Summary of the contents of the front pages of the four major securities newspapers (April 8)
China Securities Journal
The Plan for Accelerating the Construction of a Powerful Agricultural Country (2024-2035) proposes to promote the rural collective construction land to enter the market in an orderly manner, reform and improve the land value-added income distribution mechanism.
On April 7th, the Chinese government website reported that the Plan for Accelerating the Construction of a Powerful Agricultural Country (2024-2035) recently issued by the Central Committee of the Communist Party of China and the State Council proposed to promote the reform of rural collective construction land entering the market in an orderly manner and improve the land value-added income distribution mechanism.
The plan is clear, and by 2027, the construction of a strong agricultural country has made remarkable progress. Substantial progress has been made in the overall revitalization of rural areas, and the modernization of agriculture and rural areas has reached a new level. By 2035, the construction of a strong agricultural country has achieved remarkable results. Decisive progress has been made in the overall revitalization of rural areas, agricultural modernization has been basically realized, and rural areas basically have modern living conditions. By the middle of this century, an agricultural power will be fully built.
It will be history for more than 50 banks to close ATM scan code deposits without cards.
Recently, China Merchants Bank announced that it will stop the ATM scanning code deposit service from April 9. Subsequently, customers can hold the bank card of the bank and handle the deposit business through the ATM or business outlets of the bank.
According to the statistics of reporters, in recent years, more than 50 banks have tightened their card-free deposit and withdrawal business and strengthened the due diligence of counter deposit and withdrawal business. The industry believes that with the popularity of new payment methods such as mobile payment, the frequency of card-free deposit and withdrawal business is gradually decreasing, and making such adjustments is a measure for banks to reduce costs and increase efficiency. At the same time, the security risks faced by cash business can not be ignored, which has also become an important reason for banks to tighten such business. Banks should balance the relationship between risk management and optimization of financial services, and must not take measures that obviously do not match the risk situation, and effectively protect citizens’ privacy rights.
Central huijin increased its holdings of ETFs and resolutely maintained the smooth operation of the capital market.
On April 7th, the announcement issued by Central Huijin Company showed that Central Huijin Company was firmly optimistic about the development prospect of China’s capital market, fully recognized the current value of A-share allocation, and once again increased its holdings of trading open-end index funds (ETFs), and will continue to increase its holdings in the future, resolutely maintaining the stable operation of the capital market.
A number of institutions expressed optimism about the prospects of the A-share market. Experts believe that it is the key to expand domestic demand in an all-round way in response to the disturbance of external uncertainties. We should further increase fiscal expenditure and cut interest rates in a timely manner, thus boosting market expectations and confidence. Driven by more active macro policies, the economy is expected to remain stable, providing solid fundamental support for the stability of the capital market.
Increase information technology investment in securities firms to promote the transformation of digital intelligence
With the disclosure of listed brokers’ annual reports in 2024, the information technology investment of the industry as a whole has gradually emerged. With the rapid development of digital and intelligent technology, most brokers’ investment in information technology continues to increase. Hengqiang, a strong head broker, continues to exert its strength in the field of information technology; Small and medium-sized brokers’ investment in information technology has increased significantly, showing a positive attitude towards digital transformation.
In the eyes of the industry, the continuous investment of brokerage financial technology has increasingly played a supporting and leading role in enhancing customer experience, promoting business development and improving management capabilities. With the empowerment of the big model, the service capability of the future securities industry business scenarios will be continuously improved.
Shanghai Securities News
The operation scene is accelerated from "0 to 1" low-altitude economy "manned era"
Recently, Guangdong Yihang Navigation and Hefei Heyi Airlines, subsidiaries of Yihang Intelligent, received the first batch of certificate of operation (OC) for unmanned aerial vehicles carrying human beings issued by the Civil Aviation Administration of China. At this point, Yihang Intelligent became the world’s first eVTOL enterprise with "four certificates" and officially opened the door to commercial operation.
The industry believes that the approval of the operation certificate marks a breakthrough from "0 to 1" in the low-altitude economic manned air traffic operation scenario. Next, in addition to the improvement of infrastructure and the continuous breakthrough of technology, it is necessary to find more suitable application scenarios to drive scientific and technological innovation and industrial innovation with demand, and help manned unmanned eVTOL aircraft move from pilot to commercialization.
The plan of building a strong agricultural country puts forward new requirements for agricultural insurance: perfecting the mechanism of catastrophe risk dispersion and developing a multi-level insurance system
Agricultural insurance, which disperses the risks of agricultural production and operation, has always been an important means to ensure national food security. The Plan for Accelerating the Construction of a Powerful Agricultural Country (2024-2035) recently issued by the Central Committee of the Communist Party of China and the State Council (hereinafter referred to as the "Plan") proposes to improve the catastrophe risk dispersion mechanism of agricultural insurance and develop multi-level agricultural insurance.
