Source: Market Information

Affect the stock market positive and negative news

Macro news

1. On the afternoon of December 17, Xi Jinping listened to the work report of the Hainan Provincial Party Committee and the Provincial Government in Sanya, Hainan Province. Xi Jinping stressed the need to solidly promote reforms in key areas. We will step up the implementation of the core policies of the Hainan Free Trade Port, and carefully make various preparations to ensure the smooth and orderly operation of customs closure.

2. The State-owned Assets Supervision and Administration Commission of the State Council recently issued the "Several Opinions on Improving and Strengthening the Market Value Management of Listed Companies Controlled by Central Enterprises". Among them, it is proposed that the central enterprises should improve and strengthen the market value management of holding listed companies from six aspects: mergers and acquisitions, market-oriented reforms, investor returns, and stock repurchase and holdings. The "Opinions" require central enterprises to take market value management as a long-term strategic management behavior. The "Opinions" also put forward that it attaches great importance to the problem of net breaking of listed companies controlled by central enterprises, and guides long-term net breaking listed companies to formulate disclosure valuation improvement plans and supervise their implementation.

3. The National Immigration Administration issued an announcement on December 17 to fully relax and optimize the transit visa-free policy from now on, extending the stay time of transit visa-free foreigners in China from the original 72 hours and 144 hours to 240 hours (10 days), and adding 21 new ports as entry and exit ports for transit visa-free personnel, and further expanding the area of stay activities.

4. U.S. President-elect Trump said on the 16th that the United States and China can work together to solve all problems in the world.

Industry news

1. ChinaClear issued a notice that from January 1, 2025, the preferential measure of halving the handling fee for A-share dividends in the Shanghai and Shenzhen markets will be halved, that is, the dividend payment fee will be charged at 0.5‰ of the total cash distribution, and the part of the handling fee exceeding RMB 1.5 million will be exempted.

2. It was learned from UnionPay International that UnionPay International has reached a cooperation with WeChat Pay to support overseas UnionPay cooperative wallets to scan domestic WeChat payment collection code payment, Bank of China Hong Kong BoC Pay, Octopus, PayMe by HSBC, Tap &Go Auction Reward, Thailand Bangkok Bank Mobile Banking, K PLUS, South Korea NAVER Pay, Malaysia ICBC Mobile This function is the first of the eight banking wallets to be launched, further enriching the mobile payment options for foreigners in China.

3. There is an online notice showing that the rider will be forced offline by the platform if he runs too much. The relevant person in charge of Meituan responded to reporters that there are indeed relevant measures. However, as for the specific duration of the forced offline, Meituan told reporters that the plan is currently being piloted, and the relevant rules will be announced after improvement.

4. Ele.me has launched a rider rest measure nationwide in August this year, and if a rider runs for a long time in a row, a pop-up reminder will be triggered. If the continuous running time is too long, there will be a small rest requirement, and the relevant measures are being continuously improved.

5. According to the China Association of Automobile Manufacturers, in November 2024, passenger vehicle production and sales reached 3.109 million units and 3.001 million units, up 14.9% and 9% month-on-month, and 14.9% and 15.2% year-on-year, respectively. According to the analysis of the China Association of Automobile Manufacturers, in November, the effect of the car trade-in policy continued to appear.

6. It was learned from the School of Future Technology of Peking University that the research team of Peking University and Wenzhou Medical University has established a generative multimodal cross-organ medical imaging basic model, which can synthesize massive high-quality medical imaging data based on text instructions and multiple imaging methods of multiple organs, and provide strong technical support for the training, precision medicine and personalized diagnosis and treatment of medical imaging models.

7. According to incomplete statistics, in 2024, a total of 15 photovoltaic companies on the Shanghai, Shenzhen and North three stock exchanges will terminate their IPOs, with a total of about 27 billion yuan to be raised. At present, the number of enterprises in the industry is still under review, and the number of cancellations during the year exceeded the number under review.

8. The Blue Whale News reporter exclusively learned that recently, the State Administration of Financial Supervision issued the "Notice on Printing and Distributing the Standardization Specifications for Insurance Regulatory Data (2024 Edition for Life Insurance Companies)" to all financial supervision bureaus, life insurance companies, and China Banking and Insurance Information Technology Management Co., Ltd., requiring strict implementation of the main responsibility of data management.

Company News

1. Guolian Securities announced that the major asset restructuring was approved by the Restructuring Committee of the Shanghai Stock Exchange.

2. At Kweichow Moutai's third quarter 2024 performance briefing, Zhang Deqin, chairman of Kweichow Moutai, responded to the stock split proposal and said that it is necessary to make prudent decisions.

