Today's Key News Review | Dolphin Research
0202 Dolphin Analyst focus:
🐬 Macro/Industry
1. After more than 4 years of pilot testing, the comprehensive implementation of the stock issuance registration system reform officially started. After the registration system is officially implemented, the approval chain for enterprise listing will be greatly shortened, and the market will be more abundant and diversified, which has long-term strategic significance for China's stock market to move towards the world. The registration system is a relevant policy that the China Securities Regulatory Commission has been promoting. The landing this time is in line with market expectations. Brokerage stocks opened higher today and generally fell back in the afternoon.
2. The Federal Reserve announced a 25 basis point interest rate hike, raising the target range for the federal funds rate to 4.5% to 4.75%, and the rate hike further slowed down, in line with market expectations. Although Powell said "we should continue to raise interest rates" at the subsequent press conference, the US stock market still rebounded across the board last night. Although inflation is high, it has eased somewhat, and the tightening cycle may be coming to an end.
3. Many new energy vehicle companies announced their car production in January 2023. Under the impact of December's tax reduction and subsidy, Tesla's price reduction, and the "Spring Festival effect", the performance of the new forces in January was generally poor: except for Ideal's sales exceeding 10,000, a year-on-year increase of 23%, other brands all experienced varying degrees of decline in year-on-year and month-on-month comparisons, among them, Xiaopeng Motors fell by over 50% year-on-year, and Leapmotor even fell by 85%.
🐬 Individual stocks
1. $Macys.USeta.US
Meta released its Q4 2022 financial report this morning. Despite the Snap incident causing jitters among advertising companies, this time Meta's financial report can be said to be quite satisfactory: revenue exceeded expectations, traffic steadily increased, and profit margins were greatly restored. Although macro pressures still loom over every ad company's head, Meta's challenges have been more or less improved this year under the "open source thrift + eased competition" strategy. See "Is Meta making a spectacular comeback?" and "Efficiency is always on the tip of their tongue. Has Mark Zuckerburg become obedient? (Minutes of Meta's Q4 2022 performance conference call)" for a detailed interpretation of the financial report and conference call.
2. $NIO.US
Today, there was news that NIO began to promote price cuts for the 2022 ES6 and ES8 models, with the highest discount exceeding 100,000 yuan and a certain degree of discount for ES7 as well. Currently, there is no confirmation on the official website of the content of this news. According to the latest data on sales of new energy vehicles, NIO's sales in January fell sharply month-on-month. If the discounted prices are not offered, there may be inventory backlog risks. However, if the above news of lowering the prices is true, NIO's first-quarter unit sales are estimated to fall below 50,000. Dolphin Analyst's brief comment can be found in "Brief review of NIO's price cut".
🐬 Leading the plate
Shanghai and Shenzhen: Non-white liquor, digital media, and leisure food;
Hong Kong stock: Furniture decoration retailer, agricultural products, medical healthcare equipment;
US stock: Highway transportation, semiconductors, automobile and truck dealership rights.
🐬 Focus on tomorrow
1. Caixin China services PMI, Caixin China composite PMI;
2. US unemployment rate, US seasonally adjusted non-farm employment population, US Markit services PMI final value, US ISM non-manufacturing PMI;
3. Apple, Google, and Amazon will release their financial reports. Dolphin Analyst will provide interpretation and analysis, please stay tuned.
⚠️ The companies covered by Dolphin Analyst in the above document are marked in red. You can search for 'Dolphin Analyst' on the Longbridge App (click here to download) to enter the homepage, and search for the corresponding company name to obtain all research collections of the company (including summaries of the company's past performance meetings).
Risk disclosure and statement for this article: Dolphin Analyst Disclaimer and General Disclosure
