Important News Alert
On July 1, the State Council announced the provisions on the implementation of the registered capital registration management system of the Company Law of the People's Republic of China, which came into effect from the date of promulgation, and the People's Bank of China decided to carry out treasury bond borrowing operations for some primary dealers in the open market in the near future, and BYD sold 341658 new energy vehicles in June
Tip of the day
The 2024 Global Digital Economy Conference was held in Beijing from July 2 to 5
The issuance of the first consumer REITs in Shanghai was finalized, and Huaan Bailian Consumer REIT was first raised on July 2
The central bank has 300 billion yuan of 7-day reverse repurchase due today
Financial news
1. According to the Chinese government website, on July 1, the State Council announced the provisions on the implementation of the registered capital registration management system of the Company Law of the People's Republic of China, which will come into force on the date of promulgation.
According to the regulations, if the remaining subscribed capital contribution period of a limited liability company exceeds 5 years from July 1, 2027, the remaining subscribed capital contribution period of a limited liability company shall be adjusted to 5 years before June 30, 2027 and recorded in the articles of association of the company, and the shareholders shall pay the subscribed capital contribution in full within the adjusted subscribed capital contribution period; The promoter of a company limited by shares shall pay the full amount of shares according to the shares subscribed by it before June 30, 2027. If the company's production and operation involve national interests or major public interests, and the relevant competent departments of the State Council or provincial-level people's governments put forward opinions, the market supervision and administration department of the State Council may agree to make capital contributions according to the original capital contribution period.
2. According to the website of the People's Bank of China on July 1, in order to maintain the steady operation of the bond market, on the basis of prudent observation and evaluation of the current market situation, the People's Bank of China has decided to carry out treasury bond borrowing operations for some primary dealers in the open market in the near future.
3. On July 1, the Shenzhen Municipal Transportation Bureau announced that as of 15 o'clock on the same day, the 24-hour traffic volume of the Shenzhen-Zhongshan Corridor has exceeded 125,000 trips since it was officially opened for trial operation.
At 3 p.m. on June 30, the Shenzhen-Zhongshan Corridor was opened for trial operation. Under the influence of the Shenzhen-Zhongshan Corridor, the three major metropolitan areas of Guangzhou, Shenzhen and the west bank of the Pearl River Estuary, with a population of more than 80 million and a total GDP accounting for 80% of Guangdong Province, have broken into a "ring", which has greatly improved the "gold content" of the 100-kilometer "Golden Inner Bay" around the Pearl River Estuary. After the opening of the road, the driving time from Shenzhen to Zhongshan has been shortened from two hours to 30 minutes.
4. Shenzhen Stock Exchange reported on July 1 that recently, the Shenzhen Stock Exchange carried out the optimization of the identity authentication method of individual investors in the Internet voting business of the shareholders' meeting of listed companies, and on the basis of the existing shareholder identity authentication method of trading offers, it added two shareholder identity authentication methods, "reserved mobile phone number + face recognition for shareholder account opening" and "mobile phone number + face recognition for UnionPay card opening", so as to provide more convenience for investors to exercise shareholder rights.
5. A few days ago, under the guidance of the State-owned Assets Supervision and Administration Commission of the State Council and sponsored by PetroChina, the Future Space Deep and Ultra-deep Oil and Gas Exploration and Development Industry Development Promotion Conference and the Inaugural Meeting of the Innovation Consortium were held in Beijing. At the conference, the innovation consortium in the field of deep and ultra-deep oil and gas exploration and development was formally established. Under the guidance of the State-owned Assets Supervision and Administration Commission of the State Council, the innovation consortium was jointly established by nine central enterprises, including PetroChina, Sinopec, Aerospace Science and Industry, China Electronics Technology, SINOMACH, Dongfang Electric Group, China Baowu, China Minmetals and China Machinery General Institute, focusing on the exploration and development of ultra-deep conventional oil and gas, deep shale oil and gas and deep coal and rock gas, and opening up a new field of major strategic succession of onshore deep and ultra-deep oil and gas.
