Today's Headlines

Ministry of Industry and Information Technology: Guide photovoltaic companies to reduce projects focused solely on expanding capacity.

On November 20, the Ministry of Industry and Information Technology announced the revision of the "Specifications for the Photovoltaic Manufacturing Industry" and the "Interim Measures for the Management of Announcements in the Photovoltaic Manufacturing Industry." This aims to guide localities to rationally layout photovoltaic manufacturing projects based on resource endowments and industrial foundations and encourage intensive and clustered development. It aims to guide photovoltaic companies to reduce projects focused solely on expanding capacity, strengthen technological innovation, improve product quality, and reduce production costs. For newly constructed and renovated photovoltaic manufacturing projects, the minimum capital contribution ratio is set at 30%.

Outlook for the Future

U.S. stock market's three major indices showed mixed results, with bitcoin hitting a new all-time high.

Overnight, the U.S. stock market closed with the Dow rising 139.53 points, an increase of 0.32%, closing at 43408.47 points; the Nasdaq fell 21.32 points, a decrease of 0.11%, closing at 18966.14 points; the s&p 500 index rose 0.13 points, closing at 5917.11 points. MicroStrategy (MSTR.US) increased by 10%. The Nasdaq Golden Dragon China Index closed up 1.43%, and Kingsoft Cloud (KC.US) rose by 42%, while iqiyi (IQ.US) increased by 4%. The hsi adr fell, closing at 19609.1 points, a drop of 95.86 points or 0.49% compared to Hong Kong's close. Bitcoin surpassed $94,000, hitting a new all-time high.

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gtja, haitong sec: Major asset restructuring approved by Shanghai State-owned Assets Supervision and Administration Commission.

On November 20, GTJA and Haitong Securities announced that the Shanghai Municipal State-owned Assets Supervision and Administration Commission issued the "Reply on GTJA Securities Co., Ltd. Merging with Haitong Securities Co., Ltd. and Related Financing Matters" (Shanghai State-owned Assets Supervision and Administration Commission Property [2024] No. 210), which in principle agrees to the overall plan of this transaction.

Recently, the State Administration for Market Regulation issued the "Decision on Not Implementing Further Review of Operator Concentration Antitrust Review," with specific content as follows: "According to Article 30 of the Anti-Monopoly Law of the People's Republic of China, after preliminary review, it has now been decided not to implement further review on the merger case of GTJA Securities Co., Ltd. and Haitong Securities Co., Ltd. Your company can implement the concentration from now on. The case involves matters outside the antitrust review of operator concentration and will be handled according to relevant laws."

Paul Chan Mo-Po: Hong Kong will continue to engage with traditional markets in Europe and the USA.

The International Financial Leaders Investment Summit's "Dialogue with International Investors" seminar was held on the 20th in Hong Kong. Paul Chan Mo-Po, the Financial Secretary of the Hong Kong Special Administrative Region Government, stated at the meeting that Hong Kong will continue to engage with traditional markets like the USA and Europe, focusing on mutually beneficial areas of cooperation. Paul Chan noted that during his earlier visits to the USA and Europe, he found that there are many areas where cooperation is still possible, such as urban planning, infrastructure, esg, and addressing climate change. He believes that new cooperation opportunities can be discovered and areas of common interest can be developed through promoting cross-regional exchanges and industry discussions. At the same time, Paul Chan indicated that the rise of countries and regions involved in the belt and road initiative concept and the global south brings infinite business opportunities. He cited a previous visit to Saudi Arabia as an example, where Saudi Arabia emphasized economic diversification, openness, and green transformation, and Hong Kong is seizing development opportunities presented by the growth of these emerging markets.

China Electricity Council: The overall industry's electricity index in October was 131.6.

According to the reports disclosed by the China Electricity Council on November 20, the overall industry's electricity index for October 2024 was 131.6, with the total power consumption in the industry increasing by 31.6% compared to the 2020 base year, an average annual growth of 7.1%, and a year-on-year growth of 3.8%. In October, the electricity index for agriculture, forestry, animal husbandry, and fishery was 155.1, which is an increase of 55.1% compared to the 2020 base year, with an average annual growth of 11.6% and a year-on-year growth of 5.1%.

Nvidia (NVDA.US) earnings report: exceeds expectations but unable to meet everyone's expectations.

