State-owned Assets Supervision and Administration Commission: Held a special promotion meeting on "AI empowerment and industrial renewal" ** enterprise artificial intelligence. It is necessary to consolidate the basic foundation for development, concentrate the main resources on the most needed and advantageous areas, and accelerate the construction of a number of intelligent computing centers; Build a batch of industrial multi-modal high-quality datasets, and create a large model from infrastructure, algorithm tools, intelligent platforms to solutions to empower the industrial ecology; 10 ** enterprises signed a proposal, saying that they will take the initiative to open up artificial intelligence application scenarios to the society.
CCTV News: The drafting of the Law on the Promotion of Private Economy has been launched. Focus on the core concerns of private enterprises such as protecting the property rights of private enterprises and the rights and interests of entrepreneurs in accordance with the law, fair participation in market competition, equal use of factors of production, fair law enforcement and impartial justice, and governance of small and medium-sized enterprises' account arrears, establish and improve relevant systems, maintain the consistency and stability of policy formulation and implementation with rule of law thinking and rule of law, stimulate the endogenous power and innovation vitality of various business entities, promote the acceleration of the development of new quality productive forces, and effectively implement the requirements for equal treatment of state-owned enterprises and private enterprises from the legal system with hard measures.
Macroeconomics
1. State-owned Assets Supervision and Administration Commission of Hunan Province:As of the end of January,The revenue and profit of 21 provincial supervised enterprises in the province increased year-on-year respectively. 8%。Among them, the profits of nonferrous metals group, high-speed group, port and shipping water conservancy group, and pharmaceutical group increased year-on-year respectively. 7%。
2. CCTV News:In January, the total number of civil aviation passengers was 54.26 million, with a daily average of 1.75 million passengersMonth-on-month growth of 135, a year-on-year increase of 446％，This is 107. for the same period in 20199. The recovery level increased by 12 from the previous month1 percentage point. In addition, the passenger traffic in the first six days of the Spring Festival was 11.59 million, with a daily average of 1.93 million.
3. Command Center of Shanghai Municipal Transportation Commission:In 2023, a total of 36 passengers will be transported by rail transit across the network5.9 billion passengers, with an average daily passenger flow of 1002340,000 person-timesThis is a year-on-year increase of 338% (excluding 2022 months), which has recovered to 95% of 2019. The average weekday passenger flow was 11.41 million, with the highest weekday passenger flow reaching 12.86 million and the average holiday passenger flow of 7.04 million on rest days.
4. CCTV News:Affected by snowfall and icy roadsOn February 21, some trains were suspended, and highway traffic in 18 provinces was affected. Waterways and civil aviation have also been suspended and flights have been cancelled. From the 21st to the 23rd, the Guangzhou Bureau of the National Railway suspended a total of 56 trains, mainly some trains passing through central and southern Henan, northern Anhui, Hubei and northern Hunan. Some trains from Wuhan to Shanghai, Zhengzhou, Yichang and ** are suspended.
Real estate dynamics
1. Zhengzhou City, Henan Province:High-level talents (including outstanding engineers) in categories A, B, C, and D who work in Zheng and are recognized by the province and city will buy a house for the first time, according to 50% of the purchase **Housing subsidies of no more than 3 million yuan, 1.5 million yuan, 1 million yuan, and 500,000 yuan will be given respectively.
2. Tianjin:Employees apply for a personal housing provident fund loan to purchase the family's first houseA down payment of not less than 20% of the housing transaction** should be made; For the purchase of a family's second home, a down payment of not less than 30% of the housing transaction** should be paid. If the housing mortgage guarantee method is adopted, the mortgage value shall not exceed 80% of the value of the collateral.
3. Jinan City, Shandong Province:Those who purchase the first ordinary self-occupied house within the administrative area of the city and apply for a housing provident fund loanThe minimum down payment ratio is adjusted to not less than 20%; For those who apply for a housing provident fund loan for the purchase of a second ordinary owner-occupied house, the minimum down payment ratio shall be adjusted to not less than 30%. Online signing after February 22, 2024 (inclusive) will be implemented according to the new policy.
4. Hefei City, Anhui Province: Further relax the conditions for settlement and lower the threshold for settlement. For those who are stably employed in Feifei, it is necessary to relax the time limit conditions for participating in work, paying urban social security and housing provident fund, and shorten the waiting period for settlement. Further improve and optimize the settlement policy for all kinds of talents. For labor groups such as sanitation, housekeeping, takeaway, express delivery, elderly care, and childcare, they can apply for settlement after meeting certain conditions.