Experts said that the "Planning" put forward clear requirements for agricultural insurance, aiming at improving the overall level of agricultural security in China and better supporting the construction of China’s agricultural power.
"Reciprocal tariff" does not change the industry trend, and Shenzhen New Energy Company has limited influence.
Facing the "reciprocal tariff" in the United States, the influence geometry of China’s new energy industry and how to deal with it have attracted much attention. On April 7, a number of new energy listed companies in Shenzhen said that the US "reciprocal tariffs" had limited impact on the company’s business.
Some analysts in the new energy industry said that in general, restrictions and suppression policies, including tariff increase, may affect the international market expansion expectations of related industries, but will not have a fundamental impact on companies and industries. China’s new energy industry as a whole is autonomous and controllable, and its advantages are obvious. Some domestic new energy companies have already made a global industrial layout "for a rainy day", which can meet the challenges brought by the diversified needs of customers and changes in the international trade situation.
Do a good job of "addition and subtraction" A-share companies take many measures to build a defense system
Faced with the possible impact of "reciprocal tariffs" in the United States, listed companies are responding with the thinking of "addition and subtraction".
On April 7, a group of listed companies responded to investors’ concerns through an interactive platform. According to preliminary statistics, more than 100 companies in Shanghai stock market responded to the possible impact of tariff policy through the interactive platform, as well as the measures that the company actively responded to.
The reporter found that these companies either expand diversified markets through "addition", speed up the construction of overseas bases, or use "subtraction" to optimize the supply chain and reduce the dependence on a single market, thus building a three-dimensional defense system in a complex trade environment. From price strategy adjustment to global production capacity layout, from technology upgrading to business model innovation, listed companies are alleviating tariff shocks with systematic solutions.
Securities Times
The transformation of enterprise export to technology-driven in the reconstruction of global chemical trade pattern
Affected by the so-called "reciprocal tariff" in the United States, the international trade situation has attracted attention. The chemical industry has been under pressure since 2024, but the export of chemical products has increased against the trend. How to interpret the import and export situation of chemical products in China in the future has become the focus of investors’ attention.
It is reported that China’s chemical industry is transforming from "scale expansion" to "technology-driven", and its competitiveness in the international market is constantly increasing. The insiders believe that the current global industrial chain reconstruction is coming to a window, the "double carbon" policy promotes industrial upgrading, and the acceleration of industrialization in emerging markets has contributed to the core opportunities for the export growth of China’s chemical industry. At the same time, in response to the adjustment of US tariff policy, China chemical enterprises are expanding their markets in Southeast Asia, the Middle East and Africa, and reducing their dependence on the US market.
China car companies, which account for less than 2% of exports to the United States, are limited by US tariffs.
A few days ago, the US government confirmed that it would impose a 25% tariff on all cars and trucks produced in whole or in part outside the US, which will take effect on April 3. In addition, import tariffs on auto parts produced outside the United States will be levied on May 3 this year.
Commercial pension report card released, account opening exceeded 1.95 million, and the scale exceeded 100 billion yuan.
Recently, four pension insurance companies that have piloted commercial pension business have all disclosed their business reports for 2024, from which we can see the general situation of this business in the past two years.
According to the statistics disclosed by various companies, by the end of 2024, the cumulative number of accounts opened in the commercial pension business of four pilot companies, PICC Pension, China Life Pension, Taiping Pension and National Pension, was 1.955 million, an increase of more than 220% year-on-year.
Short-term shocks do not change the long-term demand growth trend of colored goods.
Due to the abuse of tariff tools by the United States, the international prices of copper, nickel, tin and other metals dropped significantly during the Qingming small holiday. After the opening of the domestic futures market on April 7, the overall decline of non-ferrous commodities was the highest. As of the close of the afternoon, Shanghai Bank fell over 9%, Shanghai Tin fell over 8%, and Shanghai Nickel and Shanghai Copper fell over 7%.
The industry believes that the US tariff policy will curb the demand for non-ferrous commodities in the short term and have a negative impact on prices. However, in the medium and long term, the supply end of various non-ferrous commodities such as copper and aluminum is facing a tightening situation, and the demand growth trend brought by artificial intelligence, new energy and other fields will not be interrupted by tariffs. Under the rigid consumer demand, the market will achieve rebalancing.
Securities daily
The policy of "integration of newspaper and bank" continued to be effective. Last year, the income of head insurance companies increased year-on-year, and the income of listed banks’ consignment insurance decreased year-on-year.
