The real estate industry continues to decline, and policies and measures aimed at absorbing the stock of real estate and optimizing incremental housing are being prepared.
[Today's headlines]
Multiple ministries and commissions set up a joint working group to prepare and launch a “major initiative” for real estate
The real estate industry continues to decline, and policies and measures aimed at absorbing the stock of real estate and optimizing incremental housing are being prepared. Prior to the policy briefing in the afternoon, the State Council will organize a meeting on real estate work on the morning of May 17. At that time, it may announce measures related to the real estate sector. Relevant leaders from the People's Bank of China, the Ministry of Housing, Urban-Rural Development, the State Financial Supervision and Administration, the Ministry of Finance, local governments, and heads of large financial institutions such as state-owned banks will all attend the conference.
The CITIC Securities Research Report points out that the trend of real estate policy is clear, and efforts to restore the confidence of market players on the demand side and absorb the existing housing stock have become the main theme of the policy. I am optimistic about the real estate industry chain, I am optimistic about listed real estate companies with core assets and good development quality, and I am also optimistic about leading companies in the property service industry.
[General outlook]
All US stocks fell overnight, and the Nasdaq China Golden Dragon Index rose 2.5%
Overnight, the Dow fell 38.62 points, or 0.10%, to 39869.38 points; the NASDAQ fell 44.07 points, or 0.26%, to 16698.32 points; the S&P 500 index fell 11.05 points, or 0.21%, to 5297.10 points. Novavax Pharmaceuticals (NVAX.US) rose 11% and Faraday Future (FFIE.US) rose 134%, rising 3450% this week. The Nasdaq China Golden Dragon Index rose 2.5%, and Alibaba (BABA.US) rose more than 7%. Previously, Citron was bullish above $100.
Three Federal Reserve officials said that while policymakers wait for more evidence of slowing inflation, the Federal Reserve should keep interest rates high for a longer period of time, which shows that officials are in no hurry to cut interest rates. Cleveland Fed President Loretta Mester, New York Federal Reserve Governor John Williams, and Richmond Fed President Thomas Barkin each said on Thursday that inflation may take longer to reach the 2% target.
[Hot preview]
Hong Kong Securities Regulatory Commission allows simplified rules to be extended to active ETFs
The Zhitong Finance App learned that on May 16, the Hong Kong Securities Regulatory Commission issued a revised circular allowing the Securities Regulatory Commission to approve linked ETFs (exchange-traded funds) using a linked fund structure to invest in overseas listed main ETFs from different markets according to simplified regulations, including active ETFs, if certain conditions are met.
The US will resume imposing tariffs on solar energy products in four Southeast Asian countries
The US White House issued a statement on Thursday to take further control measures on imported photovoltaic cells on the grounds of so-called unreasonable trade. Specific measures include: no longer excluding double-sided solar modules from tariffs, resuming tariffs on solar products from Cambodia, Malaysia, Thailand, and Vietnam after June 6, and requiring imported installations to be completed within 6 months to crack down on product accumulation, and adopt subsidies and other measures to support the development of photovoltaic cell silicon wafers and battery manufacturing in the US. Small financial note: The US White House previously announced that import tariffs on Chinese photovoltaic cells will be raised from 25% to 50% this year.
Beijing: Proposed establishment of a leading group for low-altitude economic development led by city leaders
The “Beijing Action Plan to Promote High-Quality Development of the Low-Altitude Economy Industry (2024-2027)” was recently publicly solicited for comments. The plan mentions the establishment of a leading group for low-altitude economic development led by city leaders to promote the resolution of a number of major policies, key issues and important issues of the low-altitude economy. Research and draw up a list of tasks, establish a military, local and civilian coordination mechanism, and promote various matters such as airspace management, air traffic control services, and demand distribution in an integrated manner. Replicate the experience of autonomous driving demonstration zones to form a low-altitude economic promotion and management model. Formulate and introduce special policies to increase financial support. Set up a low-altitude industry fund to guide social capital and professional institutions to invest in low-altitude industrial projects. Deepen enterprise services and strengthen support for financial insurance, loans, etc. Strengthen international exchanges and cooperation, support the introduction of advanced product technology, and promote drone products and technical services to go global.
Silicon Industry Branch: There is no point in being bearish on the implementation of the monocrystalline silicon wafer production reduction plan
The Zhitong Finance App learned that on May 16, the Silicon Industry Branch published an article stating that the operating rates of the two first-tier companies dropped to 60% and 80% respectively this week. The operating rate of integrated enterprises dropped to between 60% and 80%, respectively, and the operating rate of the remaining enterprises dropped to between 50% and 70%, respectively. According to the above analysis of the situation, the market is currently at a critical point in the transformation of the relationship between supply and demand. Although the loss of the entire industry cannot be immediately reversed, there is no point in being bearish again as far as a single silicon wafer link is concerned.
