Today's attention //
1. The interest rate of Shenzhen's existing provident fund loans has been reduced
2. The global government debt level has reached a new high, and the Bank for International Settlements has issued an early warning
3. The liquor circle is heavy, the price of Guojiao 1573 has risen, and Moutai 1935 has suspended delivery
4. Three more A-share stocks will be delisted! The total number of shareholders is about 340,000
5. Biden and Sanders jointly put pressure on Novo Nordisk and Eli Lilly to reduce the price of weight loss drugs
6. The yen has hit a 38-year low against the US dollar, and the continued depreciation is pushing up domestic prices significantly
Macro Warning //
1. The global government debt level has reached a new high, and the Bank for International Settlements has given an early warning
According to Yicai, the Bank for International Settlements (BIS), known as the "central bank of central banks", released its annual flagship economic report, saying that the global economy is expected to land smoothly. The report stresses that risks remain, with government debt levels likely to disrupt global financial markets in a series of major elections this year.
China Bond Alert //
1. Fitch: Upgrade Shougang Fund to 'A', Outlook 'Negative'
Fitch reported that it upgraded Shougang Fund's long-term IDR to 'A' from 'A-', with a 'negative' outlook.
2. National Energy Financial Leasing: A single new loan exceeds 20% of the net assets at the end of the previous year
Guoneng Financial Leasing Co., Ltd. announced that in April 2024, Guoneng Leasing signed the Trust Loan Contract with Yingda International Trust Co., Ltd. In June 2024, TNB Leasing drew down a loan of RMB1.6 billion under the aforesaid contract. The scale of this new loan accounted for 21.81% of the company's net assets at the end of 2023, more than 20%.
3. Jinan Energy Group: The cumulative new borrowings in 2024 exceed 20% of the net assets at the end of the previous year
Jinan Energy Group announced that as of June 30, 2024, the company's new borrowing date this year, the company's new borrowing this year was 7.924 billion yuan, accounting for 39.01% of the company's net assets at the end of 2023.
4. Jilin Provincial Credit Financing Guarantee Investment Group: Involved in the matters to be executed
Jilin Provincial Credit Financing Guarantee Investment Group Co., Ltd. announced that the company recently received the "Enforcement Notice" issued by the People's Court of Changyi District, Jilin City, Jilin Province, ordering Jiutian Logistics Company, the company, Cheng Fuwen and Sun Hong to immediately pay Jilin Huancheng Rural Commercial Bank 63,099,186.69 yuan and interest from the date of receipt of the "Enforcement Notice"; The case enforcement fee is RMB 130,499.00.
5. Industrial Asset Management: The cumulative new borrowings in 2024 accounted for 63.27% of the net assets at the end of 2023
Industrial Asset Management Co., Ltd. announced that the company's cumulative new borrowings from January to June 2024 accounted for 63.27% of the company's net assets (audited) at the end of 2023.
6. Datang Shaanxi Power Generation: The chairman and general manager have changed
Datang Shaanxi Power Generation Co., Ltd. announced that the chairman and general manager have changed. Chen Weiqing was appointed chairman of the board of directors of Datang Shaanxi Power Generation Co., Ltd., and Hao Jinyu was removed from the post of chairman of Datang Shaanxi Power Generation Co., Ltd. Jin Yingqiang is the director and general manager of Datang Shaanxi Power Generation Co., Ltd.
7. Sichuan Development (Holdings): Party Secretary and Chairman of the Board of Directors have changed
Sichuan Development (Holdings) Co., Ltd. announced that the secretary of the party committee and chairman of the board of directors have changed. Xu Yixin served as the secretary of the party committee, chairman and director of the company.
8. Ping An International Financial Leasing: Changes in chairman and directors
Ping An International Financial Leasing Co., Ltd. announced that Ping An Group appointed Mr. Du Yongmao to replace Mr. Wang Zhiliang as a director and chairman of Ping An Leasing, and Ping An Group appointed Mr. Guo Shibang to replace Mr. Huang Yuqiang as a director of Ping An Leasing. The corporate governance procedures have been completed for the change of relevant personnel, and the registration procedures for industrial and commercial changes are being handled.
