign Investors in Listed Companies to further relax the restrictions on strategic investment of foreign investors in listed companies.
4. Affected by the recent heavy rainfall, the Beijiang River in the Pearl River Basin experienced an obvious flood process. It is predicted that the heavy rainfall in South China will continue in the near future, and a catastrophic flood will occur in the Beijiang River of the Pearl River basin. On the 21st, the Ministry of Water Resources organized a flood prevention conference, and video link was made to Guangdong Provincial Water Resources Department and Pearl River Water Resources Commission to arrange and deploy heavy rainfall prevention and response work. The Ministry of Water Resources raised the emergency response for flood prevention in Guangdong Province to Level III.
Industry News
1. The CSRC formulated and promulgated the Regulations on the Administration of Securities Trading Fees for Publicly Offered Securities Investment Funds, which will be officially implemented as of July 1, 2024. The main contents of the Regulations include lowering the commission rate of fund stock trading and lowering the upper limit of the distribution ratio of the securities trading commission of the fund manager. The Regulations propose to strengthen the supervision of the public offering commission distribution industry, and reduce the upper limit of the transaction commission distribution ratio from 30% to 15%. In addition, the Regulations also propose that, in principle, the stock trading commission rate of passive equity funds managed by fund managers should not exceed the market average stock trading commission rate, and other fees such as research services and liquidity services should not be paid through trading commissions.
2. The CSRC has formulated the Sixteen Measures for the Capital Market to Serve the High level Development of Technology Enterprises, and has put forward supporting measures from listing financing, mergers and acquisitions, bond issuance, private investment and other aspects. It proposes to optimize the financing environment for the listing of scientific and technological enterprises and support scientific and technological enterprises to list overseas in accordance with laws and regulations; Increase the support for refinancing of scientific and technological enterprises, and study and establish the shelf issuance system of the science and technology innovation board and the growth enterprise board; Properly improve the inclusiveness of the restructuring valuation of asset light technology-based enterprises.
3. Recently, Q1 performance of many storage companies is expected to be good. The reporter of the Associated Press of Finance has learned from many interviews that the reduction of production of the original storage factory and the rise of prices have led to the recovery of the performance of enterprises in the storage industry chain. In addition, the landing of AI applications has also brought a certain pulling effect to the storage industry. A chip buyer from AI enterprise told the Associated Press of Finance that the price of DRAM in this quarter (Q2) still increased significantly by 10% - 20%, which has exceeded 50% since last July.
4. Recently, the CSRC agreed that CSDCC would launch the unified inquiry platform for the shares of public fund accounts and the "Fund E Account" APP, which can be downloaded and used by investors directly through major mobile app stores.
5. In the afternoon of April 20, led by Haimen District People's Government of Nantong, Central South Construction The controlling shareholder, Zhongnan Urban Construction, negotiated with the famous Asian private equity investment company, Pacific Alliance Investment Group (PAG), Jiangsu Assets and other institutions for debt resolution, equity transactions and other cooperation. Following Wanda Commercial Management, PAG plans to assist Chinese property developers again.
6. Chongqing and Chengdu successively reported the gas problem of residents, and the overcharged gas fees will be refunded in full. In Chongqing, 14 cases have been filed and investigated, and the illegal behaviors and relevant responsible persons confirmed by investigation will be seriously investigated and held accountable; In Chengdu, currently, all complaints have been accepted, 1189 cases have been handled, and the remaining 807 cases are being handled.
7. China Nuclear Corporation announced that China has realized the localization of carbon 14 isotope. Previously, China's carbon - 14 supply was almost entirely dependent on imports, which was expensive and could not be guaranteed. The carbon-14 target will be supplied to the market at the end of this year after the completion of stacking and back-end processing. The output can fully meet domestic demand and will strongly drive the development of China's isotope application industry chain.
8. A Tesla Chinese car owner asked Musk on social media on April 20, "I expect Tesla FSD (fully automated driving) to enter China as soon as possible, and I wonder when it will be realized? When can HW3.0 system use 3D modeling images? When will the new ParkAssist be delivered to Tesla HW3.0 owners in China? " In response, Musk said, "It may be realized soon".
