On Monday (January 29), *all day** adjustment. As of **, the Shanghai Composite Index fell 09% was reported at 2,883 points, and the Shenzhen Component Index fell 2%.1% at 8,581 points, and the GEM index fell 35% at 1,623 points. The total turnover of the two cities was 805.2 billion yuan, a decrease of 23.5 billion yuan from the previous trading day. On the disk, the first plate, China Shipbuilding, banks and other sectors, CPO, BC batteries, AIGC, computing power leasing and other sectors fell first.
The State-owned Assets Supervision and Administration Commission (SASAC) has comprehensively promoted the market value management assessment, and the "Zhongzitou" high dividend has become independent. The news is that the assessment requirements of "market value management" in the early stage are extended from point to area, and it is necessary to pay appropriate attention to the probability of good cash in the short term. From a medium-term perspective, it is believed that under the condition that economic growth expectations have not recovered and investors' risk appetite is not high, high-dividend industries may still have allocation value, but from a trading point of view, it is necessary to pay attention to the sector ** caused by short-term income cashing.
**Vice Premier He Lifeng: It is necessary to promote the improvement of the performance of listed companies and the restoration of investment willingness as an important measure to promote economic stability and progress, promote stability with progress, and establish first and then break down (**Xinhua News Agency). On the one hand, the recent development of central and state-owned enterprises is more due to the policy to improve the valuation level, on the other hand, performance is also an important aspect of market value management. After experiencing an increase in valuation, you can pay moderate attention to the opportunities of high dividends, higher performance growth or higher than expected targets in the "Chinese prefix", which is expected to continue**.
The Federal Reserve's January interest rate meeting will be held on Tuesday, and the interest rate decision will be announced on Wednesday. Due to the further slowdown in the December inflation data and the recent pullback in US Treasury yields, the market's expectations for the Fed's guidance on interest rate cuts have increased, and the probability of a rate cut in March is close to 50% based on interest rates**. At present, overseas economic data has some resilience, coupled with the slowdown in inflation data, the expectation of a soft landing for the US economy has risen (but there is still a long way to go before the soft landing, including the current 3.).The inflation of 4% is still far higher than the healthy inflation level of 2% that the Fed believes), which may support overseas indices and do not change the tone of loose domestic policies, especially in the short term, when the domestic market is facing the requirements of "stabilizing the economy" and "stabilizing the market".
The policy of stabilizing the capital market has focused on improving market expectations in the near future, and the construction of an investor-oriented capital market is more exciting, and the negative feedback phenomenon on the capital side has also been phased out, and it is expected that the valuation repair is expected to spread further. After the overshoot** caused by the liquidity repair is over, the medium-term trend of the market will still depend on whether macro expectations can be reversed. In the short term, we will pay attention to the opportunity to reshape the valuation of central enterprises under the continuous and stable dividends. At the same time, it is recommended to continue to track the high-performing blue-chip varieties in the technology, pharmaceutical, and new energy sectors whose valuations have been further revised down due to liquidity shocks, and wait for the style convergence opportunity after extreme differentiation.
Risk factors: global recession risk, regional economic crisis, lower than expected domestic policy effect; escalation of global geopolitical conflicts;
1.State-owned Assets Supervision and Administration Commission (SASAC) has comprehensively promoted the market value management assessment of central enterprises in the construction industry, and the potential of central enterprises in the construction industry is greater
On the 29th, the State-owned Assets Supervision and Administration Commission (SASAC) held a working meeting on the assessment and distribution of enterprises and local SASAC, saying that it would comprehensively promote the market value management assessment of listed companies on the basis of pilot exploration and accumulation of experience in the early stage.
Comments: According to wind data, from 2023 to January 28, 2024, a total of 18 A-share listed companies of 12 central enterprises have implemented buybacks for the purpose of market value management, with a scale of about 6.5 billion yuan; A total of 34 listed companies of central enterprises and state-owned enterprises have been increased by major shareholders, with an increase of about 10.7 billion yuan. After the market value is included in the assessment and evaluation system, the person in charge of the central enterprise will be guided to pay more attention to the market performance of the listed companies controlled by them, and market-oriented market value management methods such as increasing holdings and repurchases may appear more frequently, and the proportion of cash dividends is also expected to be further increased.
