Market Overview
On December 25, 2023, the three major indices all edged slightly**, among which the Shanghai Composite Index, closed at 291881 points;SZSE Component Index0.38% to close at 925628 o'clock;GEM refers to, closed at 183157 points. Today's turnover of the Shanghai and Shenzhen stock markets was 608.1 billion, a decrease of 171.3 billion from the previous trading day, and the turnover hit the third largest volume in the year. Trading of Northbound Funds was suspended today due to the Christmas holiday.
Disc observation
In terms of the index, the three major indices of the whole day are all smallBSE 50The index rose more than 4%.
plate up,mrConcept stocks continue to be activeAutomotive industry chainIntegrated die castingThe direction leads the rise,Industrial machine toolsThe concept stock moved at the end of the dayMilitaryStocks opened higher. In terms of **, game stocks continued to fall sharply, with short drama games, Pinduoduo, supply and marketing cooperatives, ** and other sectors leading the decline. Today's market is more than 3,100 *** poor performance.
From the perspective of the industry,National defense and military industry, automobiles, coaland other sectors led the gains, media, comprehensive, real estate and other sectors**.
Conceptual subject matter,Smallest market value, high transfer, wireless chargingand other sectors**, online games, Chinese corpus, shipping and other sectors**.
Hot industry - national defense and military industry
Today,National defense and military industry**13%。Soochow**: The mid-term adjustment order approval link will be implemented at the end of November, and the equipment management departments of various services and arms will successively organize the signing of contracts with the contractors of various military industrial groups after receiving the plans and plans, and the enterprises in all aspects of the whole industrial chain of main battle equipment will benefit from the transmission, and it is expected that there will be more and more clear order-related information in the near future. At the same time of medium-term adjustment, the delivery of equipment in the early stage, especially during the 13th Five-Year Plan period, is expected to usher in a certain degree of increase on the basis of the provisional pricing in the early stage, thus forming a "supplement" effect. As the main engine factory enterprise of the chain leader, after receiving the premium payment, except for a part of the payment will be paid to some core enterprises in the industrial chain, most of them are expected to be precipitated in the main engine factory link, forming a strong support for profitability. Correctly understand the impact of personnel adjustments, there are still personnel problems that take time to deal with, but "personnel separation", the top level has also recently conveyed the corresponding information to the military industrial system, we should dilute the adverse impact of personnel adjustment at present, and in the context of the transmission of orders issued by the central government, individual personnel trends will not affect the operation of the military industrial system. The problems that many industries have experienced in the early stage and are currently experiencing will be alleviated or even solved after the mid-term adjustment and landing incremental orders are issued, and the military industry is expected to usher in the opportunity of resurgence of growth and valuation repair. Will there be low expectations for the mid-adjustment orders expected by the market?We believe that the market has an expected range for the early stage of the equipment orders, but the pace of the process has been repeatedly lower than expected, and the year-to-date adjustment has continued to be adjusted, and the longitudinal ratio of the military industry or these ** itself is a record low, and the current judgment of the reference benchmark has also become correspondingly lower, and the market lacks the original high expectations for orders, so as long as the starting gun for the center is fired, even if it is not a low expectation, there will be growth, and there will be valuation repair.
The above does not constitute a recommendation).
Hot information
[The People's Bank of China has a net investment of 287 billion yuan in the open market today].The People's Bank of China launched a 7-day reverse repurchase operation of 381 billion yuan today, and the winning interest rate was 18%, the same as before. Today, a 14-day reverse repurchase operation of 90 billion yuan was carried out, and the winning interest rate was 195%。There are 184 billion yuan of reverse repurchase due today. (Wall Street Sights).
[A number of draft laws are now submitted to the Standing Committee of the National People's Congress for deliberation].Finance Associated Press, December 25 -- The seventh meeting of the Standing Committee of the 14th National People's Congress (NPC) opened in Beijing this morning (25 December). **Draft amendments to the Organic Law, draft amendments to the Company Law, draft amendments to the Charity Law, draft Laws on Food Security, draft amendments to the Criminal Law (12), draft Emergency Response Management Law, draft Law on Rural Collective Economic Organizations, draft amendments to the Supervision Law of the Standing Committees of People's Congresses at all levels, draft amendments to the Border Health and Quarantine Law, draft amendments to the Mineral Resources Law and many other draft laws were submitted to the meeting for deliberation. (Finance Associated Press).