China Stock Alert //
1. The liquor circle is heavy, the price of Guojiao 1573 has risen, and Moutai 1935 has suspended delivery
According to the Securities Times, after Moutai canceled the release of 12 bottles of Feitian Moutai and Luzhou Laojiao 38 degrees Guojiao 1573 classic packaging announced that it would stop taking orders, according to various sources, Moutai suspended the release of Moutai 1935 wine, and Luzhou Laojiao raised the price of 38 degrees Guojiao 1573 classic. Analysts believe that at present, the liquor industry itself is still resilient, and high-end liquor leaders are conducive to boosting market confidence through active measures.
2. Huawei responded to the transfer of the Wenjie series of trademarks: insist on not making cars, and continue to help car companies build good cars
Company E reported that Cialis disclosed that its subsidiary planned to acquire a series of text and graphic trademarks such as Wenjie held by Huawei and its affiliates for 2.5 billion yuan, and Huawei responded that Huawei would transfer a series of trademarks such as Wenjie to Cialis, and Huawei will continue to support Cialis to create and sell a good Wenjie. Huawei will continue to work with car companies to create excellent smart car products and provide the ultimate smart travel experience.
3. Three more A-share stocks will be delisted! The total number of shareholders is about 340,000
On the evening of July 2, ST Xinlun and Pengdu Agriculture and Animal Husbandry successively announced that the company's shares will be terminated from listing due to the triggering of the delisting condition of the face value, and will be suspended from July 3. ST Hanggao announced that it had received a prior notice of termination of listing, and the Shenzhen Stock Exchange planned to decide to terminate the listing of the company's shares because the closing price of the company's shares was lower than 1 yuan for 20 consecutive trading days. Wind data shows that the total number of shareholders of the above three companies is about 340,000.
4. Shenzhen Stock Exchange: Terminate the review of the initial public offering of shares of Ma'anshan Bank and its listing on the main board
Due to the withdrawal of the application for issuance and listing by Anhui Ma'anshan Rural Commercial Bank Co., Ltd. and the sponsor, the Shenzhen Stock Exchange decided to terminate its issuance and listing review.
5. Wanye Enterprise: The cumulative floating loss of snowball products held by it from January to June 2024 is 55.593 million yuan
Wanye Enterprise announced that the cumulative floating loss of snowball products held by the company from January to June 2024 was 55.593 million yuan, and the pre-loss in the first half of the year was 49 million yuan.
6. Yuanxing Energy: Some of the company's assets have been taken property preservation measures
Yuanxing Energy announced that China Coal Energy applied to the China International Economic and Trade Arbitration Commission for property preservation in the arbitration procedure due to a dispute over a capital increase and share expansion agreement with the company. The China International Economic and Trade Arbitration Commission (CIETAC) submitted China Coal Energy's application for property preservation to the Beijing No. 2 Intermediate People's Court. After review, the Beijing No. 2 Intermediate People's Court held that China Coal Energy's application for property preservation complied with the law and should be approved, and ruled that the property under the company's name should be sealed and frozen, with a limit of 990 million yuan, and the case application fee of 5,000 yuan should be borne by China Coal Energy.
7. Dongpeng Beverage: Junzheng Investment plans to reduce its holdings of no more than 3% of the company's shares
Dongpeng Beverage announced that Junzheng Investment, the company's second largest shareholder, plans to reduce its holdings of the company's total shares by centralized bidding and block trading by no more than 12,000,300 shares, that is, no more than 3% of the company's total share capital.
8. Decai shares: about 11,931,800 restricted shares were lifted on July 8
Decai Co., Ltd. announced that about 11,931,800 shares of the company's restricted shares will be lifted and listed for circulation on July 8, 2024, accounting for 8.52% of the company's total share capital.
9. Shuyu civilians: about 241 million restricted shares will be lifted on July 5
Shuyu Civilians announced that about 241 million shares of the company's restricted shares will be lifted on July 5 and listed for circulation, accounting for about 59.45% of the company's total share capital; The actual number of shares that can be listed and tradable is about 134 million shares, accounting for 33.0685% of the company's total share capital.
10. Huadian Energy: About 819 million restricted shares will be lifted on July 8
Huadian Energy announced that about 819 million shares of the company's restricted shares will be lifted and listed for circulation on July 8, 2024, accounting for 10.36% of the company's total share capital.