5. Chongqing Municipality:The signing ceremony of the pilot project of the rental housing loan support plan and the first batch of acquisition projects of housing leasing ** was held on February 21. Chongqing Jiayu Housing Leasing Company and Chongqing Jianyu Housing Leasing Co., Ltd. signed this time have acquired a total of 7 projects, totaling 4,207 unitsAfter being put into the market, it will effectively meet the multi-level housing rental needs of the majority of new citizens and young people.
Stocktaking
On Wednesday, the Shanghai Composite Index was at 295096 points,The turnover was 45092.2 billion. The Shenzhen Stock Exchange Component Index was reported at 897597 points,The turnover was 52932.9 billion. The GEM index was reported at 175248 points,The turnover was 22765.2 billion. Overall, there are more than 4,100 stocks in the two cities, and the turnover of the two cities is 980.3 billion, an increase of 190.8 billion from the previous trading day. On the disk, education, SORA concept, automobiles, household light industry and other sectors are among the top gainers, and a few sectors such as medicine and traditional Chinese medicine are among the best. Northbound funds were net **135 throughout the day9.5 billion, of which the Shanghai Stock Connect net **964.1 billion yuan, Shenzhen Stock Connect net **395.4 billion yuan.
Wednesday,The Hang Seng Index rose 157%，165031 point. The Hang Seng Tech Index rose 266%，335122 o'clock. The state-owned enterprises index rose 224%，564278 points. Chinalco International rose more than 36%, Longfor Group rose more than 9%, Ping An of China rose more than 6%, China Merchants Bank rose more than 5%, Meituan and Li Auto rose more than 4%; HSBC Holdings fell more than 3%. Southbound funds are net **10HK$8.2 billion. Among them, Hong Kong Stock Connect (Shanghai) net **6HK$5.7 billion, Hong Kong Stock Connect (Shenzhen) net **4HK$2.6 billion.
As of February 21, there were 244 listed companies on the Beijing Stock Exchange, and there were no new ones on the same day. The total market capitalization is 37092.1 billion yuan, with a turnover of 1004.9 billion yuan.
4. Financing balance of the two cities:As of February 20, the financing balance of the Shanghai Stock Exchange was reported at 74279.3 billion yuan, an increase of 25 from the previous trading day$6.5 billion; The financing balance of the Shenzhen Stock Exchange was reported at 65285.4 billion yuan, an increase of 34 from the previous trading day$8.1 billion; The total of the two cities is 139564.7 billion yuan, an increase of 604.6 billion yuan.
5. Shanghai Securities News:It is reported that the next stage of the Shanghai and Shenzhen Stock Exchange to introduce a series of quantitative trading supervision measuresWill mature one, launch one,And fully strengthen communication with all kinds of investors in the market, grasp the rhythm and intensity of work, promote the standardized and healthy development of quantitative trading, and maintain the stable operation of the market.
6. China Securities News:As of Feb. 19,The total net inflow of A-share ETFs reached 3,5544.5 billion yuan. In recent years, China's indexed investment has developed rapidly, and the scale of ETFs has expanded against the market, with a total market value of 205 trillion yuan, of which the market value of equity ETFs reached 173 trillion yuan, a record high.
7. Pansong Assets:In order to further improve the liquidity of ** products, from March 5, 2024, the open period of the hedging product line will be changed from "daily open subscription, quarterly open redemption".Revised to "Open for subscription and redemption every day, redemption application needs to be booked 10 trading days in advance".
8. Every warp network:On February 20, the market news of "a number of leading quantitative private equity DMAs suffered huge losses and products were redeemed" spread in the quantitative circle. In this regard, a number of tens of billions of quantitative private placements said that this round of extreme **, index increase, long and short, neutral will be affected, and there will be certain pressure on redemption, which is different from one to another. StillThere is pressure and no mass liquidation.
9. China ** News:As of February 20,Since 2024, a total of 28 companies have submitted their returns to the Hong Kong Stock ExchangeAmong them, there were 14 in January, and 14 so far in February. Almost all of the 28 enterprises are mainland enterprises. In 2024, among the 5 companies listed in the Hong Kong market, 4 companies are located in the mainland, and the total IPO funds raised will be 15HK$400 million.
10, Huace Film and Television:Through the study and absorption and digestion of open source technology,At present, the technical reserve has been able to achieve a 4-second duration of Wensheng**. The company will actively explore the application and format innovation of emerging AI technologies such as Wensheng ** in the media field. The technical reserves in the field of AI will not directly contribute to the performance in the short term.
