► Premier Li Qiang: We pay attention to consolidating the foundation and cultivating the yuan, enhance the basic support capacity of economic development, combine the long and short, and treat both the symptoms and the root causes, and do a good job in the "combination of policies", so as to solidly promote high-quality development. Adhere to the development characteristics of new technologies and new industries, China's national conditions and the advantages and characteristics of each locality, and make efforts in key links such as improving the ability to curate innovation, giving full play to the advantages of application scenarios, and paying attention to the use of market forces, so as to promote the healthy growth of new business forms and new models.
► Yicai: On June 25, the NMPA approved the marketing application of semaglutide injection developed and produced by Novo Nordisk for long-term weight management in China. As the world's first and currently the only weekly formulation of glucagon-like peptide-1 receptor agonists for long-term weight management, semaglutide bariatric can achieve an average weight loss of 17% (16.8 kg) and bring multiple health benefits to patients beyond weight loss.
► Interface News: AI application developers in Chinese mainland have received warning letters from OpenAI that they may no longer be able to use GPT's capabilities. OpenAI's warning letter may be a signal that whoever moves faster at this moment will be more likely to gain access to this part of the incremental market.
Macroeconomic
1. Securities Daily: Recently, a number of banks have adjusted the issuance of medium and long-term large-value certificates of deposit. Following the suspension of the sale of three-year and five-year certificates of deposit, some banks have found it difficult to find certificates of deposit with a maturity of six months or more. In addition to reducing the quota for new issuance, many banks have also lowered the interest rates on large certificates of deposit, and their three-year and five-year interest rates have also dropped from the previous "3" to the current "2".
2. Yicai: Some trust companies have recently received guidance from the regulatory authorities to request a complete suspension of third-party consignment business.
3. Ministry of Foreign Affairs: In order to further promote personnel exchanges between China and foreign countries, China has decided to expand the scope of visa-free countries and implement a visa-free policy for holders of ordinary passports from three countries: New Zealand, Australia and Poland. During the period from July 1, 2024 to December 31, 2025, holders of ordinary passports from the above-mentioned countries can enter China without a visa for business, tourism, visiting relatives and friends, and transiting for no more than 15 days.
Real estate dynamics
1. Hangzhou City, Zhejiang Province: Public solicitation of opinions, collection and adoption. Adopt the recommendation to include provincial-level talents in the scope of protection. Adopt the proposal to relax the academic qualifications of the main applicants from various types of talent families from full-time graduate students to part-time graduate students. Adopt the proposal to adjust the age limit for singles. Adopt the proposal to clarify the scope of the record of building houses without land approval in Hangzhou.
2. Qingdao City, Shandong Province: issued a notice on accelerating the implementation of the "old for new" housing work. It mentions that state-owned platform companies are supported to participate in "trade-in". Support state-owned platform companies to give full play to the advantages of "wide location, many projects, and sufficient housing", participate in "trade-in" activities, and use the acquired stock of housing for market-oriented rental housing, affordable rental housing and other purposes.
3. Chengdu, Sichuan Province: The central urban area ushered in the first land auction after the full cancellation of purchase restrictions on June 25, involving 4 residential lands, with a total transfer area of about 127,800 square meters, a total planned construction area of about 303,700 square meters, and a starting price of about 3.91 billion yuan. In the end, the total amount of money collected for the 4 parcels was about 4.06 billion yuan.
4. Changchun City, Jilin Province: The maximum amount of a single loan will be increased in stages, and the implementation period will be until December 31. If the house is purchased in the main urban area and development zone (excluding Shuangyang District and Jiutai District), the maximum amount of a single loan with co-borrowers will be increased from 900,000 yuan to 1 million yuan; The maximum amount of a single loan without a co-borrower has been increased from $600,000 to $800,000.
