Today's Headlines

Six departments: Accelerate the construction of large-scale wind and photovoltaic bases with deserts, Gobi, and desert areas as the focus and promote the development of offshore wind power clusters.

On October 30, the National Development and Reform Commission and five other departments issued guidance on vigorously implementing the renewable energy substitution action. It was proposed to comprehensively enhance the supply capacity of renewable energy. Accelerate the construction of large-scale wind and photovoltaic bases with deserts, Gobi, and desert areas as the focus, and promote the development of offshore wind power clusters.

On the same day, Three Gorges Energy announced that the company plans to invest in the construction of the new energy base project in the Taklimakan Desert in southern Xinjiang, including the construction of 8.5 million kilowatts of photovoltaics, 4 million kilowatts of wind power, 6×0.66 million kilowatts of coal power, and 5 million kilowatt-hours of new energy storage. The dynamic investment amount for the project is 71.848 billion yuan, with the project's capital accounting for 25% of the investment amount, reaching 17.963 billion yuan. The shareholders will contribute according to their shareholding ratio, with the company investing 6.107 billion yuan.

Outlook for the Future

Gold futures continue to rise, with COMEX gold futures up by 0.67%.

As of the closing of the overnight US stock market, the Dow fell 91.51 points, a decrease of 0.22%, to 42141.54 points; the Nasdaq fell 104.82 points, a decrease of 0.56%, to 18607.93 points; the S&P 500 index fell 19.25 points, a decrease of 0.33%, to 5813.67 points.

Google A (GOOGL.US) rose nearly 3%, Trump Media Tech Group (DJT.US) fell 22%, Nvidia (NVDA.US) fell 1%. The Nasdaq China Golden Dragon index fell 0.7%, Alibaba (BABA.US) fell 1%. Hang Seng Index ADR, on a proportional basis, closed at 20379.73 points, down 0.91 points from the Hong Kong closing.

Gold futures continue to rise, with COMEX gold futures up 0.67% at $2799.50 per ounce.

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Some central enterprises have modified the energy storage bidding rules, reducing the price weight. The wind and solar storage industry has long been suffering from a 'price war'.

Reporters have learned that some central enterprise developers have modified the rules in recent project tenders, involving various aspects of the wind and solar storage industry. Documents obtained from insiders on October 30th showed that a central enterprise modified the evaluation method for its planned energy storage tender - adjusting the technical evaluation weight and price evaluation weight from the original 50%, 45% to 55%, 40% respectively, with the business evaluation weight remaining unchanged.

This year, the four CAR-T varieties did not pass the expert review and were unable to enter the negotiation stage in the national negotiations.

It was learned from authoritative sources that all four CAR-T varieties this year were halted at the formal review stage, did not pass the expert review, and did not enter the negotiation stage of the national negotiations. It is generally believed within the industry that the primary issue hindering CAR-T drugs from being included in medical insurance is the exorbitant annual treatment costs reaching up to millions, which have exceeded the scope of medical insurance's 'essential coverage'.

China Suntien (00956): Hebei Construction Investment and Cao Development will increase capital to Caofeidian company according to their respective shareholding ratios.

Zhitong Finance and Economics APP News, China Suntien Green Energy (00956) announced that, in order to further meet the funding needs of Caofeidian Company and enhance the financing capability of Caofeidian Company, the company, Hebei Construction Investment, Caofadian Development, and Caofeidian Company plan to sign a capital increase agreement for 2024. Caofeidian Company will increase its registered capital by 1.4 billion yuan. The company, Hebei Construction Investment, and Caofadian Development will subscribe to the increased capital according to their respective shareholding ratios, with the company paying 0.714 billion yuan. After the capital increase in 2024, Caofeidian Company's registered capital will increase from the current 2.6 billion yuan to 4 billion yuan.

BAIC Motor (01958) signed a memorandum of understanding with Alkan Auto to assemble electric cars in Egypt.

BAIC Motor announced today that Beijing Auto and Alkan Auto, a subsidiary of the Egyptian International Automobile Company, signed a memorandum of understanding for the assembly of electric cars in Egypt. Witnessed by Kamel El-Wazir, Vice Premier of Egypt and Minister of Industry and Transportation, Song Wei, President of BAIC Motor Co., Ltd., and Taher Lasheen, President of the Egyptian International Automobile Company. In this project, BAIC will be responsible for providing the relevant technical support. The factory covers an area of 0.12 million square meters and is planned to start production by the end of 2025. In the future, it will meet local market demand and export to the Middle East and Africa markets. The factory plans to produce 0.02 million vehicles in the first year, with production expected to reach 0.05 million vehicles by the end of the fifth year. The project is expected to create approximately 1200 new job opportunities locally.

