Ministry of Housing and Urban-Rural Development:All localities are required to scientifically prepare annual plans for housing development in 2024 and 2025. Realize the people-based housing, the housing land, and the housing to determine the money, promote the balance of supply and demand in the real estate market, rationalize the structure, and prevent the market from fluctuating. Housing development planning and annual plans are an important starting point for establishing a linkage mechanism of "people, housing, land and money". All cities should accurately judge the housing demand according to the actual local situation, and improve the housing system of "security + market".
SSE News:As of February 26, the number of private placements of 10 billion yuan fell to 98, and compared with the beginning of the year, 10 private placements fell out of the top echelon. The scale of tens of billions of quantitative private placements that had been booming before has shrunk significantly. Since the beginning of the year, the net value of many private placements has been substantial, and the proportion of positive returns from private placements in January was as low as about 20%. The baptism of the market and the escalating support of the good and the limit of the inferior have caused the private equity industry to experience a reshuffle and restructuring.
Macroeconomics
1. Central Bank:To convene a symposium on the work of the five major articles in finance, all financial institutions should improve their political positions, strengthen organizational guarantees, clarify the leading departments of each major article, and coordinate the overall promotion of the work. Make good use of monetary policy tools, and do a good job in the review and lending, fund declaration and duration managementThe central bank's preferential relending policy will be accurately transmitted to all key areas through various financial institutions.
2. State-owned Assets Supervision and Administration Commission:Find out the direction of the enterprise's efforts, speed up and improve quality in market segment development, emerging demand response, supply capacity improvement, etc., accelerate the release of potential, and make every effort to increase revenue and efficiency; Accelerate the empowerment of new technologies such as artificial intelligence, and create a number of competitive platforms and enterprisesimprove the capacity and efficiency of serving the real industry; It is necessary to promote the best enterprises to strengthen the coordination and cooperation of the first chain, share information, reduce the comprehensive cost of industrial logistics, and drive upstream and downstream enterprises to reduce costs and increase efficiency.
3. Beijing: Maintain an investment intensity of 100 billion yuan every year to ensure the rapid development of the sub-center. The first and second phases of the administrative office area have all been completed and put into use, there have been 10 cross-border roads between Beijing Tongzhou and the three northern counties, and the factory road will also be completed and opened to traffic by the end of this year, and the rail transit Pinggu line has been fully constructed, and 5 stations have been set up in Sanhe City. The project promotion fair has been held for five consecutive years, with a total of more than 210 signed projects and an intended investment of more than 150 billion yuan.
4. CCTV News: Shanghai has newly identified 34 regional headquarters of multinational companies and 17 foreign-funded R&D centersFor the first time, 10 global partners for foreign investment promotion were certified, and 63 new and capital investment projects were signed.
5. China Railway Guangzhou Bureau Group:Since the Spring Festival in 2024, Hainan Railway has comprehensively strengthened the service guarantee of cross-sea transportation, especially the evacuation of outlying islands after the holiday, and has gone all out to rush to transport vehicles, passengers and key materials for people's livelihood, effectively alleviating the surge in demand and tight transportation capacity on outlying islands. At present, the backlog of cars at the railway ferry has been basically evacuatedPassengers leaving the island are expected to be evacuated by the end of February.
Real estate dynamics
1. Hangzhou City, Zhejiang Province:7 residential land auctions officially started on February 27, with a total area of 16650,000 square meters, with a total construction area of about 42540,000 square meters, with a total starting price of 937.2 billion. In the end, 7 residential lands were successfully transferredThe land transfer fee is nearly 111600 million,The real estate enterprises that acquire land include Binjiang, Greentown, Xifang, Haiwei, Xingyao and Binjiang & China Resources & West Railway Station Hub Consortium.
2. Shenzhen, Guangdong Province:CITIC Triumph Junting and Jinmao Park project affordable rental housing started to be allocated, this batch of **384 units, online rental time until 18:00 on March 11. The benchmark rent of the CITIC Triumph Junting project is 2014 yuan per square meter,The project in Jin Mao Park is 2633 yuan per month.
3. Jinan City, Shandong Province:Consumers who purchased a newly built commercial residence from March 1 to 31, 2024 and signed an online contract with the top 5,000 people in the Jinan real estate information system. The scope of use of this consumption voucher is all categories of business formats such as supermarkets, department stores, furniture and home appliances, catering and entertainment, and accommodation in the "CCB Life App".The total value is 10,000 yuan.
4. Qingdao City, Shandong Province:In 2024, the first batch of residential land is planned to be transferredThe list consists of 13 parcels with a total parcel area of 584262 hectares (584262 sq.m.),The proposed transfer period of this batch of land parcels is from February 26, 2024 to May 27, 2024.