[The National Press and Publication Administration today announced the version number of domestic online games in December, and 105 new games were approved].[The National Press and Publication Administration today announced the version number of domestic online games in December, and 105 new games were approved].Tencent's "Counter War: Future", NetEase's "Firefly Assault" and so on are listed. (Wall Street Sights).
[Game Working Committee of China Audio and Digital Association: The number of newly approved domestic online game versions exceeded 100 in December, and continued to release positive signals to support the prosperity and healthy development of the online game industry].The Game Working Committee of the China Audio and Digital Association issued a document on WeChat, saying that today, the National Press and Publication Administration released a newly approved 105 domestic game version numbers, and the number of single approvals exceeded 100 for the first time, covering a wider range of game companies, and the Game Working Committee of the China Audio-video and Digital Publishing Association and the majority of game companies were deeply encouraged. This new batch of edition numbers is a batch of domestic online game editions approved by the National Press and Publication Administration after a new batch of imported online game editions was approved on December 22, which effectively demonstrates the clear attitude of the competent authorities to actively support the development of online games. (Wall Street Sights).
Experts interpret the "Measures for the Administration of Online Games (Draft for Solicitation of Comments)": Rationally Look at Its Impact and Subsequent Adaptive Modifications].According to the Shanghai Securities Daily, on December 22, the "Measures for the Administration of Online Games (Draft for Solicitation of Comments)" drafted by the National Press and Publication Administration was released to the public for comments, causing market concern. Only a day later, the relevant person in charge of the State Press and Publication Administration responded. Experts said that the draft was intended to promote the prosperity and healthy development of the game industry, not to suppress it. Articles 17, 18 and other contents in response to market concerns may be adaptively modified. At present, it is only a draft and not a final draft, and the follow-up should actively pay attention to the feedback from all parties, the progress of the revision and improvement of the provisions, and the final implementation strength, and look at its impact rationally, without overreacting. (Wall Street Sights).
[Treasury bonds** closed sharply, and the main 30-year contract rose 0.]65%】The main 30-year contract of treasury bonds rose 065%, which rose more than 0 in intraday trading7%, continuing to brush a new high for the year. The main 10-year contract rose 017%, the main 5-year contract rose 012%, the main 2-year contract rose 009%。(Wall Street Sights).
[Shanghai International Energy Exchange: The maximum number of open positions in EC2406 contracts is 200 lots].Finance Associated Press, December 25, Shanghai International Energy Exchange adjusted the trading limit of the container transportation index (European line)** related contracts, starting from December 26, 2023 (Tuesday), the maximum number of non-** corporate members, overseas special non-brokerage participants, and customers in the container transportation index (European line) EC2406 contract intraday trading is 200 lots. The maximum number of intraday open trades for an account group with an actual control relationship is executed on a per-client basis. The number of open positions for hedging and market making is not subject to this limit. (Finance Associated Press).
[Shanghai Futures Exchange: Adjust the trading margin ratio and price limit range of related contracts of the container transportation index (European line)**].On December 25, 2023, the Associated Press issued a notice that from the settlement of December 25, 2023 (Monday)**, the trading margin ratio and the price limit range will be adjusted as follows: the trading margin ratio of the container transportation index (European line)**EC2404 and EC2406 contracts will be adjusted to 19%, and the price limit will be adjusted to 17%. The trading margin ratio of the container transportation index (European line)**EC2408, EC2410 and EC2412 contracts is adjusted to 17%, and the price limit is adjusted to 15%. (Finance Associated Press).
[Sanqi Mutual Entertainment: Chairman Li Weiwei proposed to repurchase 100 million yuan to 200 million yuan of shares].Sanqi Mutual Entertainment announced that Chairman Li Weiwei proposed to repurchase 100 million yuan to 200 million yuan of shares, and all the shares repurchased this time will be cancelled to reduce the registered capital, and the upper limit of A-share repurchase shares is not higher than 150% of the average trading price of the company in the first 30 trading days before the board of directors deliberated and approved the repurchase plan, which is subject to the repurchase plan approved by the board of directors and the general meeting of shareholders. (Wall Street Sights).
