Special topic: favorable policies and economic recovery form a resonance market, which is expected to open the second wave of upward trend
[Important news inventory]
Heavy signal! The central bank talks about interest rate, exchange rate, price, foreign capital, M2
On April 18, the State Council Information Office held a press conference. Relevant leaders of the People's Bank of China and the State Administration of Foreign Exchange responded to the hot issues highly concerned by the market. Zhu Hexin, Vice President of the Central Bank and Director of the State Administration of Foreign Exchange, said that, on the whole, a series of monetary policy measures introduced earlier are gradually playing a role, and the national economy has continued to recover with a good start. There is still room for monetary policy in the future. We will closely observe the policy effect, economic recovery and the achievement of goals, and make good use of reserve tools at the right time.
In recent days, the exchange rates of many Asian countries have fluctuated greatly. As for the performance of the RMB exchange rate, Zhu Hexin introduced that in the short term, the economy in the first quarter had a good start, marginal improvement in many fields, and more positive factors, which will help hedge external disturbance factors and support the RMB exchange rate; In the medium and long term, there are more supporting factors. China's economy will enter a stage of high-quality development, and the balance of payments will be self balanced. The depth and breadth of the foreign exchange market will be further expanded, and the risk neutral awareness of market participants will be significantly enhanced.
comment: We will resolutely correct procyclical behavior, prevent the market from forming unilateral expectations and self strengthening, resolutely prevent the risk of exchange rate overshoot, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
Foreign funded institutions intensively raised China's economic expectations. It is generally believed that the positive momentum in the first quarter will continue
In the first quarter of 2024, China's GDP grew 5.3% year on year, 1.6% month on month compared with the fourth quarter of 2023, and the economic growth exceeded market expectations. Recently, foreign investors have announced that this positive momentum will continue, and raised their expectations for China's GDP growth in 2024.
Xiong Yi, the chief economist of Deutsche Bank in China, recently released a research report that benefited from the strong growth of 6% year-on-year in industrial added value in the first quarter, while the moderate expansion of the service industry increased by 5% year-on-year, providing a good support for the economic opening situation in the first quarter.
Wang Tao, head of Asian economic research and chief China economist of UBS, told the Securities Daily that the year-on-year growth of GDP in the first quarter exceeded expectations mainly due to the recovery of exports and the stronger than expected growth of added value of the service industry. At the same time, industrial production, manufacturing investment and infrastructure investment grew steadily.
comment: China's GDP data for the first quarter easily exceeded expectations, laying a good beginning for achieving the economic growth target of about 5% this year.
Foreign investors have net purchased Chinese bonds for seven consecutive months
Foreign investors have continued to increase their holdings of Chinese bonds and have achieved net purchases for seven consecutive months.
According to the data released by the Shanghai headquarters of the People's Bank of China on April 18, as of the end of March, overseas institutions held 4 trillion yuan of bonds in the inter-bank market. This also means that overseas institutions bought about 50 billion yuan of RMB bonds in March this year.
At present, the institutional opening of China's bond market is paving the way for further investment by foreign investors. Wang Chunying, Deputy Director of the State Administration of Foreign Exchange, said at the press conference of the State Council Information Office on April 18 that the People's Bank of China and the State Administration of Foreign Exchange would open up repurchase business to more overseas institutions and enrich liquidity management tools for overseas investors. At the same time, we will continue to promote domestic RMB bonds to be widely accepted as qualified collateral offshore. We will also optimize the operation mechanism of direct market entry, "bond connection" and "swap connection" of overseas institutions, continue to strengthen exchanges and communication with overseas institutions, and create a better investment environment.
comment: For a period of time, foreign investment in China's bond market has presented a new feature - the investment scale has rebounded significantly and the investment activity has further improved.
The policy of stabilizing the property market is effective, and the financing and sales are positive
As a pillar industry of the national economy, the stable development of real estate is of vital importance. Since this year, the central and local governments have continued to release signs of policy easing. With the support of intensive policies at both ends of supply and demand, multiple indicators of real estate showed positive signs in March. Not only did the number of cities with rising housing prices increase, but the decline in the month on month narrowed, and the trading volume of new and second-hand houses also increased compared with the previous period. In the first quarter, the sales area and sales volume of new houses nationwide The year-on-year decline of domestic loans in the paid in funds of real estate enterprises has narrowed.
comment: There are signs of stabilization in real estate sales and financing, which helps to increase residents' confidence in the stability of the real estate market.