11. Transsion Holdings:The total operating income in 2023 is 6239.2 billion yuan,A year-on-year increase of 3390%；Net profit 550.3 billion yuan, a year-on-year increase of 12155%。The company continued to explore emerging markets, and at the same time benefited from product structure upgrading and cost optimization, the overall shipment volume increased and the gross profit margin increased.
12. Juewei Food: It is planned to repurchase the company's shares with 200 million yuan to 300 million yuanRepurchase** not more than 35 yuan shares (inclusive).
13, Arowana:In 2023, the operating income will be 251.5 billion yuan, a year-on-year decrease of 23%；Net profit 28500 million yuanA year-on-year decrease of 54%。
14, Chuanfa dragon python (6 days and 4 plates):The controlling shareholder acted in concert with Sichuan Relief Development** on February 21, increasing its holdings of the company's shares by a total of 184280,000 shares, representing 00974%, a total increase of 1232980,000 yuan. It plans to increase its shareholding by 100 million to 200 million yuan within six months(including the amount of increased holdings on February 21).
15. Medium nuclear titanium dioxide:Since February 21,Comprehensively raise all types of titanium***Among them, the sales of domestic customers were increased by 700 yuan tons, and the sales of international customers were increased by 100 US dollars.
16, Annada:From February 22, the sales of main products will be raisedThe domestic sales base price of rutile titanium dioxide and anatase titanium dioxide was raised by 700 yuan tons, and the foreign trade sales base price was raised by 100 US dollars.
17. Finance Associated Press: Goldman Sachs' trading department called Nvidia "the most important ** on the planet".Given Nvidia's significant weighting in the indices and the stock's large long position, the stock's options** imply that the stock will move about 11% in both directions. That could shake up financial markets, with Nvidia contributing a third of the Nasdaq 100's gains this year.
Wealth Focus
1. China Securities News:On February 20, OPPO held an AI strategy conference, announcing that it would officially enter the era of AI mobile phones and announce new achievements in AI mobile phones. Mainstream hardware manufacturers such as Meizu, Xiaomi, and Lenovo Group are also continuing to implement the "AI in AI" plan. By the end of 2024,Global shipments of PCs and smartphones with built-in generative AI are expected to reach 200 million units.
2. Economic Information Daily:As of the end of 2023,The scale of the bank wealth management market is 2680 trillion yuan,A total of 3 new wealth management products were issued throughout the year110,000, raising 5708 trillion yuan, the number of investors in wealth management products increased to 11.4 billion, creating 698.1 billion yuan of income for investors.
3. Financial breakfast:Hot spots out non-stop, track what you want to hear. The dark horse of AI chips became popular overnight! The startup GROQ's self-developed inference engine LPU claims to be 10 times faster than the GPU, what is innovative about this chip? Could it disrupt the entire industry? Which value chain companies are expected to benefit? Wealthy friends, quickly go to the end of the article to view today's financial secretarial tracking The fastest model has been born!
Industry Watch
Krypton:It is already a trend for battery factories to build factories in Europe, and until last year, this window was still in a vague state, and sales did not receive such a clear request. However, since the beginning of this year, the position of European car companies has been quite clear, including BMW, PSA, Renault, Daimler, Volkswagen and other car companies, almost unanimously put forward similar requirementsBatteries after 2027 must be localized.
2、idc：In the fourth quarter of 2023, China's tablet market shipped about 8.17 million units, a year-on-year decrease of about 57%, of which the consumer market decreased by 7 year-on-year3%, and the commercial market increased by 13% year-on-year8%。Huawei surpassed Apple to become the No. 1 tablet in China's tablet market in terms of shipmentsThis is the first time since 2010 that China's quarterly tablet shipments have seen a change of TOP1 brands.
3、trendforce：In 2023, the global shipment of folding mobile phones will be 15.9 million, an annual increase of 25%, accounting for about 14%；Shipments in 2024 are estimated to be about 17.7 million units, an annual increase of 11%, and the proportion will increase slightly to 15%，It is expected to exceed 2% in 2025.
4. Science and technology**:The 1400TEU coverless container ship independently developed and designed by China was awarded by the Belgian shipowner CMBtech. This type of vessel is the world's first ammonia-fueled container shipThe successful signing marks another important breakthrough in the field of clean energy for the global shipping industry, and is a milestone in leading the sustainable and green development of the shipping industry.