The first project of a Chinese enterprise to build a new Saudi city of the future was successfully completed and delivered
The Saudi Arabia New Future City Tunnel Branch Project, constructed by China Railway Construction International Group, was officially completed and delivered on the 15th. The project is the first Saudi New Future City project constructed by a Chinese company. According to reports, the project includes 6 tunnel branches with a total length of 9.48 kilometers. It was first blown up in October 2021, and is the main construction support project for the New Future City Tunnel Project. Tang Ming, deputy general manager and project director of China Railway Construction International Group Middle East Regional Corporation, said that the project is located in a desert, has complex geological conditions, and many technological innovations have been carried out during the promotion process.
Baidu Group-SW (09888) announced first-quarter results, net profit of 5.448 billion yuan, up 110% month-on-month
According to the Zhitong Finance App, Baidu Group - SW (09888) announced results for the first quarter of 2024. The group obtained total revenue of RMB 31.5 billion (same unit), up 1% year on year; net profit attributable to Baidu was RMB 5.448 billion, down 6% year on year, up 110% month on month; and diluted income per share of US Depository Shares was 14.91 yuan.
The price of Master Kong (00322) instant noodles is about to rise, and the increase is expected to be around 14%
Master Kong's instant noodles are about to rise in price and hit the headlines. In response, the reporter learned from various sources that the price increase is basically true. “There is an oral announcement at the moment, but no formal notice has been received.” A Master Kong channel source revealed that the factory price of the classic bottled Master Kong instant noodles is expected to rise by 0.5 yuan/barrel to about 4 yuan/barrel, an increase of about 14%; the recommended retail price is also expected to rise to around 5 yuan/barrel at the same time. Small financial note: At the end of last year, the price of some Master Kong drinks had already increased. For example, the 1L pack of Master Kong iced black tea rose from 4 yuan/bottle to 5 yuan/bottle.
Johnson Electric Holdings (00179) announces annual results, profit attributable to shareholders of US$229 million increased by 45.25% year-on-year, and plans to pay a final dividend of HK44 cents per share
According to the Zhitong Finance App, Johnson Electric Holdings (00179) announced the annual results for the year ended March 31, 2024. The group achieved a turnover of US$3.814 billion during the period, an increase of 4.61% over the previous year; profit attributable to shareholders of US$229 million, an increase of 45.25% over the previous year; basic profit per share of 24.83 cents; and proposed to pay a final dividend of HK44 cents per share.
Dongyangguang Changjiang Pharmaceutical (01558) plans to pay a special dividend of HK$1.5 per share
According to the Zhitong Finance App, Dongyangguang Changjiang Pharmaceutical (01558) announced that the company plans to pay a special dividend of HK$1.5 per share.
JD Logistics (02618) announced first quarter results, non-IFRS profit of about 663 million yuan, turning a year-on-year loss into profit
According to the Zhitong Finance App, JD Logistics (02618) announced its results for the first quarter of 2024, with revenue of about 42.137 billion yuan, up 14.7% year on year; gross profit of about 3.31 billion yuan, up 97.5% year on year; profit for the period was about 322 million yuan, turning a year-on-year loss into a profit; non-IFRS profit for the period was about 663 million yuan, turning a year-on-year loss into a profit.
Sany International (00631) announced first-quarter results. Profit attributable to parent company owners was about 516 million yuan, down about 20.7% year on year
According to the Zhitong Finance App, Sany International (00631) announced results for the first quarter of 2024. The consolidated revenue was approximately RMB 5.13 billion, down about 5.7% from the previous year. Gross profit was approximately RMB 1,277.5 billion, a year-on-year decrease of about 4.0%. Profit attributable to owners of parent companies was approximately RMB 516 million, a year-on-year decrease of about 20.7%.
Haidilao: Approved to list American Depositary Shares on the NASDAQ Global Market
The Haidilao Hong Kong Stock Exchange announced that the company was approved to list its American Depositary Shares on the NASDAQ Global Market on May 16, 2024. American Depositary Shares will be traded on the NASDAQ Global Market, and the stock code is “HDL”. It is expected that American Depositary Shares will begin trading on the NASDAQ Global Market on May 17, 2024.
[Individual stocks cleared]
JD Group-SW (09618): Net profit attributable to shareholders of 7.13 billion yuan in the first quarter increased 13.88% year-on-year
According to the Zhitong Finance App, JD Group - SW (09618) announced the results for the first quarter of 2024. The group achieved revenue of 260.49 billion yuan (RMB, same below) during the period, an increase of 7.04% over the previous year; net profit attributable to shareholders was 7.13 billion yuan, an increase of 13.88% over the previous year, with a basic income of 2.28 yuan per share.
Revenue and net profit both exceeded market expectations. In the first quarter, JD Group's revenue reached 260 billion yuan, a year-on-year increase of 7.0%, further increasing the growth rate. Among these, the Japanese department category of commodity revenue resumed rapid growth on the basis of the previous quarter, and revenue growth rate reached 8.6% year on year. Through continuous optimization of the user experience, JD achieved a significant increase in all user indicators in the first quarter. The number of quarterly active users has maintained a year-on-year double-digit acceleration for two consecutive quarters, and users' shopping frequency, NPS (net recommendation value), and number of users in low-tier cities have all increased significantly.
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