The first trial of Fan Yifei's bribery case starts! The "first tiger" after the 20th CPC National Congress has accumulated more than 386 million!
On April 18, the first instance of Huanggang Intermediate People's Court in Hubei Province opened a public hearing to hear the bribery case of Fan Yifei, the former member of the Party Committee and Vice President of the People's Bank of China.
During the trial, the procuratorial organ showed relevant evidence, the defendant Fan Yifei and his defender conducted cross examination, the prosecution and the defense fully expressed their opinions under the auspices of the court, and Fan Yifei made a final statement and pleaded guilty in court. At the end of the trial, the court announced an adjournment and decided to pronounce a sentence.
comment: Fan Yifei lost his ideal and belief, abandoned his original mission, was indifferent to political consciousness, opposed organizational review, and engaged in superstitious activities; Ignoring the spirit of the Central Committee's eight point rule, we have been in violation of the rules to accept banquets, travel, golf and other activities, participate in public banquets, receive gifts and cash gifts, and enter and exit private clubs.
Global market changes! US interest rate cut transaction "cool", Asia Pacific market shocked
Almost all major asset prices fell overnight.
The direction of the global financial market changes suddenly! Almost all major asset prices fell overnight.
Under the uncertainty of interest rate prospects and geographical risks, the three major stock indexes of the United States continued to retreat on Wednesday, the 17th local time. Among them, the NASDAQ fell more than 1%, the S&P 500 fell for four consecutive days, and the Dow Jones fell for eight consecutive days.
This is because the Federal Reserve Chairman Powell made a complete turn and sent the clearest signal to postpone interest rate reduction so far on the 16th. The comments continued to push up US bond yields and the US dollar index. US stocks have fallen for three weeks in a row, and the US dollar index has stabilized above 106 after five consecutive positive days.
comment: At present, the market generally expects that the Federal Reserve will cut interest rates for the first time in September, which was in June earlier. Now this bet has plummeted to less than 20%. Whether there will be a second interest rate cut in the whole year is still uncertain.
The Ministry of Industry and Information Technology weighs heavily! It's about AI, low altitude economy, 6G
On April 18, the State Council Information Office held a press conference, where the relevant heads of the Ministry of Industry and Information Technology introduced the development of industry and informatization in the first quarter of 2024 and answered questions from journalists.
The relevant person in charge of the Ministry of Industry and Information Technology pointed out that in the first quarter, the industrial economy operated steadily and well, and the added value of industries above designated size increased by 6.1% year-on-year, 1.5 percentage points higher than that of the whole year of 2023. Among the 41 major industrial sectors, 37 industries, such as electronics and automobile, maintained year-on-year growth in added value, with the growth rate expanding by 22 percentage points compared with last year.
New industrialization accelerated, and the added value of high-tech manufacturing increased by 7.5% year-on-year in the first quarter. In the first quarter, the production and sales of new energy vehicles increased by 28.2% and 31.8% respectively year on year, and the market share of new energy vehicles exceeded 31%.
comment: China has completed the commercial verification of 5G lightweight full coverage in high, medium and low frequency bands, the R&D performance indicators of quantum computing prototypes have been continuously improved, and the quantum error correction test verification has made a breakthrough.
[Industry hotspot]
The price per ton of silicon material in excess of supply falls below the threshold of 50000 yuan
Unconventional support, multi scenario breakthrough, hydrogen energy industry ushering in a new round of development peak
The tire sector is booming, and brokers are optimistic about its investment opportunities
The AI+market continues to recover, and the mobile phone industry chain companies are growing rapidly
Technology giant seizes AI PC hybrid AI and gains favor from the industry
Market Trends
Class A: On April 18, the three major A-share indexes rose and fell, with different ups and downs. By the end of the day, the Shanghai Stock Exchange Index had closed at 3074.22, up 0.09%, with a turnover of 441.432 billion yuan; The Shenzhen Composite Index reported 9376.81 points, down 0.05%, with a turnover of 508.191 billion yuan; The GEM Index fell 0.55% to 178749, with a turnover of 205.379 billion yuan.