[Xiaohongshu responds to Hong Kong IPO rumors: there are no listing plans for the time being].On December 25, there was market news that Xiaohongshu may launch a Hong Kong IPO in the second half of next year. Xiaohongshu's e-commerce business has achieved remarkable results this year, according to people familiar with the matter, and is expected to achieve a net profit of $500 million, far exceeding the company's expected profit of less than $50 million at the beginning of the year, and could lead to a new round of financing or eventual initial public offering (IPO). (All-weather technology).
[JD.com sells Tesla cars?]Tesla responded that it was not true].JD.com released a poster on December 25, saying "See you on December 31", and Tesla also commented on the message "See you on December 31!".”。This move has triggered market associations, believing that JD.com may launch Tesla Motors subscription service. In this regard, Tesla said that the cooperation is not related to car sales. Previously, Tesla's official launch on JD.com was mainly based on peripheral sales, and did not involve the sale of existing cars. (Auto has a style).
[Vivo India employee arrested by law enforcement authorities, **Response].At the press conference on the 25th, a reporter asked a question that according to reports, two employees of the Indian branch of Chinese vivo were arrested by Indian law enforcement authorities and will appear in court on the 26th. We urge the Indian side to fully understand the mutually beneficial and win-win nature of China-India economic and trade cooperation, and provide a fair, just, transparent and non-discriminatory business environment for Chinese enterprises to invest and operate in India, said Mao Ning, spokesperson of China. The Chinese Embassy and Consulates in India will continue to provide consular protection and assistance to the Chinese citizens concerned in accordance with laws and regulations. (Globe.com).
[Sichuan Trust Risk Mitigation Plan Announced!]According to the total product share, it is calculated progressively in five grades, and 35% Early Sign-in Bonus].From people familiar with the matter, I exclusively learned that Sichuan Trust's natural person redemption plan, the plan** is calculated according to the total amount of the existing share of all products of natural persons in five grades, such as the historical investment income after 2018 exceeds 2 million yuan, 50% of the excess income will be deducted, and 35% early sign-in bonus. At the same time, according to the description of the redemption time of the plan, unlike the restructuring model of Anxin Trust, Sichuan Trust is about to enter the bankruptcy reorganization model. Specifically, the *** is calculated according to the total amount of the existing share of all products of natural persons, and the deadline is March 5, 2024 (the signing work will be suspended from February 9 to February 17, 2024). The first tranche is less than 1 million, ** is 20% off, the second tranche is 1 million to 3 million, ** is 7% off, the third tranche is 3 million to 6 million, ** is 55% off, the fourth tranche is 6 million to 10 million, ** is 5% off, the fifth tranche is more than 10 million, ** is 4% off. In addition, the program also sets up early registration incentives. Complete the contract within 15 calendar days after the first acquisition, and obtain the basic **35 The early signing reward, within 15 natural days after the first acquisition of **, will enjoy the preemptive subscription right of Sichuan Trust to enjoy the future preferential trust products, if the signing rate of all natural persons during the contract period exceeds 90%, the payment time will be changed to 100% within 3 months after the court ruling. (Interface).
[Shipping giant Maersk prepares to resume shipping in the Red Sea].Dec. 25 (Reuters) -- Shipping giant Maersk said on Sunday that it was preparing to resume shipping operations in the Red Sea. Previously, the company suspended the passage of ships through the Bab el-Mandeb Strait in early December due to an attack on its vessels. Maersk said it would announce more details in the coming days. However, the company said that depending on the change in the safety situation, measures to divert ship traffic may be taken again. (Reuters).
Risk Warning. This material is only service information, not as a recommendation, does not constitute any substantive advice or commitment to investors, nor does it serve as any legal document. Past performance of the market or related products is not indicative of the future. Before investing, investors should carefully read the "Contract", "Prospectus" and "Product Key Facts Statement" and other legal documents, fully understand the risk-return characteristics and product characteristics, and fully consider their own risk tolerance according to their own investment objectives, investment period, investment experience, asset status and other factors, and make rational judgments and prudent investment decisions on the basis of understanding the product situation and sales suitability opinions, and independently bear investment risks. The market is risky and investors should be cautious.
Data**: WIND, iFind, SSE, SZSE, various news**, December 25, 2023.