3. Xinke Materials announced that the directors and senior executives completed the share reduction plan.

4. Tianjin Investment City Development announced that it was planning a major asset restructuring, and the stock was suspended from today.

5. Gaoling Information announced that it intends to purchase 100% of the shares of Xinnuo Communication, and the stock will resume trading today.

6. In response to the cooperation between the large model of Doubao and ZTE Mobile Phone spread on the Internet, the relevant person in charge of Doubao responded to the "Science and Technology Innovation Board Daily" that the news was untrue.

7. Daqian Ecology announced that the shareholder Xinhua Distribution Group plans to reduce its holdings of no more than 3% of the company's shares.

8. Telink Micro announced that the company released TLEdgeAI-DK, a machine learning and artificial intelligence development platform based on TL721x and TL751x chips.

9. Guocheng Mining announced that it intends to purchase no less than 60% of the equity of Guocheng Industry, which is expected to constitute a major asset restructuring.

10. Borui announced that it plans to set up a project company to build and operate the assets of Chengdu Intangible Cultural Heritage Expo Park.

Global Markets

1. The three major U.S. stock indexes collectively closed down, with the Nasdaq down 0.32%, the S&P 500 down 0.39%, and the Dow down 0.61%. Among them, the Dow Jones recorded nine consecutive daily declines, the longest consecutive decline since February 1978. Nvidia enters the pullback range; Tesla and Apple continued to hit new highs. Most of the popular Chinese concept stocks rose, and the Nasdaq China Golden Dragon Index rose 1.97%. Most of Europe's major stock indexes closed in the red, with Germany's DAX 30 down 0.17%.

2. The settlement price of international crude oil futures closed down nearly 1%. The January contract for WTI crude oil futures fell 0.89%, and the February contract for Brent crude futures fell 0.97%.

3. COMEX gold futures fell 0.28%, and COMEX silver futures fell 0.18%.

4. Bitcoin once hit $108,000 upwards, continuing to hit a new high.

Investment Opportunity Reference

1. China has successfully launched satellite Internet low-orbit satellites, and the industry has entered the stage of accelerated landing

According to media reports, China used the Long March 5B carrier rocket/Yuanzheng-2 upper stage at the Wenchang Cosmodrome to successfully launch the satellite Internet low-orbit 01 group of satellites, and the satellite successfully entered the predetermined orbit, and the launch mission was a complete success.

Satellite Internet has accelerated the landing, Beidou and low-orbit systems continue to advance, and the "trinity" space network coverage may become a reality, and China may achieve space network coverage through three satellite network systems. Minsheng Securities believes that the application and deployment of the low-orbit communication constellation will bring greater market demand to the domestic satellite and commercial rocket industry, with the official opening of the constellation networking, the logic of overseas demand continues to confirm, the global market is expected to be accompanied by the successive networking of China's constellation and the iteration of rocket technology continues to open, it is recommended to focus on China's satellite manufacturing + ground system + terminal application related core targets.

2. The reform of state-owned enterprises continues! 45.8 billion large enterprises and 50 billion large funds

On the evening of December 16, there was heavy news about the reform of state-owned enterprises in Sichuan. Sichuan Jiuzhou and Eaton Electronics both announced that their controlling shareholders Jiuzhou Group signed a capital increase and share expansion agreement with Mianyang State-owned Assets Supervision and Administration Commission, Sichuan Provincial Department of Finance and China Development Bank Fund. After the agreement, the registered capital of Jiuzhou Group will increase from 3 billion yuan to 3.615 billion yuan, and China Development Bank Fund will hold 17.01% of the equity of Jiuzhou Group. According to the data, the total scale of the China Development Bank Manufacturing Transformation and Upgrading Fund (Limited Partnership) is 50 billion yuan, and the legal representative is China Development Bank Investment Fund Management Co., Ltd. According to the official website of Jiuzhou Group, Jiuzhou Group has existing assets of 45.8 billion yuan and will achieve operating income of 43.8 billion yuan in 2023.

The just-concluded Central Economic Work Conference clearly proposed to give full play to the leading role of economic system reform, promote the implementation of landmark reform measures, and complete the deepening and upgrading of state-owned enterprise reform with high quality. CITIC Securities believes that state-owned capital, as an important participant in China's economy, is the vanguard of China's new development pattern. In the process of economic transformation to high-quality development, the reform of state-owned capital will also usher in a new period of strategic opportunities. Through the four paths of "addition, subtraction, multiplication and division", the central state-owned enterprises focus on their main responsibilities and main businesses internally, promote professional integration, actively deploy externally, do a good job of patient capital, support the development of new productive forces, and it is recommended to pay attention to the positive trends of central state-owned enterprises in various fields of mergers and acquisitions.

