[Highlights]

SFC Suspends Lending of Restricted Shares

According to the news released by the China Securities Regulatory Commission on January 28, the China Securities Regulatory Commission has further optimized the securities lending mechanism. One is to completely suspend the lending of restricted shares, and the other is to adjust the market-oriented agreement declaration of securities lending from real-time availability to the next day. Available, to limit the efficiency of securities lending. Due to factors such as system adjustments, the first measure will be implemented on January 29, and the second measure will be implemented on March 18. At the same time, the Shanghai and Shenzhen Stock Exchanges and China Securities Finance issued corresponding business notices. Industry experts said that the adjustment of securities lending rules emphasizes investor-oriented, focusing on responding to issues such as the lending of restricted shares that investors are concerned about.

Comments: The efficiency of refinancing is reduced, and the advantages of appropriate restrictions on the use of tools by institutions are conducive to maintaining an open, fair and just market order.

Foreign capital flows back into Chinese assets on a positive economic outlook

As China's assets continue to pick up, foreign capital has recently returned to net inflows. EPFR data show that Chinese equity funds attracted 11.9 billion US dollars of capital inflows between January 22 and January 26. Foreign institutions believe that the probability of capital returning to China's stock market is higher, and incremental capital will be conducive to the trend of A- shares. Bob Prince, co-chief investment officer at Bridgewater Investments, said China has just emerged from the epidemic over the past year, the economy has not yet fully recovered, and China's current assets are very cheap and the risk premium is attractive. The Fed is now widely expected to cut interest rates in 2024, while U.S. Treasury yields also hit a high in October 2023 and reversed their decline. Huang Senwei believes that this represents a higher probability of capital returning to China's stock market, and incremental capital will be conducive to the trend of A shares.

Comment: A cycle of rebuilding inventory is currently active and is expected to accelerate in the coming months. These developments could restore business and consumer confidence, allowing the Chinese market to rebound quickly.

property market regulation one city one policy down payment ratio, mortgage interest rates still have room to reduce

Recently, there has been good news about the property market. The Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision and Administration have voiced their support for the development of the real estate market. Since the beginning of this year, Guangzhou, Shanghai, Dongguan, Luoyang and other cities have successively introduced new property market policies to guide the confidence of home buyers to rebound. From the content point of view, it mainly involves housing provident fund, mortgage interest rate, adjustment of purchase restrictions, deed tax subsidies, house purchase subsidies and so on. The interviewed experts believe that a series of policies recently released a relatively strong positive signal, and the next financial support for real estate and the optimization and adjustment of local policies are expected to be further increased.

Comments: Since the beginning of this year, many new policies on the property market have been pushed again. Shanghai, Dongguan, Luoyang and other cities have introduced new policies on the property market to guide the confidence of home buyers to pick up.

More than 100 billion funds "copy the bottom" 5 ETFs staged a "highlight" moment

Market confidence has returned. Boosted by successive policy "gift packages", the real estate and building materials sectors in the-share market performed eye-catching last week. A number of real estate, central enterprises win-win related ETFs have gained more than 8% in just two trading days. In the past two weeks of volatile market conditions, a huge amount of funds to the speed of the wind through the ETF "bottom", 5 large-cap wide-based ETFs were bought more than 100 billion yuan.

Comments: In volatile market conditions, ETFs are often also a tool for investors to carry out counter-trend layout and swing operations, and the ETF sector is expected to maintain an expansion trend in the future.

rumors of us legislation stir up a number of listed companies in a-share pharmaceutical stocks to clarify urgently

A few days ago, a piece of news about the draft of the US "Biosafety Act" stirred up the-share biomedical sector, and the share prices of many companies fell sharply. In this regard, relevant companies have issued clarification announcements. Following the emergency response of Yaomingkang on the evening of January 26, Yaomingkang Biology and Huada Zhizao also issued clarification announcements on the evening of January 28. Huada Zhizao said that the company has noticed that the draft is still in the proposal stage, and there are many factual errors in the company's allegations, which may be revised or terminated in the future, and there is still great uncertainty about whether the law can be formed. WuXi AppTec stated that the draft biosecurity law has not yet taken effect and promulgated. The subsequent legislative process requires the U.S. House of Representatives and the U.S. Senate to vote on their respective versions of the bill after review by the relevant committees to form the final version. Therefore, the content of the Biosafety Bill is still subject to further consideration and possible changes.

