作者：宏汇资产管理投资总监 郭家耀Kingwu Financial News | US stocks fluctuated under pressure on Wednesday, supported by the performance of technology stocks in the early session. The market opened higher in the morning but gradually fell back, with all three major indexes closing with moderate declines. The US dollar trended downwards, while the yield on the US ten-year bond rose to 4.3%, and gold prices continued to rise, while oil prices slightly rebounded from their low levels. Individual development in the Hong Kong stock market is expected, with a lack of direction in the market in the morning. The mainland stock market fell yesterday, with the Shanghai Composite Index opening higher but closing with a 0.6% decline. Trading volume in Shanghai and Shenzhen also slightly decreased. Hong Kong stocks fell on the futures settlement day, breaking below the ten-day moving average level, dropping to around 20,200 points, with the decline narrowing slightly towards the end of the day, and the market maintaining low trading volume. Mainland Chinese stocks' performance in the third quarter was not as good as expected. Market players are cautious due to the upcoming US presidential election and domestic policy news. It is expected that the indexes will have difficulty breaking through in the short term, maintaining a range between 20,000 and 21,000 points.
Industry News
New Creation (00659) recently announced its annual performance, with a total turnover of 26.42 billion yuan, down 2.6% year-on-year. Shareholders' attributable net profit was 2.084 billion yuan, up 44% year-on-year. The company's attributable operating profit for the period increased by 21% year-on-year to 4.16 billion yuan. Strong recurring cash flow was generated from operating activities, leading to a 24% year-on-year increase in adjusted EBITDA to 7.24 billion yuan. As of the end of June, the group had a total usable liquid capital of approximately 26.8 billion yuan, including cash and bank deposits of about 14.8 billion yuan and committed bank credit lines of about 12 billion yuan. The group actively manages its finances to alleviate high interest rates and Renminbi depreciation pressure, strategically increasing the Renminbi debt ratio to 60%, naturally hedging against Renminbi assets, with average borrowing costs controlled at an annual interest rate of 4.7%. The company maintains a sustainable and progressive dividend policy, distributing a final dividend of 0.35 yuan per share, a 13% increase year-on-year, together with a mid-term dividend of 0.30 yuan per share, making the total annual dividend 0.65 yuan, a 7% increase year-on-year, demonstrating the group's confidence in future development prospects.
(I am a licensed person of the China Securities Regulatory Commission, and neither I nor any related person holds the above-mentioned shares).
Author: Guo Jiayao, Director of Investment of Macrohedge Asset Management
