【Important Data】
【Zhitong Viewpoint】
1. As of last weekend’s close, the Dow fell 8.69 points or 0.03% to end at 34746.25 points; the Nasdaq fell 74.48 points or 0.51% to 14579.54 points; the S&P 500 index fell 8.42 points or 0.19% to 4,391.34 points. Last week, the Dow rose 1.22%, the S&P 500 rose 0.79%, and the Nasdaq rose 0.09%. The Hong Kong stock ADR index rose, on a proportional basis, it closed at 25090 points, up 252.71 points or 1.01%. October 11 (Monday) is Columbus Day, and the U.S. stock market is closed for one day.
2. October 14 (Thursday) is the Double Ninth Festival holiday. Southbound trading under Shenzhen-Hong Kong Stock Connect will not provide services. From October 15th (Friday), southbound trading will be available as usual.
3. According to the China Securities Journal, the executive meeting of the State Council pointed out that under the premise of stabilizing electricity prices for residents, agriculture, and public welfare undertakings, the fluctuation range of market transaction electricity prices should be adjusted from no more than 10% and 15%, respectively, to an average in principle. Not more than 20%. The relevant Hong Kong stocks involved include China Resources Power (00836), China General Nuclear Power (01816), China Power (02380), Huaneng International (00902), Huadian International (01071), Concord New Energy (00182), Xintian Green Energy (00956), Power sector such as Longyuan Power (00916) and Datang New Energy (01798).
4. According to the State Bureau of Grain and Material Reserves, in accordance with the deployment of the State Council’s executive meeting on ensuring the supply of bulk commodities and stabilizing prices, in order to alleviate the pressure on the cost of raw materials for enterprises and play a role in the regulation of the reserve market, the National Bureau of Grain and Material Reserves released on October 9 The fourth batch of national reserves of copper, aluminum and zinc totals 150,000 tons. In the near future, the State Bureau of Grain and Material Reserves will continue to carry out follow-up releases based on market supply and demand and price trends.
5. According to the “Finance Associated Press” report, Ganfeng Lithium (01772) raised the prices of metal lithium and butyl lithium products. Among them, the unit price of the full range of metal lithium products (industrial metal lithium, battery-grade metal lithium, and lithium ribbon products) will be increased by 100,000 yuan/ton; the unit price of butyl lithium products will be increased by 10%, and the price adjustment letter will be valid for one month. Ganfeng Lithium Industry stated that the reason for the price adjustment was the continuous increase in raw material prices and the impact of power supply, resulting in the substantial increase in the production cost of lithium metal.
6. According to a report from CCTV Finance, since 2020, with the rapid development of new energy vehicles, the price of cobalt has also risen all the way, so it has been dubbed “Cobalt Granny” by the industry. Data shows that as of October 8, the domestic spot cobalt price has risen from a low of less than 240,000 yuan/ton in April last year to over 380,000 yuan/ton, an increase of nearly 60%. The International Energy Agency predicts that by 2040, the demand for cobalt will increase by about 20 times compared with 2020. In addition, analysis by the Bank of America Global Research Center pointed out that the shortage of cobalt may become an important constraint on the production of power batteries in the future. The relevant Hong Kong stocks involved include Luoyang Molybdenum (03993).
7. On October 9th, the Tianyancha App showed that Hengda Hengchi New Energy Automobile Research Institute (Shanghai) Co., Ltd. has undergone industrial and commercial changes recently. The registered capital of the company has increased from 100 million yuan to 1 billion yuan, an increase of 900%. . From December 19, 2018 to October 1, 2021, the company has applied for 307 patent information including the thermal management system of the power battery and the display screen panel with the newly-added automobile graphical user interface. The relevant Hong Kong stocks involved include Evergrande Automobile (00708).
