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Macro dynamics
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The US reportedly requested TSMC to implement export restrictions on 7-nanometer AI chips, and the Ministry of Commerce responded
On November 14th, the Ministry of Commerce held a regular press conference. A reporter asked, according to reports, the US Department of Commerce has sent a letter to TSMC, imposing export restrictions on certain complex chips with 7-nanometer or more advanced designs for artificial intelligence accelerators and graphics processing units shipped to China. What is the spokesperson's comment on this?
The spokesperson of the Ministry of Commerce, He Yongqian, stated that the Chinese side has taken note of the relevant situation. For a period of time, the US has continuously abused export control measures, implemented long arm jurisdiction, and intensified its suppression and containment of Chinese semiconductors, cutting off the global semiconductor market. This is a serious violation of international economic and trade rules, a crude interference in free trade, and a typical non market approach. Semiconductors are a typical representative field of global industrial division of labor and cooperation. The US approach will seriously harm the interests of all parties and hinder global technological exchanges and economic and trade cooperation.
Ministry of Housing and Urban Rural Development: Strong promotion of guaranteed delivery of housing, 2.85 million units have been delivered nationwide
According to CCTV News, the Ministry of Housing and Urban Rural Development has made strong progress in ensuring the delivery of housing nationwide. As of November 13th, 2.85 million units have been delivered nationwide. The Ministry of Housing and Urban Rural Development stated that in order to better complete the task of ensuring the delivery of housing, various regions have implemented policies and innovative measures based on the city, adhered to high-level coordination, strengthened government dispatch, urged enterprises to "slim down and self rescue", stimulated bank financing, increased judicial support, classified disposal and other measures, and consolidated responsibilities at all levels to accelerate the promotion of ensuring the delivery of housing. Through continuous promotion by various regions and departments, 297 prefecture level and above cities have established real estate financing coordination mechanisms. Under the promotion of coordination mechanisms, banks continuously optimize the management process of real estate development loans, innovate credit financing methods, and help more real estate projects solve financing difficulties. As of October 31st, the approved loan amount for "whitelist" projects exceeded 3 trillion yuan.
As of November 13th, 2.85 million units of guaranteed delivery housing have been delivered nationwide, bringing significant changes to market expectations. As of November 13th, the delivery rate of guaranteed housing in 74 provinces and cities including Shanghai, Fujian, Gansu, Heilongjiang, Chengde in Hebei, and Xuzhou in Jiangsu has exceeded 80%. The delivery rate of guaranteed housing in 24 cities including Liupanshui in Guizhou, Xiamen in Fujian, Ezhou in Hubei, Pingliang in Gansu, and Huludao in Liaoning has exceeded 90%. The delivery rate of guaranteed housing projects in 6 cities including Xinyu in Jiangxi and Jinchang in Gansu has reached 100%.
Ministry of Commerce: The policy of exchanging old for new continues to be strengthened, with over 1.88 million applications for subsidies for scrapping and updating automobiles
On November 14th, He Yongqian, spokesperson for the Ministry of Commerce, introduced at a regular press conference that various regions, together with relevant industry associations, organize retail enterprises such as supermarkets, shopping centers, and outlets to carry out various consumer activities that benefit the people and stimulate market vitality. According to the monitoring of business big data, in early November, the sales of home appliances, communication equipment, and clothing of key monitored retail enterprises increased by 45%, 28%, and 6% year-on-year respectively, and the sales of some time-honored brand products doubled. The policy of exchanging old for new continues to be implemented. As of November 11th, there have been 1.886 million applications for subsidies for scrapped cars and over 1.8 million applications for replacement subsidies. 21.608 million consumers have purchased 32.719 million units of eight major categories of household appliances. The key monitored e-commerce platforms have shown leading growth in categories such as range hoods and gas stoves.
National Post Office: Strictly and meticulously manage the ban on sending firearms and explosives
According to Xinhua News Agency, the Ministry of Public Security held a press conference on the 14th to report on the measures and achievements of the national special action to crack down on illegal gun and explosion crimes in 2024. Xia Xindong, Deputy Director of the Market Supervision Department of the State Post Bureau, stated at the meeting that the State Post Bureau will continuously improve its ability to manage the safety of delivery channels, and strictly and meticulously implement the management of the ban on the mailing of firearms and explosives.
