Macroeconomics
Xinhua News Agency: The press conference of the second session of the 14th National Committee of the Chinese People’s Political Consultative Conference was held on the afternoon of March 3. Liu Jieyi, the spokesperson of the conference, introduced the relevant situation of the conference to Chinese and foreign media and answered questions from reporters. Liu Jieyi introduced that the second session of the 14th National Committee of the Chinese People’s Political Consultative Conference will open at 3:00 pm on March 4 and close on the morning of March 10 for a period of 6 days.
CCTV News: On March 1, Li Qiang presided over an executive meeting of the State Council to consider and approve the Action Plan for Promoting Large-scale Equipment Update and Trade-in of Consumer Goods. The meeting pointed out that promoting a new round of large-scale equipment update and trade-in of consumer goods is a major decision made by the Party Central Committee with an eye on the overall situation of high-quality development in our country. In accordance with the deployment requirements of the Party Central Committee, adhere to the market-oriented, government-guided, insist on encouraging the advanced and eliminating the backward, adhere to the standard-led, orderly improvement, pay close attention to the improvement of the plan, carefully organize the implementation, and promote the continuous increase of the proportion of advanced production capacity. More high-quality durable consumer goods enter the lives of residents, so that this work It is necessary to combine the needs of various types of equipment and consumer goods for replacement and differentiation, increase fiscal, taxation, financial and other policy support, better play the role of energy consumption, emissions, technology and other standards, and orderly promote the upgrading of equipment in key industries, construction and municipal infrastructure, transportation equipment and old agricultural machinery, education and medical equipment, and actively carry out the trade-in of consumer goods such as automobiles and home appliances to form a scale effect of replacement.
CCTV: Li Qiang presided over an executive meeting of the State Council to study and accelerate the construction of a modern infrastructure system, continue to deepen it, and promote the integrated high-quality development of the Yangtze River Delta.
China Central Broadcasting Network: On March 1, Tian Xuan, a deputy to the National People’s Congress and deputy dean of Tsinghua University’s Pandaokou School of Finance, brought many suggestions during the National Two Sessions in 2023. Among them, for the reform of the trading system, Tian Xuan suggested gradually restoring the T + 0 stock trading system.
China News Agency: In order to improve the convenience of foreign visitors to China using mobile payment, Zhang Qingsong, deputy governor of the People’s Bank of China, revealed at a briefing in Beijing on the 1st that the central bank has instructed major payment institutions such as Alipay and Tenpay to increase the single transaction limit for foreign visitors to China using mobile payment from $1,000 to $5,000, and the annual cumulative transaction limit from $10,000 to $50,000.
Industry trends
Interface: According to the website of the National Development and Reform Commission on March 2, recently, Comrade Zheng Zhajie, Secretary of the Party Group and Director of the National Development and Reform Commission, investigated the development of artificial intelligence industry in Beijing, and communicated with research institutions and enterprises such as Zhiyuan Research Institute, Baidu, Fourth Paradigm, and Baichuan Intelligence to encourage everyone to take the initiative to conform to the trend of scientific and technological revolution and industrial change, strengthen technology research and development, expand the application of industry empowerment, and accelerate the high-quality development of our country’s artificial intelligence industry.
China Securities News: Recently, the State Data Administration, together with the National Development and Reform Commission and the Ministry of Industry and Information Technology, has focused on giving full play to the transmission efficiency of the "Eastern Digital and Western Computing" network, further improving the cost-effectiveness of enterprise network transmission, and listened to the opinions and suggestions of national hub node enterprises, data transmission demand enterprises, and telecom operators. It has studied and established a public transmission channel dedicated to national hub nodes to effectively improve the transmission efficiency of the "Eastern Digital and Western Computing" network. In the next step, the National Development and Reform Commission, the State Data Bureau, and the Ministry of Industry and Information Technology will guide (), China Unicom, () and other enterprises to strengthen innovation and exploration. In the near future, a "public transmission channel" of "eastern digital and western computing" will be piloted among some hub nodes to explore the use of a variety of service methods, enhance the level of inclusive and easy use, and effectively enhance the sense of acquisition of enterprises.