China Jinmao (00817): Shanghai Jinmao's net income attributable to the parent for the first three quarters was 1.948 billion yuan, an increase of 260.74% year-on-year.

China Jinmao (00817) announced that as of the nine months ending September 30, 2024, its wholly-owned subsidiary, Shanghai Jinmao Investment Management Group Co., Ltd. (Shanghai Jinmao), achieved an operating income of 30.082 billion yuan; net profit attributable to the owners of the parent company was 1.948 billion yuan, an increase of 260.74% year-on-year.

byd company (01211) announced its third-quarter performance, with a net profit attributable to the parent of approximately 11.607 billion yuan, a year-on-year increase of 11.47%.

BYD Company (01211) disclosed its performance for the third quarter of 2024, with revenue of approximately 201.125 billion yuan, a year-on-year increase of 24.04%; net profit attributable to shareholders of the listed company was approximately 11.607 billion yuan, a year-on-year increase of 11.47%; and basic earnings per share were 4 yuan.

Weichai Power (02338) announced its third quarter performance: the net profit attributable to equity holders was 2.498 billion yuan, a 4% decrease year-on-year.

According to the Securities Times app, Weichai Power (02338) released its third-quarter performance for 2024, with revenue of 49.464 billion yuan (RMB, the same below), an 8.82% decrease year-on-year; net profit attributable to shareholders of the listed company was 2.498 billion yuan, a 4% decrease; basic earnings per share were 0.29 yuan.

Li Ka-shing and Li Zetong reduced their holdings in Postal Savings Bank of China (01658) a total of over 0.157 billion shares in October, involving over 0.733 billion Hong Kong dollars.

According to the Securities Times app, the latest information from the Hong Kong Stock Exchange shows that on October 30, Li Ka-shing and Li Zetong reduced their holdings in Postal Savings Bank of China (01658) by 20.153 million shares, priced at 4.6294 Hong Kong dollars per share, for a total amount of approximately 93.2963 million Hong Kong dollars. The latest number of shares held after the reduction is approximately 1.186 billion shares, with the latest shareholding ratio at 5.97%.

Regarding the recent sale of part of the H-share holdings of Postal Savings Bank of China by Li Ka-shing Foundation, a spokesperson for Cheung Kong Industries responded to reporters that the foundation was established to promote charitable projects, and all investment sales are to support these objectives, with all profits being allocated to charitable purposes. The recent reduction of part of the holdings in Postal Savings Bank is part of the foundation's daily financial operations and is unrelated to the bank's business development. The Li Ka-shing Foundation has always maintained a good relationship with Postal Savings Bank.

As introduced, Li Ka-shing Foundation was founded in 1980, mainly focusing on supporting education and medical projects. Mr. Li Ka-shing has promoted education, medical care, public welfare, and poverty alleviation projects amounting to over 30 billion Hong Kong dollars, with 80% of the projects in mainland China and Hong Kong.

Sino Biopharm (01177) plans to acquire 0.63 billion yuan of shares of High Opco (688656.SH) for 29.99% equity, Surun Zheng'an will propose a partial tender offer to acquire up to 25.01% equity of High Opco.

According to the Securities Times app, China Sino Biopharm (01177) announced on October 30, 2024, that its indirect wholly-owned subsidiary Beijing Runkang has entered into an equity transfer agreement with Hairui Xiangtian Bio-Tech Hong Kong, whereby Beijing Runkang agrees to acquire 29.99% equity of Jiangsu Haobo Bio-Pharmaceutical Co., Ltd. (688656.SH) from Hairui Xiangtian Bio-Tech Hong Kong for a total consideration of 0.63 billion yuan.

China Res Power (00836) completed the placement of 0.1985 billion shares, raising approximately 3.887 billion Hong Kong dollars.

Zhītōng Finance App News, China Res Power (00836) announced that the conditions of the placement have been met, and a total of 0.1985 billion new shares have been placed and issued on October 30, 2024. According to the terms and conditions of the placement agreement, the placed shares have been placed and issued to no fewer than six underwriters at a placement price of HK$19.70 per share.