Overseas Warning //
1. The yen has hit a 38-year low against the dollar, and the continued depreciation is pushing up domestic prices significantly
The yen hit a 38-year low against the dollar. The continued collapse of the yen exchange rate has intensified the market's fears that the Japanese government may "bail out". BofA Securities and Citigroup expect the next round of government interventions to be implemented when the yen falls to 165 yen against the dollar. Citigroup estimates that Japan has about $200 billion to $300 billion in funds that could be used to fund further currency interventions. At present, the negative impact of the continued collapse of the yen exchange rate is already beginning to be felt. As Japan relies heavily on imports for energy and food, the continued depreciation of the yen is pushing up domestic prices. The continued decline of the yen has even become a risk point for the Japanese stock market, and Schroders recently downgraded the Japanese stock market.
2. Goldman Sachs: The hedge fund industry's selling of TMT stocks in June was the largest in a single month in history
According to the Goldman Sachs Prime Brokerage Business Report, the hedge fund industry has liquidated a lot of technology stocks and instead invested money in underperforming stocks. In June, hedge funds sold their holdings of TMT stocks (technology, media, telecoms) by the largest monthly since data began in 2016.
3. South Korea's Samsung Electronics Union: A strike will be held from July 8 to 10
According to US News Money, a union official at South Korea's Samsung Electronics said on July 2 that the union had called for a strike from July 8 to 10. The official said the union is deciding how many workers will go on strike, and that the union wants the bonus and leave system to be more transparent and wants Samsung to see it as an equal partner.
4. The U.S. court lifted the White House ban on LNG exports
According to Sina, the U.S. District Court for the District of Louisiana has issued a judgment to lift the ban on LNG exports imposed by the administration of U.S. President Joe Biden. "The court held that the plaintiff has the right to lift the LNG export ban before trial," the judgment said. As a result, the Court granted the application for immediate and full lifting of the ban on LNG exports. The lawsuit was filed by 16 states arguing that Biden's decision violated federal law.
5. Biden and Sanders jointly put pressure on Novo Nordisk and Eli Lilly to reduce the price of weight loss drugs
On Tuesday local time, U.S. President Joe Biden and Senator Bernie Sanders said in an opinion piece published in USA Today that Novo Nordisk and Eli Lilly must lower the price of drugs to treat diabetes and obesity. Biden noted that the prices of drugs for Novo Nordisk and Eli Lilly are "unreasonably high" and much higher than in other countries, which is unacceptable. They claim that if the prices of these drugs are not drastically reduced, they also have the potential to bankrupt the entire U.S. health care system, so Novo Nordisk and Eli Lilly must lower their prices.
Financial Interbank Warning //
1. The tide of deposit "interest rate cuts" will continue during the year
Recently, a number of banks have continued to reduce deposit rates, which means that the wave of deposit rate cuts continues. Following the adjustment of deposit interest rates by a number of small and medium-sized banks in June, at the beginning of July, many banks such as Sanxiang Bank, Bank of Ningbo, and Hengfeng Bank continued to reduce interest rates. The industry believes that in order to reduce financing costs, deposit rates still need to be further reduced, which will also open up space for LPR quotations to go down. In the face of the pressure of net interest margins, banks have been cutting deposit interest rates at a steady pace, but some experts said that with the continuous release of macro policy effects and the steady recovery and recovery of the economy and prices, the reduction of deposit interest rates will be narrowed this year.
2. Nearly 30 accounting firms were fined for the semi-annual inventory of fines issued by audit institutions
According to brokerage China, incomplete statistics show that in the first half of this year, regulators issued more than 60 "fines" to accounting firms. Among them, large accounting firms have been fined more times; For the first time, the exchange's "qualification penalty" on intermediaries has attracted much attention from the market.
3. In the first half of the year, 7 bankers were vetoed by the regulator before taking office, and 6 senior executives were removed from their posts for "non-compliance".
In the first half of 2024, a total of 7 bank executives were vetoed by regulators before taking office, involving a number of rural credit cooperatives, rural commercial banks, and village and township banks. The reasons for the regulatory veto mainly include irregularities in past work and insufficient ability and qualifications. In the first half of the year, at least six bank executives were investigated by regulators and deprived of their positions, which involved falsification of materials, insufficient academic qualifications, and illegal records.
4. REITs issuance picked up but valuations were cold
According to Yicai, the issuance of public REITs has picked up since the beginning of this year, but from the perspective of secondary market performance, the valuation of public REITs is generally at a low level. Overall, 20 of the 36 public REITs that have been listed and traded are in a state of breakage, accounting for about 56%. Moreover, the market differentiation in the sector is obvious, and the two types of products such as industrial parks and warehousing and logistics, which are highly related to the real estate industry, have fallen more obviously.