Hong Kong shares: On the 18th, Hong Kong shares closed, and the index fluctuated after rising rapidly in the morning. The Hang Seng Index rose 0.82%, and the Hang Seng Technology Index rose 0.5%. In terms of sectors, commercial banks, semiconductors, building materials, beverages, pharmaceuticals, food additives, domestic insurance stocks, aviation stocks and other sectors were among the top gainers; Communication equipment, machinery manufacturing, power, information security and other sectors led the decline. Keep rose by more than 12%, China Ping An and Orient Selection rose by more than 4%, and Xiaopeng Auto rose by more than 3%; Laikai Pharmaceutical fell nearly 7%.
US stocks: In the early morning of the 19th Beijing time, the US stock market closed up and down at different levels on Thursday, and the S&P 500 index and the Nasdaq closed down for the fifth consecutive trading day. The Dow rose 24.90 points, or 0.06%, to 37778.21; The Nasdaq Composite Index fell 81.87 points, or 0.52%, to 15601.50; The S&P 500 index fell 11.00 points, or 0.22%, to 5011.21.
European shares: Germany's DAX30 index rose 0.25%, Britain's FTSE 100 index rose 0.44%, France's CAC40 index rose 0.52%, and Europe's Stoxx 50 index rose 0.5%.
Institutional Strategy
Shenwan Hongyuan said that due to the cyclical performance growth, the decline of risk-free interest rate, the improvement of profit stability, the increase of dividend ratio, the optimization of financial leverage and other factors, the income sources of high dividend assets are rich. In addition, the extension of high dividend investment strategy also deserves attention, including governance, returns, mergers and acquisitions, especially high-quality mergers and acquisitions may become highlights.
Galaxy Securities believes that April is the centralized disclosure period of the annual report and the first quarterly report. In the short term, A-share market is expected to shift to performance driven areas where performance has improved or exceeded expectations on a month on month basis. In terms of allocation ideas, it is suggested to focus on the strategy of high dividends and growth rotation.
Guolian Securities said that core assets+high dividends or both offensive and defensive allocation. On the defensive side, high dividend assets tend to perform better in each round of market bottoming; On the offensive side, after each round of market bottoming and starting to rise, core assets tend to perform well, specifically because of the revision of asset price expectations after the improvement of macro expectations.
[Topic company]
Huawei's Pura 70 series mobile phones have been officially launched, and the total number of stock channels has exceeded 14 million
Consistent with the "mode" of launching Mate 60 series mobile phones, Huawei Pura 70 series mobile phones are not sold first. On April 18, the Huawei terminal announced on the official microblog that Huawei's Pura 70 series "Pioneer Plan" was officially launched. The reporter of Securities Daily learned that Huawei's major channels are actively stocking up, and the total number of channels stocking up has exceeded 14 million.
After the short-term fluctuation of Feitian Moutai's price, the offline retail price has stabilized at 2700 yuan/bottle
Not long ago, the news of the 53 degree price fluctuation of Guizhou Moutai's large single product Feitian Moutai attracted market attention. Recently, the reporter of Securities Daily visited Beijing, Chengdu and other places to learn that the terminal retail price of Feitian Moutai, a number of offline cigarette hotels, has stabilized at 2700 yuan/bottle, and some stores even sell at 3000 yuan/bottle.
"The price is not so low, and the terminal price in the market is generally around 2900 yuan/bottle." When the reporter asked whether Feitian Moutai would reduce the price, the owner of a cigarette hotel in Haidian District, Beijing said.
Lei Jun's live broadcast responded to many questions such as Xiaomi Auto and denied the identity of "cool man": there was no cold 4 billion yuan in the low ebb
Red Star Capital Bureau reported on April 18 that at 4:00 this afternoon, Lei Jun, chairman of Xiaomi Group, started the live broadcast in Diaoyin, "talking about the days Xiaomi SU7 has been on sale". This is Lei Jun's first live broadcast of Xiaomi, with 100000+viewers and 190 million likes.
The whole live broadcast lasted for 2 hours. Lei Jun showed the delivery center of Xiaomi Beijing Factory, interacted with several owners of Xiaomi SU7, and also connected with Wei Jianjun, chairman of Great Wall Motors. During the live broadcast, Lei Jun answered questions from netizens about "imitating Jobs", "cool man", etc.
