Zhitong Hong Kong Stock Early Knowledge | The sales of related products driven by the consumption upgrade exceeded 1 trillion; China Securities Regulatory Commission: Firmly implement the important requirement of "stabilizing the real estate and stock markets"

【Today's Headlines】

CNNP's operational and under-construction scale rises to the world's first, with a batch of coastal projects to be approved for construction next year

According to the 2025 National Energy Work Conference, by 2024, China's operational and approved under-construction nuclear power units will have an installed capacity of approximately 113 million kilowatts, ranking first in the world. In 2025, China will approve the construction of a batch of coastal nuclear power projects that are ready to proceed, steadily advancing the construction of ongoing nuclear power projects, with operational nuclear power installed capacity reaching around 65 million kilowatts by the end of 2025. A relevant person in charge of the National Energy Administration stated that in 2025, the primary responsibility for energy security will be firmly upheld, and the supply guarantee capability will be comprehensively enhanced. The action plan for the clean and efficient utilization of coal will continue to be implemented, with an annual coal production target of around 4.8 billion tons, and large coal mines will basically achieve automation. At the same time, efforts will be made to vigorously promote the development and utilization of wind and solar power, with an annual increase of about 20 million kilowatts in wind and solar installed capacity, and renewable energy consumption exceeding 1.1 billion tons of standard coal. A batch of key power interconnection projects will be approved for construction, actively promoting the approval and construction of transmission channels such as sending electricity from Inner Mongolia to Beijing-Tianjin-Hebei, from southeastern Tibet to the Guangdong-Hong Kong-Macao Greater Bay Area, and from the Badanjilin Desert base in Gansu to Sichuan, as well as from southern Xinjiang to Sichuan-Chongqing. The full-chain development of hydrogen energy "production, storage, transmission, and utilization" will be actively promoted, and the industrial development management mechanism will be improved. Technological progress and industrialization development of sustainable aviation fuel, cellulose fuel ethanol, biodiesel, green methanol, and green ammonia will be promoted.

【Market Outlook】

Last Friday, the Nasdaq Golden Dragon China Index fell by about 1.1%

Overnight, at the close of the U.S. stock market, the Dow Jones Industrial Average fell by 86.06 points, a decrease of 0.20%, closing at 43,828.06 points; the Nasdaq rose by 23.88 points, an increase of 0.12%, closing at 19,926.72 points; the S&P 500 index fell by 0.16 points, closing at 6,051.09 points. Tesla (TSLA.US) rose by 4.34%, NVIDIA (NVDA.US) fell by 2.25%, Broadcom (AVGO.US) rose by 24.43%, and Advanced Micro Devices (AMD.US) fell by 2.83%. Last week, the Dow Jones fell a cumulative 1.82%, the S&P 500 index fell by 0.64%, and the Nasdaq rose by 0.34%.

The Nasdaq Golden Dragon China Index fell by about 1.1%, with a cumulative decline of about 5.3% last week. The ADR of the Hang Seng Index fell, closing at 19,932.65, down 38.59 points or 0.19% compared to the Hong Kong closing.

【Hot Topics Ahead】

China Securities Regulatory Commission: Firmly implement the important requirement of "stabilizing the real estate and stock markets" to effectively maintain the stability of the capital market

The Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, Wu Qing, presided over a meeting of the Party Committee (expanded). The meeting emphasized the firm implementation of the important requirement of "stabilizing the real estate and stock markets," enhancing the foresight and proactivity of market monitoring, early warning, and response, strengthening the supervision of domestic and foreign, on-market and off-market, and spot and futures linkage, enhancing targeted monitoring and supervision of margin financing, off-market derivatives, and quantitative trading, accelerating the implementation of incremental policies, continuously utilizing monetary policy tools to stabilize the market, strengthening and improving market expectation management, focusing on stabilizing funds, stabilizing leverage, and stabilizing expectations, and effectively maintaining the stability of the capital marketNine departments jointly issued the "Guiding Opinions on Financial Support for China's Elderly Care Industry to Serve the High-Quality Development of the Silver Economy"

The "Opinions" point out that it is necessary to focus on providing diversified elderly care financial services for different elderly groups, support the elderly population in making pension fund reserves and wealth planning, and increase the tilt of financial resources towards rural elderly care needs. Improve the service system and management mechanism for financial support of the silver economy, expand credit investment in the main bodies and industrial clusters of the silver economy, increase direct financing support, and expand diversified funding sources.

Trade-in for consumer goods drives related product sales exceeding 1 trillion yuan

Data released by the Ministry of Commerce shows that as of 12:00 on December 13, the trade-in program for automobiles has driven the sales volume of passenger cars to exceed 5.2 million units, including over 2.51 million units for scrapping and replacement, and over 2.72 million units for trade-in. The trade-in program for home appliances has driven the sales volume of 8 major categories of products to exceed 49 million units. The "renewal" of home decoration and kitchen and bathroom products has driven related product sales to exceed 51 million units. The trade-in program for electric bicycles has driven new car sales to nearly 900,000 units.

Polysilicon futures will be listed on December 26

On December 13, the Guangzhou Futures Exchange announced that polysilicon futures contracts will be listed for trading starting from December 26, 2024 (Thursday). The trading unit for polysilicon is 3 tons per lot, and the minimum price fluctuation is 5 yuan per ton. Trading hours are from Monday to Friday 9:00-10:15, 10:30-11:30, and 13:30-15:00, as well as other times specified by the exchange. The upstream raw material for polysilicon is industrial silicon, and downstream demand includes photovoltaics and semiconductors, with over 95% used in the photovoltaic field. The price of polysilicon has shown a dramatic volatility trend from soaring to plummeting in recent years.