5. In the first half of the year, the number of newly registered private equity companies and newly registered private equity products decreased significantly
Compared with the data of the same period in the past three years, the number of newly registered private equity companies and newly registered private equity products has decreased significantly since the beginning of this year. According to AMAC, there were 67 newly registered private placements in the first half of the year, and 331, 629, and 396 newly registered private placements in the same period from 2021 to 2023, respectively; During the year, a total of 5,624 private placement products were newly recorded, compared with 15,220, 15,490 and 17,500 new private placement products in the same period in the past three years. In the first half of the year, 20 private securities investment funds were newly registered, compared with 127, 269 and 154 new private securities investment funds registered in the same period in the past three years.
6. "It is rumored on the Internet that China Resources Bank defaulted and made fresh graduates pay 10,000 yuan" on the hot search
The topic of "It was rumored on the Internet that China Resources Bank defaulted and made fresh graduates pay 10,000 yuan" rushed to the hot search, causing heated discussions among netizens. Recently, some self-media broke the news that they received private messages from more than one fresh graduate, saying that the school recruitment of management trainees at the head office of China Resources Bank was suspected of fraud. According to the leaked pictures, the HR of China Resources Bank promised that the party concerned would return to the head office for rotation after three months, and finally directly set up the head office; After that, HR temporarily changed the plan, which required two years of rotation at the grassroots front desk, and could not guarantee the fixed head office, and also said that if the new plan was not accepted, the party could only choose to terminate the contract and pay 10,000 yuan in liquidated damages.
Industry Warning //
1. The interest rate of Shenzhen's existing provident fund loans has been reduced
According to the brokerage China, from July 1, the interest rate of Shenzhen's stock housing provident fund loan has been reduced. Experts believe that it is necessary to adjust the interest rate of existing mortgages. Failure to reduce existing mortgage interest rates could trigger a new wave of prepayments or encourage people to find alternative ways to replace their mortgages, which would be detrimental to achieving the policy goal of stabilizing the size of mortgages and the financial accelerator effect of the real estate market.
3. Changsha City: Residential commercial houses such as apartments with difficulties in development and decentralization can be adjusted to residences
Changsha City, Hunan Province, issued a notice clarifying that within the jurisdiction of Changsha City, the planning approval of new apartments and other residential projects will be suspended; Residential commercial houses such as apartments that have completed the approval of the general plan of the project, but have difficulties in development and decentralization, may be adjusted to residential buildings in accordance with regulations and procedures after being demonstrated to be feasible.
3. Lithium demand may increase by 27% in 2024, and the cost of lithium ore mining will gradually decrease
According to CCTV Finance, although the lithium battery industry is facing adjustment pressure in the short term, in the long run, the outlook for lithium demand is still optimistic. According to the data, the demand for lithium metal is expected to increase by 27% year-on-year in 2024. In Yichun, Jiangxi, the "lithium capital of Asia", the relevant person in charge of a lithium mining company said that the raw ore currently mined is of high grade and less slag, and with the improvement of equipment automation rate, the production cost has been significantly reduced.
4. OPEC's oil revenues plummeted by 18% last year, constrained by lower oil prices
The Organization of the Petroleum Exporting Countries (OPEC) said its oil revenues fell 18% last year, subject to falling oil prices and the group's start of implementing new production cuts to balance global markets, Sina reported. Oil export revenues fell by $148.9 billion to $679.7 billion in 2023, following a surge in 2022, OPEC said in its annual statistical bulletin on Tuesday. Saudi Arabia took on most of the additional supply constraints, with revenues falling 24% to $248.4 billion. Equatorial Guinea saw the largest decline in income, with a 44 percent drop in production due to a sharp drop in production. Brent crude oil futures are down an average of 17% in 2023, to about $82 per barrel.
5. The U.S. Department of Agriculture lowered Brazil's soybean production forecast to 150 million tons
The U.S. Department of Agriculture lowered its forecast for Brazil's soybean production to 150 million tonnes, Sina reported.
Review of historical articles
Witness History! The State Council, the China Securities Regulatory Commission, and the Exchange made a blockbuster shot", "Shenzhen, Beijing and other places collectively shot", "Throughout the 50-year history of the Federal Reserve's interest rate cuts, this time is the most unusual", "Beijing, Shenzhen, Nanjing property market has big news again"
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