[Tips for new shares]
nothing
[Notice Tips]
[Hot spots]
Jindun Shares: the culvert fan of the flying car is still in the research and development stage
On the evening of April 18, Erlian Jindun Shares (300411) disclosed the abnormal fluctuation of stock trading and risk warning announcement, which said that the bypass fan of flying cars is still in the research and development stage and has not been applied. The company specially reminded investors to pay attention to investment risks, make rational decisions and invest prudently. The Company and the largest shareholder have no major issues that should be disclosed but have not been disclosed, or are in the planning stage.
Zhengdan Shares: the sustainability of price fluctuations of TMA products is uncertain
Zhengdan Shares (300641) announced changes in stock trading on the evening of April 18 that the company had experienced three abnormal fluctuations in stock trading, and the short-term increase in stock prices seriously deviated from the GEM composite index, which was significantly higher than the average value of the chemical raw materials and chemical products manufacturing industry of the company. There was an overheated market sentiment.
Recently, the price of TMA market has risen significantly, but the sustainability of price fluctuations of TMA products is uncertain. Investors are kindly requested to invest rationally and pay attention to investment risks. The company has noticed the market rumors about Ineos' permanent closure of its TMA production plant spread on platforms such as the stock bar recently. At present, the company has not directly received the announcement of Ineos' permanent closure of its trimellitic anhydride production plant. Please pay attention to the investment risks.
Performance
Dunan Environment: Net profit in the first quarter was 208 million yuan, up 28.88% year on year
Dunan Environment (002011) disclosed its first quarter report on the evening of April 18, 2024. The company realized an operating income of 2.626 billion yuan in the first quarter of 2024, up 7.31% year on year; The net profit attributable to the parent company was 208 million yuan, up 28.88% year on year; Basic earnings per share is 0.2 yuan.
Praia: Net profit in the first quarter increased 45.58% year on year
On the evening of April 18, Praia (603605) released its report for the first quarter of 2024, which realized an operating revenue of 2.182 billion yuan in the first quarter, up 34.56% year on year; The net profit attributable to shareholders of the listed company was 303 million yuan, up 45.58% year on year. In 2023, the net profit will be 1.194 billion yuan, a year-on-year increase of 46.06%. It is proposed to distribute 9.1 yuan of cash dividends (tax included) per 10 shares to all registered shareholders.
Zhongjing Food: net profit in the first quarter of 2024 increased by 30.12% year on year
Zhongjing Food (300908) released its first quarterly report on the evening of April 18. The net profit in the first quarter of 2024 was 50.8677 million yuan, a year-on-year increase of 30.12%. During the reporting period, Zhongjing Shanghai's income from onion oil and seasoning ingredients increased; The product structure was optimized, and the material cost was reduced, bringing profit growth.
Quanjude: net profit in the first quarter was 15.3071 million yuan, up 66.85% year on year
Quanjude (002186) disclosed the first quarter report on the evening of April 18, and the company realized an operating income of 358 million yuan in the first quarter of 2024, up 11.99% year on year; The net profit attributable to the parent company was 15.3071 million yuan, up 66.85% year on year. The company took New Year's Day and the Spring Festival holiday as an important starting point to increase revenue, and made efforts across the line to generate revenue through multiple channels. During the Spring Festival, the catering stores reported good news frequently, with a year-on-year increase of 32.6% in revenue and 287000 person times of consumers, with a year-on-year increase of 27%.
Antu Biology: net profit in the first quarter increased by 33.93% year on year
Antu Biotech (603658) released its report for the first quarter of 2024 on the evening of April 18, realizing an operating revenue of 1.089 billion yuan in the first quarter, up 5.09% year on year; The net profit attributable to shareholders of the listed company was 324 million yuan, up 33.93% year on year. On the same day, Antu Bio announced that its net profit in 2023 would be 1.217 billion yuan, an increase of 4.28% year on year, and it planned to distribute cash dividends of 10.5 yuan (tax included) per 10 shares to all shareholders.
Sen Qilin: Net profit in the first quarter increased by 101.34% year on year
Sen Qilin (002984) released the report of the first quarter of 2024 on the evening of April 18, and realized an operating revenue of 2.115 billion yuan in the first quarter, up 27.59% year on year; The net profit attributable to shareholders of the listed company was 504 million yuan, up 101.34% year on year.