3. Strategic and basic core industries, accelerating the revitalization of this field is the top priority

According to reports, since the beginning of this year, China has solidly promoted a new round of 100 billion catties of grain production capacity improvement actions, implemented large-scale yield improvement actions for major crops such as grain and oil, and accelerated the construction of high-standard farmland. On the basis of grain output stabilizing at more than 1.3 trillion jin for 9 consecutive years, it will reach a new level of 1.4 trillion jin for the first time in 2024, and the grain supply guarantee capacity will continue to improve.

The country is agriculture-oriented, and agriculture is seed-oriented. Food security is the "big thing of the country", seeds are the "chips" of agriculture, and the seed industry is a national strategic and basic core industry. Accelerating the revitalization of the seed industry is the top priority in the implementation of the rural revitalization strategy. Last year, the market size of China's crop species industry exceeded 150 billion yuan for the first time, and the investment in scientific research reached 7.6 billion yuan, an increase of 20% over 2021, and the average intensity of scientific research investment reached 6%. Guosheng Securities pointed out that after 2021, the policies represented by the seed industry revitalization plan will be intensively introduced, and the seed industry revitalization policy + genetically modified changes will bring about industry expansion, and the pattern will be greatly optimized, and it will now enter a period of intensive policy and genetically modified information catalysis.

4. The developer forum of the Volcano Engine Winter FORCE Conference will be held on December 19th

On December 19th, the developer forum of the Volcano Engine Winter FORCE Conference will be opened, focusing on the practice of Volcano Engine in the development, application and implementation of large models. From the technical concepts and principles behind the Volcano Ark platform, to how to expand the boundaries of AI applications in large model applications such as Bean Bao MarsCode and buttons; In addition, Volcano Engine will also launch an AI+ Hardware Leap Program with Espressif Systems and ToyCity.

Wu Yuanheng of Northeast Securities believes that under the premise that the domestic large model is gradually maturing and the inference cost is rapidly reduced, the relevant application scenarios have been gradually explored and formed, and the budgeting of downstream customers such as the government and enterprises is more inclined, next year will become a big year for domestic AI software and hardware from 1 to N, driving the rapid release of the performance of relevant leading applications and hardware companies. In terms of application direction, the target selection is carried out according to the C-end application> advertising> B-end enterprise application> education> medical > others.

Suspension and resumption of trading

[Suspension].

600322 Jintou Chengkai

[Resumption].

688175 Gao Ling Information

000525 ST Red Sun

Announcement Express

[Product].

Guolian Securities: The major asset restructuring was approved by the Mergers and Acquisitions and Reorganization Committee

Guolian Securities (601456) announced that the company intends to issue A shares to purchase 99.26% of Minsheng Securities shares and raise matching funds, and the transaction constitutes a major asset restructuring. The Mergers and Acquisitions and Reorganization Committee of the Shanghai Stock Exchange held a review meeting on December 17 to review the company's application for the transaction, and the result of the deliberation was that the transaction met the restructuring conditions and information disclosure requirements.

Telink: Launched TLEdgeAI-DK, a machine learning and artificial intelligence development platform

Telink Micro (688591) announced that recently, the company released TLEdgeAI-DK, a machine learning and artificial intelligence development platform based on TL721x and TL751x chips. At present, the company has successfully used the TLEdgeAI-DK platform to integrate the machine learning model of edge AI into smart home and smart audio products, realizing the close integration with practical applications, and is also working with more users and strategic partners to develop a variety of innovative products with edge AI functions suitable for different application fields. The release of the TLEdgeAI-DK platform will enhance the competitiveness of the company's products in related fields, further open up the huge and fast-growing market that requires both wireless connectivity and edge AI computing capabilities, and is expected to have a positive impact on the company's future market expansion and performance growth.

Moulding Technology: The subsidiary has been designated for two model exterior trim product projects

Moulding Technology (000700) announced that its wholly-owned subsidiary, Minghua de Mexico (hereinafter referred to as "Mexico Minghua"), recently received a designation for two models of exterior trim products issued by an overseas head luxury car customer. According to the customer's plan, the project is expected to start production in February 2027 with a life cycle of 7 years. Project 1 is equipped with new energy SUVs, with an estimated total sales of 260,600 units and a total sales of 1.215 billion yuan. Project 2 is equipped with new energy cars, with an estimated total sales of 381,400 sets and an estimated total sales of 1.513 billion yuan.