Stock market stock
1. On Tuesday, the Shanghai Composite Index was reported at 2950.00 points, down 0.44%, with a turnover of 296.569 billion. The Shenzhen Component Index was reported at 8850.29 points, down 0.83%, with a turnover of 351.626 billion. The GEM index was reported at 1700.02 points, down 1.82%, with a turnover of 164.449 billion. Overall, stocks rose more and fell less, and more than 2,800 stocks rose in the whole market. The turnover of the two cities was 648.2 billion, a decrease of 47.4 billion from the previous trading day. On the disk, tourism, industrial machine tools, real estate, education and other sectors were among the top gainers, while semiconductors, AI mobile phones, CPO, and the new science and technology innovation board were among the top decliners.
2. On Tuesday, the Hang Seng Index rose 0.25% to 18,072.90 points. The Hang Seng Tech Index fell 0.60% to 3,655.46 points. The state-owned enterprises index rose 0.36% to 6,464.49 points. On the disk, automobiles, auto parts, electricity, pork, big data, innovative drugs and other sectors are among the top gainers; Semiconductors, smart wearables, consumer electronics, Apple concepts, chip substitution, brokerage stocks and other sectors fell. Southbound funds bought a net of HK$323 million. Among them, Hong Kong Stock Connect (Shanghai) net bought 503 million Hong Kong dollars, and Hong Kong Stock Connect (Shenzhen) net sold 180 million Hong Kong dollars.
3. As of June 25, there were 249 listed companies on the Beijing Stock Exchange, and there were no new ones on the same day. The total market value is 309.186 billion yuan, and the transaction value is 3.023 billion yuan.
4. Financing balance of the two cities: As of June 24, the financing balance of the Shanghai Stock Exchange was 776.285 billion yuan, a decrease of 2.570 billion yuan from the previous trading day, the financing balance of the Shenzhen Stock Exchange was 687.866 billion yuan, a decrease of 3.091 billion yuan from the previous trading day, and the total financing balance of the two cities was 1464.151 billion yuan, a decrease of 5.661 billion yuan from the previous trading day.
5. HONG KONG STOCK EXCHANGE: WARREN BUFFETT'S BERKSHIRE HATHAWAY REDUCED ITS HOLDINGS OF BYD H SHARES ON JUNE 19, WITH AN AVERAGE PRICE OF HK $234.57, AND ITS SHAREHOLDING RATIO DECREASED FROM 6.18% TO 5.99%.
6. AMAC: In May, securities and futures operating institutions filed a total of 686 private asset management products, a decrease of 9.62% month-on-month and 14.68% year-on-year; The establishment scale was 52.219 billion yuan, an increase of 0.67% month-on-month and a year-on-year increase of 22.16%.
7. China Securities News: Recently, a number of public offering institutions have reported that the live broadcast of WeChat video accounts has been tightened, and if there are no relevant qualifications, there is a risk of being closed. Since mid-to-late June, a number of public offering institutions have launched summer online strategy meetings. Compared with the past, before the official launch of the strategy meeting, public offering institutions need to apply for financial live broadcast qualifications in advance.
8. Financial Headlines App: On June 25, nearly 20 listed companies disclosed their buyback or shareholding plans after hours. Trina Solar plans to repurchase shares of up to 1.2 billion yuan, and all the repurchased shares will be used to convert the corporate bonds issued by the company that can be converted into shares.
9. 21st Century Business Herald: It has been more than 70 days since the new IPO regulations were introduced on April 12, and the power of the new regulations has gradually become prominent. From July last year to May this year, the maximum number of IPO withdrawals in a single month was 51 (April this year). However, as of June 24, the number of projects withdrawn since June has reached 83.
10. China Fund News: As of June 24, the overall net inflow of stock ETFs was 17.763 billion yuan, and among the sub-categories, broad-based ETFs ranked first, reaching 15.728 billion yuan. Judging from the ranking of net capital inflows on the day, broad-based ETF products such as CSI 300 ETF, CSI 500 ETF, SSE 50 ETF, and SSE Index ETF became the main force of "gold absorption" on the day.
