Today's Headlines

Ministry of Industry and Information Technology: Guide photovoltaic companies to reduce purely expanding capacity photovoltaic manufacturing projects.

On November 20, the Ministry of Industry and Information Technology announced the revision of the "Standards for the Photovoltaic Manufacturing Industry" and the "Temporary Measures for the Management of Announcements in the Photovoltaic Manufacturing Industry." This will guide localities to reasonably layout photovoltaic manufacturing projects based on resource endowments and industrial foundation and encourage intensive and clustered development. It will also guide photovoltaic companies to reduce purely expanding capacity photovoltaic manufacturing projects, strengthen technological innovation, improve product quality, and lower production costs. For newly built and expanded photovoltaic manufacturing projects, the minimum capital ratio is set at 30%.

Outlook for the Future

U.S. stock indexes fluctuated, and bitcoin reached a new all-time high.

Overnight U.S. stocks closed with the Dow Jones up 139.53 points, an increase of 0.32%, closing at 43,408.47 points; the Nasdaq down 21.32 points, a decrease of 0.11%, closing at 18,966.14 points; the S&P 500 index up 0.13 points, closing at 5,917.11 points. MicroStrategy (MSTR.US) rose 10%. The Nasdaq China Golden Dragon Index closed up 1.43%, Kingsoft Cloud (KC.US) rose 42%, and iQIYI (IQ.US) rose 4%. The HSI ADR fell, calculated proportionally, closing at 19,609.1 points, down 95.86 points or 0.49% compared to the Hong Kong closing. Bitcoin broke through $94,000 to set a new all-time high.

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gtja, haitong sec: Major asset restructuring approved by Shanghai State-owned Assets Supervision and Administration Commission.

On November 20, GTJA and Haitong Securities announced that the Shanghai State-owned Assets Supervision and Administration Commission issued the "Approval from the Shanghai State-owned Assets Supervision and Administration Commission regarding GTJA Securities Co., Ltd. absorbing Haitong Securities Co., Ltd. through stock exchange and related financing matters" (Document No. 210 from Shanghai State-owned Assets Supervision and Administration Commission), which generally approves the overall plan for this transaction.

Recently, the State Administration for Market Regulation issued the "Decision Letter on Not Implementing Further Review of the Antitrust Review of Concentration of Operators," which states: "According to Article 30 of the Anti-Monopoly Law of the People's Republic of China, after preliminary review, it has been decided not to implement further review of the merger case between GTJA Securities Co., Ltd. and Haitong Securities Co., Ltd. Your company can implement the concentration from now on. The case involves other matters outside the antitrust review of operator concentration, which will be handled in accordance with relevant laws."

Paul Chan Mo-po: Hong Kong will continue to engage with traditional markets in Europe and the USA.

The International Financial Leaders Investment Summit "Dialogue with International Investors" seminar was held in Hong Kong on the 20th, where Paul Chan Mo-po, the Financial Secretary of the Hong Kong SAR government, stated that Hong Kong will continue to engage with traditional markets in the USA and Europe, focusing on mutually beneficial areas of cooperation. Paul Chan mentioned that during his previous visits to the USA and Europe, he found that there were still many areas of cooperation available, such as urban planning, infrastructure, esg, and addressing climate change. He believes that new cooperation opportunities can be discovered through promoting cross-regional exchanges and industry discussions, and developing areas of common interest. Paul Chan further noted that at the same time, the rise of countries and regions involved in the Belt and Road Initiative concept, as well as the Global South, brings infinite business opportunities. He cited his earlier visit to Saudi Arabia, which emphasized economic diversification, openness, and green transformation, highlighting that Hong Kong is seizing development opportunities from the growth of these emerging markets.

China Electric Power Enterprise Federation: The electricity index for the entire industry in October was 131.6.

Zhitung Finance APP learned on November 20 that, according to the disclosure from the China Electric Power Enterprise Federation, in October 2024, the electricity index for the entire industry was 131.6, which is a 31.6% increase compared to the 2020 base year, with an average annual growth of 7.1% and a year-on-year increase of 3.8%. In October, the electricity index for the agriculture, forestry, animal husbandry, and fishery sector was 155.1, marking a 55.1% increase from the 2020 base year, with an average annual growth of 11.6% and a year-on-year increase of 5.1%.

Nvidia (NVDA.US) financial report: Exceeded expectations but unable to meet everyone's expectations.