9. Since the beginning of this year, the cost of pulp has been rising steadily. Household paper manufacturers have raised prices several times, but the landing situation is not ideal. The reporter learned from many sources that the white cardboard and cultural paper were both hit by high costs and insufficient demand. Although the price continued to rise, the profitability declined year on year, falling to historical lows. It is widely believed in the industry that if the adverse factors continue, the future of paper enterprise Q2 is difficult to be optimistic.
Company News
1. On April 21, the official website of Tesla China showed that Tesla Model 3, Y, S and X were all reduced by 14000 yuan in mainland China. Among them, the price of the new version of Model 3 dropped to 231900 yuan, the price of Model Y dropped to 249900 yuan, the price of Model S dropped to 684900 yuan, and the price of Model X dropped to 724900 yuan.
2、 Zhongji Xuchuang It was announced that the net profit in the first quarter of 2024 was 1.01 billion yuan, up 303.84% year on year.
3. Last Friday night, Medium nuclear titanium dioxide (Rights protection) Punishment of the case: the actual controller of CNNC Titanium Dioxide, CITIC and Haitong are expected to be fined and confiscated a total of 235 million yuan.
4、 longsys It was announced that the net profit in the first quarter was 384 million yuan, turning losses on a year-on-year basis.
5、 Wanfeng Aowei Announcement: When Interact responded to investors' questions about "the company and Tesla set up the company of eVTOL", there were misleading statements. The company and the secretary of the board of directors received the warning letter from Zhejiang Securities Regulatory Bureau and the regulatory letter from Shenzhen Stock Exchange.
6、 Dawn of Zhongke It was announced that the Chairman of the Board of Directors of the Company had received the notification of filing by the CSRC due to the suspicion of short-term trading.
Global Market
1. The closing trend of the three major indexes of the US stock market was divergent last Friday, with the Dow rising 0.56% and last week's cumulative rise of 0.01%; The Nasdaq fell 2.05%, with a cumulative fall of 5.52% last week, the worst weekly performance since November 2022; The S&P 500 index fell 0.88%, the sixth consecutive day of losses, and fell 3.05% last week. Popular technology stocks fell, Nvidia fell 10%, its market value fell below $2 trillion, and Netflix fell more than 9%.
2. The Federal Reserve said that market participants and observers believe that higher than expected interest rates pose the greatest threat to financial stability when inflation continues. The central bank wrote in its semi annual financial stability report released last Friday that "the risk most mentioned by market participants is that sustained inflationary pressure may lead to more restrictive monetary policy stance than expected".
3. Following the mandatory divestiture of TikTok bill passed last month, the US House of Representatives passed the new H R. Act 8038, which includes the unreasonable requirement of forcing the byte bouncing off of TikTok in the United States or facing the ban. The day before, Elon Musk publicly opposed the ban on TikTok, saying it violated freedom of speech and expression.
Investment opportunity reference
1. Shenzhen puts forward the latest goal to seize the opportunity of low altitude economic industry
On April 18, the Information Office of Shenzhen Municipal Government held a series of press conferences themed "Promoting high-quality development". Cai Xin, Deputy Director of Shenzhen Municipal Bureau of Transport, said at the press conference that Shenzhen has made certain achievements in low altitude economy, international shipping, international aviation, modern logistics service system construction, etc. By 2025, Shenzhen will strive to increase the added value of the city's logistics industry to more than 400 billion yuan, and the city's 10 billion level logistics supply chain enterprises will exceed 30. Next, Shenzhen will leverage the "big industry development" with "small scene innovation" to accelerate the layout of the "sky city".
In 2024, benefiting from the low altitude airspace opening of UAVs, the accelerated airworthiness approval of medium and large UAVs, local government subsidies, and the success of business models, logistics UAVs are expected to become the first large-scale scenario in the low altitude economy. Kaiyuan Securities Research Newspaper pointed out that electric aircrafts such as unmanned aerial vehicles have higher requirements for high specific energy, high power and safety of batteries. At present, the battery cycle life of unmanned aerial vehicles is only about 300 times, with consumable properties. The annual market space of batteries for small and medium-sized unmanned aerial vehicles is expected to exceed 10 billion yuan.