Nvidia's sales in the most recent quarter have soared, with profits almost doubling, which is a strong sign of the artificial intelligence boom that has made the company the highest global market cap enterprise. The financial report released showed its third-quarter revenue at $35.1 billion, a 17% increase from the previous quarter, surpassing FactSet's analyst survey forecasts. Profits reached $19.3 billion, also exceeding Wall Street's expectations. In addition, the company expects revenue for the fourth quarter to be around $37.5 billion, surpassing expectations, indicating that Nvidia's next generation of artificial intelligence chips are expected to be heavily marketed next year, driven by high demand from customers such as Microsoft, Google, Meta, and Musk's xAI. However, Nvidia's stock price fell by 5% after the financial report announcement, as despite experiencing a surge in revenue and profits over several quarters, Nvidia's performance did not meet the expectations of some investors.

ali pictures (01060) announced its interim performance. Adjusted EBITA is approximately 0.642 billion yuan, a 39% year-on-year increase.

According to the Zhitong Finance APP, Ali Pictures (01060) announced its interim results for the six months ending September 30, 2024, achieving revenues of approximately 3.051 billion yuan, a year-on-year increase of 17%; gross profit of approximately 1.316 billion yuan, a year-on-year increase of 18.21%; profit attributable to the owners of the company of approximately 0.337 billion yuan, and adjusted EBITA of approximately 0.642 billion yuan, a year-on-year increase of 39%.

Johnson Elec H (00179) announced mid-term results, with net profit attributable to shareholders increasing by 8% year-on-year to 0.13 billion USD, and a dividend of 17 Hong Kong cents per share.

According to Zhito Finance APP, Johnson Elec H (00179) announced mid-term results for the six months ending September 30, 2024, with revenue of 1.854 billion USD, a year-on-year decline of 4%. Net profit attributable to shareholders increased by 8% year-on-year to 0.13 billion USD, with diluted earnings per share of 13.92 US cents, and an interim dividend of 17 Hong Kong cents per share.

It is reported that the Wenshan M8 will be launched in the first half of 2025, with no response from Huawei.

There are reports that sales of Huawei Hongmong intelligent driving models will double next year, and the Wenshan M8 will be launched as a new model in the first half of 2025, with one of its roles being to compete with the Li Xiang L9. In this regard, Sina Technology sought confirmation from Huawei, but there has been no response from Huawei. According to preliminary statistics from the media, Huawei Hongmong intelligent driving is expected to sell more than 10 models next year, including: Wenshan M5, M7, M8, M9; Enjoy S9 with extended range version, with models including long version and travel version; Zhi Jie's S7, R7; Zun Jie's S800 and the second model under Zun Jie. This year, only 6 models are on sale, including: Wenshan M5, M7, M9; Zhi Jie S7, R7; Enjoy S9.

In November, the approval information for domestically produced online games was released, with a total of 112 games approved.

According to Zhituo Finance APP, on November 20, the National Press and Publication Administration announced the approval information for domestic online games for November 2024, with a total of 112 games approved.

Kuaishou (01024) deeply cultivates the Brazilian market, with a year-on-year growth of 104.1% in total revenue in Q3.

According to Zhito Finance APP, on November 20, Kuaishou (01024) announced its performance for the third quarter of 2024, focusing its overseas business on the core market of Brazil and deepening local operation. The financial report shows that in Q3 2024, Kuaishou's overall overseas revenue reached 1.33 billion yuan, a year-on-year increase of 104.1%. The DAU in Brazil increased by 9.7% year-on-year, and the average daily usage time per active user grew by 4.2% year-on-year.

Stocks are clearing up.

idreamsky (01119): Shenzhen idreamsky and Tencent Cloud have reached a global strategy cooperation in the field of game AI, establishing a joint innovation laboratory.

According to Zhituo Finance APP, idreamsky (01119) announced that its Chinese comprehensive subsidiary, Shenzhen idreamsky science & technology co., ltd., recently signed a strategic cooperation agreement with Tencent Cloud Computing (Beijing) Co., Ltd. (Tencent Cloud). The two sides established a joint innovation laboratory focused on the theme of "AI helps improve the quality and efficiency of game development," continuously deepening cooperation based on existing AI code assistants, AI development efficiency tools, and more. Combining the group's actual game scenarios with Tencent Cloud's technical advantages, they reached a long-term strategic cooperation, jointly investing resources to continuously innovate in the field of game AI and promote the implementation of technology.