5. Silicon Branch of China Nonferrous Metals Industry Association:This week, the trading volume of n-type polysilicon was in the range of 701-7.30,000 tons,The average price is 7190,000 tons, flat month-on-month; The transaction rate of monocrystalline dense material is 58-6.40,000 tons, the average price is 5930,000 tons, flat month-on-month; The trading range of n-type granular silicon is 60-6.30,000 tons, the average price is 610,000 tons, flat month-on-month.
6. China Securities Network:On February 21, there were market rumors that the recent resurgence of environmental protection problems in Yichun will restrict the start of construction of enterprises that cannot properly dispose of lithium slag. The relevant person in charge of a local lithium salt production company denied the above rumors and said that it was a normal inspection. At present, the core lithium salt enterprises in Jiangxi are still producing according to the normal plan, and there is no actual impact on their start-up.
7. Ministry of Trade, Industry and Energy:In January, the value of automobile exports increased by 24 percent year-on-year7% and 62$1.2 billionFor the first time in one year, it has set a new high for the same month of the previous year. Exports increased by 23 percent year-on-year5% to 24530,000 units, the highest value in the past nine years. New energy vehicle exports 6220,000 units, a year-on-year increase of 122%。
8、techinsights：Q4 2023,Smartphone shipments in India increased by 28% year-on-yearreached 38.2 million units. This is the highest quarterly growth rate ever recorded in India. The top three are Xiaomi, vivo and Samsung, with market share respectively. 8% and 162%。
9. Economic Observer: Indonesia will cancel the luxury tax on electric vehicles in fiscal year 2024and abolish import taxes by the end of 2025. This year, Indonesia will also reduce the VAT for EV buyers from 11% to 1%, extending the tax breaks that expire at the end of 2023.
Company news
1、sensor tower：In January 2024, Tencent's "Honor of Kings" will attract money on the global AppStore and Google Play$3.3 billionReturn to the top of the best-selling list of mobile games in the world. Thanks to multiple events such as the new **, the new season, and the limited-time** return, the game reached the peak of January's single-day turnover on January 5.
2. Interface News:Amazon will launch a bazaar store in IndiaIt mainly sells low-priced, unbranded fashion and lifestyle products. The ** started accepting sellers to settle in and asked the latter to list unbranded products under Rs 600, including clothing, watches, shoes, jewellery and luggage. The lead time may be two to three days.
Global Vision
1. CCTV Finance:In January this year, the sea freight rate from South Korea to Europe for the export of containers by sea soared by 72% compared to the previous monthThis is the highest increase since statistics began in 2019.
2. CCTV News:In the first 6 weeks of the year,Peru has reported 18,001 confirmed cases of dengue feverThis is up from 10,427 in the same period last year. So far this year, 10 people have died in Peru as a result of dengue virus infection. During this period, the country also saw 11 suspected deaths from dengue fever.
Financial data
Domestic
1. State Administration of Financial Supervision and Administration:At the end of the fourth quarter of 2023, the total domestic and foreign currency assets of China's banking financial institutions were 4173 trillion yuan,A year-on-year increase of 99%。Among them, the total domestic and foreign currency assets of large commercial banks were 1768 trillion yuan, a year-on-year increase of 131%, accounting for 424%；The total domestic and foreign currency assets of joint-stock commercial banks were 709 trillion yuan, a year-on-year increase of 67%, accounting for 17%.
On February 21, a total of 6,224 companies were listed, a decrease of 1 on the same day, and the turnover was 14.8 billion. The three boards into the index reported 89840, down 019%, turnover 11.4 billion.
3. Domestic commodities**As of the afternoon of February 21, there were ups and downs. Coking coal rose more than 6%.Lithium carbonate and coke rose by more than 3%, alumina rose by more than 2%, caustic soda and Shanghai aluminum rose by more than 1%, and Shanghai nickel and Shanghai tin rose slightly; Iron ore fell by more than 3%, glass, ethylene glycol, etc. fell by more than 2%, pigs, rapeseed meal, etc. fell by more than 1%, cotton yarn, PTA, etc.
4. Treasury bonds:On February 21, the main contract TS2403 of the 2-year treasury bond rose by 017% to 101490；The main 5-year Treasury bond ** contract TF2406 rose 005% to 102955；The main contract of 10-year treasury bond ** T2403 rose 007% to 103640。The 10-year Treasury rate fell 015bp, to 241%；The interest rate on the 10-year CDB fell 0.25 bp, to 258%。
5. Shanghai International Energy Exchange:On February 21, the main contract was 2404, with 5956 yuan barrel**, 85 yuan, a decrease of 141%。All contracts traded 196824 lots, and the open interest increased by 1,076 lots to 42,771 lots. The main contract traded 174911 lots, and the open interest decreased by 158 lots to 27,261 lots.
