[Jinri Toutiao]

1Worried about the food crisis, many countries have launched a food defense war.

Recently, the issue of global food security has attracted more and more attention. India, Malaysia, Indonesia and other countries have issued grain export bans one after another. Ukraine has warned that its grain production may fall sharply by 50% this year. Georgiyeva, managing director of the International Monetary Fund, said at the World Economic Forum in Davos, Switzerland on the 23rd that as food prices continue to rise, global concerns about the ability to buy food at reasonable prices have reached a peak.

The market is more worried that the "far ahead" India is about to restrict rice exports, which is not unprecedented in history, and will trigger a negative knock-on effect of successive restrictions on exports by neighboring countries. The United Nations World Food Program has warned that if the global food supply chain crisis continues to intensify, mankind may face "the biggest food crisis since World War II."

According to the data released by the International Food Policy Research Institute (IFPRI), as of May 28, more than 20 countries in the world, including Argentina, India, Indonesia, Malaysia and Turkey, have implemented restrictions on grain exports, including wheat, corn, flour, tomatoes, vegetable oil, beans and so on.

U.N. Secretary-General Guterres said that the world is facing a food crisis. "if the food produced in Ukraine and the food and fertilizers produced by Russia and Belarus are reintroduced into the world market, the food crisis cannot be effectively solved. Russian grain and chemical fertilizers should have full and unhindered access to the world market. " Similarly, the Economist magazine painted a pessimistic outlook for food shortages with the cover of "The coming food catastrophe" (the coming food disaster). According to the Economist, 1.6 billion people will face an uncertain food supply this year, and 250m people may suffer from famine at any time.

Fertilizer companies involved in Hong Kong stocks include: Sinochem (00297), China Xinlianxin Fertilizer (01866), China Petroleum Chemical (03983) and agricultural plate including: Fufeng Group (00546), China starch (03838) and so on.

2Reform of state-owned enterprises: SASAC proposes to build flagship leading listed companies

Recently, the "work Plan for improving the quality of listed companies controlled by Central Enterprises" issued by the State-owned assets Supervision and Administration Commission of the State Council proposes to create a number of flagship leading listed companies with strong core competitiveness and strong market influence within three years, cultivate a number of professional leading listed companies with obvious professional advantages and outstanding quality brands.

CITIC released a research report saying that the acceleration of state-owned enterprise reform will boost sentiment in the military sector in 2022 as the "three-year action on state-owned enterprise reform" ends. From a fundamental point of view, the military industry has planned attributes, is immune to macroeconomic fluctuations, is less affected by local epidemics in the short term, and the industry is in the golden development period of the "14th five-year Plan" and has long-term allocation value. At the current time, whether from the market sentiment or the time dimension, or the industry logic or a stock performance-to-price ratio, the medium-and long-term logic of the military industry is relatively clear. Related Hong Kong stocks include CNAC (02357) and CNS Defense (00317).

Soochow Securities International believes that in terms of operating efficiency, the total profits of state-owned enterprises in 2021 increased by 30.1% to 4.51648 trillion yuan over the same period last year, with an average growth of 12.1% in two years. From the aspect that the company attaches importance to the interests of minority shareholders, it is observed that a number of listed state-owned enterprises in Hong Kong, such as COSCO Shipping Holdings, China Mobile Limited, China Telecom, CNOOC, Anhui Wantong Expressway and so on, have promised to increase their dividend payout ratio or increase their holdings and buybacks, showing that they attach importance to the interests of minority shareholders. In addition, as the market capitalization is included in the assessment scope of state-owned enterprises, more and more state-owned enterprises will gradually strengthen communication with the capital market and improve financial transparency to do a good job in market capitalization management, which will also raise the valuation center of state-owned enterprises listed in Hong Kong.

[general trend]

Us stocks rose sharply last Friday. The Nasdaq rose more than 3%. The Hang Seng Technology Index stabilized under the influence of the Internet in the United States.

By Friday's close, the Dow closed up 575.77 points, or 1.76%, at 33212.96; the Nasdaq was up 390.48, or 3.33%, at 12131.13; and the S & P 500 was up 100.40, or 2.47%, at 4158.24.Technology stocks remain the bellwether of gains in U. S. stocks.The ADR index of Hong Kong stocks rose to close at 20789 on a pro rata basis, up a point or 0.44% from the close of 82.08 in Hong Kong.

Zhitong comments: the Hang Seng Technology Index has stabilized under the influence of the Internet in the United States. Under the background of A-share strength, the Hang Seng Index has gradually stepped out of undervaluation.