Will Ukraine develop nuclear weapons? Ukrainian Ministry of Foreign Affairs: No, and do not intend to possess
According to CCTV News, on the evening of November 13th local time, Ukrainian Foreign Ministry spokesperson Tashi posted on his official social media platform that there were media reports that Ukraine would develop nuclear weapons. In response, he stated that Ukraine is committed to complying with the Treaty on the Non Proliferation of Nuclear Weapons, does not possess nuclear weapons, has not developed nuclear weapons, and does not intend to possess nuclear weapons. He stated that Ukraine accepts the supervision of the International Atomic Energy Agency and excludes the use of nuclear materials for military purposes.
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Financial institutions
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UBS reportedly appoints a new group of investment banking executives
According to Interface News citing Bloomberg, on November 14th, sources revealed that UBS Group is seeking to strengthen areas such as healthcare and leveraged financing after some senior executives resigned, appointing new leadership for its investment banking business. According to informed sources, in addition to his current position as Global Head of Consumer and Retail, Jon Levin will also serve as Global Head of Healthcare. In addition, after Alan Felder's departure, UBS also appointed Fergus Horrobin as the Chairman of Global Real Estate, Accommodation, and Leisure Business. According to informed sources, Marc Warm has been appointed as the Global Head of Leveraged and Debt Capital Markets, while Michele Cousins will serve as the Head of Capital Partnership and Global Head of Leveraged Capital Markets. David Slade has been appointed as Vice Chairman of Global Banking.
Suzhou Bank will temporarily suspend the functions of Zhou Xiang deposit and interest rate withdrawal through the department
According to the announcement of Suzhou Bank, due to business development needs, starting from November 15th, the bank will adjust the deposit services of Zhou Xiangcun and Interest Rate Pass, suspend the partial withdrawal function of the above businesses, and the interest on the deposited funds will not be affected.
Change of actual controller of Debon Fund
On November 14th, Debon Fund announced that according to the approval of the China Securities Regulatory Commission, the actual controller of Debon Fund has been changed to Shandong Caijin Investment Group Co., Ltd. Debon Securities, the controlling shareholder of Debon Fund, completed the equity change procedures on November 12th, and the actual controller of Debon Fund has been changed to Shandong Caijin Investment Group Co., Ltd. This change of actual controller does not involve a change in the registered capital of Debon Fund or a change in the equity structure of our company.
Liu Meng, Senior Manager of the General Affairs Department of China Development Bank, accepts review and investigation
According to the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the China Development Bank and the Discipline Inspection and Supervision Commission of Erqi District, Zhengzhou City, Henan Province, Liu Meng, Senior Manager of the General Affairs Department of the China Development Bank, is suspected of serious violations of discipline and law and is currently undergoing disciplinary review by the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the China Development Bank, as well as supervision and investigation by the Supervision Commission of Erqi District, Zhengzhou City, Henan Province.
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Market data
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Review: The ChiNext Index fell 3.4%, while the ST sector remained active against the trend
The Shanghai Composite Index closed down 1.73%, falling below 3400 points, the Shenzhen Component Index closed down 2.83%, and the ChiNext Index closed down 3.4%; Beizheng 50 closed down 2.25%. On that day, the transaction volume between the two markets was 1838.5 billion yuan, a decrease of 170.7 billion yuan from the previous trading day; The net outflow of funds from the market exceeded 149 billion yuan. The market stocks show a trend of more declines and less increases, with 487 stocks rising and 4849 stocks falling. Among them, 58 stocks hit the limit up and 26 stocks hit the limit down. In terms of sectors, the insurance, titanium dioxide concept, and ST sectors saw the highest gains. Industries such as energy metals, new metal materials, military electronics, semiconductors, and concepts such as lithography machines experienced the highest decline. On the market, the ST sector is active against the trend, with over 20 stocks including ST Xulan, * ST Jinko, and * ST Pengbo hitting the limit up; Large financial stocks partially strengthened, with Zhongke Jincai hitting the 3-board in 4 days, Feitian Chengxin hitting the 20cm limit up, and Bohai Leasing hitting the limit up. In terms of decline, semiconductor and chip stocks have fluctuated and adjusted, with multiple stocks such as Korey Technology, United Microelectronics, Haili Corporation, and Hongbaoli falling to the limit down. Military industry stocks fell, with multiple stocks including China Great Wall, China Weitong, and Innolux hitting the limit down.
