Recently, the People's Bank of China, the General Administration of Financial Supervision, the China Securities Regulatory Commission, the Ministry of Finance, and the Ministry of Agriculture and Rural Affairs jointly issued a notice on carrying out the special action of learning and applying the experience of the "Ten Million Projects" to strengthen financial support for the comprehensive revitalization of the countryside.
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Five departments: carry out the special action of learning and applying the experience of the "Ten Million Projects" to strengthen financial support for the comprehensive revitalization of the countryside.
In order to thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, the Central Economic Work Conference, and the Central Financial Work Conference, implement the deployment of Central Document No. 1, and learn from the development concept, work methods and promotion mechanisms contained in the "Ten Million Projects", to promote the comprehensive revitalization of the countryside, the People's Bank of China, the General Administration of Financial Supervision, the China Securities Regulatory Commission, the Ministry of Finance, and the Ministry of Agriculture and Rural Affairs jointly issued a notice on carrying out the special action of learning and applying the experience of the "Ten Million Projects" to strengthen financial support for the comprehensive revitalization of the countryside. It proposed to implement a special action to ensure food security, expand the full-industry-chain financial service scene of grain production, circulation, collection, storage, processing, etc., innovate financing models for high-standard farmland and facility agriculture construction, deepen seed industry revitalization and agricultural technology financial services, and support seed industry enterprises that meet the conditions to go public, list financing and refinancing.
【Outlook】
Overnight, the three major U.S. stock indexes collectively fell sharply.
The overnight U.S. stock market closed, with the Dow Jones Industrial Average falling 1,033.99 points, or 2.60%, to 38,703.27 points; the Nasdaq fell 576.08 points, or 3.43%, to 16,200.08 points; the S&P 500 index fell 160.23 points, or 3.00%, to 5,186.33 points. Apple (AAPL.US) fell 4.82%, its worst daily performance since September 2022, closing at $209.27. Nvidia (NVDA.US) fell 6.36%, Google A (GOOGL.US) fell 4.45%, Tesla (TSLA.US) fell 4.23%, Amazon (AMZN.US) fell 4.1%, Microsoft (MSFT.US) fell 3.27%, and Meta (META.US) fell 2.54%.
Chinese concept stocks rose and fell unevenly, with New Oriental up 8.89%, Gaotu up 9%, Bilibili up 3.16%, ZTO Express up 4.58%, and Xpeng Automotive down more than 3%. The Hang Seng Index ADR rose and closed at 16,720.62 points, up 22.26 points or 0.13% from the Hong Kong close.
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From January to June, China's overseas market independent brand sales reached 1.17 million units, a year-on-year increase of 57%, according to Cui Dongshu.
It was reported on the Futu News application that Cui Dongshu, Secretary-General of the China Passenger Car Association, stated that in June 2024, preliminary statistics show that China's domestic auto companies' sales in some overseas regions reached 0.225 million units, a year-on-year increase of 45% and a month-on-month increase of 3%. From January to June 2024, the sales of domestic brands in China's overseas market reached 1.17 million units, a year-on-year increase of 57%. The retail performance of the countable overseas market for Chinese self-owned fuel cars has been good. One of the important reasons for export growth is the huge cost-effectiveness advantage of self-owned brand fuel cars and the relatively strong export of new energy vehicles. In addition, Russia has contributed a great deal to this increase, leading to strong growth in both export quantity and average price of Chinese autos.
Kangzhe Pharmaceutical (00867): Methotrexate Injection Approved for New Indication of Rheumatoid Arthritis in China
Zhitong Finance APP News, Kangzhe Pharmaceutical announced that the listing application (NDA) for Methotrexate Injection (product) for the new indication has been approved by the National Medical Products Administration (NMPA) on July 30, 2024. The product is a pre-filled small-capacity methotrexate injection in multiple specifications, which has been approved for the treatment of active rheumatoid arthritis (RA) in adults. The Group obtained a Drug Registration Certificate on August 5, 2024.