8. Canadian lithium salt dealer Neo Lithium disclosed an announcement on October 9th that Zijin Mining (02899) has agreed to acquire all the issued shares of Neo Lithium at 6.50 Canadian dollars per share, with a total consideration of approximately 960 million Canadian dollars (approximately 4.96 billion yuan). , The transaction price is about 36% premium to the 20-day average price of Neo Lithium. It is reported that the Neo Lithium3Q lithium salt lake project is one of the largest and highest-grade projects of its kind in the world.
9. The Shanghai Stock Exchange announced that on October 8, Lenovo Group Co., Ltd. (00992) and the sponsor, China International Capital Corporation, respectively submitted to the Shanghai Stock Exchange the “Lenovo Group Co., Ltd.’s application for withdrawal of public offering of depositary receipts and listing on the Science and Technology Innovation Board “Application for Documents” and “Application for Withdrawal of the Application Documents for Lenovo Group Co., Ltd.’s Public Issuance of Depositary Receipts and Listing on the Sci-tech Innovation Board”, application for withdrawal of the application documents for listing on the Sci-tech Innovation Board. The Shanghai Stock Exchange decided to terminate the review of the company’s public offering of depositary receipts and listing on the Science and Technology Innovation Board.
10. Meituan-W (03690) sincerely accepts anti-monopoly penalties from the Municipal Supervision Bureau, and eliminates “choosing one of two”.
11. Tengshengbo Pharmaceutical-B (02137) submitted an emergency use authorization application for SARS-CoV-2 (the virus that causes COVID-19) combination therapy BRII-196/BRII-198 to the FDA
【Company News】
Zijin Mining (02899) intends to acquire New Lithium for 4.939 billion yuan to further expand strategic minerals related to new energy
Chizicheng Technology (09911) intends to acquire 11.5% of NBT Social Networking Inc. shares in cash and by issuing shares for a total consideration of HK$728 million
Bairongyun-W (06608) subsidiary plans to acquire 52% of Beijing Zhonglian Xiangfu Technology for 160 million yuan
Conch Ventures (00586) signed an investment agreement with the Wuhu Economic Development Zone Management Committee to build a 500,000 tons of high-performance lithium iron phosphate new energy battery cathode material project
Tengshengbo Pharmaceutical-B (02137) submitted an emergency use authorization application for SARS-CoV-2 (the virus that causes COVID-19) combination therapy BRII-196/BRII-198 to the FDA
Luoyang Glass Co., Ltd. (01108) intends to establish a wholly-owned subsidiary and invest in the construction of a solar photovoltaic cell packaging material project. The estimated investment amount is 2.294 billion yuan
BYD shares (01211): Golden Link intends to invest 300 million US dollars in investment funds
The Hong Kong and China Gas (HK:) (00003) subsidiary will carry out the gas installation project at the Kok Cheung Street property in Tai Kok Tsui, Kowloon, Hong Kong, involving an investment of HK$14,019,500
Caike Chemical (01986) plans a total investment of 250 million yuan to build a new iron phosphate production line project
Shandong Caike, a subsidiary of Caike Chemical (01986), plans to invest 40 million yuan to build a new production line for BPDA products
BeiGene (06160): BaiYueZe® (Zebutinib) obtained the first approval in Australia for the treatment of Fahrenheit’s macroglobulinemia
China Biopharmaceuticals (01177): The anti-tumor drug “Trifluridine Tepipyrimidine Tablets” obtained the drug registration certificate
China Biopharmaceuticals (01177): The innovative drug “TCR1672” has submitted an IND application to the FDA and has been accepted
Shanghai Pharmaceuticals (02607) and Guizhou Shengnuo launched a strategic cooperation on the new acid inhibitor X842 project
Guotai Junan (02611) intends to acquire 15% equity of Huaan Fund for no more than 1.812 billion yuan
Dongfeng Group Co., Ltd. (00489) intends to acquire 100% of the shares of Hongtai Sales and Hongtai Consulting for 157 million yuan to establish an online and offline ecological marketing value chain
Financial Street Property (01502) and Beijing Guanyu Property Management set up a joint venture to take over multiple property management projects in Wuhan and Nanjing
