Mini Program: A-share pre-market news flash.
Important News
1. Trump absurdly claims to impose an additional 10% tariff on Chinese goods.
On the 25th local time, U.S. President-elect Trump stated that he would impose a 25% tariff on all products entering the U.S. from Mexico and Canada. In addition, Trump announced that he would impose an additional 10% tariff on Chinese goods. Trump proposed a general 10% tariff on all imported goods in an interview last year. In November of this year, a study by the National Retail Federation (NRF) indicated that if Trump's new tariff plan is implemented, U.S. consumers could lose up to $78 billion in annual purchasing power. The study showed that these tariffs would affect consumer goods categories such as clothing, toys, furniture, appliances, footwear, and travel goods. (CCTV News)
2. The U.S. will announce new chip export restrictions to China? Ministry of Foreign Affairs: Will take resolute measures.
Ministry of Foreign Affairs spokesperson Mao Ning hosted a regular press conference. A Reuters reporter asked about the U.S. Chamber of Commerce stating that the Biden administration will announce new chip export restrictions to China as early as next week. What is the comment from the Ministry of Foreign Affairs? Mao Ning stated that China has always firmly opposed the U.S. to generalize the concept of national security, abuse export control measures, maliciously block and suppress China, which seriously violates the laws of the market economy and principles of fair competition, undermines the international economic and trade order, disrupts the stability of the global supply chain, and ultimately harms the interests of all countries. China will take resolute measures to firmly safeguard the legitimate rights and interests of Chinese enterprises. (Beijing Daily)
3. Zhao Yuan, general manager of Tonghuashun Cloud Software, was subjected to regulatory conversation measures.
On November 25, the Zhejiang Securities Regulatory Bureau disclosed that Zhao Yuan, the general manager of Zhejiang Tonghuashun Cloud Software Co., Ltd., received regulatory discussions as a supervisory management measure due to multiple violations by the company. After investigation, the company used some client success cases and performance displays in its marketing promotions without providing sufficient risk warnings. In addition, some marketing and service personnel engaged in exaggerated and misleading promotions and were not registered as securities investment advisors, and compliance control during the live promotion process was also inadequate. The Zhejiang Securities Regulatory Bureau pointed out that Zhao Yuan, as the general manager of the company, is responsible for compliance management and decided to take regulatory discussion measures against him.
4. The central bank and nine departments jointly held a meeting to promote the loan work for technological innovation and technological transformation, proposing to tilt policies more towards private and small and medium-sized enterprises.
The People's Bank of China and nine other departments jointly held a meeting to promote the loan work for technological innovation and technological transformation. The meeting required all banking institutions to make good use of policy resources and ensure that enterprises and projects on the list are signed and invested as much as possible. It is necessary to focus on improving the efficiency of loan review and disbursement, optimizing mechanisms and processes, increasing resource guarantees, revising and improving credit management policies in line with the latest industrial policy standards, opening a 'green channel' for loan review and approval, developing loan products more aligned with the financing needs of start-up technology enterprises and small and medium-sized enterprises for technological transformation, broadening the range of collateral and guarantees, and accelerating the signing and disbursement of loans. The branches of the People's Bank of China should closely cooperate with relevant departments to tilt policies more towards private and small and medium-sized enterprises, implement classified policies to improve the efficiency of bank-enterprise docking, and create a good environment for financial services.
5. The China Securities Association recently formulated a demonstration practice for managing the trading behavior of clients in margin financing and securities lending business, and has begun to solicit industry opinions.
In order to standardize and guide the management of client trading behavior in the securities margin financing and securities lending business and promote the healthy development of margin business, the China Securities Association recently formulated a demonstration practice for managing client trading behavior in margin financing and securities lending business and has begun to solicit industry opinions. It is understood that the demonstration practice is based on excellent industry practices and includes various aspects such as identifying and penetrating related parties, managing abnormal trading behavior of clients, managing 'circumventing the mark to cash out' trading of clients, and managing clients' securities lending and borrowing transactions. The demonstration practice is divided into five chapters: general principles, identifying and penetrating related parties, managing abnormal trading behavior of clients, managing 'circumventing the mark to cash out' trading of clients, and managing clients' securities lending and borrowing transactions. (China Securities Golden Bull)
6. The Ministry of Commerce and Zhejiang Province: Under the premise of compliance with laws and regulations and controllable risks, allow foreign operating entities to participate in the trading of products on the local spot trading platform and related capital inflows and outflows.
The Ministry of Commerce and the Zhejiang Provincial People's Government issued a plan for the construction of a commodity resource allocation hub in the China (Zhejiang) Pilot Free Trade Zone. The plan points out the establishment of a high-level futures and spot trading model. Accelerate the improvement of the bonded delivery system for bulk commodities, and promote domestic futures exchanges to study the layout and expansion of delivery warehouses. Under the premise of compliance with laws and regulations and controllable risks, allow foreign operating entities to participate in the trading of products on the local spot trading platform and related capital inflows and outflows.