The financing balance of the two cities increased by 7.602 billion yuan
As of November 13th, the financing balance of the Shanghai Stock Exchange was reported at 948.226 billion yuan, an increase of 3.398 billion yuan from the previous trading day; The financing balance of the Shenzhen Stock Exchange was reported at 890.892 billion yuan, an increase of 4.204 billion yuan from the previous trading day; The total amount of the two cities was 1839.117 billion yuan, an increase of 7.602 billion yuan from the previous trading day. Statistics show that financing clients have maintained a net buying volume of 150.73 billion yuan for 8 consecutive days.
Hong Kong stock market closing review: Hang Seng Index fell 1.96%, Hang Seng Technology Index fell 3.08%
As of the close of today's Hong Kong stock market, the Hang Seng Index in Hong Kong closed down 1.96%; The Hang Seng Technology Index closed down 3.08%. In terms of sectors, professional services, fintech, software outsourcing and other sectors have strengthened against the trend; The automotive, semiconductor, pharmaceutical, aviation, petroleum, rare earth permanent magnets, lithium batteries, BYD concept, photovoltaic solar energy and other sectors experienced the largest decline. Kingsoft Cloud has risen by over 7%; The fourth paradigm fell over 15%, Volkswagen fell over 11%, Shanghai Electric fell over 10%, Ganfeng Lithium fell over 9%, WuXi AppTec and Chalk fell over 8%, Sunac China fell over 7%, Xiaopeng Motors fell nearly 7%, WuXi Biologics and Vanke fell over 5%, and Meituan, Xiaomi Group, and CICC fell over 3%.
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Company News
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LG New Energy denies large-scale layoffs at Nanjing factory
According to a report by E Company, several employees of LG New Energy, a South Korean lithium battery company, recently posted on social media that their company, LG New Energy (Nanjing) Co., Ltd. (hereinafter referred to as LG New Energy Nanjing), will begin layoffs in November. On November 13th, LG New Energy responded to reporters that the recent information circulating online about the company's personnel turnover was an employee adjustment under normal operating conditions, and not a large-scale layoff. LG New Energy stated that the purpose of this adjustment is to optimize production line arrangements to enhance core competitiveness in response to changes in the market environment. The company did not disclose the specific scale of the employee adjustment at the Nanjing production base.
Volvo Cars sells 30% of its shares to Jike for 5.4 billion yuan
On November 14th, Volvo announced the sale of its 30% stake in Lynk&Co to Jike for a consideration of 5.4 billion yuan (approximately 8 billion Swedish kronor). The transaction consideration will be paid in cash, with 70% paid upon completion of the transaction, and the remaining 30% and interest paid one year after completion of the transaction. The transaction is expected to be completed in the first quarter of 2025.
Rongchuang and others were forced to execute 1.668 billion yuan
According to legal litigation information from Tianyancha, on November 13th, Rongchuang Real Estate Group Co., Ltd. added 9 new executed persons and resumed execution information, with a total execution target of more than 1.668 billion yuan, involving financial loan contract disputes, bill recourse disputes and other cases. Some of the executed persons also include Pingyang Longheng Real Estate Co., Ltd., Qingdao Haiqin Real Estate Co., Ltd., and the executing courts include Shanghai Financial Court, Qingdao Intermediate People's Court of Shandong Province, etc.
According to Tianyan Risk Information, Rongchuang Real Estate Group Co., Ltd. currently has 447 pieces of executed person information, with a total executed amount exceeding 46.2 billion yuan. In addition, the company also has multiple consumption restriction orders, dishonest debtors (deadbeats), and final case information.