BK0479 Scarce Resources
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Strong inflow of foreign capital is another trend vane: Middle Eastern tycoons increase their presence in China, and multinational sovereign wealth funds continue to lay out A-shares
① The Abu Dhabi Investment Authority and the Kuwait Investment Authority held a large number of A-share listed companies in the first quarter; ② the Middle East Sovereign Fund also stepped up research on A-shares ③ Other overseas sovereign wealth funds are increasing their layout in the Chinese market.
Production of the two major mines in the Democratic Republic of the Congo (DRC) hit a record high in a single quarter, and the net profit of the Luoyang Molybdenum industry increased more than fivefold in Q1 | Financial Report Interpretation
① Luoyang Molybdenum's Q1 net profit increased more than fivefold; ② KFM and TFM production of the two major copper-cobalt mines in the Democratic Republic of the Congo (DRC) reached record highs in the first quarter.
Weekly preview | Tech giants set off a frenzy of results releases! Tesla, Meta, Microsoft, and Google are on the list one after another
US GDP for the first quarter and core PCE data for March will be released. China's April LPR will be announced on Monday; the Bank of Japan will announce the new interest rate decision on Friday.
[Data review] Northbound Capital reduced its positions for 8 consecutive days, and many Zijin Mining's low-altitude economy concept stocks were bought by institutions
① Zijin Mining received a net sale of 377 million yuan from northbound capital today. The stock has been net sold for 8 consecutive trading days. ② Low-altitude economy concept stocks such as Wanfeng Aowei, CITIC Haizhi, and Andarville were all bought by institutions. Among them, Wanfeng Aowei was bought by an agency over 70 million.
The main coal mine self-inspected and stopped producing coal and electricity again in Zhengzhou: increasing safety and intelligence, using more machines and fewer workers
① Due to major hazards, the Xinzheng Coal and Electricity Mine stopped production on April 4, 2024. ② Company personnel: This is a self-inspection to discover potential safety hazards. This year, we should focus on increasing safe and intelligent construction.
Expectations of interest rate cuts are cooling down and disrupting the global market. Where can it be expected to become a safe haven for capital?
Zheshang Securities believes that re-inflation trading is expected to continue, and industrial metals represented by copper still have room for further upward growth; although gold prices will also benefit from re-inflation trading, risk aversion is currently a more important influencing factor in gold prices.
Northbound Capital Purchase Report: Changan Auto received a net purchase of 435 million yuan
Northbound Capital made a significant net purchase of 2,022 billion yuan today.
The number of tenders in the first three months has surpassed that of last year, commercial riders and hydrogen vehicles were “launched as soon as possible”
① According to incomplete statistics from public information, in just three months since 2024, the number of tenders for hydrogen vehicles has reached 2,744, which is more than the whole of last year. ② Qu Fang, an investment advisor at Wanlian Securities, said. “Previously, due to cost issues, the large-scale implementation of hydrogen vehicles was slow. However, in the past two years, fueled by factors such as policy impetus and technological breakthroughs, the commercialization process of hydrogen energy vehicles has been accelerating.”
Northbound Capital Purchase Report: Zijin Mining received net sales of 551 million yuan
On April 3, Northbound Capital had a net sale of 2,275 billion yuan throughout the day, which was a net sale for 2 consecutive trading days.
Hong Kong Stock Afternoon Review | The three major indices fell sharply, the science index fell more than 1%, and Xiaomi fell more than 3%; gold stocks rose against the market, and Zhaojin Mining rose nearly 6%
Auto stocks fell, with NIO falling more than 5%, and Xiaopeng Motors falling nearly 5%; most domestic housing stocks and property management stocks weakened, with Longhu Group falling nearly 3% and Sun Hung Kai Properties falling by more than 2%; many copper stocks rose, Minmetals Resources rose more than 5%, and Jiangxi Copper shares surpassed 3%.
Northern rare earth listing prices “stopped falling” in April industry: related to expectations of tightening rare earths supply|Industry News
① After experiencing “three consecutive declines” in listing prices in the first quarter of this year, the Northern rare earth listing price temporarily “stopped falling” in the first month of the second quarter; ② analysts believe that holding flat and falling in April is beneficial to stabilizing market sentiment; ③ it is reported that the month-on-month flat listing price in April is related to expectations of tightening rare earth supply.
