[Zhongbei Communications: Received a warning letter from the Hubei Securities Regulatory Bureau] According to Jinshi Data on November 7, Zhongbei Communications announced on the evening of November 7 that it had recently received a warning letter from the Hubei Securities Regulatory Bureau. Upon investigation, the company’s two computing power service contracts have not been fulfilled and are intended to be terminated. The subsequent progress was not disclosed until the 2024 semi-annual report. The company violated the "Information Disclosure Management Measures for Listed Companies". Li Liubing, the then chairman and general manager of the company, and Lu Nianqing, the then secretary of the board of directors, failed to perform their due diligence obligations as required and are primarily responsible for the above facts of the company. The Hubei Securities Regulatory Bureau decided to take administrative supervision measures to issue a warning letter to the company, Li Liubing, and Lu Nianqing, and record it in the integrity file of the securities and futures market. Zhongbei Communications stated that, except for the aforementioned computing power service contracts that have been terminated, the company’s other announced computing power service contracts have all been delivered and the contracts are being performed normally. (Reprinted from: Jinshi Data)
[Four years since Chinese bonds were included in the Bloomberg Index, the weight has risen to 9.7%, becoming the third largest currency-denominated bond] Jinshi Data reported on November 7 that on November 7, the latest data released by Bloomberg showed that as of early November 2024, the Bloomberg Global Aggregate Index included 325 Chinese bonds, with a weight of 9.7% in the index's market value of US$68 trillion, an increase of 3.7 percentage points from four years ago. At the same time, Chinese bonds denominated in RMB have become the third largest currency-denominated bonds in the global aggregate index, second only to the US dollar (45.4%) and the euro (22.3%), and slightly ahead of the Japanese yen (9.6%). In early November 2020, Chinese government bonds and policy bank bonds were fully included in the Bloomberg Global Aggregate Index after a 20-month gradual inclusion process. At that time, the weight of Chinese bonds in the index was about 6%. (Securities Times) (Reprinted from: Jinshi Data)
【Forbes 2024 China Mainland Billionaires List: Zhong Shanshan Remains Richest for 4 Consecutive Years, Ma Huateng and Zhang Yiming Rank Second and Third】Jin10 Data, November 7th – According to Forbes' 2024 "China Mainland Billionaires List," Zhong Shanshan continues to hold the title of the richest person in mainland China with a net worth of $50.8 billion. Ma Huateng ranks second with $46.8 billion, and Zhang Yiming is third with a wealth of $45.6 billion. Forbes noted that Zhong Shanshan, the founder of Nongfu Spring, is facing intense price competition, resulting in a decrease of $9.3 billion in his wealth compared to last year, lowering his total wealth to $50.8 billion. However, this does not hinder his achievement of being the richest in the mainland for four consecutive years. (The Paper) (Reposted from: Jin10 Data)
【Pingzhi Information: The company won a bid for a 230 million yuan Binjiang computing power resource service project】Jin Shi Data reported on November 7th that Pingzhi Information announced it has become the successful candidate for the 2024 Binjiang computing power resource service project, with a total project price of 230 million yuan. This bid win will have a positive impact on the company's participation in the construction of computing power networks for telecommunications operators, accelerating the company's strategic deployment in the computing power network construction and computing power leasing market. (Source: Jin Shi Data)
【Huahong Semiconductor: Third Quarter Net Profit Attributable to Parent Company Reaches 44.8 Million USD, Year-on-Year Growth of 222.6%】Huahong Semiconductor (01347.HK) reported third quarter sales revenue of 526.3 million USD, a year-on-year decrease of 7.4%, with a quarter-on-quarter increase of 10%; profit attributable to the parent company was 44.8 million USD, a year-on-year growth of 222.6%, and a quarter-on-quarter increase of 571.6%. (Source: Jinshi Data)
State Administration of Foreign Exchange: As of the end of October 2024, China's foreign exchange reserves amounted to 3261 billion US dollars, a decrease of 55.3 billion US dollars compared to the end of September, a decline of 1.67%. (Source: Jin10 Data)
【Pfizer China President: Continuing to Deepen Investment in the Chinese Market for the Next 5 Years】 Pfizer China President Jean-Christophe Pointeau (Peng Zhenke) stated in an exclusive interview that the 'Pfizer China 2030 Strategy' has three main components: first, accelerating the introduction of innovative drugs. Second, collaborating with the government and medical associations to improve disease diagnosis and treatment levels. Third, partnering with local biopharmaceutical companies to develop innovative products in China. The Chinese market is a strategic priority for Pfizer, and the rapid development of China's pharmaceutical and healthcare industry, the continuous improvement of medical insurance policies, and the accelerated drug approval system reform have all strengthened Pfizer's confidence in continuing to invest in the Chinese market. In the next five years, Pfizer will invest $1 billion in China. (Source: Jinshi Data)
Huahong Semiconductor (01347.HK): Expected fourth-quarter sales revenue is approximately between $530 million and $540 million, with a gross margin of about 11%-13%. (Source: Jin Ten Data)
Huahong Semiconductor (01347.HK): Revenue in the third quarter was $526.3 million, a year-on-year decrease of 7.4%, and a quarter-on-quarter increase of 10%. (Source: Jinshi Data)
Onshore RMB against the US dollar closed at 7.1603 on November 7 at 16:30, an increase of 46 points compared to the previous trading day. (Source: Jin10 Data)