2. China has developed the world's first GaN quantum light source chip, and the dawn of quantum technology commercialization is ahead
According to media reports, the reporter learned from the Information and Quantum Laboratory of University of Electronic Science and Technology of China that recently, the research team of the laboratory, in cooperation with Tsinghua University and Shanghai Institute of Microsystems and Information Technology, Chinese Academy of Sciences, developed the gallium nitride quantum light source chip for the first time in the world, which is also the "ginkgo No.1" of University of Electronic Science and Technology of China Another important progress made by the metro quantum Internet research platform was published in the Physical Review Express.
Soochow Securities According to the released research paper, the quantum information industry is an important field of the game of great powers. China and the United States are the leading players in this field, and the subsequent quantum information will become the highland of scientific and technological competition. The technology in the field of quantum information is constantly changing, and key technologies such as quantum error correction have been broken one by one. It is expected that the commercialization of quantum information industry is in the forefront. On March 29, the State Council proposed to focus on the layout of emerging fields such as quantum information. It is expected that more support policies will be implemented in the future, and it is suggested to focus on the investment opportunities of the quantum information industry chain.
3. Overseas demand has soared and supply has fallen short of demand. Some companies have doubled their exports in recent three years
According to media reports, new energy vehicles have gone all the way to the sea, and domestic charging piles are also going out quickly. Some insiders said that the first quarter of each year is usually the off-season for the charging pile industry, but this year the charging pile market is particularly lively, especially the Chinese pile in overseas markets is in short supply.
Everbright Securities (Rights protection) Yin Zhongxin pointed out that under the background of increased sales of new energy vehicles, high vehicle pile ratio and policy promotion, the construction of charging piles in Europe and the United States is expected to accelerate, and domestic charging piles usher in major development opportunities. In recent years, the European Union and the United States National New Energy The automobile industry is developing rapidly, but the gap of vehicle pile ratio is far larger than that in China. In 2022, the ratio of public vehicle pile in the EU and the United States will be 13:1 and 24:1 respectively, and that in China will be about 8:1. In the post electric vehicle era, Davis is expected to double click the charging pile plate.
4. 200 times faster than human brain! Intel Promotes Hala Point, the World's Largest Neuromimetic System
According to media reports, Intel announced the launch of Hala Point, the world's largest neural mimicry system, which is mainly used to support cutting-edge research in the field of brain like AI. It is reported that Hala Point has 1152 built-in Intel Loihi 2 processors based on Intel 4 (7nm) process, which support up to 1.15 billion neurons and 128 billion synapses, and can handle more than 380 trillion 8-bit synapses and more than 240 trillion neuron operations per second. The relevant systems were initially deployed in Sandia National Laboratory in the United States. When applied to the bionic spike neural network model, Hala Point can be 200 times (20000%) faster than the human brain when the number of running neurons is low.
Tianfeng Securities According to the research report released by McKinsey in 2020, the global annual market size of brain computer interface from 2030 to 2040 may be between 70 billion and 200 billion dollars; Brain computer interface has great potential for future market development, with frequent policies and broad application scenarios.
Suspension and resumption of trading
Suspension
600387 ST Haiyue (Rights protection)
resumption
002336 *ST Renle
Bulletin Express
Major events
Guizhou Tire : Your convertible bonds will be compulsorily redeemed after the market closes on April 24
Guizhou Tire announced that, according to the arrangement, the "Your Round Convertible Bonds" that have not yet been converted into shares after the closing of the market on April 24, 2024 will be redeemed at a price of 100.01 yuan/piece. Since there is a large difference between the secondary market price and the redemption price of "your round of convertible bonds" at present, we remind all the holders to pay attention to the conversion within the time limit. If the investors do not convert shares in time, they may face losses.
Zhaoyi Innovation : The controller proposes to change the use of some repurchased shares
Zhaoyi Innovation announced that Zhu Yiming, the actual controller, controlling shareholder and chairman of the board of directors of the company, proposed to change the use of some of the company's repurchased shares. For the 500000 shares repurchased by the company in 2023, the use was changed from the original plan "for subsequent implementation of equity incentive plan" to "for cancellation and reduction of registered capital". Except for the above changes, other contents of the original repurchase plan will not be changed.