Securities Daily: The first batch of 10 CSI A50ETFs has been raised, and the subscription amount of 4 products has exceeded the upper limit. Interviewees believe that the issuance of CSI A50ETF products will help facilitate the allocation of long-term domestic and foreign capital to class A share core assets. At the same time, the valuation of many leading stocks is still at a historical low.
Xinhua News Agency: The Ministry of Housing and Urban-Rural Development recently held a national on-site meeting on the construction of affordable housing in Xi’an City, Shaanxi Province. The meeting called for all localities to fully understand the importance of affordable housing construction to benefiting people’s livelihood, stabilizing investment, and promoting transformation, enhance their sense of responsibility and mission, clarify the timetable, roadmap, and responsible persons, and speed up the construction of the project. If you see it, hurry up and do it. The person in charge emphasized at the meeting that increasing the construction and supply of affordable housing is conducive to accelerating the construction of a new model of real estate development, improving the housing supply system of "security + market", and meeting the rigid housing needs of wage and salary income groups. At the same time, it is necessary to speed up the planning of the second batch and follow-up projects. The second batch of projects should be reported in accordance with regulations, and follow-up project planning and reserves should be done well, and the rolling promotion mechanism of "implementing a batch, reserving a batch, and planning a batch" should be accelerated.
CCTV News: Foreign Ministry Spokesperson Mao Ning said at a regular press conference held by the Ministry of Foreign Affairs on March 1 that the popularity of Chinese cars around the world does not depend on so-called unfair practices, but on technological innovation and excellent quality formed in fierce market competition. Mao Ning pointed out that this politicization of economic and trade issues will only hinder the development of the US auto industry. We urge the US to respect the laws of the market economy and the principle of fair competition, stop generalizing the concept of national security, stop discriminating against Chinese enterprises, and earnestly maintain an open, fair and non-discriminatory business environment.
China Securities Journal: Data show that as of February 29, 2024, a total of 26 public fund companies had 43 executive job changes, that is, in the past two months, there will be an average of 1-2 days of executive changes, fund companies can be described as frequent "change of coach". Industry insiders say that market fluctuations and industry changes often test the ability of fund company executives to adapt, and fund companies are also taking advantage of the trend to change coaches.
Surging News: Yan Bingzhu, the first chairperson of Bank of Beijing who was rumored to have "lost contact", has been investigated. The "Work Report at the Third Plenary Session of the 13th Beijing Municipal Commission for Discipline Inspection of the Communist Party of China" published by Beijing Daily on March 1 mentioned in the work review of 2023 that Xu Heyi, Yan Bingzhu, Zheng Zhiyong, Zhao Changshan and other municipal management bureau-level leading cadres were seriously investigated and punished for serious violations of discipline and law. This means that Yan Bingzhu, the former chairperson of Bank of Beijing, has been investigated and punished last year.
Company News
CCTV News: In the car ownership, traditional fuel vehicles account for the absolute majority. Although the sales of new energy vehicles are rising, fuel vehicles are still the main consumer of new cars. Geely will not give up the production of traditional cars easily. In a dialogue program broadcast by CCTV on March 2, Li Shufu, chairperson of Zhejiang Geely Holding Group Co., Ltd., made the above remarks.
Economic Observer: On February 27, Hangzhou Binjiang Real Estate Group Joint Stock Company announced that the company recently obtained two new real estate projects, with a total land price of 4.063 billion yuan. According to the ranking released by the market institution Finger Research Institute, in the first two months of 2024, () achieved sales of 16.11 billion yuan, ranking seventh in the sales rankings of real estate enterprises; the amount of land acquired reached 6.70 billion yuan, ranking third in the list of land acquired by equity. If only ranked among private enterprises, Binjiang Group ranked first in these two indicators.
21st Century Business Herald: After Alibaba Cloud announced the largest price reduction in history on February 29, JD.com Cloud announced on the same day that the price of all public cloud products will be 10% lower than the lowest actual transaction price of Alibaba Cloud official website, and promised to "buy expensive and pay". Industry analysts pointed out that the mainstream public cloud volume price is good news for the digital industry, indicating that the cost reduction brought about by technological progress continues to benefit social enterprises, and also shows that public cloud infrastructure has accelerated into the era of inclusion.