Xingqi Ophthalmology: 10 to 4 in 2023, 30 yuan
Xingqi Ophthalmology (300573) disclosed its annual report on the evening of April 18. In 2023, the company will achieve an operating income of 1.468 billion yuan, up 17.42% year on year; Net profit attributable to shareholders of listed companies was 240 million yuan, up 13.39% year on year; Basic earnings per share was 1.93 yuan. The company plans to distribute a cash dividend of 30 yuan (tax included) for every 10 shares to all shareholders, and increase 4 shares for every 10 shares to all shareholders with capital reserve.
Yizhimi: Net profit of the first quarter was 116 million yuan, up 28.83% year on year
Yi Zhimi (300415) disclosed the first quarter report on the evening of April 18, and the company realized an operating income of 955 million yuan in the first quarter of 2024, up 11.72% year on year; The net profit attributable to the parent company was 116 million yuan, up 28.83% year on year; Basic earnings per share is 0.25 yuan.
[Increase/decrease of holdings]
Five link board Chunguang Technology: shareholders plan to reduce their shares of the company by no more than 0.5%
Chunguang Technology (603657) announced in the evening of April 18 that the shareholder Fang Xiubao planned to reduce the company's shares by no more than 0.5071%, that is, no more than 698000 shares. The stock price of Chunguang Technology has risen for five consecutive trading days.
Jiangyan Group: shareholders plan to reduce their shares of the company by no more than 3%
Jiangyan Group (601065) announced in the evening of April 18 that Xinjian Merchants, one of the 5.04% shareholders, planned to reduce its shares of the company through centralized bidding and block trading. The number of shares to be reduced should not exceed 19.2833 million shares, or 3% of the company's total share capital.
Guobang Pharmaceutical: the shareholders plan to reduce the shares of the company by no more than 3%
Guobang Pharmaceutical (605507) announced in the evening of April 18 that the shareholders Zhemin Investment Henghua and Silk Road Fund were the persons acting in concert, holding 5.56% of the company's shares in total. It planned to reduce its total holding of company shares by centralized bidding and block trading to no more than 16.7647 million shares, and the proportion of reduction should not exceed 3% of the company's total share capital.
[Repurchase]
Qinghai Spring: proposed to buy back shares with 30 million to 50 million yuan
Qinghai Spring (600381) announced in the evening of April 18 that the company planned to buy back shares with 30 million yuan to 50 million yuan, which would be used for subsequent sales, and the price of the repurchased shares would not exceed 8.19 yuan per share.
Guoxin Technology: proposed to buy back shares with 30 million to 40 million yuan
On the evening of April 18, Guoxin Technology (688262) announced that the company planned to buy back shares with 30 million to 40 million yuan, which would be used for employee stock ownership plans or equity incentives, and the price of the repurchased shares would not exceed 32.56 yuan/share.
Xiechang Technology: proposed to buy back shares with 10 million to 20 million yuan
Xiechang Technology (301418) announced in the evening of April 18 that the company planned to buy back shares with 10 million to 20 million yuan, which would be used to implement equity incentive or employee stock ownership plans, and the buyback price would not exceed 61.22 yuan per share.
[Award of contract]
Qinglong Pipe Industry: the holding subsidiary won the bid for the 50154700 yuan pipe procurement project
Qinglong Pipe Industry (002457) announced in the evening of April 18 that its holding subsidiary, Ningxia Qinglong Steel Plastic Composite Pipe Co., Ltd., had received the Letter of Acceptance issued by Shanxi Wanjiazhai North Trunk Water Diversion Project Co., Ltd., and Ningxia Qinglong Steel Plastic Composite Pipe Co., Ltd. was the bid winner of Bid III for pipe procurement of Wanjiazhai North Trunk Water Diversion Project. The bid winning amount is 50.1547 million yuan, accounting for 2.43% of the company's total audited business income in 2023.
Jitai Shares: proposed to sign the Science and Technology Cooperation Agreement with the Guangdong Hong Kong Macao Greater Bay Area Innovation Research Institute of Hunan University
Jitai Shares (002909) announced in the evening of April 18 that the company planned to sign the Science and Technology Cooperation Agreement with the Guangdong Hong Kong Macao Greater Bay Area Innovation Research Institute of Hunan University to jointly establish the "Joint Research and Development Center for Surface Interface Functions and Smart Materials". In addition, the company will donate 1 million yuan to the Education Foundation of Hunan University to establish the "Hunan University Jitai Stock Scholarship", which will be used to award outstanding students in chemistry, biology and materials of the Guangdong Hong Kong Macao Greater Bay Area Innovation Research Institute of Hunan University and outstanding students of the School of Chemistry and Chemical Engineering of Hunan University.