6. According to data released by the central bank on July 1, in June, the China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China repaid a net of 127.4 billion yuan in mortgage supplementary loans. The balance of supplementary mortgage loans at the end of the period was 2,824.5 billion yuan.
In June, in order to maintain reasonable and sufficient liquidity in the banking system, combined with the liquidity needs of financial institutions, the People's Bank of China carried out medium-term lending facilities for financial institutions totaling 182 billion yuan, with a term of one year and an interest rate of 2.50%, unchanged from the previous month. The balance of medium-term lending facilities at the end of the period was 7,073 billion yuan.
7. On the morning of July 1, a freight train loaded with auto parts and machinery and equipment departed from Tianjin International Dry Port in Xiqing District, Tianjin. The train will exit through the Erenhot port and eventually arrive in Moscow. This new international logistics channel will provide a new logistics platform for the import and export trade of Beijing-Tianjin-Hebei and help Tianjin further improve its international land transportation capacity.
8. According to CCTV News, Japan will start issuing a new version of the banknote on July 3, the first time in 20 years that Japan has changed the design of banknotes. As one of the anti-counterfeiting measures, the banknotes will be printed using holographic technology, so that the portraits of historical figures on the banknotes show a three-dimensional rotation effect.
According to Japanese media reports, the new banknotes will have denominations of 10,000 yen, 5,000 yen and 1,000 yen, respectively, and the face value numbers on the banknotes will be larger than the existing versions. Visually impaired people can identify denominations using tactile markings on banknotes.
9. Since July 1, the trading hours of the Korean won against the US dollar in the Korean foreign exchange market have been significantly extended, increasing the daily trading hours from 6.5 hours to 17 hours. It is understood that this is the biggest change in the Korean foreign exchange market since 1998. The South Korean government said that after the extended trading hours, it will closely monitor market trends and take appropriate measures to maintain market stability at night if necessary.
Company News
1. CATL: announced on July 1 that as of June 30, the company had repurchased 14483830 shares of the company through the stock trading system of the Shenzhen Stock Exchange through centralized bidding, accounting for 0.3293% of the company's current total share capital, with the highest transaction price of 194.10 yuan/share and the lowest transaction price of 146.31 yuan/share, with a total transaction amount of 2.446 billion yuan (excluding transaction costs).
2. COFCO Trust: According to the website of the Sichuan Provincial Commission for Discipline Inspection and Supervision on July 1, Yu Yong, deputy secretary of the Party Committee and deputy general manager of COFCO Trust Co., Ltd., is suspected of serious violations of discipline and law, and the discipline inspection and supervision team of COFCO Corporation is currently conducting a disciplinary review of him. The Sichuan Provincial Supervision Commission has designated the Sichuan Provincial Supervision Commission to have jurisdiction, and the Sichuan Provincial Supervision Commission has designated the Panzhihua Municipal Supervision Commission to have jurisdiction, and the Panzhihua Municipal Supervision Commission is supervising and investigating it.
3. AXA SPDB Asset Management: On the evening of July 1, AXA SPDB Asset Management issued an announcement on the change of senior management, stating that Yu Beihua stepped down as the general manager of the company due to personal reasons, and Zhang Chi took over, with the appointment date of July 1.
According to the data, Zhang Chi has worked in China Construction Bank and Huaan Fund, and has successively served as deputy general manager and chief marketing officer of Everbright Prudential Fund, deputy general manager, chief product officer, managing director and member of the executive committee of Taikang Asset Management, managing director of BlackRock Investment Management (Shanghai) Co., Ltd., acting chairman, director, general manager and legal representative of BlackRock Fund; He is currently the Director and General Manager of AXA SPDB Asset Management.
4. Lifan Technology: On July 1, there was market news that Lifan Technology planned to acquire Gaohe Automobile. In this regard, the staff of the Securities Department of Lifan Technology responded to the reporter of China Securities Journal and China Securities Taurus that they had not received any news in this regard. As for whether Lifan Technology has business dealings with Gaohe Automobile, the above-mentioned staff of the securities department told reporters that they have not heard of it at present.