Securities Times: On March 3, XPeng Motors announced that before March 31, 2024, Xiaopeng G6 models will be reduced by 20,000 yuan for a limited time, and the price will start from 189,900 yuan after the discount. Industry analysts pointed out that the growth rate of new energy vehicle companies in 2024 will be further pressured, so the price war led by the top car companies will continue, and the competition will be very fierce. At the same time, the decline in battery costs also provides some space for car companies to reduce prices.
Shenzhen Business Daily: Recently, Yu Yongfu, chairperson of Local Life Group and CEO of Ele.me, will step down at the end of Alibaba’s fiscal year (March 31). This was announced by Alibaba CEO Wu Yongming in the form of an internal letter to all employees of Local Life Group. After Yu Yongfu’s departure, two core businesses of Alibaba Local Life Group – Ele.me and Autonavi will have chairperson and CEO respectively. The chairperson of Ele.me was taken over by Wu Zeming, CTO of Local Life Group, and the CEO was taken over by Han Liu, head of Hummingbird Distribution; the chairperson of Autonavi was taken over by President Liu Zhenfei, and COO Guo Ning was taken over as Autonavi CEO. The arrival of Wu Zeming and Han Liu, two Young Marshals, marks the new era of Ali Local Life entering the post-80s generation. This is also the latest move in Alibaba’s management rejuvenation reform.
Financial Union News Agency: Many car companies have reduced prices. On March 1, Chery announced that the group officially launched the Ten Billion Subsidy replacement season. According to different models, the subsidy amount ranges from 3,000 to 40,000 yuan, including brands such as Chery, Xingtu, Jietu and iCAR; Changan Automobile launched the 10 billion preferential consumption season, and Changan Lumin has a maximum discount of 12,000 yuan. All models can also enjoy 0-interest financial gifts; Zhiji LS6 models launched "10,000 yuan cash for a limited time".
Securities Times: On March 1, Li Auto’s 2024 spring press conference was held. At the event site, Li Auto founder and chairperson Li Xiang revealed that in the next few years, Li Auto will invest at least 6 billion yuan to build more than 5,000 directly operated 5C overcharging stations, so that the ideal 5C overcharging station can cover 95% of the country’s high-speed and important national highways. City charging stations using the franchise model will also be launched on a large scale in 2024.
Interface News: On March 3, Xinhua Asset issued an announcement on the official account to clarify: Recently, the company has paid attention to false information about our company and Vanke Enterprise. "Vanke Enterprise is a leading enterprise in China’s real estate industry and has been maintaining normal business cooperation with our company. As a professional and responsible asset management company, our company is full of confidence in China’s economic development, resolutely serves the overall situation of National Strategy and Development, and supports the healthy development of China’s real estate industry." It is reported that in recent days, there have been rumors in the asset management circle that Vanke management has visited (), seeking to extend the non-standard bonds that have expired for a few more months.
Important announcement
Zhenyou Technology: Signed a purchase and sale contract for a $112 million satellite communication project
(): The subsidiary plans to establish a 400 million yuan fund with GF Shinde, mainly investing in new energy industries such as photovoltaics and energy storage
Sanli spectrum: 35 million yuan to acquire 1.47% state-owned equity of Hefei Sanli spectrum
GCL Integration: 100 million yuan – 200 million yuan to buy back shares
Fosun Pharmaceutical: Chairperson proposes 100 million yuan – 200 million yuan to buy back shares
Tuojing Technology: 120 million yuan – 197 million yuan to buy back shares
BAIC Blue Valley: This year’s cumulative sales fell by 43.2% year-on-year.
Hanma Technology: Sales of medium and heavy trucks in February were 507, an increase of 32.72% year-on-year.
Lutianhua: controlling shareholders intend to continue to increase holdings 50 million yuan – 100 million yuan
CGN Technology: Controlling shareholders plan to increase their holdings of 6.5793 million shares – 1,315.86 million shares
Double-ring transmission: plans to spin off subsidiary Huandong Technology to list on the Science and Technology Innovation Board
HP: For suspected insider trading, the Securities Supervision Commission decided to file a case against director Li Songbai
* ST Aidi: The company’s shares will be delisted on March 4, 2024