5. Changchun City, Jilin Province:From March 1, 2024, when borrowers and their spouses apply for housing provident fund loans, the multiple of the loan amount and the balance of the housing provident fund accounts of both parties will be adjusted from 20 times to 30 times. For families with many children who have given birth to two or more children, and apply for a housing provident fund loan for the first timeThe maximum amount of a single loan has been adjusted from 30% to 40%.
Stocktaking
On Tuesday, the Shanghai Composite Index was at 301548 points,The turnover was 41261.5 billion. The Shenzhen Stock Exchange Component Index was reported at 926957 points,The turnover was 57739 billion. GEM index reported 179398 points,The turnover was 26473.6 billion. Overall, there are more than 5,000 stocks in the whole market. The turnover of the two cities was 990 billion, an increase of 900 million from the previous trading day. On the disk, humanoid robots, CPO, satellite navigation, computing power and other sectors are among the top gainers, and there is no plate**. Northbound funds were net **122 throughout the day4.8 billion, of which the Shanghai Stock Connect net **621.4 billion yuan, Shenzhen Stock Connect net **603.5 billion yuan.
Tuesday,The Hang Seng Index rose 094%，1679080 points. The Hang Seng Tech Index rose 324%，reported 350317。The state-owned enterprises index rose 146%，580690 points. On the disk, large technology stocks rose, Xiaomi, Alibaba, NetEase, and JD.com all rose, and Tencent slightly**; Due to the performance exceeding expectations, Li Auto soared by more than 25%, and the performance was particularly eye-catching, and led the constituent stocks of the Hang Seng Technology Index, and also led the strong upward offensive of auto stocks, which also drove Tesla concept stocks and lithium battery stocks to rise together. Southbound funds are net **13HK$2.9 billion. Among them, Hong Kong Stock Connect (Shanghai) net **11HK$8.2 billion, Hong Kong Stock Connect (Shenzhen) net**1HK$4.8 billion.
As of February 27, 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 39241.5 billion yuan, with a turnover of 12.9 billion9.9 billion yuan.
4. Financing balance of the two cities:As of February 26, the financing balance of the Shanghai Stock Exchange was reported at 75422.9 billion yuan, an increase of 47 from the previous trading day$3.6 billion; The financing balance of the Shenzhen Stock Exchange was reported at 66607.4 billion yuan, an increase of 39 from the previous trading day$6.2 billion; The total of the two cities is 142030.3 billion yuan, an increase of 86 from the previous trading day9.8 billion yuan.
5. **Times:In response to regulatory requests,All securities firms actively responded to illegal securities lending transactions. T+0 in disguised securities lending refers to the simultaneous trading of a certain ** in the investor's credit account on the same day, and prohibiting this practice can better reflect fairness. In addition, investors are also prohibited from cashing out or bypassing the bid, and a brokerage firm has issued a relevant notice in January this year.
Since February,25** have been closed ahead of schedule. In terms of scale, the overall scale of the above 25 ** reached 2256.4 billion yuan. Among them, 3 ** scale exceeds 3 billion yuan, 14 ** scale is distributed between 100 million yuan and 1 billion yuan, and 8 ** scale is less than 100 million yuan.
7. Shanghai Securities News: A number of catering companies have released 2023 performance forecasts and financial reports, and high growth has become a common feature. The performance of individual leading enterprises has recovered strongly, and the level of revenue and net profit has reached a record high. With the tide of returning to the hometown and the tourism boom, the catering consumption market during the Spring Festival holiday is "hot and hot", and many catering companies, including Heytea and Haidilao, have announced the good news of a "good start".
8. New China Insurance:Reviewed and approved the proposal on applying for investment pilot**. The duration of the ** is 10 years, which can be changed, and the investment scope mainly includes cash management investment varieties such as listed companies ** and money market**, bank deposits, and reverse repurchase of treasury bonds. When investing in the ** market,High-quality listed companies with large market capitalization, good liquidity and high market influence will be selected.
9. Wen's shares:The total operating income in 2023 is 8991.8 billion yuan, a year-on-year increase of 740%；Net loss of 632.9 billion yuanNet profit in the same period last year was 52$8.9 billion. Due to the sharp year-on-year decline in pig sales, the decline in product sales is greater than the decline in breeding costs, and the company's pig breeding business profits have suffered deep losses.
10. China Duty Free: It is planned to make additional investment in the No. 2 project of Sanya International Duty Free City Phase I700 million yuanIt is mainly used to increase the construction area, parking area, façade and curtain wall quality improvement, mechanical and electrical system and power system configuration improvement, etc.