Shanghai Construction Engineering: The subsidiary signed a housing relocation compensation agreement with a compensation amount of 428 million yuan

Shanghai Construction Engineering (600170) announced that due to the needs of the national strategic Jiangchuan Street Land Reserve Project, the Jiangchuan Road Sub-district Office of Minhang District, Shanghai organized the relocation compensation of two non-residential houses opposite No. 40 Huayin Road and No. 40 Huaning Road, a wholly-owned subsidiary of Shanghai Installation Engineering Group Co., Ltd., and recently signed the "Non-residential Housing Relocation Compensation Agreement", with a total compensation amount of 428 million yuan. The impact of the company's asset disposal gain recognized due to relocation compensation on the current profit and loss is expected to reach 10% of the latest audited net profit.

Mousse shares: It plans to acquire the equity and assets of overseas companies to expand overseas sales channels

Mousse Co., Ltd. (001323) announced that the company intends to acquire 100% of the shares of MIPL (a Singapore company) and PTTC (an Indonesian company) through its wholly-owned subsidiaries Mousse International Holdings Limited (hereinafter referred to as "International Holdings") and Mousse Bedding (Hong Kong) Co., Ltd. for a total of S$46 million in cash. MIPL is a well-known local bedding, sofa and other household products sales company in Singapore, with its own brand products such as Maxcoil, Viro and MooZzz. PTTC has a production base in Batam, Indonesia, which mainly produces bedding, sofas and other household products for MIPL companies. The acquisition is conducive to improving the layout of the company's overseas production bases, expanding overseas sales channels, and accelerating the process of internationalization.

Jiuzhou Group: The Daqing wind power project, which holds 100% of the equity, has entered the subsidy catalog

Jiuzhou Group (300040) announced that on December 17, the Daqing wind power project in which Harbin Jiuzhou Group Co., Ltd. holds 100% equity entered the subsidy catalog. Among them, the grid-connected scale of Daqing Dagang Wind Power Project is 48MW, and all units were connected to the grid on December 26, 2020, with a feed-in tariff of 0.61 yuan/kWh; The grid-connected scale of Daqing Pingqiao Wind Power Project is 48MW, and all units were connected to the grid on November 9, 2020, with a feed-in tariff of 0.61 yuan/kWh. As of November 30, the balance of renewable energy subsidies for the Daqing wind power project was about 310 million yuan.

Zhongju High-tech: The 9 million shares held by Zhongshan Runtian will be auctioned judicially

Zhongju High-tech (600872) announced that the Futian District Court of Shenzhen will hold 9 million unrestricted tradable shares of the company held by Zhongshan Runtian Investment Co., Ltd. (hereinafter referred to as "Zhongshan Runtian"), a 5.94% shareholder of the judicial auction company on the judicial auction network platform of Jingdong.com, from 10 o'clock on January 16, 2025 to 10 o'clock on January 17, 2025, accounting for about 1.15% of the company's total share capital.

Buchang Pharmaceutical: The clinical trial application for live attenuated varicella vaccine was accepted

Buchang Pharmaceutical (603858) announced that the company recently learned that the company's holding subsidiary, Zhejiang Tianyuan Biopharmaceutical Co., Ltd., has been accepted by the State Food and Drug Administration for the clinical trial application of "live attenuated varicella vaccine". The live attenuated varicella vaccine is used to prevent chickenpox.

[Performance].

Ganyue Expressway: Vehicle traffic service revenue in November was 310 million yuan

Ganyue Expressway (600269) announced that the company's vehicle traffic service revenue in November 2024 will be 310 million yuan.

China Coal Energy: Commercial coal sales in November increased by 11.4% year-on-year

China Coal Energy (601898) announced that the company's commercial coal sales volume in November 2024 was 25.8 million tons, a year-on-year increase of 11.4%; From January to November, the cumulative sales volume of commercial coal was 256 million tons, down 1.9% year-on-year.

[Sign a big order].

PowerChina: Signed a contract of 5.488 billion yuan for the Belgrade metro project

PowerChina (601669) announced that recently, the company and Belgrade Metro Company signed a contract for Section 2 of the first phase of the main line project of Belgrade Metro Line 1 in Serbia, with a contract amount of about 5.488 billion yuan. The main scope of the project includes the geological survey, construction drawing design and main structure construction of part of the vertical shaft, shield section, above-ground section and open-cut section of Belgrade Metro Line 1, relocation and reconstruction of public facilities, on-site temporary construction, camp construction, shield machine procurement and segment plant construction. The contract duration is approximately 45 months.