【Joint Handling of a Transnational Telecom Network Fraud Case by Law Enforcement Agencies of China and the United States】 Jin Shi Data, November 7 - Recently, the relevant law enforcement agencies of the Ministry of Public Security of China and the Department of Homeland Security of the United States jointly handled a transnational telecom network fraud case, helping a Zhejiang enterprise and its American partners recover over 1.7 million USD in fraudulent funds, effectively safeguarding the legal rights and interests of the relevant enterprises. Currently, the law enforcement agencies of China and the United States are actively promoting the investigation of the case. At present, transnational telecom network fraud crimes are rapidly developing and spreading, becoming a common challenge faced by law enforcement agencies around the world. The Chinese public security organs, while adhering to a strict legal crackdown, are actively deepening practical cooperation with the law enforcement agencies of relevant countries to resolutely curb the high incidence of telecom network fraud crimes, fully maintaining the safety and development interests and the legitimate rights and interests of the people. (CCTV News) (Transferred from: Jin Shi Data)
According to China Currency Network, the onshore RMB against the US dollar has stopped falling and started to rise, initially dropping more than 300 points. (Transferred from: Jin Ten Data)
According to Sina's quotes, the offshore yuan has risen above the 7.17 mark against the US dollar, increasing by more than 300 points during the day. (Source: Jin Shi Data)
A-share computing concept stocks strengthen, China Great Wall rises over 8%, Zhongke Shuguang, Longxin Zhongke, Haiguang Information rise over 5%. (Source: Jinshi Data)
[IDC: China's overall digital transformation market size will exceed US$730 billion in 2028] According to Jinshi Data on November 7, International Data Corporation recently released the 2024 V2 version (Global Digital Transformation Spending Guide). According to the latest data from IDC, the scale of global digital transformation investment will exceed US$2.1 trillion in 2023 and is expected to reach US$4.4 trillion in 2028, with a five-year compound growth rate (CAGR) of 15.4% from 2023 to 2028. With the booming global digital transformation market, the application scope of technologies such as cloud computing, artificial intelligence, big data, and 5G continues to expand, and the digital transformation of global companies has entered a stage of sustained development, which has also prompted companies to continuously increase their investment in digital transformation. IDC predicts that China's digital transformation spending is expected to reach US$733 billion in 2028, accounting for about 16.7% of the world, with a five-year compound growth rate of about 15.6%, which is higher than the overall global growth rate of digital transformation. (Reprinted from: Jinshi Data)
【China Merchants Securities: The domestic bond market is still not empty, and overseas factors such as the U.S. election are more of a disturbance】Jin10 Data November 7th, China Merchants Securities research report believes that if Trump returns to the White House and imposes tariffs on China, this will weigh on exports in the short term. To stabilize the economy and employment, there may be an increase in domestic demand stabilization policies. Trump advocates a strong dollar, which may put depreciation pressure on the RMB exchange rate in the short term. Moreover, Trump's tariff policy on countries outside the U.S. could trigger a risk of 're-inflation' in the U.S., bringing short-term upward pressure on U.S. bond yields. The recovery of the domestic economic fundamentals is the main factor affecting the bond market trend, while overseas factors are more disturbances. Currently, we are in a period of policy effect verification, and the central bank's monetary policy will remain accommodative; the bond market is still not empty, and a barbell strategy is relatively cost-effective. (Source: Jin10 Data)
【Kaishan Co., Ltd.: Recovered 57 million USD for Kenya Project Final Payment】Jin10 Data, November 7th - Kaishan Co., Ltd. announced that its wholly-owned subsidiary, Kaishan Renewable Energy Development Co., Ltd., and its affiliated company in Kenya recently received the remaining 57 million USD of the EPC contract payment for the Sosian Menengai geothermal project in Kenya. The project began in April 2019, with a total contract price of 68 million USD, including the original contract amount of 65 million USD and an additional 3 million USD from a supplementary agreement. The project was launched in October 2021 and all units were gradually connected to the grid in June 2023. As of November 6, 2023, the project has been fully operational. As of the announcement date, all related payments have been fully recovered and settled. (Source: Jin10 Data)
【Daiwa: Lowers AutoHome Target Price to HKD 59; Sales Lead Service Revenue Declines Year-on-Year】Jin Ten Data, November 7th - Daiwa published a report indicating that AutoHome (02518.HK) experienced a year-on-year decline in sales lead service revenue in the third quarter, affected by used car leads. The firm stated that the third quarter dividend of RMB 1 billion was in line with expectations, but the year-on-year decline in sales lead service revenue for the fourth quarter was disappointing, and there is also a risk of a decline in media service revenue from 2025 to 2026. The firm noted that if the company repurchases USD 100 million in shares next year and distributes an annual dividend of RMB 1.5 billion, the dividend yield would exceed 9% based on the current market value, which could provide support during price downturns. Daiwa reiterated its outperform rating on AutoHome, lowering the target price from HKD 62 to HKD 59, which corresponds to a forecasted price-to-earnings ratio of 14 times. Additionally, taking into account lower gross margins, it has reduced the earnings forecast for 2025 to 2026 by 5% to 10%. (Source: Jin Ten Data)