Comments: On January 26, the industry circulated that the United States intends to introduce the Biosecurity Act to ensure that foreign biotechnology companies cannot obtain funds from American taxpayers.

The world's richest man changed, he replaced Musk

According to a report on the website of India Today on January 28, the Forbes real-time billionaires list shows that the French tycoon Bernard Arnault behind the luxury goods giant Louis Vuitton Group (LVMH) has replaced Elon Musk became the richest man in the world. According to the report, driven by the huge increase, Arnault's net worth soared to $207.8 billion on the 26th, surpassing Musk's $204.5 billion. On the 25th, Musk's electric car company Tesla plunged 13%, reducing his net worth by more than $18 billion. Meanwhile, LVMH shares soared more than 13 percent on the 26th, driven by optimism from strong sales reports. "Forbes" reported that on the 26th, LVMH's market value reached $388.8 billion, while Tesla's market value was $586.14 billion.

Comments: Even in times of economic turmoil, luxury has a lasting appeal. Arnault first topped the list in December 2022, when the tech industry's struggles were in stark contrast to the resilience of luxury brands in the face of inflation.

[industry hot spot]

Fund's Fourth Quarter Position Panorama Released Electronics Industry Shareholding Increases Significantly

A number of automotive industry chain companies have significantly increased their performance in 2023

"Lhasa Tiantuan" returns to the top of the list and prefers computer software and other topics

[Market review]

A shares: on the 26th, the three major indexes diverged in the afternoon, with the Shanghai index turning red and the GEM index falling more than 2%. In terms of sectors, real estate services, real estate development, trade and other sectors led the rise, while medical services, semiconductors and components, consumer electronics and other sectors led the decline. As of the close, the Shanghai Composite Index reported 2910.22 points, an increase of 0.14, with a turnover of 402.4 billion yuan; the Shenzhen Component Index reported 8762.33 points, a decrease of 1.06, with a turnover of 426.293 billion yuan; the ChiNext Index reported 1682.48 points, a decrease of 2.23, with a turnover of 170.491 billion yuan.

Hong Kong stocks: on the 26th, Hong Kong stocks closed down 1.6, the Hang Seng Index closed down 3.75. Hong Kong stocks in the pharmaceutical department of the afternoon dive, pharmaceutical Mingkang fell more than 16%, pharmaceutical biology fell more than 18%, pharmaceutical Ming United fell 20%. Most Hong Kong stocks fell, with Eastern selection down more than 8% and beeping down more than 5%.

U.S. stocks: Beijing time on the morning of the 27th, U.S. stocks closed mixed on Friday. The Dow closed slightly higher, but still set an all-time intraday and closing high. The Dow rose 60.30 points, or 0.16 per cent, to 38109.43; the Nasdaq fell 55.13 points, or 0.36 per cent, to 15455.36; and the S & P 500 fell 3.19 points, or 0.07 per cent, to 4890.97.

European stocks: Germany's DAX30 index rose 0.32, Britain's FTSE 100 index rose 1.43, France's CAC 40 index rose 2.28, Europe's Stoxx 50 index rose 1.16, Spain's IBEX35 index rose 0.21, Italy's FTSE MIB index rose 0.75.

[Institutional Strategy]

Guotai Junan: the intensive introduction of policies and important forces into the market to promote the bottom of the market rebound, the new formation of optimistic expectations and market water temperature will not immediately drop sharply. Before the Spring Festival "red envelope market" is emerging. Expected: 1) after the index rebounded sharply, before the festival to look short to do short, index differences rise shock mainly do not chase high, "red envelope market" into the plate diffusion. 2) Medium-term angle growth expectations lack of upward momentum and trading structure to be cleared, the bottom to be solid.

