A-share opening express | Shanghai Composite Index opened 0.05% higher. Agricultural stocks strengthened. Cinda Securities: April style will be biased towards market value.


A-share opening express | Shanghai Composite Index opened 0.05% higher. Agricultural stocks strengthened. Cinda Securities: April style will be biased towards market value.

The Shanghai Composite Index opened 0.05% higher, the Shenzhen Component Index opened 0.05% lower and the Growth Enterprise Market Index opened 0.24% higher. The indices of agriculture, NMN and human brain engineering were among the top gainers, while the indices of smart speakers, CPO and car EDR were among the top losers.

The market focus stock Tianma (8 days and 4 boards) opened 4.72% lower, the cultural media sector Aofei Entertainment (5 days and 3 boards) opened 2.31% lower, Shanghai Film (6 days and 3 boards) opened 0.43% lower, the solar thermal power concept stock maiden voyage Hi-Tech (2 boards) opened 4.86% higher, Xizi Jieneng (2 boards) opened 3.68% higher, and the SAM model concept stock Tangyuan Electric.

1. The standard-bearer of the bull market will welcome you again! How big is the impact of CSI Finance sending a 30 billion yuan gift package?

In order to further reduce the cost of securities companies’ refinancing business, improve the efficiency of industry capital use and the level of refined and differentiated management of margin, on April 10th, CSI Finance lowered the margin ratio of securities companies.

Combined with many years of practical experience in refinancing business, according to the risk management ability, continuous compliance and business development of securities companies, CSI Finance adjusted the margin ratio of refinancing from second grade to third grade, among which, the margin ratio of companies with high credit quality was reduced from 20% to 5%; Companies with good credit standing will be reduced from 20% to 10%; The remaining companies were reduced from 25% to 15%.

At the same time, in order to further reduce the cost of market-making securities lending business and promote the development of market-making business, the margin ratio of science and technology innovation board market-making securities lending by CSI Finance has been lowered simultaneously, from 10% to 5% for companies with high credit standing and from 15% to 10% for companies with good credit standing.

Comments: Caitong Securities said that the policy-friendly period of the securities industry has just begun, and the profit reversal period of brokers has just begun. Reiterating the recommendation logic of the brokerage sector, in 2023, brokers will have a high probability of a bottom reversal. The agency suggested paying attention to orient securities, Industrial Securities, Guojin Securities, Oriental Fortune and other stocks.

2. Has the AI concept plummeted to the top? The organization had a quarrel.

On Monday, ChatGPT concept stocks suffered a fierce sell-off, which dealt a heavy blow to investors’ enthusiasm for doing more. By the close of April 10th, the ChatGPT index had fallen by more than 6%, the biggest drop in a single day.

Although the plunge in the sector dampened the confidence of the fund-raisers, according to the data of the after-hours list, institutions took the opportunity to buy. The data of the after-hours list showed that popular concept stocks such as Iflytek, Tuowei Information, Kunlun Wanwei and Jingjiawei were all bought by institutions. Yesterday’s market focus stock, 360, was also fiercely played by institutions. One institution appeared in the stock buying list, and two institutions appeared in the stock selling list, with a total net sales of 120 million yuan.

Comments:Before the ChatGPT concept stocks plummeted yesterday, CITIC Securities rarely released a research report on Friday to avoid the risk of AI theme speculation. Zhang Yidong of Industrial Securities also said that AI, the first main line of A shares this year, is very popular, and I am optimistic, but at the current high level, I suggest not to chase after it! If you haven’t bought it yet, investors who want to buy the digital economy and AI can wait until June.

3. Who is speculating in new shares? Dongcai’s business department "eats" 1.2 billion yuan a day, but the institutions are all selling.

After the market closed on April 10th, the Dragon and Tiger List was released, and the funds behind the first batch of 10 main board registered new shares rose across the board on the first day of listing also surfaced. Specifically, the institutional funds were "sold" uniformly, and eight new shares were sold by institutional seats, but none of the seats bought were on the list.