China Gas (00384) repurchased 1.757 million shares for HK$37,007,100 on October 8
Sino Biopharmaceutical (01177) repurchased 3.3 million shares for HK$19,489,100 on October 8
Hengan International (HK:) (01044) repurchases 400,000 shares for HK$17,250,400 on October 8
Xiaomi Group-W (01810) repurchases 814,800 shares for HK$17,050,800 on October 8
【Financial Report Data】
Jiayuan International Holdings (02768) contracted sales for the first 9 months of 27.205 billion yuan, an increase of about 37% year-on-year
Vanke (02202) contracted sales of 36.11 billion yuan in September, a year-on-year decrease of 33.79%
COSCO SHIPPING Holdings (01919) expects the net profit attributable to shareholders in the first three quarters to be 67.588 billion yuan, a year-on-year increase of over 16 times
Orient Overseas International (00316) record-breaking total revenue in the third quarter increased by 125.3% to US$4.314 billion
Yincheng International Holdings (01902) contracted sales for the first 9 months increased by about 77.34% year-on-year to 21.333 billion yuan
Powerlong Real Estate (01238)’s total contracted sales for the first 9 months increased by approximately 42.8% year-on-year to 77.583 billion yuan
Fantasia Holdings (01777) has accumulated sales in the first September, up 25% year-on-year to 40.869 billion yuan
CIFI Holdings Group (00884) contracted sales in the first September of 193.05 billion yuan, a year-on-year increase of 25.07%
Sunac China (01918) contracted sales in the first 9 months increased by 21% year-on-year to 461.82 billion yuan
Zhongjun Group Holdings (01966) contracted sales in the first 9 months increased by 20% year-on-year to 82.64 billion yuan
China Aoyuan (03883) has accumulated about 98.5 billion yuan in property contract sales in the first 9 months, an increase of 18% year-on-year
Hongyang Properties (01996) contracted sales of 66.93 billion yuan in the first 9 months, a year-on-year increase of 17.8%
Zhongliang Holdings (02772) contracted sales for the first 9 months increased by approximately 14.3% year-on-year to 131.1 billion yuan
Hong Kong Science and Technology Exploration (01137) September order total merchandise transaction volume of HK$543 million increased by 13.6% year-on-year
Gemdale Commercial Properties (00535) total contracted sales in the first September of approximately 58.629 billion yuan, an increase of 11.2% year-on-year
Concord New Energy (00182) September equity power generation totaled 325.58GWh, an increase of 8.58% year-on-year
Sony Holding Group (02103) contracted sales in the first 9 months increased by about 7.93% year-on-year to 79.24 billion yuan
GAC Group (02238) production and sales in the first 9 months increased by 3.85% and 6.15% respectively
Yuzhou Group (01628) sales in the first 9 months increased by approximately 4.34% year-on-year to 80.408 billion yuan
Logan Group (03380) contracted sales attributable to the company’s shareholders’ equity in the first September of about 104.26 billion yuan
Total sales revenue of R&F Properties (02777) in the first 9 months is 93.2 billion yuan
Yaocai Securities Finance (01428) interim net profit after tax is approximately HK$295 million
Shandong Gold (01787): The production plan for 2021 is 24.5 tons of mineral gold output
KWG Group (01813) September pre-sales amounted to approximately 5.26 billion yuan, a year-on-year decrease of 49%
【Macro and Industry】
1. The Central Committee of the Communist Party of China and the State Council issued the “National Standardization Development Outline” that by 2025, the standard supply will be transformed from the government to the government and the market, and the standard application will be transformed from industry and trade to the entire economy and society. It is necessary to strengthen standard research in key technical fields, and carry out standardization research in areas such as artificial intelligence and quantum information. Research and formulate key technical standards in the fields of smart ships, high-speed rail, new energy vehicles, smart connected vehicles, and robots to promote industrial transformation. Formulate and improve technical safety related standards in the fields of biomedical research, molecular breeding, and unmanned driving in a timely manner, and improve the level of safety risk management in the technical field.