11. Linggang shares: It is planned to repurchase the company's shares for equity incentives with 100 million yuan to 200 million yuan, and the repurchase price shall not exceed 2 yuan per share (inclusive).
12. Golden Kirin (4 boards): The company's shares have risen by 46.42% since June 20, with a cumulative increase of 46.42%, and the cumulative increase of the Shenwan Auto Parts Index over the same period was -4.34%, and the cumulative increase of the Shanghai Composite Index over the same period was -2.25%, and the short-term increase of the company's shares was higher than the industry growth and the Shanghai Composite Index in the same period.
13. Space-time Technology (5 days and 3 boards): Issued an announcement on stock price changes, and the company's stock price deviated from the daily closing price increase by more than 20% in three consecutive trading days on June 21, June 24, and June 25, 2024, which is a situation of abnormal fluctuations in stock trading.
14. Bojun Technology: According to the company's self-inspection and effective "Refinancing Securities Lending Data", as of the beginning and end of the first quarter of 2024, the company's shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have not carried out refinancing.
Wealth Spotlight
1. Finance Associated Press: On June 25, there are only 3 working days left before the deadline for public offering commission reduction. The re-signing of the agreement between the fund company and the brokerage company to reduce the commission has also come to an end. According to the commission reduction standard issued by the regulator on April 30, the commission rate for passive equity fund products shall not exceed 2.62/10,000, and the commission rate for other types shall not exceed 5.24/10,000.
2. Shanghai Securities News: The first batch of ETFs to invest in the Saudi Arabian market, Huatai Pineapple CSOP Saudi Arabia ETF and CSOP Saudi Arabia ETF of China Southern Asset Management, were officially launched on June 24. In the context of investors' rising demand for global asset allocation, domestic public funds have generally increased their layout of QDII products in recent years.
3. Financial breakfast: hot spots are non-stop, track what you want to hear. The National Development and Reform Commission encourages the development of humanoid robots based on AI large models, the Yangtze River Delta Humanoid Robot Alliance was established, and the domestic intelligent robot industry is again catalyzed by policies. What are the new layouts of tech giants in the near future? Is there any new progress in commercialization in the industry? What is the current development situation in China? Friends, hurry up to the end of the article to view today's financial secretary tracking #人形机器人加速商业化落地
Industry Watch
1. CCTV News: The Chang'e-6 probe has completed a soft landing on the far side of the moon at the beginning of this month, sampling, take-off, lunar orbit rendezvous and docking, and sample transfer, and according to the plan, Chang'e-6 will return to Earth on June 25.
2. 21st Century Business Herald: Vitamin D3 market conditions are good this year, with the recovery of downstream aquaculture industry and other comprehensive factors (catalysis), the price is also gradually rising. The vitamin D3 business accounts for a small percentage of the company's revenue. For the vitamin D3 business, from the beginning of the year to now, it has almost been full production and sales, and the overall sales situation is very good.
3. China Federation of Things: From January to May, the total amount of cold chain logistics in mainland China was 2.76 trillion yuan, a year-on-year increase of 4.0%; The total demand for cold chain logistics was 191 million tons, a year-on-year increase of 4.2%. Although the unit price of cold storage rental has decreased, the occupancy rate has increased by about 10 percentage points.
4. Economic Observation Network: A number of companies have raised the price of polyester filament products, with a price increase of 50-100 yuan/ton, and the price of some mainstream products has increased by more than 7% compared with the same period last month. At present, due to the decline in overseas inventories and the recovery of the domestic textile industry, coupled with the joint production reduction of enterprises in the first half of the year, the supply and demand relationship of the domestic polyester filament industry has been improved, and the industry prosperity has gradually recovered.