CICC: Looking back, we believe that positive changes are taking place at the recent policy level, short-term liquidity risks are gradually being resolved, the index has some momentum to repair, and the overall performance of the current institutional heavy growth industry and small and medium-cap style is weak, reflecting that investors' risk appetite is still to be repaired. Combined with the cautious expectations implied by the current undervaluation and the positive shift in policy factors, there is no need to be too pessimistic about the subsequent market performance. In terms of configuration, short-term policy changes focus on the areas of benefit, focusing on the combination of boom recovery and dividend assets.

[Topic Company]

After China Huarong is transferred to CITIC Group, the three AMCs of China Oriental, Cinda and Great Wall will be merged into CIC

In response to the institutional reform plan, three asset management companies (AMCs), China Cinda, China Oriental and China Great Wall, will be transferred to CIC in the near future. China Huarong, one of the original four AMCs, has been transferred to CITIC Group and recently changed its name to China CITIC Financial Assets.

Dong Mingzhu talks about Gree's share price! Shouting shareholders: long-term hold!

On the evening of January 28, the "Gree 2024 Global Dream Ceremony" was held in Zhuhai. Gree Electric Chairman Dong Mingzhu attended and delivered a speech.

In his speech, Dong Mingzhu revealed Gree's profit and tax situation in 2023, as well as his views on Gree's stock price, employees and enterprise innovation. Dong Mingzhu said that Gree Electric does not care about the stock price, "we do not rely on the stock price to survive." she shouted to shareholders at the scene that if they have confidence in Gree, they should hold Gree shares for a long time.

Evergrande Property filed seven more lawsuits against Evergrande Company

Evergrande's "13.4 billion yuan deposit pledge" incident has made another stir.

on the evening of January 26, Evergrande property (HK06666, stock price of HK $0.400, market value of HK $4.324 billion) issued an internal announcement saying that the company's wholly-owned subsidiary had filed a lawsuit with the Guangzhou Intermediate people's Court of Guangdong Province regarding the compulsory execution of the deposit pledge of about 13.4 billion yuan (the same below). On January 25, the company has received the notice of formal acceptance of the case by the court. According to the "Daily Economic News" reporter statistics, this time Evergrande Property filed a total of seven lawsuits, the litigation objects are Evergrande related companies, involving a total amount of more than 11.4 billion yuan.

[new stock tip]

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[Notice]

a number of listed companies in Shanghai and Shenzhen stock markets issued company announcements on the evening of January 28. the following is a summary of important announcements:

Important matters

Huada Zhizao: the company's business links do not involve data collection behavior

huada zhizao (688114) announced that on January 26, the company learned that huada zhizao was mentioned in a recent draft BIOSECURE Act proposed by the United States. Since its inception, the company has been adhering to the concept of "innovation and intelligence to lead life science and technology", is committed to becoming the "life science and technology core tool creator", through the deepening of platform application to enable customers to achieve more "read, write, save" innovation breakthrough and application scenario expansion. In the process of development, the company strictly abides by the laws and regulations of the operating market, and pays great attention to data security and privacy protection. As an upstream equipment provider in the gene sequencing industry, the company's business processes do not involve data collection, and the data generated by customers based on the company's sequencing platform are collected, stored, processed and controlled by the customers themselves.

Guosheng Technology: Chairman Wu Jun has been detained, and the matter involved has nothing to do with the company

Guosheng Technology (603778) announced that Wu Jun, the actual controller and chairman of the company, was detained on November 2, 2023 to cooperate with the Huai'an Supervisory Commission to assist in the investigation, but the matter involved has nothing to do with the company. As of the disclosure date of this announcement, the company has not received the relevant written notice of the above-mentioned lien, nor has it received any investigation or cooperation investigation documents from the competent authority. Although Wu Jun was detained, he was still able to perform his duties normally. The company has a sound governance structure and business control process, production and operation are carried out normally, and employees are paid in accordance with the relevant regulations of the company.