6. Central Bank:On the 21st, a 7-day reverse repurchase operation of 49 billion yuan was carried out, and the winning interest rate was 180%, the same as before. Due to the expiration of 396 billion yuan of 14-day reverse repurchase on the same day, a net withdrawal of 347 billion yuan was realized.
7、shibor：Overnight 16980%，**6.80 basis points. 7-day report 18190%，**3.20 basis points. 3 months report 22430%，*2.70 basis points.
8. RMB:The onshore yuan was quoted at 7 against the US dollar at 16:30**1887，Up 01237%，The central price of the yuan was reported at 71030, down 00000%。
9. Shanghai Environmental Exchange:On February 21, the trading volume of carbon emission allowance listing agreements in the national carbon market was 32,599 tons, with a turnover of 269070,000 yuan, **price 7903 yuan tons,Up 22%。
abroad
10. Asia:The Nikkei 225 fell 026% at 3826216 o'clock. South Korea's KOSPI index fell 017% at 265331 points.
11. U.S. stocks: The Dow Jones closed up 013%，3861224 points; The Nasdaq closed down 032% at 1558087 points; The S&P 500 closed up 013%，498180 points.
12. Europe:Britain's FTSE 100 closed down 073% at 766251 points; Germany's DAX30 closed up 029%，1711812 o'clock; France's CAC40 closed up 022%，781209 o'clock.
COMEX closed down 027% at 2034$3 oz.
14. The settlement price of **WTI *** closed up 113%，reported 77$91 barrel; Brent*** settlement price closed up 084%，83$03 barrel.
15. Baltic Dry Bulk Index: up 27%，at 1676 points.
The fastest model is here! ·
The Paper:AI chip company Groq recently announcedIts large model outputs nearly 500 tokens per second, achieving extremely low latency, making it the fastest large model in the world. This speed can kill ChatGPT-3 in seconds5, the latter is only 40 tokens per second. Groq's processors, called LPUs (Language Processing Units), are a new type of end-to-end processing unit system that provides extremely fast inference speeds for computationally intensive applications with sequential components, such as LLMs. Groq also runs the latest open-source model, MixTRAL, on the LPU, which replies with factual and quoted answers containing hundreds of words in less than a second.
Peace**:GPUs are primarily used for graphics rendering, while LPUs are architected to provide deterministic performance for AI computing. The architecture of the LPU differs from the SIMD (Single Instruction, Multiple Data) model used by GPUs, but instead takes a more streamlined approach, eliminating the need for complex scheduling hardware. This design allows for efficient use of each clock cycle, ensuring consistent latency and throughput. Energy efficiency is another notable advantage of LPUs over GPUs. By reducing the overhead associated with managing multiple threads and avoiding underutilization of cores, LPUs can provide more compute per watt, positioning them as a greener alternative. In the era when A100 and H100 are relatively scarce, LPUs may become a new choice for large model developers.
SSE News:According to GroQ, an LPU is equipped with an SRAM and 230MB of memory. To run an AI model, about 256 LPUs are required, which requires 4 fully loaded server racks. An LPU card sells more than $20,000. However, the same AI model runs on GPUs and only requires 1 H200, which is equivalent to 1 4 server rack density. To put it simply, 256 * $20,000 = $5.12 million. One H100** does not exceed $40,000. Using SRAM is much more expensive than using GPU, increasing the cost by dozens of times. People in the storage industry saidIn order to increase the speed by 10 times and increase the cost by dozens of times, this path does not have the possibility of large-scale use in the short term, and it cannot subvert the GPU.
SDIC**: As the core theme, memory has benefited from the great development of the AI era, and the recovery of storage is also good for the entire sector. Storage manufacturers in the mainstream market have ushered in an inflection point in their performance since the third quarter of 2023, benefiting from the surge in demand for AI servers, and high-bandwidth memory chip HBMs have become an important increment in the development of the memory chip industry. According to Trend Force, in the first quarter of this year, the DRAM contract price will increase by about 13% to 18%, NAND Flash will be 18% to 23%, and the trend will be maintained throughout the year, and by the end of 2024, the DRAM and NAND Flash will be about 60%, and the performance of related companies is expected to skyrocket.