Today's Headlines

Six departments: Accelerate the construction of large-scale wind and photovoltaic bases focusing on deserts, desert areas, and arid areas to promote the development of offshore wind power clusters.

On October 30, the National Development and Reform Commission and five other departments issued guidelines on vigorously implementing the action of replacing renewable energy. It is proposed to comprehensively enhance the supply capacity of renewable energy, accelerate the construction of large-scale wind and photovoltaic bases focusing on deserts, desert areas, and arid areas, and promote the development of offshore wind power clusters.

On the same day, Three Gorges Energy announced that the company plans to invest in the construction of the Xinjiang Nanjiang Taklimakan Desert new energy base project, with a total construction of 8.5 million kilowatts of photovoltaics, 4 million kilowatts of wind power, supporting the construction of 6×0.66 million kilowatts of coal power and 5 million kilowatt-hours of new energy storage. The dynamic investment amount of the project is 71.848 billion yuan, with the project's capital accounting for 25% of the investment amount, which is 17.963 billion yuan, to be contributed by shareholders according to their shareholding ratio, and the company will contribute 6.107 billion yuan.

Outlook for the Future

Gold futures continue to rise, COMEX gold futures rose by 0.67%.

As of the close of overnight trading in the US, the Dow Jones fell by 91.51 points, a decrease of 0.22%, to 42141.54 points; the Nasdaq dropped 104.82 points, a decline of 0.56%, to 18607.93 points; the S&P 500 index fell by 19.25 points, a decrease of 0.33%, to 5813.67 points.

Google A (GOOGL.US) rose by nearly 3%, Trump Media Technology Group (DJT.US) fell by 22%, Nvidia (NVDA.US) fell by 1%. The Nasdaq China Golden Dragon Index closed down by 0.7%, Alibaba (BABA.US) fell by 1%. The Hang Seng Index ADR, on a proportional basis, closed at 20379.73 points, down 0.91 points from the Hong Kong closing.

Gold futures continued to rise, with COMEX gold futures up 0.67% at $2799.50 per ounce.

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Some central enterprises have revised the energy storage tender rules and reduced the price weight. The wind and solar energy storage have long been in a 'price war'.

Reporters learned that some central enterprise developers have modified the rules in recent project tenders, involving the entire wind and solar energy storage industry. Documents obtained from informed sources on October 30 show that a central enterprise has modified the bid evaluation method for its planned energy storage project – changing the technical evaluation weight and the price evaluation weight from the original 50% and 45% to 55% and 40%, respectively, with the commercial evaluation weight unchanged.

This year, the four CAR-T varieties did not pass expert review and were unable to enter the country's negotiation process.

According to authoritative sources, all four CAR-T varieties this year were halted at the formal review stage and did not pass the expert review to enter the national negotiation process. It is widely believed within the industry that the biggest obstacle to CAR-T drugs entering medical insurance is the annual treatment cost of up to a million yuan, which exceeds the scope of medical insurance's 'basic coverage'.

China Suntien (00956): Hebei Construction Investment and Cao Development will increase capital to Caofeidian Company according to their respective shareholding ratios.

Zhitong Finance and Economics APP News, China Suntien Green Energy (00956) announced that, in order to further meet the funding needs of Caofeidian Company and enhance the financing capability of Caofeidian Company, the company, Hebei Construction Investment, Caofadian Development, and Caofeidian Company plan to sign a capital increase agreement for 2024. Caofeidian Company will increase its registered capital by 1.4 billion yuan. The company, Hebei Construction Investment, and Caofadian Development will subscribe to the increased capital according to their respective shareholding ratios, with the company paying 0.714 billion yuan. After the capital increase in 2024, Caofeidian Company's registered capital will increase from the current 2.6 billion yuan to 4 billion yuan.

BAIC Motor (01958) signed a memorandum of understanding with Alkan Auto to assemble electric cars in Egypt.

BAIC Motor issued a statement today, stating that BAIC and the Egyptian International Automobile subsidiary Alkan Auto signed a memorandum of understanding to assemble electric cars in Egypt. Kamel El-Wazir, Vice President and Minister of Industry and Transportation of Egypt, Song Wei, President of BAIC Motor Co., Ltd., and Taher Lasheen, President of the Egyptian International Automobile Company, witnessed the signing. In this project, BAIC will provide technical support. The factory covers an area of 0.12 million square meters and is planned to start production by the end of 2025. In the future, it will meet local market demand while exporting to the Middle East and Africa. The factory plans to produce 0.02 million vehicles in the first year, with production expected to reach 0.05 million vehicles by the end of the fifth year. The project is expected to provide approximately 1200 new job opportunities locally.