7. The Ministry of Industry and Information Technology and eleven other departments deployed the upgrade plan for large-scale application of 5G: fully building a new pattern of universal and widespread 5G development.
The Ministry of Industry and Information Technology and eleven other departments issued a notice on the upgrade plan for the 'Sailing' action for the large-scale application of 5G, stating that by the end of 2027, a development pattern of 'universal capability, widespread application, and inclusive empowerment' will be formed, fully realizing large-scale applications of 5G. Specifically, the plan proposes that by the end of 2027, the penetration rate of 5G personal users will exceed 85%, the proportion of 5G network access traffic will exceed 75%, and a number of application pioneers will be launched in industries such as factories and hospitals, promoting digital transformation in industries. In terms of 5G industry supply, domestic industry standards will be improved, the supply capacity of key links will be upgraded, and over 1,000 innovative industry terminal module products will be launched. The breadth and depth of network coverage will continue to improve, promoting the comprehensive popularization of 5G-A technology. At the same time, the plan also emphasizes the construction of a 5G application ecosystem, promoting the formation of a multi-level and multi-gradient enterprise ecosystem, cultivating 200 5G application solution providers, promoting global cooperation and security guarantee system construction, and ultimately forming a more open and innovative 5G industry ecosystem.
8. A responsible person from the Department of Treaty and Law of the Ministry of Commerce answered a reporter's question regarding the EU's temporary anti-dumping measures against Chinese brandy being submitted to the WTO dispute resolution mechanism: China has received the EU's consultation request and will handle it according to relevant WTO rules.
A media inquiry: We note that on November 25, Geneva time, the EU initiated a consultation request to China regarding the temporary anti-dumping measures against Chinese brandy under the WTO dispute resolution mechanism. What is China's comment on this? Answer: China has received the EU's consultation request and will handle it according to relevant WTO rules. I would like to reiterate that as a member of the WTO, China has always prudently and cautiously used trade remedy measures to maintain fair and free trade. The adoption of temporary anti-dumping measures this time is based on Chinese law, requested by domestic industries, and taken after a fair and impartial investigation, which is a legitimate trade remedy measure that fully complies with WTO rules. China has the responsibility to safeguard the legitimate demands and legal rights of its domestic industries.
Individual stock news
1. Guanghong Technology: intends to purchase 100% equity of AC Company and 0.003% equity of TIS Factory, which may constitute a major asset restructuring.
Guanghong Technology announced that it is planning to purchase 100% equity of AC Company and 0.003% equity of TIS Factory through cash payment. Upon completion of the acquisition, the company will control 100% of the equity of AC Company and its controlling TIS Factory, which will become the company's subsidiaries. The 100% equity of AC Company and the 0.003% equity of TIS Factory are currently publicly listed for transfer at the Beijing Property Exchange, with a base transfer price of 733 million yuan for 100% equity of AC Company and a base transfer price of 0.0001 million yuan for 0.003% equity of TIS Factory. This transaction is beneficial for enriching the company's technology and product types in the automotive electronic control field, broadening sales channels, expanding global business distribution, and covering more business areas. This transaction may constitute a major asset restructuring. According to the principle of 'prudent suspension and phased disclosure', the company's stock will not be suspended for this planning matter. Guanghong Technology also disclosed a plan to issue shares to specific objects, intending to raise no more than 1.033 billion yuan for the acquisition of the target company's equity and to supplement working capital.
2. Kangxi Communication: intends to acquire part of the equity of Shenzhen Xinzhongxin Technology Co., Ltd., expected to constitute a major asset restructuring.
Kangxi Communication announced that the company intends to acquire part of the equity of Shenzhen Xinzhongxin Technology Co., Ltd. (referred to as the 'target company') in cash, increasing its shareholding ratio to 51%. After the completion of this transaction, the company will achieve control over the target company. The target company mainly focuses on the smart IoT market, providing intelligent control modules and solutions based on technologies such as Wi-Fi, audio DSP, Bluetooth, and AIoT. The products of the target company are widely used in various smart terminals related to smart home, smart wearables, and smart health, with major end customers including Midea, Haier, Harman, LG and other brand manufacturers. The estimated value of the target company is between 350 million and 400 million yuan. This transaction has performance commitments for the period from 2025 to 2027, during which the target company is expected to achieve a cumulative net profit of approximately 105 million yuan over three years. This transaction is expected to constitute a major asset restructuring.
3. Three days, two limit-ups for 360: The direct revenue generated by the Internet-to-C end products based on the '360 Smart Brain' capability accounts for no more than 2% of overall revenue.
360 released a stock trading risk reminder announcement, the company noted that the market's attention to the progress of AI application landing has been high recently. In the first three quarters of 2024, the direct revenue generated by the company's Internet-to-C end products based on the '360 Smart Brain' capability accounted for no more than 2% of overall operating revenue, which does not constitute a significant impact on the company's performance. Relevant businesses are still in the expansion stage, and there is a certain degree of uncertainty in the future.