5. Beijing News: As of 12 noon on June 25, the Ministry of Commerce's automobile trade-in information platform has received 113,000 applications for subsidies for scrapping and updating automobiles, and the number of new subsidy applications has exceeded 36,000 in the past week, showing an accelerated growth trend.
6. Zeng Yuqun, Chairman of CATL: If the industry wants to compare, it must compare technology, compare the long-term value brought by technology, sustainable value, and safe and reliable performance, this is the place to compete. It is not the price at the time of purchase, it is the whole life cycle of the volume, the quality of the volume, and the safety of the volume.
7. TechInsights: During 618, China's second-largest online shopping festival in 2024, smartphone sales fell 2% year-on-year to 13.1 million units, but due to the increase in average selling price, the smartphone market value was almost flat year-on-year at 62.3 billion yuan, exceeding the total value of online goods (GMV), which shrank by 3% year-on-year.
8. Canalys: PC and tablet shipments in India will grow by 11% in 2024 and another 15% in 2025.
Company news
1. Dahe Finance Cube: A distributor of Kweichow Moutai said that recently, Kweichow Moutai has suspended the supply of Feitian Moutai quota in the third quarter, and suspended the supply of high-quality Moutai and "Moutai 15 years". The dealer said that Kweichow Moutai's move was intended to stabilize the market sales price of products by reducing the supply of Feitian Moutai market.
2. Beijing News: Station B released the content planning and support plan in the field of high-quality micro-short dramas at the micro-short drama conference of the Shanghai TV Festival. This year, Bilibili plans to launch nearly 20 high-quality high-quality micro-short drama works, covering social, cultural, campus, suspense, comedy, cultural tourism, history, realism and other diverse content themes.
Global vision
1. CCTV News: In the first six months, about 11,000 companies in Germany went bankrupt, an increase of nearly 30% year-on-year, the highest number since 2016. Among them, there were 6,500 bankruptcies in the service sector, an increase of nearly 35% year-on-year. At the same time, the number of bankruptcies of large enterprises is much higher than in previous years.
2. The Paper: A group of record companies, including Universal Music Group, Sony Music Entertainment and Warner Records, officially launched a lawsuit against the two giants in the field of artificial intelligence music production, Suno and Udio, accusing the two companies of illegally using their copyrighted music to train AI models.
Financial data
domestic
1. New Third Board: On June 25, a total of 6,142 companies were listed, and 2 new companies were added on the same day, with a turnover of 118 million. The three-board component index was reported at 802.48, down 0.19%, with a turnover of 52 million.
2. Domestic commodity futures: As of the close of the afternoon of June 25, it was mixed. Industrial silicon and soda ash fell by more than 2%, apples and container shipping European lines fell by more than 1%, and live pigs and ferrosilicon fell slightly; Urea rose by more than 3%, rubber rose by more than 2%, NR and ethylene glycol rose by more than 1%, and sugar and crude oil rose slightly.
3. Treasury bonds: On June 25, the main 2-year treasury bond futures contract TS2409 rose 0.04% to 101.920, the main 5-year treasury bond futures contract TF2409 rose 0.09% to 103.900, and the main 10-year treasury bond futures contract T2409 rose 0.11% to 105.150. The 10-year Treasury rate fell 1.01BP to 2.24%; The 10-year CDB rate fell 0.75bp to 2.32%.
4. Shanghai International Energy Exchange: On June 25, the main crude oil futures contract 2408 closed at 622.1 yuan / barrel, up 3.3 yuan, or 0.53%. All contracts traded 103,330 lots, and the open interest decreased by 58 lots to 50,435 lots. The main contract traded 84,975 lots, and the open interest decreased by 112 lots to 27,987 lots.
5. Central Bank: On June 25, a 7-day reverse repurchase operation of 300 billion yuan was carried out on the same day, and the winning interest rate was 1.80%, the same as before. Due to the expiration of 86 billion yuan of 7-day reverse repurchase on the same day, a net investment of 214 billion yuan was realized.