China Jinmao (00817): Shanghai Jinmao's net income attributable to mother for the first three quarters was 1.948 billion yuan, an increase of 260.74% year-on-year.

China Jinmao (00817) announced that as of the nine months ended September 30, 2024, its wholly-owned subsidiary Shanghai Jinmao Investment Management Group Co., Ltd. (Shanghai Jinmao) achieved an operating income of 30.082 billion yuan; net profit attributable to owners of the parent company was 1.948 billion yuan, an increase of 260.74% year-on-year.

byd company (01211) announced its third-quarter performance, with a net profit attributable to the parent of approximately 11.607 billion yuan, a year-on-year increase of 11.47%.

BYD Company (01211) released its performance for the third quarter of 2024, with revenue of approximately 201.125 billion yuan, a 24.04% year-on-year increase; net profit attributable to the company's shareholders was approximately 11.607 billion yuan, a 11.47% year-on-year increase; and basic earnings per share were 4 yuan.

Weichai Power (02338) released its third-quarter performance: a net profit attributable to the mother of 2.498 billion yuan, a 4% decrease year-on-year.

According to the Wisdom Financial APP, Weichai Power (02338) announced its third-quarter performance for the year 2024, with an operating income of 49.464 billion yuan (RMB, the same below), a decrease of 8.82% year-on-year; the net profit attributable to shareholders of the listed company was 2.498 billion yuan, a 4% decrease year-on-year; and the basic earnings per share was 0.29 yuan.

Li Ka-shing and Li Zeju reduced their holdings of Postal Savings Bank of China (01658) by more than 0.157 billion shares in October, involving funds exceeding 0.733 billion Hong Kong dollars.

According to the Wisdom Financial APP, the latest information from the HKEX shows that on October 30, Li Ka-shing and Li Zeju reduced their holdings of Postal Savings Bank of China (01658) by 20.153 million shares at a price of 4.6294 Hong Kong dollars per share, with a total amount of approximately 93.2963 million Hong Kong dollars. After the reduction, the latest number of shares held is approximately 1.186 billion shares, with the latest shareholding ratio at 5.97%.

Regarding the recent sale of part of the H shares of Postal Savings Bank by the Li Ka-shing Foundation, the Cheung Kong Group responded to the reporters that the Li Ka-shing Foundation was established to promote charitable projects, and all investment transactions are in support of related goals, with all proceeds from the investment dedicated to charitable purposes. The recent reduction of part of the Postal Savings Bank shares is part of the foundation's daily financial operations and is unrelated to the bank's business development. The Li Ka-shing Foundation has always maintained a good relationship with Postal Savings Bank.

It is reported that the Li Ka-shing Foundation, established in 1980, mainly focuses on supporting education and medical projects. Mr. Li Ka-shing has promoted education, medical care, and public welfare projects with a total of over 30 billion Hong Kong dollars, 80% of which are implemented in mainland China and Hong Kong.

Sino Biopharm (01177) plans to acquire 0.63 billion yuan of shares of High Opco (688656.SH) for 29.99% equity, Surun Zheng'an will propose a partial tender offer to acquire up to 25.01% equity of High Opco.

According to the Wisdom Financial APP, Sino Biopharm (01177) announced on October 30, 2024, that its indirectly wholly-owned subsidiary Beijing Runkang has signed an equity transfer agreement with Hairui Xiangtian Biotechnology in Hong Kong. Based on this, Beijing Runkang agreed to acquire 29.99% equity of Jiangsu Haooubo Biomedical Pharmaceutical Co., Ltd. (688656.SH) from Hairui Xiangtian Biotechnology in Hong Kong, with a total consideration of 0.63 billion yuan.

China Res Power (00836) completed the placement of 0.1985 billion shares, raising approximately 3.887 billion Hong Kong dollars.

Zhītōng Finance App News, China Res Power (00836) announced that the conditions of the placement have been met, and a total of 0.1985 billion new shares have been placed and issued on October 30, 2024. According to the terms and conditions of the placement agreement, the placed shares have been placed and issued to no fewer than six underwriters at a placement price of HK$19.70 per share.