[hot spot Prospect]

1Shanghai will cancel the whitelist of enterprises resuming work and production after June 1! New 50 measures to help enterprises out of hardship

The 1999 press conference on the prevention and control of COVID-19 's epidemic situation in Shanghai was held online at 14:30 on May 29th. Wu Qing, member of the standing Committee of the Shanghai Municipal CPC Committee and executive vice mayor, said at the meeting that the whitelist of enterprises resuming work and production will be cancelled from June 1. Shanghai recently formulated the "Shanghai Action Plan for accelerating Economic recovery and Revitalization," which points out that it supports automobile, integrated circuit, biomedical and other manufacturing enterprises to achieve coordinated resumption of work by enterprises in the upper and lower reaches of the industrial chain supply chain. steadily increase the rate of enterprises to achieve.

The enterprise economy in the Yangtze River Delta is expected to recover. Focus on the stabilization and reversal of the share prices of some Hong Kong stocks, such as chips and biomedicine. For example, Semiconductor Manufacturing International Corporation (00981), Hua Hong Semiconductor (01347), Shanghai Fudan (01385), Saijing Technology (00580), Yao Ming Department and other CXO enterprises.

2. ETF interconnection between the mainland and Hong Kong is coming.

On the evening of May 27, the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission issued a joint announcement: in order to further deepen the interconnection mechanism of stock market transactions between the mainland and Hong Kong, promote the common development of the capital markets of the two places The China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission agreed in principle that qualified exchange-traded funds (exchange-traded funds) should be included in the interconnection between the two exchanges.

According to the current rules, the ETF of mainland and Hong Kong stocks that meet certain conditions will be included in the scope of interconnection, and the inclusion criteria are as follows: the average daily assets of ETF in the mainland market has reached 1.5 billion yuan in the past six months, and the constituent securities are mainly stocks of Shanghai and Shenzhen stock exchanges. The Hong Kong market ETF has an average daily assets of HK $1.7 billion over the past six months, and the constituent securities are mainly Hong Kong shares, excluding synthetic ETF, leverage and reverse products. At the same time, the ETF included in the target must meet the requirements of six months on the market and one year after the release of the target index. In principle, the ETF included in the target is adjusted every six months.

Industry insiders said that the fund industry has been paying close attention to the details of ETF interconnection, and expects the ETF market to walk out of a more diversified and international path under the interconnection mechanism. The consultation period ends on June 10, which also means that the launch of ETF Interconnection is just around the corner.

3Tesla, Inc., Shanghai has implemented a two-shift system, and the output is expected to return to normal in June.

The media learned from Tesla, Inc. 's Shanghai Super Factory that at present Tesla, Inc. Shanghai Lingang Super Factory has added another shift of workers, from the original single-shift system to double-shift system, which also means that Tesla, Inc. 's production capacity has been further increased. A related person said that with the support of the government, the number of workers in Tesla, Inc. 's factory has increased compared with the initial stage of resuming work and production. The two-shift system still adopts closed-loop production, and the output is basically the same as that before the closure of the epidemic. It is expected to fully return to normal levels next month.

Tesla, Inc. (TSLA.US) continued to lead blue-chip u.s. technology stocks, up 7.33% on Friday. Tesla, Inc. concept plates involving Hong Kong stocks include BYD (01211), Lijin Technology (00558), Yihe Holdings (00838), Nestor (01316), Minshi Group (00425) and so on.

[individual stocks are sunny]

1CNOOC (00883) is one of the highest yielding stocks in the world

According to media reports, six OPEC+ sources said that the alliance would adhere to the oil production agreement reached last year at its meeting on June 2, increasing production by 432000 barrels a day in July, ignoring Western calls for faster production to ease the sharp rise in oil prices.

Warren Buffett has increased his positions in oil stocks all the way, indicating that he is extremely optimistic about higher oil prices in the later period. At present, Berkshire's position in the oil industry has exceeded $43 billion. After the buying spree, Chevron Corp has jumped to become Berkshire's fourth largest position, while Western Oil has become the ninth largest stock.

Guojin Securities said that during the off-season from January to April this year, overseas travel demand in the world's five major economies, dominated by Europe and the United States, continued to recover and far exceeded expectations, although the supply side continued to significantly release, and the epidemic in China continued to suppress demand. nor can it stop the global supply of oil products from falling short of demand.

Credit Suisse released a research report that maintained CNOOC's (00883) "outperform" rating to reflect the reduction in net asset value (NAV) discount forecast from 25 per cent to 20 per cent, and believes that solid performance in the first quarter of this year, coupled with the declaration of dividends, may be welcomed by the market.

Xiaomo expects the market to have a positive reaction to CNOOC's strong dividend and first-quarter results. The company is still one of the highest-yielding stocks in the world, with a strong positive oil beta coefficient. It believes that the adverse factors brought about by sanctions have been reflected in the price, and does not rule out the possibility that management may buy back H shares, assuming that this year's dividend rate is 40%. The interim dividend is expected to be 0.58 yuan per share and the final dividend is 0.42 yuan per share.