Deqi Medicine-B (06996) Sevio Two New Drug Indications Obtains Approval for Listing Application from Malaysian National Drug Administration
Zhitong Finance APP News, Deqi Medicine-B announced that the Board of Directors of the company is pleased to announce that the Malaysian National Drug Administration has approved the new drug Sevio (Selinisopine tablets) for two indications: in combination with bortezomib and dexamethasone for the treatment of adult patients with relapsed and refractory multiple myeloma (MM) who have received at least one prior therapy; and in combination with dexamethasone for the treatment of adult patients with MM who have received at least four prior therapies, have been refractory to at least two proteasome inhibitors, two immune modulators, and one anti-CD38 monoclonal antibody, and have progressed during or after the last therapy.
Hon Hai's Hongteng (06088) Plans to Acquire 70% Equity of Shandong Huayun Optoelectronics for RMB 0.22 Billion
On August 5, Hongteng Precision Technology, a subsidiary of Hon Hai, announced that it plans to acquire 70% of the equity of Shandong Huayun Optoelectronics Technology Co., Ltd. for RMB 0.22 billion. This acquisition will further accelerate Hon Hai Group's layout in the high-speed optical module and co-packaged optical module technology and market, in response to the surge in demand for artificial intelligence to bring the optical communication market.
Remegen (09995) Star Drug to Treat Myasthenia Gravis Achieves First Patient Enrollment in the United States
Remegen announced that its innovative drugs BLyS/APRIL dual-target fusion protein Taitsipu was used in a global multicenter phase III clinical trial for the treatment of systemic severe myasthenia gravis, and the first patient in the United States was successfully enrolled recently. At the same time, the company also stated that the domestic phase III clinical trial for the indication of myasthenia gravis has been basically completed and the results will be read out soon.
Scholar edu (01769) releases announcement that the mid-term net income attributable to shareholders is expected to be no less than 90.9 million yuan, an increase of not less than 95.5% YoY.
Zhixuan Finance APP News, Scholar Edu announces to expect to receive no less than 0.38 billion yuan of revenue in the six months ended on June 30, 2024, which is an increase of not less than 51.2% compared to the revenue of RMB 0.251 billion yuan in the six months ended on June 30, 2023 (the same period of last year). Also, the net income attributable to shareholders is expected to be no less than RMB 80 million yuan, which is an increase of no less than 86.5% YoY.
Sihuan Pharm (00460) has reached an exclusive agency agreement with South Korean company Cellontech for their joint cavity injection product CartiZol, which utilizes collagen protein.
Sihuan Pharm announced that it has reached an exclusive agency agreement with the Korean company Cellontech Co., Ltd. (Korea Cellontech) for the intra-articular injection product CartiZol using collagen in the joint cavity, obtaining the exclusive agency right for the product in mainland China.
Stock Forecast:
Yum China (09987): Q2 2024 revenue and profit hit a new high, with core operating profit increasing by 12% and earnings per share increasing by 19%.
Yum China has released its Q2 2024 financial report, with total revenue increasing 4% year-on-year to 2.68 billion U.S. dollars, core operating profit increasing 12% year-on-year to 0.275 billion U.S. dollars, and diluted earnings per share increasing 19% year-on-year. Total revenue, operating profit, and earnings per share all reached a new high for Q2. CEO said, "We have taken active measures to improve operational efficiency, stabilize restaurant profitability, and achieve growth in operating profit margin."
KFC's quarterly system sales growth increased by 5% year-on-year despite the high base last year, mainly due to the contribution of a net increase of 8% in new stores this quarter. KFC added a net of 328 new stores this quarter, of which 74 were franchised, accounting for 23%. As of June 30, 2024, the total number of stores reached 10,931. Operating profit in this quarter reached 0.264 billion USD, and core operating profit reached 0.273 billion USD, up 4% year-on-year. Online delivery sales increased by 12% year-on-year this quarter, accounting for approximately 38% of KFC restaurant revenue. Non-dining business accounts for about 67% of KFC restaurant revenue.
Pizza Hut's system sales growth increased by 1% year-on-year despite the high base last year, mainly due to the contribution of a net increase of 8% in new stores this quarter. Pizza Hut added a net of 79 new stores this quarter. As of June 30, 2024, the total number of stores reached 3,504. Operating profit increased by 13% year-on-year to 40 million USD, hitting a Q2 high. Core operating profit was 41 million USD, up 23% year-on-year. Online delivery sales increased by 6% this quarter, accounting for approximately 38% of Pizza Hut restaurant revenue. Non-dining business accounts for about 48% of Pizza Hut restaurant revenue.