5. PowerChina: On the evening of July 1, PowerChina announced that its subsidiary, PowerChina Northwest Survey, Design and Research Institute Co., Ltd. (the leader of the consortium), formed a consortium with a number of companies to sign the EPC general contracting contract for the Sunan Huangcheng Pumped Storage Project, with a contract amount of about 8,130.28 million yuan.
6. Hubei Energy: On the evening of July 1, it was announced that Chairman Zhu Chengjun applied for resignation from the company's chairman, director and relevant special committees of the board of directors due to work reasons. After his resignation, Zhu Chengjun will no longer hold any position in the company and its holding subsidiaries.
Flush data shows that as of the close of trading on July 1, Hubei Energy's share price rose 2.16%, with the latest market value of 40.037 billion yuan.
7. Postal Savings Bank: On July 1, the Postal Savings Bank issued an announcement on promoting the governance of e-RMB customer identity information. In accordance with the requirements of laws and regulations such as the Anti-Money Laundering Law of the People's Republic of China, the Administrative Measures for the Identification of Financial Institutions and the Preservation of Customer Identity Information and Transaction Records, and the Guidelines for Anti-Money Laundering and Counter-Terrorist Financing of e-RMB, PSBC will further strengthen the verification of the integrity and validity of the identity information of individual e-RMB customers. In the case of incomplete identity information of individual customers, no photocopies of identity documents, or expired identity documents that are not updated in a timely manner within 90 days, measures such as reducing transaction limits and restricting financial services will be taken against wallets in the customer's name.
8. Haike Xinyuan: On July 1, it was announced that the closing price of the company's shares for 20 consecutive trading days from June 3 to July 1 was lower than the latest audited net assets per share of 14.02 yuan, triggering the conditions for the initiation of stock price stabilization measures. The company will formulate a specific plan within 10 trading days and implement it after fulfilling the relevant procedures to safeguard the interests of the company and shareholders.
9. Jianshi Assets: The Shenzhen Securities Regulatory Bureau issued a decision on issuing warning letters to Shenzhen Qianhai Jianshi Asset Management Co., Ltd. (hereinafter referred to as "Jianshi Assets") and Sun Liang. After investigation, Jianshi Assets did not independently carry out investment decisions and failed to perform its duty of prudence and diligence in the investment management process of Jianshi Hongda Private Securities Investment Fund. Sun Liang is responsible for the investment decisions of the private equity funds mentioned above. The relevant acts violated the relevant provisions of Article 4 of the Interim Measures for the Supervision and Administration of Private Investment Funds (Decree No. 105 of the CSRC, hereinafter referred to as the "Measures for the Administration of Private Placements"). In accordance with Article 33 of the Measures for the Administration of Private Placement, the Shenzhen Securities Regulatory Bureau decided to take administrative supervision measures against Jianshi Assets and Sun Liang by issuing warning letters.
10. *ST Zhongrun: It was announced on the evening of July 1 that the company's shares closed at 0.96 yuan per share on July 1, lower than 1 yuan for the first time. According to the stock listing rules of the Shenzhen Stock Exchange, if the daily closing price is lower than 1 yuan for 20 consecutive trading days, the company's shares will be terminated.
11. *ST BBK: On the evening of July 1, it was announced that the reorganization plan of the company and its 14 subsidiaries had been approved by the court and the reorganization procedure was terminated. On June 30, 2024, BBK and its subsidiaries received a civil ruling from the Xiangtan Intermediate People's Court, ruling to approve the reorganization plan.
Previously, the meeting of the BBK investor group and the creditors' meeting had voted to approve the draft reorganization plan. The court held that the reorganization plan met the statutory approval conditions and ruled to approve and terminate the reorganization proceedings. The implementation of the reorganization plan will optimize the company's asset and liability structure, improve continuing operations and profitability, and have a significant impact on the financial indicators in 2024.
12. Sales of new energy vehicles in June
Cialis: The sales volume of new energy vehicles in June was 44,126, of which 41,457 were sold by Cialis, a year-on-year increase of 631.42%. Since the beginning of this year, the cumulative sales of new energy vehicles have been 200949, a year-on-year increase of 348.55%.