Wanfeng Aowei: The rumor that the company and Tesla have jointly established eVTOL and established a project team is untrue
Wanfeng Aowei disclosed the change announcement. Recently, the company noticed the market rumor that "the company and Tesla jointly set up eVTOL company and has established a project team", which is untrue. In order to avoid misleading investors by relevant information, the company clarified that the partner of the joint venture established by the company and the strategic partner in the field of eVTOL is the head office established in China by a world-famous automobile engine factory, whose name cannot be disclosed based on commercial confidentiality.
*ST Meishang (Rights protection) : Received the notice of filing and the decision on administrative supervision measures
*ST Meishang announced that after receiving the Notification of Filing issued by the CSRC, the CSRC decided to file a case against the company due to suspected information disclosure violations. The company announced on the same day that it had recently received a decision on administrative supervision measures from the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission. Upon investigation, the company has problems such as non-standard financial accounting, failure to assess the impact of accounting error correction as required, inaccurate accounting of investment income in the 2022 semi annual report, and failure to perform the obligation of information disclosure as required. The Shenzhen Regulatory Bureau decided to take regulatory measures to order the company to make corrections.
Latest performance
Mango hypermedia : Net profit in 2023 will increase by 90.73% on a year-on-year basis, and it is proposed to pay 1.8 yuan for 10 shares
Mango hypermedia disclosed its annual report that the company will achieve an operating revenue of 14.628 billion yuan in 2023, up 4.66% year on year; The net profit was 3.556 billion yuan, up 90.73% year on year; Basic earnings per share is 1.90 yuan. The company plans to distribute a cash dividend of 1.8 yuan (tax included) for every 10 shares. The company disclosed its first quarter report on the same day, and realized a net profit of 472 million yuan in the first quarter of 2024, a year-on-year decrease of 13.85%.
Zhongke Magnetic Industry : In 2023, the net profit will decrease by 46.15% year on year. It is planned to transfer 10 yuan to 4 yuan
Zhongke Magnetic disclosed its annual report that in 2023, it will achieve an operating revenue of 485 million yuan, a year-on-year decrease of 21.75%; The net profit was 48.132 million yuan, a year-on-year decrease of 46.15%; Basic earnings per share is 0.58 yuan. The company plans to increase 4 shares for every 10 shares and distribute a cash dividend of 3 yuan (tax included). The company disclosed its first quarterly report on the same day, and realized a net profit of 4.0445 million yuan in the first quarter of 2024, down 69.13% year on year.
Wanfu Biology : The net profit in 2023 will decrease by 59.26% year on year, and it is planned to allocate 4 yuan for 10 groups
Wanfu Biology disclosed its annual report that in 2023, it will achieve an operating income of 2.765 billion yuan, a year-on-year decrease of 51.33%; Net profit was 488 million yuan, down 59.26% year on year; Basic earnings per share is 1.1 yuan. The company plans to distribute a cash dividend of 4 yuan (tax included) for every 10 shares. The company disclosed its first quarter report on the same day, and realized a net profit of 218 million yuan in the first quarter of 2024, up 7.20% year on year.
Cape test : In 2023, the net profit will decrease by 14.81% year on year, and it is planned to transfer 10 yuan to 3 yuan
Cape Testing disclosed its annual report that in 2023, it will achieve an operating revenue of 191 million yuan, a year-on-year increase of 22.34%; The net profit was 58.7917 million yuan, down 14.81% year on year; Basic earnings per share is 0.73 yuan. The company plans to increase 3 shares for every 10 shares and distribute a cash dividend of 3 yuan (tax included). The company disclosed its first quarterly report on the same day, and realized a net profit of 13.1117 million yuan in the first quarter of 2024, a year-on-year decrease of 18.34%.
Hualan Shares : In 2023, the net profit will increase by 25.79% on a year-on-year basis. It is proposed to pay 6 yuan for 10 shares
Hualan Shares disclosed its annual report that in 2023, it will achieve an operating income of 623 million yuan, up 6.64% year on year; The net profit was 118 million yuan, up 25.79% year on year; Basic earnings per share is 0.88 yuan. The company plans to distribute a cash dividend of 6 yuan (tax included) for every 10 shares.
Huaheng Biology : The net profit in 2023 will increase by 40.32% year on year. It is proposed to transfer 10 yuan to 4.5 yuan
Huaheng Biology disclosed its annual report that in 2023, the company will achieve an operating income of 1.938 billion yuan, with a year-on-year growth of 36.63%; Net profit attributable to the parent company was 449 million yuan, up 40.32% year on year; Basic earnings per share is 2.84 yuan. It is planned to distribute a cash dividend of 9 yuan (tax included) for every 10 shares converted into 4.5 shares.