11, Keboda:The company's wholly-owned subsidiary, Zhejiang Keboda Industry, and its holding subsidiary, Jiaxing Keao Electromagnetic Technology, have passed the re-identification of high-tech enterprisesThis recognition is a re-identification of the company and the above-mentioned subsidiaries after the expiration of the validity period of the original high-tech enterprise certificate.
12, Kelai electromechanical (13 plates):Recently, we have noticed that there are rumors that the company will be listed as a new quality productivity concept stock. The company's existing main business is still intelligent equipment and auto parts, which belongs to the traditional manufacturing field, and the company's related products have not changedThe proportion of the company's R&D investment in the company's operating income in 2023 is basically the same as that in 2022, and there is no significant difference with comparable listed companies in the same industry.
13. Ruineng Technology (8 boards): The company's core technology and products do not involve hot concepts such as "SRAM chip" and "SORA". In 2022, the revenue of the company's industrial automation control products applied to the field of robots will account for about 5 percent of the main business income of industrial automation control products9%, accounting for about 0 percent of the company's total main business revenue6%。It is expected that there will be no significant difference in this proportion in 2023.
14. Huayang Lianzhong (7 boards): Recently, it has been noted that the company has been listed as a SORA concept stock, and the company's main business has not been involved in SORA business; The company is currently not engaged in the basic research and development of AI technology. The application of AI-related technologies will not have a significant impact on the company's operating performance in the short term, and there is still great uncertainty in the subsequent development.
Wealth Focus
1. The **Treasury Bonds** precisely reflect the market's expectations for the direction of monetary policy. The market has strong expectations for the central bank to maintain the current monetary policy orientation this year, and the follow-up deposit interest rate cut, MLF (medium-term lending facility) interest rate cut and other first-end tools will continue to exert force. The bond market is still in a bull market environment, and the 10-year Treasury yield is expected to be dominated by ** in the short term.
2. Financial breakfast:Hot spots out non-stop, track what you want to hear. Recently, Huawei developed the world's first 5The 5G intelligent core network solution was officially released. 5.How does 5G fill the 5G gap? How does the solution meet the needs of the industry? Looking forward to the development of the industry, where is the new starting point in the future? Wealthy friends, quickly go to the end of the article to view today's financial secretary tracking 5In the 5G era, new solutions for "breaking boundaries" and "connecting" a new future
Industry Watch
1. Chinese Academy of Social Sciences:The overall scale of online literature continues to expand. In 2023,The market size is 404300 million,A year-on-year increase of 38%, the scale of the online literature IP market jumped to 260.5 billion yuan, a year-on-year increase of nearly 10 billion; The number of writers, works, and readers is growing steadily. AIGC has become a new engine for creative dissemination. AIGC has created a new model of "content production automation".
2. Zhang Yongwei of China Electric Vehicle 100 Association: The cost of lithium batteries is expected to be reduced by another 25% in 2030further promote the "same price of oil and electricity"; At the same time, solid-state batteries are expected to be industrialized and accelerate the popularization of new energy vehicles. The core factors driving the reduction of global power battery costs include technology iteration, process improvement, scale improvement and stable raw materials.
3. Ouyang Minggao, academician of the Chinese Academy of Sciences:The penetration rate of the domestic new energy vehicle market will continue to rise rapidly until 2026 and occupy a dominant position in the market by 2026. Among them, the penetration rate will be 40% in 2024It will be close to 50% in 2025 and more than 50% in 2026. By 2030, the penetration rate of the domestic new energy vehicle market is expected to reach 70%.
4. China Securities News: After the Spring Festival, the egg market has entered the off-season of consumptionThe superposition of laying hens in the cyclical upward stage of production capacity and the decline in feed costs are the influencing factors of egg production in the near future. Previously, laying hens were profitable, attracting farmers and breeding enterprises to actively fill the column, the future egg end pressure will further increase, eggs in a period of time under pressure.
5. National Press and Publication Administration:February,A total of 111 games were approved. These include "Perfect New World" under Perfect World, "Operation Apocalypse" under NetEase, "After Graduation", "Kyushu Yuanyi Song", "Dream Food Travel", "Workplace Floating Life" and so on.
6. Lighthouse Pro:As of 18:53 on February 27,In February 2024, the total box office (including pre-sale) will exceed 11 billion. "Hot and Hot", "Flying Life 2" and "Article 20" are temporarily among the top three at the box office this month. This month's box office has also become the third highest monthly box office in Chinese film history.