2.Samsung S24 pre-order is a big hit 2024 will be the first year of AI phones
Samsung recently announced that its new flagship Galaxy S24 series has achieved unprecedented pre-order results in the Korean market. In just one pre-order period from January 19 to 25, the Galaxy S24 series has already been booked as many as 1.21 million units.
Review: The Samsung Galaxy S24 series incorporates AI applications to bring more convenience to various daily use scenarios. This includes real-time call translation, writing assistants to improve the communication experience, and note-taking assistants and transcription assistants to improve office efficiency. We believe that the machine is expected to open the curtain of AI mobile phones, and Apple, Huawei, Google, and Honor Equality have also invested in the field of AI mobile phones. According to Canalys, global smartphone shipments will reach 11700 million units, a year-on-year increase of 354%, of which the shipment of AI mobile phones will reach 60 million units.
3.SASAC will strengthen the "two-line" assessment of R&D investment and output, and go all out to develop strategic emerging industries
**SASAC held a meeting on the assessment and distribution of enterprises and local SASAC on the 29th. In terms of promoting the cultivation of new quality productivity, the SASAC will strengthen the "two-line" assessment of R&D investment and output.
Comments: China's central enterprises are an important strategic force for scientific and technological innovation in key areas. In the context of self-reliance and self-improvement in science and technology, central state-owned enterprises in science and technology are expected to usher in development opportunities. We believe that CEC and CETC, as the "national team" of China's digital industry, are expected to use their own advantages to achieve professional and strategic integration in various fields of the digital industry in the future.
1.**State-owned Assets Supervision and Administration Commission: Comprehensively promote the market value management assessment of listed companies.
2.The Institute of Finance and Economics of the Chinese Academy of Social Sciences issued a report, suggesting that this year's fiscal policy should be moderately increased, more support should be given to the construction of the three major projects and human capital investment, and the monetary policy should be cut in a timely manner and interest rates should continue to be cut significantly.
3.Seven departments, including the Ministry of Industry and Information Technology, issued implementation opinions on promoting the innovation and development of future industries, and proposed breakthroughs in high-end equipment products such as humanoid robots, quantum computers, ultra-high-speed trains, and next-generation large aircraft.
1.SASAC will strengthen the "two-line" assessment of R&D investment and output, and go all out to develop strategic emerging industries
2.The world's largest lithium mine will cut production and change its pricing model, and the industry can be expected to bottom.
3.In recent years, China has vigorously promoted the construction of oil and gas pipeline network infrastructure, and a number of national key projects have been accelerated and put into operation smoothly, with a total mileage of more than 10,000 kilometers of new pipelines since the beginning of the "14th Five-Year Plan", a record high.
4.Samsung S24 pre-order is a big hit 2024 will be the first year of AI phones
5.The whole sea state China's 100 kilowatt pneumatic wave energy power generation equipment was launched.
1.Shanghai Hejing ** 787584, issue price 2266 yuan, P/E ratio 4205 times, the subscription limit is 1050,000 shares, mainly engaged in semiconductor silicon epitaxial wafers.
2.Nova Nebula ** 301589, issue price 12689 yuan, the city subscription limit is 3,000 shares, and the main LED earnings ratio is 2193 times, visual control system.
1.United Strong (SZ002383) 2023 pre-profit of 4300 million yuan-50 billion yuan, a year-on-year turnaround;
2.China Shipbuilding (SH600150) expects its net profit to increase by 1470 year-on-year in 202395%-1761.87%。
3.Linzhou Heavy Machinery (SZ002535)'s net profit in 2023 is expected to increase by 654 year-on-year82%—974.17%；
4.Jiangsu Guoxin (SZ002608)'s net profit in 2023 is expected to increase by 2591 year-on-year67%-3237.09%；
5.Ganneng Co., Ltd. (SZ000899) expects net profit to increase by 3938%-4877% year-on-year in 2023.
6.Flextron Electric (SH688698) plans to invest 500 million yuan in the construction of a high-end electrical equipment production base project.
7.TBEA (SH600089) Holding Company plans to invest in the construction of Xi'an digital factory project.
8.The shareholders of Guobo Electronics (SH688375) promised not to ** the company's shares in the next 6 months.
9.Luculent Environment (SZ301305) signed the Cooperation Framework Agreement with PetroChina South China.
10.Antu Biotech (SH603658) intends to take 2500 million yuan to 500 million yuan to repurchase shares.