Salt Lake Shares: the controlling shareholder plans to carry out strategic cooperation with Minmetals Group in the salt lake industry
Salt Lake Co., Ltd. (000792) announced in the evening of April 18 that the company received the Notification Letter from its controlling shareholder Qinghai State owned Assets Investment Management Co., Ltd. (hereinafter referred to as "Qinghai SDIC") on April 18. Qinghai SDIC is planning to carry out strategic cooperation in the salt lake industry with China Minmetals Corporation, and the two sides will jointly build a world-class salt lake industrial base. The relevant scheme has not been finalized and needs to be approved by the relevant competent department. The contents of the Notification Letter do not involve the relevant arrangements for the Company.
Zhongding Shares: won the project designation book of air suspension system assembly
Zhongding Shares (000887) announced in the evening of April 18 that its subsidiary Anhui Zhongding Damping Rubber Technology Co., Ltd. had recently received a notice from customers that the company had become a batch supplier of air suspension system assembly products for a new platform project of a new energy brand host factory in China. The life cycle of this project is 6 years, and the total amount of life cycle is about 1.418 billion yuan.
Jin Chengxin: Signed daily operation contract of 754 million yuan
Jin Chengxin (603979) announced in the evening of April 18 that the company, as the leader of the project contractor consortium, had recently undertaken the mining and production business of 1.5 million tons/year in the first mining area of Motianchong Phosphate Mine of Guizhou Jinlin Chemical Co., Ltd., and recently obtained the signed and sealed business contract documents. The contract is a unit price contract with a service life of 7 years. According to the estimated workload within the service life, the total contract amount is estimated to be 754 million yuan.
Leshan Power: Signed the Cooperation Intent Agreement with Sichuan Jianengjia Power Group
On the evening of April 18, Leshan Power (600644) announced that the company and Sichuan Jianengjia Power Group Co., Ltd. signed a Cooperation Intent Agreement on industrial cooperation, development cooperation and other matters between the two sides, making full use of the advantages of Sichuan Jianengjia Power Group in intelligent manufacturing, Internet scientific innovation, research and development and other fields, and strengthening all-round cooperation in products, services, markets and so on; Both parties agree to further explore in-depth cooperation, including but not limited to resource integration, equity investment, etc.
The Company and Sichuan Jianengjia Power Group Co., Ltd. are related parties. The signing of this cooperation intention agreement is the exploration of the transformation of the company's "intelligent manufacturing+Internet scientific innovation", which is conducive to the transformation and development of the company.
[Equity Change]
Chongqing Road and Bridge: terminating the acquisition of no more than 15.01% equity of Lanzhi Company
Chongqing Road and Bridge (600106) announced in the evening of April 18 that it would terminate the acquisition of no more than 15.01% of the equity of Lanzhi Company by means of "capital increase+acquisition of old shares". In addition, the company will achieve a net profit of 211 million yuan in 2023, a year-on-year increase of 4.22%, and it is proposed to pay 0.48 yuan (tax included) for every 10 shares.
[Major investment]
Hesheng Shares: plans to invest 1.5 billion yuan in the construction of high-end components project of Yibin Hesheng New Energy Vehicles
Hesheng Shares (002824) announced in the evening of April 18 that Guangdong Hesheng New Energy, a wholly-owned subsidiary, signed the Investment Agreement with the Management Committee of Sanjiang New Area, Yibin. According to the agreement reached by both parties through consultation, it was decided to invest in the construction of the high-end components project of Yibin Hesheng new energy vehicles in the Sanjiang New Area of Yibin, with an estimated total investment of 1.5 billion yuan.
[Refinancing]
Bank of Suzhou: The issuance of financial bonds was approved by the Central Bank
Bank of Suzhou (002966) announced on the evening of April 18 that it had recently received the "Administrative Permit" issued by the People's Bank of China (Analyst Jin Qilin) The Letter of Decision agreed that Bank of Suzhou would issue financial bonds in the national inter-bank market and overseas markets. The new balance of financial bonds in 2024 would not exceed 12 billion yuan, and the year-end balance of financial bonds would not exceed 34.3 billion yuan. The validity period of the administrative license is up to December 31, 2024, during which the bank can choose the time of installment issuance.
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