On the list of 10 new shares, Oriental Wealth has become the biggest "bright spot". The top five sales departments of five new shares, including Shaanxi Energy, CITIC Metal, Jiangyan Group, Zhongjing Technology and Baicheng, were all taken over by Oriental fortune securities Sales Department, while the remaining five new shares also had Oriental Wealth Sales Department, with a total net purchase amount of 1.22 billion yuan.

4, BYD zoom in! The first new energy intelligent body control system, Yunxiao, can run smoothly without a round of cars.

As announced by the former official, on Monday, April 10th, BYD officially released the world’s first exclusive intelligent body control system for new energy, named Yunqi.

The intelligent body control system of Yunqi was developed by BYD, which indicates that BYD has become a China automobile enterprise that can master the intelligent body control system independently, and has achieved deep system-level integration, filled the domestic technical gap, achieved a breakthrough from 0 to 1, and even surpassed the foreign technical level, achieving an upgrade from 1 to 2.

Wang Chuanfu said that Yunqi is the first body system to systematically solve the body control problem in the vertical direction. The system can sense the status of people, vehicles and roads in real time, and can keep the vehicle comfortable under complex road conditions.

In terms of safety, thanks to the application of cloud technology, the overall safety of vehicles will be further improved. In the most extreme case, even if one wheel is lost, the vehicle can still keep running smoothly. Wang Chuanfu revealed.

5. "The era of negative sales growth and zero income growth"? Liquor is scared to collapse! Is the first first quarter operating data beyond judgment? Institutions see it this way.

On the evening of April 10th, Shanxi Fenjiu announced that since 2023, the company has continuously deepened the market layout, actively built a comprehensive product matrix of Fenjiu, and strengthened the management of market order, and the market sales showed a good trend of steady growth. According to the company’s preliminary accounting, from January to March, 2023, the company is expected to achieve a total operating income of about 12.636 billion yuan, an increase of about 20% year-on-year; It is estimated that the net profit attributable to shareholders of listed companies will be about 4.452 billion yuan, a year-on-year increase of about 20%.

Comments:Double-digit performance growth is undoubtedly a "cardiotonic agent" when liquor stocks continue to slump. Previously, Wang Chaocheng, the chairman of Shengchu Consulting, who was well-known in the wine industry, believed that the wine industry as a whole would enter the "involution era" of negative sales growth, low income growth or zero growth and low profit growth for a long time, and it is likely to have just begun.

Zhang Yuguang, an analyst of open source securities, said that the industry has a clear understanding of the current weak recovery of the industry and has enough patience for the consumption power and consumption scenarios that have not fully recovered. At present, dealers mainly wait and see, but the industry is generally relatively optimistic about the second half of the year and still has confidence in the recovery trend.

6. Global giants actively increase their positions in China’s "stock king" Maotai, which is still the heart of many foreign giants.

A few days ago, the funds of global giants such as Schroeder, Fidelity International, JPMorgan Chase and Aberdeen Investment disclosed their latest positions. The data shows that global giants actively increase their positions in China. For example, Schroeder’s flagship fund has greatly increased its position in Meituan. Another flagship fund increased its position in Contemporary Amperex Technology Co., Limited. Maotai, the "stock king", is still the heart of many foreign giants. Morgan Allianz and other funds have increased their positions in Kweichow Moutai in the near future.

7. Six questions from Shanghai Stock Exchange about oriental materials! Huawei objected, the stock price fell, and the company urgently reminded of the risks.

Oriental Materials intends to acquire the target company TD TECH at a fixed fundraising price of 2.122 billion yuan.
The 51% equity continues to ferment. After being opposed by Huawei in the middle of the night on April 9, the share price of Oriental Materials fell by a word on April 10.

On the evening of April 10th, Dongfang Materials issued a risk warning announcement on the acquisition of the equity of the underlying assets. As of the announcement date, the company has not yet obtained TD.
The commitment document of Huawei, the minority shareholder of TECH, on giving up the right of first refusal. This transaction has the risk that Huawei, the minority shareholder, advocates the right of first refusal, which leads to the failure to implement the transaction.