2. Yi Gang, Governor of the Central Bank: The next step will be to implement the supervision of financial holding companies, implement consolidated management, standardize connected transactions, and strengthen prudential supervision; will continue to improve relevant systems and implement licensed operations of financial services such as personal credit investigation; will give full play to It is better to work with the supervision of the anti-monopoly department to curb monopolistic behaviors that abuse its dominant position in the market, and actively respond to new types of monopoly issues such as algorithmic discrimination.
3. The retail price limit of domestic refined oil ushered in the largest increase in the year. The National Development and Reform Commission decided that starting from 24:00 on October 9, domestic gasoline and diesel prices will increase by 345 yuan and 330 yuan per ton respectively. Equivalent to price increases, 92 gasoline rose 0.27 yuan, 95 gasoline rose 0.28 yuan, and 0 diesel rose 0.28 yuan. Based on an ordinary private car with a fuel tank capacity of 50L, it will cost about 13.5 yuan to fill up a tank of fuel after the price adjustment.
4. The executive meeting of the State Council will further make arrangements for the supply of electricity and coal this winter and next spring to ensure the basic living of the people and the stable operation of the economy. The meeting pointed out that it is necessary to promote coal mines with the potential to increase production to release production capacity as soon as possible, speed up the commissioning of approved and basically completed open-pit mines; implement a phased tax deferral policy to guide financial institutions to ensure reasonable financing needs in response to the difficulties of coal and power companies; The fluctuation range of the market transaction electricity price is adjusted to no more than 20%, and the high energy-consuming industries are not subject to the 20% upward limit; promote the construction of large-scale wind power and photovoltaic bases, and do a good job in coal, gas, and oil reserves; resolutely curb “two highs” projects Blind development; rectify the “one size fits all” cut-off of production or “movement-style” carbon reduction in some places; major coal-producing provinces and key coal companies must implement the task of increasing production and supply as required; central power generation enterprises’ thermal power generation units should be fully distributed.
5. The detailed rules on electricity price for transactions in Inner Mongolia were promulgated, and the electricity price for ferroalloy enterprises was generally increased by 0.2 yuan/kWh. The electricity price of high-carbon ferrochromium security enterprises rose to about 0.62 yuan/kWh, and their smelting costs rose by about 700 yuan/50 basis tons; the electricity price of restricted enterprises rose to about 0.744 yuan/kWh, and their smelting costs increased by about 840 yuan/50 basis tons. Ton.
6. According to the central bank, the scale of my country’s payment business during the National Day holiday has grown steadily, which strongly supports my country’s consumption expansion and quality improvement and holiday economic vitality, helping to further release the consumer demand of the people in shopping, travel, entertainment and other aspects. From October 1st to 7th, the national payment system processed a total of 19.9 trillion yuan of non-cash payment services, a year-on-year increase of 24.1%, and an average increase of 38.4% in two years. Among them, the non-cash payment amount in the consumption scenario has increased by an average of 1.4% in two years, and has returned to the level before the epidemic in 2019.
7. According to data from the China Association of Small and Medium Enterprises, China’s SME Development Index has fallen for two consecutive quarters after rising for four consecutive quarters due to the spread of epidemics, floods, and cyclical and policy factors in some areas of the country. The SME Development Index in the third quarter was 86.7, down 0.5 points from the previous quarter, lower than the same period last year and the same period in 2019, and at the lowest point since the third quarter of last year.