Yaokang Bio: All the company's technology and samples are not within the scope of the draft Biosafety Act

yaokang biology (688046) announced that recently, the company paid attention to the relevant statements concerning restricting the use of human genes and other genetic materials by Chinese biotechnology companies in a draft biosafety bill submitted to the U.S. House of Representatives on January 25, 2024. The company's model animal mice are produced using human genome sequences published by the scientific research community with no species differences, and do not involve any human source gene sequence analysis business. All technologies and samples are publicly available resources or commercially purchased resources in the research community and are not within the scope of the draft Biosafety Act. At the same time, we note that the draft has not yet entered into force, the relevant content still needs further consideration, there is a possibility of change. The company will also closely monitor the progress of the draft legislative process.

Meirui Medical: Proposed acquisition of control of Huitai Medical

Mindray Medical (300760) announced that the company plans to acquire 21.12 shares of Huitai Medical by agreement through its wholly-owned subsidiary Shenmai Control, with a total transfer amount of about 6.652 billion yuan. At the same time, Shenmai intends to transfer all 0.12 of the general partnership interests held by Chenyi Hongqi in Zhuhai Tongsheng, which currently holds 3.49 of the shares of Huitai Medical. After the completion of this transaction, Shenzhen Mai Control and its concerted action person Zhuhai Tongsheng hold a total of 24.61 shares of Huitai Medical, Huitai Medical controlling shareholder will be changed to Shenzhen Mai Control, the actual controller will be changed to Li Xiting and Xu Hang.

Nanjing-Shanghai expressway: it is proposed to acquire 65% equity of suxi-chang southern expressway company for about 5.2 billion yuan

Nanjing-Shanghai Expressway (600377) announced that in order to further expand the company's asset scale in the southern Jiangsu expressway network, the company plans to acquire 65% equity of Jiangsu Suzhou-Wuxi-Changzhou Southern Expressway Co., Ltd. (hereinafter referred to as "Suzhou-Wuxi-Changzhou Southern Expressway Company") for about 5.2 billion yuan. In addition, the Company also entered into a letter of intent with Wuxi Communications to initiate discussions on the acquisition of its 22.8 percent stake in Suxi-Chang Southern Expressway Company. Once the Company and Wuxi Transportation formally sign the Equity Transfer Agreement and complete the acquisition, the Company will own and control 87.8 of the absolute controlling equity interest in Suxi Chang Southern Expressway Company. In addition, the Company is actively seeking to acquire a 12.2 percent stake in Suxi-Changyi Southern Expressway Company, which is held by Changzhou High Investment.

Latest results

shenma power: net profit in 2023 increased by 206.05-228.44% year on year

Shenma Electric Power (603530) released its annual results forecast, 2023 is expected to achieve a net profit of about 0.15 billion -0.161 billion yuan, up 206.05-228.44 year-on-year. During the reporting period, the company's annual operating income increased by about 30% over the same period last year. With the company's substation composite external insulation products continue to promote the overall overseas revenue to maintain a steady growth rate, at the same time, the transmission and distribution line composite external insulation products overseas revenue reporting period to achieve leapfrog growth, up more than 200, and medium-and long-term growth trend is good, will continue to provide incremental contribution to the company's performance.

sen Kirin: net profit in 2023 increased by 62.33-77.31% year on year

Sen Kirin (002984) released its earnings forecast, expecting a net profit of 1.3 billion -1.42 billion yuan in 2023, up 62.33-77.31 percent year-on-year. In 2023, the overall operating situation of China's tire industry, represented by Sen Kirin, recovered in an all-round way. In overseas markets, the company's high-quality and high-performance products have a cost-effective competitive advantage in the European and American tire markets, and the demand for orders continues to be in short supply; in the domestic market with high growth potential, it also shows a recovery trend. At the same time, in 2023, with the large-scale production of the company's Thailand Phase II project, Sen Kirin continued to maintain a steady growth trend.