It is worth noting that after the announcement of risk warning, Oriental Materials announced that it had received the work letter from the Shanghai Stock Exchange. The Shanghai Stock Exchange questioned this matter from six aspects: the rationality of cross-border acquisition, the business of the target company, the financial situation and transaction pricing of the target company, the payment related to the transaction, the terms of preemptive right, and the fluctuation of the previous stock price.

8. The prosperity of container transportation declined. The performance of Neptune, which earned 300 million yuan a day last year, dropped by 75% in the first quarter.

In the past year, the profitability of COSCO Sea Control reached a historical high. However, since the second half of 2022, due to geopolitical conflicts, high inflation and other factors, the demand in the container transportation market where the company is located is weak, and the freight rate has dropped significantly. The decline in the prosperity of container transportation has been reflected in the financial reports of industry leaders.

On the evening of April 10th, COSCO Haikong released its first-quarter performance forecast. In the first quarter of this year, the company estimated that the net profit attributable to its mother was about 6.933 billion yuan, a decrease of about 74.91% compared with the same period of last year.

Comments:For the follow-up trend of the container transportation market, according to the analysis of COSCO Marine Control, looking forward to 2023, the external environment will become more complicated and severe. The tense geopolitical situation, high inflation and the tight monetary policy adopted by European and American countries will continue to pose challenges to global economic development and commodity trade. The container shipping industry is facing long-term problems such as slowing demand growth, evolving trade pattern, accelerating decarbonization process, etc., and also facing the realistic test of intensified industry competition and increased capacity supply.

9. China Payment and Clearing Association proposes that employees in the payment industry use tools such as ChatGPT cautiously.

10. CCTV News: In recent years, the scale of China’s computing power industry has grown rapidly, with an annual growth rate of nearly 30%, ranking second in the world in terms of computing power scale.

11. Car Association: In March, the domestic retail sales of new energy passenger cars reached 543,000, a year-on-year increase of 21.9%.

1. Continue to off the charts! Chicken seedling leader’s income increased five times in March. A list of A-share chicken industry chain

After the close of trading on April 10th, the chick/chicken sector ushered in a positive boost, continuing the fiery heat in February. The sales data of A-share chick stocks continued in off the charts in March, with a year-on-year growth rate of over 4-5 times.

Yisheng’s sales revenue of white feather broiler seedlings in March was 346 million yuan, a year-on-year increase of 431%;

In March, Minhe Co., Ltd. earned 135 million yuan from selling commercial substitute chickens, a year-on-year change of 575.72%.

It is understood that China’s white feather chicken industry chain mainly involves Jimiao Yisheng and Minhe shares according to the upstream and downstream relationship; Chicken Shengnong Development, Xiantan Shares, Hefeng Shares; Food processing, Chun Xue food, etc.

2, multi-factor stimulation, the volume of May Day travel orders has increased greatly! Has the golden window on the left side of the plate arrived?

According to the Shanghai Stock Exchange, the latest travel booking data from Meituan and public comments show that this year’s booking peak has arrived in advance compared with previous years. As of April 10, domestic travel orders for the May 1 holiday increased by about 200% compared with the same period in 2019, the highest in five years. Among them, the cumulative booking volume of accommodation has been the same as that on April 25, 2019, which means that the pace of accommodation booking on May 1 this year is about two weeks earlier than that in 2019.

Dongguan Securities Research Report pointed out that the tourism industry gradually recovered in the first quarter, optimistic about the performance elasticity brought by the recovery of domestic travel. May 1, the summer tourism season is approaching, the supply of superimposed tourism resources is restored, and the cost of air tickets and fuel is greatly reduced, which is expected to accelerate the recovery of tourism travel. At present, the tourism travel sector has regained its valuation advantage. This year, the recovery of tourism travel is determined, and the overall recovery is expected to be low before and then high, entering the golden window of the left layout.

3. Digital Infrastructure | Shanghai: Strengthen the basic support of urban digital transformation, and promote the construction and layout of infrastructure such as network, computing power, perception and application as a whole.

