[Today's headlines]

Four departments issued the “Implementation Plan for Innovative Application of General Aviation Equipment”

According to the Ministry of Industry and Information Technology's website on March 27, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the Ministry of Finance, and the Civil Aviation Administration of China issued the “Implementation Plan for Innovative Application of General Aviation Equipment (2024-2030)”. Among them, it is proposed that by 2027, China's general aviation equipment supply capacity and industrial innovation capacity will be significantly improved, a modern general aviation infrastructure support system will be basically established, an efficient integrated industrial ecosystem will be initially formed, the general aviation public service equipment system will be basically improved, and new general aviation equipment with unmanned, electrified, and intelligent technical characteristics will achieve commercial application in urban air transport, logistics and emergency rescue.

By 2030, a new general aviation industry development model characterized by high-end, intelligence, and greening will be basically established to support and guarantee the safe and efficient operation of “short-haul transport+electric vertical take-off and landing” passenger transport networks, “branch-branch-terminal” drone distribution networks, and low-altitude production operation networks that meet the needs of workers and farmers. General aviation equipment will be fully integrated into all fields of people's production and life, becoming a powerful driving force for low-altitude economic growth, forming a trillion-level market size.

According to the Chinese Government Network, by the end of 2023, China's low-altitude economy will reach 500 billion yuan; by 2030, the low-altitude economy market is expected to reach 2 trillion yuan. In response to the high demand for eVTOLs, according to Lilium's forecast, the number of eVTOLs in China could reach 10,500 in 2035. It involves Hong Kong-owned eVTOL OEMs Xiaopeng Motor (09868) and Geely (00175) (Geely's WoFei Changhang has completed the first flight of the 5-seater eVTOLAE200).

[General outlook]

The Hong Kong stock ADR index rose 0.24%

US stocks closed overnight. The Dow rose 477.75 points, or 1.22%, to 39760.08 points; the NASDAQ rose 83.82 points, or 0.51%, to 16399.52 points; and the S&P 500 rose 44.91 points, or 0.86%, to 5248.49 points. Trump's Trump Media (DJT.US) closed up more than 14%, while Apple (AAPL.O) rose more than 2%.

The Nasdaq China Golden Dragon Index rose slightly. Popular Chinese securities had mixed ups and downs. Bilibili rose more than 5%, JD rose more than 3%, Vipshop rose more than 2%, Baidu rose more than 1%, and Alibaba rose slightly. The Hong Kong stock ADR index rose. On a proportional basis, it closed at 16,658 points, up 39.73 points or 0.24% from the Hong Kong closing.

[Hot preview]

Is “not allowed to buy a house in Beijing within 3 years of divorce” abolished? Beijing Municipal Housing and Construction Commission: The news is true

According to market sources, Beijing's “not allowed to buy a house in Beijing within 3 years of divorce” policy document has been abolished. In response, the relevant staff of the Beijing Municipal Housing and Construction Commission told the reporter that the news is true. Buying a house after divorce is no longer limited by the length of divorce, and enforcement has begun today. On August 4, 2021, the Beijing Housing and Construction Commission policy stipulated that if a Beijing husband and wife are divorced, and the number of housing units owned by the original family before the divorce did not meet the requirements of the city's commercial housing purchase restriction policy, no one party may purchase commercial housing in the city for 3 years from the date of divorce.

Hong Kong Stock Exchange CEO Chen Yiting: In recent years, companies prefer to be listed in the local market

On March 27, Hong Kong Stock Exchange Chief Executive Chen Yiting said at a forum that in recent years, Hong Kong's new stock market has been affected by macroeconomic, geopolitical factors and interest rate environments. In recent years, companies prefer to market in the local market. Stock market capital raised in some emerging markets in Asia has increased, or cross-border traffic has been blocked due to the pandemic. However, she believes that as these companies continue to grow, they may need to seek capital from other markets, including a second listing or initial listing.

According to the news, Meta is still planning to cooperate with Tencent (00700) to bring headsets to China

According to reports, Meta is still planning to bring the upcoming low-cost Quest 3 to the Chinese market through a partnership with Tencent. In March of last year, a Meta hardware roadmap conference transcript showed that the company plans to release another headset after launching the Quest 3 in 2024, “offering the most attractive price point in the VR consumer market.”