4. Zhongke Luanxun: engaged in deep cooperation with the cloud service platform Volcano Engine under ByteDance.
Zhongke Luanxun stated on the interactive platform that in order to meet the increasing market demand for AI headphones, the company has engaged in deep cooperation with the cloud service platform Volcano Engine under ByteDance. The company's Xunlong third-generation BT895x chip has completed docking with the Volcano Ark MaaS platform, providing users with software and hardware solutions compatible with Doubao large models, meeting the demands of AI headphones for voice processing, high-speed audio transmission, etc., which has been equipped on FIIL GS Links AI high-quality open headphones, making it the second headphone product supporting Doubao large model AI in the market after the earlier launched Ola Friend headphones. The cooperation between Zhongke Luanxun and Doubao large model will be conducted in multiple stages, with real-time translation, meeting minutes, real-time dialogue, and other functions already adapted in the current stage; the two parties will launch more AI functions for different usage scenarios in the future.
5. Zhengzhou Coal Electricity: Actual controller changed to Zhengzhou State-owned Assets Supervision and Administration Commission.
Zhengzhou Coal Electricity announced that on November 22, 2024, the company received a notice from its controlling shareholder that the Provincial State-owned Assets Supervision and Administration Commission signed an agreement to transfer state-owned equity of Zhengzhou Coal Industry (Group) Co., Ltd. without compensation to the Zhengzhou State-owned Assets Supervision and Administration Commission, transferring 66.55345% of the equity it holds in Zhengmei Group, and synchronously transferring 5.4768% of the equity it holds to the Henan Provincial Finance Department, with the corresponding equity and income used to enhance the social security fund. After the completion of this equity transfer, the company's controlling shareholder remains Zhengmei Group, and the actual controller changes to the Zhengzhou State-owned Assets Supervision and Administration Commission.
6. GeLing Deep Vision plans to increase capital and acquire equity to control Guoke Yidao, laying out in the field of domestically produced chip terminal computing devices.
(Science and Technology Innovation Board Daily) On the 25th, GeLing Deep Vision announced that the company plans to invest 50 million yuan to increase capital in Guoke Yidao and acquire part of the equity held by some shareholders of Guoke Yidao for 10.328352 million yuan. At the same time, the company signed a concerted action agreement with some shareholders of Guoke Yidao to achieve control over the target company. After the completion of this transaction, the company will directly hold 23.4194% of the equity of Guoke Yidao, becoming its largest shareholder, and through the concerted action relationship, acquire 54.6792% of the voting rights of Guoke Yidao, becoming the controlling shareholder of the target company. This transaction does not constitute a related transaction and does not constitute a major asset restructuring. The target company mainly provides terminal computing devices based on domestically produced chips for the military industry, with product forms including motherboards based on domestically produced chips, as well as reinforced and domestically produced tablets and laptops. The target company has the relevant qualifications for the industry it is engaged in, and its products have been supplied in bulk within the industry.
7. Xingyuan Material: plans to strategically cooperate with Zhongke Shenlan Huize to jointly develop solid-state electrolyte membranes.
Xingyuan Material announced that the company signed a strategic cooperation framework agreement with Zhongke Shenlan Huize New Energy (Changzhou) Co., Ltd. (referred to as 'Zhongke Shenlan Huize'), establishing a deep strategic cooperation relationship to jointly develop solid-state electrolyte membranes, and further expand commercial cooperation at the appropriate time for the development, production, and sales of solid-state electrolyte membranes.
8. LONGi Green Energy: Chairman Zhong Baoshan intends to increase his holdings of the company's shares within 12 months, with an amount of no less than 100 million yuan.
LONGi Green Energy announced that the company's chairman, Zhong Baoshan, intends to increase the company's shares by no less than 100 million yuan within 12 months from the date of this announcement through methods permitted by the Shanghai Stock Exchange system.
9. 5 consecutive limit-up of Six Nations Chemical: The company has no solid-state battery products, nor plans or willingness to develop solid-state batteries.
Six Nations Chemical announced that the company's stock price has recently risen significantly, and its price-to-earnings ratio is higher than that of its peers, but the company's fundamentals have not undergone significant changes, which may pose a risk of decline after a large short-term rise. As of now, the controlling shareholder has no plans to inject the copper chemical group's Xinqiao sulfur iron mine into the listed company, and the company has not had any discussions with the controlling shareholder regarding this asset injection. The company's main products include compound fertilizers, diammonium phosphate, and monoammonium phosphate, with no solid-state battery products and no plans or willingness to develop solid-state batteries. The three main raw materials of the company are coal, phosphate rock, and sulfuric acid, mainly procured externally. Phosphate rock prices are at a high level, and sulfuric acid prices have risen more than 50% compared to the same period last year. If upstream raw material prices rise and cannot be passed on to product prices synchronously, it will lead to a decline in gross profit margin.
Article forwarded from: Jinshi Data