4, intelligent driving | BYD released the "Yunqi" intelligent body control system, Wang Chuanfu: You can still drive smoothly if you lose a wheel.

5. Hydrogen Energy | The West-to-East Hydrogen Transmission Pipeline is included in the national plan, and large-scale long-distance hydrogen transmission is expected.

6. Photovoltaic equipment |N-type TOPCon cells are sought after by the industry, and there is huge demand for photovoltaic equipment.

7. Ophthalmology | The General Office of the Ministry of Education issued a document to promote the prevention and control plan for juvenile myopia.

8. Energy storage | Science and Technology Daily: It takes only 18 seconds to charge, and a new type of water-based zinc ion battery cathode material comes out.

Cinda Securities believes that the stock market style in April will be biased towards the market value; Huatai Securities said that it is concerned about the May Day peak season and optimistic about the continued upward trend of the aviation boom.

1. Cinda Securities: In April, the stock market style will be biased towards the market value.

Cinda Securities believes that from the historical experience, due to seasonal factors such as the expected cooling of the economy, the stock market style in April is likely to be biased towards the market value. However, after the TMT plate rose rapidly since the beginning of the year, the transaction congestion increased significantly. Unless this local transaction congestion is supported by continuous performance cash or a large amount of incremental capital inflows, the fluctuation risk will increase.

2. Huatai Securities: Pay attention to the May Day peak season and be optimistic about the aviation boom.

Huatai Securities Research Report said that it entered the data inspection stage in March. Although domestic fares were firm, there was uncertainty about the international recovery degree in the new aviation season, and the aviation sector performed weakly. With the recent warming of the weather and the superposition of the May Day holiday, public business activities and tourism trips are expected to increase, and the number of passengers may continue to increase and continue into the summer vacation; At the same time, the international line worked overtime steadily during the aviation season to jointly catalyze the share price of the aviation sector. In the medium and long term, we are firmly optimistic about the improvement of aviation supply and demand structure, the liberalization of superimposed full fare control, and the profitability of airlines is expected to make a breakthrough. In March, the airport company’s share price was divided due to the difference in recovery rhythm. However, in the peak season of civil aviation, the airport traffic may usher in a further recovery, which will drive the share price to rise. In the medium and long term, we are still optimistic about the hub airport, the trend of traffic collection remains unchanged, and the profit has more potential.

On the positive side, we are concerned that Zhongtian Technology’s net profit increased by more than 16 times last year. In terms of negative announcement, pay attention to the fact that the net profit of COSCO Haikong Q1 has dropped by over 70%.

Positive announcement

1. Zhongtian Technology: The net profit in 2022 was 3.21 billion yuan, up by 1,663.98% year-on-year.

2. Pulitzer: The net profit in 2022 was 202 million yuan, up 750.99% year-on-year.

3. Computer numerical control: the net profit in 2022 was 3.024 billion yuan, up 76.68% year-on-year.

4. Longji Green Energy: The net profit in 2022 was 14.78 billion yuan, a year-on-year increase of 62.66%.

5. Deye shares: It is estimated that the net profit in the first quarter will be 550-620 million yuan, up by 316.27%-369.24% year-on-year.

Negative announcement

1. Dongfang Materials warned about the acquisition of 51% equity of TD Tech (the stock fell on Monday).

2. Yuanjie Technology: The launched optical chip products cannot meet the requirements of 400G and 800G optical modules.

3. COSCO Haikong: It is estimated that the net profit for the first quarter will be 6.933 billion yuan, a year-on-year decrease of about 74.91%.

4. Research Institute: The net profit in 2022 was 103 million yuan, down 25.64% year-on-year.

5. Baichu Electronics: The net profit in 2022 was 480 million yuan, down 12.8% year-on-year.

6. Shapu Aisi: Shanghai Jingxing intends to reduce its shareholding by no more than 2%.

This article is reproduced from "Tencent Stock Selection", edited by Zhitong Finance: Xu Wenqiang.


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