8. CINNO Research stated that in the 5G/AIoT era, the application of displays will no longer be limited to traditional non-consumer electronic fields such as consumer electronics and commercial display vehicles. Displays are ubiquitous, and various innovative applications are also appearing in large numbers. At the same time, the epidemic has caused people to continue to pay attention to health. The market for household medical appliances is also growing, and new financial electronics make our payments more convenient and safer. According to CINNO Research, the global demand for various displays will grow to over 4.5 billion pieces in 2025.
9. According to the statistical analysis of the China Association of Automobile Manufacturers, from January to August 2021, the top ten companies in auto export volume are: SAIC, Chery, Changan, Tesla, Dongfeng, Great Wall, Geely, BAIC, Jiangxi Automobile and Sinotruk. Compared with the same period of the previous year, the export volume of the above ten enterprises all showed rapid growth. Except for BAIC and Sinotruk, the export growth rate of other enterprises exceeded 100%. From January to August, the above-mentioned ten enterprises exported 1.065 million vehicles, accounting for 89.6% of the total automobile exports.
10. Starting at 0:00 on October 9, the results of the fifth batch of national-organized centralized drug purchases will be implemented in Guangdong. By then, patients can purchase 61 medicines with an average decrease of 55% at the selected prices at public medical institutions in the province, with a maximum decrease of 98%. It is estimated that the cost of medicines will be saved by 1.982 billion yuan in the first year, benefiting the majority of patients.
11. Monarch’s strategy: the market stopped falling and warmed up on the first day after the holiday. The current profit-end downside expectations are sufficient, and the denominator end will continue to exert force, and the golden autumn October will be full of colors; structurally, the risk-free interest rate will fall along the main line, and it is recommended to overestimate Value-for-money brokerages and new energy sources such as BIPV/nuclear power have added new liquors that have supported performance and weakened negative policy expectations.
[Major shareholders increase or decrease their holdings]
On October 4 and October 6, Hallgain Management Limited increased its holdings of Kingboard Group (00148) by a total of 798,500 shares in two days, at HK$34.54 and HK$35.30 per share. The total amount is approximately HK$27,959,100. After the increase in holdings, the latest number of shares held is approximately 436 million shares, and the latest shareholding ratio is 39.36%.
On October 6, The Capital Group Companies, Inc. increased its holdings of 4.158 million Flat Glass (06865) shares at a price of 34.2990 Hong Kong dollars per share, with a total amount of approximately 143 million Hong Kong dollars. After the increase in holdings, the latest number of shares held is 26.142 million shares, and the latest shareholding ratio is 5.81%.
On October 7, the executive director Xie Bing increased his holdings of 5 million shares of China Biopharmaceuticals (01177) at a price of 5.7886 Hong Kong dollars per share, with a total amount of 28.943 million Hong Kong dollars. After the increase in holdings, the latest number of shares held is approximately 1.621 billion shares, and the latest shareholding ratio is 8.60%.
[Best Ratings]
Goldman Sachs: Reiterate Link Real Estate Fund (00823) “Buy” rating target price of 84 Hong Kong dollars
Morgan Stanley: Maintain Tencent Holdings (00700) “overweight” rating target price of 650 Hong Kong dollars
Citi: To China State Construction International (03311) “Buy” rating target price rose 25% to 11 Hong Kong dollars
Credit Suisse: Maintain China Telecom (00728) “Outperform” rating target price rose 59.7% to 6.2 Hong Kong dollars
Morgan Stanley: Maintain China Merchants Port (00144) “overweight” rating target price rose 9.4% to 17.4 Hong Kong dollars
Credit Suisse: Maintain China Unicom (00762) “Outperform” rating target price rose 2.3% to 6.5 Hong Kong dollars
Bank of America Securities: Maintain China Tower (00788) “Buy” rating target price of 1.8 Hong Kong dollars
Daiwa: To Mengniu Dairy (02319) “Buy” rating target price of 60 Hong Kong dollars
【Trading Alarm】
Prospectus: Weitai Medical-B (02235)
Announced results: none
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