Nvidia's sales in the most recent quarter have soared, with profits almost doubling, which is a strong sign of the artificial intelligence boom that has made the company the highest global market cap enterprise. The financial report released showed its third-quarter revenue at $35.1 billion, a 17% increase from the previous quarter, surpassing FactSet's analyst survey forecasts. Profits reached $19.3 billion, also exceeding Wall Street's expectations. In addition, the company expects revenue for the fourth quarter to be around $37.5 billion, surpassing expectations, indicating that Nvidia's next generation of artificial intelligence chips are expected to be heavily marketed next year, driven by high demand from customers such as Microsoft, Google, Meta, and Musk's xAI. However, Nvidia's stock price fell by 5% after the financial report announcement, as despite experiencing a surge in revenue and profits over several quarters, Nvidia's performance did not meet the expectations of some investors.

ali pictures (01060) announced its interim performance. Adjusted EBITA is approximately 0.642 billion yuan, a 39% year-on-year increase.

According to the Zhitong Finance APP, Ali Pictures (01060) announced its interim results for the six months ending September 30, 2024, achieving revenues of approximately 3.051 billion yuan, a year-on-year increase of 17%; gross profit of approximately 1.316 billion yuan, a year-on-year increase of 18.21%; profit attributable to the owners of the company of approximately 0.337 billion yuan, and adjusted EBITA of approximately 0.642 billion yuan, a year-on-year increase of 39%.

Johnson Elec H (00179) announced interim results with net profit attributable to shareholders increasing by 8% year-on-year to 0.13 billion USD, with a dividend of 17 Hong Kong cents per share.

According to Zhito Finance APP, Johnson Elec H (00179) announced interim results for the six months ending September 30, 2024, with revenue of 1.854 billion USD, a year-on-year decrease of 4%. Net profit attributable to shareholders increased by 8% year-on-year to 0.13 billion USD, with earnings per diluted share at 13.92 American cents and an interim dividend of 17 Hong Kong cents per share.

It is reported that the Wenjie M8 will be launched in the first half of 2025, with no response from Huawei yet.

According to reports, sales of Huawei Hongmeng intelligent driving models are expected to double next year, with the Wenjie M8 set to be launched as a new model in the first half of 2025. One of the roles of the Wenjie M8 is to compete with the Li Xiang L9. Sina Technology sought confirmation from Huawei, but there has been no response from Huawei. Preliminary media statistics indicate that Huawei Hongmeng intelligent driving is expected to sell more than 10 models next year, including: Wenjie M5, M7, M8, M9; Xiangjie S9 with an additional range-extender version, with versions for lengthened and travel styles; Zhijie S7, R7; Zunjie S800 and Zunjie’s second model. This year only 6 models are on sale, including: Wenjie M5, M7, M9; Zhijie S7, R7; Xiangjie S9.

In November, the approval information for domestically produced online games was released, with a total of 112 games approved.

According to Zhizhong Finance APP, on November 20, the National Press and Publication Administration released the approval information for domestically produced online games in November 2024, with a total of 112 games approved.

Kuaishou (01024) deeply cultivates the Brazilian market, with a year-on-year growth of 104.1% in total revenue in Q3.

According to Zhito Finance APP, on November 20, Kuaishou (01024) announced its performance for the third quarter of 2024, focusing its overseas business on the core market of Brazil and deepening local operation. The financial report shows that in Q3 2024, Kuaishou's overall overseas revenue reached 1.33 billion yuan, a year-on-year increase of 104.1%. The DAU in Brazil increased by 9.7% year-on-year, and the average daily usage time per active user grew by 4.2% year-on-year.

Stocks are clearing up.

idreamsky (01119): Shenzhen idreamsky and Tencent Cloud reached a global strategy cooperation in the field of game AI, establishing a joint innovation laboratory.

According to Zhizhong Finance APP, idreamsky (01119) announced that its comprehensive affiliated entity, Shenzhen idreamsky Technology Co., Ltd., has recently signed a global strategy cooperation agreement with Tencent Cloud Computing (Beijing) Co., Ltd. (Tencent Cloud). The two parties established a joint innovation laboratory, focusing on the theme of "AI assisting in enhancing quality and efficiency in game development," continuously deepening cooperation based on existing AI code assistants and AI R&D efficiency tools. By combining the actual game scenarios of the group and Tencent Cloud's technological advantages, a long-term strategic cooperation has been achieved, with both parties jointly investing resources to continuously innovate in the field of game AI and promote the implementation of technology.