A set of seemingly contradictory data has just been released. According to the 2024 annual report of listed insurance companies and listed banks, most of the income from bank insurance of listed insurance companies increased year-on-year, while the income from agency sales of listed banks generally decreased year-on-year, and some banks even showed a sharp decline year-on-year.
The industry believes that behind the above seemingly contradictory data is the implementation of the policy of "reporting and banking integration" and the transformation and development of the bancassurance business. In the future, the bancassurance channel will remain a very important channel for the insurance industry, and "value bancassurance" is one of the key tasks that insurance companies should focus on.
Observation on the "books" of private banks of 14 listed banks in 2024: The scale of private bank asset management of two state-owned banks exceeded 3 trillion yuan last year.
High-net-worth customers, as one of the most valuable customers in retail finance business, have always been the focus of commercial banks’ competition and service. As of April 7th, 23 A-share listed banks have disclosed their 2024 annual reports, and the private banking "books" of major commercial banks have surfaced.
Based on the analysis of 14 large and medium-sized listed banks (including 6 state-owned banks and 8 national joint-stock banks) that published the data of private banking last year, the Securities Daily reporter found that although the retail financial business of commercial banks is under pressure, the private banking business of listed large and medium-sized banks has performed well as a whole, and the ranking tends to be stable. Last year, the number of private bank customers of the above 14 banks all showed a high growth rate. Among them, five banks had more than 100,000 private bank customers, and seven private banks had asset management scales of more than 1 trillion yuan. The growth rate of nine asset management scales last year was above 10%.
The potential of inbound tourism continues to release many foreign tourists.
Online celebrity’s "IShowSpeed" (nicknamed "Brother Hyperthyroidism" in Chinese), which has tens of millions of fans, is broadcasting the trip to China live. During the Qingming small holiday this year, he appeared on the streets of Shenzhen for a live tour, lamenting that "Shenzhen is a science and technology city". In Shenzhen Happy Coast, he took a ride () and looked up at U8 to experience driving in the water, while in Huawei’s store, he bought three "three-fold mobile phones" at one go.
The potential of China’s inbound tourism market continues to be released. According to the official micro "Beijing Border Inspection Online" news of Beijing Entry-Exit Frontier Inspection Station, in the first quarter of this year, the number of foreigners entering and leaving Beijing Port exceeded 1.1 million, a year-on-year increase of 44%; According to the "Shenzhen Border Inspection" news of Shenzhen Entry-Exit Frontier Inspection Station, in the first quarter of this year, 1.57 million foreigners entered and exited through various ports in Shenzhen, up 39.5% year-on-year.
Ding Yuyu, a senior investment consultant of Shaanxi Jufeng Investment Information Co., Ltd., said in an interview with the Securities Daily: "On the one hand, visa-free policies have greatly improved the travel experience of foreign tourists in China; On the other hand, all parts of China actively create city business cards to enhance the attractiveness of cities; At the same time, tourism enterprises have carried out overseas promotion activities, improved the international popularity of China tourism through social media, tourism exhibitions and other channels, and promoted the rapid development of China’s inbound tourism industry. "
The dispute over the technical route of power battery is still deadlocked.
In the field of power batteries, today, the domestic market share of lithium iron phosphate batteries has exceeded 80%, while ternary lithium batteries still adhere to some high-end markets.
On April 7th, the official website of GGII released the Monthly Database of Global Power Battery Installed, which showed that from January to February this year, the installed share of global power batteries in Ferrous lithium phosphate exceeded that of ternary power batteries for the first time, accounting for 49.9%, driven by the substantial increase in the installed capacity of power batteries in Ferrous lithium phosphate, China. According to the latest data released by China Automotive Power Battery Industry Innovation Alliance, the domestic power battery loading capacity was 34.9GWh in February this year, up 94.1% year-on-year. Among them, the loading capacity of ternary lithium battery is 6.4GWh, accounting for 18.5% of the total car, down 7.2% year-on-year; The loading capacity of lithium iron phosphate battery was 28.4GWh, accounting for 81.5% of the total car, up 158% year-on-year.
As the core component of new energy vehicle, the choice of technical route of power battery directly affects the vehicle performance and market competition pattern. In the past ten years, ternary lithium battery and lithium iron phosphate battery have experienced a long market game. In the face of escalating market demand, the competition between ternary lithium batteries and lithium iron phosphate batteries will continue to be glued.
On the whole, the final trend of technical route still depends on material innovation and changes in market demand. In particular, breakthroughs in key indicators such as energy density and fast charging technology may reconstruct the market competition pattern. At present, high-voltage dense Ferrous lithium phosphate, as a sharp weapon to improve the energy density of batteries, has become a key force to lead Ferrous lithium phosphate to continuously seize the market highland, and it is expected to build a moat of enterprise competition and further promote the reshuffle of the industry.