Zhongji Xuchuang: Net profit in the first quarter increased 303.84% year on year
Zhongji Xuchuang announced that the net profit in 2023 would be 2.174 billion yuan, up 77.58% year on year. The net profit in the first quarter of 2024 is 1.01 billion yuan, up 303.84% year on year.
Saines : Net profit in the first quarter was 79.4202 million yuan, up 492.69% year on year
Saines disclosed the report of the first quarter of 2024, and the company's operating income in the first quarter was 104 million yuan, up 2.57% year on year; The net profit was 79.4202 million yuan, up 492.69% year on year; Basic earnings per share is 0.84 yuan. The sharp increase in net profit was mainly due to the increase in net profit due to the acquisition of Fujian Zijin Mineral Reagent Co., Ltd., an associated enterprise, during the reporting period.
Other matters
Zongshen Power Chongqing Zongshen Aeroengine Manufacturing Co., Ltd. mainly provides power system solutions for general aviation aircraft and unmanned aerial vehicles
Zongshen Power released the announcement of abnormal fluctuations in stock trading on the evening of April 21, saying that recently, the company's aviation power business market has received high attention, involving topics such as "low altitude economy" and "general aviation". The company's holding subsidiary, Chongqing Zongshen Aeroengine Manufacturing Co., Ltd., is a company dedicated to the design, development, production and manufacturing of small and medium-sized aeroengines An innovative enterprise integrating sales and after-sales, it mainly provides power system solutions for general aviation aircraft and unmanned aerial vehicles. At present, its production and operation are normal. Please pay attention to investment risks.
Pingmei Shares : Proposed pilot project of coal based carbon material coupling process technology
Pingmei announced in the evening of April 21 that the company plans to set up a wholly-owned subsidiary, "Henan Kabaorui Materials Co., Ltd.", to carry out technical cooperation with Shunxin Coal Chemical Co., Ltd., to build a 6000 t/a coal based carbon material coupling process technology pilot project, to directly liquefy raw coal into high-end functional carbon materials such as new high-quality asphalt, in order to extend the industrial chain, Improve the added value of coal products and lay a solid foundation for the innovative development of the company. The project is a research and development project, with an estimated total investment of 230 million yuan. The company announced on the same day that Li Yanhe resigned from the board of directors of the company as chairman, director and special committee of the ninth board of directors due to job change.
Concino : The recombinant pneumococcal protein vaccine achieved positive preliminary results in Phase I clinical trials
Concino announced on the evening of April 21 that the company's recombinant pneumococcal protein vaccine ("PBPV" for short) had obtained positive preliminary results in the phase I (including Phase Ia and Phase Ib) clinical trials. The results of Phase Ia and Phase Ib clinical studies showed that PBPV had good safety in adults and the elderly, and no grade 3 adverse reactions and special safety risks were observed; At the same time, a single dose of inoculation can induce significant binding antibodies and functional bactericidal antibody responses against cross family/sub class Streptococcus pneumoniae, further proving the broad-spectrum and potential public health value of the candidate vaccine. The company will evaluate and plan the next phase of PBPV R&D based on the preliminary results obtained in the Phase I clinical trial.
Baili Tianheng : BL-B01D1 for injection was notified of clinical trial approval
On the evening of April 21, Baili Tianheng announced that the company's self-developed innovative biological drug BL-B01D1 for injection (EGFR × HER3-ADC) related combination drug "BL-B01D1+PD-1 monoclonal antibody ± chemotherapy" had recently received the Drug Clinical Trial Approval Notice officially approved and issued by the State Food and Drug Administration. After review, BL-B01D1 for injection accepted on February 7 met the relevant requirements for drug registration, and it was agreed that this product, combined with PD-1 monoclonal antibody ± chemotherapy, could be used to carry out clinical trials in patients with locally advanced or metastatic non-small cell lung cancer. At present, the clinical research of BL-B01D1 single drug treatment for terminal nasopharyngeal carcinoma and second-line esophageal squamous cell carcinoma has entered the phase III research stage.
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