7. **Energy Bureau:By 2027, the power system's regulation capacity will be significantly improvedThe pumped storage power station has been put into operation with a scale of more than 80 million kilowattsThe demand-side response capacity has reached more than 5% of the maximum load, and the policy system to ensure the market-oriented development of new energy storage has been basically completed.
8、counterpoint research：Q4 2023,Smartphone shipments in Europe fell 3% year-on-year, and the decline narrowed significantly. Broken down into brands, Samsung's shipments fell 10% year-on-year; Apple fell 1% year-on-year; Xiaomi is one of the few manufacturers to see growth; Honor's overall sales in Europe increased 2% year-on-year.
9. Japan Semiconductor Manufacturing Equipment Association:In January 2024, Japan's chip equipment sales were 31551.2 billion yen, up 52%，This is the first increase in eight months.
10、trendforce：It is estimated that the four major cloud service providers in the United States, including Microsoft, Google, AWS, and Meta, will each account for % and 10% of global demand, respectively8%，The total will be more than 6 percent, in the world's leading position.
11、the information：The lead time for NVIDIA's H100 GPUs for AI and high-performance computing applications has been significantly reduced, from 8-11 months to just 3-4 months. This has led some stockpiling companies to try to ** their surplus H100 80GB processors.
12. CCTV Finance:In Japan, generative AI is increasingly being used in animation, design, and advertising, and is becoming more and more mature. It is expected in 2030The market size of generative AI in Japan will reach 1,777.4 billion yenAbout 85 billion yuan.
Company news
1. Glory CEO Zhao Ming:Many manufacturers have misunderstandings about the concept of AI mobile phonesA phone that can provide generative AI capabilities is not the same as an AI phoneEven far from it, a real AI phone can develop and evolve, it is equipped with a personalized operating system, it really understands users, and everyone's AI phone can provide a different experience for thousands of people. We must make every effort to build Europe into a "second home market".
2. Macy's: plans to close 150 storesBut it did not disclose the number of employees affected by the closures, which account for almost one-third of the total number of Macy's stores in the United States and will close over the next three years. Many of the closed stores are close to other Macy's locations, so some employees can be transferred.
3. The Paper:On February 27thDong Yuhui emptied his personal Weibo and attracted ** attention. As for the reason for emptying Weibo, a person close to Dongfang Selection said that it was a personal act. In the live broadcast the day before, Dong Yuhui once said that he was naturally disgusted with hot searches, and he would cancel Weibo tomorrow.
Global Vision
1. South Korea's ** Yoon Suk-yeol: There will be no negotiations on medical reform, and relevant reforms cannot be compromised. In order to solve the shortage of doctors, the enrollment of medical schools in colleges and universities will increase from 3,058 to 5,058 in the 2025 academic year. The expansion has met with strong opposition from medical groups and medical students, who say it would spark overtreatment and strain the health care system.
2. U.S. Department of Transportation:From March 31st,The number of flights between China and the United States that Chinese airlines will be allowed to operate will be increased from 35 to 50 per week.
3. Ministry of Health, Labor and Welfare:The number of babies born in Japan in 2023 will be 758631, a decrease of 5 compared to the same period last year1％，This is the lowest level in the history of statistics.
4. Ministry of Tourism and Sports, Thailand:From January 1 to February 25, 2024, Thailand received a total of 598 international tourists120,000 person-times. The number of tourists from Chinese mainland is 111430,000 person-timesAt the top of the list. This is followed by Malaysia at 75980,000 passengers, Russia 39700,000 passengers, 38770,000 and 29310,000 person-times.
Financial data
Domestic
On February 27, a total of 6,227 companies were listed, an increase of 2 on the same day, with a turnover of 15.4 billion. The three boards into the index reported 89265, down 009%, turnover 09 billion.
2. Domestic commodities**:As of the afternoon of February 27**, there were more ups and downs. Lithium carbonate rose more than 3%.Glass, coking coal, etc. rose by more than 2%, liquefied gas, soybean meal, etc. rose by more than 1%, staple fiber, Shanghai aluminum, etc. The European line of container shipping fell by more than 4%, and corn, Shanghai nickel and other small **.
3. Treasury bonds:On February 27, the main contract of 2-year treasury bonds** TS2406 fell 004% to 101530；The main 5-year treasury bond ** contract TF2406 fell 006% to 103030；The main contract of 10-year Treasury ** T2406 fell 001% to 103850。The interest rate on the 10-year Treasury rose 020bp, to 238%；The interest rate on the 10-year CDB fell by 160bp, to 250%。
4. Shanghai International Energy Exchange:On February 27, the main contract was 2404, with 6021 yuan barrel**, 46 yuan, an increase of 077%。All contracts traded 142882 lots, and open interest increased by 3,452 lots to 48,106 lots. The main contract traded 120455 lots, and the open interest increased by 2,864 lots to 30,576 lots.
