[Today's headlines]
Five departments: carry out activities for new energy vehicles to go to the countryside in 2024
The General Office of the Ministry of Industry and Information Technology, the General Office of the National Development and Reform Commission, the General Office of the Ministry of Agriculture and Rural Affairs, the General Office of the Ministry of Commerce and the General Department of the National Energy Administration issued a notice to launch the 2024 NEV campaign to go to the countryside. The notice suggests that from May to December 2024, new energy vehicle models suitable for the rural market, with good reputation and reliable quality, will be selected, and activities such as centralized exhibitions and test drives will be carried out to enrich the consumer experience and provide diversified choices. Organize charging and switching services, financial services such as NEV underwriting, claims, credit, etc., and after-sales services such as maintenance to the countryside to make up for shortcomings in the supporting environment in rural areas. Implement support policies such as car trade-ins and repairing shortcomings in county charging and swapping facilities, and directly reach consumers with “real money” discounts.
[General outlook]
All US stocks rose overnight, and the Nasdaq China Golden Dragon Index rose slightly
Overnight, the Dow rose 349.89 points, or 0.88%, to 39908.00 points; the NASDAQ rose 231.21 points, or 1.40%, to 16742.39 points; and the S&P 500 rose 61.47 points, or 1.17%, to 5308.15 points. The three major stock indexes all hit record highs. GameStop (GME.US) fell 18%, AMD (AMD.US) rose 4%, and MicroStrategy (MSTR.US) 15%. The Nasdaq China Golden Dragon Index rose slightly, Alibaba (BABA.US) rose 1.8%, and Xiaopeng Motors (XPEV.US) fell 3.5%.
America's consumer price index (CPI) data for April was tepid, increasing market optimism that inflation is easing after three consecutive months higher than expected. This has led traders to increase their bets that the Federal Reserve will cut policy interest rates in September and December.
[Hot preview]
New York copper futures are approaching an all-time high
On May 15, the price of New York copper futures surged 5.5% during the intraday period, approaching an all-time high. Wall Street traders said that New Zealand copper is shorting like never before. Traders who short on copper futures or directly shorted the July NZ futures contract faced significant losses and were forced to make up their positions. In the early morning of May 16, most of London metals rose, with Lun aluminum up more than 2%, nickel up 2.5%, copper up 1.6%, and Lunzinc down 0.68%.
Lin'an District, Hangzhou: Buying a batch of commercial housing in the region to be used as public rental housing
The Housing and Urban-Rural Development Bureau of Lin'an District of Hangzhou issued a notice on May 14. Following a study and decision by the Lin'an District People's Government, a number of commercial housing units were purchased for use as public rental housing within Lin'an District. The basic housing conditions are as follows: ① The entire building is used as the basic acquisition unit, and the construction area of a single unit is not more than 70 square meters; ②. The purchased property must be equipped with a certain proportion of parking spaces, and the number of parking spaces to be sold in the property meets the ratio of 0.6 parking spaces, that is, each unit of 60 square meters (inclusive) or less is distributed according to the ratio of 1.0 parking space. The assessed price of the surrounding property or parking space was used as the maximum price for this acquisition, and finally implemented in accordance with the “Specific Implementation Plan on the Acquisition of Commercial Housing for Public Rental Housing” which was reviewed and approved by the district government.
The US announced that it will impose tariffs on electric vehicles and other Chinese products. Brokers say the overall impact is small
The US announced a further increase in additional tariffs on electric vehicles and the like imported from China on the basis of the original 301 tariffs on China. According to a review by Zhongtai Securities, China's share of new energy vehicles in the US remains low, and the market influence is very limited.
In 2023, China exported 67,000 passenger cars to the US, accounting for only 1.5% of total exports, and 13,000 new energy passenger vehicles, accounting for only 0.3%, which is negligible. Europe, Southeast Asia, Latin America, etc. are the main battlefields for Chinese car companies to go overseas. This tariff increase has no real impact on vehicles and parts going overseas. Furthermore, the market has already anticipated that this time it has come to an advantage.