BYD: 341658 new energy vehicles were sold in June, compared with 253046 in the same period last year; In June, 340211 new energy passenger vehicles were sold, including 145179 pure electric vehicles and 195032 plug-in hybrid vehicles. This is also the fourth consecutive month that BYD's monthly sales have exceeded 300,000.
BAIC Blue Valley: Beijing New Energy Automobile Co., Ltd. sold 9,574 vehicles in June, compared with 11,224 in the same period last year; The cumulative sales volume of this year was 28,011 units, a year-on-year decrease of 20.40%.
Great Wall Motor: 26,107 new energy vehicles were sold in June, and a total of 132374 units were sold from January to June.
NIO: 21,209 vehicles were delivered in June, a year-on-year increase of 98.1%; In the second quarter, 57,373 vehicles were delivered, up 143.9% year-on-year.
Xpeng: In June, Xpeng delivered a total of 10,668 new vehicles, up 24% year-on-year and 5% month-on-month. Among them, Xpeng X9 delivered 1,687 units, and a total of 13,143 units were delivered in half a year after its launch. From January to June, Xpeng delivered a total of 52,028 new vehicles, a year-on-year increase of 26%.
Li Auto: In June, the delivery of Li L6 exceeded 20,000 units in a single month. At the same time, the ideal L6 lead time is shortened to 3-5 weeks.
SAIC: More than 93,000 new energy vehicles were sold in June, and the cumulative sales of new energy vehicles in the first half of the year exceeded 460,000, a year-on-year increase of 24%.
GAC Aion: Global sales in June were 35,027 units. The first overseas factory, the smart ecological factory in Thailand, is about to be completed and put into production, and the second-generation AION V Tyrannosaurus Rex will be launched and launched simultaneously around the world.
Changan Automobile: From January to June, Changan Automobile's self-owned brand new energy vehicle sales were 299,000 units, a year-on-year increase of more than 69%; In June, the sales volume of new energy vehicles was 64,000, a year-on-year increase of more than 61%. Changan Qiyuan delivered 72,968 vehicles from January to June, Deep Blue Automobile delivered 83,858 vehicles from January to June, and AVATR delivered 29,030 vehicles from January to June.
Leapmotor: Delivered 20,116 units in June, entering the "20,000 Club" for the first time, a record high. So far, the cumulative delivery volume of Leapmotor in the first half of the year has reached 86,696 units.
13. ST Changkang: It was announced on the evening of July 1 that as of July 1, 2024, the closing price of the company's shares has been lower than 1 yuan for 20 consecutive trading days, and the company's shares will be terminated from listing and trading on the Shenzhen Stock Exchange. Trading in the Company's shares will be suspended from the market open on Tuesday, July 2, 2024. It is reported that ST Changkang has walked out of the 40 consecutive fall limits, with a cumulative decline of 86.97% in 40 trading days.
Selected Research Reports
Cinda Securities believes that in the second half of this year, the large consumption sector is likely to continue to deduce the structural market rather than the overall market. The trend of the large consumption sector has improved, but the overall expectation is still at a low level, and the performance of mandatory consumption is slightly better than that of optional consumption. In addition, the phenomenon of the rise of domestic products has appeared more and faster in recent years, such as cosmetics, sportswear, pet food, etc., which shows that the efforts of domestic products in brand building have gradually been recognized by consumers at home and abroad, especially the export of automobiles has accelerated significantly. It is necessary to pay attention to high-certainty investment opportunities from the rise of domestic products to the export of domestic products.
Guotai Junan Securities believes that the macroeconomic rebound focuses on the technology sector that resonates with reform expectations and industrial changes, and lays out stable dividends at a low level. Considering that the market uncertainty has decreased, but the willingness of micro entities to take risks is low, the investment focus is on blue chips with products, orders, performance and reasonable valuations.
Reporter: Ya Wenhui Editor: Jiao Yuanyuan Proofreader: Zhang Diange
Producer: Zhang Nan Issued by: Sun Hong