Spring Festival travel ticket pre-sales have begun, with ticket prices for popular routes rising over 100%

On December 13, multiple travel e-commerce platforms reported that although there are still more than 40 days until the Spring Festival, the search volume for tickets before and after the Spring Festival has increased by 2 times. The pre-sale of Spring Festival travel tickets has begun. From the trend of ticket prices, starting from January 10 next year until January 18, the average ticket price for domestic flights is showing a significant upward trend, forming the first travel peak before the festival, with ticket prices reaching a temporary high; as the Spring Festival holiday approaches, starting from January 20, the average ticket price will welcome the second round of price increases before the festival, peaking between January 23 and 27, with the average ticket price expected to rise by 80% to 90% compared to regular days, and ticket prices for popular routes rising over 100%.

China Energy Engineering Corporation (03996) starts construction of Egypt's largest integrated solar and storage power station

According to China Energy Engineering Corporation, on December 14 local time, the groundbreaking ceremony for Egypt's largest integrated solar and storage power station—Benban 1GW photovoltaic + 600MWh storage project—was held simultaneously with the grid connection launch ceremony of the Kongongbo 500MW photovoltaic power station. The Benban solar and storage hybrid power station in Egypt is an independent power station project invested and developed by AMEA Power, located in the southern Benban region of Egypt, and is the second phase expansion project of the completed Kongongbo 500MW photovoltaic project, including design, procurement, construction, installation debugging, and operation and maintenance of 1GW photovoltaic and supporting 600MWh storage, with a total amount of approximately 600 million USD and a contract period of 17 monthsLu Weibing claims that Xiaomi Auto is expanding production capacity

Recently, Xiaomi President Lu Weibing shared the latest progress of Xiaomi Auto: as a newcomer in the industry, Xiaomi Auto achieved a delivery volume of 100,000 units within 230 days. Currently, if you order a Xiaomi Auto, the waiting time is about 4-5 months, and Xiaomi is actively expanding production capacity to meet market demand. Lu Weibing believes that with the popularization of new energy vehicles, Xiaomi Auto will make significant contributions to ESG and sustainable development goals.

An airplane that can fit in a car trunk: flying cars successfully test-fly in Lujiazui

The XPeng Huitian "land aircraft carrier" flying car, which made its debut at the Zhuhai Airshow, successfully completed its test flight in the core business district of Lujiazui, Shanghai, on the afternoon of December 14, marking a new exploration in application scenarios for the low-altitude economy. In the future, the "land aircraft carrier" plans to establish over 200 flying camps and take to the skies in multiple cities and outdoor scenarios, including Shanghai.

Ganfeng Lithium (01772): The company's Goulamina spodumene phase one project officially goes into production

Ganfeng Lithium announced that its wholly-owned subsidiary Ganfeng International held a production ceremony for the phase one Goulamina spodumene project in Mali, Africa, on December 15, marking the official commencement of production for the Goulamina spodumene project phase one.

Zhengzhou Coal Mining Machinery Group (00564) plans to spend approximately 699 million yuan to acquire the remaining 16.6081% equity of Yaxin Technology Nanjing

According to Zhitong Finance APP, Zhengzhou Coal Mining Machinery Group announced that on December 13, 2024, the company held the tenth meeting of the sixth board of directors and the ninth meeting of the sixth supervisory board, reviewing and approving the proposal on acquiring part of the equity of its holding subsidiary Yaxin Technology (Nanjing) Co., Ltd. and related transactions. The company agreed to use its own funds of approximately 699 million yuan (including tax) to acquire a total of 16.6081% equity held by other shareholders of Yaxin Technology Nanjing (corresponding to a registered capital of approximately 239 million yuan). After the completion of this transaction, the company's equity ratio in Yaxin Technology Nanjing will increase from 83.3919% to 100%.

【Stock Highlights】

Goldwind Technology (02208): Wind turbine profitability is expected to accelerate recovery

Goldwind Technology has ranked first in the domestic wind power market share for 13 consecutive years since 2011; however, in recent years, its market share has declined under strong competitive pressure from emerging second-tier turbine companies. In the future, as market concentration increases, Goldwind Technology, as a leader, is expected to increase its share. By the end of the third quarter of 2024, the company had external orders of 41.38GW, with sufficient orders on hand supporting its share increase. As of September 30, 2024, the company's domestic wind farm equity under construction capacity was 4.56GW, and the installed capacity of self-operated wind farms is expected to achieve steady growth.

In the first three quarters of 2024, land wind bidding remained highly prosperous, and offshore wind bidding turned positive year-on-year; in 2025, both land and offshore installations are expected to experience dual prosperity. Domestic offshore wind power construction is poised to take off, with approved project capacity exceeding 25GW, and it is expected to enter a period of intensive construction in the coming year. The European offshore wind bidding in 2025-2026 is expected to enter a window period, and leading domestic submarine cable and pipe pile companies are expected to benefit fully against the backdrop of tight overseas supplyDomestic land wind turbine prices stabilize and recover, building a profit bottom, while rapid growth in export orders provides future profit flexibility.

The "Two Seas" business volume increases, and wind turbine profitability is expected to accelerate recovery. 1) From January to November 2024, the company won bids for 3.15GW in the offshore wind turbine public bidding market, accounting for 38.5%, ranking first. 2) In the context of domestic wind turbine business competition, the company places greater emphasis on the development of international business. As of September 30, 2024, the company has 5.54GW of external orders overseas, a year-on-year increase of 45.48%.

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