HTSC (06886) released its performance for the first three quarters, with a net income attributable to the mother of 12.521 billion yuan, a year-on-year increase of 30.63%.

Zhixin Finance app, Huatai Securities (06886) released the third-quarter report for 2024, with operating income of RMB 31.424 billion during the period, a year-on-year increase of 15.41%; net income attributable to the parent company was RMB 12.521 billion, a year-on-year increase of 30.63%; basic earnings per share were RMB 1.33.

BOC Hong Kong (02388) operating surplus before extracting impairment provisions in the first three quarters was 41.444 billion Hong Kong dollars, an increase of 13.4% year-on-year.

Zhixin Finance app, BOC Hong Kong (02388) released the performance for the first three quarters of 2024. For the first 9 months of 2024, the group's net operating income before impairment provisions amounted to HKD 53.815 billion, a year-on-year increase of 10.7%; operating surplus before impairment provisions was HKD 41.444 billion, a year-on-year increase of 13.4%.

Guolian Securities (01456) announced third-quarter performance with a net profit attributable to the parent company of approximately RMB 0.308 billion, a year-on-year increase of 143.65%.

Zhixin Finance app, Guolian Securities (01456) announced the third-quarter performance for 2024, with operating income of approximately RMB 0.919 billion, a year-on-year increase of 31.26%; net profit attributable to shareholders of the listed company was approximately RMB 0.308 billion, a year-on-year increase of 143.65%; basic earnings per share were RMB 0.11.

Times Electric (03898) released its performance for the first three quarters, with a net income attributable to the mother of 2.501 billion yuan, an increase of 21.82% year-on-year.

Times Electric (03898) announced its performance for the third quarter of 2024, with an operating revenue of 5.973 billion yuan (RMB, the same below), an 8.1% year-on-year increase; a net profit attributable to shareholders of listed companies of 0.994 billion yuan, a 10.61% year-on-year increase; and a basic earnings per share of 0.7 yuan.

Bud APAC (01876) third-quarter revenue below expectations.

Bud APAC's third-quarter net profit was 0.201 billion US dollars, estimated at 0.2705 billion US dollars; third-quarter revenue was 1.71 billion US dollars, estimated at 1.82 billion US dollars; third-quarter adjusted EBITDA was 0.479 billion US dollars, estimated at 0.5517 billion US dollars; 9-month revenue was 5.1 billion US dollars; 9-month gross margin was 51.4%.

MGM China (02282) net income for the third quarter was 0.929 billion US dollars, a 14% year-on-year increase.

MGM China (02282) announced its performance for the third quarter of 2024, with a net income of 0.929 billion US dollars this quarter, a 14% increase from the 0.813 billion US dollars in the same quarter last year. This quarter benefited from the positive impact of operational recovery following the removal of COVID-19 related travel and entry restrictions in the first quarter of 2023; and the adjusted property EBITDAR for this quarter was 0.237 billion US dollars, a 5% increase from the 0.226 billion US dollars in the same quarter last year.

AIA (01299) new business value in the third quarter increased by 16% to 1.161 billion US dollars

According to the CCN News APP, AIA (01299) announced its third quarter performance for 2024, achieving a new business value of 1.161 billion US dollars, up 16% from the same period last year, with growth in 15 out of 18 markets. Thanks to higher agent activity and productivity, the new business value of the 'best agents' grew by 15%. Agent recruitment remains strong, with double-digit growth in newly recruited agents, and the number of active agents in the group increased by 9% from the third quarter of 2023. With strong growth in bank insurance channels, the new business value of the company's partner distribution business increased by 16%.

Stocks are clearing up.

Air China Limited (00753): Net income for the first three quarters was 1.362 billion yuan, an increase of 72.06% year-on-year.

Air China Limited released the third-quarter report for 2024, with the company achieving revenue of 128.15 billion yuan for the first three quarters, a year-on-year increase of 21.50%; achieving a net income attributable to shareholders of the listed company of 1.362 billion yuan, a year-on-year increase of 72.06%. In the third quarter alone, revenue reached 48.63 billion yuan, a 6.03% year-on-year increase; the net income attributable to shareholders of the listed company decreased by 2.31% to 4.144 billion yuan.