HTSC (06886) released its performance for the first three quarters, with a net income attributable to the mother of 12.521 billion yuan, a year-on-year increase of 30.63%.

Zhixin Finance and Economics news, HTSC (06886) released the third quarter report of 2024, the group achieved revenue of 31.424 billion yuan (RMB, same below) during the period, a year-on-year increase of 15.41%; net profit attributable to mother reached 12.521 billion yuan, a year-on-year increase of 30.63%; basic earnings per share was 1.33 yuan.

BOC Hong Kong (02388) operating surplus before extracting impairment provisions in the first three quarters was 41.444 billion Hong Kong dollars, an increase of 13.4% year-on-year.

Zhixin Finance and Economics news, BOC Hong Kong (02388) released the performance for the first three quarters of 2024. In the first 9 months of 2024, the group's net operating income before impairment losses was 53.815 billion HKD, a year-on-year increase of 10.7%; operating profit before impairment losses was 41.444 billion HKD, a year-on-year increase of 13.4%.

Guolian Securities (01456) announced its third-quarter performance. The net profit attributable to mother was approximately 0.308 billion yuan, a year-on-year growth of 143.65%.

Zhixin Finance and Economics news, Guolian Securities (01456) announced the performance for the third quarter of 2024. The revenue was approximately 0.919 billion yuan, a year-on-year growth of 31.26%; the net profit attributable to shareholders of the listed company was approximately 0.308 billion yuan, a year-on-year growth of 143.65%; basic earnings per share was 0.11 yuan.

Times Electric (03898) released its performance for the first three quarters, with a net income attributable to the mother of 2.501 billion yuan, an increase of 21.82% year-on-year.

Times Electric (03898) announced its performance for the third quarter of 2024, with the company achieving revenue of 5.973 billion yuan (RMB, the same below) during the period, an 8.1% year-on-year increase; net profit attributable to shareholders of the listed company was 0.994 billion yuan, a 10.61% year-on-year increase; basic earnings per share were 0.7 yuan.

Bud APAC (01876) reported lower-than-expected revenue in the third quarter.

Bud APAC reported third-quarter net profit of 0.201 billion US dollars, estimated at 0.2705 billion US dollars; third-quarter revenue was 1.71 billion US dollars, estimated at 1.82 billion US dollars; third-quarter adjusted EBITDA was 0.479 billion US dollars, estimated at 0.5517 billion US dollars; revenue for nine months was 5.1 billion US dollars; gross margin for nine months was 51.4%.

MGM China (02282) reported a net profit of 0.929 billion US dollars in the third quarter, an increase of 14% year-on-year.

MGM China (02282) announced its performance for the third quarter of 2024, with net income for the quarter at 0.929 billion US dollars, a 14% increase from the same quarter last year. This quarter benefited from the positive impact of the operational recovery after the removal of COVID-19 related travel and entry restrictions in the first quarter of 2023; adjusted property EBITDAR for the quarter was 0.237 billion US dollars, a 5% increase from the same quarter last year.

AIA (01299) new business value in the third quarter increased by 16% to 1.161 billion US dollars

According to the CCN News APP, AIA (01299) announced its third quarter performance for 2024, achieving a new business value of 1.161 billion US dollars, up 16% from the same period last year, with growth in 15 out of 18 markets. Thanks to higher agent activity and productivity, the new business value of the 'best agents' grew by 15%. Agent recruitment remains strong, with double-digit growth in newly recruited agents, and the number of active agents in the group increased by 9% from the third quarter of 2023. With strong growth in bank insurance channels, the new business value of the company's partner distribution business increased by 16%.

Stocks are clearing up.

Air China Limited (00753): The net income for the first three quarters was 1.362 billion yuan, an increase of 72.06% year-on-year.

Air China Limited released the third-quarter report for 2024, with the company achieving revenue of 128.15 billion yuan for the first three quarters, a year-on-year increase of 21.50%; achieving a net income attributable to shareholders of the listed company of 1.362 billion yuan, a year-on-year increase of 72.06%. In the third quarter alone, revenue reached 48.63 billion yuan, a 6.03% year-on-year increase; the net income attributable to shareholders of the listed company decreased by 2.31% to 4.144 billion yuan.