great wall securities: net profit increased 55%-65% year-on-year in 2023

great wall securities (002939) issued a performance forecast, with a net profit of 1.393 billion -1.483 billion yuan expected to return to its parent in 2023, up 55%-65% year-on-year. In 2023, the company to innovation-driven performance growth, further enhance asset allocation capabilities, accelerate the transformation to a stable investment structure system, self-investment and other business operating performance rebounded significantly year-on-year.

first tour hotel: 2023 net profit pre-profit 0.77 billion yuan -0.83 billion yuan, a year-on-year turnaround

BTG Hotel (600258) issued an annual performance pre-profit announcement, and it is expected that the net profit attributable to shareholders of listed companies in 2023 will be 0.77 billion yuan to 0.83 billion yuan, a year-on-year turnaround. In 2023, along with the macroeconomic stability, business travel demand gradually recovered. In the first half of the year, the company seized the opportunity of rapid recovery of the hotel market and achieved a substantial year-on-year turnaround. In the third quarter, domestic demand for leisure tourism was high, and the company seized the opportunity of the summer sales season to take multiple measures to improve hotel profitability. Entering the fourth quarter of the traditional off-season, the company continued to improve quality and efficiency to promote operations, hotel RevPAR to achieve a steady recovery.

US year health: 2023 net profit pre-profit of 0.46 billion yuan -0.57 billion yuan, year-on-year loss

us year health (002044) issued a performance forecast, expected to return to the mother net profit of 0.46 billion yuan -0.57 billion yuan in 2023, a year-on-year turnaround. In 2023, the health examination industry recovered strongly, and the company's operation entered a benign development channel driven by demand and rising volume and price, promoting the company's operating performance to continue to grow and the high-quality development of enterprises.

Caibai shares: net profit in 2023 increased by 45.61-59.74% year on year

Caibai shares (605599) issued an annual performance pre-increase announcement. It is estimated that the net profit attributable to the owner of the parent company in 2023 will be 0.67 billion yuan to 0.735 billion yuan, a year-on-year increase of 45.61-59.74. In 2023, China's economy rebounded to the good, with a series of steady growth, consumer measures to promote consumption on the ground, the business environment continued to optimize, the consumer market rose to pick up, superimposed on the upward trend of gold price shocks, consumers' willingness to buy gold jewelry products increased.

hang seng electronics: net profit up about 23.27% year-on-year in 2023

Hang Seng Electronics (600570) released its annual performance forecast, and it is expected to achieve a net profit of about 1.345 billion yuan attributable to shareholders of listed companies in 2023, a year-on-year increase of about 23.27. In 2023, thanks to the impact of the digital transformation and upgrading of the financial industry, financial institutions continue to increase their investment in science and technology, the company continues to maintain its leading market position, and its operating income continues to grow.

kanglong into a: 2023 net profit increased 14%-19% year-on-year

Kanglong Huacheng (300759) issued a performance forecast, expected 2023 net profit of 1.567 billion yuan -1.636 billion yuan, up 14%-19% year-on-year. During the reporting period, the revenue of each company's business segment increased steadily, and the overall profit of the main business increased; macromolecule and cell and gene therapy services and some overseas operations were still in the early stage of investment, which reduced the growth rate of profits to a certain extent; mainly Affected by the price fluctuations of experimental monkeys, the income from changes in the fair value of biological assets during the reporting period decreased significantly compared with the same period last year, which reduced the growth rate of profits to a certain extent.

special information: 2023 net profit pre-loss 0.3 billion yuan -0.22 billion yuan, year-on-year loss

special information (000070) issued a performance forecast, is expected to return to the mother net profit loss of 0.3 billion yuan -0.22 billion yuan in 2023, year-on-year loss. During the reporting period, the market expansion of individual mergers and acquisitions subsidiaries was less than expected, and it is expected that impairment provisions will be made for the goodwill and related asset groups involved. Several of the Company's major projects were refixed at the end of 2022, resulting in an increase in depreciation, amortization and other expenses in 2023.