Jianghe Group: The subsidiary signed a curtain wall construction contract of about 485 million yuan

Jianghe Group (601886) announced that Hong Kong Jianghe Curtain Wall Engineering Co., Ltd., a wholly-owned subsidiary of the company, recently won the bid for the Main Works Package 2 (Stage 1) for the New Acute Block of Expansion of North District Hospital curtain wall project in Hong Kong and signed a construction contract. The contract amount is 525 million Hong Kong dollars (equivalent to about 485 million yuan), accounting for about 2.32% of the company's operating income in 2023.

Hongcheng Environment: A wholly-owned subsidiary jointly won the bid for the comprehensive water environment treatment project

Hongcheng Environment (600461) announced that the company's wholly-owned subsidiary, Jiangxi Hongcheng Water Industry Environmental Protection Co., Ltd. (other consortium members: Jiangxi Hongcheng Environmental Construction Engineering Co., Ltd., Nanchang Urban Planning and Design Research Institute Group Co., Ltd., Jiangxi Provincial Survey and Design Institute Co., Ltd.) became the bidder of the concession transfer project of the first phase of the water environment comprehensive treatment plant network integration project in the main urban area of Leping City through the bidding procedure. The total investment of the project bidding is 360 million yuan, and the project is a franchise (BOT) model.

Tongguang Cable: The subsidiary pre-won the bid for about 196 million yuan of the State Grid procurement project

Tongguang Cable (300265) announced that the company's wholly-owned subsidiaries Tongguang Strong Energy and Tongguang Optical Cable recently participated in two bidding and procurement projects of the State Grid. According to the announcement of the winning candidates, Tongguang Strong Energy and Tongguang Optical Cable were recommended as the winning candidates in the 88th batch of procurement of State Grid in 2024 (the sixth bidding and procurement of line installation materials for power transmission and transformation projects) and the 89th batch of procurement (the second 35-330 kV material agreement inventory bidding and procurement of power transmission and transformation projects). The total amount of pre-winning bids is about 196 million yuan, accounting for 8.37% of the company's operating income in 2023.

Tongda shares: pre-won the bid for the 174 million yuan State Grid procurement project

Tongda Co., Ltd. (002560) announced that the company was recently recommended as the winning candidate in the 88th batch of procurement and the 89th batch of procurement projects in 2024 released by the State Grid Corporation of China, and the winning materials are ground wires. According to the company's estimates, the total value of the bid-winning materials totaled 174 million yuan, accounting for about 3.13% of the company's total operating income in 2023.

Dalian Electric Porcelain: The subsidiary pre-won the bid for the State Grid procurement project of about 55.7 million yuan

Dalian Electric Porcelain (002606) announced that the State Grid Corporation of China issued the "Announcement of the Winning Candidates of the 88th Batch of Procurement Recommendations of the State Grid Corporation of China in 2024", "The Announcement of the Winning Candidates of the 89th Batch of Procurement Recommendations of the State Grid Corporation of China in 2024" and "The Announcement of the Winning Candidates of the 85th Batch of Procurement Bidding and Procurement Recommendations of the State Grid Corporation of China in 2024" on the 16th. The company's wholly-owned subsidiary, Daci Materials, is the recommended candidate for winning the bid, with a total pre-bid amount of about 55.7 million yuan, accounting for 6.63% of the company's total operating income in 2023.

Boshi shares: signed a contract of 53.817 million yuan for intelligent upgrading and transformation projects

Boshi Co., Ltd. (002698) announced that the company recently signed a business contract with Hunan Metallurgical Planning and Design Institute Co., Ltd., with a contract amount of 53.817 million yuan. The contract involves the automation upgrading and installation of the intelligent (steel) physical inspection center. The equipment will be delivered in batches and is expected to arrive by January 1, 2026 at the latest. This contract is the company's intelligent workshop project for steel physical inspection in the field of steel production, and it is the company's first implementation of such a demonstration application project, which is expected to have a positive impact on the company's performance in 2025 and 2026.

[Increase or decrease in holdings].

Daqian Ecology: Xinhua Distribution Group plans to reduce its holdings of no more than 3% of the company's shares

Daqian Ecology (603955) announced that Anhui Xinhua Distribution (Group) Holding Co., Ltd. (hereinafter referred to as "Xinhua Distribution Group"), a shareholder of 10.42% of the company, plans to reduce its holdings of the company's shares by no more than 4,071,600 shares through centralized bidding and block trading, and the reduction ratio does not exceed 3% of the company's total share capital.