The “big jewelry merchants” behind the gold craze grab the limelight of “gold miners”: Lao Fengxiang's strong rise and stopped at record highs, and the stock prices of Chifeng Gold and Sichuan Gold fell short at high levels
① Spot gold reached a new record high, with retail prices of pure gold jewelry generally rising. On the A-share side, Lao Fengxiang closed the day and reached a record high; ② According to a brokerage research report, the stock price performance of gold and jewelry companies has been better since the current rise in gold prices; ③ sort out the list of listed companies that responded to the impact of the rise in gold prices on related businesses this month (attached table).
Jiaozuo Wanfang doubled its non-net profit last year. Industry insiders: Electrolytic aluminum has emerged from the shadow of the “era of marginal profit” | Financial Report Interpretation
① Thanks to falling costs, the electrolytic aluminum company Jiaozuo Wanfang has doubled its non-net profit deducted last year. ② At the same time as the profits of the electrolytic aluminum industry expanded last year, electrolytic aluminum companies also increased their shipping efforts. ③ Industry insiders: “It is reasonable for the overall profit of electrolytic aluminum to increase and maintain high profits”.
Behind the record high production and sales volume, Jinli Permanent Magnet's revenue and net profit have plummeted for the first time since listing, and several projects are about to be put into operation this year|Annual Report Interpretation
① Jinli Permanent Magnet's performance has maintained rapid growth since its launch in 2018. Last year, the company's revenue and net profit both declined for the first time; ② The company's revenue in the NEV and auto parts sector reached 3.303 billion yuan in 2023, with a global market share of about 28.49%; ③ Last year, the company's total output and total sales of high-performance rare earth permanent magnet materials reached the highest level in the same period in history, but the increase in production did not increase profits.
A quick look at the Hong Kong market | Hong Kong stocks rebounded collectively! The Ke Index rose more than 2%, with TechNet shares and auto stocks leading the way. Meituan rose more than 6%, and Zero Sports Auto rose nearly 14%
Gold stocks rose across the board. Lingbao Gold rose nearly 24%, and Zhaojin Mining rose more than 8%; Apple concept stocks generally rose; Gaowei Electronics and Ruisheng Technology rose nearly 6%, and Qiutai Technology rose nearly 2%; gas stocks had mixed ups and downs. Beijing Holdings fell more than 22%, and Xinao Energy rose nearly 4%.
Overview of the Hong Kong market | The three major indices fell collectively. The Science Index fell more than 3%, the Science Network and Auto Stocks were sluggish throughout the day, Bilibili fell more than 9%, and Ideal Auto fell nearly 11%
Many shares of Science Network fell, with JD falling more than 5%, Meituan and Kuaishou falling more than 4%; gold stocks pulled back, Lingbao Gold fell nearly 6%, and Zhaojin Mining fell nearly 4%; semiconductor stocks continued to decline, with SMIC falling nearly 6%, and Shanghai Fudan and Huahong Semiconductors falling more than 4%.
Announcement Highlights: Xiaomi Q4's adjusted net profit increased 236.1% year on year; Xiaopeng Motor Q4's adjusted net loss decreased by 19.9% year on year
Li Ning's revenue in 2023 was 27.598 billion yuan, an increase of 7.0%; China Unicom's profit due to equity holders in 2023 was 18.7 billion yuan, an increase of 11.8% over the previous year.
The net asset valuation of Shandong Gold Reclaimed Gold Mine increased by more than 20 times
① After spending 10 billion dollars each to acquire Yintai Gold and Xiling Gold Mine, Shandong Gold has not stopped on the way to expand its capacity and increase its reserves. ② However, the company did not provide a detailed explanation for the premium valuation of 20 times the ultra-net assets of the proposed acquisition.
It plans to increase capital by 2 billion dollars, a subsidiary of Northern Rare Earth, to accelerate the construction of the world's largest rare earth raw material base
① Northern Rare Earths plans to increase the capital of Huamei by 2 billion yuan in cash to provide it with the financial support required for project construction; ② Northern Rare Earths said that the overall goal of the project is to build the world's largest, highest quality, most efficient, the strongest technology, and the best environmental protection.
The price of praseodymium oxide hit a new low for more than three years, and the listing price of rare earths in northern China continued to “dive” in March, and the market expects Q2 rare earth concentrate price adjustments
① Industry insiders believe that the continuous decline in the listing price of rare earths in the north in the first quarter reflects a slight oversupply. Under this situation, the market will take the lead in paying attention to the rare earth concentrate trading prices of North China and Baogang Co., Ltd. in the second quarter; ② Analysts said that if spot market prices never rise, not only will they not receive orders in the later downstream stages, but they may also face the risk of losing an order.