China Life Insurance (02628) reached a record high of more than 1.26 trillion yuan, premium revenue exceeding 641.3 billion yuan in 2023

China Life Insurance released its 2023 annual report. According to the annual report, in 2023, the company achieved total premiums of 641,380 billion yuan, an increase of 4.3% over the previous year; the included value reached 1260.567 billion yuan, a growth rate of 5.6% of the same caliber; and the annual new business value reached 36.860 billion yuan, an increase of 11.9% over the same period in 2022 as a result of using the new economic hypothesis restated. Three key performance indicators consistently ranked first in the industry. Meanwhile, the company's total assets and investment assets reached a new peak, reaching 5.89 trillion yuan and 5.67 trillion yuan respectively. Under international financial reporting standards, net profit attributable to shareholders of the parent company was 46.181 billion yuan, and shareholders' equity attributable to shareholders of the parent company was 477.093 billion yuan.

BYD Wang Chuanfu: The share of joint venture brands will drop from 40% to 10% in the next 3 to 5 years

On March 27, BYD held an investor communication meeting on the 2023 financial report. According to the minutes obtained by the reporter, BYD Chairman Wang Chuanfu also believes that the new energy industry has now entered the knockout stage, and 2024 to 2026 is a decisive battle of scale, cost, and technology. The accelerated launch of new energy products by Chinese car companies will encroach on the joint venture brand market. In the next 3 to 5 years, the share of joint venture brands will drop from 40% to 10%, of which 30% is room for future growth for Chinese brands. In terms of globalization, Wang Chuanfu said that the geopolitical issue requires car companies to choose the strategic path of “going overseas+localization”. In Europe, South America, the Middle East, etc., BYD and other Chinese car companies need to combine technology and localization strategies to form domestic and international markets by building overseas factories.

ICBC (01398) released annual results: net profit to mother of 363,993 billion yuan increased 0.79% year-on-year

According to the Zhitong Finance App, ICBC (01398) announced the results for the year ended December 31, 2023. The group obtained net interest income of RMB 655,013 billion (same unit), a year-on-year decrease of 5.34%; operating income of 806.458 billion yuan, a year-on-year decrease of 4.26%; net profit attributable to shareholders of the parent company of 363,993 billion yuan, an increase of 0.79% over the previous year; basic earnings per share of 0.98 yuan, with a proposed cash dividend of RMB 3.064 per 10 shares.

China Free Credit (01880): Net profit increased 33.46% year-on-year in 2023, and plans to pay 10 to pay 16.5 yuan

China's annual report was disclosed on the evening of March 27. In 2023, China achieved operating income of 67.54 billion yuan, up 24.08% year on year; net profit of 6.714 billion yuan, up 33.46% year on year; and basic earnings per share of 3.25 yuan. The company plans to distribute a cash dividend of 16.5 yuan (tax included) for every 10 shares to all shareholders.

China Aluminum (02600): Net profit in 2023 increased 60.23% year-on-year, and plans to pay 10 to 0.8 yuan

China Aluminum announced a net profit of 6.717 billion yuan in 2023, an increase of 60.23% over the previous year, and plans to distribute 10 0.8 yuan.

Sichuan-Cheng-Chongqing Expressway (00107): Net profit increased 90.15% year-on-year in 2023, and it is proposed that 10 be 2.4 yuan

Chengdu, Sichuan announced that in 2023, it will achieve operating income of 11.652 billion yuan, an increase of 10.12%; net profit of 1,187 billion yuan, an increase of 90.15%; and basic earnings per share of 0.39 yuan. The company plans to pay a cash dividend of 2.4 yuan for every 10 shares.

Kanglong Chemical (03759): Net profit increased 16.48% year-on-year in 2023, and plans to pay 10 to 2 yuan

Kanglong Chemical announced a net profit of 1,602 billion yuan in 2023, an increase of 16.48% over the previous year, and plans to pay 2 yuan for 10.

[Individual stocks are a bit clear]

China Civil Aviation Information Network (00696) released annual results: net profit of 1,399 billion yuan increased by 123.1% year-on-year, final interest of 0.16 yuan per share

According to the Zhitong Finance App, China Civil Aviation Information Network (00696) announced the results for the year ended December 31, 2023. The group obtained total operating revenue of RMB 6.984 billion (same unit), an increase of 34.04%; net profit attributable to shareholders of the parent company was RMB 1,399 billion, an increase of 123.1% year on year; earnings per share were 0.48 yuan, and a final dividend of 0.16 yuan per share was planned.

The company is the main force in information services for China's civil aviation industry, shouldering the heavy responsibility of building smart civil aviation. The company has massive core data in the industry, has built a significant competitive advantage, and will provide a foundation for continuous exploration of data monetization. The company benefited from the acceleration of airport construction, renovation and expansion, and undertook smart civil aviation construction projects. The compound annual revenue growth rate of software and hardware system integration business reached 13%. Considering that the software and hardware system business generally needs to be completed to confirm revenue and profit, the agency expects the peak of project completion and settlement in the latter half of the 14th Five-Year Plan period, and the profit contribution is expected to exceed expectations.