Sichuan dragon python: net profit in 2023 decreased by 59.59-68.99% year on year

Sichuan Long Python (002312) issued a performance forecast, expected 2023 net profit of 0.33 billion yuan -0.43 billion yuan, down 59.59-68.99 percent year-on-year. During the reporting period, the business cycle of the company's industry declined, and the price of the company's products fell accordingly. In addition, the prices of main raw materials remained high. Multiple factors led to the net profit attributable to shareholders of listed companies and the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses decreased significantly compared with the same period of last year.

Increase and decrease

Guobo Electronics: Shareholders voluntarily promise not to reduce their shares in the company

Guobo Electronics (688375) announced that based on confidence in the company's future development prospects and recognition of long-term investment value, Tianjin Fenghe Technology Partnership (Limited Partnership), a shareholder holding 7.45 of the company's shares, voluntarily promised to do so in the next 12 months (not to reduce its holdings of the company's shares in any way.

shengmei Shanghai: directors and some senior executives of the company plan to increase their shares in the company from 9 million yuan to 12 million yuan

shengmei Shanghai (688082) announced that the company's director and general manager Wang Jian, deputy general manager Chen fu (golden Kirin analyst) ping, and board secretary Luo mingzhu intend to increase the company's shares by a total amount of not less than 9 million yuan and not more than 12 million yuan. This increase in the plan does not set a price range for the increase in shares.

Sign a large order

Tianyang Technology: Signed Cooperation Agreement with Hunan University on Financial Supercomputing Joint Innovation Center

tianyang technology (300872) Announcement, the company and Hunan University adhere to the principle of "complementary advantages, mutual benefit and reciprocity", intend to play their respective advantages, based on the national supercomputing Changsha center supercomputing platform, jointly build a financial supercomputing research and development center, the two sides signed a cooperation agreement, effective from the date of signing, valid for five years. The cooperation agreement stipulates that in the next five years from the date of signing the agreement, the company expects a total investment of not less than 0.2 billion yuan to Hunan University (National Supercomputing Changsha Center) for the construction of "Tianyang Science and Technology-Hunan University Financial Supercomputing Joint Innovation Center". The specific investment arrangement shall be determined according to the promotion and landing of the cooperation project.

Haochen Software: Subsidiary Signed Suzhou Industrial Software Application Innovation Center Cooperation Landing Agreement

Haochen Software (688657) announced that Suzhou Industrial Software Application Innovation Center Co., Ltd., a holding subsidiary, signed the "Suzhou Industrial Software Application Innovation Center" with Suzhou Bureau of Industry and Information Technology, Wuzhong District People's Government, and Huawei Cloud Computing Technology Co., Ltd. "Landing Agreement", all parties are based on the principle of "complementary advantages and win-win cooperation, we will cooperate in the joint construction of Suzhou Industrial Software Application Innovation Center and accelerate the promotion of industrial software technology innovation and application promotion.

Share Repurchase

xingrui technology: to repurchase shares from 30 million yuan to 60 million yuan

Xingrui Technology (002937) announced that the company intends to use its own funds to buy back the company's shares in a centralized bidding transaction for equity incentives or employee stock ownership plans. The total amount of funds to be used for repurchase shall not be less than 30 million yuan and shall not exceed 60 million yuan, and the price of repurchased shares shall not exceed 30 yuan/share.

Other matters

gengxing shares: 34.71 of the company's shares held by the controlling shareholder zhonggeng group will be auctioned for judicial disposal

Gengxing shares (600753) announced that the 79.9296 million shares of the company held by the controlling shareholder Zhonggeng Real Estate Group Co., Ltd. ("Zhonggeng Group") are to be judicially disposed of and auctioned, accounting for 97.56 of the company's shares. 34.71 of the company's total share capital. If this judicial auction is successful, it may lead to the risk that the actual controller and controlling shareholder of the company will change or the company will become a non-actual controller.

Northeast Pharmaceuticals: drug substance levocarnitine received CEP certificate issued by the European Drug Quality Agency

Northeast Pharmaceuticals (000597) announced that the company's raw material drug levocarnitine recently received the European Pharmacopoeia Applicability Certificate (CEP Certificate) issued by the European Drug Quality Administration, which is used to prevent and treat the lack of levocarnitine.