5. Central Bank:On February 27, a 7-day reverse repurchase operation of 384 billion yuan was carried out on the same day, and the winning interest rate was 180%, the same as before. Due to the expiration of 41 billion yuan of 7-day reverse repurchase on the same day, a net investment of 343 billion yuan was realized.
6、shibor：Overnight 18190%，**4.00 basis points. 7-day report 19040%，**2.10 basis points. 3 months report 22040%，*0.40 basis points.
7. RMB:The onshore yuan was quoted at 7 against the US dollar at 16:30**1978, up 00042%, the central price of RMB was reported at 71057, up 00324%。
8. Shanghai Environmental Exchange:On February 27, the trading volume of carbon emission allowance listing agreements in the national carbon market was 40,845 tons, with a turnover of 336480,000 yuan, ** price 7913 yuan ton, down 014%。
abroad
9. Asia: The Nikkei 225 index rose 001%，3923952 points. South Korea's KOSPI index fell 083% at 262505 o'clock.
10. U.S. stocks:The Dow closed down 025% at 3897241 points; The Nasdaq closed up 037%，1603530 points; The S&P 500 closed up 017%，507818 o'clock.
11. Europe:Britain's FTSE 100 closed down 002% to 768302 o'clock; Germany's DAX30 closed up 076%，1755649 points; France's CAC40 closed up 023%，794840 points.
12. **comex closed up 0 in April26%，2044$1 oz.
13. The settlement price of **WTI ** rose by 167%，78$87 barrel; Brent *** settlement price rose 136%，83$65 barrel.
14. Baltic Dry Bulk Index: up 15%，reported 1899 points.
5.In the 5G era, new solutions for "breaking boundaries" and "connecting" a new future
People's livelihood**:Huawei 55G ushered in a new breakthrough, and the ICT industry entered 5The 5G era is promising. 5.5G is faster than 5G and supports more frequency bandsIt is more automated and intelligent, and both the uplink peak and downlink peak are expected to be 10 times higher than that of 5G (10 Gbps for downlink and 1 Gbps for uplink).It is expected to boost and stabilize operators' investment in 5G network construction. Support XRPRO, holographic, 3D** and other consumer-level interactive applications, bringing a more immersive virtual world interactive experience; 5.5G has more connectivity capabilities, and can achieve hundreds of billions of IoT connections through technologies such as uplink and downlink decoupling, RedCap, NB-IoT, and passive IoT.
League of Nations**:5G-A is an evolution and enhancement based on 5G, capable of supporting home applications such as 4K to 8K high resolution*** and glasses-free 3D. 5.5G will further enhance broadband, ubiquitous, green, and intelligent capabilities to better meet the needs of the future intelligent world. There will be no significant change in operators' 5G-related connectivity infrastructure capexThe existing pace of 5G construction is expected to continue until 2025, and the industry application is 55G is expected to consolidate the original industry application scenarios and expand new industry applications.
Open source**:Huawei is currently proposing 5The 5G solutions include: (1) Meta AAU, which achieves breakthrough innovations in Massive MIMO performance and energy efficiency, effectively improving the energy efficiency of 5G coverage capacity; （2）fdd massive mimo。Compared with the 192 antenna array of the second-generation Massive Mimo, the third-generation Massive Mimo uses a 384 antenna array; （3）lampsite x。As the industry's only product that integrates mmWave and sub6GHz, Lampsite X can reach a maximum speed of more than 10Gbps. Oriented to industry scenariosLampsite X can also provide 10Gbps ultra-large uplink, sub-meter-level high-precision positioning, millisecond-level low latency, and multi-dimensional IoT capabilities to meet the connectivity requirements of thousands of industries.
Galaxy**:From the perspective of industrial chain integration, 55G technology is expected to significantly improve efficiency, operational costs, and security across multiple industry verticals. Satellite Internet is currently one of the most deterministic technologies for 6G, and is expected to open and lead the next round of communication infrastructure constructionOn the basis of 5G, 6G will realize the transition from the Internet of Everything to the Intelligent Internet of Everything. In terms of the industrial Internet of Things sector, benefiting from the comprehensive coverage of China's 5G base stations and 5G signals, low latency may enable the rapid development of China's industrial Internet industry, and related factories and enterprises are expected to continue to promote the development of the industry by reducing costs and increasing efficiency and improving security.