CCTV Financial Excavator Index: New construction projects continue to increase, and the operating rate of excavation equipment has been rising for 5 consecutive months
In April, among major types of equipment, the operating rate of lifting equipment and excavation equipment was the highest, and the operating rate reached the highest since 2024. Excavation equipment continued to rise for 5 consecutive months. The high operating rate of hoisting equipment indicates that many projects have entered the completion period in 2023; the high operating rate of excavation equipment indicates that the number of new construction projects will continue to increase in 2024.
The profit attributable to Tencent Holdings (00700) equity holders of non-IFRS companies in the first quarter was 50.265 billion yuan, up 54% year-on-year, up 18% month-on-month
According to the Zhitong Finance App, Tencent Holdings (00700) announced results for the first quarter of 2024. Revenue was 159.501 billion yuan, up 6% year on year and 3% month on month. Gross profit was 83.87 billion yuan, up 23% year on year and 8% month on month. Profit attributable to company equity holders was 41,889 billion yuan, up 62% year on year and 55% month on month. Non-IFRS equity holders should account for profit of $50.265 billion, up 54% year on year and 18% month on month. Basic earnings per share were $4.479. In the first quarter, the total usage time of video account users increased by more than 80%; the total usage time of applet users increased by more than 20% year over year.
S&P Credit Review: Vanke has sufficient financial space to manage current liquidity pressure to handle bonds due in 2024
On May 15, S&P Credit Ratings said at a seminar that thanks to a large number of potential financing space for operating properties and stable rental income, Vanke has sufficient financial space to manage current liquidity pressure to cope with bonds due in 2024.
JD will successively implement trade-in subsidies in 20 provinces and cities across the country
In order to help implement the home appliance trade-in policy, JD recently joined hands with over 100 home appliance brands including Haier and Gree to jointly establish the “JD Home Appliance Home Renovation Alliance”, and will launch trade-in subsidy activities in 20 provinces, cities and regions across the country. The relevant person in charge of the service business of the JD Retail Home Appliances and Home Furnishing Division said that JD will join hands with partners to provide strong support for a new round of large-scale equipment updates and consumer goods trade-in: launch a “special support program for trade-in” in the 3C digital category, integrating 3 billion yuan in subsidies to encourage consumers to replace equipment; invest 500 million yuan in the automobile category to help trade in automobiles, and launch the industry's first “tire trade-in” program, which brings benefits to consumers and promotes the green and low-carbon development of the industry. It involves the Hong Kong stock JD Group-SW (09618).
[Individual stocks cleared]
League of Nations Securities (01456): Proposed issuance of A-shares to acquire 100% of Minsheng Securities's shares and raise no more than 2 billion yuan in supporting capital
Zhitong Finance App News, Guolian Securities (01456) announced that the company plans to issue A shares to 46 counterparties, including the League of Nations Group and Fengquanyu, at an issue price of 11.31 yuan/share to purchase 100.00% of Minsheng Securities held by the counterparty.
As of press release, three A-share listed companies from Beijing Lier, Sophia, and Times Publishing announced after the market that they intend to sell their shares in Minsheng Securities to Guolian Securities and subscribe for additional A-shares issued by Guolian Securities. Specifically, the number of Minsheng Securities shares sold by the three listed companies mentioned above was 147 million shares, 294 million shares, and 73.475 million shares, respectively, and the prices for the underlying assets have not yet been determined. In addition, according to the Guolian Securities announcement, the counterparties involved in this acquisition also include A-share listed companies such as Oriental Venture, Zhangjiang Hi-Tech, SIPG Group, Dusu Fashion, and Mass Transportation.
The report issued by the State Council on the review of opinions on the special report on the management of state-owned assets of financial enterprises and the state of rectification and accountability shows that efforts are concentrated to build a “national team” for the financial industry. Promote leading securities companies to become stronger and better, and support the Shanghai and Shenzhen stock exchanges to build world-class exchanges.
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