6. Shibor: 1.9640% overnight, down 1.60 basis points. The 7-day trade was at 2.0140%, up 0.60 basis points. The three-month report is 1.9210%, down 0.10 basis points.
7. RMB: The onshore yuan closed at 7.2628 against the US dollar at 16:30, down 0.0138%, and the central parity of the RMB was reported at 7.1225, down 0.0337%.
8. Shanghai Environmental Exchange: On June 25, the trading volume of the carbon emission allowance listing agreement in the national carbon market was 69,010 tons, with a turnover of 6.4621 million yuan and a closing price of 88.88 yuan/ton, down 2.42%.
abroad
9. Asia: The Nikkei 225 index rose 0.95% to 39,173.15 points. South Korea's KOSPI rose 0.36% to 2,774.61.
10. U.S. stocks: The Dow closed down 0.76% at 39,112.16, the Nasdaq closed up 1.26% at 17,717.65, and the S&P 500 closed up 0.39% at 5,469.30.
11. Europe: Britain's FTSE 100 closed down 0.41% at 8,247.79 points, Germany's DAX30 closed down 0.81% at 18,177.62 points, and France's CAC40 closed down 0.58% at 7,662.30 points.
12. Gold: COMEX gold futures fell 0.54% to $2331.7 per ounce.
13. Crude oil: WTI crude oil futures settled down 0.98% at $80.83 per barrel. Brent crude futures fell 1.16% to $85.01 a barrel.
14. Baltic Dry Bulk Index: down 2.38% to 1,926 points.
· Humanoid robots accelerate commercialization·
► China Fund News: Tesla CEO Elon Musk announced at the annual general meeting that Tesla's factory is expected to deploy more than a thousand, or even thousands, of humanoid robots next year. These robots will enable a higher level of autonomous operation, able to respond directly to instructions and perform complex tasks. Musk said that humanoid robots will become the main force of industry, and the number is expected to surpass that of humans, which is expected to reach 10 billion to 20 billion. Tesla aims to produce 1 billion units per year, accounting for more than 10% of the market. Its cost is controlled at about $10,000, and the selling price is expected to be $20,000, which will create a $25 trillion-$30 trillion market for Tesla.
► Goldman Sachs: In an ideal scenario of a revolutionary breakthrough in technology, the compound annual growth rate of humanoid robot sales from 2025 to 2035 can reach 94%, and the market size will reach $154 billion in 2035. In the future, labor shortages in industries such as manufacturing and elderly care will be largely solved with the popularization and application of robots. The manufacturing cost of humanoid robots will decrease from $50,000 to $250,000 in 2023 to $30,000 to $150,000 in 2024, a decrease of 40%.
► Lead Research Institute: The market size of Chinese humanoid robots will be about 2.76 billion yuan in 2024 and 75 billion yuan by 2029, accounting for 32.7% of the world's total, ranking first in the world, and the scale is expected to reach 300 billion yuan by 2035. Chinese humanoid robots have entered the advanced stage of intelligence equipped with advanced technologies such as artificial intelligence, machine learning and computer vision systems. Looking forward to the future, under the multi-dimensional empowerment of policy, capital and technology, the market potential of Chinese humanoid robots is expected to accelerate the release.
► Zheshang Securities: With the support of leading manufacturers in the fields of artificial intelligence, new energy vehicles, consumer electronics, and industrial robots, it is expected that the humanoid robot industry will enter the first year of small-batch mass production in 2024, and the progress of industrialization is expected to exceed expectations. As an area in which Chinese manufacturers can deeply participate in the global AI wave, domestic manufacturers have great development opportunities. It is estimated that in 2030, the total demand for humanoid robots in the manufacturing and housekeeping industries in China and the United States will be about 2.03 million units, and the market space will be about 318.5 billion yuan. The sector is expected to usher in the joint catalysis of the T chain and the domestic chain, focusing on core component suppliers.